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)

Noah D. Greenhill

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, 2018 through June 30, 2018

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, 2018 (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	48

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 prospectuses 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 6, 2018 (Unaudited)

Dear Shareholder,

The U.S. economy outpaced growth in other developed market nations even as investor concerns about rising interest rates and global trade tensions increasingly weighed on financial markets during the six months ended June 30, 2018.

  “The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth.”— George C.W. Gatch

Corporate profits remained strong throughout the reporting period and U.S. gross domestic product (GDP) growth accelerated from 2.2% in the first quarter of 2018 to 4.1% in the second quarter, the biggest increase in nearly four years. U.S. labor markets tightened further and the unemployment rate sank below 4% in April and May. Corporate earnings for the first and second quarters of 2018 reached record levels, with a sizeable majority of companies reporting better-than-expected results. In response to the overall strength of the economy, the U.S. Federal Reserve raised interest rates in March and June.

Equity prices in the U.S. surged higher in January before a sharp sell-off in early February snapped a streak of 15 consecutive months of record closing highs for the Standard & Poor’s 500 Index. Over several days the index lost more than 10% of its value, a decline that was the fastest peak-to-trough drop in the history of the index. Bond prices also fell sharply and the rout in U.S. financial markets spread to other developed market equities and bonds.

In subsequent months, U.S. equity prices rebounded somewhat but never fully recovered during the remainder of the reporting

period and financial market volatility remained elevated through June 2018.

Meanwhile, economic growth in the European Union showed signs of slowing during the reporting period. The European Central Bank said it planned no interest rate increases until mid-2019, but it began to reduce stimulus measures in January 2018. China’s economy maintained a steady expansion, as the government sought to restrain financial market speculation, while also supporting growth in consumer spending.

The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth. While wage growth remained stubbornly low, the U.S. unemployment rate stood at its lowest level in decades. The economies of other developed market nations appear poised for continued moderate economic growth, rising corporate profits and low or declining unemployment rates. However, the nascent trade war between the U.S. and China, involving tariffs on billions of dollars’ worth of goods, could begin to weigh on corporate profits and economic growth.

We believe investors who remain focused on a well-diversified portfolio and long-term results may be rewarded by a global investment environment that remains largely positive. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		(1.64)%
Bloomberg Barclays U.S. Aggregate Bond Index (formerly Bloomberg Barclays U.S. Aggregate Index)		(1.62)%
Net Assets as of 6/30/2018	$	302,254,163
Duration as of 6/30/2018		5.6 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?

U.S. bond markets provided mixed returns for the six month reporting period amid rising interest rates, increased market volatility and investor concerns about U.S.-driven trade tensions. While the U.S. Federal Reserve raised interest rates twice during the first half of 2018, interest rates remained relatively low by historical standards.

In early February 2018, both equity and bond prices fell sharply. The Standard & Poor’s 500 Index lost more than 10% of its value over nine trading sessions and yields on 10-year U.S. Treasury bonds, which serve as a benchmark for a broad range of financial assets, spiked higher. While equity markets rebounded somewhat in subsequent weeks, financial market volatility remained elevated through June 2018.

Overall, high yield bonds (also known as “junk bonds”) provided small but positive returns while investment grade corporate bonds were negative for the reporting period. For the six months ended June 30, 2018, the Bloomberg Barclays U.S. Aggregate Bond Index returned -1.62%.

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

The Portfolio’s Class 1 shares underperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark”) for the six months ended June 30, 2018. Relative to the Benchmark, the Portfolio’s underweight allocation to U.S. Treasury bonds and its overweight allocations to agency mortgage-backed securities were leading detractors from performance. The Portfolio’s security selection in U.S. Treasury bonds, U.S. agency bonds, mortgages, asset-backed securities and commercial mortgage-backed securities made a positive contribution to performance.

Relative to the Benchmark, the Portfolio’s shorter duration and its overweight position in the 5 to 10-year portion of the yield curve and its underweight position in the 30-year portion of the yield curve made positive contributions to performance. Duration measures the price sensitivity of a bond or a portfolio of

bonds to relative changes in interest rates. Generally, bonds with shorter duration will experience a smaller 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.

Relative to the Benchmark, the Portfolio was underweight in U.S. Treasury securities and investment grade credit 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) and underweight in the long end of the yield curve (30-year maturity). The Portfolio maintained a shorter duration posture versus the Benchmark during the six month reporting period.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	26.3	%
Corporate Bonds	22.4
Mortgage-Backed Securities	13.9
Asset-Backed Securities	10.8
Collateralized Mortgage Obligations	10.6
U.S. Government Agency Securities	8.2
Commercial Mortgage-Backed Securities	4.6
Others (each less than 1.0%)	0.4
Short-Term Investments	2.8

* 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, 2018. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997		(1.64	)%		(0.46	)%		2.05	%		3.97	%
CLASS 2 SHARES	August 16, 2006		(1.74	)		(0.74	)		1.79			3.71

* Not annualized.

TEN YEAR PERFORMANCE (6/30/08 TO 6/30/18)

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 Bond Index and the Lipper Variable Underlying Funds Core Bond Funds Index from June 30, 2008 to June 30, 2018. 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 Bond 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 Bond 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. 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, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 26.3%
U.S. Treasury Bonds
8.00%, 11/15/2021		338,000		395,856
5.25%, 11/15/2028		4,300,000		5,214,422
6.25%, 5/15/2030		50,000		66,873
5.38%, 2/15/2031		4,500		5,683
4.50%, 2/15/2036		278,000		339,681
5.00%, 5/15/2037		450,000		587,057
4.38%, 2/15/2038		2,014,000		2,452,517
4.25%, 5/15/2039		105,000		126,533
4.38%, 11/15/2039		1,415,000		1,735,641
3.88%, 8/15/2040		100,000		114,930
2.88%, 5/15/2043		2,420,000		2,374,530
3.63%, 8/15/2043		2,715,000		3,022,240
3.75%, 11/15/2043		1,930,000		2,191,304
3.63%, 2/15/2044		2,020,000		2,251,038
3.00%, 11/15/2045		1,000,000		1,002,539
3.00%, 2/15/2048		90,000		90,211
3.13%, 5/15/2048		136,200		139,855
U.S. Treasury Inflation Indexed Bonds
3.63%, 4/15/2028		300,000		589,838
2.50%, 1/15/2029		100,000		137,097
U.S. Treasury Inflation Indexed Notes
1.38%, 7/15/2018		170,000		197,790
U.S. Treasury Notes
1.50%, 8/31/2018		400,000		399,728
1.38%, 12/31/2018		200,000		199,219
1.13%, 1/31/2019		150,000		149,068
0.75%, 2/15/2019		200,000		198,188
3.13%, 5/15/2019		1,542,000		1,552,119
3.50%, 5/15/2020		450,000		457,910
2.13%, 8/31/2020		200,000		198,172
2.63%, 11/15/2020		200,000		200,172
1.38%, 1/31/2021		100,000		96,945
3.63%, 2/15/2021		650,000		666,555
2.25%, 4/30/2021		115,000		113,850
2.63%, 5/15/2021		39,500		39,498
3.13%, 5/15/2021		600,000		608,227
2.13%, 8/15/2021		500,000		492,246
2.00%, 10/31/2021		100,000		97,898
2.13%, 12/31/2021		300,000		294,527
1.75%, 2/28/2022		1,000,000		967,383
1.63%, 8/31/2022		1,000,000		957,461
1.75%, 9/30/2022		150,000		144,240
1.50%, 2/28/2023		525,000		496,863
1.75%, 5/15/2023		2,145,000		2,048,559
2.75%, 5/31/2023		405,200		405,564

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
2.50%, 8/15/2023		600,000		592,875
1.38%, 8/31/2023		700,000		653,680
1.63%, 10/31/2023		2,000,000		1,887,578
2.13%, 2/29/2024		94,000		90,787
2.50%, 5/15/2024		30,000		29,524
2.00%, 6/30/2024		10,000		9,562
2.25%, 11/15/2024		112,000		108,347
2.00%, 2/15/2025		1,000,000		950,820
2.88%, 4/30/2025		146,000		146,542
2.13%, 5/15/2025		500,000		478,379
2.88%, 5/31/2025		298,000		299,083
2.00%, 8/15/2025		728,600		690,035
2.25%, 11/15/2025		500,000		480,801
1.63%, 2/15/2026		59,400		54,486
1.50%, 8/15/2026		28,000		25,280
2.00%, 11/15/2026		84,000		78,694
2.25%, 2/15/2027		108,000		103,035
2.88%, 5/15/2028		475,000		475,742
U.S. Treasury STRIPS Bonds
1.80%, 2/15/2020 (a)		370,000		355,402
2.39%, 5/15/2020 (a)		3,628,000		3,462,754
1.75%, 8/15/2020 (a)		2,120,000		2,008,165
2.50%, 2/15/2021 (a)		710,000		662,940
1.96%, 5/15/2021 (a)		1,790,000		1,659,706
2.13%, 8/15/2021 (a)		1,800,000		1,657,523
3.19%, 11/15/2021 (a)		615,000		562,101
2.71%, 2/15/2022 (a)		970,000		879,648
2.59%, 5/15/2022 (a)		760,000		684,240
3.03%, 8/15/2022 (a)		200,000		178,616
2.71%, 11/15/2022 (a)		500,000		443,063
2.93%, 2/15/2023 (a)		2,690,000		2,365,689
2.54%, 5/15/2023 (a)		2,420,000		2,113,282
2.19%, 8/15/2023 (a)		1,890,000		1,637,823
2.38%, 11/15/2023 (a)		500,000		430,117
3.13%, 11/15/2024 (a)		110,000		91,758
3.64%, 2/15/2025 (a)		50,000		41,375
4.78%, 5/15/2026 (a)		100,000		79,719
3.42%, 8/15/2026 (a)		23,000		18,186
3.46%, 11/15/2026 (a)		250,000		196,224
3.67%, 2/15/2027 (a)		700,000		544,587
6.72%, 5/15/2027 (a)		125,000		96,543
3.22%, 8/15/2027 (a)		250,000		191,465
3.81%, 11/15/2027 (a)		710,000		539,540
3.02%, 2/15/2028 (a)		27,000		20,360
2.83%, 5/15/2028 (a)		140,000		104,715
6.99%, 8/15/2028 (a)		50,000		37,072

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — continued
6.66%, 11/15/2028 (a)		100,000		73,621
3.99%, 2/15/2029 (a)		658,000		480,683
3.86%, 8/15/2029 (a)		300,000		215,714
3.72%, 11/15/2029 (a)		200,000		142,636
5.13%, 2/15/2030 (a)		975,000		689,919
4.50%, 5/15/2030 (a)		300,000		210,668
3.85%, 8/15/2030 (a)		300,000		209,259
3.80%, 11/15/2030 (a)		300,000		207,479
4.21%, 2/15/2031 (a)		550,000		377,395
3.73%, 5/15/2031 (a)		275,000		187,280
3.14%, 11/15/2031 (a)		760,000		509,911
3.67%, 2/15/2032 (a)		350,000		232,826
3.42%, 5/15/2032 (a)		2,250,000		1,484,282
3.06%, 8/15/2032 (a)		3,300,000		2,161,105
4.02%, 11/15/2032 (a)		800,000		519,964
3.69%, 2/15/2033 (a)		400,000		258,045
3.71%, 5/15/2033 (a)		1,175,000		751,370
6.07%, 8/15/2033 (a)		100,000		63,529
4.14%, 11/15/2033 (a)		1,025,000		646,503
3.78%, 2/15/2034 (a)		775,000		485,056
2.71%, 5/15/2034 (a)		2,200,000		1,365,999
3.20%, 11/15/2034 (a)		50,000		30,602
3.21%, 2/15/2035 (a)		65,000		39,471
3.42%, 5/15/2035 (a)		250,000		150,814
U.S. Treasury STRIPS Notes
1.73%, 5/15/2019 (a)		120,000		117,618
1.59%, 11/15/2019 (a)		1,000,000		967,185
1.69%, 2/15/2020 (a)		5,235,000		5,029,272
Total U.S. Treasury Obligations (Cost $80,227,235)				79,646,096
Corporate Bonds — 22.4%
Aerospace & Defense — 0.2%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		32,000		30,908
Airbus SE (France) 3.15%, 4/10/2027 (b)		164,000		156,750
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024 (b)		45,000		44,893
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (b)		51,000		59,592
Harris Corp.
3.83%, 4/27/2025		60,000		58,814
4.85%, 4/27/2035		50,000		50,994
Lockheed Martin Corp. 4.50%, 5/15/2036		70,000		72,604
Northrop Grumman Corp.
3.20%, 2/1/2027		76,000		71,595
3.25%, 1/15/2028		50,000		47,042

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Aerospace & Defense — continued
Precision Castparts Corp. 3.25%, 6/15/2025		45,000		43,779
Rockwell Collins, Inc. 3.20%, 3/15/2024		28,000		26,964
United Technologies Corp. 4.15%, 5/15/2045		25,000		23,202
				687,137
Air Freight & Logistics — 0.0% (c)
FedEx Corp.
3.90%, 2/1/2035		66,000		61,683
4.10%, 4/15/2043		50,000		45,555
United Parcel Service of America, Inc. 8.38%, 4/1/2020		35,000		38,180
				145,418
Automobiles — 0.3%
BMW US Capital LLC (Germany) 2.25%, 9/15/2023 (b)		45,000		41,926
Daimler Finance North America LLC (Germany) 1.75%, 10/30/2019 (b)		150,000		147,368
Ford Motor Co.
4.35%, 12/8/2026		46,000		44,971
7.45%, 7/16/2031		240,000		282,010
General Motors Co. 6.60%, 4/1/2036		240,000		259,619
Hyundai Capital America
2.40%, 10/30/2018 (b)		65,000		64,872
2.00%, 7/1/2019 (b)		34,000		33,561
Nissan Motor Acceptance Corp.
1.90%, 9/14/2021 (b)		29,000		27,596
2.80%, 1/13/2022 (b)		50,000		48,714
2.60%, 9/28/2022 (b)		60,000		57,601
				1,008,238
Banks — 4.3%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (b)		200,000		198,844
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (b)		200,000		198,946
3.45%, 1/21/2028 (b)		200,000		191,259
Bank of America Corp.
Series L, 2.25%, 4/21/2020		250,000		246,561
3.30%, 1/11/2023		150,000		147,752
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		100,000		98,287
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		26,000		25,211
4.00%, 1/22/2025		114,000		112,489
Series L, 3.95%, 4/21/2025		92,000		90,072

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (d)		100,000		96,194
4.45%, 3/3/2026		69,000		69,148
3.25%, 10/21/2027		514,000		478,843
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		260,000		250,659
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		408,000		384,050
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (d)		280,000		275,475
Bank of Montreal (Canada)
1.50%, 7/18/2019		65,000		64,105
2.10%, 12/12/2019		60,000		59,285
Bank of Nova Scotia (The) (Canada) 2.45%, 9/19/2022		200,000		192,460
Barclays plc (United Kingdom)
3.65%, 3/16/2025		200,000		187,327
4.38%, 1/12/2026		220,000		213,678
BB&T Corp. 5.25%, 11/1/2019		50,000		51,371
BNP Paribas SA (France) 3.50%, 3/1/2023 (b)		200,000		194,877
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022 (b)		250,000		243,583
Canadian Imperial Bank of Commerce (Canada) 1.60%, 9/6/2019		200,000		197,053
Citigroup, Inc.
2.15%, 7/30/2018		137,000		136,970
2.40%, 2/18/2020		50,000		49,361
2.35%, 8/2/2021		23,000		22,215
2.90%, 12/8/2021		100,000		97,954
2.75%, 4/25/2022		200,000		193,537
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (d)		74,000		72,478
4.40%, 6/10/2025		20,000		19,885
5.50%, 9/13/2025		58,000		61,560
3.40%, 5/1/2026		75,000		71,157
4.45%, 9/29/2027		210,000		206,613
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		250,000		237,673
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		50,000		45,584
8.13%, 7/15/2039		56,000		78,723
4.75%, 5/18/2046		50,000		47,509
Citizens Financial Group, Inc. 2.38%, 7/28/2021		24,000		23,204

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
Commonwealth Bank of Australia (Australia)
2.00%, 9/6/2021 (b)		200,000		190,884
3.45%, 3/16/2023 (b)		80,000		79,142
3.90%, 3/16/2028 (b)		80,000		79,115
Cooperatieve Rabobank UA (Netherlands) 4.38%, 8/4/2025		250,000		245,034
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
3.80%, 6/9/2023		350,000		345,464
3.75%, 3/26/2025		250,000		240,371
Danske Bank A/S (Denmark) 2.00%, 9/8/2021 (b)		200,000		190,969
Fifth Third Bancorp 3.95%, 3/14/2028		70,000		69,021
Glitnir HoldCo ehf (Iceland) 0.00%, 10/15/2008‡ (b) (e)		350,000		—
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		400,000		387,194
3.60%, 5/25/2023		229,000		226,588
4.38%, 11/23/2026		200,000		196,876
Huntington Bancshares, Inc.
3.15%, 3/14/2021		73,000		72,586
2.30%, 1/14/2022		88,000		84,486
ING Groep NV (Netherlands) 3.95%, 3/29/2027		200,000		195,852
KeyCorp 2.90%, 9/15/2020		56,000		55,549
Lloyds Banking Group plc (United Kingdom)
4.58%, 12/10/2025		200,000		195,991
3.75%, 1/11/2027		200,000		188,982
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		38,000		37,297
2.67%, 7/25/2022		80,000		77,191
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (b)		200,000		198,327
MUFG Americas Holdings Corp. 2.25%, 2/10/2020		69,000		67,972
Nordea Bank AB (Sweden)
1.63%, 9/30/2019 (b)		200,000		196,591
4.88%, 1/27/2020 (b)		100,000		102,688
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		12,000		12,420
5.13%, 2/8/2020		150,000		154,787
4.38%, 8/11/2020		13,000		13,310
Regions Financial Corp.
3.20%, 2/8/2021		54,000		53,751
Royal Bank of Canada (Canada)
2.00%, 10/1/2018		50,000		49,946

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
1.88%, 2/5/2020		50,000		49,211
2.75%, 2/1/2022		66,000		64,805
4.65%, 1/27/2026		30,000		30,426
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		69,000		68,044
(ICE LIBOR USD 3 Month + 1.40%), 3.82%, 11/3/2028 (d)		200,000		183,552
Santander UK plc (United Kingdom) 2.50%, 3/14/2019		87,000		86,826
Standard Chartered plc (United Kingdom) 4.05%, 4/12/2026 (b)		200,000		193,589
Sumitomo Mitsui Banking Corp. (Japan) 2.45%, 1/16/2020		250,000		247,144
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.06%, 7/14/2021		49,000		46,987
2.44%, 10/19/2021		45,000		43,450
2.85%, 1/11/2022		130,000		126,940
2.78%, 10/18/2022		82,000		79,140
3.10%, 1/17/2023		55,000		53,715
3.01%, 10/19/2026		25,000		23,390
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.05%, 10/18/2019 (b)		200,000		197,212
SunTrust Bank (ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (d)		30,000		29,738
SunTrust Banks, Inc. 2.70%, 1/27/2022		91,000		88,640
Toronto-Dominion Bank (The) (Canada)
1.75%, 7/23/2018		229,000		228,951
(USD Swap Semi 5 Year + 2.21%), 3.62%, 9/15/2031 (d)		47,000		44,209
UBS Group Funding Switzerland AG (Switzerland) 4.13%, 9/24/2025 (b)		200,000		198,541
US Bancorp
7.50%, 6/1/2026		100,000		121,749
Series V, 2.38%, 7/22/2026		100,000		90,954
Wells Fargo & Co.
3.07%, 1/24/2023		245,000		238,170
3.30%, 9/9/2024		80,000		77,254
3.00%, 2/19/2025		200,000		188,593
3.00%, 4/22/2026		84,000		78,079
4.10%, 6/3/2026		24,000		23,510
4.30%, 7/22/2027		7,000		6,896
5.61%, 1/15/2044		200,000		215,014
Westpac Banking Corp. (Australia)
4.88%, 11/19/2019		121,000		123,911

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
3.40%, 1/25/2028		100,000		95,224
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (d)		140,000		134,844
				13,119,044
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc. (Belgium)
3.30%, 2/1/2023		234,000		231,968
3.65%, 2/1/2026		380,000		372,129
4.70%, 2/1/2036		241,000		244,102
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.00%, 4/13/2028		80,000		79,782
4.38%, 4/15/2038		150,000		145,522
4.75%, 4/15/2058		95,000		92,709
Dr Pepper Snapple Group, Inc. 3.43%, 6/15/2027		20,000		18,472
Maple Escrow Subsidiary, Inc.
4.42%, 5/25/2025 (b)		30,000		30,144
4.99%, 5/25/2038 (b)		43,000		43,246
PepsiCo, Inc. 4.45%, 4/14/2046		107,000		112,597
				1,370,671
Biotechnology — 0.3%
AbbVie, Inc.
2.00%, 11/6/2018		45,000		44,867
3.60%, 5/14/2025		134,000		129,741
4.50%, 5/14/2035		100,000		97,998
Amgen, Inc.
5.70%, 2/1/2019		40,000		40,657
4.66%, 6/15/2051		50,000		49,397
Baxalta, Inc.
3.60%, 6/23/2022		22,000		21,768
5.25%, 6/23/2045		8,000		8,248
Celgene Corp.
3.63%, 5/15/2024		41,000		39,984
3.45%, 11/15/2027		50,000		45,956
5.70%, 10/15/2040		53,000		57,290
Gilead Sciences, Inc.
3.70%, 4/1/2024		64,000		64,098
3.50%, 2/1/2025		40,000		39,384
3.65%, 3/1/2026		29,000		28,622
4.60%, 9/1/2035		130,000		133,714
4.00%, 9/1/2036		29,000		27,886
				829,610

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Building Products — 0.1%
Johnson Controls International plc
3.90%, 2/14/2026		26,000		25,655
5.70%, 3/1/2041		30,000		32,878
4.95%, 7/2/2064 (f)		27,000		25,653
Masco Corp.
6.50%, 8/15/2032		80,000		89,303
				173,489
Capital Markets — 2.3%
Ameriprise Financial, Inc. 2.88%, 9/15/2026		63,000		58,771
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		55,000		56,345
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (d)		83,000		80,521
3.25%, 9/11/2024		100,000		98,133
3.00%, 10/30/2028		100,000		91,315
BlackRock, Inc.
Series 2, 5.00%, 12/10/2019		65,000		67,047
4.25%, 5/24/2021		65,000		67,136
Blackstone Holdings Finance Co. LLC
5.88%, 3/15/2021 (b)		100,000		106,300
4.45%, 7/15/2045 (b)		21,000		20,178
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		55,000		51,975
4.70%, 9/20/2047		44,000		41,605
Charles Schwab Corp. (The) 3.20%, 3/2/2027		100,000		95,428
CME Group, Inc.
3.00%, 3/15/2025		97,000		93,582
5.30%, 9/15/2043		16,000		18,774
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (b)		49,000		47,982
Deutsche Bank AG (Germany)
3.13%, 1/13/2021		77,000		74,307
4.25%, 10/14/2021		100,000		98,452
3.30%, 11/16/2022		100,000		93,658
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		206,000		213,261
2.35%, 11/15/2021		379,000		364,449
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (d)		100,000		97,625
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		438,000		422,386
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		213,000		205,095

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Capital Markets — continued
3.50%, 1/23/2025		100,000		96,540
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (d)		137,000		130,152
4.25%, 10/21/2025		105,000		103,428
3.50%, 11/16/2026		142,000		133,747
3.85%, 1/26/2027		45,000		43,234
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		209,000		198,054
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (d)		130,000		128,021
6.75%, 10/1/2037		80,000		95,031
Intercontinental Exchange, Inc.
2.50%, 10/15/2018		23,000		23,002
4.00%, 10/15/2023		59,000		60,254
Invesco Finance plc
4.00%, 1/30/2024		29,000		29,159
3.75%, 1/15/2026		36,000		35,378
Jefferies Group LLC 6.45%, 6/8/2027		81,000		87,369
Macquarie Bank Ltd. (Australia)
2.85%, 7/29/2020 (b)		100,000		99,126
4.00%, 7/29/2025 (b)		100,000		99,047
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (b)		220,000		228,782
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		145,000		133,804
Morgan Stanley
5.63%, 9/23/2019		200,000		206,086
2.65%, 1/27/2020		25,000		24,818
5.50%, 7/28/2021		35,000		37,033
2.63%, 11/17/2021		170,000		165,022
2.75%, 5/19/2022		100,000		96,848
3.75%, 2/25/2023		142,000		142,115
4.10%, 5/22/2023		100,000		100,348
3.70%, 10/23/2024		69,000		68,091
4.00%, 7/23/2025		276,000		275,076
5.00%, 11/24/2025		70,000		72,541
3.88%, 1/27/2026		341,000		335,556
4.35%, 9/8/2026		20,000		19,752
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (d)		222,000		210,919
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (d)		255,000		245,729
Nomura Holdings, Inc. (Japan)
6.70%, 3/4/2020		65,000		68,521
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (d)		29,000		27,233

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Capital Markets — continued
State Street Corp.
3.10%, 5/15/2023		24,000		23,659
3.70%, 11/20/2023		77,000		78,049
3.55%, 8/18/2025		147,000		146,881
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		17,000		16,685
Thomson Reuters Corp. (Canada) 3.85%, 9/29/2024		25,000		24,616
UBS AG (Switzerland) 2.38%, 8/14/2019		250,000		248,442
				6,922,473
Chemicals — 0.3%
Albemarle Corp. 5.45%, 12/1/2044		50,000		53,182
Chevron Phillips Chemical Co. LLC
3.40%, 12/1/2026 (b)		45,000		43,915
3.70%, 6/1/2028 (b)		80,000		78,992
Dow Chemical Co. (The) 4.25%, 10/1/2034		30,000		28,819
Ecolab, Inc.
3.25%, 1/14/2023		90,000		88,841
3.25%, 12/1/2027		34,000		32,541
EI du Pont de Nemours & Co. 4.90%, 1/15/2041		25,000		26,003
Monsanto Co. 4.70%, 7/15/2064		9,000		7,882
Mosaic Co. (The)
5.45%, 11/15/2033		36,000		36,378
4.88%, 11/15/2041		8,000		7,260
5.63%, 11/15/2043		112,000		112,741
Nutrien Ltd. (Canada)
3.38%, 3/15/2025		22,000		20,701
4.00%, 12/15/2026		70,000		67,869
4.13%, 3/15/2035		90,000		83,378
Praxair, Inc. 2.65%, 2/5/2025		16,000		15,157
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		29,000		27,687
Union Carbide Corp.
7.50%, 6/1/2025		100,000		117,273
7.75%, 10/1/2096		80,000		102,433
Westlake Chemical Corp. 4.38%, 11/15/2047		36,000		33,148
				984,200
Commercial Services & Supplies — 0.0% (c)
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (b)		70,000		69,859
Republic Services, Inc.
3.55%, 6/1/2022		21,000		21,129
2.90%, 7/1/2026		21,000		19,494
				110,482

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Communications Equipment — 0.1%
Cisco Systems, Inc.
1.85%, 9/20/2021		50,000		47,730
3.00%, 6/15/2022		56,000		55,760
5.90%, 2/15/2039		75,000		92,729
				196,219
Construction & Engineering — 0.0% (c)
Fluor Corp. 3.38%, 9/15/2021		44,000		43,947
Construction Materials — 0.0% (c)
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		52,000		48,358
Consumer Finance — 0.8%
American Express Credit Corp.
1.80%, 7/31/2018		130,000		129,942
2.25%, 5/5/2021		73,000		70,931
2.70%, 3/3/2022		105,000		102,709
American Honda Finance Corp.
2.25%, 8/15/2019		33,000		32,811
2.30%, 9/9/2026		17,000		15,438
Capital One Financial Corp.
3.75%, 4/24/2024		130,000		127,458
4.20%, 10/29/2025		40,000		38,835
3.75%, 7/28/2026		196,000		182,059
Caterpillar Financial Services Corp.
7.15%, 2/15/2019		50,000		51,389
1.93%, 10/1/2021		175,000		168,042
Ford Motor Credit Co. LLC
5.88%, 8/2/2021		200,000		212,007
3.81%, 1/9/2024		200,000		194,063
General Motors Financial Co., Inc.
3.45%, 4/10/2022		50,000		49,124
3.70%, 5/9/2023		68,000		66,786
3.95%, 4/13/2024		120,000		117,387
3.50%, 11/7/2024		80,000		76,146
4.00%, 1/15/2025		80,000		77,751
4.35%, 4/9/2025		80,000		78,822
4.30%, 7/13/2025		35,000		34,324
HSBC USA, Inc. 2.35%, 3/5/2020		135,000		133,419
John Deere Capital Corp.
1.60%, 7/13/2018		44,000		43,989
3.15%, 10/15/2021		42,000		42,083
3.35%, 6/12/2024		82,000		81,336
Synchrony Financial 3.70%, 8/4/2026		70,000		64,284
Toyota Motor Credit Corp.
2.13%, 7/18/2019		100,000		99,392

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
2.80%, 7/13/2022		60,000		58,888
				2,349,415
Containers & Packaging — 0.1%
International Paper Co.
3.00%, 2/15/2027		57,000		51,578
7.30%, 11/15/2039		40,000		51,135
WestRock Co. 3.00%, 9/15/2024 (b)		80,000		75,810
				178,523
Diversified Consumer Services — 0.0% (c)
President & Fellows of Harvard College 3.30%, 7/15/2056		86,000		78,225
Diversified Financial Services — 0.7%
AIG Global Funding 1.90%, 10/6/2021 (b)		100,000		95,349
CK Hutchison International Ltd. (Hong Kong) 1.88%, 10/3/2021 (b)		200,000		190,270
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/2020		251,000		245,218
4.42%, 11/15/2035		600,000		580,909
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (b)		58,000		56,911
3.48%, 6/16/2025 (b)		67,000		65,340
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (b)		200,000		191,796
National Rural Utilities Cooperative Finance Corp.
10.38%, 11/1/2018		50,000		51,280
2.95%, 2/7/2024		44,000		42,482
3.40%, 2/7/2028		100,000		97,048
ORIX Corp. (Japan)
2.90%, 7/18/2022		40,000		38,904
3.25%, 12/4/2024		100,000		95,503
3.70%, 7/18/2027		100,000		96,968
Shell International Finance BV (Netherlands)
2.13%, 5/11/2020		70,000		69,158
4.13%, 5/11/2035		107,000		108,468
Voya Financial, Inc. 3.65%, 6/15/2026		20,000		18,912
				2,044,516
Diversified Telecommunication Services — 0.7%
AT&T, Inc. 5.80%, 2/15/2019		50,000		50,859
3.95%, 1/15/2025		66,000		64,531
4.13%, 2/17/2026		117,000		114,364
4.30%, 2/15/2030 (b)		338,000		319,583
4.50%, 5/15/2035		5,000		4,622

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Diversified Telecommunication Services — continued
5.25%, 3/1/2037		100,000		98,518
4.90%, 8/15/2037 (b)		230,000		218,119
6.00%, 8/15/2040		125,000		130,253
5.35%, 9/1/2040		228,000		222,371
4.30%, 12/15/2042		4,000		3,397
Centel Capital Corp. 9.00%, 10/15/2019		50,000		52,750
Telefonica Emisiones SAU (Spain)
5.13%, 4/27/2020		25,000		25,790
5.46%, 2/16/2021		19,000		19,883
7.05%, 6/20/2036		50,000		60,069
Verizon Communications, Inc.
3.45%, 3/15/2021		53,000		53,334
3.38%, 2/15/2025		89,000		85,480
4.50%, 8/10/2033		125,000		121,105
4.40%, 11/1/2034		209,000		194,806
4.27%, 1/15/2036		20,000		18,438
5.25%, 3/16/2037		69,000		70,819
4.81%, 3/15/2039		218,000		210,656
5.01%, 8/21/2054		38,000		35,677
				2,175,424
Electric Utilities — 1.3%
Alabama Power Co. 6.13%, 5/15/2038		62,000		77,776
Avangrid, Inc. 3.15%, 12/1/2024		72,000		69,228
Baltimore Gas & Electric Co. 3.50%, 8/15/2046		47,000		42,016
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		51,000		50,015
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		200,000		190,538
Cleveland Electric Illuminating Co. (The) 3.50%, 4/1/2028 (b)		95,000		90,056
Commonwealth Edison Co. 3.65%, 6/15/2046		30,000		27,634
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		41,000		40,761
Duke Energy Carolinas LLC
4.30%, 6/15/2020		39,000		39,681
2.95%, 12/1/2026		100,000		94,789
Duke Energy Indiana LLC
6.35%, 8/15/2038		60,000		77,978
3.75%, 5/15/2046		60,000		56,644
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		46,000		42,323
Duke Energy Progress LLC
5.30%, 1/15/2019		25,000		25,453
3.70%, 10/15/2046		54,000		49,654
Edison International 4.13%, 3/15/2028		35,000		34,448

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Electricite de France SA (France)
2.15%, 1/22/2019 (b)		40,000		39,879
6.00%, 1/22/2114 (b)		75,000		78,176
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (b)		220,000		201,162
Entergy Arkansas, Inc. 3.50%, 4/1/2026		22,000		21,746
Entergy Corp. 2.95%, 9/1/2026		21,000		19,174
Entergy Louisiana LLC
2.40%, 10/1/2026		59,000		53,495
3.05%, 6/1/2031		38,000		34,922
4.00%, 3/15/2033		40,000		40,015
Entergy Mississippi, Inc. 2.85%, 6/1/2028		33,000		30,295
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		26,000		26,563
Florida Power & Light Co.
5.40%, 9/1/2035		50,000		57,032
5.95%, 2/1/2038		30,000		37,470
Fortis, Inc. (Canada) 3.06%, 10/4/2026		200,000		182,156
Great Plains Energy, Inc. 4.85%, 6/1/2021		18,000		18,477
Hydro-Quebec (Canada) Series IO, 8.05%, 7/7/2024		100,000		123,575
ITC Holdings Corp. 2.70%, 11/15/2022		100,000		96,273
Jersey Central Power & Light Co. 6.15%, 6/1/2037		30,000		35,712
Kansas City Power & Light Co.
3.15%, 3/15/2023		24,000		23,424
5.30%, 10/1/2041		50,000		56,320
4.20%, 3/15/2048		50,000		49,106
Massachusetts Electric Co. 4.00%, 8/15/2046 (b)		56,000		53,415
MidAmerican Energy Co.
3.50%, 10/15/2024		59,000		59,230
3.10%, 5/1/2027		93,000		89,464
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (b)		40,000		39,978
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (b)		45,000		43,017
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		27,000		25,943
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (b)		40,000		40,750
3.51%, 10/1/2024 (b)		19,000		18,986
Northern States Power Co. 6.25%, 6/1/2036		65,000		80,787
Oncor Electric Delivery Co. LLC
6.80%, 9/1/2018		30,000		30,188
7.00%, 9/1/2022		25,000		28,472

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Electric Utilities — continued
Pacific Gas & Electric Co.
3.50%, 6/15/2025		16,000		14,927
2.95%, 3/1/2026		43,000		38,356
6.05%, 3/1/2034		100,000		107,987
4.50%, 12/15/2041		24,000		21,566
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		19,000		17,708
Potomac Electric Power Co. 6.50%, 11/15/2037		75,000		97,238
PPL Capital Funding, Inc.
3.40%, 6/1/2023		30,000		29,496
4.00%, 9/15/2047		20,000		18,270
Progress Energy, Inc. 4.40%, 1/15/2021		35,000		35,748
Public Service Co. of Colorado 3.20%, 11/15/2020		18,000		18,022
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		175,000		223,838
Public Service Electric & Gas Co.
3.00%, 5/15/2025		83,000		80,353
5.38%, 11/1/2039		28,000		33,007
South Carolina Electric & Gas Co. 6.05%, 1/15/2038		30,000		34,028
Southern California Edison Co.
1.85%, 2/1/2022		10,857		10,589
Series C, 3.50%, 10/1/2023		53,000		52,878
Series B, 3.65%, 3/1/2028		80,000		78,107
Series 05-B, 5.55%, 1/15/2036		80,000		89,877
Toledo Edison Co. (The) 6.15%, 5/15/2037		50,000		60,919
Union Electric Co. 2.95%, 6/15/2027		36,000		33,954
Virginia Electric & Power Co.
Series A, 3.80%, 4/1/2028		60,000		59,627
6.35%, 11/30/2037		70,000		87,829
Xcel Energy, Inc. 6.50%, 7/1/2036		7,000		8,973
				3,997,493
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland)
2.88%, 5/8/2022		23,000		22,584
3.80%, 4/3/2028		125,000		125,904
				148,488
Electronic Equipment, Instruments & Components — 0.0% (c)
Arrow Electronics, Inc.
4.50%, 3/1/2023		8,000		8,127
3.25%, 9/8/2024		44,000		41,114
3.88%, 1/12/2028		22,000		20,608
				69,849

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 5.13%, 9/15/2040		40,000		42,846
Halliburton Co.
3.50%, 8/1/2023		54,000		53,749
4.85%, 11/15/2035		30,000		31,003
6.70%, 9/15/2038		60,000		72,210
Schlumberger Holdings Corp. 3.63%, 12/21/2022 (b)		60,000		59,987
				259,795
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.
5.90%, 11/1/2021		30,000		32,084
3.50%, 1/31/2023		87,000		85,553
5.00%, 2/15/2024		71,000		73,602
3.38%, 10/15/2026		44,000		40,711
American Tower Trust #1 3.07%, 3/15/2023 (b)		80,000		78,477
AvalonBay Communities, Inc.
2.85%, 3/15/2023		50,000		48,369
3.50%, 11/15/2024		50,000		49,227
3.90%, 10/15/2046		32,000		29,692
Boston Properties LP
3.13%, 9/1/2023		30,000		29,166
3.20%, 1/15/2025		61,000		58,049
3.65%, 2/1/2026		67,000		64,600
Brixmor Operating Partnership LP
3.65%, 6/15/2024		50,000		48,283
3.85%, 2/1/2025		50,000		48,211
Crown Castle International Corp.
4.88%, 4/15/2022		30,000		30,919
5.25%, 1/15/2023		60,000		62,851
4.00%, 3/1/2027		24,000		23,096
DDR Corp. 3.63%, 2/1/2025		61,000		57,867
Digital Realty Trust LP 3.70%, 8/15/2027		31,000		29,449
Duke Realty LP 3.25%, 6/30/2026		18,000		16,877
EPR Properties
4.50%, 6/1/2027		54,000		51,556
4.95%, 4/15/2028		40,000		39,119
Equity Commonwealth 5.88%, 9/15/2020		165,000		170,390
ERP Operating LP
3.00%, 4/15/2023		50,000		48,777
2.85%, 11/1/2026		46,000		42,676
3.50%, 3/1/2028		61,000		58,863
Essex Portfolio LP 4.50%, 3/15/2048		18,000		17,403

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (b)		79,000		73,918
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b)		43,000		40,545
Government Properties Income Trust
3.75%, 8/15/2019		320,000		320,394
4.00%, 7/15/2022		78,000		77,056
HCP, Inc. 3.88%, 8/15/2024		115,000		112,420
Liberty Property LP 3.25%, 10/1/2026		19,000		17,687
National Retail Properties, Inc. 3.60%, 12/15/2026		58,000		54,885
Realty Income Corp.
3.88%, 7/15/2024		20,000		19,804
3.88%, 4/15/2025		60,000		59,146
4.65%, 3/15/2047		38,000		38,266
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		170,000		163,889
Select Income 3.60%, 2/1/2020		130,000		129,304
Senior Housing Properties Trust
3.25%, 5/1/2019		60,000		59,958
4.75%, 2/15/2028		80,000		77,260
Simon Property Group LP
4.38%, 3/1/2021		70,000		72,083
2.50%, 7/15/2021		119,000		116,161
UDR, Inc. 2.95%, 9/1/2026		28,000		25,663
Ventas Realty LP
3.75%, 5/1/2024		74,000		72,779
3.50%, 2/1/2025		9,000		8,616
4.13%, 1/15/2026		34,000		33,442
3.85%, 4/1/2027		49,000		47,004
VEREIT Operating Partnership LP 4.60%, 2/6/2024		170,000		170,002
Vornado Realty LP 3.50%, 1/15/2025		60,000		57,424
Welltower, Inc.
4.50%, 1/15/2024		37,000		37,610
4.00%, 6/1/2025		70,000		68,631
				3,289,814
Food & Staples Retailing — 0.2%
Costco Wholesale Corp. 2.75%, 5/18/2024		21,000		20,329
CVS Pass-Through Trust
7.51%, 1/10/2032 (b)		78,462		91,956
4.70%, 1/10/2036 (b)		173,993		170,722
Kroger Co. (The) 5.40%, 7/15/2040		18,000		18,392
Sysco Corp. 3.55%, 3/15/2025		55,000		53,888
Walgreen Co. 4.40%, 9/15/2042		50,000		44,248

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Food & Staples Retailing — continued
Walgreens Boots Alliance, Inc.
3.80%, 11/18/2024		47,000		46,141
4.50%, 11/18/2034		23,000		21,721
				467,397
Food Products — 0.2%
Campbell Soup Co. 3.95%, 3/15/2025		90,000		86,762
Cargill, Inc. 3.25%, 3/1/2023 (b)		25,000		24,820
General Mills, Inc.
4.00%, 4/17/2025		60,000		59,169
4.20%, 4/17/2028		40,000		39,144
4.55%, 4/17/2038		15,000		14,304
Kellogg Co. 3.40%, 11/15/2027		38,000		35,506
Kraft Heinz Foods Co.
6.13%, 8/23/2018		122,000		122,622
5.38%, 2/10/2020		31,000		32,059
5.00%, 7/15/2035		100,000		98,453
6.88%, 1/26/2039		61,000		71,561
McCormick & Co., Inc. 3.15%, 8/15/2024		54,000		51,588
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		27,000		27,498
Tyson Foods, Inc.
3.95%, 8/15/2024		49,000		48,882
4.88%, 8/15/2034		20,000		20,316
				732,684
Gas Utilities — 0.1%
Atmos Energy Corp. 4.13%, 10/15/2044		50,000		50,422
Boston Gas Co. 4.49%, 2/15/2042 (b)		22,000		22,646
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		80,000		79,434
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		25,000		25,547
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		49,000		48,373
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		53,000		68,456
4.80%, 3/15/2047 (b)		26,000		27,021
Southwest Gas Corp. 3.80%, 9/29/2046		44,000		41,541
				363,440
Health Care Equipment & Supplies — 0.0% (c)
Abbott Laboratories 3.88%, 9/15/2025		90,000		89,683
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		27,000		26,799
				116,482

INVESTMENTS	PRINCIPAL AMOUNT($)			VALUE($)
Health Care Providers & Services — 0.6%
Aetna, Inc. 2.80%, 6/15/2023		30,000			28,600
Anthem, Inc.
2.30%, 7/15/2018		47,000			46,994
3.30%, 1/15/2023		18,000			17,689
3.35%, 12/1/2024		70,000			67,594
4.10%, 3/1/2028		55,000			53,899
4.65%, 1/15/2043		18,000			17,396
4.65%, 8/15/2044		65,000	��		63,354
Cardinal Health, Inc. 2.40%, 11/15/2019		23,000			22,761
CVS Health Corp.
4.00%, 12/5/2023		116,000			116,441
4.10%, 3/25/2025		354,000			352,060
4.30%, 3/25/2028		95,000			93,672
4.78%, 3/25/2038		140,000			138,384
5.05%, 3/25/2048		78,000			78,780
Express Scripts Holding Co.
3.50%, 6/15/2024		48,000			46,087
4.50%, 2/25/2026		127,000			126,035
Magellan Health, Inc. 4.40%, 9/22/2024		125,000			122,277
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		83,000			79,840
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		36,000			33,588
Quest Diagnostics, Inc. 3.45%, 6/1/2026		17,000			16,162
UnitedHealth Group, Inc.
1.63%, 3/15/2019		36,000			35,737
2.13%, 3/15/2021		175,000			170,525
2.75%, 2/15/2023		42,000			40,645
4.63%, 7/15/2035		34,000			35,737
					1,804,257
Hotels, Restaurants & Leisure — 0.0% (c)
McDonald’s Corp. 4.70%, 12/9/2035		60,000			62,489
Starbucks Corp. 2.70%, 6/15/2022		28,000			27,196
					89,685
Household Durables — 0.0% (c)
Newell Brands, Inc. 5.38%, 4/1/2036		50,000			49,736
Household Products — 0.0% (c)
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		32,681			35,081
Procter & Gamble Co. (The) 2.70%, 2/2/2026		80,000			75,940
					111,021

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		50,000		49,655
4.25%, 6/15/2022		38,000		38,885
6.25%, 10/1/2039		100,000		106,199
5.75%, 10/1/2041		29,000		29,005
PSEG Power LLC 4.15%, 9/15/2021		37,000		37,711
Southern Power Co. 5.15%, 9/15/2041		50,000		50,784
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		25,000		23,574
				335,813
Industrial Conglomerates — 0.1%
General Electric Co.
5.50%, 1/8/2020		88,000		91,201
5.88%, 1/14/2038		100,000		113,468
Honeywell International, Inc. 2.50%, 11/1/2026		150,000		138,607
				343,276
Insurance — 1.2%
AIA Group Ltd. (Hong Kong) 3.90%, 4/6/2028 (b)		210,000		209,376
Allstate Corp. (The) 3.15%, 6/15/2023		31,000		30,681
American International Group, Inc.
4.13%, 2/15/2024		59,000		59,249
3.75%, 7/10/2025		24,000		23,164
3.88%, 1/15/2035		50,000		44,397
4.70%, 7/10/2035		90,000		87,397
Aon Corp. 6.25%, 9/30/2040		18,000		21,576
Assurant, Inc. 4.20%, 9/27/2023		85,000		84,916
Athene Global Funding
2.75%, 4/20/2020 (b)		106,000		104,710
4.00%, 1/25/2022 (b)		44,000		44,304
Athene Holding Ltd. 4.13%, 1/12/2028		90,000		82,962
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		100,000		119,300
4.30%, 5/15/2043		62,000		62,407
Brighthouse Financial, Inc. 3.70%, 6/22/2027		150,000		133,492
Chubb INA Holdings, Inc.
2.88%, 11/3/2022		42,000		41,254
2.70%, 3/13/2023		120,000		116,119
CNA Financial Corp. 3.95%, 5/15/2024		44,000		43,975
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (b) (d) (g) (h)		200,000		186,500

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Insurance — continued
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (b)		75,000		70,386
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		21,000		20,451
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		70,000		66,079
Jackson National Life Global Funding
1.88%, 10/15/2018 (b)		97,000		96,834
3.05%, 4/29/2026 (b)		104,000		98,447
Liberty Mutual Group, Inc.
4.95%, 5/1/2022 (b)		27,000		28,049
6.50%, 3/15/2035 (b)		50,000		59,734
Lincoln National Corp.
4.20%, 3/15/2022		20,000		20,491
4.00%, 9/1/2023		50,000		50,392
3.80%, 3/1/2028		80,000		76,412
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (d)		100,000		94,788
Markel Corp. 3.63%, 3/30/2023		40,000		39,305
Marsh & McLennan Cos., Inc.
2.75%, 1/30/2022		24,000		23,455
3.30%, 3/14/2023		25,000		24,703
Massachusetts Mutual Life Insurance Co. 8.88%, 6/1/2039 (b)		19,000		29,724
MetLife, Inc.
3.60%, 11/13/2025		87,000		85,759
4.13%, 8/13/2042		28,000		26,427
Metropolitan Life Global Funding I 2.30%, 4/10/2019 (b)		175,000		174,418
Nationwide Mutual Insurance Co. 9.38%, 8/15/2039 (b)		100,000		156,489
New York Life Global Funding
2.00%, 4/13/2021 (b)		29,000		28,015
2.35%, 7/14/2026 (b)		65,000		59,093
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		100,000		100,854
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (b) (d)		50,000		45,397
Principal Financial Group, Inc. 3.13%, 5/15/2023		30,000		29,303
Principal Life Global Funding II 2.15%, 1/10/2020 (b)		100,000		98,637
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.37%, 3/15/2023 (d) (g) (h)		50,000		49,750

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Insurance — continued
Protective Life Global Funding 2.00%, 9/14/2021 (b)		180,000		172,303
Prudential Financial, Inc. 3.91%, 12/7/2047		61,000		54,824
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)		150,000		186,908
Reliance Standard Life Global Funding II 2.50%, 1/15/2020 (b)		100,000		98,948
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (b)		50,000		47,777
				3,709,931
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
2.80%, 8/22/2024		66,000		62,925
4.80%, 12/5/2034		65,000		71,222
3.88%, 8/22/2037		80,000		78,035
4.25%, 8/22/2057		100,000		98,507
Booking Holdings, Inc. 3.55%, 3/15/2028		100,000		95,144
				405,833
Internet Software & Services — 0.0% (c)
eBay, Inc. 2.60%, 7/15/2022		50,000		47,730
IT Services — 0.2%
DXC Technology Co.
4.25%, 4/15/2024		34,000		33,949
7.45%, 10/15/2029		50,000		60,605
IBM Credit LLC 3.00%, 2/6/2023		110,000		107,533
International Business Machines Corp.
2.25%, 2/19/2021		174,000		170,239
6.22%, 8/1/2027		50,000		59,357
Western Union Co. (The)
3.60%, 3/15/2022		100,000		99,287
6.20%, 6/21/2040		30,000		30,456
				561,426
Leisure Products — 0.0% (c)
Hasbro, Inc. 3.50%, 9/15/2027		47,000		43,461
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 2.95%, 9/19/2026		30,000		27,705
Machinery — 0.1%
Illinois Tool Works, Inc. 4.88%, 9/15/2041		80,000		89,698
Nvent Finance SARL (United Kingdom) 4.55%, 4/15/2028 (b)		75,000		73,559

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Machinery — continued
Parker-Hannifin Corp.
4.45%, 11/21/2044		30,000		31,282
4.10%, 3/1/2047		21,000		20,655
				215,194
Media — 0.8%
21st Century Fox America, Inc.
7.30%, 4/30/2028		150,000		181,309
6.65%, 11/15/2037		50,000		62,026
CBS Corp.
3.70%, 8/15/2024		99,000		96,255
4.00%, 1/15/2026		42,000		40,719
Charter Communications Operating LLC
4.91%, 7/23/2025		194,000		195,861
5.38%, 4/1/2038		38,000		35,875
Comcast Cable Holdings LLC 10.13%, 4/15/2022		75,000		92,145
Comcast Corp.
3.55%, 5/1/2028		66,000		63,006
4.25%, 1/15/2033		167,000		162,996
4.20%, 8/15/2034		89,000		84,938
6.50%, 11/15/2035		35,000		41,589
3.90%, 3/1/2038		32,000		29,132
4.00%, 11/1/2049		52,000		45,925
Cox Communications, Inc.
3.35%, 9/15/2026 (b)		67,000		61,923
4.60%, 8/15/2047 (b)		39,000		35,611
Discovery Communications LLC
4.38%, 6/15/2021		78,000		79,723
3.95%, 3/20/2028		42,000		39,759
6.35%, 6/1/2040		90,000		98,633
NBCUniversal Media LLC 5.95%, 4/1/2041		75,000		84,412
Time Warner Cable LLC
6.75%, 7/1/2018		50,000		50,000
6.55%, 5/1/2037		50,000		53,013
7.30%, 7/1/2038		50,000		56,643
5.50%, 9/1/2041		100,000		92,976
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		175,000		215,961
Viacom, Inc.
3.88%, 4/1/2024		36,000		34,816
6.88%, 4/30/2036		70,000		75,595
Walt Disney Co. (The)
1.85%, 7/30/2026		31,000		27,039
2.95%, 6/15/2027		50,000		47,361
3.00%, 7/30/2046		14,000		10,995

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Media — continued
Warner Media LLC
4.75%, 3/29/2021		35,000		36,107
3.55%, 6/1/2024		155,000		149,397
3.60%, 7/15/2025		45,000		42,774
				2,424,514
Metals & Mining — 0.2%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (b)		200,000		186,134
Nucor Corp.
4.00%, 8/1/2023		213,000		216,606
6.40%, 12/1/2037		30,000		37,716
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		80,000		86,800
Vale Overseas Ltd. (Brazil)
6.25%, 8/10/2026		15,000		16,276
6.88%, 11/21/2036		140,000		157,178
				700,710
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		55,000		53,906
Macy’s Retail Holdings, Inc. 6.90%, 4/1/2029		30,000		32,206
				86,112
Multi-Utilities — 0.4%
CMS Energy Corp.
3.88%, 3/1/2024		110,000		110,281
2.95%, 2/15/2027		47,000		42,986
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		38,000		45,244
4.50%, 5/15/2058		54,000		53,621
Consumers Energy Co. 3.25%, 8/15/2046		19,000		16,604
Delmarva Power & Light Co. 4.15%, 5/15/2045		50,000		49,694
Dominion Energy, Inc. Series B, 2.75%, 1/15/2022		60,000		58,188
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (b)		50,000		47,975
NiSource, Inc. 6.25%, 12/15/2040		130,000		153,981
San Diego Gas & Electric Co. 5.35%, 5/15/2035		70,000		80,641
Sempra Energy
4.05%, 12/1/2023		62,000		62,762
3.55%, 6/15/2024		47,000		46,011
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		37,000		37,003
2.45%, 10/1/2023		19,000		17,859

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Multi-Utilities — continued
3.25%, 6/15/2026		17,000		16,129
5.88%, 3/15/2041		96,000		111,466
4.40%, 6/1/2043		42,000		41,120
3.95%, 10/1/2046		21,000		19,295
WEC Energy Group, Inc. 3.55%, 6/15/2025		43,000		42,212
				1,053,072
Oil, Gas & Consumable Fuels — 2.1%
Andeavor Logistics LP 4.25%, 12/1/2027		45,000		43,293
Apache Corp.
6.90%, 9/15/2018		50,000		50,356
6.00%, 1/15/2037		50,000		54,483
APT Pipelines Ltd. (Australia)
4.20%, 3/23/2025 (b)		50,000		49,610
4.25%, 7/15/2027 (b)		73,000		71,528
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		150,000		151,473
3.22%, 4/14/2024		221,000		216,757
3.51%, 3/17/2025		15,000		14,869
3.02%, 1/16/2027		35,000		33,088
3.28%, 9/19/2027		140,000		134,545
Buckeye Partners LP
4.88%, 2/1/2021		15,000		15,322
3.95%, 12/1/2026		23,000		20,861
5.85%, 11/15/2043		100,000		96,313
Canadian Natural Resources Ltd. (Canada)
3.90%, 2/1/2025		65,000		64,055
5.85%, 2/1/2035		50,000		55,540
Cenovus Energy, Inc. (Canada) 6.75%, 11/15/2039		158,000		173,404
Chevron Corp.
2.41%, 3/3/2022		150,000		146,307
2.36%, 12/5/2022		20,000		19,115
2.57%, 5/16/2023		200,000		193,471
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		200,000		201,951
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		28,000		29,649
4.13%, 1/16/2025		33,000		31,885
5.38%, 6/26/2026		39,000		40,026
Enable Midstream Partners LP 4.95%, 5/15/2028		40,000		38,914
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		27,000		25,576
4.50%, 6/10/2044		75,000		68,686

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		60,000		56,403
Encana Corp. (Canada) 7.20%, 11/1/2031		80,000		96,474
Energy Transfer Partners LP
5.00%, 10/1/2022		141,000		145,954
3.60%, 2/1/2023		9,000		8,793
4.90%, 2/1/2024		68,000		68,989
4.05%, 3/15/2025		45,000		43,430
4.75%, 1/15/2026		32,000		31,697
6.05%, 6/1/2041		100,000		99,742
6.50%, 2/1/2042		17,000		17,490
Eni USA, Inc. (United Kingdom) 7.30%, 11/15/2027		50,000		60,233
Enterprise Products Operating LLC
3.90%, 2/15/2024		25,000		25,024
3.75%, 2/15/2025		25,000		24,749
3.70%, 2/15/2026		38,000		37,119
Series D, 6.88%, 3/1/2033		86,000		105,653
7.55%, 4/15/2038		170,000		222,306
5.10%, 2/15/2045		16,000		16,460
4.95%, 10/15/2054		6,000		5,860
EOG Resources, Inc. 2.63%, 3/15/2023		15,000		14,395
EQT Corp. 3.90%, 10/1/2027		60,000		55,990
Equinor ASA (Norway)
2.65%, 1/15/2024		143,000		137,072
3.25%, 11/10/2024		23,000		22,638
Kerr-McGee Corp. 7.88%, 9/15/2031		90,000		114,082
Kinder Morgan, Inc. 4.30%, 3/1/2028		140,000		135,634
Magellan Midstream Partners LP
3.20%, 3/15/2025		14,000		13,487
6.40%, 5/1/2037		70,000		83,699
4.20%, 12/1/2042		27,000		24,237
Marathon Petroleum Corp. 3.63%, 9/15/2024		29,000		28,311
MPLX LP
4.88%, 12/1/2024		140,000		144,276
4.00%, 3/15/2028		52,000		49,459
Noble Energy, Inc. 6.00%, 3/1/2041		114,000		125,303
Occidental Petroleum Corp. 3.00%, 2/15/2027		55,000		51,930
ONEOK Partners LP
3.20%, 9/15/2018		25,000		25,015
8.63%, 3/1/2019		40,000		41,401
3.38%, 10/1/2022		8,000		7,882
5.00%, 9/15/2023		17,000		17,656

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Oil, Gas & Consumable Fuels — continued
4.90%, 3/15/2025		100,000		103,223
6.65%, 10/1/2036		15,000		17,468
Petro-Canada (Canada) 6.80%, 5/15/2038		105,000		133,743
Petroleos Mexicanos (Mexico)
4.63%, 9/21/2023		100,000		98,100
4.88%, 1/18/2024		20,000		19,643
6.88%, 8/4/2026		26,000		27,326
6.50%, 3/13/2027		111,000		113,822
5.35%, 2/12/2028 (b)		42,000		39,507
6.63%, 6/15/2035		150,000		147,000
6.38%, 1/23/2045		42,000		38,682
6.75%, 9/21/2047		110,000		103,565
6.35%, 2/12/2048 (b)		10,000		9,025
Phillips 66 3.90%, 3/15/2028		70,000		68,291
Phillips 66 Partners LP 4.90%, 10/1/2046		37,000		35,438
Plains All American Pipeline LP
3.60%, 11/1/2024		50,000		47,332
4.65%, 10/15/2025		30,000		29,887
4.30%, 1/31/2043		30,000		24,764
Sinopec Capital Ltd. (China) 3.13%, 4/24/2023 (b)		200,000		193,461
Spectra Energy Partners LP
2.95%, 9/25/2018		34,000		34,008
3.50%, 3/15/2025		19,000		18,115
5.95%, 9/25/2043		25,000		27,455
4.50%, 3/15/2045		7,000		6,480
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034		60,000		69,727
Sunoco Logistics Partners Operations LP
4.25%, 4/1/2024		13,000		12,862
3.90%, 7/15/2026		24,000		22,445
6.10%, 2/15/2042		60,000		60,168
5.35%, 5/15/2045		53,000		48,136
TC PipeLines LP 3.90%, 5/25/2027		26,000		24,437
Texas Eastern Transmission LP 3.50%, 1/15/2028 (b)		15,000		14,118
Total Capital International SA (France)
2.75%, 6/19/2021		50,000		49,622
3.70%, 1/15/2024		25,000		25,197
TransCanada PipeLines Ltd. (Canada)
6.50%, 8/15/2018		50,000		50,236
7.13%, 1/15/2019		50,000		51,157
6.20%, 10/15/2037		70,000		79,979
4.75%, 5/15/2038		80,000		79,917
Valero Energy Corp. 7.50%, 4/15/2032		20,000		25,570

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Western Gas Partners LP
3.95%, 6/1/2025		50,000		47,139
4.50%, 3/1/2028		16,000		15,392
5.45%, 4/1/2044		26,000		24,498
5.30%, 3/1/2048		34,000		31,220
Williams Partners LP
3.90%, 1/15/2025		25,000		24,381
4.85%, 3/1/2048		53,000		50,454
				6,342,910
Pharmaceuticals — 0.3%
Allergan Funding SCS
3.45%, 3/15/2022		52,000		51,154
3.85%, 6/15/2024		42,000		41,227
Allergan, Inc.
3.38%, 9/15/2020		43,000		43,066
2.80%, 3/15/2023		100,000		94,388
Johnson & Johnson
2.63%, 1/15/2025		121,000		115,846
4.38%, 12/5/2033		19,000		20,393
3.40%, 1/15/2038		123,000		116,088
Merck & Co., Inc.
2.80%, 5/18/2023		63,000		61,626
3.70%, 2/10/2045		10,000		9,499
Mylan NV
3.95%, 6/15/2026		35,000		33,456
5.25%, 6/15/2046		3,000		2,920
Mylan, Inc.
3.13%, 1/15/2023 (b)		25,000		24,000
5.40%, 11/29/2043		21,000		20,752
Pfizer, Inc. 3.00%, 12/15/2026		150,000		144,040
Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		83,000		78,046
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.80%, 7/21/2023		166,000		143,119
				999,620
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (b)		200,000		197,306
Road & Rail — 0.5%
Burlington Northern Santa Fe LLC
3.00%, 3/15/2023		50,000		49,057
5.75%, 5/1/2040		85,000		100,647
5.40%, 6/1/2041		126,000		144,339

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Road & Rail — continued
4.38%, 9/1/2042		25,000		25,197
5.15%, 9/1/2043		77,000		85,278
4.70%, 9/1/2045		35,000		37,043
Canadian Pacific Railway Co. (Canada)
4.50%, 1/15/2022		35,000		36,161
6.13%, 9/15/2115		88,000		105,617
CSX Corp.
4.25%, 6/1/2021		33,000		33,858
5.50%, 4/15/2041		50,000		55,408
ERAC USA Finance LLC
4.50%, 8/16/2021 (b)		45,000		46,115
2.60%, 12/1/2021 (b)		50,000		48,496
7.00%, 10/15/2037 (b)		160,000		199,605
5.63%, 3/15/2042 (b)		12,000		13,000
JB Hunt Transport Services, Inc. 3.85%, 3/15/2024		70,000		69,760
Norfolk Southern Corp.
3.95%, 10/1/2042		70,000		65,054
4.05%, 8/15/2052		40,000		36,446
Penske Truck Leasing Co. LP
2.88%, 7/17/2018 (b)		27,000		27,003
3.95%, 3/10/2025 (b)		25,000		24,704
3.40%, 11/15/2026 (b)		25,000		23,304
4.20%, 4/1/2027 (b)		75,000		73,887
Ryder System, Inc. 2.25%, 9/1/2021		100,000		96,569
Union Pacific Corp. 4.10%, 9/15/2067		70,000		61,354
				1,457,902
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 4.50%, 12/5/2036		64,000		63,740
Broadcom Corp.
3.63%, 1/15/2024		120,000		116,117
3.88%, 1/15/2027		100,000		94,551
Intel Corp.
3.70%, 7/29/2025		49,000		49,305
4.00%, 12/15/2032		60,000		61,552
4.10%, 5/19/2046		38,000		38,154
3.73%, 12/8/2047		26,000		24,474
QUALCOMM, Inc.
2.60%, 1/30/2023		10,000		9,555
3.25%, 5/20/2027		75,000		70,092
				527,540
Software — 0.5%
Microsoft Corp.
2.38%, 2/12/2022		30,000		29,325
2.65%, 11/3/2022		160,000		157,310

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Software — continued
2.38%, 5/1/2023		53,000		51,190
2.00%, 8/8/2023		125,000		118,066
2.88%, 2/6/2024		90,000		88,076
3.50%, 2/12/2035		68,000		65,849
3.45%, 8/8/2036		125,000		119,590
4.00%, 2/12/2055		19,000		18,941
3.95%, 8/8/2056		48,000		47,335
4.50%, 2/6/2057		119,000		129,052
Oracle Corp.
2.50%, 5/15/2022		52,000		50,619
2.40%, 9/15/2023		101,000		95,239
4.30%, 7/8/2034		200,000		203,754
3.90%, 5/15/2035		200,000		193,783
VMware, Inc. 2.95%, 8/21/2022		101,000		96,893
				1,465,022
Specialty Retail — 0.1%
Home Depot, Inc. (The)
2.13%, 9/15/2026		58,000		51,712
4.20%, 4/1/2043		34,000		34,085
Lowe’s Cos., Inc. 3.38%, 9/15/2025		72,000		70,480
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		80,000		76,077
3.60%, 9/1/2027		49,000		46,279
				278,633
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.85%, 5/6/2021		126,000		125,688
2.15%, 2/9/2022		181,000		175,335
3.00%, 2/9/2024		197,000		192,872
2.85%, 5/11/2024		62,000		60,002
2.75%, 1/13/2025		150,000		143,537
3.20%, 5/13/2025		32,000		31,268
2.45%, 8/4/2026		74,000		67,896
3.20%, 5/11/2027		57,000		54,982
3.00%, 6/20/2027		56,000		53,207
4.50%, 2/23/2036		43,000		46,115
3.45%, 2/9/2045		31,000		27,682
3.85%, 8/4/2046		117,000		110,259
3.75%, 9/12/2047		140,000		131,093
Dell International LLC 6.02%, 6/15/2026 (b)		135,000		141,922
Dell, Inc. 7.10%, 4/15/2028		25,000		26,812
				1,388,670

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) 4.63%, 7/11/2024 (b)		200,000		197,402
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037 (b)		75,000		70,315
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.25%, 3/1/2025		48,000		44,414
Aviation Capital Group LLC 2.88%, 1/20/2022 (b)		100,000		96,698
International Lease Finance Corp.
8.63%, 1/15/2022		70,000		80,289
5.88%, 8/15/2022		150,000		159,031
WW Grainger, Inc. 4.60%, 6/15/2045		77,000		79,224
				459,656
Water Utilities — 0.0% (c)
American Water Capital Corp.
3.40%, 3/1/2025		34,000		33,527
4.00%, 12/1/2046		52,000		50,573
				84,100
Wireless Telecommunication Services — 0.2%
Crown Castle Towers LLC 3.22%, 5/15/2022 (b)		42,000		41,208
Rogers Communications, Inc. (Canada) 8.75%, 5/1/2032		25,000		33,920
Sprint Spectrum Co. LLC 3.36%, 9/20/2021 (b)		162,500		160,672
Vodafone Group plc (United Kingdom)
4.13%, 5/30/2025		64,000		63,667
5.00%, 5/30/2038		114,000		112,559
5.25%, 5/30/2048		64,000		63,851
				475,877
Total Corporate Bonds (Cost $69,522,967)				67,865,260
Mortgage-Backed Securities — 14.0%
FHLMC
Pool # 611141, ARM, 3.61%, 1/1/2027 (i)		31,677		32,788
Pool # 846812, ARM, 3.63%, 4/1/2030 (i)		6,317		6,600
Pool # 1B1665, ARM, 3.95%, 4/1/2034 (i)		29,584		31,003
Pool # 1B2844, ARM, 3.59%, 3/1/2035 (i)		33,257		34,419
Pool # 1B3209, ARM, 3.54%, 1/1/2037 (i)		20,968		21,920

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
FHLMC Gold Pools, 15 Year, Single Family
Pool # E97838, 4.50%, 8/1/2018		55		56
Pool # G11695, 6.50%, 2/1/2019		73		73
FHLMC Gold Pools, 30 Year, Single Family
Pool # D70244, 6.00%, 4/1/2026		54,172		59,174
Pool # G00981, 8.50%, 7/1/2028		2,213		2,492
Pool # C22459, 6.50%, 2/1/2029		7,300		8,130
Pool # C00785, 6.50%, 6/1/2029		13,619		15,168
Pool # C01292, 6.00%, 2/1/2032		7,674		8,462
Pool # C66034, 6.50%, 4/1/2032		33,952		37,812
Pool # A13625, 5.50%, 10/1/2033		43,414		48,054
Pool # A28796, 6.50%, 11/1/2034		14,748		16,824
Pool # A29796, 6.00%, 2/1/2035		2,726		2,979
Pool # A46417, 7.00%, 4/1/2035		45,719		51,666
Pool # A84629, 6.00%, 2/1/2039		21,313		23,381
Pool # Q48338, 4.50%, 5/1/2047		286,934		299,082
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		36,686		39,505
Pool # U80265, 3.50%, 4/1/2033		609,832		615,591
Pool # U90690, 3.50%, 6/1/2042		560,326		560,275
Pool # U90975, 4.00%, 6/1/2042		279,929		287,778
Pool # U99134, 4.00%, 1/1/2046		298,020		306,446
FHLMC, 30 Year, Single Family
Pool # 546257, 10.00%, 1/1/2020		1,110		1,119
Pool # 555286, 10.00%, 9/1/2020		1		1
FNMA
Pool # 116612, ARM, 3.44%, 3/1/2019 (i)		19		19
Pool # 303532, ARM, 4.00%, 3/1/2029 (i)		920		949
Pool # 745446, ARM, 3.78%, 4/1/2033 (i)		36,101		38,134
Pool # 722985, ARM, 3.19%, 7/1/2033 (i)		27,162		28,513
Pool # 766610, ARM, 3.43%, 1/1/2034 (i)		43,572		45,640
Pool # 735332, ARM, 3.71%, 8/1/2034 (i)		51,803		54,628
Pool # 810896, ARM, 3.61%, 1/1/2035 (i)		124,846		129,021
FNMA, 15 Year, Single Family
Pool # 778757, 3.50%, 5/1/2019		2,977		3,014
Pool # 788380, 6.00%, 7/1/2019		2,974		2,980
Pool # 735911, 6.50%, 8/1/2020		3,518		3,562
Pool # 840495, 5.50%, 4/1/2022		7,946		7,970
Pool # 899316, 5.50%, 4/1/2022		530		542
Pool # 928637, 6.00%, 9/1/2022		3,844		3,956

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Pool # 949415, 4.50%, 3/1/2023		10,239		10,341
Pool # 962871, 4.50%, 5/1/2023		13,830		14,282
FNMA, 20 Year, Single Family
Pool # 252348, 6.50%, 3/1/2019		1,054		1,162
Pool # 254305, 6.50%, 5/1/2022		7,133		7,862
Pool # 555791, 6.50%, 12/1/2022		6,689		7,373
Pool # 762498, 5.00%, 11/1/2023		105,543		111,888
Pool # 255609, 4.50%, 1/1/2025		14,515		15,124
FNMA, 30 Year, FHA/VA
Pool # 506427, 9.00%, 4/1/2025		20,388		21,895
Pool # 449336, 8.50%, 10/1/2026		8,636		8,686
Pool # 535442, 8.50%, 6/1/2030		3,198		3,458
FNMA, 30 Year, Single Family
Pool # 250375, 6.50%, 9/1/2025		1,853		2,042
Pool # 338417, 6.50%, 5/1/2026		1,013		1,116
Pool # 689977, 8.00%, 3/1/2027		13,037		14,113
Pool # 755973, 8.00%, 11/1/2028		35,735		40,336
Pool # 252211, 6.00%, 1/1/2029		2,199		2,421
Pool # 524949, 7.50%, 3/1/2030		8,403		8,615
Pool # 622534, 3.00%, 9/1/2031		141,844		137,549
Pool # 788150, 6.00%, 3/1/2032		30,645		33,527
Pool # 545639, 6.50%, 4/1/2032		51,372		56,970
Pool # 649624, 7.00%, 8/1/2032		666		675
Pool # 674349, 6.00%, 3/1/2033		7,466		8,159
Pool # 735740, ARM, 3.67%, 10/1/2034 (i)		43,537		45,881
Pool # 823660, ARM, 4.14%, 5/1/2035 (i)		37,836		39,441
Pool # 833039, 5.00%, 9/1/2035		35,664		38,171
Pool # 745932, 6.50%, 11/1/2036		68,014		75,580
Pool # 944831, 5.50%, 2/1/2038		5,484		5,905
Pool # 961799, 5.50%, 3/1/2038		3,658		3,942
Pool # 976582, 4.50%, 4/1/2038		2,629		2,739
Pool # 985558, 5.50%, 6/1/2038		2,023		2,182
Pool # AL3438, 6.50%, 10/1/2038		785,737		866,038
Pool # 935241, 4.50%, 5/1/2039		8,839		9,292
Pool # MA2535, 4.50%, 2/1/2046 (j)		724,187		754,595
Pool # BH4683, 4.00%, 6/1/2047		485,282		497,943
Pool # BH4684, 4.00%, 6/1/2047		491,178		503,278
Pool # BH4685, 4.00%, 6/1/2047		488,223		499,399
FNMA, Other
Pool # AM3498, 2.01%, 6/1/2020		1,000,000		982,517
Pool # AM0806, 2.45%, 11/1/2022		500,000		488,098
Pool # AM1619, 2.34%, 12/1/2022		271,856		263,707
Pool # AM0939, 2.40%, 12/1/2022		495,592		482,322
Pool # AM2366, 2.40%, 2/1/2023		496,973		484,859

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
Pool # AM2747, 2.50%, 4/1/2023		500,000		487,304
Pool # AM3244, 2.52%, 5/1/2023		1,000,000		975,078
Pool # AM3851, 3.02%, 7/1/2023		1,000,000		995,920
Pool # AM4070, 3.98%, 8/1/2025		2,000,000		2,074,774
Pool # AN0029, 3.10%, 9/1/2025		1,000,000		992,153
Pool # AM4660, 3.77%, 12/1/2025		300,000		307,533
Pool # AN0890, 2.63%, 3/1/2026		497,897		477,720
Pool # AM6381, 3.29%, 8/1/2026		1,000,000		994,390
Pool # AM6392, 3.29%, 8/1/2026		925,000		919,898
Pool # AM7321, 3.12%, 11/1/2026		990,597		966,555
Pool # AM7515, 3.34%, 2/1/2027		1,000,000		996,660
Pool # AN1600, 2.59%, 6/1/2028		900,000		838,979
Pool # AN9686, 3.52%, 6/1/2028		500,000		500,940
Pool # AN2466, 2.57%, 8/1/2028		500,000		463,909
Pool # 405220, 6.00%, 9/1/2028		18,396		20,099
Pool # AN4559, 3.28%, 2/1/2029		1,500,000		1,473,423
Pool # AN4975, 3.21%, 3/1/2029		2,500,000		2,428,730
Pool # AN5672, 3.20%, 6/1/2029		1,500,000		1,462,645
Pool # AN6099, 3.04%, 7/1/2029		900,000		860,098
Pool # AN5998, 3.06%, 7/1/2029		2,955,522		2,851,069
Pool # AN5971, 2.99%, 8/1/2029		1,400,000		1,331,151
Pool # AN6846, 2.93%, 10/1/2029		1,100,000		1,036,453
Pool # AM6811, 3.69%, 10/1/2029		658,584		671,715
Pool # AM8692, 3.03%, 4/1/2030		650,000		618,953
Pool # AM8544, 3.08%, 4/1/2030		498,607		479,746
Pool # 754922, 5.50%, 9/1/2033		56,150		60,869
Pool # 847108, 6.50%, 10/1/2035		79,260		81,964
Pool # 257172, 5.50%, 4/1/2038		7,592		7,846
Pool # AO9352, 4.00%, 7/1/2042		283,324		290,708
Pool # MA1125, 4.00%, 7/1/2042		505,754		518,852
Pool # MA1178, 4.00%, 9/1/2042		242,038		248,383
Pool # MA1437, 3.50%, 5/1/2043		650,004		649,501
Pool # AL6167, 3.50%, 1/1/2044		699,535		698,994
Pool # MA2545, 3.50%, 2/1/2046		1,240,134		1,239,180
Pool # MA2793, 3.50%, 10/1/2046		312,264		312,023
GNMA I, 30 Year, Single Family
Pool # 326977, 7.50%, 5/15/2023		3,061		3,200
Pool # 359588, 7.50%, 6/15/2023		578		579
Pool # 782507, 9.50%, 10/15/2024		10,576		11,082
Pool # 780029, 9.00%, 11/15/2024		802		837
Pool # 405535, 7.00%, 12/15/2025		1,329		1,405
Pool # 412336, 8.00%, 10/15/2027		2,713		2,968
Pool # 451507, 8.00%, 10/15/2027		2,525		2,568
Pool # 412369, 7.00%, 11/15/2027		2,823		3,076
Pool # 467705, 6.50%, 3/15/2028		1,890		2,084
Pool # 472679, 7.00%, 6/15/2028		5,303		5,732

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Pool # 486537, 7.50%, 9/15/2028		3,423		3,688
Pool # 781614, 7.00%, 6/15/2033		6,232		7,209
Pool # 617653, 6.00%, 5/15/2037		78,472		85,775
Pool # 678574, 5.50%, 6/15/2038		747,765		842,345
Pool # 681554, 5.50%, 7/15/2038		706,831		789,903
Pool # 678169, 5.50%, 9/15/2038		391,947		438,098
Pool # 681568, 5.50%, 9/15/2038		797,373		890,932
Pool # 694458, 6.00%, 10/15/2038		10,607		11,594
Pool # 782510, 6.50%, 12/15/2038		31,325		34,956
GNMA II
Pool # 81008, ARM, 3.25%, 7/20/2034 (i)		57,971		59,797
Pool # 81074, ARM, 3.25%, 9/20/2034 (i)		116,307		119,945
GNMA II, 30 Year, Single Family
Pool # 2006, 8.50%, 5/20/2025		1,179		1,266
Pool # 2324, 8.00%, 11/20/2026		25,144		28,406
Pool # 2341, 7.50%, 12/20/2026		1,331		1,484
Pool # 2362, 8.00%, 1/20/2027		3,415		3,775
GNMA II, Other Pool # AD0018, 3.75%, 12/20/2032		140,636		141,990
Total Mortgage-Backed Securities (Cost $43,589,727)				42,212,118
Asset-Backed Securities — 10.9%
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		118,592		118,865
Series 2015-1, Class A, 3.60%, 3/15/2027 (b)		88,787		85,919
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		260,000		249,908
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		85,000		81,460
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		15,050		15,552
Series 2013-1, Class A, 4.00%, 7/15/2025		77,523		77,315
Series 2017-2, Class B, 3.70%, 10/15/2025		113,000		109,056
Series 2014-1, Class A, 3.70%, 10/1/2026		40,200		39,246
Series 2016-2, Class A, 3.65%, 6/15/2028		14,752		14,318
Series 2016-3, Class AA, 3.00%, 10/15/2028		224,450		210,760
Series 2017-1, Class AA, 3.65%, 2/15/2029		154,721		150,488

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
American Credit Acceptance Receivables Trust Series 2016-4, Class C, 2.91%, 2/13/2023‡ (b)		116,000		115,747
American Homes 4 Rent
Series 2015-SFR1, Class D, 4.41%, 4/17/2052‡ (b)		380,000		382,613
Series 2015-SFR1, Class E, 5.64%, 4/17/2052‡ (b)		100,000		106,813
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036‡ (b)		421,995		426,542
Series 2014-SFR2, Class C, 4.71%, 10/17/2036 (b)		200,000		206,776
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		234,317		234,641
Series 2014-SFR3, Class E, 6.42%, 12/17/2036‡ (b)		200,000		222,671
Series 2015-SFR2, Class C, 4.69%, 10/17/2045‡ (b)		200,000		208,004
AmeriCredit Automobile Receivables Trust
Series 2016-3, Class A3, 1.46%, 5/10/2021		40,344		40,115
Series 2016-4, Class B, 1.83%, 12/8/2021‡		600,000		590,270
AXIS Equipment Finance Receivables IV LLC Series 2016-1A, Class A, 2.21%, 11/20/2021 (b)		171,040		170,024
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (b)		61,943		61,112
Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		178,483		177,470
BCC Funding XIII LLC Series 2016-1, Class A2, 2.20%, 12/20/2021 (b)		78,084		77,687
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.46%, 4/25/2036‡ (i)		4,094		4,024
BMW Vehicle Lease Trust Series 2016-2, Class A4, 1.57%, 2/20/2020		250,000		247,933
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		86,000		86,000
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		115,000		113,428
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		328,174		328,734
Series 2018-2, Class A, 4.45%, 6/15/2033 (b)		421,000		420,993

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		77,000		75,716
CAM Mortgage Trust Series 2017-1, Class A1, 3.22%, 8/1/2057 (b) (f)		87,098		86,744
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023‡		371,484		370,671
Capital Auto Receivables Asset Trust
Series 2016-2, Class A4, 1.63%, 1/20/2021		63,000		62,382
Series 2018-1, Class A3, 2.79%, 1/20/2022 (b)		625,000		623,276
Carnow Auto Receivables Trust Series 2017-1A, Class A, 2.92%, 9/15/2022 (b)		117,374		116,823
Chrysler Capital Auto Receivables Trust
Series 2016-AA, Class A3, 1.77%, 10/15/2020 (b)		85,795		85,628
Series 2016-BA, Class A3, 1.64%, 7/15/2021 (b)		312,734		310,755
Citi Held For Asset Issuance Series 2016-MF1, Class A, 4.48%, 8/15/2022 (b)		822		823
Continental Credit Card Series 2016-1A, Class A, 4.56%, 1/15/2023 (b)		46,749		46,566
CPS Auto Receivables Trust Series 2015-C, Class D, 4.63%, 8/16/2021‡ (b)		172,000		174,523
Credit Acceptance Auto Loan Trust
Series 2015-2A, Class A, 2.40%, 2/15/2023 (b)		16,339		16,338
Series 2017-1A, Class A, 2.56%, 10/15/2025 (b)		250,000		248,600
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		250,000		247,602
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)		82,445		88,649
CWABS Revolving Home Equity Loan Trust Series 2004-K, Class 2A, 2.37%, 2/15/2034‡ (i)		3,340		3,334
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 2.84%, 3/25/2034‡ (i)		40,679		40,877
Series 2004-1, Class M2, 2.92%, 3/25/2034‡ (i)		7,649		7,598
Series 2004-1, Class 3A, 2.65%, 4/25/2034‡ (i)		1,056		1,042
Delta Air Lines Pass-Through Trust Series 2010-2, Class A, 4.95%, 5/23/2019		17,236		17,397

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Drive Auto Receivables Trust
Series 2017-AA, Class B, 2.51%, 1/15/2021 (b)		37,843		37,827
Series 2017-3, Class B, 2.30%, 5/17/2021		1,170,000		1,166,948
Series 2016-AA, Class C, 3.91%, 5/17/2021 (b)		150,086		150,735
Series 2017-AA, Class C, 2.98%, 1/18/2022 (b)		95,000		95,009
Series 2017-1, Class C, 2.84%, 4/15/2022		231,000		230,652
Series 2015-DA, Class D, 4.59%, 1/17/2023‡ (b)		132,000		134,100
Series 2017-1, Class D, 3.84%, 3/15/2023		262,000		264,221
Series 2017-2, Class C, 2.75%, 9/15/2023		367,000		366,187
Series 2017-3, Class D, 3.53%, 12/15/2023 (b)		570,000		567,865
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		220,000		222,746
Series 2017-AA, Class D, 4.16%, 5/15/2024 (b)		127,000		128,568
DT Auto Owner Trust
Series 2016-4A, Class B, 2.02%, 8/17/2020 (b)		11,067		11,063
Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		113,300		113,721
Series 2017-1A, Class D, 3.55%, 11/15/2022 (b)		115,000		114,969
Series 2017-2A, Class C, 3.03%, 1/17/2023 (b)		196,000		195,544
Series 2017-3A, Class D, 3.58%, 5/15/2023 (b)		105,000		104,691
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		147,306		145,608
Exeter Automobile Receivables Trust
Series 2016-2A, Class A, 2.21%, 7/15/2020 (b)		2,933		2,932
Series 2016-3A, Class A, 1.84%, 11/16/2020 (b)		75,533		75,386
Series 2016-3A, Class B, 2.84%, 8/16/2021 (b)		82,000		81,922
Series 2016-1A, Class C, 5.52%, 10/15/2021 (b)		135,000		138,161
Series 2017-3A, Class A, 2.05%, 12/15/2021 (b)		80,679		80,243
Series 2017-1A, Class C, 3.95%, 12/15/2022 (b)		60,000		60,187

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2018-1A, Class C, 3.03%, 1/17/2023 (b)		155,000		153,449
First Investors Auto Owner Trust Series 2016-2A, Class A1, 1.53%, 11/16/2020 (b)		18,555		18,521
FirstKey Lending Trust Series 2015-SFR1, Class A, 2.55%, 3/9/2047 (b)		119,161		118,521
Flagship Credit Auto Trust
Series 2015-3, Class A, 2.38%, 10/15/2020 (b)		51,041		50,978
Series 2014-2, Class B, 2.84%, 11/16/2020 (b)		10,782		10,786
Series 2016-1, Class A, 2.77%, 12/15/2020 (b)		68,560		68,579
Series 2014-2, Class C, 3.95%, 12/15/2020 (b)		22,000		22,128
Series 2016-4, Class A2, 1.96%, 2/16/2021 (b)		327,000		326,068
Series 2015-3, Class B, 3.68%, 3/15/2022 (b)		126,000		126,768
Series 2015-3, Class C, 4.65%, 3/15/2022 (b)		76,000		77,284
Series 2016-1, Class C, 6.22%, 6/15/2022 (b)		250,000		260,111
Series 2016-4, Class C, 2.71%, 11/15/2022‡ (b)		249,000		246,437
Ford Credit Auto Lease Trust Series 2017-B, Class A3, 2.03%, 12/15/2020		146,000		144,518
GM Financial Automobile Leasing Trust
Series 2018-1, Class A3, 2.61%, 1/20/2021		320,000		318,254
Series 2018-2, Class A3, 3.06%, 6/21/2021		404,000		403,977
GO Financial Auto Securitization Trust Series 2015-2, Class B, 4.80%, 8/17/2020 (b)		1,290		1,291
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)		33,626		33,216
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		87,420		87,949
Series 2017-2A, Class A, 3.26%, 10/15/2053 (b)		341,520		334,510
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		339,176		338,752
Hero Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		312,061		311,716
HERO Funding Trust (Cayman Islands) Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		92,018		90,469

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		235,290		240,672
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		175,643		172,505
Hyundai Auto Receivables Trust Series 2016-A, Class D, 3.23%, 12/15/2022		1,220,000		1,212,942
Kabbage Asset Securitization LLC Series 2017-1, Class A, 4.57%, 3/15/2022 (b)		700,000		706,857
Lendmark Funding Trust Series 2017-1A, Class A, 2.83%, 1/22/2024 (b)		162,000		160,385
Long Beach Mortgage Loan Trust
Series 2003-4, Class M1, 3.11%, 8/25/2033‡ (i)		39,433		39,598
Series 2004-1, Class M1, 2.84%, 2/25/2034‡ (i)		82,037		82,131
Series 2004-1, Class M2, 2.92%, 2/25/2034‡ (i)		7,914		7,921
Mariner Finance Issuance Trust Series 2017-AA, Class A, 3.62%, 2/20/2029 (b)		176,000		176,540
Marlette Funding Trust
Series 2016-1A, Class A, 3.06%, 1/17/2023 (b)		10,573		10,573
Series 2017-1A, Class A, 2.83%, 3/15/2024 (b)		108,684		108,652
Series 2018-1A, Class A, 2.61%, 3/15/2028 (b)		282,927		282,119
New Century Home Equity Loan Trust Series 2005-1, Class M1, 2.77%, 3/25/2035‡ (i)		125,000		124,938
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (b)		180,000		178,322
Ocwen Master Advance Receivables Trust
Series 2016-T1, Class AT1, 2.52%, 8/17/2048 (b)		100,000		100,069
Series 2016-T1, Class CT1, 3.61%, 8/17/2048‡ (b)		150,000		149,908
Series 2016-T1, Class DT1, 4.25%, 8/17/2048‡ (b)		184,211		184,488
Series 2017-T1, Class AT1, 2.50%, 9/15/2048 (b)		100,000		99,881
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		129,000		129,080
OneMain Direct Auto Receivables Trust Series 2016-1A, Class A, 2.04%, 1/15/2021 (b)		705		705

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
OneMain Financial Issuance Trust
Series 2015-2A, Class A, 2.57%, 7/18/2025 (b)		43,688		43,677
Series 2015-2A, Class B, 3.10%, 7/18/2025‡ (b)		100,000		100,011
Series 2015-1A, Class A, 3.19%, 3/18/2026 (b)		128,978		129,256
Series 2015-1A, Class B, 3.85%, 3/18/2026 (b)		100,000		100,659
Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		215,000		216,351
Oportun Funding IV LLC
Series 2016-C, Class A, 3.28%, 11/8/2021 (b)		250,000		251,113
Series 2016-C, Class B, 4.85%, 11/8/2021‡ (b)		250,000		251,900
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (b)		250,000		245,933
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (b)		253,000		251,945
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (b)		224,112		220,985
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 (b)		150,000		148,238
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (b)		433,795		429,426
Series 2015-SFR3, Class D, 4.67%, 11/12/2032‡ (b)		100,000		101,196
Prosper Marketplace Issuance Trust
Series 2017-1A, Class A, 2.56%, 6/15/2023 (b)		39,995		39,996
Series 2017-2A, Class A, 2.41%, 9/15/2023 (b)		77,845		77,707
Series 2017-3A, Class A, 2.36%, 11/15/2023 (b)		194,831		194,024
Purchasing Power Funding LLC Series 2018-A, Class A, 3.34%, 8/15/2022 (b)		730,000		726,692
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		93,045		90,585
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041‡ (b)		369,441		369,773
Santander Drive Auto Receivables Trust
Series 2016-3, Class B, 1.89%, 6/15/2021‡		374,000		372,426
Series 2018-3, Class A3, 3.03%, 2/15/2022		321,000		321,227
Series 2018-1, Class D, 3.32%, 3/15/2024		346,000		340,564

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Santander Retail Auto Lease Trust Series 2018-A, Class A3, 2.93%, 5/20/2021 (b)		300,000		299,080
Sierra Auto Receivables Securitization Trust Series 2016-1A, Class A, 2.85%, 1/18/2022 (b)		5,947		5,946
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		60,128		60,021
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		61,000		59,710
Spirit Master Funding LLC Series 2017-1A, Class A, 4.36%, 12/20/2047 (b)		278,565		279,114
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 4/25/2029 (b)		129,197		128,724
Springleaf Funding Trust Series 2015-AA, Class A, 3.16%, 11/15/2024 (b)		193,728		193,655
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (b)		66,478		66,857
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T1, Class AT1, 2.53%, 11/16/2048 (b)		400,000		401,832
TCF Auto Receivables Owner Trust Series 2016-PT1A, Class A, 1.93%, 6/15/2022 (b)		242,004		239,602
Tricolor Auto Securitization Trust Series 2018-1A, Class A, 5.05%, 12/15/2020‡ (b)		873,273		872,356
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033‡ (b)		130,704		126,482
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		165,481		168,642
Series 2016-1, Class B, 3.65%, 1/7/2026		66,000		64,218
Series 2018-1, Class B, 4.60%, 3/1/2026		40,000		40,187
Series 2014-1, Class A, 4.00%, 4/11/2026		83,291		83,499
Series 2016-2, Class AA, 2.88%, 10/7/2028		97,357		90,113
Upstart Securitization Trust Series 2017-1, Class A, 2.64%, 6/20/2024 (b)		59,949		59,867

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Verizon Owner Trust
Series 2017-2A, Class A, 1.92%, 12/20/2021 (b)		393,000		387,450
Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (b)		388,000		381,373
Veros Automobile Receivables Trust Series 2017-1, Class A, 2.84%, 4/17/2023 (b)		109,134		108,688
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024‡ (b)		300,000		300,000
VOLT LIV LLC Series 2017-NPL1, Class A1, 3.50%, 2/25/2047 (b) (f)		25,504		25,444
VOLT LIX LLC Series 2017-NPL6, Class A1, 3.25%, 5/25/2047‡ (b) (f)		69,803		69,290
VOLT LV LLC Series 2017-NPL2, Class A1, 3.50%, 3/25/2047 (b) (f)		85,881		85,587
VOLT LVI LLC Series 2017-NPL3, Class A1, 3.50%, 3/25/2047 (b) (f)		207,621		207,215
VOLT LVII LLC Series 2017-NPL4, Class A1, 3.38%, 4/25/2047 (b) (f)		112,684		112,357
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047‡ (b) (f)		117,618		116,962
VOLT LXI LLC Series 2017-NPL8, Class A1, 3.13%, 6/25/2047 (b) (f)		133,744		132,811
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡ (b) (f)		560,277		559,573
VOLT XL LLC Series 2015-NP14, Class A1, 4.38%, 11/27/2045‡ (b) (f)		37,708		38,004
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (b)		180,470		178,735
Westlake Automobile Receivables Trust
Series 2015-3A, Class D, 4.40%, 5/17/2021 (b)		100,000		100,369
Series 2016-3A, Class C, 2.46%, 1/18/2022 (b)		645,000		642,305
Series 2017-1A, Class C, 2.70%, 10/17/2022 (b)		77,000		76,675
Series 2018-1A, Class C, 2.92%, 5/15/2023 (b)		830,000		822,821
Total Asset-Backed Securities (Cost $32,981,763)				32,810,929
Collateralized Mortgage Obligations — 10.6%
Acre 12/15/2020‡		500,000		500,000
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		1,057,839		1,084,477
Series 2005-J1, Class 1A4, IF, IO, 3.01%, 2/25/2035‡ (i)		134,564		3,141

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2005-22T1, Class A2, IF, IO, 2.98%, 6/25/2035‡ (i)		477,795		43,671
Series 2005-20CB, Class 3A8, IF, IO, 2.66%, 7/25/2035‡ (i)		300,877		25,646
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		413,112		398,308
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		178,041		168,610
Banc of America Alternative Loan Trust
Series 2004-6, Class 15PO, PO, 7/25/2019‡		5,249		5,018
Series 2004-5, Class 3A3, PO, 6/25/2034‡		157,076		137,570
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034‡		20,796		17,482
Series 2005-E, Class 4A1, 3.68%, 3/20/2035 (i)		42,215		42,756
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		105,905		102,309
Series 2005-7, Class 30PO, PO, 11/25/2035‡		19,318		16,044
Banc of America Mortgage Trust Series 2004-J, Class 3A1, 3.75%, 11/25/2034 (i)		52,748		52,912
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 4.05%, 10/25/2033 (i)		22,236		22,119
Series 2006-1, Class A1, 3.67%, 2/25/2036 (i)		133,277		134,090
CHL Mortgage Pass-Through Trust
Series 2004-J8, Class POA, PO, 11/25/2019‡		995		994
Series 2004-J8, Class 1A2, 4.75%, 11/25/2019		3,648		3,665
Series 2004-HYB1, Class 2A, 3.50%, 5/20/2034 (i)		18,218		18,353
Series 2004-HYB3, Class 2A, 3.65%, 6/20/2034 (i)		33,508		33,769
Series 2004-7, Class 2A1, 3.95%, 6/25/2034 (i)		33,519		34,406
Series 2005-16, Class A23, 5.50%, 9/25/2035		66,315		64,580
Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (i)		133,415		119,017
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 12/25/2018‡		75		64
Series 2003-HYB1, Class A, 3.74%, 9/25/2033 (i)		16,776		16,986

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class PO1, PO, 12/25/2018‡		487		485
Series 2003-UST1, Class PO3, PO, 12/25/2018‡		87		87
Series 2003-UST1, Class A1, 5.50%, 12/25/2018		1,767		1,767
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		2,968		3,006
Series 2005-1, Class 2A1A, 6.14%, 2/25/2035 (i)		61,377		53,718
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-5, Class 5P, PO, 8/25/2019‡		396		395
CVS Pass-Through Trust 8.35%, 7/10/2031 (b)		77,897		94,116
DT Asset Trust 5.84%, 12/16/2022‡		500,000		499,450
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		45,294		47,530
FHLMC REMIC
Series 2651, Class VZ, 4.50%, 7/15/2018		199		199
Series 2134, Class PI, IO, 6.50%, 3/15/2019		637		9
Series 2827, Class DG, 4.50%, 7/15/2019		11,347		11,357
Series 47, Class F, 10.00%, 6/15/2020		14		14
Series 99, Class Z, 9.50%, 1/15/2021		33		35
Series 1065, Class J, 9.00%, 4/15/2021		188		200
Series 1113, Class J, 8.50%, 6/15/2021		116		118
Series 1250, Class J, 7.00%, 5/15/2022		979		999
Series 1316, Class Z, 8.00%, 6/15/2022		2,857		3,046
Series 1324, Class Z, 7.00%, 7/15/2022		5,030		5,265
Series 1343, Class LB, 7.50%, 8/15/2022		4,230		4,531
Series 1343, Class LA, 8.00%, 8/15/2022		20,547		21,993
Series 1395, Class G, 6.00%, 10/15/2022		2,472		2,566
Series 1394, Class ID, IF, 9.57%, 10/15/2022 (i)		2,923		3,259
Series 2535, Class BK, 5.50%, 12/15/2022		23,168		24,075

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 1798, Class F, 5.00%, 5/15/2023		9,830		10,088
Series 1518, Class G, IF, 6.95%, 5/15/2023 (i)		3,781		3,997
Series 1505, Class Q, 7.00%, 5/15/2023		1,908		2,040
Series 1541, Class O, 2.24%, 7/15/2023 (i)		3,891		3,879
Series 2638, Class DS, IF, 6.53%, 7/15/2023 (i)		21,769		22,301
Series 1577, Class PV, 6.50%, 9/15/2023		107,606		114,073
Series 1584, Class L, 6.50%, 9/15/2023		65,420		69,360
Series 1633, Class Z, 6.50%, 12/15/2023		68,916		72,154
Series 1638, Class H, 6.50%, 12/15/2023		86,150		90,618
Series 2283, Class K, 6.50%, 12/15/2023		10,952		11,571
Series 1700, Class GA, PO, 2/15/2024		2,222		2,135
Series 1865, Class D, PO, 2/15/2024		4,026		3,617
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (i)		2,387		2,950
Series 1694, Class PK, 6.50%, 3/15/2024		8,261		8,732
Series 2033, Class SN, HB, IF, 27.41%, 3/15/2024 (i)		2,256		597
Series 2306, Class K, PO, 5/15/2024		2,862		2,672
Series 2306, Class SE, IF, IO, 7.59%, 5/15/2024 (i)		6,868		1,064
Series 3772, IO, 3.50%, 9/15/2024		474		—	(k)
Series 1863, Class Z, 6.50%, 7/15/2026		18,798		20,930
Series 1981, Class Z, 6.00%, 5/15/2027		8,533		9,025
Series 1987, Class PE, 7.50%, 9/15/2027		12,875		14,458
Series 1999, Class PU, 7.00%, 10/15/2027		37,553		40,450
Series 2031, Class PG, 7.00%, 2/15/2028		67,678		74,889
Series 2035, Class PC, 6.95%, 3/15/2028		68,809		74,715
Series 2038, Class PN, IO, 7.00%, 3/15/2028		4,806		869
Series 2057, Class PE, 6.75%, 5/15/2028		87,511		96,125
Series 2054, Class PV, 7.50%, 5/15/2028		13,343		14,862

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2064, Class TE, 7.00%, 6/15/2028		15,958		17,560
Series 2075, Class PH, 6.50%, 8/15/2028		14,765		16,077
Series 2095, Class PE, 6.00%, 11/15/2028		46,840		50,346
Series 2132, Class SB, HB, IF, 21.96%, 3/15/2029 (i)		2,856		4,064
Series 2178, Class PB, 7.00%, 8/15/2029		27,922		31,014
Series 2182, Class ZB, 8.00%, 9/15/2029		47,297		53,657
Series 2204, Class GB, IO, 8.00%, 12/20/2029‡ (i)		549		549
Series 2247, Class Z, 7.50%, 8/15/2030		9,174		10,190
Series 2259, Class ZC, 7.35%, 10/15/2030		128,592		146,524
Series 2261, Class ZY, 7.50%, 10/15/2030		265		267
Series 2325, Class PM, 7.00%, 6/15/2031		6,943		7,774
Series 2359, Class ZB, 8.50%, 6/15/2031		29,113		33,781
Series 2344, Class ZD, 6.50%, 8/15/2031		53,697		61,084
Series 2344, Class ZJ, 6.50%, 8/15/2031		8,488		9,380
Series 2345, Class NE, 6.50%, 8/15/2031		4,752		5,210
Series 2367, Class ME, 6.50%, 10/15/2031		69,537		77,257
Series 2390, Class DO, PO, 12/15/2031		7,884		7,114
Series 2410, Class OE, 6.38%, 2/15/2032		12,829		13,675
Series 2410, Class QX, IF, IO, 6.58%, 2/15/2032 (i)		15,421		3,172
Series 2412, Class SP, IF, 11.95%, 2/15/2032 (i)		16,807		19,739
Series 2410, Class QS, IF, 14.11%, 2/15/2032 (i)		12,698		16,354
Series 2444, Class ES, IF, IO, 5.88%, 3/15/2032 (i)		18,961		3,336
Series 2450, Class SW, IF, IO, 5.93%, 3/15/2032 (i)		12,640		2,069
Series 2423, Class MC, 7.00%, 3/15/2032		31,200		34,751
Series 2423, Class MT, 7.00%, 3/15/2032		51,107		57,217

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2647, Class A, 3.25%, 4/15/2032		56,356		55,717
Series 3688, Class NI, IO, 5.00%, 4/15/2032		55,352		1,643
Series 2435, Class CJ, 6.50%, 4/15/2032		102,836		113,286
Series 2455, Class GK, 6.50%, 5/15/2032		30,159		33,169
Series 2484, Class LZ, 6.50%, 7/15/2032		22,449		25,248
Series 2500, Class MC, 6.00%, 9/15/2032		73,173		80,067
Series 2543, Class YX, 6.00%, 12/15/2032		904,239		990,433
Series 2544, Class HC, 6.00%, 12/15/2032		68,324		75,149
Series 2574, Class PE, 5.50%, 2/15/2033		354,836		385,358
Series 2575, Class ME, 6.00%, 2/15/2033		136,842		148,542
Series 2586, Class WI, IO, 6.50%, 3/15/2033		10,681		1,981
Series 4189, Class MI, 3.00%, 6/15/2033		5,486,144		377,374
Series 2764, Class UG, 5.00%, 3/15/2034		260,000		276,761
Series 2949, Class GE, 5.50%, 3/15/2035		352,078		378,555
Series 3047, Class OD, 5.50%, 10/15/2035		300,000		326,480
Series 3085, Class VS, HB, IF, 20.43%, 12/15/2035 (i)		76,752		113,197
Series 3117, Class EO, PO, 2/15/2036		25,784		21,865
Series 3260, Class CS, IF, IO, 4.07%, 1/15/2037 (i)		25,656		3,456
Series 3759, Class HI, IO, 4.00%, 8/15/2037		16,533		444
Series 3380, Class SI, IF, IO, 4.30%, 10/15/2037 (i)		1,361,790		189,133
Series 3385, Class SN, IF, IO, 3.93%, 11/15/2037 (i)		23,419		1,918
Series 3387, Class SA, IF, IO, 4.35%, 11/15/2037 (i)		60,712		5,690
Series 3423, Class PB, 5.50%, 3/15/2038		288,994		313,564
Series 3451, Class SA, IF, IO, 3.98%, 5/15/2038 (i)		27,513		2,899
Series 3455, Class SE, IF, IO, 4.13%, 6/15/2038 (i)		199,755		26,586
Series 3786, Class PD, 4.50%, 1/15/2041		407,000		436,363

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
FHLMC STRIPS
Series 233, Class 11, IO, 5.00%, 9/15/2035		50,774		9,904
Series 239, Class S30, IF, IO, 5.63%, 8/15/2036 (i)		55,452		9,407
Series 262, Class 35, 3.50%, 7/15/2042		281,655		281,393
Series 299, Class 300, 3.00%, 1/15/2043		271,930		267,441
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.57%, 7/25/2032 (i)		10,657		11,146
Series T-54, Class 2A, 6.50%, 2/25/2043		72,717		82,246
Series T-54, Class 3A, 7.00%, 2/25/2043		31,734		36,954
Series T-56, Class APO, PO, 5/25/2043		159,296		109,990
Series T-58, Class APO, PO, 9/25/2043		16,114		12,845
First Horizon Alternative Mortgage Securities Trust Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		112,699		94,874
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 3.72%, 2/25/2035 (i)		70,434		71,110
Series 2005-AR1, Class 2A2, 3.98%, 4/25/2035 (i)		40,859		41,765
FN
1/1/2028 (j)		600,000		601,875
2/1/2030 (j)		1,200,000		1,221,000
FNMA REMIC
Series 2004-76, Class CL, 4.00%, 10/25/2019		863		862
Series 1989-83, Class H, 8.50%, 11/25/2019		557		571
Series 1990-1, Class D, 8.80%, 1/25/2020		112		115
Series 1990-10, Class L, 8.50%, 2/25/2020		752		776
Series 1990-93, Class G, 5.50%, 8/25/2020		71		72
Series 1990-143, Class J, 8.75%, 12/25/2020		158		166
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		3		20

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2001-4, Class PC, 7.00%, 3/25/2021		15,795		16,258
Series 2002-1, Class HC, 6.50%, 2/25/2022		7,136		7,450
Series 1992-101, Class J, 7.50%, 6/25/2022		8,379		9,001
Series G92-42, Class Z, 7.00%, 7/25/2022		599		622
Series G92-44, Class ZQ, 8.00%, 7/25/2022		242		256
Series 1996-59, Class J, 6.50%, 8/25/2022		1,174		1,230
Series 1992-143, Class MA, 5.50%, 9/25/2022		1,983		2,038
Series G92-54, Class ZQ, 7.50%, 9/25/2022		4,766		4,997
Series G92-59, Class F, 1.60%, 10/25/2022 (i)		395		399
Series G92-61, Class Z, 7.00%, 10/25/2022		1,368		1,448
Series G92-66, Class KA, 6.00%, 12/25/2022		3,305		3,438
Series G92-66, Class KB, 7.00%, 12/25/2022		15,629		16,690
Series G93-1, Class KA, 7.90%, 1/25/2023		4,147		4,464
Series 1997-61, Class ZC, 7.00%, 2/25/2023		31,208		33,235
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (i)		4,492		4,821
Series 1998-43, Class SA, IF, IO, 15.39%, 4/25/2023 (i)		11,780		2,989
Series 1993-146, Class E, PO, 5/25/2023		9,777		9,234
Series 1993-84, Class M, 7.50%, 6/25/2023		607,668		654,107
Series 1993-205, Class H, PO, 9/25/2023		3,283		3,093
Series 1993-155, Class PJ, 7.00%, 9/25/2023		24,853		26,622
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (i)		3,780		4,098
Series 1993-165, Class SD, IF, 12.96%, 9/25/2023 (i)		758		836
Series 1993-203, Class PL, 6.50%, 10/25/2023		31,828		35,120
Series 1995-19, Class Z, 6.50%, 11/25/2023		38,884		42,907
Series 1993-230, Class FA, 2.69%, 12/25/2023 (i)		1,015		1,023

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 1993-223, Class PZ, 6.50%, 12/25/2023		95,235		100,262
Series 1993-225, Class UB, 6.50%, 12/25/2023		34,117		36,505
Series 2003-128, Class DY, 4.50%, 1/25/2024		407,116		417,466
Series 1994-37, Class L, 6.50%, 3/25/2024		74,734		79,108
Series 1994-72, Class K, 6.00%, 4/25/2024		640,928		700,543
Series 1995-2, Class Z, 8.50%, 1/25/2025		8,013		8,791
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (i)		34,769		963
Series 1997-39, Class PD, 7.50%, 5/20/2027		8,682		9,753
Series 1997-46, Class PL, 6.00%, 7/18/2027		14,894		15,843
Series 1998-36, Class ZB, 6.00%, 7/18/2028		5,654		6,174
Series 1998-46, Class GZ, 6.50%, 8/18/2028		17,652		19,478
Series 1998-58, Class PC, 6.50%, 10/25/2028		35,050		38,045
Series 1999-39, Class JH, IO, 6.50%, 8/25/2029		84,808		9,025
Series 2000-52, IO, 8.50%, 1/25/2031		3,072		608
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		94,754		20,449
Series 2001-30, Class PM, 7.00%, 7/25/2031		29,022		32,777
Series 2001-36, Class DE, 7.00%, 8/25/2031		47,943		53,006
Series 2001-44, Class PD, 7.00%, 9/25/2031		4,598		5,130
Series 2001-61, Class Z, 7.00%, 11/25/2031		75,081		84,542
Series 2002-1, Class SA, IF, 18.39%, 2/25/2032 (i)		1,351		1,838
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (i)		85,879		4,180
Series 2002-15, PO, 4/25/2032		62,462		55,790
Series 2002-28, Class PK, 6.50%, 5/25/2032		32,052		35,263
Series 2002-68, Class SH, IF, IO, 5.91%, 10/18/2032 (i)		62,860		10,371
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (i)		34,897		38,610

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2002-77, Class S, IF, 10.65%, 12/25/2032 (i)		6,640		7,547
Series 2003-66, Class PA, 3.50%, 2/25/2033		1,573		1,595
Series 2003-22, Class UD, 4.00%, 4/25/2033		164,316		168,575
Series 2003-47, Class PE, 5.75%, 6/25/2033		26,288		28,526
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		36,301		8,664
Series 2004-4, Class QM, IF, 10.02%, 6/25/2033 (i)		37,208		39,673
Series 2003-64, Class SX, IF, 8.79%, 7/25/2033 (i)		5,960		6,557
Series 2003-132, Class OA, PO, 8/25/2033		9,690		9,079
Series 2003-71, Class DS, IF, 4.82%, 8/25/2033 (i)		31,798		31,068
Series 2003-91, Class SD, IF, 9.01%, 9/25/2033 (i)		9,226		10,149
Series 2003-116, Class SB, IF, IO, 5.51%, 11/25/2033 (i)		90,743		14,187
Series 2003-131, Class CH, 5.50%, 1/25/2034		123,229		135,755
Series 2003-130, Class SX, IF, 8.38%, 1/25/2034 (i)		3,054		3,355
Series 2004-10, Class SC, HB, IF, 20.24%, 2/25/2034 (i)		7,197		7,642
Series 2004-35, Class AZ, 4.50%, 5/25/2034		146,217		153,013
Series 2004-46, Class SK, IF, 10.75%, 5/25/2034 (i)		34,177		39,181
Series 2004-36, Class SA, IF, 13.77%, 5/25/2034 (i)		67,676		88,450
Series 2004-51, Class SY, IF, 10.06%, 7/25/2034 (i)		5,701		6,516
Series 2004-79, Class ZE, 5.50%, 11/25/2034		473,137		531,418
Series 2004-91, Class HC, 6.00%, 12/25/2034		687,847		784,296
Series 2005-68, Class BC, 5.25%, 6/25/2035		84,203		85,461
Series 2005-110, Class MN, 5.50%, 6/25/2035		32,847		32,970
Series 2005-52, Class PA, 6.50%, 6/25/2035		1,114		1,118
Series 2005-45, Class DC, IF, 16.64%, 6/25/2035 (i)		103,518		128,130
Series 2005-84, Class XM, 5.75%, 10/25/2035		81,105		87,394

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2006-22, Class AO, PO, 4/25/2036		41,950		35,427
Series 2006-46, Class SW, IF, 16.53%, 6/25/2036 (i)		13,190		17,930
Series 2007-7, Class SG, IF, IO, 4.41%, 8/25/2036 (i)		42,337		9,189
Series 2006-110, PO, 11/25/2036		35,417		30,013
Series 2006-117, Class GS, IF, IO, 4.56%, 12/25/2036 (i)		54,713		6,732
Series 2007-53, Class SH, IF, IO, 4.01%, 6/25/2037 (i)		80,478		9,532
Series 2007-88, Class VI, IF, IO, 4.45%, 9/25/2037 (i)		108,579		18,226
Series 2007-100, Class SM, IF, IO, 4.36%, 10/25/2037 (i)		75,174		9,795
Series 2008-1, Class BI, IF, IO, 3.82%, 2/25/2038 (i)		67,257		7,480
Series 2008-16, Class IS, IF, IO, 4.11%, 3/25/2038 (i)		14,408		1,752
Series 2008-46, Class HI, IO, 1.31%, 6/25/2038 (i)		67,771		3,332
Series 2008-53, Class CI, IF, IO, 5.11%, 7/25/2038 (i)		29,398		4,019
Series 2009-112, Class ST, IF, IO, 4.16%, 1/25/2040 (i)		57,797		7,319
Series 2010-35, Class SB, IF, IO, 4.33%, 4/25/2040 (i)		26,395		3,381
Series 2010-80, Class PZ, 5.00%, 7/25/2040		298,117		331,409
Series 2010-102, Class PN, 5.00%, 9/25/2040		580,000		623,290
Series 2010-134, Class KZ, 4.50%, 12/25/2040		1,313,976		1,280,329
Series 2003-7, Class A1, 6.50%, 12/25/2042		153,037		168,549
Series 2013-128, PO, 12/25/2043		242,058		191,162
Series 2016-38, Class NA, 3.00%, 1/25/2046		197,381		195,007
FNMA REMIC Trust
Series 1999-W1, PO, 2/25/2029		20,982		18,011
Series 1999-W4, Class A9, 6.25%, 2/25/2029		98,333		103,759
Series 2002-W7, Class A4, 6.00%, 6/25/2029		243,119		264,136
Series 2003-W1, Class 1A1, 5.43%, 12/25/2042 (i)		215,335		225,012
Series 2003-W1, Class 2A, 5.96%, 12/25/2042 (i)		31,139		33,914

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
FNMA STRIPS
Series 329, Class 1, PO, 1/25/2033		5,233		4,625
Series 365, Class 8, IO, 5.50%, 5/25/2036		21,726		4,940
FNMA Trust Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		19,917		22,220
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035 (i)		161,900		159,116
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		61,088		64,558
Series 2000-21, Class Z, 9.00%, 3/16/2030		67,465		67,454
Series 2000-36, Class PB, 7.50%, 11/16/2030		190,851		219,354
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		1,094		152
Series 2001-10, Class PE, 6.50%, 3/16/2031		525,343		576,592
Series 2001-22, Class PS, IF, 15.59%, 3/17/2031 (i)		72,142		89,243
Series 2001-36, Class S, IF, IO, 5.96%, 8/16/2031 (i)		41,807		9,484
Series 2002-24, Class SB, IF, 8.80%, 4/16/2032 (i)		5,905		6,509
Series 2003-24, PO, 3/16/2033		2,673		2,429
Series 2004-28, Class S, IF, 13.93%, 4/16/2034 (i)		19,938		26,374
Series 2006-38, Class OH, 6.50%, 8/20/2036		500,000		582,799
Series 2007-45, Class QA, IF, IO, 4.56%, 7/20/2037 (i)		87,069		10,286
Series 2007-76, Class SA, IF, IO, 4.45%, 11/20/2037 (i)		66,160		8,295
Series 2008-2, Class MS, IF, IO, 5.07%, 1/16/2038 (i)		61,653		9,071
Series 2015-137, Class WA, 5.49%, 1/20/2038 (i)		394,630		429,173
Series 2009-106, Class ST, IF, IO, 3.92%, 2/20/2038 (i)		229,640		27,029
Series 2008-55, Class SA, IF, IO, 4.12%, 6/20/2038 (i)		41,618		4,400
Series 2009-6, Class SA, IF, IO, 4.01%, 2/16/2039 (i)		26,648		3,225
Series 2009-6, Class SH, IF, IO, 3.96%, 2/20/2039 (i)		87,534		7,410
Series 2009-31, Class TS, IF, IO, 4.22%, 3/20/2039 (i)		102,374		7,510

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		62,378		13,777
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		47,834		12,596
Series 2009-22, Class SA, IF, IO, 4.19%, 4/20/2039 (i)		122,652		12,430
Series 2009-102, Class SM, IF, IO, 4.31%, 6/16/2039 (i)		25,069		1,009
Series 2009-64, Class SN, IF, IO, 4.01%, 7/16/2039 (i)		106,106		9,953
Series 2010-130, Class CP, 7.00%, 10/16/2040		77,056		86,520
Series 2011-75, Class SM, IF, IO, 4.52%, 5/20/2041 (i)		140,523		20,179
Series 2011-H19, Class FA, 2.39%, 8/20/2061 (i)		608,008		609,623
Series 2012-H23, Class SA, 2.45%, 10/20/2062 (i)		646,241		649,473
Series 2013-H08, Class FC, 2.37%, 2/20/2063 (i)		638,599		639,865
Series 2013-H09, Class HA, 1.65%, 4/20/2063		372,579		364,338
Series 2014-H17, Class FC, 2.42%, 7/20/2064 (i)		310,176		311,880
Series 2015-H16, Class FG, 2.36%, 7/20/2065 (i)		708,203		710,223
Series 2016-H11, Class FD, 3.06%, 5/20/2066 (i)		204,013		206,751
Series 2016-H26, Class FC, 2.92%, 12/20/2066 (i)		163,439		167,412
Series 2017-H14, Class FV, 2.42%, 6/20/2067 (i)		475,362		477,895
GNMA I, 30 Year, Single Family
Series 2009-79, Class OK, PO, 11/16/2037		54,494		48,072
Series 2015-H30, Class FE, 2.52%, 11/20/2065 (i)		831,251		839,652
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051‡		446,931		439,512
GSR Mortgage Loan Trust
Series 2004-6F, Class 1A2, 5.00%, 5/25/2034		46,616		47,113
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		139,782		149,338
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		53,293		54,825
Headlands Residential LLC Series 2017-RPL1, Class A, 3.88%, 8/25/2022 (b) (f)		390,000		392,973

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Impac Secured Assets Trust Series 2006-1, Class 2A1, 2.44%, 5/25/2036 (i)		40,707		40,276
JP Morgan Mortgage Trust Series 2006-A2, Class 5A3, 3.62%, 11/25/2033 (i)		41,874		42,729
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 3.81%, 4/21/2034 (i)		24,887		25,535
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		8,918		8,934
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		11,880		12,023
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		82,519		85,605
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		65,040		66,981
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		102,347		104,692
Series 2004-7, Class 30PO, PO, 8/25/2034‡		11,536		9,592
MASTR Asset Securitization Trust
Series 2003-12, Class 15PO, PO, 12/25/2018‡		629		629
Series 2004-6, Class 15PO, PO, 7/25/2019‡		1,285		1,277
Series 2004-8, PO, 8/25/2019‡		1,540		1,479
Series 2004-10, Class 15PO, PO, 10/25/2019‡		4,817		4,734
Series 2003-11, Class 9A6, 5.25%, 12/25/2033		129,528		130,927
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035‡ (b)		21,107		17,025
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (i)		33,727		33,881
PHH Alternative Mortgage Trust Series 2007-2, Class 2X, IO, 6.00%, 5/25/2037‡		214,214		50,168
RALI Trust
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		5,312		5,281
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		1,238		1,235
Residential Asset Securitization Trust Series 2003-A14, Class A1, 4.75%, 2/25/2019		983		925

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
RFMSI Trust Series 2005-SA4, Class 1A1, 3.64%, 9/25/2035 (i)		48,488		43,686
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (b)		3,130		3,120
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		55,875		56,851
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.32%, 2/15/2024 (i)		30,621		31,513
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		360,137		380,658
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		74,065		81,209
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		39,629		43,348
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		151,667		166,811
Series 1998-1, Class 2E, 7.00%, 3/15/2028		40,003		44,344
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 3.27%, 8/25/2033 (i)		9,082		9,204
Series 2003-AR9, Class 1A6, 3.37%, 9/25/2033 (i)		41,606		42,647
Series 2004-AR3, Class A2, 3.95%, 6/25/2034 (i)		15,836		16,149
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-4, Class DP, PO, 6/25/2020‡		6,867		6,643
Series 2005-2, Class 2A3, IF, IO, 2.91%, 4/25/2035‡ (i)		258,221		24,521
Series 2005-2, Class 1A4, IF, IO, 2.96%, 4/25/2035‡ (i)		706,857		61,131
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035‡		197,650		37,351
Series 2005-4, Class CB7, 5.50%, 6/25/2035		181,253		174,916
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		54,305		52,638
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 3.57%, 11/25/2033 (i)		12,119		12,304
Series 2003-K, Class 1A2, 3.57%, 11/25/2033 (i)		24,237		24,706

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2005-AR16, Class 2A1, 3.81%, 2/25/2034 (i)		33,825		34,672
Series 2004-P, Class 2A1, 3.64%, 9/25/2034 (i)		65,969		67,756
Series 2004-EE, Class 3A1, 4.16%, 12/25/2034 (i)		27,732		28,804
Series 2005-AR3, Class 1A1, 4.23%, 3/25/2035 (i)		111,561		114,801
Series 2005-AR8, Class 2A1, 3.91%, 6/25/2035 (i)		36,905		37,817
Total Collateralized Mortgage Obligations (Cost $31,703,526)				32,043,054
U.S. Government Agency Securities — 8.3%
Financing Corp. 16.23%, 11/2/2018		2,000,000		1,984,559
FNMA 5.73%, 10/9/2019		5,770,000		5,586,168
FNMA STRIPS 15.04%, 3/23/2028 (a)		630,000		455,844
Resolution Funding Corp. STRIPS
1.25%, 10/15/2019 (a)		5,230,000		5,062,479
13.15%, 7/15/2020 (a)		4,100,000		3,888,794
1.98%, 10/15/2020 (a)		8,000,000		7,524,048
1.44%, 1/15/2021 (a)		65,000		60,584
DN, 2.95%, 1/15/2026 (a)		20,000		15,889
DN, 2.75%, 10/15/2027 (a)		15,000		11,143
Tennessee Valley Authority
5.88%, 4/1/2036		140,000		183,206
4.63%, 9/15/2060		93,000		111,418
4.25%, 9/15/2065		101,000		114,283
Total U.S. Government Agency Securities (Cost $24,694,062)				24,998,415
Commercial Mortgage-Backed Securities — 4.6%
BAMLL Re-REMIC Trust Series 2015-FR11, Class A705, 1.63%, 9/27/2044 (b) (i)		286,000		283,151
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		300,000		295,094
BXMT Ltd. Series 2017-FL1, Class C, 4.02%, 6/15/2035‡ (b) (i)		300,000		300,749
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.78%, 12/11/2049‡ (b) (i)		149,833		626
Commercial Mortgage Trust
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (b) (i)		125,000		121,983
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		200,000		202,676
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		156,000		157,206

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (b)		885,000		892,854
Series 2014-USA, Class D, 4.37%, 9/15/2037‡ (b)		100,000		95,664
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		20,572		20,423
Series KF12, Class A, 2.70%, 9/25/2022 (i)		148,693		149,066
Series KJ09, Class A2, 2.84%, 9/25/2022		196,000		193,894
Series KJ11, Class A2, 2.93%, 1/25/2023		289,000		286,585
Series K038, Class A2, 3.39%, 3/25/2024		229,000		231,899
Series KJ14, Class A2, 2.81%, 9/25/2024		591,000		579,104
Series KPLB, Class A, 2.77%, 5/25/2025		250,000		242,820
Series K065, Class A2, 3.24%, 4/25/2027		215,000		212,499
Series K065, Class AM, 3.33%, 5/25/2027		115,000		113,933
Series K066, Class A2, 3.12%, 6/25/2027		267,000		260,888
Series K070, Class A2, 3.30%, 11/25/2027 (i)		208,000		205,529
Series K072, Class AM, 3.50%, 12/25/2027 (i)		1,000,000		999,858
Series K073, Class A2, 3.35%, 1/25/2028		346,000		343,064
FNMA ACES
Series 2015-M17, Class FA, 2.88%, 11/25/2022 (i)		220,948		223,162
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		500,000		480,706
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (i)		1,000,000		1,015,483
Series 2015-M3, Class A2, 2.72%, 10/25/2024		1,000,000		971,465
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (i)		278,000		268,052
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (i)		389,000		376,487
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (i)		335,000		324,992
Series 2017-M12, Class A2, 3.18%, 6/25/2027 (i)		381,000		370,339

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 33

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2017-M5, Class A2, 3.30%, 4/25/2029 (i)		305,000		295,104
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (i)		185,000		176,698
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		428,749		412,194
FREMF Mortgage Trust
Series 2014-K40, Class C, 4.21%, 11/25/2047‡ (b) (i)		168,000		168,032
Series 2015-K44, Class B, 3.81%, 1/25/2048‡ (b) (i)		640,000		628,966
Series 2015-K45, Class B, 3.71%, 4/25/2048‡ (b) (i)		500,000		486,166
Series 2016-K722, Class B, 3.97%, 7/25/2049 (b) (i)		110,000		109,035
Series 2016-K59, Class B, 3.70%, 11/25/2049‡ (b) (i)		180,000		173,337
Series 2018-K730, Class B, 3.93%, 2/25/2050‡ (b) (i)		551,000		537,010
Morgan Stanley Capital I Trust Series 2006-IQ12, Class X1, IO, 0.66%, 12/15/2043‡ (b) (i)		246,787		7
RAIT Trust Series 2015-FL5, Class B, 5.95%, 1/15/2031‡ (b) (i)		250,000		250,020
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		116,000		115,201
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		104,000		104,602
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		200,000		202,153
WFRBS Commercial Mortgage Trust Series 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		110,000		112,817
Total Commercial Mortgage-Backed Securities (Cost $14,211,475)				13,991,593
Foreign Government Securities — 0.3%
Republic of Colombia (Colombia) 7.38%, 9/18/2037		100,000		125,350
Republic of Peru (Peru) 5.63%, 11/18/2050		7,000		8,137
United Mexican States (Mexico)
3.60%, 1/30/2025		200,000		193,250
4.13%, 1/21/2026		200,000		198,100
3.75%, 1/11/2028		280,000		264,460
5.55%, 1/21/2045		48,000		50,232
4.35%, 1/15/2047		58,000		51,620
Total Foreign Government Securities (Cost $931,249)				891,149

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — 0.1% (l)
New York — 0.1%
Other Revenue — 0.0% (c)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 5.60%, 3/15/2040		30,000		36,486
Transportation — 0.1%
Port Authority of New York & New Jersey, Consolidated, 164th Series Series 164, Rev., 5.65%, 11/1/2040		130,000		161,186
Total New York				197,672
Ohio — 0.0% (c)
Education — 0.0% (c)
Ohio State University (The) Series A, Rev., 4.80%, 6/1/2111		98,000		105,883
Total Municipal Bonds (Cost $256,175)				303,555
	SHARES
Short-Term Investments — 2.9%
Investment Companies — 2.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.04% (m) (n) (Cost $8,633,209)		8,631,918		8,633,644
Total Investments — 100.4% (Cost $306,751,388)				303,395,813
Liabilities in Excess of Other Assets — (0.4%)				(1,141,650	)
NET ASSETS — 100.0%			$	302,254,163

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2018

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of June 30, 2018.
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
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.
ICE	Intercontinental Exchange
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, 2018. 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.
LIBOR	London Interbank Offered Rate
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.

USD	United States Dollar
VA	Veterans Administration
(a)	The rate shown is the effective yield as of June 30, 2018.
(b)	Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)	Amount rounds to less than 0.05% of net assets.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2018.
(e)	Defaulted security.
(f)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of June 30, 2018.
(g)	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, 2018.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of June 30, 2018.
(j)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(k)	Amount rounds to less than 1.
(l)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(m)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(n)	The rate shown is the current yield as of June 30, 2018.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 35

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	294,762,169
Investments in affiliates, at value		8,633,644
Cash		30,305
Receivables:
Investment securities sold		263,613
Portfolio shares sold		150,817
Interest from non-affiliates		1,425,788
Dividends from affiliates		11,686
Total Assets		305,278,022
LIABILITIES:
Payables:
Investment securities purchased		155,686
Investment securities purchased — delayed delivery securities		2,576,595
Portfolio shares redeemed		73,078
Accrued liabilities:
Investment advisory fees		83,245
Administration fees		17,075
Distribution fees		27,977
Custodian and accounting fees		32,983
Trustees’ and Chief Compliance Officer’s fees		376
Other		56,844
Total Liabilities		3,023,859
Net Assets	$	302,254,163
NET ASSETS:
Paid-in-Capital	$	302,364,452
Accumulated undistributed net investment income		3,516,434
Accumulated net realized gains (losses)		(271,148	)
Net unrealized appreciation (depreciation)		(3,355,575	)
Total Net Assets	$	302,254,163
Net Assets:
Class 1	$	164,403,611
Class 2		137,850,552
Total	$	302,254,163
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		15,686,095
Class 2		13,293,147
Net Asset Value, offering and redemption price per share (a):
Class 1	$	10.48
Class 2		10.37
Cost of investments in non-affiliates	$	298,118,179
Cost of investments in affiliates		8,633,209

(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, 2018

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	4,797,688
Dividend income from affiliates		44,605
Total investment income		4,842,293
EXPENSES:
Investment advisory fees		584,712
Administration fees		118,570
Distribution fees — Class 2		161,006
Custodian and accounting fees		95,517
Professional fees		44,969
Trustees’ and Chief Compliance Officer’s fees		12,973
Printing and mailing costs		26,840
Transfer agency fees — Class 1		1,514
Transfer agency fees — Class 2		506
Other		12,075
Total expenses		1,058,682
Less fees waived		(86,597	)
Less expense reimbursements		(872	)
Net expenses		971,213
Net investment income (loss)		3,871,080
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(270,391	)
Investments in affiliates		(461	)
Net realized gain (loss)		(270,852	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(8,539,475	)
Investments in affiliates		1,015
Change in net unrealized appreciation/depreciation		(8,538,460	)
Net realized/unrealized gains (losses)		(8,809,312	)
Change in net assets resulting from operations	$	(4,938,232	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Core Bond Portfolio
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,871,080		$	6,964,245
Net realized gain (loss)		(270,852	)		492,048
Change in net unrealized appreciation/depreciation		(8,538,460	)		1,596,482
Change in net assets resulting from operations		(4,938,232	)		9,052,775
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(3,919,683	)		(4,505,586	)
From net realized gains		(267,081	)		—
Class 2
From net investment income		(3,064,554	)		(2,166,547	)
From net realized gains		(225,154	)		—
Total distributions to shareholders		(7,476,472	)		(6,672,133	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		20,004,639			41,777,773
NET ASSETS:
Change in net assets		7,589,935			44,158,415
Beginning of period		294,664,228			250,505,813
End of period	$	302,254,163		$	294,664,228
Accumulated undistributed net investment income	$	3,516,434		$	6,629,591
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	14,308,579		$	22,714,827
Distributions reinvested		4,186,764			4,505,586
Cost of shares redeemed		(18,501,946	)		(34,060,959	)
Change in net assets resulting from Class 1 capital transactions	$	(6,603	)	$	(6,840,546	)
Class 2
Proceeds from shares issued	$	27,419,337		$	67,288,642
Distributions reinvested		3,289,708			2,166,547
Cost of shares redeemed		(10,697,803	)		(20,836,870	)
Change in net assets resulting from Class 2 capital transactions	$	20,011,242		$	48,618,319
Total change in net assets resulting from capital transactions	$	20,004,639		$	41,777,773
SHARE TRANSACTIONS:
Class 1
Issued		1,341,913			2,081,814
Reinvested		401,416			417,571
Redeemed		(1,725,082	)		(3,120,491	)
Change in Class 1 Shares		18,247			(621,106	)
Class 2
Issued		2,588,053			6,231,833
Reinvested		318,770			202,670
Redeemed		(1,007,856	)		(1,931,490	)
Change in Class 2 Shares		1,898,967			4,503,013

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSURANCE TRUST JUNE 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2018 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			Net realized gain			Total distributions
JPMorgan Insurance Trust Core Bond Portfolio
Class 1
Six Months Ended June 30, 2018 (Unaudited)	$	10.94	$	0.15	$	(0.33	)	$	(0.18	)	$	(0.26	)	$	(0.02	)	$	(0.28	)
Year Ended December 31, 2017		10.84		0.29		0.09			0.38			(0.28	)		—			(0.28	)
Year Ended December 31, 2016		10.91		0.30		(0.07	)		0.23			(0.30	)		—			(0.30	)
Year Ended December 31, 2015		11.19		0.34		(0.21	)		0.13			(0.41	)		—			(0.41	)
Year Ended December 31, 2014		11.09		0.38		0.16			0.54			(0.44	)		—			(0.44	)
Year Ended December 31, 2013		11.78		0.44		(0.60	)		(0.16	)		(0.53	)		—			(0.53	)
Class 2
Six Months Ended June 30, 2018 (Unaudited)		10.82		0.13		(0.32	)		(0.19	)		(0.24	)		(0.02	)		(0.26	)
Year Ended December 31, 2017		10.73		0.26		0.09			0.35			(0.26	)		—			(0.26	)
Year Ended December 31, 2016		10.81		0.27		(0.07	)		0.20			(0.28	)		—			(0.28	)
Year Ended December 31, 2015		11.10		0.31		(0.21	)		0.10			(0.39	)		—			(0.39	)
Year Ended December 31, 2014		11.01		0.35		0.16			0.51			(0.42	)		—			(0.42	)
Year Ended December 31, 2013		11.72		0.40		(0.59	)		(0.19	)		(0.52	)		—			(0.52	)

(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, 2018

		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)
$	10.48		(1.64	)%	$	164,403,611		0.55	%		2.76	%		0.61	%		10	%
	10.94		3.57			171,382,596		0.57			2.66			0.63			21
	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
	10.37		(1.74	)		137,850,552		0.80			2.51			0.86			10
	10.82		3.30			123,281,632		0.82			2.41			0.87			21
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (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
JPMorgan Insurance Trust 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 Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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, 2018.

42 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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	$	—	$	25,908,706	$	6,902,223		$	32,810,929
Collateralized Mortgage Obligations		—		30,138,396		1,904,658			32,043,054
Commercial Mortgage-Backed Securities		—		11,351,016		2,640,577			13,991,593
Corporate Bonds
Banks		—		13,119,044		—	(a)		13,119,044
Other Corporate Bonds		—		54,746,216		—			54,746,216
Total Corporate Bonds		—		67,865,260		—	(a)		67,865,260
Foreign Government Securities		—		891,149		—			891,149
Mortgage-Backed Securities		—		42,212,118		—			42,212,118
Municipal Bonds		—		303,555		—			303,555
U.S. Government Agency Securities		—		24,998,415		—			24,998,415
U.S. Treasury Obligations		—		79,646,096		—			79,646,096
Short-Term Investments
Investment Companies		8,633,644		—		—			8,633,644
Total Investments in Securities	$	8,633,644	$	283,314,711	$	11,447,458		$	303,395,813

(a) Value is zero.

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

There were no transfers between level 1 and level 2 during the six months ended June 30, 2018.

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, 2017			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, 2018
Investments in Securities:
Asset-Backed Securities	$	8,402,501		$	1,830	$	(44,351	)	$	(331	)	$	998,750	$	(744,559	)	$	429,290	$	(2,140,907	)	$	6,902,223
Collateralized Mortgage Obligations		2,014,990			1,444		(83,327	)		2,832			—		(31,281	)		—		—			1,904,658
Commercial Mortgage-Backed Securities		1,389,232			2,009		(33,442	)		605			534,442		(51,699	)		799,430		—			2,640,577
Corporate Bond — Banks		—	(a)		—		—			—			—		—			—		—			—	(a)
	$	11,806,723		$	5,283	$	(161,120	)	$	3,106		$	1,533,192	$	(827,539	)	$	1,228,720	$	(2,140,907	)	$	11,447,458

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.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

Transfers from level 3 to level 2 are due to an increase in market activity (e.g. frequency of trades), which resulted in an increase of available market inputs to determine the price for the six months ended June 30, 2018.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to $(158,680). 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, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	4,655,027		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (7.01%)
					Constant Default Rate		0.00% - 4.39% (0.28%)
					Yield (Discount Rate of Cash Flows)		2.32% - 4.65% (3.50%)
Asset-Backed Securities		4,655,027
		448,123		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 28.00% (10.31%)
					Constant Default Rate		0.00% - 6.40% (2.54%)
					Yield (Discount Rate of Cash Flows)		0.29% - 49.50% (6.34%)
Collateralized Mortgage Obligations		448,123
		2,089,808		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.01%)
					Yield (Discount Rate of Cash Flows)		2.39% - 5.12% (4.18%)
Commercial Mortgage-Backed Securities		2,089,808
		—	(a)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Corporate Bonds		—	(a)
Total	$	7,192,958

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At June 30, 2018, the value of these investments was $4,254,500. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(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. 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, as amended (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, 2018, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A or Regulation S under the Securities Act.

C. When-Issued Securities, 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, 2018, 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, 2018 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

44 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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 (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, 2018, 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, if any, 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, 2018, 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”), an indirect, 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian were 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	%

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

The expense limitation agreement was in effect for the six months ended June 30, 2018 and is in place until at least April 30, 2019.

For the six months ended June 30, 2018, 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
$	72,357	$	7,873	$	80,230	$	872

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, 2018 was $6,367.

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, 2018, 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, 2018, 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, 2018, 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
$	30,294,023	$	23,961,307	$	17,706,210	$	4,340,798

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	306,751,388	$	3,321,731	$	6,677,306	$	(3,355,575	)

At December 31, 2017, 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

46 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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 5, 2018.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had three omnibus accounts which collectively represented 49.0% 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 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. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 47

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, 2018 and continued to hold your shares at the end of the reporting period, June 30, 2018.

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, 2018		Ending Account Value June 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	983.60	$	2.71		0.55	%
Hypothetical		1,000.00		1,022.07		2.76		0.55
Class 2
Actual		1,000.00		982.60		3.93		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80

* 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).

48 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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 prospectuses 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., 2018.  All rights reserved. June 2018. SAN-JPMITCBP-618

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2018 (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 6, 2018 (Unaudited)

Dear Shareholder,

The U.S. economy outpaced growth in other developed market nations even as investor concerns about rising interest rates and global trade tensions increasingly weighed on financial markets during the six months ended June 30, 2018.

  “The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth.”— George C.W. Gatch

Corporate profits remained strong throughout the reporting period and U.S. gross domestic product (GDP) growth accelerated from 2.2% in the first quarter of 2018 to 4.1% in the second quarter, the biggest increase in nearly four years. U.S. labor markets tightened further and the unemployment rate sank below 4% in April and May. Corporate earnings for the first and second quarters of 2018 reached record levels, with a sizeable majority of companies reporting better-than-expected results. In response to the overall strength of the economy, the U.S. Federal Reserve raised interest rates in March and June.

Equity prices in the U.S. surged higher in January before a sharp sell-off in early February snapped a streak of 15 consecutive months of record closing highs for the Standard & Poor’s 500 Index. Over several days the index lost more than 10% of its value, a decline that was the fastest peak-to-trough drop in the history of the index. Bond prices also fell sharply and the rout in U.S. financial markets spread to other developed market equities and bonds.

In subsequent months, U.S. equity prices rebounded somewhat but never fully recovered during the remainder of the reporting

period and financial market volatility remained elevated through June 2018.

Meanwhile, economic growth in the European Union showed signs of slowing during the reporting period. The European Central Bank said it planned no interest rate increases until mid-2019, but it began to reduce stimulus measures in January 2018. China’s economy maintained a steady expansion, as the government sought to restrain financial market speculation, while also supporting growth in consumer spending.

The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth. While wage growth remained stubbornly low, the U.S. unemployment rate stood at its lowest level in decades. The economies of other developed market nations appear poised for continued moderate economic growth, rising corporate profits and low or declining unemployment rates. However, the nascent trade war between the U.S. and China, involving tariffs on billions of dollars’ worth of goods, could begin to weigh on corporate profits and economic growth.

We believe investors who remain focused on a well-diversified portfolio and long-term results may be rewarded by a global investment environment that remains largely positive. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	(0.21)%
Russell Midcap Value Index	(0.16)%
Net Assets as of 6/30/2018	$537,377,028

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?

Equity markets in the U.S. provided modest positive returns for the reporting period amid increased market volatility and investor concerns about U.S.-driven trade tensions. Equity prices were supported by corporate earnings growth and the continued U.S. economic expansion. While the U.S. Federal Reserve raised interest rates twice during the first half of 2018, interest rates remained relatively low by historical standards.

In January 2018, the Standard & Poor’s 500 Index (the “S&P 500”) reached four record high closings, but would not return to its January 26 peak for the remainder of the reporting period. In early February 2018, both equity and bond prices fell sharply. The S&P 500 lost more than 10% of its value over nine trading sessions and yields on 10-year U.S. Treasury bonds, which serve as a benchmark for a broad range of financial assets, spiked higher. While equity markets rebounded somewhat in subsequent weeks, financial market volatility remained elevated through June 2018.

Overall, growth stocks generally outperformed value stocks and small cap stocks slightly outperformed large cap and mid cap stocks during the reporting period.

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

The Portfolio’s Class 1 Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended June 30, 2018. Relative to the Benchmark, the Portfolio’s underweight position and security selection in the energy sector and its security selection in the utilities sector were leading

detractors from performance. The Portfolio’s security selection in the consumer staples and financials sectors was a leading contributor to performance relative to the Benchmark.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Mohawk Industries Inc. and Commscope Holding Co., and its underweight position in Twitter Inc. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell amid investor concerns that rising U.S. interest rates will hurt the housing and construction sectors. Shares of Commscope Holding, a maker of communications infrastructure and networking products, fell after the company reported a fourth-quarter loss due to acquisition costs and lower sales in its wireless and broadband businesses. Shares of Twitter, a social media company, rose on sales and earnings growth and the company’s inclusion in the S&P 500.

Leading individual contributors to performance included the Portfolio’s overweight positions in XL Group Ltd., Dr. Pepper Snapple Group Inc. and Kohl’s Corp. Shares of XL Group, a property and casualty insurer, rose amid news reports that the company could be a takeover target. Shares of Dr. Pepper Snapple Group, a soft drinks maker, rose ahead of the company’s acquisition by Keurig Co. Shares of Kohl’s, an apparel retailer, rose amid better-than-expected sales and earnings.

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 real estate and industrials sectors. The Portfolio had no position in the telecommunication services sector during the reporting period.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Energen Corp.	2.1	%
	2.	EQT Corp.	2.0
	3.	M&T Bank Corp.	1.8
	4.	Williams Cos., Inc. (The)	1.7
	5.	Mohawk Industries, Inc.	1.7
	6.	Loews Corp.	1.7
	7.	CMS Energy Corp.	1.7
	8.	Dr Pepper Snapple Group, Inc.	1.6
	9.	WEC Energy Group, Inc.	1.6
	10.	Xcel Energy, Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.1	%
Consumer Discretionary	16.7
Real Estate	11.6
Information Technology	8.3
Industrials	7.7
Utilities	7.6
Consumer Staples	7.4
Health Care	6.7
Energy	6.5
Materials	4.2
Short-Term Investments	2.2

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

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

*** Percentages indicated are based on total investments as of June 30, 2018. The Portfolio’s composition is subject to change.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		September 28, 2001		(0.21	)%		6.93	%		10.81	%		10.56	%

* Not annualized.

TEN YEAR PERFORMANCE (6/30/08 TO 6/30/18)

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, 2008 to June 30, 2018. 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. 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, 2018

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 97.9%
Auto Components — 0.7%
BorgWarner, Inc.		88,180		3,805,849
Banks — 7.6%
Citizens Financial Group, Inc.		119,530		4,649,717
Fifth Third Bancorp		261,660		7,509,642
First Republic Bank		48,830		4,726,256
Huntington Bancshares, Inc.		285,500		4,213,980
M&T Bank Corp.		55,918		9,514,448
SunTrust Banks, Inc.		121,730		8,036,614
Zions Bancorp		41,420		2,182,420
				40,833,077
Beverages — 3.1%
Constellation Brands, Inc., Class A		22,440		4,911,443
Dr Pepper Snapple Group, Inc.		71,601		8,735,322
Molson Coors Brewing Co., Class B		45,360		3,086,294
				16,733,059
Building Products — 0.8%
Fortune Brands Home & Security, Inc.		82,360		4,421,908
Capital Markets — 5.2%
Ameriprise Financial, Inc.		34,870		4,877,616
Invesco Ltd.		138,710		3,684,138
Northern Trust Corp.		57,160		5,881,192
Raymond James Financial, Inc.		55,780		4,983,943
T. Rowe Price Group, Inc.		71,260		8,272,573
				27,699,462
Chemicals — 0.8%
Sherwin-Williams Co. (The)		11,180		4,556,633
Communications Equipment — 0.8%
CommScope Holding Co., Inc.*		150,900		4,407,034
Consumer Finance — 1.0%
Ally Financial, Inc.		194,610		5,112,405
Containers & Packaging — 3.4%
Ball Corp.		230,130		8,181,122
Silgan Holdings, Inc.		171,440		4,599,735
WestRock Co.		95,820		5,463,656
				18,244,513
Distributors — 0.8%
Genuine Parts Co.		47,789		4,386,552
Electric Utilities — 2.4%
Edison International		43,270		2,737,693
Evergy, Inc.		32,490		1,824,313
Xcel Energy, Inc.		182,800		8,350,304
				12,912,310

INVESTMENTS	SHARES		VALUE($)
Electrical Equipment — 2.2%
Acuity Brands, Inc.		34,300		3,974,341
AMETEK, Inc.		69,670		5,027,387
Hubbell, Inc.		26,820		2,835,947
				11,837,675
Electronic Equipment, Instruments & Components — 4.2%
Amphenol Corp., Class A		68,190		5,942,758
Arrow Electronics, Inc.*		77,640		5,844,739
CDW Corp.		75,140		6,070,561
Keysight Technologies, Inc.*		81,800		4,828,654
				22,686,712
Equity Real Estate Investment Trusts (REITs) — 10.7%
American Campus Communities, Inc.		61,520		2,637,978
American Homes 4 Rent, Class A		121,500		2,694,870
AvalonBay Communities, Inc.		32,370		5,564,079
Boston Properties, Inc.		44,080		5,528,514
Brixmor Property Group, Inc.		216,420		3,772,201
Essex Property Trust, Inc.		14,010		3,349,371
Federal Realty Investment Trust		37,710		4,772,200
JBG SMITH Properties		56,702		2,067,922
Kimco Realty Corp.		182,130		3,094,389
Outfront Media, Inc.		172,867		3,362,263
Park Hotels & Resorts, Inc.		51,816		1,587,124
Rayonier, Inc.		118,665		4,591,149
Regency Centers Corp.		46,660		2,896,653
Vornado Realty Trust		73,434		5,428,241
Weyerhaeuser Co.		111,120		4,051,435
WP Carey, Inc.		29,450		1,954,007
				57,352,396
Food & Staples Retailing — 1.2%
Kroger Co. (The)		217,154		6,178,031
Food Products — 1.5%
Pinnacle Foods, Inc.		65,940		4,290,056
Post Holdings, Inc.*		44,651		3,840,879
				8,130,935
Gas Utilities — 0.9%
National Fuel Gas Co.		93,310		4,941,698
Health Care Equipment & Supplies — 1.1%
Zimmer Biomet Holdings, Inc.		52,900		5,895,176
Health Care Providers & Services — 5.6%
AmerisourceBergen Corp.		67,600		5,764,252
Cigna Corp.		35,090		5,963,546
Henry Schein, Inc.*		52,610		3,821,590
Humana, Inc.		15,540		4,625,170

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
Laboratory Corp. of America Holdings*		29,010		5,208,165
Universal Health Services, Inc., Class B		41,881		4,667,219
				30,049,942
Hotels, Restaurants & Leisure — 1.8%
Hilton Worldwide Holdings, Inc.		101,236		8,013,842
Marriott International, Inc., Class A		13,406		1,697,199
				9,711,041
Household Durables — 2.4%
Mohawk Industries, Inc.*		43,220		9,260,749
Newell Brands, Inc.		148,769		3,836,753
				13,097,502
Household Products — 0.4%
Energizer Holdings, Inc.		36,700		2,310,632
Industrial Conglomerates — 1.0%
Carlisle Cos., Inc.		50,730		5,494,566
Insurance — 7.4%
Alleghany Corp.		5,008		2,879,450
Chubb Ltd.		9,863		1,252,798
Hartford Financial Services Group, Inc. (The)		139,010		7,107,581
Loews Corp.		190,050		9,175,614
Marsh & McLennan Cos., Inc.		54,300		4,450,971
Principal Financial Group, Inc.		51,430		2,723,219
Progressive Corp. (The)		73,050		4,320,907
Unum Group		69,890		2,585,231
WR Berkley Corp.		38,710		2,802,991
XL Group Ltd. (Bermuda)		48,470		2,711,897
				40,010,659
Internet & Direct Marketing Retail — 1.2%
Expedia Group, Inc.		55,650		6,688,574
Internet Software & Services — 0.5%
Match Group, Inc.*		65,530		2,538,632
IT Services — 1.1%
Jack Henry & Associates, Inc.		43,280		5,641,981
Machinery — 2.7%
IDEX Corp.		38,980		5,319,991
Middleby Corp. (The)*		20,660		2,157,317
Snap-on, Inc.		43,650		7,015,428
				14,492,736
Media — 1.3%
CBS Corp. (Non-Voting), Class B		64,504		3,626,415
DISH Network Corp., Class A*		92,010		3,092,456
				6,718,871

INVESTMENTS	SHARES		VALUE($)
Multiline Retail — 1.9%
Kohl’s Corp.		101,330		7,386,957
Nordstrom, Inc.		57,990		3,002,722
				10,389,679
Multi-Utilities — 4.3%
CMS Energy Corp.		192,370		9,095,254
Sempra Energy		45,650		5,300,421
WEC Energy Group, Inc.		132,170		8,544,791
				22,940,466
Oil, Gas & Consumable Fuels — 6.6%
Energen Corp.*		157,913		11,499,225
EQT Corp.		195,360		10,779,965
PBF Energy, Inc., Class A		84,380		3,538,053
Williams Cos., Inc. (The)		346,090		9,382,500
				35,199,743
Personal Products — 1.2%
Coty, Inc., Class A		242,710		3,422,211
Edgewell Personal Care Co.*		60,200		3,037,692
				6,459,903
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A*		102,060		4,872,344
Semiconductors & Semiconductor Equipment — 0.8%
Analog Devices, Inc.		46,910		4,499,607
Software — 0.9%
Synopsys, Inc.*		55,200		4,723,464
Specialty Retail — 4.4%
AutoZone, Inc.*		9,208		6,177,924
Best Buy Co., Inc.		76,200		5,682,996
Gap, Inc. (The)		170,770		5,531,240
Tiffany & Co.		48,010		6,318,116
				23,710,276
Textiles, Apparel & Luxury Goods — 2.2%
PVH Corp.		43,830		6,562,228
Ralph Lauren Corp.		39,850		5,009,942
				11,572,170
Trading Companies & Distributors — 0.9%
MSC Industrial Direct Co., Inc., Class A		59,210		5,023,969
Total Common Stocks (Cost $330,042,897)				526,282,182

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.80% (a) (b) (Cost $11,776,705)		11,776,705		11,776,705
Total Investments — 100.1% (Cost $341,819,602)				538,058,887
Liabilities in Excess of Other Assets — (0.1%)				(681,859	)
Net Assets — 100.0%			$	537,377,028

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	526,282,182
Investments in affiliates, at value		11,776,705
Receivables:
Portfolio shares sold		37,464
Dividends from non-affiliates		770,331
Dividends from affiliates		19,440
Total Assets		538,886,122
LIABILITIES:
Payables:
Portfolio shares redeemed		1,104,530
Accrued liabilities:
Investment advisory fees		286,753
Administration fees		35,958
Custodian and accounting fees		4,611
Other		77,242
Total Liabilities		1,509,094
Net Assets	$	537,377,028
NET ASSETS:
Paid-in-Capital	$	323,037,812
Accumulated undistributed net investment income		2,628,337
Accumulated net realized gains (losses)		15,471,594
Net unrealized appreciation (depreciation)		196,239,285
Total Net Assets	$	537,377,028
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):		46,729,497
Net asset value, offering and redemption price per share (a):	$	11.50
Cost of investments in non-affiliates	$	330,042,897
Cost of investments in affiliates		11,776,705

(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, 2018

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	4,747,965
Dividend income from affiliates		82,378
Interest income from non-affiliates		2
Total investment income		4,830,345
EXPENSES:
Investment advisory fees		1,773,945
Administration fees		221,388
Custodian and accounting fees		15,634
Professional fees		29,801
Trustees’ and Chief Compliance Officer’s fees		12,997
Printing and mailing costs		41,758
Transfer agency fees		3,233
Other		20,759
Total expenses		2,119,515
Less fees waived		(24,339	)
Net expenses		2,095,176
Net investment income (loss)		2,735,169
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		18,211,494
Change in net unrealized appreciation/depreciation on investments in non-affiliates		(22,058,375	)
Net realized/unrealized gains (losses)		(3,846,881	)
Change in net assets resulting from operations	$	(1,111,712	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Mid Cap Value Portfolio
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,735,169		$	5,388,768
Net realized gain (loss)		18,211,494			10,533,790
Change in net unrealized appreciation/depreciation		(22,058,375	)		56,823,802
Change in net assets resulting from operations		(1,111,712	)		72,746,360
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(5,217,181	)		(4,602,779	)
From net realized gains		(8,720,730	)		(25,669,250	)
Total distributions to shareholders		(13,937,911	)		(30,272,029	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(20,093,139	)		(14,124,058	)
NET ASSETS:
Change in net assets		(35,142,762	)		28,350,273
Beginning of period		572,519,790			544,169,517
End of period	$	537,377,028		$	572,519,790
Accumulated undistributed net investment income	$	2,628,337		$	5,110,349
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	29,249,686		$	82,826,144
Distributions reinvested		13,937,911			30,272,029
Cost of shares redeemed		(63,280,736	)		(127,222,231	)
Change in net assets resulting from capital transactions	$	(20,093,139	)	$	(14,124,058	)
SHARE TRANSACTIONS:
Issued		2,490,252			7,342,610
Reinvested		1,220,483			2,792,623
Redeemed		(5,375,424	)		(11,291,321	)
Change in Shares		(1,664,689	)		(1,156,088	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2018 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
JPMorgan Insurance Trust Mid Cap Value Portfolio
Six Months Ended June 30, 2018 (Unaudited)	$	11.83	$	0.06	(e)	$	(0.09	)	$	(0.03	)	$	(0.11	)	$	(0.19	)	$	(0.30	)
Year Ended December 31, 2017		10.98		0.11	(e)		1.34			1.45			(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	)

(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, 2018

		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)
$	11.50		(0.21	)%	$	537,377,028		0.77	%		1.00	%		0.78	%		6	%
	11.83		13.76			572,519,790		0.77			0.95			0.78			14
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (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
JPMorgan Insurance Trust 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.

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

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

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

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

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

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

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

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

14 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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)	$	538,058,887	$	—	$	—	$	538,058,887

(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, 2018.

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 (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, 2018, 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%.

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, 2018, 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”), an indirect, 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

Statement of Operations. Prior to March 1, 2018, payments to the custodian were 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 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, 2018 and is in place until at least April 30, 2019.

For the six months ended June 30, 2018, 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
$	13,208

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, 2018 was $11,131.

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, 2018, 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, 2018, 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, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	34,630,150	$	62,639,664

During the six months ended June 30, 2018, 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 investments held at June 30, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	341,819,602	$	207,869,524	$	11,630,239	$	196,239,285

At December 31, 2017, the Portfolio did not have any net capital loss carryforwards.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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 5, 2018.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had two omnibus accounts which collectively owned 68.3% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 17

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assumes that you had a $1,000 investment in the Portfolio at the beginning of the reporting period, January 1, 2018, and continued to hold your shares at the end of the reporting period, June 30, 2018.

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, 2018		Ending Account Value June 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	997.90	$	3.81		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, 2018

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., 2018.  All rights reserved. June 2018. SAN-JPMITMCVP-618

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2018 (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 prospectuses 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 6, 2018 (Unaudited)

Dear Shareholder,

The U.S. economy outpaced growth in other developed market nations even as investor concerns about rising interest rates and global trade tensions increasingly weighed on financial markets during the six months ended June 30, 2018.

  “The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth.”— George C.W. Gatch

Corporate profits remained strong throughout the reporting period and U.S. gross domestic product (GDP) growth accelerated from 2.2% in the first quarter of 2018 to 4.1% in the second quarter, the biggest increase in nearly four years. U.S. labor markets tightened further and the unemployment rate sank below 4% in April and May. Corporate earnings for the first and second quarters of 2018 reached record levels, with a sizeable majority of companies reporting better-than-expected results. In response to the overall strength of the economy, the U.S. Federal Reserve raised interest rates in March and June.

Equity prices in the U.S. surged higher in January before a sharp sell-off in early February snapped a streak of 15 consecutive months of record closing highs for the Standard & Poor’s 500 Index. Over several days the index lost more than 10% of its value, a decline that was the fastest peak-to-trough drop in the history of the index. Bond prices also fell sharply and the rout in U.S. financial markets spread to other developed market equities and bonds.

In subsequent months, U.S. equity prices rebounded somewhat but never fully recovered during the remainder of the reporting

period and financial market volatility remained elevated through June 2018.

Meanwhile, economic growth in the European Union showed signs of slowing during the reporting period. The European Central Bank said it planned no interest rate increases until mid-2019, but it began to reduce stimulus measures in January 2018. China’s economy maintained a steady expansion, as the government sought to restrain financial market speculation, while also supporting growth in consumer spending.

The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth. While wage growth remained stubbornly low, the U.S. unemployment rate stood at its lowest level in decades. The economies of other developed market nations appear poised for continued moderate economic growth, rising corporate profits and low or declining unemployment rates. However, the nascent trade war between the U.S. and China, involving tariffs on billions of dollars’ worth of goods, could begin to weigh on corporate profits and economic growth.

We believe investors who remain focused on a well-diversified portfolio and long-term results may be rewarded by a global investment environment that remains largely positive. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	8.02%
Russell 2000 Index	7.66%
Net Assets as of 6/30/2018	$196,995,826

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Equity markets in the U.S. provided modest positive returns for the reporting period amid increased market volatility and investor concerns about U.S.-driven trade tensions. Equity prices were supported by corporate earnings growth and the continued U.S. economic expansion. While the U.S. Federal Reserve raised interest rates twice during the first half of 2018, interest rates remained low by historical standards.

In January 2018, the Standard & Poor’s 500 Index (the “S&P 500”) reached four record high closings, but would not return to its January 26 peak for the remainder of the reporting period. In early February 2018, both equity and bond prices fell sharply. The S&P 500 lost more than 10% of its value over nine trading sessions and yields on 10-year U.S. Treasury bonds, which serve as a benchmark for a broad range of financial assets, spiked higher. While equity markets rebounded somewhat in subsequent weeks, financial market volatility remained elevated through June 2018.

Overall, growth stocks generally outperformed value stocks and small cap stocks slightly outperformed large cap and mid cap stocks. For the six months ended June 30, 2018, the Russell 2000 Index returned 7.66%.

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

The Portfolio’s Class 1 Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended June 30, 2018. The Portfolio’s security selection in the software & services sector and the energy sector was a leading contributor to performance relative to the Benchmark, while the Portfolio’s security selection in the retail and media sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Insperity Inc., W&T Offshore Inc. and Barrett Business Services Inc. Shares of Insperity, a provider of employee administrative services, rose after the company reported better-than-expected revenue for the first quarter of 2018. Shares of W&T Offshore, an oil and natural gas exploration and production company, rose after reporting higher revenue and earnings amid rising global energy prices. Shares of Barrett Business Services, a provider of employee administration and other business services, rose after the company reported earnings growth for the first quarter of 2018.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Extreme Networks Inc., Lantheus Holdings Inc. and Office Depot Inc. Shares of Extreme Networks, a provider of information network equipment and services, fell after the company reported lower-than-expected results for the first quarter of 2018 and lowered its earnings forecast for the second quarter. Shares of Lantheus Holdings, a maker of diagnostic medical imaging products, rose after the company provided a lower-than-expected earnings and revenue forecast for 2018. Shares of Office Depot, an office supply retail chain, fell after the company reported declining sales growth for the first quarter of 2018.

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, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Haemonetics Corp.	1.2	%
	2.	Insperity, Inc.	1.2
	3.	Delek US Holdings, Inc.	1.1
	4.	Trinseo SA	1.1
	5.	Molina Healthcare, Inc.	1.0
	6.	Tech Data Corp.	1.0
	7.	Integer Holdings Corp.	1.0
	8.	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)	0.9
	9.	Travelport Worldwide Ltd.	0.9
	10.	FirstCash, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	17.1	%
Financials	16.4
Health Care	15.8
Information Technology	14.9
Consumer Discretionary	11.6
Real Estate	6.1
Energy	5.1
Materials	4.1
Utilities	2.6
Consumer Staples	1.9
Telecommunication Services	0.2
Short-Term Investments	4.2

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

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

*** Percentages indicated are based on total investments as of June 30, 2018. The Portfolio’s composition is subject to change.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		8.02	%		18.77	%		13.54	%		11.12	%
CLASS 2 SHARES	April 24, 2009		7.89			18.42			13.25			10.86

* Not annualized.

TEN YEAR PERFORMANCE (6/30/08 TO 6/30/18)

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, 2008 to June 30, 2018. 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. 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, 2018

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 96.3%
Aerospace & Defense — 1.2%
AAR Corp.		11,400		529,986
Engility Holdings, Inc.*		9,000		275,760
HEICO Corp., Class A		7,976		486,152
Moog, Inc., Class A		2,200		171,512
Vectrus, Inc.*		27,200		838,304
				2,301,714
Air Freight & Logistics — 0.2%
Atlas Air Worldwide Holdings, Inc.*		3,100		222,270
Park-Ohio Holdings Corp.		2,600		96,980
				319,250
Airlines — 0.7%
Hawaiian Holdings, Inc.		6,900		248,055
SkyWest, Inc.		21,400		1,110,660
				1,358,715
Auto Components — 1.3%
American Axle & Manufacturing Holdings, Inc.*		35,500		552,380
Cooper-Standard Holdings, Inc.*		11,900		1,554,973
Dana, Inc.		11,700		236,223
Modine Manufacturing Co.*		3,800		69,350
Stoneridge, Inc.*		1,300		45,682
Tower International, Inc.		3,600		114,480
				2,573,088
Banks — 9.9%
Bancorp, Inc. (The)*		33,300		348,318
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		40,600		1,856,232
Cadence BanCorp		3,000		86,610
Cathay General Bancorp		5,600		226,744
Central Valley Community Bancorp		2,100		44,436
Community Trust Bancorp, Inc.		1,164		58,142
Customers Bancorp, Inc.*		2,680		76,058
East West Bancorp, Inc.		24,055		1,568,386
Enterprise Financial Services Corp.		1,200		64,740
Fidelity Southern Corp.		9,844		250,136
Financial Institutions, Inc.		12,600		414,540
First BanCorp (Puerto Rico)*		113,300		866,745
First Business Financial Services, Inc.		3,300		85,800
First Community Bancshares, Inc.		4,000		127,440
First Financial Bancorp		4,001		122,630
First Merchants Corp.		25,000		1,160,000
Fulton Financial Corp.		35,500		585,750
Hancock Whitney Corp.		26,500		1,236,225
Hanmi Financial Corp.		23,425		664,099

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Hilltop Holdings, Inc.		9,400		207,458
Hope Bancorp, Inc.		41,992		748,717
Howard Bancorp, Inc.*		900		16,200
IBERIABANK Corp.		3,775		286,145
NBT Bancorp, Inc.		2,071		79,009
Northeast Bancorp		2,700		58,860
Pacific Mercantile Bancorp*		3,400		33,150
PacWest Bancorp		16,933		836,829
Popular, Inc. (Puerto Rico)		38,000		1,717,980
Preferred Bank		7,300		448,658
Premier Financial Bancorp, Inc.		1,700		31,739
Shore Bancshares, Inc.		4,300		81,786
Sierra Bancorp		1,950		55,068
SVB Financial Group*		1,000		288,760
TCF Financial Corp.		65,700		1,617,534
Towne Bank		1,377		44,202
TriCo Bancshares		3,000		112,350
TriState Capital Holdings, Inc.*		4,900		127,890
Triumph Bancorp, Inc.*		4,200		171,150
United Community Banks, Inc.		12,300		377,241
Wintrust Financial Corp.		18,400		1,601,720
Zions Bancorp		14,300		753,467
				19,538,944
Biotechnology — 7.0%
Acorda Therapeutics, Inc.*		6,500		186,550
Aduro Biotech, Inc.*		42,500		297,500
Akebia Therapeutics, Inc.*		23,700		236,526
Allena Pharmaceuticals, Inc.*		17,900		233,237
AMAG Pharmaceuticals, Inc.*		34,300		668,850
Amicus Therapeutics, Inc.*		40,100		626,362
AnaptysBio, Inc.*		4,400		312,576
Aptinyx, Inc.*		600		14,502
Audentes Therapeutics, Inc.*		10,200		389,742
Bellicum Pharmaceuticals, Inc.*		65,700		484,866
Bluebird Bio, Inc.*		4,500		706,275
Blueprint Medicines Corp.*		5,800		368,184
Cara Therapeutics, Inc.*		11,700		224,055
Catalyst Pharmaceuticals, Inc.*		83,900		261,768
Coherus Biosciences, Inc.*		34,100		477,400
Concert Pharmaceuticals, Inc.*		13,200		222,156
Dynavax Technologies Corp.*		23,200		353,800
Esperion Therapeutics, Inc.*		6,100		239,059
FibroGen, Inc.*		8,600		538,360
Forty Seven, Inc.*		9,800		156,800
Heron Therapeutics, Inc.*		19,100		742,035
Homology Medicines, Inc.*		15,500		316,200

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Biotechnology — continued
Jounce Therapeutics, Inc.*		16,300		124,858
Loxo Oncology, Inc.*		4,800		832,704
Madrigal Pharmaceuticals, Inc.*		1,800		503,442
Mersana Therapeutics, Inc.*		13,600		242,896
Ra Pharmaceuticals, Inc.*		21,600		214,920
Radius Health, Inc.*		1,900		55,993
Rhythm Pharmaceuticals, Inc.*		14,000		437,640
Rigel Pharmaceuticals, Inc.*		61,100		172,913
Sage Therapeutics, Inc.*		3,800		594,814
Sarepta Therapeutics, Inc.*		7,700		1,017,786
Selecta Biosciences, Inc.*		28,146		372,934
Spark Therapeutics, Inc.*		3,800		314,488
Synergy Pharmaceuticals, Inc.*		36,100		62,814
Syros Pharmaceuticals, Inc.*		36,600		373,686
TESARO, Inc.*		2,400		106,728
Xencor, Inc.*		7,700		284,977
				13,770,396
Building Products — 0.5%
Universal Forest Products, Inc.		25,800		944,796
Capital Markets — 1.0%
BGC Partners, Inc., Class A		58,000		656,560
BrightSphere Investment Group plc		29,900		426,374
Houlihan Lokey, Inc.		5,700		291,954
INTL. FCStone, Inc.*		1,200		62,052
Investment Technology Group, Inc.		15,700		328,444
Piper Jaffray Cos.		2,500		192,125
Pzena Investment Management, Inc., Class A		4,600		42,366
Stifel Financial Corp.		1,300		67,925
				2,067,800
Chemicals — 1.5%
Chemours Co. (The)		6,500		288,340
FutureFuel Corp.		12,600		176,526
OMNOVA Solutions, Inc.*		10,000		104,000
Rayonier Advanced Materials, Inc.		11,700		199,953
Trinseo SA		29,700		2,107,215
				2,876,034
Commercial Services & Supplies — 2.6%
ABM Industries, Inc.		9,700		283,046
ACCO Brands Corp.		101,100		1,400,235
BrightView Holdings, Inc.*		14,000		307,300
Essendant, Inc.		18,300		241,926
Herman Miller, Inc.		1,800		61,020
Kimball International, Inc., Class B		8,400		135,744
Knoll, Inc.		3,600		74,916

INVESTMENTS	SHARES		VALUE($)
Commercial Services & Supplies — continued
LSC Communications, Inc.		36,500		571,590
Quad/Graphics, Inc.		82,300		1,714,309
Steelcase, Inc., Class A		20,900		282,150
VSE Corp.		1,100		52,558
				5,124,794
Communications Equipment — 0.7%
Ciena Corp.*		27,300		723,723
Plantronics, Inc.		9,800		747,250
				1,470,973
Construction & Engineering — 2.4%
Comfort Systems USA, Inc.		1,200		54,960
EMCOR Group, Inc.		16,275		1,239,830
HC2 Holdings, Inc.*		114,000		666,900
KBR, Inc.		77,500		1,388,800
MasTec, Inc.*		22,400		1,136,800
Sterling Construction Co., Inc.*		12,000		156,360
Tutor Perini Corp.*		9,018		166,382
				4,810,032
Consumer Finance — 1.9%
Enova International, Inc.*		8,200		299,710
FirstCash, Inc.		20,320		1,825,752
Green Dot Corp., Class A*		20,900		1,533,851
				3,659,313
Containers & Packaging — 0.3%
Berry Global Group, Inc.*		8,459		388,606
Graphic Packaging Holding Co.		15,500		224,905
				613,511
Distributors — 0.1%
Funko, Inc., Class A*		18,600		233,430
Diversified Consumer Services — 0.7%
Capella Education Co.		1,300		128,310
Grand Canyon Education, Inc.*		5,400		602,694
K12, Inc.*		14,800		242,276
Weight Watchers International, Inc.*		4,200		424,620
				1,397,900
Diversified Financial Services — 0.1%
Cannae Holdings, Inc.*		3,400		63,070
Marlin Business Services Corp.		1,900		56,715
				119,785
Diversified Telecommunication Services — 0.1%
Ooma, Inc.*		21,400		302,810

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electric Utilities — 1.2%
IDACORP, Inc.		4,000		368,960
MGE Energy, Inc.		2,450		154,473
PNM Resources, Inc.		5,500		213,950
Portland General Electric Co.		25,975		1,110,691
Spark Energy, Inc., Class A		50,000		487,500
				2,335,574
Electrical Equipment — 0.4%
Atkore International Group, Inc.*		14,500		301,165
EnerSys		4,100		306,024
Regal Beloit Corp.		2,400		196,320
				803,509
Electronic Equipment, Instruments & Components — 4.2%
Benchmark Electronics, Inc.		31,600		921,140
Fitbit, Inc., Class A*		14,900		97,297
Insight Enterprises, Inc.*		27,300		1,335,789
KEMET Corp.*		47,700		1,151,955
Kimball Electronics, Inc.*		19,025		348,157
Littelfuse, Inc.		1,700		387,906
Methode Electronics, Inc.		15,600		628,680
Plexus Corp.*		1,900		113,126
Sanmina Corp.*		40,600		1,189,580
Tech Data Corp.*		23,700		1,946,244
Vishay Precision Group, Inc.*		6,500		247,975
				8,367,849
Energy Equipment & Services — 1.2%
C&J Energy Services, Inc.*		4,100		96,760
Exterran Corp.*		17,900		448,216
FTS International, Inc.*		13,500		192,240
Mammoth Energy Services, Inc.*		1,800		61,128
Matrix Service Co.*		17,900		328,465
McDermott International, Inc.*		18,633		366,138
Oil States International, Inc.*		19,600		629,160
PHI, Inc. (Non-Voting)*		4,600		46,782
RigNet, Inc.*		23,900		246,170
				2,415,059
Equity Real Estate Investment Trusts (REITs) — 6.2%
American Assets Trust, Inc.		5,700		218,253
Armada Hoffler Properties, Inc.		55,600		828,440
Ashford Hospitality Trust, Inc.		103,400		837,540
Braemar Hotels & Resorts, Inc.		18,400		210,128
Chatham Lodging Trust		6,300		133,686
Chesapeake Lodging Trust		7,300		230,972
CoreCivic, Inc.		9,900		236,511

INVESTMENTS	SHARES		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
CorEnergy Infrastructure Trust, Inc.		700		26,320
CoreSite Realty Corp.		4,000		443,280
Cousins Properties, Inc.		19,838		192,230
CyrusOne, Inc.		1,700		99,212
DCT Industrial Trust, Inc.		5,943		396,576
DiamondRock Hospitality Co.		24,400		299,632
Education Realty Trust, Inc.		933		38,720
First Industrial Realty Trust, Inc.		30,200		1,006,868
Franklin Street Properties Corp.		2,200		18,832
GEO Group, Inc. (The)		55,150		1,518,831
Getty Realty Corp.		18,100		509,877
Highwoods Properties, Inc.		5,000		253,650
Hudson Pacific Properties, Inc.		3,900		138,177
InfraREIT, Inc.		6,700		148,539
LaSalle Hotel Properties		5,900		201,957
New Senior Investment Group, Inc.		4,900		37,093
NexPoint Residential Trust, Inc.		15,172		431,643
Preferred Apartment Communities, Inc., Class A		15,200		258,248
PS Business Parks, Inc.		1,275		163,838
Ramco-Gershenson Properties Trust		16,200		214,002
Retail Opportunity Investments Corp.		19,200		367,872
Rexford Industrial Realty, Inc.		15,600		489,684
RLJ Lodging Trust		14,800		326,340
Summit Hotel Properties, Inc.		34,000		486,540
Sun Communities, Inc.		1,800		176,184
Sunstone Hotel Investors, Inc.		31,225		518,960
Tier REIT, Inc.		12,300		292,494
Xenia Hotels & Resorts, Inc.		15,900		387,324
				12,138,453
Food & Staples Retailing — 0.8%
Performance Food Group Co.*		20,400		748,680
SpartanNash Co.		21,780		555,826
US Foods Holding Corp.*		7,500		283,650
				1,588,156
Food Products — 0.6%
Dean Foods Co.		24,200		254,342
Pilgrim’s Pride Corp.*		19,400		390,522
Pinnacle Foods, Inc.		2,700		175,662
Sanderson Farms, Inc.		2,300		241,845
TreeHouse Foods, Inc.*		1,700		89,267
				1,151,638
Gas Utilities — 0.7%
New Jersey Resources Corp.		9,400		420,650

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Gas Utilities — continued
Southwest Gas Holdings, Inc.		8,800		671,176
WGL Holdings, Inc.		3,200		284,000
				1,375,826
Health Care Equipment & Supplies — 3.1%
Globus Medical, Inc., Class A*		3,900		196,794
Haemonetics Corp.*		26,400		2,367,552
Inogen, Inc.*		4,200		782,586
Integer Holdings Corp.*		29,300		1,894,245
Lantheus Holdings, Inc.*		44,600		648,930
Masimo Corp.*		2,100		205,065
				6,095,172
Health Care Providers & Services — 4.2%
Addus HomeCare Corp.*		15,600		893,100
American Renal Associates Holdings, Inc.*		9,200		145,084
Cross Country Healthcare, Inc.*		49,300		554,625
Diplomat Pharmacy, Inc.*		22,800		582,768
Encompass Health Corp.		15,200		1,029,344
Envision Healthcare Corp.*		1,613		70,988
Molina Healthcare, Inc.*		20,900		2,046,946
Owens & Minor, Inc.		17,100		285,741
RadNet, Inc.*		21,100		316,500
Surgery Partners, Inc.*		7,375		109,888
Tenet Healthcare Corp.*		45,900		1,540,863
WellCare Health Plans, Inc.*		2,500		615,600
				8,191,447
Hotels, Restaurants & Leisure — 1.4%
Bloomin’ Brands, Inc.		56,700		1,139,670
Dine Brands Global, Inc.		5,000		374,000
Pinnacle Entertainment, Inc.*		23,800		802,774
Ruth’s Hospitality Group, Inc.		14,200		398,310
				2,714,754
Household Durables — 1.9%
Beazer Homes USA, Inc.*		37,300		550,175
Hamilton Beach Brands Holding Co., Class A		1,400		40,670
Helen of Troy Ltd.*		9,800		964,810
Hooker Furniture Corp.		6,200		290,780
KB Home		22,900		623,796
Lifetime Brands, Inc.		11,000		139,150
Taylor Morrison Home Corp., Class A*		59,500		1,236,410
				3,845,791
Household Products — 0.3%
Central Garden & Pet Co., Class A*		17,000		687,990

INVESTMENTS	SHARES		VALUE($)
Independent Power and Renewable Electricity Producers — 0.8%
Atlantic Power Corp.*		32,400		71,280
NRG Yield, Inc., Class A		3,100		52,855
NRG Yield, Inc., Class C		47,700		820,440
Ormat Technologies, Inc.		7,500		398,925
Vistra Energy Corp.*		6,641		157,126
				1,500,626
Insurance — 2.2%
American Equity Investment Life Holding Co.		28,400		1,022,400
CNO Financial Group, Inc.		36,900		702,576
First American Financial Corp.		7,900		408,588
HCI Group, Inc.		4,200		174,594
Kinsale Capital Group, Inc.		6,700		367,562
National General Holdings Corp.		3,800		100,054
Selective Insurance Group, Inc.		2,600		143,000
Stewart Information Services Corp.		11,100		478,077
United Fire Group, Inc.		2,900		158,079
Universal Insurance Holdings, Inc.		22,600		793,260
				4,348,190
Internet & Direct Marketing Retail — 1.1%
Groupon, Inc.*		56,100		241,230
Liberty Expedia Holdings, Inc., Class A*		18,000		790,920
Liberty TripAdvisor Holdings, Inc., Class A*		52,600		846,860
Shutterfly, Inc.*		2,900		261,087
				2,140,097
Internet Software & Services — 2.4%
Apptio, Inc., Class A*		12,400		448,880
Blucora, Inc.*		38,100		1,409,700
DocuSign, Inc.*		4,300		227,685
Etsy, Inc.*		6,400		270,016
Five9, Inc.*		9,200		318,044
Limelight Networks, Inc.*		69,300		309,771
New Relic, Inc.*		8,700		875,133
Nutanix, Inc., Class A*		7,400		381,618
QuinStreet, Inc.*		17,100		217,170
SendGrid, Inc.*		1,600		42,432
Web.com Group, Inc.*		6,100		157,685
				4,658,134
IT Services — 2.1%
CACI International, Inc., Class A*		4,000		674,200
ServiceSource International, Inc.*		28,500		112,290
Sykes Enterprises, Inc.*		9,700		279,166
Travelport Worldwide Ltd.		99,300		1,841,022

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
IT Services — continued
Unisys Corp.*		55,500		715,950
Virtusa Corp.*		8,800		428,384
				4,051,012
Machinery — 3.4%
Barnes Group, Inc.		4,000		235,600
Columbus McKinnon Corp.		13,500		585,360
Federal Signal Corp.		11,100		258,519
Global Brass & Copper Holdings, Inc.		35,800		1,122,330
Greenbrier Cos., Inc. (The)		3,700		195,175
Hurco Cos., Inc.		1,300		58,175
Hyster-Yale Materials Handling, Inc.		2,700		173,475
Kadant, Inc.		5,200		499,980
Meritor, Inc.*		66,000		1,357,620
Milacron Holdings Corp.*		24,900		471,357
SPX FLOW, Inc.*		3,200		140,064
Standex International Corp.		900		91,980
TriMas Corp.*		6,700		196,980
Wabash National Corp.		58,100		1,084,146
Watts Water Technologies, Inc., Class A		2,200		172,480
				6,643,241
Marine — 0.2%
Costamare, Inc. (Monaco)		43,900		350,322
Media — 1.0%
Gannett Co., Inc.		75,800		811,060
Gray Television, Inc.*		26,500		418,700
MDC Partners, Inc., Class A*		30,500		140,300
Nexstar Media Group, Inc., Class A		1,900		139,460
Sinclair Broadcast Group, Inc., Class A		16,500		530,475
				2,039,995
Metals & Mining — 0.8%
AK Steel Holding Corp.*		46,000		199,640
Cleveland-Cliffs, Inc.*		37,000		311,910
Commercial Metals Co.		13,100		276,541
Ramaco Resources, Inc.*		14,300		99,528
Ryerson Holding Corp.*		9,600		107,040
Warrior Met Coal, Inc.		20,400		562,428
Worthington Industries, Inc.		3,000		125,910
				1,682,997
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Capstead Mortgage Corp.		6,300		56,385
Invesco Mortgage Capital, Inc.		3,600		57,240
Redwood Trust, Inc.		42,100		693,387
				807,012

INVESTMENTS	SHARES		VALUE($)
Multiline Retail — 0.2%
BJ’s Wholesale Club Holdings, Inc.*		16,100		380,765
Oil, Gas & Consumable Fuels — 3.9%
Abraxas Petroleum Corp.*		144,900		418,761
Arch Coal, Inc., Class A		5,100		399,993
Delek US Holdings, Inc.		42,400		2,127,208
Denbury Resources, Inc.*		198,100		952,861
EP Energy Corp., Class A*		24,500		73,500
NACCO Industries, Inc., Class A		1,200		40,500
Peabody Energy Corp.		31,300		1,423,524
Renewable Energy Group, Inc.*		35,100		626,535
REX American Resources Corp.*		400		32,388
SRC Energy, Inc.*		26,900		296,438
W&T Offshore, Inc.*		187,300		1,339,195
				7,730,903
Paper & Forest Products — 1.5%
Boise Cascade Co.		9,300		415,710
Louisiana-Pacific Corp.		20,300		552,566
Schweitzer-Mauduit International, Inc.		21,600		944,352
Verso Corp., Class A*		46,100		1,003,136
				2,915,764
Personal Products — 0.1%
USANA Health Sciences, Inc.*		1,000		115,300
Pharmaceuticals — 1.7%
Aclaris Therapeutics, Inc.*		17,000		339,490
Amphastar Pharmaceuticals, Inc.*		5,500		83,930
Assembly Biosciences, Inc.*		7,300		286,233
Endo International plc*		31,900		300,817
Horizon Pharma plc*		58,500		968,760
Medicines Co. (The)*		2,000		73,400
Phibro Animal Health Corp., Class A		7,100		326,955
resTORbio, Inc.*		7,600		69,540
Revance Therapeutics, Inc.*		4,000		109,800
TherapeuticsMD, Inc.*		68,100		424,944
WaVe Life Sciences Ltd.*		8,500		325,125
				3,308,994
Professional Services — 3.5%
Barrett Business Services, Inc.		17,600		1,699,632
CRA International, Inc.		3,300		167,937
Heidrick & Struggles International, Inc.		8,300		290,500
ICF International, Inc.		6,200		440,510
Insperity, Inc.		24,600		2,343,150
Kelly Services, Inc., Class A		1,300		29,185
Kforce, Inc.		1,900		65,170
Korn/Ferry International		4,000		247,720

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Professional Services — continued
TriNet Group, Inc.*		11,400		637,716
TrueBlue, Inc.*		34,000		916,300
				6,837,820
Road & Rail — 1.3%
ArcBest Corp.		36,700		1,677,190
Avis Budget Group, Inc.*		14,100		458,250
Covenant Transportation Group, Inc., Class A*		3,100		97,650
Schneider National, Inc., Class B		6,900		189,819
Universal Logistics Holdings, Inc.		1,800		47,250
YRC Worldwide, Inc.*		2,300		23,115
				2,493,274
Semiconductors & Semiconductor Equipment — 2.2%
Advanced Energy Industries, Inc.*		9,100		528,619
Alpha & Omega Semiconductor Ltd.*		19,550		278,392
Cohu, Inc.		20,900		512,259
Cypress Semiconductor Corp.		44,215		688,870
Ichor Holdings Ltd.*		14,600		309,812
Rudolph Technologies, Inc.*		4,800		142,080
Sigma Designs, Inc.*		12,100		73,810
SMART Global Holdings, Inc.*		36,700		1,169,629
Ultra Clean Holdings, Inc.*		38,200		634,120
				4,337,591
Software — 3.3%
Carbon Black, Inc.*		2,700		70,200
CommVault Systems, Inc.*		4,500		296,325
Domo, Inc., Class B*		15,900		434,070
Imperva, Inc.*		12,000		579,000
MicroStrategy, Inc., Class A*		1,800		229,950
Pegasystems, Inc.		2,700		147,960
Pivotal Software, Inc., Class A*		12,100		293,667
Pluralsight, Inc., Class A*		33,800		826,410
QAD, Inc., Class A		1,800		90,270
Qualys, Inc.*		5,800		488,940
RingCentral, Inc., Class A*		18,018		1,267,566
SailPoint Technologies Holding, Inc.*		16,600		407,364
Smartsheet, Inc., Class A*		19,800		514,206
Synchronoss Technologies, Inc.*		38,310		236,373
TiVo Corp.		33,000		443,850
Zscaler, Inc.*		7,100		253,825
				6,579,976
Specialty Retail — 2.9%
Abercrombie & Fitch Co., Class A		14,700		359,856
Asbury Automotive Group, Inc.*		1,600		109,680

INVESTMENTS	SHARES		VALUE($)
Specialty Retail — continued
Caleres, Inc.		19,200		660,288
Children’s Place, Inc. (The)		6,200		748,960
Conn’s, Inc.*		6,700		221,100
Express, Inc.*		12,900		118,035
Group 1 Automotive, Inc.		4,800		302,400
Hudson Ltd., Class A (United Kingdom)*		27,600		482,724
Office Depot, Inc.		290,045		739,615
Party City Holdco, Inc.*		17,000		259,250
RH*		1,600		223,520
Tailored Brands, Inc.		60,500		1,543,960
				5,769,388
Textiles, Apparel & Luxury Goods — 0.9%
Deckers Outdoor Corp.*		6,000		677,340
Fossil Group, Inc.*		36,100		970,007
Perry Ellis International, Inc.*		6,400		173,888
				1,821,235
Thrifts & Mortgage Finance — 0.9%
BankFinancial Corp.		2,900		51,185
HomeStreet, Inc.*		6,500		175,175
Meta Financial Group, Inc.		5,200		506,480
MGIC Investment Corp.*		28,100		301,232
OceanFirst Financial Corp.		8,200		245,672
PennyMac Financial Services, Inc., Class A*		6,100		119,865
Radian Group, Inc.		6,000		97,320
Walker & Dunlop, Inc.		6,100		339,465
				1,836,394
Tobacco — 0.1%
Turning Point Brands, Inc.		7,600		242,440
Trading Companies & Distributors — 1.0%
Applied Industrial Technologies, Inc.		6,000		420,900
GMS, Inc.*		8,200		222,138
MRC Global, Inc.*		47,300		1,024,991
Titan Machinery, Inc.*		9,200		143,060
Veritiv Corp.*		2,100		83,685
				1,894,774
Water Utilities — 0.0% (a)
Consolidated Water Co. Ltd. (Cayman Islands)		1,700		21,930
Total Common Stocks (Cost $137,620,526)				189,702,677

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	NO. OF WARRANTS		VALUE($)
Warrants — 0.0%
Consumer Finance — 0.0%
Emergent Capital, Inc. expiring 10/1/2019, price 10.75*‡ (Cost $—)		355		—
	SHARES
Short-term Investments — 4.2%
Investment Companies — 4.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.80% (b) (c) (Cost $8,342,545)		8,342,545		8,342,545
Total Investments — 100.5% (Cost $145,963,071)				198,045,222
Liabilities in Excess of Other Assets — (0.5)%				(1,049,396	)
Net Assets — 100.0%			$	196,995,826

Percentages indicated are based on net assets.

Futures contracts outstanding as of June 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		83		09/2018		USD		6,837,125		(71,311	)
										(71,311	)

Abbreviations

REIT	Real Estate Investment Trust
USD	United States Dollar
(a)	Amount rounds to less than 0.05% of net assets.
(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.

(c)	The rate shown is the current yield as of June 30, 2018.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	189,702,677
Investments in affiliates, at value		8,342,545
Cash		23,334
Deposits at broker for futures contracts		330,000
Receivables:
Investment securities sold		99,811
Portfolio shares sold		382,688
Dividends from non-affiliates		164,485
Dividends from affiliates		6,928
Total Assets		199,052,468
LIABILITIES:
Payables:
Investment securities purchased		1,698,232
Portfolio shares redeemed		191,272
Variation margin on futures contracts		10,285
Accrued liabilities:
Investment advisory fees		106,029
Administration fees		13,265
Distribution fees		248
Custodian and accounting fees		1,434
Trustees’ and Chief Compliance Officer’s fees		275
Other		35,602
Total Liabilities		2,056,642
Net Assets	$	196,995,826
NET ASSETS:
Paid-in-Capital	$	132,623,843
Accumulated undistributed net investment income		489,659
Accumulated net realized gains (losses)		11,871,484
Net unrealized appreciation (depreciation)		52,010,840
Total Net Assets	$	196,995,826
Net Assets:
Class 1	$	195,559,318
Class 2		1,436,508
Total	$	196,995,826
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		7,551,948
Class 2		55,915
Net Asset Value, offering and redemption price per share (a):
Class 1	$	25.90
Class 2		25.69
Cost of investments in non-affiliates	$	137,620,526
Cost of investments in affiliates		8,342,545

(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, 2018

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Small Cap Core Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,216,575
Dividend income from affiliates		27,994
Interest income from non-affiliates		1
Total investment income		1,244,570
EXPENSES:
Investment advisory fees		617,869
Administration fees		77,106
Distribution fees — Class 2		1,416
Custodian and accounting fees		23,066
Professional fees		25,554
Trustees’ and Chief Compliance Officer’s fees		12,728
Printing and mailing costs		18,616
Transfer agency fees — Class 1		2,379
Transfer agency fees — Class 2		138
Other		8,234
Total expenses		787,106
Less fees waived		(4,849	)
Net expenses		782,257
Net investment income (loss)		462,313
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		12,440,157
Futures contracts		299,831
Net realized gain (loss)		12,739,988
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,800,336
Futures contracts		(56,024	)
Change in net unrealized appreciation/depreciation		1,744,312
Net realized/unrealized gains (losses)		14,484,300
Change in net assets resulting from operations	$	14,946,613

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 13

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Small Cap Core Portfolio
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	462,313		$	711,248
Net realized gain (loss)		12,739,988			12,456,575
Change in net unrealized appreciation/depreciation		1,744,312			12,369,850
Change in net assets resulting from operations		14,946,613			25,537,673
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(705,153	)		(572,218	)
From net realized gains		(12,098,776	)		(1,256,277	)
Class 2
From net investment income		(785	)		(1,794	)
From net realized gains		(73,959	)		(10,866	)
Total distributions to shareholders		(12,878,673	)		(1,841,155	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,631,174			3,529,189
NET ASSETS:
Change in net assets		6,699,114			27,225,707
Beginning of period		190,296,712			163,071,005
End of period	$	196,995,826		$	190,296,712
Accumulated undistributed net investment income	$	489,659		$	733,284
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	13,696,397		$	40,588,699
Distributions reinvested		12,803,929			1,828,495
Cost of shares redeemed		(22,182,226	)		(38,267,557	)
Change in net assets resulting from Class 1 capital transactions	$	4,318,100		$	4,149,637
Class 2
Proceeds from shares issued	$	284,727		$	148,469
Distributions reinvested		74,744			12,660
Cost of shares redeemed		(46,397	)		(781,577	)
Change in net assets resulting from Class 2 capital transactions	$	313,074		$	(620,448	)
Total change in net assets resulting from capital transactions	$	4,631,174		$	3,529,189
SHARE TRANSACTIONS:
Class 1
Issued		521,234			1,735,157
Reinvested		495,892			80,057
Redeemed		(842,972	)		(1,619,403	)
Change in Class 1 Shares		174,154			195,811
Class 2
Issued		11,084			6,269
Reinvested		2,917			558
Redeemed		(1,782	)		(33,547	)
Change in Class 2 Shares		12,219			(26,720	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2018 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust Small Cap Core Portfolio
Class 1
Six Months Ended June 30, 2018 (Unaudited)	$	25.64	$	0.06		$	2.01		$	2.07		$	(0.10	)	$	(1.71	)	$	(1.81	)
Year Ended December 31, 2017		22.49		0.10			3.30			3.40			(0.08	)		(0.17	)		(0.25	)
Year Ended December 31, 2016		20.56		0.09			3.65			3.74			(0.11	)		(1.70	)		(1.81	)
Year Ended December 31, 2015		24.06		0.13			(1.19	)		(1.06	)		(0.03	)		(2.41	)		(2.44	)
Year Ended December 31, 2014		24.03		0.04			1.98			2.02			(0.03	)		(1.96	)		(1.99	)
Year Ended December 31, 2013		16.98		0.05	(f)		7.11			7.16			(0.11	)		—			(0.11	)
Class 2
Six Months Ended June 30, 2018 (Unaudited)		25.41		0.03			1.98			2.01			(0.02	)		(1.71	)		(1.73	)
Year Ended December 31, 2017		22.30		0.02			3.29			3.31			(0.03	)		(0.17	)		(0.20	)
Year Ended December 31, 2016		20.38		0.04			3.62			3.66			(0.04	)		(1.70	)		(1.74	)
Year Ended December 31, 2015		23.90		0.07			(1.18	)		(1.11	)		—			(2.41	)		(2.41	)
Year Ended December 31, 2014		23.91		(0.02	)		1.97			1.95			—			(1.96	)		(1.96	)
Year Ended December 31, 2013		16.90		(0.01	)(f)		7.09			7.08			(0.07	)		—			(0.07	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) 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.

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2018

		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)
$	25.90		8.11	%	$	195,559,318		0.82	%		0.49	%		0.83	%		28	%
	25.64		15.23			189,186,215		0.83			0.40			0.83			51
	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
	25.69		7.93			1,436,508		1.09			0.22			1.10			28
	25.41		14.93			1,110,497		1.09			0.10			1.10			51
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (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
JPMorgan Insurance Trust 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 Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

Futures contracts 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.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	198,045,222		$	—	$	—	(b)	$	198,045,222
Depreciation in Other Financial Instruments
Futures Contracts	$	(71,311	)	$	—	$	—		$	(71,311	)

(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, 2018.

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

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

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

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2018:

Futures Contracts:
Average Notional Balance Long	$	4,373,306
Ending Notional Balance Long		6,837,125

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, 2018 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (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 (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, 2018, 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, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2018, 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”), an indirect, 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian were 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, 2018 and is in place until at least April 30, 2019.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2018

For the six months ended June 30, 2018, 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
$	1,327

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, 2018 was $3,522.

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, 2018, 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, 2018, 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, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	52,072,615	$	63,178,065

During the six months ended June 30, 2018, 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 investments held at June 30, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	145,963,071	$	57,920,833	$	5,909,993	$	52,010,840

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 5, 2018.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2018.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

The Trust, along with certain other trusts (“Borrowers”), has 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had two omnibus accounts which collectively represented 58.0% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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, 2018, and continued to hold your shares at the end of the reporting period, June 30, 2018.

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, 2018		Ending Account Value June 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	1,081.10	$	4.23		0.82	%
Hypothetical		1,000.00		1,020.73		4.11		0.82
Class 2
Actual		1,000.00		1,079.30		5.62		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, 2018 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 prospectuses 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., 2018. All rights reserved June 2018. SAN-JPMITSCCP-618

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2018 (Unaudited)

JPMorgan Insurance Trust U.S. Equity Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	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 prospectuses 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 6, 2018 (Unaudited)

Dear Shareholder,

The U.S. economy outpaced growth in other developed market nations even as investor concerns about rising interest rates and global trade tensions increasingly weighed on financial markets during the six months ended June 30, 2018.

  “The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth.”— George C.W. Gatch

Corporate profits remained strong throughout the reporting period and U.S. gross domestic product (GDP) growth accelerated from 2.2% in the first quarter of 2018 to 4.1% in the second quarter, the biggest increase in nearly four years. U.S. labor markets tightened further and the unemployment rate sank below 4% in April and May. Corporate earnings for the first and second quarters of 2018 reached record levels, with a sizeable majority of companies reporting better-than-expected results. In response to the overall strength of the economy, the U.S. Federal Reserve raised interest rates in March and June.

Equity prices in the U.S. surged higher in January before a sharp sell-off in early February snapped a streak of 15 consecutive months of record closing highs for the Standard & Poor’s 500 Index. Over several days the index lost more than 10% of its value, a decline that was the fastest peak-to-trough drop in the history of the index. Bond prices also fell sharply and the rout in U.S. financial markets spread to other developed market equities and bonds.

In subsequent months, U.S. equity prices rebounded somewhat but never fully recovered during the remainder of the reporting period and financial market volatility remained elevated through June 2018.

Meanwhile, economic growth in the European Union showed signs of slowing during the reporting period. The European Central Bank said it planned no interest rate increases until mid-2019, but it began to reduce stimulus measures in January 2018. China’s economy maintained a steady expansion, as the government sought to restrain financial market speculation, while also supporting growth in consumer spending.

The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth. While wage growth remained stubbornly low, the U.S. unemployment rate stood at its lowest level in decades. The economies of other developed market nations appear poised for continued moderate economic growth, rising corporate profits and low or declining unemployment rates. However, the nascent trade war between the U.S. and China, involving tariffs on billions of dollars’ worth of goods, could begin to weigh on corporate profits and economic growth.

We believe investors who remain focused on a well-diversified portfolio and long-term results may be rewarded by a global investment environment that remains largely positive. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		1.83%
S&P 500 Index **		2.65%
Net Assets as of 6/30/2018	$	110,325,008

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?

Equity markets in the U.S. provided modest positive returns for the reporting period amid increased market volatility and investor concerns about U.S.-driven trade tensions. Equity prices were supported by corporate earnings growth and the continued U.S. economic expansion. While the U.S. Federal Reserve raised interest rates twice during the first half of 2018, interest rates remained relatively low by historical standards.

In January 2018, the Standard & Poor’s 500 Index (the “S&P 500”) reached four record high closings, but would not return to its January 26 peak for the remainder of the reporting period. In early February 2018, both equity and bond prices fell sharply. The S&P 500 lost more than 10% of its value over nine trading sessions and yields on 10-year U.S. Treasury bonds, which serve as a benchmark for a broad range of financial assets, spiked higher. While equity markets rebounded somewhat in subsequent weeks, financial market volatility remained elevated through June 2018.

Overall, growth stocks generally outperformed value stocks and small cap stocks slightly outperformed large cap and mid cap stocks. For the six months ended June 30, 2018, the S&P 500 returned 2.65%.

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

The Portfolio’s Class 1 Shares underperformed the S&P 500 (the “Benchmark”) for the six months ended June 30, 2018. Relative to the Benchmark, the Portfolio’s security selection in the media and insurance sectors was a leading detractor from performance, while the Portfolio’s security selection in the

energy and consumer stable sectors were leading contributors to relative performance.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Walt Disney Co. and Alphabet Inc., and its underweight position in Netflix Communications Inc. Shares of Walt Disney, an entertainment and media company, fell amid its prolonged effort to acquire the entertainment assets of 21st Century Fox Inc. Shares of Alphabet Inc., the parent company of Google, lagged behind other media sector stocks after the company reported narrowing profit margins and higher spending on acquisitions and one-time costs.

Shares of Netflix, an Internet provider of entertainment, rose amid growth in subscriptions and revenue.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Boston Scientific Co., Northrop Grumman Co. and UnitedHealth Group Inc. Shares of Boston Scientific, a developer and manufacturer of medical devices, rose on news reports that Stryker Corp. sought to acquire the company. Shares of Northrop Grumman, an aerospace and defense company, rose after the company reported better-than-expected revenue growth for the first quarter of 2018 and raised its earnings forecast for the full year 2018. UnitedHealth Group Inc., a health insurer, rose amid continued growth in earnings and revenue.

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 overweight position compared with the Benchmark was in the banking and brokerages sector and its largest underweight position was in the real estate investment trusts sector.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	4.3	%
	2.	Amazon.com, Inc.	3.4
	3.	Apple, Inc.	3.1
	4.	Alphabet, Inc., Class A	2.8
	5.	UnitedHealth Group, Inc.	2.6
	6.	Bank of America Corp.	2.6
	7.	Pfizer, Inc.	2.1
	8.	Visa, Inc., Class A	2.0
	9.	Citigroup, Inc.	1.9
	10.	Johnson & Johnson	1.9

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	26.8	%
Health Care	15.0
Consumer Discretionary	14.4
Financials	13.5
Industrials	10.8
Energy	6.8
Consumer Staples	5.0
Utilities	2.7
Materials	2.0
Real Estate	1.2
Telecommunication Services	1.2
Short-Term Investments	0.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles 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, 2018. The Portfolio’s composition is subject to change.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		March 30, 1995		1.83	%		13.80	%		13.55	%		10.76	%
CLASS 2 SHARES		August 16, 2006		1.70			13.51			13.27			10.48

* Not annualized.

TEN YEAR PERFORMANCE (6/30/08 TO 6/30/18)

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, 2008 to June 30, 2018. 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. 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, 2018

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%
Aerospace & Defense — 3.3%
Boeing Co. (The)		3,215		1,078,665
General Dynamics Corp.		6,484		1,208,682
L3 Technologies, Inc.		1,424		273,864
Northrop Grumman Corp.		3,174		976,640
United Technologies Corp.		1,183		147,910
				3,685,761
Airlines — 0.3%
Delta Air Lines, Inc.		6,917		342,668
Auto Components — 0.2%
Delphi Technologies plc		3,782		171,930
Automobiles — 0.3%
Ford Motor Co.		29,787		329,742
Banks — 6.6%
Bank of America Corp.		100,932		2,845,273
Citigroup, Inc.		31,839		2,130,666
First Republic Bank		1,899		183,804
Huntington Bancshares, Inc.		24,455		360,956
SunTrust Banks, Inc.		4,651		307,059
SVB Financial Group*		1,144		330,341
Wells Fargo & Co.		14,918		827,054
Zions Bancorp		5,423		285,738
				7,270,891
Beverages — 3.2%
Coca-Cola Co. (The)		37,185		1,630,934
Molson Coors Brewing Co., Class B		5,516		375,309
PepsiCo, Inc.		14,234		1,549,655
				3,555,898
Biotechnology — 1.9%
Biogen, Inc.*		2,777		805,996
Gilead Sciences, Inc.		4,321		306,100
Incyte Corp.*		1,973		132,191
Vertex Pharmaceuticals, Inc.*		4,708		800,172
				2,044,459
Building Products — 0.5%
Allegion plc		4,092		316,557
Masco Corp.		5,194		194,360
				510,917
Capital Markets — 3.0%
Bank of New York Mellon Corp. (The)		15,887		856,786
Charles Schwab Corp. (The)		7,285		372,263
Intercontinental Exchange, Inc.		5,676		417,470
Morgan Stanley		34,962		1,657,199
				3,303,718

INVESTMENTS	SHARES		VALUE($)
Chemicals — 0.7%
DowDuPont, Inc.		9,209		607,057
Eastman Chemical Co.		1,409		140,844
				747,901
Construction Materials — 0.0% (a)
Vulcan Materials Co.		398		51,366
Consumer Finance — 0.5%
Capital One Financial Corp.		6,509		598,177
Containers & Packaging — 1.2%
Ball Corp.		3,735		132,779
Crown Holdings, Inc.*		12,430		556,367
WestRock Co.		11,593		661,033
				1,350,179
Diversified Financial Services — 0.1%
Voya Financial, Inc.		3,181		149,507
Diversified Telecommunication Services — 0.7%
Verizon Communications, Inc.		16,189		814,469
Electric Utilities — 2.3%
American Electric Power Co., Inc.		3,531		244,522
NextEra Energy, Inc.		8,115		1,355,449
Xcel Energy, Inc.		20,283		926,527
				2,526,498
Electrical Equipment — 1.1%
Eaton Corp. plc		15,959		1,192,776
Equity Real Estate Investment Trusts (REITs) — 1.2%
AvalonBay Communities, Inc.		3,227		554,689
Ventas, Inc.		7,440		423,708
Vornado Realty Trust		4,368		322,883
				1,301,280
Food Products — 1.3%
Kraft Heinz Co. (The)		1,525		95,800
Mondelez International, Inc., Class A		32,793		1,344,513
				1,440,313
Health Care Equipment & Supplies — 2.6%
Becton Dickinson and Co.		860		206,022
Boston Scientific Corp.*		32,882		1,075,241
Medtronic plc		13,997		1,198,283
Zimmer Biomet Holdings, Inc.		3,253		362,514
				2,842,060
Health Care Providers & Services — 4.5%
Aetna, Inc.		2,918		535,453
AmerisourceBergen Corp.		2,488		212,152
Cigna Corp.		2,176		369,811

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
CVS Health Corp.		15,835		1,018,982
UnitedHealth Group, Inc.		11,703		2,871,214
				5,007,612
Hotels, Restaurants & Leisure — 0.2%
Hilton Worldwide Holdings, Inc.		1,270		100,533
Yum! Brands, Inc.		1,353		105,832
				206,365
Household Durables — 0.9%
DR Horton, Inc.		9,075		372,075
Lennar Corp., Class A		11,165		586,162
				958,237
Industrial Conglomerates — 0.6%
Honeywell International, Inc.		4,236		610,196
Insurance — 3.2%
American International Group, Inc.		23,827		1,263,308
Brighthouse Financial, Inc.*		2,912		116,684
Hartford Financial Services Group, Inc. (The)		18,632		952,654
Lincoln National Corp.		5,532		344,367
Principal Financial Group, Inc.		9,212		487,775
Prudential Financial, Inc.		4,465		417,522
				3,582,310
Internet & Direct Marketing Retail — 3.8%
Amazon.com, Inc.*		2,225		3,782,055
Expedia Group, Inc.		1,947		234,010
Netflix, Inc.*		526		205,892
				4,221,957
Internet Software & Services — 6.1%
Alphabet, Inc., Class A*		2,679		3,025,100
Alphabet, Inc., Class C*		1,850		2,063,952
Facebook, Inc., Class A*		8,255		1,604,112
				6,693,164
IT Services — 4.3%
Accenture plc, Class A		7,604		1,243,939
Alliance Data Systems Corp.		2,660		620,312
International Business Machines Corp.		393		54,902
PayPal Holdings, Inc.*		8,274		688,976
Visa, Inc., Class A		16,203		2,146,087
				4,754,216
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.		1,870		115,641
Thermo Fisher Scientific, Inc.		1,747		361,873
				477,514

INVESTMENTS	SHARES		VALUE($)
Machinery — 2.0%
Caterpillar, Inc.		7,565		1,026,344
Deere & Co.		1,787		249,823
Ingersoll-Rand plc		3,239		290,635
Snap-on, Inc.		467		75,056
Stanley Black & Decker, Inc.		3,945		523,935
				2,165,793
Media — 3.9%
Charter Communications, Inc., Class A*		3,980		1,166,976
Comcast Corp., Class A		14,252		467,608
Discovery, Inc., Class A*		11,233		308,908
DISH Network Corp., Class A*		12,968		435,854
Walt Disney Co. (The)		18,252		1,912,992
				4,292,338
Multiline Retail — 0.7%
Dollar Tree, Inc.*		9,303		790,755
Multi-Utilities — 0.5%
Public Service Enterprise Group, Inc.		9,269		501,824
Oil, Gas & Consumable Fuels — 6.7%
Concho Resources, Inc.*		507		70,143
Diamondback Energy, Inc.		7,631		1,004,011
EOG Resources, Inc.		14,094		1,753,716
EQT Corp.		6,647		366,781
Marathon Petroleum Corp.		11,555		810,699
Occidental Petroleum Corp.		15,709		1,314,529
Parsley Energy, Inc., Class A*		18,134		549,098
Pioneer Natural Resources Co.		8,332		1,576,748
				7,445,725
Pharmaceuticals — 5.6%
Bristol-Myers Squibb Co.		3,410		188,709
Eli Lilly & Co.		5,708		487,064
Johnson & Johnson		17,403		2,111,680
Merck & Co., Inc.		14,416		875,051
Nektar Therapeutics*		2,543		124,175
Pfizer, Inc.		64,512		2,340,495
				6,127,174
Road & Rail — 2.5%
Norfolk Southern Corp.		10,972		1,655,346
Union Pacific Corp.		7,739		1,096,461
				2,751,807
Semiconductors & Semiconductor Equipment — 6.8%
Analog Devices, Inc.		13,009		1,247,823
Broadcom, Inc.		7,508		1,821,741
Microchip Technology, Inc.		7,043		640,561

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
NVIDIA Corp.		7,053		1,670,856
Texas Instruments, Inc.		18,095		1,994,974
Universal Display Corp.		1,543		132,698
				7,508,653
Software — 6.2%
Microsoft Corp.		47,907		4,724,109
Oracle Corp.		9,992		440,248
salesforce.com, Inc.*		10,153		1,384,869
Workday, Inc., Class A*		2,691		325,934
				6,875,160
Specialty Retail — 3.5%
AutoZone, Inc.*		1,345		902,401
Home Depot, Inc. (The)		6,369		1,242,592
O’Reilly Automotive, Inc.*		4,071		1,113,703
Ross Stores, Inc.		6,954		589,352
				3,848,048
Technology Hardware, Storage & Peripherals — 3.4%
Apple, Inc.		18,713		3,463,963
Hewlett Packard Enterprise Co.		16,354		238,932
				3,702,895
Textiles, Apparel & Luxury Goods — 1.0%
NIKE, Inc., Class B		12,407		988,590
PVH Corp.		743		111,242
				1,099,832

INVESTMENTS	SHARES		VALUE($)
Tobacco — 0.5%
Philip Morris International, Inc.		6,661		537,809
Trading Companies & Distributors — 0.6%
Fastenal Co.		13,200		635,316
Wireless Telecommunication Services — 0.4%
T-Mobile US, Inc.*		7,868		470,113
Total Common Stocks (Cost $84,014,914)				109,495,323
Short-Term Investments — 0.6%
Investment Companies — 0.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.80% (b) (c) (Cost $677,813)		677,813		677,813
Total Investments — 99.9% (Cost $84,692,727)				110,173,136
Other Assets Less Liabilities — 0.1%				151,872
Net Assets — 100.0%			$	110,325,008

Percentages indicated are based on net assets.

Futures contracts outstanding as of June 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		2		09/2018		USD		272,160		(1,407	)
										(1,407	)

Abbreviations

USD United States Dollar

(a)	Amount rounds to less than 0.05% of net assets.
(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.
(c)	The rate shown is the current yield as of June 30, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	109,495,323
Investments in affiliates, at value		677,813
Deposits at broker for futures contracts		45,000
Receivables:
Investment securities sold		1,088,818
Portfolio shares sold		8,599
Dividends from non-affiliates		82,211
Dividends from affiliates		1,950
Variation margin on futures contracts		184
Total Assets		111,399,898
LIABILITIES:
Payables:
Investment securities purchased		908,340
Portfolio shares redeemed		75,738
Accrued liabilities:
Investment advisory fees		45,329
Administration fees		7,368
Distribution fees		3,189
Custodian and accounting fees		3,174
Trustees’ and Chief Compliance Officer’s fees		114
Other		31,638
Total Liabilities		1,074,890
Net Assets	$	110,325,008
NET ASSETS:
Paid-in-Capital	$	81,178,366
Accumulated undistributed net investment income		414,181
Accumulated net realized gains (losses)		3,253,459
Net unrealized appreciation (depreciation)		25,479,002
Total Net Assets	$	110,325,008
Net Assets:
Class 1	$	95,143,805
Class 2		15,181,203
Total	$	110,325,008
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,291,686
Class 2		531,306
Net Asset Value, offering and redemption price per share (a):
Class 1	$	28.90
Class 2		28.57
Cost of investments in non-affiliates	$	84,014,914
Cost of investments in affiliates		677,813

(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, 2018

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust U.S. Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	873,296
Dividend income from affiliates		9,967
Interest income from non-affiliates		6
Total investment income		883,269
EXPENSES:
Investment advisory fees		306,175
Administration fees		45,157
Distribution fees — Class 2		18,688
Custodian and accounting fees		23,634
Professional fees		24,085
Trustees’ and Chief Compliance Officer’s fees		12,356
Printing and mailing costs		12,094
Transfer agency fees — Class 1		1,036
Transfer agency fees — Class 2		71
Other		5,450
Total expenses		448,746
Less fees waived		(31,584	)
Less expense reimbursements		(104	)
Net expenses		417,058
Net investment income (loss)		466,211
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,728,591
Futures contracts		18,585
Net realized gain (loss)		4,747,176
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,202,467	)
Futures contracts		(5,572	)
Change in net unrealized appreciation/depreciation		(3,208,039	)
Net realized/unrealized gains (losses)		1,539,137
Change in net assets resulting from operations	$	2,005,348

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust U.S. Equity Portfolio
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	466,211		$	908,113
Net realized gain (loss)		4,747,176			13,318,306
Change in net unrealized appreciation/depreciation		(3,208,039	)		6,996,136
Change in net assets resulting from operations		2,005,348			21,222,555
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(791,102	)		(798,168	)
From net realized gains		(11,239,054	)		(897,055	)
Class 2
From net investment income		(95,575	)		(94,733	)
From net realized gains		(1,838,493	)		(138,618	)
Total distributions to shareholders		(13,964,224	)		(1,928,574	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		10,723,256			(7,690,499	)
NET ASSETS:
Change in net assets		(1,235,620	)		11,603,482
Beginning of period		111,560,628			99,957,146
End of period	$	110,325,008		$	111,560,628
Accumulated undistributed net investment income	$	414,181		$	834,647
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	4,337,654		$	10,490,572
Distributions reinvested		12,030,156			1,695,223
Cost of shares redeemed		(8,261,515	)		(19,596,047	)
Change in net assets resulting from Class 1 capital transactions	$	8,106,295		$	(7,410,252	)
Class 2
Proceeds from shares issued	$	2,312,643		$	3,044,402
Distributions reinvested		1,934,068			233,351
Cost of shares redeemed		(1,629,750	)		(3,558,000	)
Change in net assets resulting from Class 2 capital transactions	$	2,616,961		$	(280,247	)
Total change in net assets resulting from capital transactions	$	10,723,256		$	(7,690,499	)
SHARE TRANSACTIONS:
Class 1
Issued		132,086			353,589
Reinvested		414,976			58,638
Redeemed		(254,932	)		(664,413	)
Change in Class 1 Shares		292,130			(252,186	)
Class 2
Issued		70,278			104,979
Reinvested		67,483			8,148
Redeemed		(51,438	)		(119,787	)
Change in Class 2 Shares		86,323			(6,660	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2018 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
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Six Months Ended June 30, 2018 (Unaudited)	$	32.43	$	0.14	(e)	$	0.47	$	0.61	$	(0.27	)	$	(3.87	)	$	(4.14	)
Year Ended December 31, 2017		27.03		0.26	(e)		5.69		5.95		(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	)
Class 2
Six Months Ended June 30, 2018 (Unaudited)		32.08		0.10	(e)		0.46		0.56		(0.20	)		(3.87	)		(4.07	)
Year Ended December 31, 2017		26.74		0.19	(e)		5.64		5.83		(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	)

(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, 2018

		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)
$	28.90		1.83	%	$	95,143,805		0.72	%		0.87	%		0.77	%		50	%
	32.43		22.28			97,286,462		0.75			0.89			0.79			91
	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
	28.57		1.70			15,181,203		0.97			0.63			1.02			50
	32.08		22.04			14,274,166		1.00			0.65			1.03			91
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (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
JPMorgan Insurance Trust 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 Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

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

Futures contracts 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, 2018

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	110,173,136		$	—	$	—	$	110,173,136
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,407	)	$	—	$	—	$	(1,407	)

(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, 2018.

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, 2018:

Futures Contracts:
Average Notional Balance Long	$	911,733
Ending Notional Balance Long		272,160

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.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (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, 2018, 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, if any, 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, 2018, 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”), an indirect, 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian were 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, 2018 and is in place until at least April 30, 2019.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2018

For the six months ended June 30, 2018, 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
$	30,061	$	55	$	30,116	$	104

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, 2018 was $1,468.

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.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2018, 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, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	55,547,987	$	57,984,704

During the six months ended June 30, 2018, 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 investments held at June 30, 2018, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	84,692,727	$	27,653,492	$	2,174,490	$	25,479,002

At December 31, 2017, 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 5, 2018.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had three omnibus accounts which collectively represented 66.4% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance and liquidity.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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, 2018, and continued to hold your shares at the end of the reporting period, June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Expense Example
	Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,018.30	$	3.60		0.72	%
Hypothetical		1,000.00		1,021.22		3.61		0.72
Class 2
Actual		1,000.00		1,017.00		4.85		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97

* 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, 2018 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 prospectuses 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., 2018.  All rights reserved. June 2018. SAN-JPMITUSEP-618

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2018 (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	26
Financial Highlights	30
Notes to Financial Statements	32
Schedule of Shareholder Expenses	42

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 prospectuses 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 6, 2018 (Unaudited)

Dear Shareholder,

The U.S. economy outpaced growth in other developed market nations even as investor concerns about rising interest rates and global trade tensions increasingly weighed on financial markets during the six months ended June 30, 2018.

  “The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth.”— George C.W. Gatch

Corporate profits remained strong throughout the reporting period and U.S. gross domestic product (GDP) growth accelerated from 2.2% in the first quarter of 2018 to 4.1% in the second quarter, the biggest increase in nearly four years. U.S. labor markets tightened further and the unemployment rate sank below 4% in April and May. Corporate earnings for the first and second quarters of 2018 reached record levels, with a sizeable majority of companies reporting better-than-expected results. In response to the overall strength of the economy, the U.S. Federal Reserve raised interest rates in March and June.

Equity prices in the U.S. surged higher in January before a sharp sell-off in early February snapped a streak of 15 consecutive months of record closing highs for the Standard & Poor’s 500 Index. Over several days the index lost more than 10% of its value, a decline that was the fastest peak-to-trough drop in the history of the index. Bond prices also fell sharply and the rout in U.S. financial markets spread to other developed market equities and bonds.

In subsequent months, U.S. equity prices rebounded somewhat but never fully recovered during the remainder of the reporting period and financial market volatility remained elevated through June 2018.

Meanwhile, economic growth in the European Union showed signs of slowing during the reporting period. The European Central Bank said it planned no interest rate increases until mid-2019, but it began to reduce stimulus measures in January 2018. China’s economy maintained a steady expansion, as the government sought to restrain financial market speculation, while also supporting growth in consumer spending.

The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth. While wage growth remained stubbornly low, the U.S. unemployment rate stood at its lowest level in decades. The economies of other developed market nations appear poised for continued moderate economic growth, rising corporate profits and low or declining unemployment rates. However, the nascent trade war between the U.S. and China, involving tariffs on billions of dollars’ worth of goods, could begin to weigh on corporate profits and economic growth.

We believe investors who remain focused on a well-diversified portfolio and long-term results may be rewarded by a global investment environment that remains largely positive. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		(1.99)%
MSCI World Index (net of foreign withholding taxes)		0.43%
Income Builder Composite Benchmark		(0.32)%
Net Assets as of 6/30/2018	$	64,620,938

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?

Equity markets in the U.S. provided modest positive returns for the reporting period amid increased market volatility and investor concerns about U.S.-driven trade tensions. Equity prices were supported by corporate earnings growth and the continued U.S. economic expansion. While the U.S. Federal Reserve raised interest rates twice during the first half of 2018, interest rates remained relatively low by historical standards.

In January 2018, the Standard & Poor’s 500 Index (the “S&P 500”) reached four record high closings, but would not return to its January 26, 2018 peak for the remainder of the reporting period. In early February 2018, both equity and bond prices fell sharply. The S&P 500 lost more than 10% of its value over nine trading sessions and yields on 10-year U.S. Treasury bonds, which serve as a benchmark for a broad range of financial assets, spiked higher. While equity markets rebounded somewhat in subsequent weeks, financial market volatility remained elevated through June 2018.

Overall, growth stocks generally outperformed value stocks and small cap stocks slightly outperformed large cap and mid cap stocks. Meanwhile, fixed-income securities provided mixed returns. High yield bonds (also known as “junk bonds”) provided small but positive returns while investment grade corporate bonds were negative for the reporting period.

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 U.S. Aggregate Bond Index, for the six months ended June 30, 2018. The Portfolio’s allocation to emerging market equity securities, which broadly underperformed global equity securities, detracted from performance relative to the Benchmark.

Relative to the Composite, the Portfolio’s allocations to international developed market and emerging market equity were the leading detractors from performance. The Portfolio’s allocations to non-agency mortgages and U.S. high yield debt (also known as “junk bonds”) 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 decreased their overall allocation to equity, increasing their position in U.S. equity and reducing their allocations to international developed and emerging markets equity. The portfolio managers also added a dedicated allocation to U.S. agency mortgages and floating rate fixed income, while removing their dedicated allocation to investment grade corporate bonds.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Equity Income Fund Class R6 Shares	6.0	%
	2.	JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares	3.0
	3.	JPMorgan Floating Rate Income Fund Class R6 Shares	2.0
	4.	FHLMC Gold Pools, 30 Year, Single Family, Pool # G67708, 3.50%, 3/1/2048	0.8
	5.	Novartis AG (Registered), (Switzerland)	0.6
	6.	FHLMC Gold Pools, 30 Year, Single Family, Pool # G67706, 3.50%, 12/1/2047	0.6
	7.	Pfizer, Inc.	0.6
	8.	Coca-Cola Co. (The)	0.5
	9.	TOTAL SA, (France)	0.5
	10.	FNMA, 30 Year, Single Family, Pool # BM3788, 3.50%, 3/1/2048	0.5

PORTFOLIO COMPOSITION***
Corporate Bonds	36.8	%
Common Stocks	33.8
Investment Companies	11.0
Mortgage-Backed Securities	5.2
Asset-Backed Securities	4.3
Collateralized Mortgage Obligations	3.6
Others (each less than 1.0%)	2.6
Short-Term Investments	2.7

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

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

*** Percentages indicated are based on total investments as of June 30, 2018. The Portfolio’s composition is subject to change.

FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association

2 JPMORGAN INSURANCE TRUST JUNE 30, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS 1 SHARES	December 9, 2014		(1.90	)%		3.61	%		4.82	%		4.35	%
CLASS 2 SHARES	December 9, 2014		(1.99	)		3.44			4.59			4.13

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE (12/09/14 TO 6/30/18)

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 Bond Index, the Income Builder Composite Benchmark and the Lipper Variable Underlying Funds Flexible Funds Index from December 9, 2014 to June 30, 2018. 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 Bond 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 Bond 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, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — 36.4%
Australia — 0.4%
Australia & New Zealand Banking Group Ltd. (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (a) (b) (c) (d)		200,000		203,250
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (c)		21,000		20,265
5.13%, 5/15/2024 (c)		12,000		11,415
Nufarm Australia Ltd. 5.75%, 4/30/2026 (c)		19,000		18,430
				253,360
Brazil — 0.3%
JBS USA LUX SA
7.25%, 6/1/2021 (c)		129,000		130,290
5.75%, 6/15/2025 (c)		50,000		46,313
6.75%, 2/15/2028 (c)		34,000		32,002
				208,605
Canada — 1.9%
1011778 BC ULC 4.25%, 5/15/2024 (c)		39,000		37,050
Athabasca Oil Corp. 9.88%, 2/24/2022 (c)		54,000		55,620
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (c)		15,000		15,300
Bombardier, Inc.
8.75%, 12/1/2021 (c)		16,000		17,600
6.00%, 10/15/2022 (c)		75,000		74,696
7.50%, 12/1/2024 (c)		29,000		30,523
7.50%, 3/15/2025 (c)		70,000		72,887
Calfrac Holdings LP 8.50%, 6/15/2026 (c)		9,000		9,045
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (b)		95,000		98,800
Enbridge, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (b)		15,000		14,100
(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 7/15/2077 (b)		55,000		50,119
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (b)		40,000		37,602
Garda World Security Corp. 8.75%, 5/15/2025 (c)		140,000		143,150
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		25,000		26,375
Hudbay Minerals, Inc. 7.25%, 1/15/2023 (c)		15,000		15,450
Jupiter Resources, Inc. 8.50%, 10/1/2022 (c)		9,000		3,668

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Canada — continued
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (c)		20,000		18,000
Mattamy Group Corp. 6.88%, 12/15/2023 (c)		20,000		20,272
MEG Energy Corp.
6.38%, 1/30/2023 (c)		23,000		21,476
7.00%, 3/31/2024 (c)		8,000		7,470
6.50%, 1/15/2025 (c)		28,000		27,930
NOVA Chemicals Corp.
5.25%, 8/1/2023 (c)		5,000		4,988
4.88%, 6/1/2024 (c)		11,000		10,450
5.00%, 5/1/2025 (c)		22,000		20,845
5.25%, 6/1/2027 (c)		6,000		5,591
Open Text Corp. 5.88%, 6/1/2026 (c)		42,000		42,840
Precision Drilling Corp. 7.13%, 1/15/2026 (c)		13,000		13,351
Quebecor Media, Inc. 5.75%, 1/15/2023		5,000		5,100
Seven Generations Energy Ltd. 5.38%, 9/30/2025 (c)		36,000		34,605
Stars Group Holdings BV 7.00%, 7/15/2026 (c)		24,000		24,240
Teck Resources Ltd.
4.75%, 1/15/2022		5,000		5,011
6.13%, 10/1/2035		45,000		45,225
6.00%, 8/15/2040		30,000		29,100
5.40%, 2/1/2043		5,000		4,475
Transcanada Trust (ICE LIBOR USD 3 Month + 3.21%), 5.30%, 3/15/2077 (b)		125,000		118,189
Trinidad Drilling Ltd. 6.63%, 2/15/2025 (c)		10,000		9,625
Videotron Ltd.
5.00%, 7/15/2022		38,000		38,523
5.13%, 4/15/2027 (c)		32,000		31,046
				1,240,337
Finland — 0.1%
Nokia OYJ 6.63%, 5/15/2039		47,000		48,997
France — 0.6%
Altice France SA 6.00%, 5/15/2022 (c)		200,000		201,250
Societe Generale SA (USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (a) (b) (c) (d)		200,000		203,500
				404,750
Ireland — 0.2%
Avolon Holdings Funding Ltd. 5.50%, 1/15/2023 (c)		15,000		14,962

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Ireland — continued
Park Aerospace Holdings Ltd.
5.25%, 8/15/2022 (c)		21,000		20,790
4.50%, 3/15/2023 (c)		16,000		15,197
5.50%, 2/15/2024 (c)		37,000		36,530
				87,479
Italy — 0.1%
Telecom Italia Capital SA
6.38%, 11/15/2033		50,000		49,250
6.00%, 9/30/2034		12,000		11,436
7.20%, 7/18/2036		6,000		6,215
7.72%, 6/4/2038		2,000		2,150
				69,051
Luxembourg — 0.6%
ArcelorMittal
5.50%, 8/5/2020		5,000		5,144
5.75%, 3/1/2021		3,000		3,126
6.50%, 2/25/2022		26,000		27,625
6.13%, 6/1/2025		45,000		48,487
7.25%, 10/15/2039		8,000		9,190
7.00%, 3/1/2041		10,000		11,300
Intelsat Connect Finance SA 12.50%, 4/1/2022 (c)		19,000		18,757
Intelsat Jackson Holdings SA
7.25%, 10/15/2020		25,000		24,875
7.50%, 4/1/2021		45,000		44,663
5.50%, 8/1/2023		55,000		49,346
8.00%, 2/15/2024 (c)		50,000		52,500
9.75%, 7/15/2025 (c)		35,000		36,925
Intelsat Luxembourg SA
7.75%, 6/1/2021		5,000		4,650
8.13%, 6/1/2023		15,000		12,112
				348,700
Mexico — 0.3%
Cemex SAB de CV 5.70%, 1/11/2025 (c)		200,000		197,575
Switzerland — 0.3%
Credit Suisse Group AG (USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (a) (b) (c) (d)		200,000		195,522
United Arab Emirates — 0.2%
DAE Funding LLC
4.50%, 8/1/2022 (c)		10,000		9,737
5.00%, 8/1/2024 (c)		11,000		10,533
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (c)		101,000		102,262
				122,532

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United Kingdom — 1.0%
Fiat Chrysler Automobiles NV 5.25%, 4/15/2023		200,000		201,500
HSBC Holdings plc (USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 6/1/2021 (a) (b) (d)		200,000		206,750
NatWest Markets plc
6.13%, 12/15/2022		177,000		186,221
6.10%, 6/10/2023		25,000		26,321
Noble Holding International Ltd.
7.75%, 1/15/2024		5,000		4,738
7.88%, 2/1/2026 (c)		27,000		27,810
6.20%, 8/1/2040		9,000		6,480
5.25%, 3/15/2042		3,000		2,070
				661,890
United States — 30.4%
Acadia Healthcare Co., Inc. 6.50%, 3/1/2024		45,000		46,125
ACE Cash Express, Inc. 12.00%, 12/15/2022 (c)		19,000		20,567
ADT Corp. (The) 4.13%, 6/15/2023		105,000		98,437
AECOM
5.88%, 10/15/2024		65,000		67,031
5.13%, 3/15/2027		10,000		9,425
AES Corp.
5.50%, 4/15/2025		10,000		10,075
6.00%, 5/15/2026		20,000		20,700
Ahern Rentals, Inc. 7.38%, 5/15/2023 (c)		40,000		39,000
AK Steel Corp.
6.38%, 10/15/2025		18,000		16,740
7.00%, 3/15/2027		20,000		19,000
Albertsons Cos. LLC
6.63%, 6/15/2024		140,000		131,950
5.75%, 3/15/2025		27,000		23,895
Albertsons Cos., Inc. (ICE LIBOR USD 3 Month + 3.75%), 6.09%, 1/15/2024 (b) (c)		48,000		48,120
Alliance Data Systems Corp. 5.38%, 8/1/2022 (c)		66,000		66,322
Allison Transmission, Inc. 4.75%, 10/1/2027 (c)		40,000		37,300
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (b)		75,000		77,062
Ally Financial, Inc.
4.63%, 5/19/2022		50,000		49,875
4.63%, 3/30/2025		143,000		140,855
8.00%, 11/1/2031		19,000		22,610

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
AMC Entertainment Holdings, Inc.
5.88%, 2/15/2022		3,000		3,052
5.75%, 6/15/2025		28,000		27,440
5.88%, 11/15/2026		11,000		10,588
6.13%, 5/15/2027		20,000		19,400
AMC Networks, Inc. 4.75%, 12/15/2022		40,000		40,050
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		46,000		45,655
6.25%, 3/15/2026		12,000		11,700
6.50%, 4/1/2027		67,000		65,995
American Express Co. Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 3/15/2020 (a) (b) (d)		70,000		70,210
American International Group, Inc. Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (b)		140,000		137,900
AmeriGas Partners LP
5.63%, 5/20/2024		15,000		14,756
5.75%, 5/20/2027		35,000		33,250
AMN Healthcare, Inc. 5.13%, 10/1/2024 (c)		20,000		19,400
AmWINS Group, Inc. 7.75%, 7/1/2026 (c)		17,000		17,255
Andeavor Logistics LP Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.87%, 2/15/2023 (a) (b) (d)		27,000		26,730
Antero Resources Corp.
5.38%, 11/1/2021		40,000		40,500
5.13%, 12/1/2022		165,000		165,412
5.63%, 6/1/2023		9,000		9,113
Apergy Corp. 6.38%, 5/1/2026 (c)		3,000		3,049
Arconic, Inc.
5.13%, 10/1/2024		57,000		56,611
5.95%, 2/1/2037		34,000		32,810
Avaya, Inc. 7.00%, 4/1/2019‡ (e)		85,000		9
Avis Budget Car Rental LLC
5.50%, 4/1/2023		5,000		4,875
5.25%, 3/15/2025 (c)		25,000		22,750
B&G Foods, Inc. 5.25%, 4/1/2025		25,000		23,562
Ball Corp.
4.00%, 11/15/2023		37,000		35,786
4.88%, 3/15/2026		7,000		6,974
Bank of America Corp.
Series V, (ICE LIBOR USD 3 Month + 3.39%), 5.12%, 6/17/2019 (a) (b) (d)		60,000		60,450

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (a) (b) (d)		65,000		67,925
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (a) (b) (d)		105,000		111,562
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (a) (b) (d)		65,000		67,561
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (a) (b) (d)		75,000		79,297
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (a) (b) (d)		65,000		63,538
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 6/20/2020 (a) (b) (d)		90,000		92,021
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (a) (b) (d)		65,000		61,587
Berry Global, Inc.
5.13%, 7/15/2023		10,000		9,912
4.50%, 2/15/2026 (c)		30,000		27,975
Big River Steel LLC 7.25%, 9/1/2025 (c)		9,000		9,248
Blue Cube Spinco LLC 10.00%, 10/15/2025		25,000		29,062
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (c)		27,000		26,392
Boyd Gaming Corp.
6.88%, 5/15/2023		30,000		31,425
6.38%, 4/1/2026		10,000		10,125
6.00%, 8/15/2026 (c)		17,000		16,766
Boyne USA, Inc. 7.25%, 5/1/2025 (c)		31,000		32,317
Brink’s Co. (The) 4.63%, 10/15/2027 (c)		20,000		18,500
Bristow Group, Inc.
6.25%, 10/15/2022		10,000		7,775
8.75%, 3/1/2023 (c)		12,000		11,730
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 1/22/2078 (b)		49,000		43,682
BWX Technologies, Inc. 5.38%, 7/15/2026 (c)		20,000		20,250
Cablevision Systems Corp. 8.00%, 4/15/2020		98,000		102,871
California Resources Corp. 8.00%, 12/15/2022 (c)		25,000		22,687

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Callon Petroleum Co.
6.13%, 10/1/2024		25,000		25,312
6.38%, 7/1/2026 (c)		6,000		6,015
Calpine Corp.
5.88%, 1/15/2024 (c)		15,000		14,850
5.25%, 6/1/2026‡ (c)		70,000		65,975
Camelot Finance SA 7.88%, 10/15/2024 (c)		46,000		46,115
Capital One Financial Corp. Series E, (ICE LIBOR USD 3 Month + 3.80%), 5.55%, 6/1/2020 (a) (b) (d)		100,000		102,170
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		73,000		73,912
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (c)		5,000		4,801
CB Escrow Corp. 8.00%, 10/15/2025 (c)		11,000		10,257
CB T-MOBILE USA, Inc.
6.38%, 3/1/2025‡		120,000		—
4.50%, 2/1/2026‡		10,000		—
CCM Merger, Inc. 6.00%, 3/15/2022 (c)		26,000		26,463
CCO Holdings LLC
5.13%, 2/15/2023		10,000		9,897
5.75%, 9/1/2023		35,000		35,262
5.75%, 1/15/2024		119,000		119,297
5.38%, 5/1/2025 (c)		20,000		19,350
5.75%, 2/15/2026 (c)		75,000		73,688
5.13%, 5/1/2027 (c)		13,000		12,139
5.00%, 2/1/2028 (c)		28,000		25,620
CDW LLC 5.00%, 9/1/2023		26,000		26,023
Cedar Fair LP 5.38%, 4/15/2027		5,000		4,925
Centene Corp.
4.75%, 5/15/2022		40,000		40,250
4.75%, 1/15/2025		40,000		39,800
CenturyLink, Inc.
Series V, 5.63%, 4/1/2020		25,000		25,281
Series S, 6.45%, 6/15/2021		10,000		10,282
Series T, 5.80%, 3/15/2022		5,000		4,950
Series W, 6.75%, 12/1/2023		3,000		3,015
Series Y, 7.50%, 4/1/2024		2,000		2,055
Cequel Communications Holdings I LLC 5.13%, 12/15/2021 (c)		90,000		89,447
CF Industries, Inc.
4.50%, 12/1/2026 (c)		16,000		15,881
5.15%, 3/15/2034		17,000		15,768
Charles Schwab Corp. (The) Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (a) (b) (d)		40,000		38,300

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Chemours Co. (The) 7.00%, 5/15/2025		23,000		24,667
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		50,000		52,000
5.13%, 6/30/2027		5,000		4,956
Cheniere Energy Partners LP 5.25%, 10/1/2025 (c)		13,000		12,681
Chesapeake Energy Corp.
(ICE LIBOR USD 3 Month + 3.25%), 5.60%, 4/15/2019 (b)		10,000		9,975
5.75%, 3/15/2023		9,000		8,505
8.00%, 1/15/2025		35,000		35,646
8.00%, 6/15/2027		62,000		63,085
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (c)		40,000		36,500
Cinemark USA, Inc. 4.88%, 6/1/2023		25,000		24,497
CIT Group, Inc.
5.38%, 5/15/2020		4,000		4,105
5.00%, 8/15/2022		5,000		5,056
5.00%, 8/1/2023		25,000		25,290
5.25%, 3/7/2025		11,000		11,083
6.13%, 3/9/2028		7,000		7,192
CITGO Petroleum Corp. 6.25%, 8/15/2022 (c)		18,000		17,915
Citigroup, Inc.
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020 (a) (b) (d)		35,000		35,852
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.12%, 11/15/2020 (a) (b) (d)		25,000		26,094
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (a) (b) (d)		5,000		5,087
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (a) (b) (d)		25,000		25,438
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (a) (b) (d)		40,000		39,498
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (a) (b) (d)		190,000		192,833
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (a) (b) (d)		20,000		20,175
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (a) (b) (d)		75,000		77,812
Clear Channel Worldwide Holdings, Inc.
Series B, 7.63%, 3/15/2020		60,000		59,642
Series B, 6.50%, 11/15/2022		70,000		71,400

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Clearwater Paper Corp. 4.50%, 2/1/2023		44,000		41,140
Cleveland-Cliffs, Inc. 5.75%, 3/1/2025		9,000		8,527
CNG Holdings, Inc. 9.38%, 5/15/2020 (c)		35,000		34,737
CNO Financial Group, Inc. 5.25%, 5/30/2025		29,000		28,782
CNX Midstream Partners LP 6.50%, 3/15/2026 (c)		7,000		6,807
Coeur Mining, Inc. 5.88%, 6/1/2024		2,000		1,930
Commercial Metals Co.
4.88%, 5/15/2023		19,000		18,578
5.38%, 7/15/2027		6,000		5,700
CommScope Technologies LLC
6.00%, 6/15/2025 (c)		57,000		58,211
5.00%, 3/15/2027 (c)		15,000		14,119
CommScope, Inc. 5.50%, 6/15/2024 (c)		5,000		5,025
Community Health Systems, Inc.
5.13%, 8/1/2021		25,000		23,125
6.88%, 2/1/2022		27,000		13,770
6.25%, 3/31/2023		42,000		38,430
8.63%, 1/15/2024 (c)		37,000		37,096
8.13%, 6/30/2024 (c)		58,000		47,923
Cornerstone Chemical Co. 6.75%, 8/15/2024 (c)		18,000		17,640
Covanta Holding Corp.
5.88%, 3/1/2024		15,000		14,775
5.88%, 7/1/2025		14,000		13,510
Crestwood Midstream Partners LP
6.25%, 4/1/2023		10,000		10,200
5.75%, 4/1/2025		19,000		18,976
Crown Americas LLC
4.50%, 1/15/2023		27,000		26,460
4.75%, 2/1/2026 (c)		26,000		24,700
CSC Holdings LLC
6.75%, 11/15/2021		27,000		28,282
5.25%, 6/1/2024		57,000		53,865
6.63%, 10/15/2025 (c)		200,000		204,750
CSI Compressco LP
7.25%, 8/15/2022		11,000		10,065
7.50%, 4/1/2025 (c)		10,000		10,037
Cumberland Farms, Inc. 6.75%, 5/1/2025 (c)		5,000		5,062
CURO Financial Technologies Corp. 12.00%, 3/1/2022 (c)		25,000		27,085
CVR Partners LP 9.25%, 6/15/2023 (c)		99,000		101,970
CyrusOne LP
REIT, 5.00%, 3/15/2024		10,000		10,000
REIT, 5.38%, 3/15/2027		25,000		24,812

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
DaVita, Inc.
5.75%, 8/15/2022		13,000		13,219
5.13%, 7/15/2024		35,000		33,950
5.00%, 5/1/2025		10,000		9,413
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.37%, 12/15/2022 (a) (b) (d)		22,000		21,065
DCP Midstream Operating LP
4.95%, 4/1/2022		5,000		5,056
3.88%, 3/15/2023		38,000		36,718
6.75%, 9/15/2037 (c)		20,000		21,200
Dean Foods Co. 6.50%, 3/15/2023 (c)		19,000		18,359
Delek Logistics Partners LP 6.75%, 5/15/2025		38,000		38,000
Dell International LLC 7.13%, 6/15/2024 (c)		94,000		99,586
Denbury Resources, Inc.
9.00%, 5/15/2021 (c)		10,000		10,572
9.25%, 3/31/2022 (c)		13,000		13,780
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		18,000		18,652
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		52,000		49,807
Discover Financial Services Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (a) (b) (d)		45,000		43,931
DISH DBS Corp.
6.75%, 6/1/2021		105,000		105,131
5.88%, 7/15/2022		4,000		3,760
5.00%, 3/15/2023		48,000		41,640
5.88%, 11/15/2024		23,000		19,464
7.75%, 7/1/2026		35,000		30,669
Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		28,000		27,720
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		38,000		38,760
Eldorado Resorts, Inc. 6.00%, 4/1/2025		51,000		51,064
Embarq Corp. 8.00%, 6/1/2036		174,000		164,212
Endo Finance LLC 5.75%, 1/15/2022 (c)		110,000		98,450
Energy Transfer Equity LP
4.25%, 3/15/2023		21,000		20,265
5.88%, 1/15/2024		40,000		41,000
5.50%, 6/1/2027		10,000		10,000
Energy Transfer Partners LP
Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (a) (b) (d)		50,000		46,312

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.62%, 2/15/2028 (a) (b) (d)		45,000		41,063
EnLink Midstream Partners LP Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (a) (b) (d)		54,000		46,153
Ensco plc
4.50%, 10/1/2024		4,000		3,295
5.20%, 3/15/2025		19,000		15,770
7.75%, 2/1/2026		8,000		7,558
5.75%, 10/1/2044		2,000		1,412
Entegris, Inc. 4.63%, 2/10/2026 (c)		18,000		17,145
Enterprise Products Operating LLC
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (b)		100,000		93,000
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (b)		14,000		12,751
Envision Healthcare Corp.
5.13%, 7/1/2022 (c)		10,000		10,088
5.63%, 7/15/2022		100,000		101,687
6.25%, 12/1/2024 (c)		15,000		15,975
EP Energy LLC
9.38%, 5/1/2024 (c)		8,000		6,560
8.00%, 11/29/2024 (c)		55,000		55,550
8.00%, 2/15/2025 (c)		23,000		17,825
7.75%, 5/15/2026 (c)		62,000		63,395
Equinix, Inc.
REIT, 5.75%, 1/1/2025		58,000		58,418
REIT, 5.88%, 1/15/2026		15,000		15,195
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (c)		35,000		33,775
EW Scripps Co. (The) 5.13%, 5/15/2025 (c)		6,000		5,625
Exela Intermediate LLC 10.00%, 7/15/2023 (c)		55,000		56,169
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (c)		21,000		20,475
Fifth Third Bancorp (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 6/30/2023 (a) (b) (d)		55,000		54,146
First Data Corp.
7.00%, 12/1/2023 (c)		42,000		43,746
5.75%, 1/15/2024 (c)		93,000		92,940
FirstCash, Inc. 5.38%, 6/1/2024 (c)		5,000		4,987
Freeport-McMoRan, Inc.
4.00%, 11/14/2021		42,000		40,950
3.88%, 3/15/2023		80,000		75,600

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
4.55%, 11/14/2024		15,000		14,250
5.45%, 3/15/2043		20,000		17,544
Frontier Communications Corp.
10.50%, 9/15/2022		25,000		22,688
7.13%, 1/15/2023		5,000		3,684
11.00%, 9/15/2025		51,000		40,785
8.50%, 4/1/2026 (c)		15,000		14,475
FTI Consulting, Inc. 6.00%, 11/15/2022		12,000		12,315
FXI Holdings, Inc. 7.88%, 11/1/2024 (c)		35,000		34,212
Gartner, Inc. 5.13%, 4/1/2025 (c)		13,000		12,935
Gates Global LLC 6.00%, 7/15/2022 (c)		44,000		44,550
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (a) (b) (d)		247,000		243,666
General Motors Financial Co., Inc. Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 9/30/2027 (a) (b) (d)		40,000		38,350
Genesis Energy LP
6.75%, 8/1/2022		15,000		15,150
6.00%, 5/15/2023		15,000		14,719
5.63%, 6/15/2024		5,000		4,675
6.50%, 10/1/2025		5,000		4,800
6.25%, 5/15/2026		5,000		4,712
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (c)		56,000		62,503
Global Partners LP 7.00%, 6/15/2023‡		40,000		39,700
GLP Capital LP
5.38%, 11/1/2023		20,000		20,425
5.25%, 6/1/2025		16,000		16,000
Golden Nugget, Inc. 6.75%, 10/15/2024 (c)		63,000		63,011
Goldman Sachs Group, Inc. (The)
Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 5/10/2019 (a) (b) (d)		40,000		40,560
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (a) (b) (d)		170,000		172,550
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (a) (b) (d)		110,000		103,191
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		18,000		17,838
5.00%, 5/31/2026		47,000		43,710
4.88%, 3/15/2027		36,000		32,895
Graham Holdings Co. 5.75%, 6/1/2026 (c)		11,000		11,110

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Gray Television, Inc.
5.13%, 10/15/2024 (c)		30,000		28,650
5.88%, 7/15/2026 (c)		20,000		19,025
GTT Communications, Inc. 7.88%, 12/31/2024 (c)		8,000		7,920
Gulfport Energy Corp.
6.00%, 10/15/2024		37,000		35,612
6.38%, 5/15/2025		2,000		1,945
H&E Equipment Services, Inc. 5.63%, 9/1/2025		20,000		19,650
Hanesbrands, Inc. 4.88%, 5/15/2026 (c)		40,000		38,600
Hardwoods Acquisition, Inc. 7.50%, 8/1/2021‡ (c)		40,000		37,100
Harland Clarke Holdings Corp. 8.38%, 8/15/2022 (c)		20,000		19,600
HCA Healthcare, Inc. 6.25%, 2/15/2021		23,000		23,863
HCA, Inc.
4.25%, 10/15/2019		12,000		12,090
7.50%, 2/15/2022		57,000		61,988
5.88%, 3/15/2022		22,000		22,935
5.88%, 5/1/2023		95,000		98,563
5.38%, 2/1/2025		66,000		64,990
5.50%, 6/15/2047		19,000		17,432
Hecla Mining Co. 6.88%, 5/1/2021		35,000		35,371
Hertz Corp. (The)
7.38%, 1/15/2021		10,000		9,800
5.50%, 10/15/2024 (c)		10,000		7,863
Hexion, Inc.
6.63%, 4/15/2020		60,000		56,184
9.00%, 11/15/2020		10,000		8,400
Hilcorp Energy I LP 5.00%, 12/1/2024 (c)		90,000		87,300
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		10,000		9,513
5.13%, 5/1/2026 (c)		10,000		9,825
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		5,000		5,100
Hilton Worldwide Finance LLC 4.63%, 4/1/2025		11,000		10,725
Holly Energy Partners LP 6.00%, 8/1/2024 (c)		20,000		20,200
Hologic, Inc.
4.38%, 10/15/2025 (c)		14,000		13,370
4.63%, 2/1/2028 (c)		6,000		5,640
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		30,000		28,125
6.63%, 8/1/2026		20,000		18,500

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (a) (b) (d)		20,000		19,750
Huntsman International LLC 5.13%, 11/15/2022		8,000		8,224
Icahn Enterprises LP
6.00%, 8/1/2020		39,000		39,487
6.25%, 2/1/2022		43,000		43,860
6.38%, 12/15/2025		22,000		22,028
iHeartCommunications, Inc. 9.00%, 12/15/2019 (e)		90,000		68,175
IHS Markit Ltd. 5.00%, 11/1/2022 (c)		20,000		20,175
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.57%, 12/21/2065 (b) (c)		100,000		93,500
Infor Software Parent LLC 7.12% (cash), 5/1/2021 (c) (f)		30,000		30,075
Infor US, Inc. 6.50%, 5/15/2022		50,000		50,188
Informatica LLC 7.13%, 7/15/2023 (c)		22,000		22,225
Ingevity Corp. 4.50%, 2/1/2026 (c)		10,000		9,425
IQVIA, Inc. 4.88%, 5/15/2023 (c)		20,000		20,200
IRB Holding Corp. 6.75%, 2/15/2026 (c)		36,000		34,380
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024		48,000		47,280
REIT, 4.88%, 9/15/2027 (c)		16,000		14,740
REIT, 5.25%, 3/15/2028 (c)		14,000		12,956
Jack Ohio Finance LLC
6.75%, 11/15/2021 (c)		30,000		30,900
10.25%, 11/15/2022 (c)		20,000		21,650
Jaguar Holding Co. II 6.38%, 8/1/2023 (c)		15,000		14,928
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c)		7,000		7,175
JC Penney Corp., Inc.
5.88%, 7/1/2023 (c)		10,000		9,375
8.63%, 3/15/2025 (c)		7,000		5,933
Kaiser Aluminum Corp. 5.88%, 5/15/2024		10,000		10,200
Kennedy-Wilson, Inc. 5.88%, 4/1/2024 (c)		11,000		10,670
KeyCorp Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 9/15/2026 (a) (b) (d)		30,000		29,190
KFC Holding Co. 4.75%, 6/1/2027 (c)		31,000		29,295
Koppers, Inc. 6.00%, 2/15/2025 (c)		8,000		8,000
L Brands, Inc.
5.63%, 10/15/2023		15,000		15,281
5.25%, 2/1/2028		8,000		7,110
6.75%, 7/1/2036		25,000		22,000

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Ladder Capital Finance Holdings LLLP
5.25%, 3/15/2022 (c)		14,000		14,000
5.25%, 10/1/2025 (c)		28,000		26,279
Lamar Media Corp. 5.75%, 2/1/2026		20,000		20,350
Lennar Corp.
4.75%, 11/15/2022		5,000		4,984
4.50%, 4/30/2024		15,000		14,457
5.88%, 11/15/2024		45,000		46,463
4.75%, 5/30/2025		5,000		4,837
5.25%, 6/1/2026		9,000		8,820
4.75%, 11/29/2027		20,000		18,694
Level 3 Financing, Inc.
5.13%, 5/1/2023		25,000		24,500
5.38%, 5/1/2025		41,000		39,463
5.25%, 3/15/2026		10,000		9,511
LGI Homes, Inc. 6.88%, 7/15/2026 (c)		21,000		20,948
LifePoint Health, Inc. 5.50%, 12/1/2021		10,000		9,988
Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (c)		7,000		6,773
LKQ Corp. 4.75%, 5/15/2023		26,000		25,870
LPL Holdings, Inc. 5.75%, 9/15/2025‡ (c)		25,000		24,313
Mallinckrodt International Finance SA 5.75%, 8/1/2022 (c)		28,000		25,200
Martin Midstream Partners LP 7.25%, 2/15/2021		40,000		39,500
MasTec, Inc. 4.88%, 3/15/2023		48,000		46,620
Match Group, Inc. 5.00%, 12/15/2027 (c)		3,000		2,790
Mattel, Inc.
3.15%, 3/15/2023		11,000		9,653
6.75%, 12/31/2025 (c)		27,000		26,291
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 6/15/2020 (a) (b) (d)		95,000		96,644
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (a) (b) (d)		60,000		61,011
MGM Resorts International
6.63%, 12/15/2021		22,000		23,155
6.00%, 3/15/2023		30,000		30,900
Molina Healthcare, Inc. 4.88%, 6/15/2025 (c)		9,000		8,730
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 7/15/2019 (a) (b) (d)		230,000		233,020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (a) (b) (d)		14,000		14,430
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (c)		67,000		68,675
MSCI, Inc.
5.25%, 11/15/2024 (c)		15,000		15,150
5.38%, 5/15/2027 (c)		9,000		9,000
Nabors Industries, Inc.
5.50%, 1/15/2023		17,000		16,252
5.10%, 9/15/2023		2,000		1,884
5.75%, 2/1/2025 (c)		11,000		10,395
Nationstar Mortgage LLC 6.50%, 6/1/2022		30,000		29,775
Navistar International Corp. 6.63%, 11/1/2025 (c)		49,000		50,348
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021 (c)		50,000		33,063
Netflix, Inc.
5.75%, 3/1/2024		7,000		7,192
5.88%, 2/15/2025		15,000		15,387
4.38%, 11/15/2026		15,000		14,022
4.88%, 4/15/2028 (c)		15,000		14,298
5.88%, 11/15/2028 (c)		17,000		17,165
New Albertsons LP
7.75%, 6/15/2026		5,000		4,325
6.63%, 6/1/2028		15,000		11,550
7.45%, 8/1/2029		28,000		22,680
8.70%, 5/1/2030		2,000		1,745
8.00%, 5/1/2031		80,000		65,600
New Home Co., Inc. (The) 7.25%, 4/1/2022		30,000		30,857
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (c)		24,000		23,100
4.50%, 9/15/2027 (c)		8,000		7,480
NGPL PipeCo LLC 4.88%, 8/15/2027 (c)		10,000		9,875
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c)		35,000		33,338
Nielsen Finance LLC 4.50%, 10/1/2020		33,000		33,000
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (a) (b) (c) (d)		25,000		24,813
Northern Trust Corp. Series D, (ICE LIBOR USD 3 Month + 3.20%), 4.60%, 10/1/2026 (a) (b) (d)		34,000		33,320
Northwest Acquisitions ULC 7.13%, 11/1/2022 (c)		10,000		9,975

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Novelis Corp.
6.25%, 8/15/2024 (c)		45,000		45,000
5.88%, 9/30/2026 (c)		20,000		19,150
NRG Energy, Inc.
6.25%, 5/1/2024		20,000		20,500
7.25%, 5/15/2026		40,000		42,600
5.75%, 1/15/2028 (c)		12,000		11,790
NRG Yield Operating LLC 5.38%, 8/15/2024		16,000		16,000
Nuance Communications, Inc. 5.63%, 12/15/2026		69,000		67,448
NuStar Logistics LP 5.63%, 4/28/2027		25,000		24,188
NVA Holdings, Inc. 6.88%, 4/1/2026 (c)		30,000		29,813
Oasis Petroleum, Inc.
6.88%, 3/15/2022		8,000		8,138
6.25%, 5/1/2026 (c)		16,000		16,160
OI European Group BV 4.00%, 3/15/2023 (c)		9,000		8,393
Outfront Media Capital LLC
5.63%, 2/15/2024		25,000		25,299
5.88%, 3/15/2025		25,000		25,204
Owens-Brockway Glass Container, Inc. 6.38%, 8/15/2025 (c)		40,000		41,000
Parsley Energy LLC 5.38%, 1/15/2025 (c)		2,000		1,985
Party City Holdings, Inc. 6.13%, 8/15/2023 (c)		15,000		15,075
PBF Holding Co. LLC
7.00%, 11/15/2023		10,000		10,350
7.25%, 6/15/2025		25,000		26,281
PBF Logistics LP 6.88%, 5/15/2023		15,000		15,131
Peabody Energy Corp.
6.00%, 3/31/2022 (c)		15,000		15,187
6.38%, 3/31/2025 (c)		15,000		15,413
Penske Automotive Group, Inc. 5.50%, 5/15/2026		32,000		31,360
PetSmart, Inc.
7.13%, 3/15/2023 (c)		22,000		14,769
5.88%, 6/1/2025 (c)		31,000		23,792
8.88%, 6/1/2025 (c)		18,000		11,835
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (c)		59,000		56,640
5.88%, 9/30/2027 (c)		17,000		15,768
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.12%, 11/15/2022 (a) (b) (d)		90,000		84,600
Plantronics, Inc. 5.50%, 5/31/2023 (c)		28,000		28,014

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
PNC Financial Services Group, Inc. (The) Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (a) (b) (d)		50,000		49,563
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (c) (f)		37,000		38,156
Post Holdings, Inc.
5.50%, 3/1/2025 (c)		40,000		39,050
5.00%, 8/15/2026 (c)		30,000		27,975
5.75%, 3/1/2027 (c)		20,000		19,300
PQ Corp. 5.75%, 12/15/2025 (c)		20,000		19,800
Prime Security Services Borrower LLC 9.25%, 5/15/2023 (c)		90,000		96,075
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.37%, 3/15/2023 (a) (b) (d)		25,000		24,875
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 3.92%), 5.62%, 6/15/2043 (b)		180,000		185,625
(ICE LIBOR USD 3 Month + 3.03%), 5.38%, 5/15/2045 (b)		29,000		28,855
QEP Resources, Inc.
5.38%, 10/1/2022		19,000		19,333
5.25%, 5/1/2023		10,000		9,775
Qorvo, Inc. 7.00%, 12/1/2025		26,000		27,950
Quicken Loans, Inc. 5.75%, 5/1/2025 (c)		74,000		72,430
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (c)		38,000		38,190
Radian Group, Inc.
7.00%, 3/15/2021		8,000		8,480
4.50%, 10/1/2024		25,000		24,125
Range Resources Corp. 5.00%, 8/15/2022		5,000		4,950
Revlon Consumer Products Corp. 6.25%, 8/1/2024		30,000		16,800
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		67,838		68,092
5.13%, 7/15/2023 (c)		25,000		24,687
Rowan Cos., Inc.
4.75%, 1/15/2024		2,000		1,725
7.38%, 6/15/2025		25,000		24,188
RSP Permian, Inc. 6.63%, 10/1/2022		23,000		24,166
Sabre GLBL, Inc. 5.38%, 4/15/2023 (c)		22,000		22,220
Sanchez Energy Corp.
7.75%, 6/15/2021		35,000		29,837
6.13%, 1/15/2023		5,000		3,388
7.25%, 2/15/2023 (c)		7,000		6,930

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
SBA Communications Corp.
REIT, 4.00%, 10/1/2022 (c)		23,000		21,994
REIT, 4.88%, 9/1/2024		17,000		16,261
Scientific Games International, Inc.
10.00%, 12/1/2022		36,000		38,340
5.00%, 10/15/2025 (c)		40,000		38,100
Sealed Air Corp. 5.13%, 12/1/2024 (c)		25,000		25,188
SemGroup Corp.
5.63%, 7/15/2022		10,000		9,700
5.63%, 11/15/2023		20,000		18,850
6.38%, 3/15/2025		15,000		14,250
7.25%, 3/15/2026		13,000		12,740
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021 (c)		50,000		50,250
Sensata Technologies BV
4.88%, 10/15/2023 (c)		15,000		15,075
5.00%, 10/1/2025 (c)		30,000		30,225
Service Corp. International 5.38%, 5/15/2024		35,000		35,788
Sinclair Television Group, Inc. 5.88%, 3/15/2026 (c)		50,000		48,625
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (c)		10,000		9,787
6.00%, 7/15/2024 (c)		10,000		10,187
5.38%, 4/15/2025 (c)		50,000		49,313
5.38%, 7/15/2026 (c)		10,000		9,625
5.00%, 8/1/2027 (c)		23,000		21,448
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (c)		22,000		21,377
SM Energy Co. 5.00%, 1/15/2024		36,000		34,065
Solera LLC 10.50%, 3/1/2024 (c)		39,000		43,315
Sotheby’s 4.88%, 12/15/2025 (c)		30,000		28,725
Southwestern Energy Co. 6.70%, 1/23/2025		26,000		25,448
Spectrum Brands, Inc. 5.75%, 7/15/2025		45,000		44,438
Springleaf Finance Corp.
7.75%, 10/1/2021		40,000		43,000
6.13%, 5/15/2022		5,000		5,100
5.63%, 3/15/2023		27,000		26,857
6.88%, 3/15/2025		15,000		14,887
7.13%, 3/15/2026		12,000		11,940
Sprint Capital Corp. 8.75%, 3/15/2032		61,000		65,270
Sprint Communications, Inc.
7.00%, 3/1/2020 (c)		37,000		38,388
6.00%, 11/15/2022		100,000		99,125

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Sprint Corp.
7.88%, 9/15/2023		146,000		151,384
7.13%, 6/15/2024		51,000		51,489
7.63%, 2/15/2025		34,000		34,850
7.63%, 3/1/2026		12,000		12,225
Standard Industries, Inc.
6.00%, 10/15/2025 (c)		45,000		45,112
5.00%, 2/15/2027 (c)		10,000		9,325
4.75%, 1/15/2028 (c)		22,000		20,185
Staples, Inc. 8.50%, 9/15/2025 (c)		70,000		65,275
State Street Corp. Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020 (a) (b) (d)		80,000		82,180
Station Casinos LLC 5.00%, 10/1/2025 (c)		42,000		39,480
Steel Dynamics, Inc.
5.25%, 4/15/2023		23,000		23,201
4.13%, 9/15/2025		20,000		19,175
5.00%, 12/15/2026		15,000		15,000
Summit Materials LLC
6.13%, 7/15/2023		10,000		10,150
5.13%, 6/1/2025 (c)		85,000		79,900
Summit Midstream Holdings LLC 5.75%, 4/15/2025		35,000		33,250
Sunoco LP
4.88%, 1/15/2023 (c)		18,000		17,280
5.50%, 2/15/2026 (c)		8,000		7,580
5.88%, 3/15/2028 (c)		3,000		2,828
SunTrust Banks, Inc.
(ICE LIBOR USD 3 Month + 3.86%), 5.62%, 12/15/2019 (a) (b) (d)		50,000		51,381
Series G, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 6/15/2022 (a) (b) (d)		40,000		39,248
Series H, (ICE LIBOR USD 3 Month + 2.79%), 5.12%, 12/15/2027 (a) (b) (d)		40,000		38,000
SUPERVALU, Inc.
6.75%, 6/1/2021		32,000		32,550
7.75%, 11/15/2022		76,000		78,090
Symantec Corp. 5.00%, 4/15/2025 (c)		29,000		28,086
Talen Energy Supply LLC 6.50%, 6/1/2025		28,000		21,350
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (c)		25,000		25,500
5.50%, 1/15/2028 (c)		5,000		4,938

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Targa Resources Partners LP
4.25%, 11/15/2023		10,000		9,600
5.13%, 2/1/2025		50,000		49,375
5.88%, 4/15/2026 (c)		2,000		2,015
5.38%, 2/1/2027		10,000		9,700
5.00%, 1/15/2028 (c)		5,000		4,650
Team Health Holdings, Inc. 6.38%, 2/1/2025 (c)		67,000		57,620
TEGNA, Inc. 6.38%, 10/15/2023		60,000		61,650
Teleflex, Inc. 5.25%, 6/15/2024		53,000		54,590
Tempur Sealy International, Inc.
5.63%, 10/15/2023		42,000		42,052
5.50%, 6/15/2026		35,000		33,863
Tenet Healthcare Corp.
6.00%, 10/1/2020		73,000		75,007
4.50%, 4/1/2021		20,000		19,800
4.38%, 10/1/2021		16,000		15,740
8.13%, 4/1/2022		45,000		46,969
6.75%, 6/15/2023		59,000		58,705
4.63%, 7/15/2024 (c)		25,000		23,680
5.13%, 5/1/2025 (c)		57,000		54,186
7.00%, 8/1/2025 (c)		10,000		9,925
Tennant Co. 5.63%, 5/1/2025		30,000		29,775
Terex Corp. 5.63%, 2/1/2025 (c)		18,000		17,910
Terraform Global Operating LLC 6.13%, 3/1/2026 (c)		15,000		14,813
TerraForm Power Operating LLC
4.25%, 1/31/2023 (c)		15,000		14,475
6.62%, 6/15/2025 (c) (g)		20,000		21,300
5.00%, 1/31/2028 (c)		19,000		18,003
T-Mobile USA, Inc.
6.38%, 3/1/2025		120,000		124,500
5.13%, 4/15/2025		10,000		10,050
4.50%, 2/1/2026		10,000		9,338
4.75%, 2/1/2028‡		10,000		—
4.75%, 2/1/2028		10,000		9,250
Toll Brothers Finance Corp.
5.88%, 2/15/2022		11,000		11,413
4.88%, 11/15/2025		10,000		9,625
TransDigm, Inc.
5.50%, 10/15/2020		25,000		25,000
6.00%, 7/15/2022		37,000		37,196
6.50%, 7/15/2024		17,000		17,298
6.50%, 5/15/2025		33,000		33,371
TransMontaigne Partners LP 6.13%, 2/15/2026		9,000		9,090

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Transocean Guardian Ltd. 5.88%, 1/15/2024 (c) (h)		16,000		15,900
Transocean Proteus Ltd. 6.25%, 12/1/2024 (c)		31,450		31,765
Transocean, Inc.
5.80%, 10/15/2022		7,000		6,945
9.00%, 7/15/2023 (c)		42,000		45,203
7.50%, 1/15/2026 (c)		82,000		83,281
7.50%, 4/15/2031		25,000		23,187
6.80%, 3/15/2038		39,000		31,688
9.35%, 12/15/2041		23,000		22,885
Travelport Corporate Finance plc 6.00%, 3/15/2026 (c)		19,000		19,143
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c)		23,000		22,799
Tronox Finance plc 5.75%, 10/1/2025 (c)		23,000		22,339
Tronox, Inc. 6.50%, 4/15/2026 (c)		14,000		13,913
Tutor Perini Corp. 6.88%, 5/1/2025 (c)		51,000		51,064
Ultra Resources, Inc.
6.88%, 4/15/2022 (c)		89,000		67,417
7.13%, 4/15/2025 (c)		35,000		24,588
Unit Corp. 6.63%, 5/15/2021		38,000		37,905
United Continental Holdings, Inc. 5.00%, 2/1/2024		33,000		31,763
United Rentals North America, Inc.
5.50%, 7/15/2025		15,000		15,112
4.63%, 10/15/2025		40,000		38,100
5.88%, 9/15/2026		25,000		25,188
5.50%, 5/15/2027		5,000		4,850
4.88%, 1/15/2028		127,000		117,951
United States Steel Corp.
6.88%, 8/15/2025		8,000		8,048
6.25%, 3/15/2026		27,000		26,713
Uniti Group LP REIT, 6.00%, 4/15/2023 (c)		20,000		19,287
Univar USA, Inc. 6.75%, 7/15/2023 (c)		10,000		10,325
Univision Communications, Inc.
5.13%, 5/15/2023 (c)		15,000		14,400
5.13%, 2/15/2025 (c)		32,000		29,560
US Concrete, Inc. 6.38%, 6/1/2024		30,000		30,000
USA Compression Partners LP 6.88%, 4/1/2026 (c)		19,000		19,665
USIS Merger Sub, Inc. 6.88%, 5/1/2025 (c)		26,000		25,870
Valeant Pharmaceuticals International
6.75%, 8/15/2021 (c)		8,000		8,090

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
7.25%, 7/15/2022 (c)		68,000		69,643
9.25%, 4/1/2026 (c)		26,000		27,007
8.50%, 1/31/2027 (c)		11,000		11,165
Valeant Pharmaceuticals International, Inc.
6.50%, 3/15/2022 (c)		36,000		37,260
5.88%, 5/15/2023 (c)		172,000		161,572
7.00%, 3/15/2024 (c)		25,000		26,149
6.13%, 4/15/2025 (c)		20,000		18,425
5.50%, 11/1/2025 (c)		23,000		22,667
9.00%, 12/15/2025 (c)		88,000		91,300
Venator Finance SARL 5.75%, 7/15/2025 (c)		16,000		15,280
Versum Materials, Inc. 5.50%, 9/30/2024 (c)		10,000		10,139
Vertiv Group Corp. 9.25%, 10/15/2024 (c)		99,000		97,020
Viacom, Inc.
4.38%, 3/15/2043		8,000		6,641
(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057 (b)		44,000		41,580
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (b)		33,000		31,680
ViaSat, Inc. 5.63%, 9/15/2025 (c)		10,000		9,400
Vistra Energy Corp.
5.88%, 6/1/2023		35,000		36,006
7.63%, 11/1/2024		60,000		63,975
8.13%, 1/30/2026 (c)		17,000		18,466
VOC Escrow Ltd. 5.00%, 2/15/2028 (c)		17,000		16,060
Voya Financial, Inc. (ICE LIBOR USD 3 Month + 3.58%), 5.65%, 5/15/2053 (b)		90,000		90,450
Weatherford International LLC 9.88%, 3/1/2025 (c)		6,000		6,030
Weatherford International Ltd.
8.25%, 6/15/2023		14,000		13,889
9.88%, 2/15/2024		15,000		15,145
6.50%, 8/1/2036		9,000		7,042
7.00%, 3/15/2038		11,000		8,773
6.75%, 9/15/2040		4,000		3,170
5.95%, 4/15/2042		16,000		11,960
WellCare Health Plans, Inc. 5.25%, 4/1/2025		28,000		27,860
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (a) (b) (d)		130,000		130,429

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (a) (b) (d)		50,000		51,563
WESCO Distribution, Inc. 5.38%, 6/15/2024		20,000		19,650
West Street Merger Sub, Inc. 6.38%, 9/1/2025 (c)		4,000		3,820
Western Digital Corp. 4.75%, 2/15/2026		48,000		46,680
Whiting Petroleum Corp.
5.75%, 3/15/2021		61,000		62,340
6.25%, 4/1/2023		2,000		2,050
6.63%, 1/15/2026 (c)		35,000		36,094
Williams Cos., Inc. (The)
3.70%, 1/15/2023		10,000		9,675
4.55%, 6/24/2024		44,000		44,000
Windstream Services LLC 8.75%, 12/15/2024 (c)		34,000		21,505
WMG Acquisition Corp.
5.00%, 8/1/2023 (c)		40,000		39,800
4.88%, 11/1/2024 (c)		15,000		14,625
5.50%, 4/15/2026 (c)		57,000		56,501
WPX Energy, Inc. 5.75%, 6/1/2026		28,000		28,000
Wyndham Destinations, Inc.
4.15%, 4/1/2024		7,000		6,886
5.10%, 10/1/2025		2,000		2,048
4.50%, 4/1/2027		11,000		10,725
Wyndham Hotels & Resorts, Inc. 5.38%, 4/15/2026 (c)		8,000		7,940
XPO Logistics, Inc.
6.50%, 6/15/2022 (c)		17,000		17,425
6.13%, 9/1/2023 (c)		10,000		10,210
Zayo Group LLC
6.38%, 5/15/2025		30,000		30,562
5.75%, 1/15/2027 (c)		29,000		28,493
				19,664,844
Total Corporate Bonds (Cost $23,934,682)				23,503,642
	SHARES
Common Stocks — 33.4%
Australia — 1.0%
BHP Billiton plc		2,386		53,548
Goodman Group, REIT		20,307		144,765
Mirvac Group, REIT		34,536		55,430
Rio Tinto plc		5,172		285,073
Scentre Group, REIT		29,158		94,736
				633,552

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Austria — 0.0% (i)
OMV AG		402		22,736
Belgium — 0.2%
Ageas		410		20,641
Anheuser-Busch InBev SA/NV		497		50,130
KBC Group NV		308		23,654
Warehouses De Pauw CVA, REIT, CVA		306		38,670
				133,095
Brazil — 0.6%
Ambev SA (Preference)		22,523		104,486
BB Seguridade Participacoes SA		13,154		83,491
Cielo SA		7,600		32,453
Engie Brasil Energia SA		5,866		51,475
Itau Unibanco Holding SA (Preference)		10,383		107,560
Petrobras Distribuidora SA		5,780		26,993
				406,458
Canada — 0.4%
Allied Properties, REIT		2,272		72,326
TransCanada Corp.		4,059		175,618
				247,944
Chile — 0.1%
Banco Santander Chile, ADR		2,501		78,606
China — 1.0%
China Construction Bank Corp., Class H*		57,000		52,673
China Construction Bank Corp., Class H*		56,000		51,242
China Life Insurance Co. Ltd., Class H		26,000		66,703
China Mobile Ltd.		9,000		79,856
China Pacific Insurance Group Co. Ltd., Class H		27,800		107,086
China Resources Power Holdings Co. Ltd.		62,000		108,960
CNOOC Ltd.		55,000		94,245
Guangdong Investment Ltd.		20,000		31,653
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,000		33,577
				625,995
Colombia — 0.0% (i)
Millicom International Cellular SA, SDR		340		19,983
Czech Republic — 0.2%
Komercni banka A/S		2,398		100,711
Moneta Money Bank A/S (j)		11,419		39,179
				139,890
Denmark — 0.2%
Danske Bank A/S		692		21,558

INVESTMENTS	SHARES		VALUE($)
Denmark — continued
Novo Nordisk A/S, Class B		1,373		63,420
Pandora A/S		310		21,606
Tryg A/S		734		17,189
				123,773
Finland — 0.4%
Elisa OYJ		724		33,447
Fortum OYJ		1,488		35,443
Konecranes OYJ		908		37,258
Neste OYJ		306		23,941
Sampo OYJ, Class A		639		31,120
Stora Enso OYJ, Class R		1,226		23,885
UPM-Kymmene OYJ		2,853		101,581
				286,675
France — 2.8%
Airbus SE		23		2,696
Airbus SE		394		45,978
Amundi SA (j)		295		20,392
AXA SA		2,039		49,820
BNP Paribas SA		933		57,712
Bouygues SA		547		23,503
Capgemini SE		347		46,501
Cie de Saint-Gobain		468		20,847
Cie Generale des Etablissements Michelin SCA		931		112,631
CNP Assurances		1,167		26,514
Covivio, REIT		623		64,731
Edenred		619		19,552
Engie SA		2,222		33,989
Gecina SA, REIT		117		19,546
ICADE, REIT		227		21,263
LVMH Moet Hennessy Louis Vuitton SE		281		93,297
Natixis SA		3,186		22,543
Orange SA		2,815		46,988
Peugeot SA		872		19,869
Publicis Groupe SA		334		22,920
Renault SA		326		27,619
Sanofi		1,228		98,559
Schneider Electric SE		1,911		158,932
TOTAL SA		5,365		325,794
Unibail-Rodamco-Westfield, REIT		724		159,417
Veolia Environnement SA		1,114		23,805
Vinci SA		2,263		217,228
				1,782,646

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Germany — 1.5%
Allianz SE (Registered)		1,241		255,714
Aroundtown SA		4,143		34,057
BASF SE		575		54,895
Bayerische Motoren Werke AG		314		28,383
Daimler AG (Registered)		1,890		121,068
Deutsche Telekom AG (Registered)*		10,117		156,352
Deutsche Wohnen SE		588		28,397
E.ON SE		2,510		26,743
Evonik Industries AG		615		21,042
Hannover Rueck SE		252		31,329
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		177		37,213
ProSiebenSat.1 Media SE		793		20,067
RWE AG		1,117		25,383
Schaeffler AG (Preference)		809		10,500
Telefonica Deutschland Holding AG		4,946		19,457
TUI AG		1,569		34,317
Volkswagen AG (Preference)		220		36,346
Vonovia SE		514		24,430
				965,693
Hong Kong — 0.5%
Hang Seng Bank Ltd.		4,400		109,870
HKT Trust & HKT Ltd.		53,000		67,607
New World Development Co. Ltd.		48,000		67,148
WH Group Ltd. (j)		46,500		37,627
Wharf Real Estate Investment Co. Ltd.		5,000		35,504
				317,756
Hungary — 0.1%
OTP Bank Nyrt.		2,674		96,545
India — 0.2%
Infosys Ltd., ADR		5,352		103,989
Indonesia — 0.2%
Telekomunikasi Indonesia Persero Tbk. PT, ADR		4,567		118,788
Ireland — 0.1%
AIB Group plc		3,604		19,517
Bank of Ireland Group plc		3,678		28,542
				48,059
Italy — 0.6%
Assicurazioni Generali SpA		2,031		33,954
Atlantia SpA		639		18,839
Enel SpA		30,603		169,577
Eni SpA		2,902		53,807

INVESTMENTS	SHARES		VALUE($)
Italy — continued
Intesa Sanpaolo SpA		15,663		45,317
Mediobanca Banca di Credito Finanziario SpA		1,540		14,245
Poste Italiane SpA (j)		3,438		28,696
Telecom Italia SpA, RNC		31,904		20,763
Terna Rete Elettrica Nazionale SpA		3,090		16,688
				401,886
Japan — 0.9%
Bandai Namco Holdings, Inc.		1,100		45,311
Bridgestone Corp.		1,300		50,782
Invesco Office J-Reit, Inc., REIT		200		27,686
Japan Airlines Co. Ltd.		1,400		49,603
Japan Hotel REIT Investment Corp., REIT		67		50,193
Kenedix Office Investment Corp., REIT		4		24,829
Kenedix Retail REIT Corp., REIT		9		19,885
Mitsubishi Estate Co. Ltd.		1,700		29,677
Nippon Prologis REIT, Inc., REIT		21		43,584
Nippon Telegraph & Telephone Corp.		1,900		86,313
Sumitomo Mitsui Financial Group, Inc.		1,300		50,708
Tokio Marine Holdings, Inc.		2,700		126,315
				604,886
Luxembourg — 0.1%
RTL Group SA		221		14,977
SES SA, FDR		1,220		22,301
				37,278
Macau — 0.1%
Sands China Ltd.		13,600		72,507
Mexico — 0.4%
Bolsa Mexicana de Valores SAB de CV		12,896		21,707
Fibra Uno Administracion SA de CV, REIT		50,593		73,749
Kimberly-Clark de Mexico SAB de CV, Class A		57,811		97,718
Wal-Mart de Mexico SAB de CV		34,689		91,560
				284,734
Netherlands — 1.4%
ABN AMRO Group NV, CVA (j)		1,059		27,388
Aegon NV		5,449		32,534
Akzo Nobel NV		698		59,534
Eurocommercial Properties NV, REIT, CVA		866		36,756
ING Groep NV		10,818		155,287
Koninklijke Ahold Delhaize NV		6,648		158,738
Koninklijke KPN NV		6,811		18,520
NN Group NV		751		30,458

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Netherlands — continued
Randstad NV		373		21,893
Royal Dutch Shell plc, Class A		4,343		150,721
Royal Dutch Shell plc, Class B		5,192		185,941
Vastned Retail NV, REIT		755		35,568
				913,338
Norway — 0.5%
Aker BP ASA		324		11,918
DNB ASA		2,073		40,368
Equinor ASA		1,727		45,666
Marine Harvest ASA		1,204		23,939
Norsk Hydro ASA		14,595		87,121
Telenor ASA		5,133		105,126
				314,138
Portugal — 0.1%
EDP — Energias de Portugal SA		6,138		24,328
Galp Energia SGPS SA		1,086		20,660
				44,988
Russia — 0.7%
Alrosa PJSC		30,354		48,399
Moscow Exchange MICEX-RTS PJSC		66,833		115,810
PhosAgro PJSC, GDR (j)		1,410		18,026
Sberbank of Russia PJSC		42,773		148,575
Sberbank of Russia PJSC, ADR		4,979		71,474
Severstal PJSC, GDR (j)		1,552		23,022
				425,306
Singapore — 0.2%
Ascendas, REIT		8,920		17,274
City Developments Ltd.		4,000		32,039
DBS Group Holdings Ltd.		3,800		73,899
				123,212
South Africa — 0.6%
Anglo American plc		1,797		39,895
AVI Ltd.		12,162		95,931
Barclays Africa Group Ltd.		1,675		19,450
Bid Corp. Ltd.		2,260		45,254
FirstRand Ltd.		15,998		74,317
Investec plc		3,035		21,460
SPAR Group Ltd. (The)		2,608		35,252
Vodacom Group Ltd.		5,663		50,691
				382,250

INVESTMENTS	SHARES		VALUE($)
South Korea — 0.5%
ING Life Insurance Korea Ltd. (j)		580		21,774
KT&G Corp.		984		94,548
Samsung Electronics Co. Ltd.		2,500		104,724
Samsung Fire & Marine Insurance Co. Ltd.		240		56,866
SK Telecom Co. Ltd., ADR		1,137		26,515
				304,427
Spain — 0.8%
ACS Actividades de Construccion y Servicios SA		474		19,124
Aena SME SA (j)		96		17,381
Banco Bilbao Vizcaya Argentaria SA		4,778		33,697
Bankinter SA		1,682		16,320
CaixaBank SA		6,489		27,931
Enagas SA		1,103		32,170
Endesa SA		1,056		23,223
Gas Natural SDG SA		989		26,145
Iberdrola SA		25,251		194,730
Mapfre SA		6,974		20,962
Merlin Properties Socimi SA, REIT		2,941		42,698
Red Electrica Corp. SA		1,169		23,749
Repsol SA		2,190		42,747
				520,877
Sweden — 0.6%
Boliden AB*		722		23,301
Lundin Petroleum AB		732		23,234
Nordea Bank AB		3,725		35,732
Skandinaviska Enskilda Banken AB, Class A		2,911		27,551
SKF AB, Class B		872		16,143
Svenska Handelsbanken AB, Class A		7,691		85,181
Swedbank AB, Class A		1,703		36,285
Swedish Match AB		458		22,635
Tele2 AB, Class B		2,560		29,984
Telia Co. AB		5,589		25,474
Volvo AB, Class B		1,905		30,276
				355,796
Switzerland — 1.6%
Ferguson plc		1,308		105,828
Glencore plc*		9,350		44,392
Novartis AG (Registered)		4,885		370,044
Roche Holding AG		1,197		265,564
Swiss Re AG		1,202		104,945
Zurich Insurance Group AG*		434		128,347
				1,019,120

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Taiwan — 1.4%
Asustek Computer, Inc.		7,000		63,879
Chicony Electronics Co. Ltd.		7,000		15,759
Delta Electronics, Inc.		11,000		39,428
MediaTek, Inc.		7,000		68,713
Mega Financial Holding Co. Ltd.		62,000		54,665
Novatek Microelectronics Corp.		16,000		72,004
President Chain Store Corp.		6,000		67,988
Quanta Computer, Inc.		29,000		50,817
Taiwan Mobile Co. Ltd.		26,000		94,195
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,212		263,671
Vanguard International Semiconductor Corp.		46,000		105,084
				896,203
Thailand — 0.3%
Siam Cement PCL (The)		4,400		54,690
Siam Commercial Bank PCL (The)		24,600		87,829
Thai Oil PCL		17,200		40,321
				182,840
Turkey — 0.1%
Ford Otomotiv Sanayi A/S		1,141		15,184
Tofas Turk Otomobil Fabrikasi A/S		6,420		33,599
Tupras Turkiye Petrol Rafinerileri A/S		1,709		40,285
				89,068
United Arab Emirates — 0.1%
Emaar Development PJSC*		15,550		21,421
First Abu Dhabi Bank PJSC		22,086		73,056
				94,477
United Kingdom — 3.4%
3i Group plc		1,554		18,398
Admiral Group plc		906		22,770
AstraZeneca plc		2,348		162,404
Aviva plc		15,226		101,026
Babcock International Group plc		1,433		15,397
BAE Systems plc		3,064		26,066
Berkeley Group Holdings plc		580		28,891
BP plc		14,437		109,844
British American Tobacco plc		1,845		92,939
British Land Co. plc (The), REIT		8,729		77,225
Centrica plc		12,110		25,145
Compass Group plc		1,722		36,705
Diageo plc		2,077		74,618
Direct Line Insurance Group plc		4,973		22,441

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
easyJet plc		808		17,776
GlaxoSmithKline plc		7,458		150,360
Hammerson plc, REIT		2,903		19,951
HSBC Holdings plc		18,757		175,333
International Consolidated Airlines Group SA		2,189		19,156
J Sainsbury plc		5,548		23,478
Legal & General Group plc		11,728		41,023
Lloyds Banking Group plc		71,066		58,965
Mondi plc		655		17,671
NewRiver REIT plc, REIT		4,772		16,967
Next plc		321		25,551
Old Mutual Ltd.*		6,348		12,550
Persimmon plc		2,934		97,731
Prudential plc		1,804		41,125
Quilter plc* (j)		2,430		4,648
Royal Mail plc		3,890		25,880
RSA Insurance Group plc		2,893		25,873
Safestore Holdings plc, REIT		6,660		48,157
Schroders plc		349		14,482
Segro plc, REIT		6,702		59,024
Severn Trent plc		857		22,345
Taylor Wimpey plc		31,162		73,356
Tritax Big Box REIT plc, REIT		14,817		30,438
Unilever NV, CVA		4,528		252,286
UNITE Group plc (The), REIT		1,678		19,041
Vodafone Group plc		46,954		113,736
				2,220,772
United States — 9.5%
Altria Group, Inc.		2,218		125,960
American Tower Corp., REIT		247		35,610
Analog Devices, Inc.		1,022		98,030
AvalonBay Communities, Inc., REIT		856		147,138
Avaya Holdings Corp.*		1,870		37,550
Brandywine Realty Trust, REIT		3,196		53,948
Bristol-Myers Squibb Co.		882		48,810
Brixmor Property Group, Inc., REIT		3,089		53,841
Broadcom, Inc.		593		143,886
Camden Property Trust, REIT		1,180		107,533
Chevron Corp.		547		69,157
Cisco Systems, Inc.		1,601		68,891
Citigroup, Inc.		1,388		92,885
Coca-Cola Co. (The)		7,549		331,099
Comcast Corp., Class A		2,445		80,220

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
CVS Health Corp.		710		45,689
Digital Realty Trust, Inc., REIT		1,572		175,404
Douglas Emmett, Inc., REIT		1,262		50,707
DowDuPont, Inc.		76		5,000
DowDuPont, Inc.		601		39,628
Eaton Corp. plc		2,266		169,361
Equinix, Inc., REIT		160		68,782
Equity LifeStyle Properties, Inc., REIT		740		68,006
Equity Residential, REIT		578		36,813
HCP, Inc., REIT		3,835		99,020
Healthcare Trust of America, Inc., Class A, REIT		1,315		35,452
Highwoods Properties, Inc., REIT		940		47,686
Home Depot, Inc. (The)		604		117,840
International Business Machines Corp.		1,576		220,167
Iron Mountain, Inc., REIT		1,492		52,235
Kilroy Realty Corp., REIT		684		51,738
Marathon Petroleum Corp.		950		66,652
Merck & Co., Inc.		4,722		286,625
Microsoft Corp.		439		43,290
Mid-America Apartment Communities, Inc., REIT		849		85,469
Morgan Stanley		1,644		77,926
National Health Investors, Inc., REIT		1,077		79,353
NextEra Energy, Inc.		1,559		260,400
Occidental Petroleum Corp.		825		69,036
Park Hotels & Resorts, Inc., REIT		1,453		44,505
PepsiCo, Inc.		1,586		172,668
Pfizer, Inc.		10,034		364,034
Philip Morris International, Inc.		2,517		203,223
Principal Financial Group, Inc.		1,544		81,755
Prologis, Inc., REIT		2,623		172,305
Public Storage, REIT		820		186,025
Regency Centers Corp., REIT		541		33,585
Senior Housing Properties Trust, REIT		1,367		24,729
STORE Capital Corp., REIT		1,357		37,182
Sunstone Hotel Investors, Inc., REIT		2,577		42,830
Texas Instruments, Inc.		1,145		126,236
Union Pacific Corp.		872		123,545
UnitedHealth Group, Inc.		434		106,478
Verizon Communications, Inc.		6,216		312,727
Vornado Realty Trust, REIT		3,043		224,939
Xcel Energy, Inc.		2,896		132,289
				6,135,892
Total Common Stocks (Cost $20,934,209)				21,576,178

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 10.9%
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (k)		243,254		1,914,411
JPMorgan Equity Income Fund Class R6 Shares (k)		224,410		3,837,409
JPMorgan Floating Rate Income Fund Class R6 Shares (k)		137,514		1,283,007
Total Investment Companies (Cost $6,781,940)				7,034,827
	PRINCIPAL AMOUNT($)
Mortgage-Backed Securities — 5.1%
United States — 5.1%
FHLMC Gold Pools, 30 Year, Single Family
Pool # G67700, 3.50%, 8/1/2046		108,691		108,823
Pool # G60852, 4.00%, 8/1/2046		58,155		59,630
Pool # G61096, 3.50%, 2/1/2047		155,935		155,641
Pool # G08756, 3.00%, 4/1/2047		92,993		90,069
Pool # G67703, 3.50%, 4/1/2047		27,395		27,350
Pool # G67704, 4.00%, 8/1/2047		22,548		23,165
Pool # Q52307, 3.50%, 11/1/2047		19,514		19,482
Pool # G67706, 3.50%, 12/1/2047		368,653		368,049
Pool # Q53751, 3.50%, 1/1/2048		165,675		164,842
Pool # G67708, 3.50%, 3/1/2048		509,031		507,803
FNMA, 20 Year, Single Family
Pool # BM3100, 4.00%, 11/1/2037		28,393		29,352
Pool # BM3569, 3.50%, 2/1/2038		68,277		68,947
Pool # BM3791, 3.50%, 4/1/2038		49,662		50,062
FNMA, 30 Year, Single Family
Pool # AS4085, 4.00%, 12/1/2044		24,923		25,628
Pool # BM1909, 4.00%, 2/1/2045		45,848		47,233
Pool # MA2670, 3.00%, 7/1/2046		76,940		74,625
Pool # MA2863, 3.00%, 1/1/2047		227,382		220,541
Pool # AS8784, 3.00%, 2/1/2047		55,453		53,784
Pool # MA2920, 3.00%, 3/1/2047		82,969		80,471
Pool # BM4028, 3.50%, 10/1/2047		39,768		39,742
Pool # BM3357, 3.50%, 11/1/2047		78,103		78,440
Pool # BM3778, 3.50%, 12/1/2047		254,727		255,395
Pool # CA0906, 3.50%, 12/1/2047		135,088		134,942
Pool # MA3210, 3.50%, 12/1/2047		28,985		28,855
Pool # CA0995, 3.50%, 1/1/2048		155,947		155,778
Pool # BH9215, 3.50%, 1/1/2048		4,886		4,870
Pool # BM3788, 3.50%, 3/1/2048		315,737		316,587
FNMA, Other
Pool # AN7845, 3.08%, 12/1/2029		30,000		28,724
Pool # AN8281, 3.19%, 2/1/2030		20,000		19,299

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
United States — continued
Pool # AN8572, 3.55%, 4/1/2030		20,000		19,887
Pool # AN3747, 2.87%, 2/1/2032		12,000		11,125
Pool # AN6122, 3.06%, 8/1/2032		20,000		18,775
Pool # AN7633, Pool, 3.13%, 12/1/2032		10,000		9,520
Pool # AN8095, 3.24%, 1/1/2033		18,000		17,285
Total Mortgage-Backed Securities (Cost $3,322,558)				3,314,721
Asset-Backed Securities — 4.2%
United States — 4.2%
ABFC Trust
Series 2003-OPT1, Class M1, 3.13%, 2/25/2033‡ (l)		209,973		211,100
Series 2004-OPT5, Class A1, 2.79%, 6/25/2034‡ (l)		56,908		55,548
ACE Securities Corp. Home Equity Loan Trust Series 2003-HE1, Class M1, 3.07%, 11/25/2033 (l)		103,300		101,546
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2003-10, Class M1, 3.14%, 12/25/2033‡ (l)		52,428		51,755
Series 2003-10, Class M2, 4.64%, 12/25/2033‡ (l)		64,082		62,915
AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1997-1, Class A7, 7.61%, 3/25/2027‡		21,117		21,020
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2003-HE6, Class M2, 4.57%, 11/25/2033‡ (l)		82,527		83,201
Bayview Opportunity Master Fund Trust Series 2018-RN5, Class A1, 3.82%, 4/28/2033‡ (c) (g)		231,386		231,184
Bear Stearns Asset-Backed Securities Trust Series 2004-HE5, Class M2, 3.97%, 7/25/2034‡ (l)		20,879		20,783
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 2.84%, 5/25/2034‡ (l)		25,756		25,722
Series 2006-19, Class 2A2, 2.25%, 3/25/2037‡ (l)		94,311		93,402
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 4.42%, 5/25/2034 (l)		51,467		49,755
Series 2004-5, Class M3, 3.82%, 7/25/2034‡ (l)		82,347		83,263
Fremont Home Loan Trust
Series 2003-A, Class M1, 3.07%, 8/25/2033‡ (l)		79,126		76,609

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2004-1, Class M4, 3.52%, 2/25/2034‡ (l)		68,989		69,490
GSAMP Trust Series 2003-SEA, Class A1, 2.49%, 2/25/2033‡ (l)		184,074		181,231
Home Equity Asset Trust
Series 2005-7, Class M1, 2.54%, 1/25/2036‡ (l)		85,625		85,925
Series 2007-2, Class 2A2, 2.28%, 7/25/2037‡ (l)		30,242		30,173
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-B, Class 2A3, 2.28%, 6/25/2036‡ (l)		59,462		57,850
MASTR Asset-Backed Securities Trust Series 2004-OPT2, Class M1, 2.99%, 9/25/2034‡ (l)		23,408		22,822
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 4.34%, 3/25/2033‡ (l)		183,557		177,851
Series 2003-NC10, Class M1, 3.11%, 10/25/2033‡ (l)		32,632		32,324
Series 2004-HE3, Class M1, 2.95%, 3/25/2034‡ (l)		79,229		77,140
Series 2004-NC7, Class M2, 3.02%, 7/25/2034‡ (l)		52,783		53,220
RAMP Trust
Series 2005-RS6, Class M4, 3.07%, 6/25/2035‡ (l)		250,000		250,285
Series 2006-RZ3, Class M1, 2.44%, 8/25/2036‡ (l)		200,000		196,268
Renaissance Home Equity Loan Trust Series 2003-3, Class A, 2.59%, 12/25/2033 (l)		34,917		34,337
Securitized Asset-Backed Receivables LLC Trust Series 2004-OP2, Class M3, 4.12%, 8/25/2034‡ (l)		115,479		107,899
Structured Asset Investment Loan Trust Series 2003-BC11, Class M1, 3.07%, 10/25/2033‡ (l)		15,767		15,720
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC6, Class A4, 2.26%, 1/25/2037 (l)		106,624		104,274
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 2.24%, 1/25/2037‡ (l)		63,479		63,070
Total Asset-Backed Securities (Cost $2,638,241)				2,727,682

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — 3.6%
United States — 3.6%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 4.50%, 6/25/2045 (l)		40,827		41,988
Banc of America Funding Trust Series 2006-A, Class 1A1, 3.79%, 2/20/2036 (l)		28,902		28,702
Banc of America Mortgage Trust Series 2005-A, Class 2A2, 3.70%, 2/25/2035 (l)		18,249		18,083
Bear Stearns ALT-A Trust Series 2005-4, Class 23A2, 3.78%, 5/25/2035 (l)		52,114		52,896
Bear Stearns ARM Trust
Series 2004-9, Class 22A1, 3.98%, 11/25/2034 (l)		109,611		111,117
Series 2006-1, Class A1, 3.67%, 2/25/2036 (l)		27,211		27,377
Citigroup Mortgage Loan Trust, Inc. Series 2005-6, Class A1, 3.41%, 9/25/2035 (l)		62,928		63,775
COLT Mortgage Loan Trust Series 2018-2, Class A1, 3.47%, 7/27/2048 (c) (l)		197,765		197,765
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 4.39%, 9/25/2030 (l)		250,000		249,237
First Horizon Mortgage Pass-Through Trust Series 2004-AR7, Class 4A1, 3.77%, 2/25/2035 (l)		19,745		19,771
FNMA, Connecticut Avenue Securities Series 2017-C05, Class 1M1, 2.64%, 1/25/2030 (l)		161,210		161,267
GSR Mortgage Loan Trust Series 2005-AR3, Class 1A1, 2.53%, 5/25/2035 (l)		58,752		58,164
Impac CMB Trust
Series 2004-6, Class 1A2, 2.87%, 10/25/2034 (l)		71,291		69,821
Series 2004-7, Class 1A2, 3.01%, 11/25/2034 (l)		105,629		102,680
Series 2005-4, Class 1A1A, 2.63%, 5/25/2035 (l)		245,709		244,944
Series 2005-8, Class 1AM, 2.79%, 2/25/2036 (l)		168,803		157,699
JP Morgan Alternative Loan Trust Series 2007-A2, Class 12A3, 2.28%, 6/25/2037 (l)		70,233		69,916
Lehman Mortgage Trust Series 2005-3, Class 2A3, 5.50%, 1/25/2036		11,713		11,170
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 3.81%, 4/21/2034 (l)		28,412		29,152

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 5.17%, 1/25/2037 (l)		15,922		15,356
Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 4A, 4.23%, 7/25/2034 (l)		33,745		33,269
NSM
7.50%, 6/30/2023 (h)		12,000		12,000
8.25%, 6/30/2026 (h)		15,000		15,000
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1APT, 2.37%, 12/25/2035 (l)		62,770		61,484
Residential Asset Securitization Trust Series 2004-A6, Class A1, 5.00%, 8/25/2019		10,601		10,537
TSGICN 6/30/2026		24,000		24,000
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.66%, 3/25/2035 (l)		25,286		24,862
Series 2005-AR5, Class A6, 3.90%, 5/25/2035 (l)		40,564		40,838
Wells Fargo Mortgage Backed Securities Trust
Series 2004-W, Class A1, 3.72%, 11/25/2034 (l)		52,611		53,153
Series 2004-Z, Class 2A2, 3.74%, 12/25/2034 (l)		33,215		33,832
Series 2005-AR1, Class 1A1, 3.84%, 2/25/2035 (l)		24,668		25,207
Series 2006-AR2, Class 2A3, 3.82%, 3/25/2036 (l)		40,202		40,634
Series 2006-AR3, Class A3, 4.02%, 3/25/2036 (l)		32,151		32,018
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-EE, Class 2A2, 4.15%, 12/25/2034 (l)		41,103		42,295
Series 2005-AR2, Class 2A2, 3.91%, 3/25/2035 (l)		21,901		22,363
Series 2005-AR3, Class 2A1, 4.16%, 3/25/2035 (l)		34,351		34,900
Series 2005-AR3, Class 1A1, 4.23%, 3/25/2035 (l)		44,624		45,921
Series 2005-16, Class A8, 5.75%, 1/25/2036		13,598		14,475
Total Collateralized Mortgage Obligations (Cost $2,247,764)				2,297,668

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — 0.8%
Cayman Islands — 0.4%
GPMT Ltd. Series 2018-FL1, Class AS, 3.29%, 11/21/2035‡ (c) (l)		250,000		250,000
United States — 0.4%
DBGS Mortgage Trust Series 2018-5BP, Class B, 2.73%, 6/15/2033 (c) (l)		100,000		99,219
GS Mortgage Securities Trust Series 2007-GG10, Class AM, 5.98%, 8/10/2045 (l)		131,638		133,796
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡ (l)		52,379		39,686
				272,701
Total Commercial Mortgage-Backed Securities (Cost $533,939)				522,701
	NO. OF WARRANTS
Warrants — 0.6%
Switzerland — 0.6%
Fuyao Glass Industry Group Co. Ltd expiring 3/6/2019*		24,463		95,224
Henan Shuanghui Investment & Development Co. Ltd. expiring 10/29/2018*		5,710		22,832
Huayu Automotive Systems Co. Ltd. expiring 10/29/2018*		20,100		72,184
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. expiring 10/29/2018*		1,833		36,522
Midea Group Co. Ltd. expiring 3/6/2019*		9,924		78,462
SAIC Motor Corp., Ltd. expiring 2/11/2019*		17,485		92,628
Zhengzhou Yutong Bus Co. Ltd. expiring 4/26/2019*		6,930		20,134
				417,986
Total Warrants (Cost $424,692)				417,986
	SHARES
Preferred Stocks — 0.5%
United States — 0.5%
Bank of America Corp., Series GG, 6.00%, 5/16/2023 ($25 par value) (m)		1,000		26,120
BB&T Corp., Series G, 5.20%, 6/1/2018 ($25 par value) (m)		2,000		50,100
Dominion Energy, Inc., Series A, 5.25%, 7/30/2076 ($25 par value)		5,000		123,700

INVESTMENTS	SHARES		VALUE($)
United States — continued
Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 5/10/2023 ($25 par value) (b) (m)		1,000		25,880
Morgan Stanley, Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (b) (m)		1,000		25,690
Southern Co. (The), 5.25%, 10/1/2076 ($25 par value)		1,000		25,050
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (b) (m)		1,000		26,120
Wells Fargo & Co., Series Q, (ICE LIBOR USD 3 Month + 3.09%), 5.85%, 9/15/2023 ($25 par value) (b) (m)		1,000		25,900
Total Preferred Stocks (Cost $323,740)				328,560
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.13%, 1/31/2019 (n) (Cost $233,968)		235,000		233,540
Loan Assignments — 0.2% (o)
United States — 0.2%
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.34%, 10/2/2024 (b)		13,000		12,982
JC Penney Corp., Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.57%, 6/23/2023 (b) (p)		10,000		9,529
Securus Technologies Holdings, Inc., 1st Lien, Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.59%, 11/1/2024 (b)		99,500		99,842
Total Loan Assignments (Cost $122,176)				122,353
Convertible Bonds — 0.0% (i)
United States — 0.0% (i)
Liberty Interactive LLC
4.00%, 11/15/2029		3,000		2,108
3.75%, 2/15/2030		2,000		1,395
Total Convertible Bonds (Cost $3,246)				3,503

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

INVESTMENTS	NO. OF RIGHTS		VALUE($)
Rights — 0.0% (i)
Italy — 0.0% (i)
Intesa Sanpaolo SpA, expiring 7/17/2018‡*		15,663		—	(q)
Spain — 0.0% (i)
ACS Actividades de Construccion y Servicios SA, expiring 8/6/2018*		474		488
Repsol SA, expiring 8/6/2018*		2,190		1,243
				1,731
Total Rights (Cost $1,728)				1,731
	SHARES
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.86% (k) (r) (Cost $1,740,384)		1,740,384		1,740,384
Total Investments — 98.8% (Cost $63,243,267)				63,825,476
Other Assets Less Liabilities — 1.20%				795,462
NET ASSETS — 100.00%			$	64,620,938

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2018

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

INDUSTRY	PERCENTAGE
Investment Companies		11.0	%
Banks		7.1
Oil, Gas & Consumable Fuels		6.9
Equity Real Estate Investment Trusts (REITs)		5.6
Mortgage-Backed Securities		5.2
Asset-Backed Securities		4.3
Diversified Telecommunication Services		3.8
Pharmaceuticals		3.7
Insurance		3.7
Collateralized Mortgage Obligations		3.6
Capital Markets		3.0
Media		2.9
Health Care Providers & Services		2.3
Metals & Mining		1.9
Electric Utilities		1.6
Wireless Telecommunication Services		1.6
Hotels, Restaurants & Leisure		1.6
Semiconductors & Semiconductor Equipment		1.5
Food & Staples Retailing		1.3
Beverages		1.1
Chemicals		1.1
Energy Equipment & Services		1.1
IT Services		1.1
Food Products		1.0
Others (each less than 1.0%)		19.3
Short-Term Investments		2.7

Futures contracts outstanding as of June 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
Foreign Exchange GBP/USD		(18)		09/2018		USD		(1,489,050	)		23,141
MSCI Emerging Markets E-Mini Index		(2)		09/2018		USD		(106,330	)		6,896
											30,037

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2018

Abbreviations

ABS	Asset-backedsecurities
ADR	AmericanDepositary Receipt
CVA	DutchCertification
FDR	FiduciaryDepositary Receipt
FHLMC	FederalHome Loan Mortgage Corp.
FNMA	FederalNational Mortgage Association
GDR	GlobalDepositary Receipt
ICE	IntercontinentalExchange
LIBOR	LondonInterbank Offered Rate
MSCI	MorganStanley Capital International
OYJ	PublicLimited Company
Preference	Aspecial type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	RealEstate Investment Trust
RNC	RisparmioNon-Convertible Savings Shares
SDR	SwedishDepositary Receipt
SCA	Limitedpartnership with share capital
USD	UnitedStates Dollar
(a)	Securityis 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, 2018.
(b)	Variableor floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2018.
(c)	Securitiesexempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(d)	Securityis an interest bearing note with preferred security characteristics.
(e)	Defaultedsecurity.
(f)	Securityhas the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(g)	Stepbond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of June 30, 2018.

(h)	Allor a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	Amountrounds to less than 0.05% of net assets.
(j)	Securityexempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(k)	Investmentin affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	Variableor floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of June 30, 2018.
(m)	Thedate shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of June 30, 2018.
(n)	Allor a portion of this security is deposited with the broker as initial margin for futures contracts.
(o)	Loanassignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(p)	Allor a portion of this security is unsettled as of June 30, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(q)	Amountrounds to less than 1.
(r)	Therate shown is the current yield as of June 30, 2018.
*	Non-incomeproducing security.
‡	Valuedetermined using significant unobservable inputs.

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, 2018 JPMORGAN INSURANCE TRUST 25

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Income Builder Portfolio
ASSETS:
Investments in non-affiliates, at value	$	55,050,265
Investments in affiliates, at value		8,775,211
Cash		591,954
Foreign currency, at value		55,865
Deposits at broker for futures contracts		4,000
Receivables:
Investment securities sold		184,390
Portfolio shares sold		43,233
Interest and dividends from non-affiliates		445,823
Dividends from affiliates		89
Tax reclaims		34,704
Due from Adviser		7,051
Total Assets		65,192,585
LIABILITIES:
Payables:
Investment securities purchased		426,942
Investment securities purchased—delayed delivery securities		42,840
Portfolio shares redeemed		1,630
Variation margin on futures contracts		15,639
Accrued liabilities:
Distribution fees		10,820
Custodian and accounting fees		16,889
Trustees’ and Chief Compliance Officer’s fees		1,026
Audit fees		54,356
Other		1,505
Total Liabilities		571,647
Net Assets	$	64,620,938
NET ASSETS:
Paid-in-Capital	$	62,574,710
Accumulated undistributed net investment income		1,124,461
Accumulated net realized gains (losses)		309,862
Net unrealized appreciation (depreciation)		611,905
Total Net Assets	$	64,620,938
Net Assets:
Class 1	$	11,219,069
Class 2		53,401,869
Total	$	64,620,938
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		1,078,496
Class 2		5,142,205
Net Asset Value, offering and redemption price per share (a):
Class 1	$	10.40
Class 2		10.39
Cost of investments in non-affiliates	$	54,720,943
Cost of investments in affiliates		8,522,324
Cost of foreign currency		56,272

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

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2018

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Income Builder Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	758,658
Interest income from affiliates		381
Dividend income from non-affiliates		588,834
Dividend income from affiliates		131,006
Foreign taxes withheld		(49,307	)
Total investment income		1,429,572
EXPENSES:
Investment advisory fees		130,522
Administration fees		23,524
Distribution fees — Class 2		59,484
Custodian and accounting fees		90,131
Interest expense to affiliates		76
Professional fees		52,167
Trustees’ and Chief Compliance Officer’s fees		13,183
Printing and mailing costs		9,149
Transfer agency fees — Class 1		76
Transfer agency fees — Class 2		954
Other		3,571
Total expenses		382,837
Less fees waived		(143,882	)
Less expense reimbursements		(7,307	)
Net expenses		231,648
Net investment income (loss)		1,197,924
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		634,318
Investments in affiliates		(259,048	)
Futures contracts		(2,905	)
Foreign currency transactions		(8,497	)
Net realized gain (loss)		363,868
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,724,454	)
Investments in affiliates		(124,610	)
Futures contracts		100,324
Foreign currency translations		(2,092	)
Change in net unrealized appreciation/depreciation		(2,750,832	)
Net realized/unrealized gains (losses)		(2,386,964	)
Change in net assets resulting from operations	$	(1,189,040	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Income Builder Portfolio
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,197,924		$	1,628,475
Net realized gain (loss)		363,868			1,597,655
Distributions of capital gains received from investment company affiliates		—			15,705
Change in net unrealized appreciation/depreciation		(2,750,832	)		2,186,859
Change in net assets resulting from operations		(1,189,040	)		5,428,694
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		—			(314,113	)
From net realized gains		(19,883	)		(75,570	)
Class 2
From net investment income		—			(1,377,677	)
From net realized gains		(92,037	)		(384,336	)
Total distributions to shareholders		(111,920	)		(2,151,696	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,023,582			(950,140	)
NET ASSETS:
Change in net assets		13,722,622			2,326,858
Beginning of period		50,898,316			48,571,458
End of period	$	64,620,938		$	50,898,316
Accumulated undistributed net investment income	$	1,124,461		$	(73,463	)
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	2,677,923		$	10,804,890
Distributions reinvested		19,883			389,683
Cost of shares redeemed		(15,216	)		(2,573,327	)
Change in net assets resulting from Class 1 capital transactions	$	2,682,590		$	8,621,246
Class 2
Proceeds from shares issued	$	16,305,488		$	17,463,574
Distributions reinvested		92,037			1,762,013
Cost of shares redeemed		(4,056,533	)		(28,796,973	)
Change in net assets resulting from Class 2 capital transactions	$	12,340,992		$	(9,571,386	)
Total change in net assets resulting from capital transactions	$	15,023,582		$	(950,140	)
SHARE TRANSACTIONS:
Class 1
Issued		251,686			1,020,481
Reinvested		1,899			36,489
Redeemed		(1,448	)		(241,287	)
Change in Class 1 Shares		252,137			815,683
Class 2
Issued		1,545,018			1,663,469
Reinvested		8,799			165,048
Redeemed		(379,611	)		(2,745,359	)
Change in Class 2 Shares		1,174,206			(916,842	)

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Insurance Trust Income Builder Portfolio
Class 1
Six Months Ended June 30, 2018 (Unaudited)	$	10.62	$	0.23	(g)	$	(0.43	)	$	(0.20	)	$	—		$	(0.02	)	$	—		$	(0.02	)
Year Ended December 31, 2017		9.93		0.37	(g)		0.81			1.18			(0.39	)		(0.10	)		—			(0.49	)
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, 2018 (Unaudited)		10.62		0.21	(g)		(0.42	)		(0.21	)		—			(0.02	)		—			(0.02	)
Year Ended December 31, 2017		9.92		0.35	(g)		0.81			1.16			(0.36	)		(0.10	)		—			(0.46	)
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.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2018

		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)
$	10.40		(1.90	)%	$	11,219,069		0.59	%		4.35	%		1.11	%		41	%
	10.62		11.89			8,776,419		0.59			3.40			1.26			85
	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
	10.39		(1.99	)		53,401,869		0.84			4.08			1.37			41
	10.62		11.70			42,121,897		0.84			3.31			1.40			85
	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, 2018 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (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
JPMorgan Insurance Trust 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 Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

Futures contracts 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, 2018.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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	$	—	$	289,912	$	2,437,770	$	2,727,682
Collateralized Mortgage Obligations
Other Collateralized Mortgage Obligations		—		2,297,668		—		2,297,668
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		250,000		250,000
United States		—		233,015		39,686		272,701
Total Commercial Mortgage-Backed Securities		—		233,015		289,686		522,701
Common Stocks
Australia		—		633,552		—		633,552
Austria		—		22,736		—		22,736
Belgium		—		133,095		—		133,095
China		52,673		573,322		—		625,995
Colombia		—		19,983		—		19,983
Czech Republic		—		139,890		—		139,890
Denmark		—		123,773		—		123,773
Finland		—		286,675		—		286,675
France		159,417		1,623,229		—		1,782,646
Germany		—		965,693		—		965,693
Hong Kong		—		317,756		—		317,756
Hungary		—		96,545		—		96,545
Ireland		—		48,059		—		48,059
Italy		—		401,886		—		401,886
Japan		—		604,886		—		604,886
Luxembourg		—		37,278		—		37,278
Macau		—		72,507		—		72,507
Netherlands		—		913,338		—		913,338
Norway		—		314,138		—		314,138
Portugal		—		44,988		—		44,988
Russia		235,683		189,623		—		425,306
Singapore		—		123,212		—		123,212
South Africa		181,874		200,376		—		382,250
South Korea		26,515		277,912		—		304,427
Spain		—		520,877		—		520,877
Sweden		—		355,796		—		355,796
Switzerland		—		1,019,120		—		1,019,120
Taiwan		263,671		632,532		—		896,203
Thailand		128,150		54,690		—		182,840
Turkey		—		89,068		—		89,068
United Kingdom		4,648		2,216,124		—		2,220,772
Other Common Stocks		7,470,888		—		—		7,470,888
Total Common Stocks		8,523,519		13,052,659		—		21,576,178

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Convertible Bonds
Other Convertible Bonds	$	—	$	3,503	$	—		$	3,503
Corporate Bonds
United States		—		19,497,747		167,097			19,664,844
Other Corporate Bonds		—		3,838,798		—			3,838,798
Total Corporate Bonds		—		23,336,545		167,097			23,503,642
Investment Companies		7,034,827		—		—			7,034,827
Loan Assignments
Other Loan Assignments		—		122,353		—			122,353
Mortgage-Backed Securities		—		3,314,721		—			3,314,721
Preferred Stocks
United States		328,560		—		—			328,560
Rights
Italy		—		—		—	(a)		—	(a)
Other Rights		1,731		—		—			1,731
Total Rights		1,731		—		—	(a)		1,731
U.S. Treasury Obligations
United States		—		233,540		—			233,540
Warrants
Other Warrants		—		417,986		—			417,986
Short-Term Investments
Investment Companies		1,740,384		—		—			1,740,384
Total Investments in Securities	$	17,629,021	$	43,301,902	$	2,894,553		$	63,825,476
Appreciation in Other Financial Instruments
Futures Contracts	$	30,037	$	—	$	—		$	30,037

(a) Amount rounds to less than 1.

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

Transfers from level 1 to level 2 in the amount of $1,198,454 are due to applying the fair value factors to certain securities during the six months ended June 30, 2018.

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, 2017		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, 2018
Investments in Securities
Asset-Backed Securities — United States	$	1,966,076	$	—		$	(7,540	)	$	2,835	$	653,944	$	(177,545	)	$	—	$	—	$	2,437,770
Commercial Mortgage-Backed Securities — Cayman Islands		—		—			—			—		250,000		—			—		—		250,000
Commercial Mortgage-Backed Securities — United States		—		—			(994	)		19		—		(5,230	)		45,891		—		39,686
Corporate Bonds — United States		27,609		(393	)		(4,666	)		363		29,458		(34,213	)		148,939		—		167,097
Rights — Italy		—		—			—	(a)		—		—		—			—		—		—	(a)
Total	$	1,993,685	$	(393	)	$	(13,200	)	$	3,217	$	933,402	$	(216,988	)	$	194,830	$	—	$	2,894,553

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) Amount rounds to less than 1.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2018

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to $(13,200). 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, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	2,437,770		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 14.60% (6.70%)
					Constant Default Rate		0.00% - 6.90% (3.85%)
					Yield (Discount Rate of Cash Flows)		2.88% - 6.93% (4.23%)
Asset-Backed Securities		2,437,770
		39,686		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		199.00% (199.00%)
Commercial Mortgage-Backed Securities		39,686
		167,088		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		6.18% - 10.30% (7.34%)
		9		Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Corporate Bonds		167,097
		—	(a)	Intrinsic	Strike Price		EUR 2.74
Rights		—	(a)
Total	$	2,644,553

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At June 30, 2018, the value of these investments was $250,000 The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a) Amount rounds to less than 1.

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.

Security Description	Value at December 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2018		Shares at June 30, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Debt Fund, Class R6 Shares(a)	$	2,748,879	$	1,724,176	$	4,206,972	$	(208,728	)	$	(57,355	)	$	—		—	$	62,958	$	—
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares (a)		—		4,336,792		2,361,951		(28,808	)		(31,622	)		1,914,411		243,254		22,096		—
JPMorgan Equity Income Fund, Class R6 Shares (a)		1,800,259		3,127,511		1,042,632		(18,955	)		(28,774	)		3,837,409		224,410		30,245		—
JPMorgan Floating Rate Income Fund, Class R6 Shares (a)		—		1,289,866		—		—			(6,859	)		1,283,007		137,514		3,989		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.86% (a) (b)		—		5,638,921		3,898,537		—			—			1,740,384		1,740,384		4,946		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		1,037,220		11,099,955		12,134,618		(2,557	)		—			—		—		6,772		—
Total	$	5,586,358	$	27,217,221	$	23,644,710	$	(259,048	)	$	(124,610	)	$	8,775,211			$	131,006	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of June 30, 2018.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

C. Loan Assignments — The Portfolio invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Portfolio invests in loan assignments of all or a portion of the loans. When a portfolio purchases a loan assignment, the portfolio has direct rights against the Borrower on a loan, provided, however, the portfolio’s rights may be more limited than the Lender from which they acquired the assignment and the portfolio may be able to enforce its rights only through the Agent. As a result, the portfolio assumes the credit risk of the Borrower as well as any other persons interpositioned between the portfolio and the Borrower (“Intermediate Participants”). A portfolio may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a portfolio could experience delays or limitations in realizing the value on such collateral or have their interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a portfolio may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

D. When-Issued Securities, 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, 2018, which are shown as a Payable for Investment securities purchased-delayed delivery securities ion the Statement of Assets and Liabilities. The values of these securities held at June 30, 2018 are detailed on the SOI.

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

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

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

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2018:

Futures Contracts:
Equity
Average Notional Balance Long	$	390,110	(a)
Average Notional Balance Short		736,299
Ending Notional Balance Short		106,330

36 JPMORGAN INSURANCE TRUST JUNE 30, 2018

Foreign Exchange
Average Notional Balance Short	$	1,737,378
Ending Notional Balance Short		1,489,050
Interest Rate
Average Notional Balance Short		2,560,819	(a)

(a) For the period January 1, 2018 through May 31, 2018.

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).

F. Summary of Derivatives Information — The following table presents the value of derivatives held as of June 30, 2018, 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	$	23,141
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		6,896
		$	30,037

(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, 2018, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(43,291	)
Foreign exchange contracts		(34,553	)
Interest rate contracts		74,939
Total	$	(2,905	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	50,098
Foreign exchange contracts		62,399
Interest rate contracts		(12,173	)
Total	$	100,324

The Portfolio’s derivatives contracts held at June 30, 2018 are not accounted for as hedging instruments under GAAP.

G. 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.

H. 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

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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.

I. 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.

J. 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 (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, 2018, 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.

K. 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.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.45%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2018, 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”), an indirect, 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the

38 JPMORGAN INSURANCE TRUST JUNE 30, 2018

Statement of Operations. Prior to March 1, 2018, payments to the custodian were 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 (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, 2018 and is in place until at least April 30, 2019.

For the six months ended June 30, 2018, 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
$118,919	$	23,524	$	142,443	$	7,307

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, 2018 was $1,439.

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.

During the six months ended June 30, 2018, 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, 2018, 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, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	38,108,373	$	22,489,414	$	193,545	$	165,948

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	63,243,267	$	2,253,578	$	1,641,332	$	612,246

During the year ended December 31, 2017, the Portfolio utilized capital loss carryforwards in the amount of $857,169.

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 5, 2018.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had four omnibus accounts which owned 77.9% 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

40 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 41

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, 2018, and continued to hold your shares at the end of the reporting period, June 30, 2018.

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, 2018		Ending Account Value June 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Income Builder Portfolio
Class 1
Actual	$	1,000.00	$	981.00	$	2.90		0.59	%
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class 2
Actual		1,000.00		980.10		4.12		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84

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

42 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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 prospectuses 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., 2018.  All rights reserved. June 2018. SAN-JPMITIBP-618

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2018 (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	20
Financial Highlights	24
Notes to Financial Statements	26
Schedule of Shareholder Expenses	38

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 prospectuses 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 6, 2018 (Unaudited)

Dear Shareholder,

The U.S. economy outpaced growth in other developed market nations even as investor concerns about rising interest rates and global trade tensions increasingly weighed on financial markets during the six months ended June 30, 2018.

  “The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth.”— George C.W. Gatch

Corporate profits remained strong throughout the reporting period and U.S. gross domestic product (GDP) growth accelerated from 2.2% in the first quarter of 2018 to 4.1% in the second quarter, the biggest increase in nearly four years. U.S. labor markets tightened further and the unemployment rate sank below 4% in April and May. Corporate earnings for the first and second quarters of 2018 reached record levels, with a sizeable majority of companies reporting better-than-expected results. In response to the overall strength of the economy, the U.S. Federal Reserve raised interest rates in March and June.

Equity prices in the U.S. surged higher in January before a sharp sell-off in early February snapped a streak of 15 consecutive months of record closing highs for the Standard & Poor’s 500 Index. Over several days the index lost more than 10% of its value, a decline that was the fastest peak-to-trough drop in the history of the index. Bond prices also fell sharply and the rout in U.S. financial markets spread to other developed market equities and bonds.

In subsequent months, U.S. equity prices rebounded somewhat but never fully recovered during the remainder of the reporting period and financial market volatility remained elevated through June 2018.

Meanwhile, economic growth in the European Union showed signs of slowing during the reporting period. The European Central Bank said it planned no interest rate increases until mid-2019, but it began to reduce stimulus measures in January 2018. China’s economy maintained a steady expansion, as the government sought to restrain financial market speculation, while also supporting growth in consumer spending.

The outlook for the U.S. economy remained positive at the end of the reporting period amid buoyant consumer sentiment and investor expectations for further corporate earnings growth. While wage growth remained stubbornly low, the U.S. unemployment rate stood at its lowest level in decades. The economies of other developed market nations appear poised for continued moderate economic growth, rising corporate profits and low or declining unemployment rates. However, the nascent trade war between the U.S. and China, involving tariffs on billions of dollars’ worth of goods, could begin to weigh on corporate profits and economic growth.

We believe investors who remain focused on a well-diversified portfolio and long-term results may be rewarded by a global investment environment that remains largely positive. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		(1.26)%
MSCI World Index (net of foreign withholding taxes)		0.43%
Global Allocation Composite Benchmark		(0.31)%
Net Assets as of 6/30/2018	$	80,067,335

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Equity markets in the U.S. provided modest positive returns for the reporting period amid increased market volatility and investor concerns about U.S.-driven trade tensions. Equity prices were supported by corporate earnings growth and the continued U.S. economic expansion. While the U.S. Federal Reserve raised interest rates twice during the first half of 2018, interest rates remained relatively low by historical standards.

In January 2018, the Standard & Poor’s 500 Index (the “S&P 500”) reached four record high closings, but would not return to its January 26, 2018 peak for the remainder of the reporting period. In early February 2018, both equity and bond prices fell sharply. The S&P 500 lost more than 10% of its value over nine trading sessions and yields on 10-year U.S. Treasury bonds, which serve as a benchmark for a broad range of financial assets, spiked higher. While equity markets rebounded somewhat in subsequent weeks, financial market volatility remained elevated through June 2018.

Overall, growth stocks generally outperformed value stocks and small cap stocks slightly outperformed large cap and mid cap stocks. Meanwhile, fixed-income securities provided mixed returns. High yield bonds (also known as “junk bonds”) provided small but positive returns while investment grade corporate bonds were negative for the reporting period.

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 Global Allocation Composite Benchmark (the “Composite”), which consists of 60% MSCI World Index and 40% Bloomberg Barclays Global Aggregate Index, for the six months ended June 30, 2018.

Relative to the Benchmark, the Portfolio’s allocation to emerging market equity securities, which broadly underperformed global equity securities, detracted from the performance.

Relative to the Composite, the Portfolio’s allocation to U.S. equities made a positive contribution to performance. The Portfolio’s allocation to international developed market equity and emerging markets equity detracted from relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to tactically pursue income. The portfolio managers decreased their overall allocation to equity, increasing their position in U.S. equity and reducing their allocations to international developed market and emerging markets equity. The portfolio managers also added a dedicated allocation to U.S. agency mortgages and floating rate fixed income, while removing their dedicated allocation to investment grade corporate bonds.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2018

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	JPMorgan High Yield Fund Class R6 Shares	8.5	%
	2.	JPMorgan Floating Rate Income Fund Class R6 Shares	5.0
	3.	JPMorgan Emerging Markets Equity Fund Class R6 Shares	5.0
	4.	JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares	3.0
	5.	U.S. Treasury Notes, 1.13%, 01/31/19	1.0
	6.	UnitedHealth Group, Inc.	1.0
	7.	Microsoft Corp.	0.6
	8.	Amazon.com, Inc.	0.5
	9.	Alphabet, Inc., Class C	0.5
	10.	Apple, Inc.	0.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Johnson & Johnson	13.1	%
	2.	Kroger Co. (The)	12.2
	3.	Hasbro, Inc.	11.3
	4.	MGM Resorts International	8.9
	5.	Colgate-Palmolive Co.	8.4
	6.	Kimberly-Clark Corp.	7.3
	7.	Comcast Corp., Class A	6.5
	8.	International Business Machines Corp.	6.3
	9.	DENTSPLY SIRONA, Inc.	5.5
	10.	Rockwell Automation, Inc.	5.5

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	46.7	%
Investment Companies	21.6
Collateralized Mortgage Obligations	8.5
Foreign Government Securities	8.0
Asset-Backed Securities	3.1
U.S. Treasury Obligations	1.0
Others (each less than 1.0%)	1.1
Short-Term Investments	10.0

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 long investments as of June 30, 2018. The Portfolio’s composition is subject to change.

**** Percentages indicated are based on total short investments as of June 30, 2018. The Portfolio’s composition is subject to change.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		(1.14	)%		6.08	%		5.90	%		5.57	%
CLASS 2 SHARES		December 9, 2014		(1.26	)		5.83			5.64			5.31

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 06/30/18)

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 Global Aggregate Index, the Global Allocation Composite Benchmark and the Lipper Variable Underlying Funds Flexible Funds Index from December 9, 2014 to June 30, 2018. 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 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 United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The 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, 2018

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — 99.8%
Common Stocks — 46.6%
Australia — 1.1%
Australia & New Zealand Banking Group Ltd.		6,579		137,696
BHP Billiton Ltd.		6,689		167,372
BHP Billiton plc		5,542		124,376
Commonwealth Bank of Australia		380		20,494
CSL Ltd.		293		41,707
Dexus, REIT		8,269		59,436
Goodman Group, REIT		12,497		89,089
Macquarie Group Ltd.		97		8,840
National Australia Bank Ltd.		509		10,335
Rio Tinto Ltd.		1,969		121,655
Rio Tinto plc		392		21,606
Wesfarmers Ltd.		1,891		68,996
Westpac Banking Corp.		799		17,352
				888,954
Austria — 0.2%
ams AG*		652		48,352
Erste Group Bank AG*		2,084		86,882
				135,234
Belgium — 0.2%
Anheuser-Busch InBev SA/NV		1,893		190,937
Brazil — 0.1%
Itau Unibanco Holding SA (Preference)		6,965		72,152
Canada — 0.4%
Alimentation Couche-Tard, Inc., Class B		1,618		70,288
Canadian National Railway Co.		845		69,115
Canadian Pacific Railway Ltd.		835		152,822
Fairfax Financial Holdings Ltd.		96		53,814
				346,039
China — 0.6%
BOC Hong Kong Holdings Ltd.		14,000		65,799
China Overseas Land & Investment Ltd.		22,000		72,209
CNOOC Ltd.		39,000		66,828
JD.com, Inc., ADR*		1,514		58,970
Ping An Insurance Group Co. of China Ltd., Class H		15,000		137,365
Tencent Holdings Ltd.		1,400		70,302
				471,473
Denmark — 0.2%
Chr Hansen Holding A/S		496		45,662

INVESTMENTS	SHARES		VALUE($)
Denmark — continued
Novo Nordisk A/S, Class B		2,659		122,821
				168,483
Finland — 0.3%
Cargotec OYJ, Class B		768		38,751
Nokia OYJ		12,690		72,788
Outokumpu OYJ		10,379		64,283
Wartsila OYJ Abp		3,833		75,038
				250,860
France — 2.3%
Accor SA		1,433		70,183
Air Liquide SA		1,337		167,587
Airbus SE		1,182		137,933
Alstom SA		1,962		90,014
AXA SA		5,089		124,344
BNP Paribas SA		2,350		145,364
Capgemini SE		550		73,705
LVMH Moet Hennessy Louis Vuitton SE		183		60,759
Pernod Ricard SA		718		117,181
Renault SA		1,105		93,617
Safran SA		690		83,562
Sanofi		1,885		151,289
Schneider Electric SE		1,590		132,235
Sodexo SA		926		92,437
TOTAL SA		3,366		204,403
Vinci SA		224		21,502
Vivendi SA		1,782		43,593
				1,809,708
Germany — 2.1%
adidas AG		279		60,743
Allianz SE (Registered)		79		16,278
BASF SE		439		41,911
Bayer AG (Registered)		2,211		242,820
Brenntag AG		1,436		79,787
Continental AG		347		78,970
Daimler AG (Registered)		2,002		128,242
Delivery Hero AG* (a)		1,139		60,373
Deutsche Bank AG (Registered)		1,388		14,850
Deutsche Boerse AG		645		85,755
Deutsche Post AG (Registered)		1,972		64,071
Deutsche Telekom AG (Registered)*		5,068		78,323
Henkel AG & Co. KGaA (Preference)		822		104,886
Infineon Technologies AG		2,531		64,291
Linde AG		567		134,707

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Germany — continued
SAP SE		2,786		321,554
Siemens AG (Registered)		609		80,239
Zalando SE* (a)		780		43,471
				1,701,271
Hong Kong — 0.8%
AIA Group Ltd.		30,200		263,085
CK Asset Holdings Ltd.		14,552		115,198
CK Hutchison Holdings Ltd.		9,052		95,825
Melco Resorts & Entertainment Ltd., ADR		6,445		180,460
				654,568
India — 0.2%
HDFC Bank Ltd., ADR		1,412		148,288
Indonesia — 0.1%
Bank Central Asia Tbk. PT		62,200		92,891
Ireland — 0.2%
CRH plc		1,813		63,771
Ryanair Holdings plc, ADR*		795		90,813
				154,584
Israel — 0.0% (b)
Teva Pharmaceutical Industries Ltd., ADR		1,142		27,774
Italy — 0.3%
Assicurazioni Generali SpA		4,724		78,976
Enel SpA		25,390		140,690
Telecom Italia SpA*		49,946		37,004
UniCredit SpA		592		9,812
				266,482
Japan — 4.4%
Asahi Group Holdings Ltd.		900		46,159
Bridgestone Corp.		2,800		109,376
Central Japan Railway Co.		300		62,109
Daicel Corp.		6,400		70,700
Daikin Industries Ltd.		1,000		119,513
DMG Mori Co. Ltd.		2,800		38,710
Electric Power Development Co. Ltd.		700		18,067
FANUC Corp.		300		59,464
Hitachi Ltd.		5,000		35,225
Honda Motor Co. Ltd.		4,000		117,284
Japan Airlines Co. Ltd.		2,100		74,405
Japan Tobacco, Inc.		2,700		75,455

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Kao Corp.		1,500		114,332
KDDI Corp.		1,400		38,283
Keyence Corp.		100		56,401
Komatsu Ltd.		2,200		62,631
Kyowa Hakko Kirin Co. Ltd.		1,800		36,231
Kyushu Electric Power Co., Inc.		1,800		20,098
Mabuchi Motor Co. Ltd.		2,100		99,672
Marui Group Co. Ltd.		4,400		92,554
Mitsubishi Corp.		3,900		108,143
Mitsubishi UFJ Financial Group, Inc.		24,600		139,356
NGK Spark Plug Co. Ltd.		2,600		73,915
Nintendo Co. Ltd.		100		32,643
Nippon Telegraph & Telephone Corp.		1,900		86,313
Nomura Research Institute Ltd.		1,400		67,734
Olympus Corp.		400		14,963
ORIX Corp.		4,500		70,930
Otsuka Corp.		1,300		50,892
Otsuka Holdings Co. Ltd.		2,100		101,583
Panasonic Corp.		6,300		84,952
Renesas Electronics Corp.*		10,200		99,713
Seven & i Holdings Co. Ltd.		2,800		122,124
Shin-Etsu Chemical Co. Ltd.		1,000		88,868
SMC Corp.		200		73,218
Sony Corp.		900		46,093
Sumitomo Electric Industries Ltd.		4,100		60,978
Sumitomo Mitsui Financial Group, Inc.		2,900		113,117
T&D Holdings, Inc.		5,000		74,990
Tokio Marine Holdings, Inc.		2,000		93,567
Tokyo Gas Co. Ltd.		1,300		34,518
Tokyu Corp.		5,200		89,483
Toray Industries, Inc.		9,300		73,404
Toyota Motor Corp.		3,300		213,408
West Japan Railway Co.		1,200		88,349
Yamato Holdings Co. Ltd.		2,800		82,411
				3,532,334
Luxembourg — 0.1%
ArcelorMittal		2,163		63,107
Netherlands — 1.4%
Akzo Nobel NV		1,048		89,386
ASML Holding NV		944		186,803
Heineken NV		427		42,780
ING Groep NV		16,458		236,247
Koninklijke Philips NV		727		30,802
NN Group NV		1,353		54,873

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Netherlands — continued
Royal Dutch Shell plc, Class A		4,434		153,456
Royal Dutch Shell plc, Class A		3,932		136,458
Royal Dutch Shell plc, Class B		5,629		201,591
				1,132,396
Singapore — 0.2%
DBS Group Holdings Ltd.		3,900		75,843
United Overseas Bank Ltd.		4,400		86,235
				162,078
South Africa — 0.1%
Naspers Ltd., Class N		336		84,720
South Korea — 0.1%
Samsung Electronics Co. Ltd., GDR (a)		96		99,568
Spain — 0.6%
Banco Santander SA		11,203		59,874
Bankia SA		16,067		59,915
Iberdrola SA		20,879		161,014
Industria de Diseno Textil SA		3,773		128,486
Telefonica SA		4,819		40,901
				450,190
Sweden — 0.2%
Lundin Petroleum AB		1,766		56,053
Svenska Handelsbanken AB, Class A		8,704		96,401
				152,454
Switzerland — 1.8%
Cie Financiere Richemont SA (Registered)		1,651		139,566
Credit Suisse Group AG (Registered)*		3,966		59,304
Ferguson plc		2,674		216,347
Glencore plc*		16,385		77,793
LafargeHolcim Ltd. (Registered)*		1,762		85,673
Nestle SA (Registered)		3,195		247,615
Novartis AG (Registered)		1,818		137,715
Roche Holding AG		1,010		224,077
Swiss Re AG		911		79,538
UBS Group AG (Registered)*		8,845		135,597
Zurich Insurance Group AG*		97		28,686
				1,431,911
United Kingdom — 2.9%
3i Group plc		5,809		68,774
AstraZeneca plc		449		31,056
Aviva plc		25,051		166,216
Barratt Developments plc		3,831		25,970

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
BP plc		16,073		122,292
British American Tobacco plc		5,483		276,197
Burberry Group plc		5,295		150,487
Diageo plc		1,981		71,169
Dixons Carphone plc		7,027		17,244
GlaxoSmithKline plc		6,538		131,812
HSBC Holdings plc		15,770		147,360
InterContinental Hotels Group plc		1,105		68,693
ITV plc		34,973		79,957
Lloyds Banking Group plc		72,977		60,550
Prudential plc		6,012		137,052
RELX NV		3,366		71,557
Smith & Nephew plc		3,861		71,121
Standard Chartered plc		11,033		100,217
Taylor Wimpey plc		16,243		38,236
Unilever NV, CVA		3,653		203,534
Vodafone Group plc		57,679		139,715
Whitbread plc		422		21,998
WPP plc		5,218		81,983
				2,283,190
United States — 25.7%
Acadia Healthcare Co., Inc.*		1,140		46,637
Adobe Systems, Inc.*		388		94,598
AdvanSix, Inc.*		840		30,769
Aetna, Inc.		351		64,408
Alleghany Corp.		66		37,948
Allergan plc		607		101,199
Alliance Data Systems Corp.		1,424		332,077
Ally Financial, Inc.		1,795		47,155
Alphabet, Inc., Class A*		268		302,623
Alphabet, Inc., Class C* (c)		337		375,974
Altice USA, Inc., Class A		2,500		42,650
Altria Group, Inc.		3,198		181,614
Amazon.com, Inc.* (c)		228		387,554
American Electric Power Co., Inc.		1,599		110,731
American Express Co.		789		77,322
American Homes 4 Rent, Class A, REIT		3,050		67,649
American International Group, Inc.		2,196		116,432
AmerisourceBergen Corp.		225		19,186
Amphenol Corp., Class A		590		51,418
Analog Devices, Inc.		684		65,609
Apergy Corp.*		457		19,080
Apple, Inc. (c)		2,002		370,590
Applied Materials, Inc.		1,060		48,961

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
Arista Networks, Inc.*		184		47,378
Arrow Electronics, Inc.*		886		66,698
AT&T, Inc.		959		30,787
AutoZone, Inc.*		179		120,096
Ball Corp.		3,880		137,934
Bank of America Corp.		11,032		310,992
Becton Dickinson and Co.		878		210,334
Berkshire Hathaway, Inc., Class B*		1,383		258,137
Best Buy Co., Inc.		653		48,701
BlackRock, Inc.		97		48,407
Boeing Co. (The)		318		106,692
Booking Holdings, Inc.*		33		66,894
Brinker International, Inc.		1,215		57,834
Brixmor Property Group, Inc., REIT		4,293		74,827
Broadcom, Inc.		322		78,130
Capital One Financial Corp.		2,310		212,289
Carlisle Cos., Inc. (c)		576		62,387
Cavium, Inc.*		732		63,318
CBRE Group, Inc., Class A*		3,057		145,941
CBS Corp. (Non-Voting), Class B		1,099		61,786
Centene Corp.*		452		55,691
Charles Schwab Corp. (The)		3,741		191,165
Charter Communications, Inc., Class A*		392		114,938
Chubb Ltd.		587		74,561
Cigna Corp.		598		101,630
Cisco Systems, Inc.		2,619		112,696
Citigroup, Inc.		1,918		128,353
Citizens Financial Group, Inc.		2,119		82,429
Clear Channel Outdoor Holdings, Inc., Class A		102		439
Clorox Co. (The)		270		36,517
Columbia Sportswear Co.		491		44,912
Comerica, Inc.		526		47,824
CommScope Holding Co., Inc.*		1,962		57,300
Concho Resources, Inc.*		520		71,942
ConocoPhillips		1,656		115,291
Copart, Inc.*		1,128		63,800
CorePoint Lodging, Inc., REIT*		941		24,372
Corning, Inc.		2,005		55,158
Coty, Inc., Class A		3,749		52,861
CVS Health Corp.		411		26,448
Deere & Co.		382		53,404
Delta Air Lines, Inc.		3,603		178,493

INVESTMENTS	SHARES		VALUE($)
United States — continued
DexCom, Inc.*		255		24,220
Dick’s Sporting Goods, Inc.		691		24,358
DISH Network Corp., Class A*		3,933		132,188
DocuSign, Inc.*		198		10,484
Dover Corp.		898		65,734
Dr Pepper Snapple Group, Inc.		952		116,144
Duke Energy Corp.		654		51,718
Eagle Materials, Inc.		441		46,292
East West Bancorp, Inc.		1,081		70,481
EastGroup Properties, Inc., REIT		488		46,633
Edison International		829		52,451
Electronic Arts, Inc.*		670		94,483
Energizer Holdings, Inc.		1,072		67,493
Entercom Communications Corp., Class A (c)		5,743		43,360
EOG Resources, Inc.		445		55,371
EQT Corp.		1,626		89,723
Eversource Energy		889		52,104
Evolent Health, Inc., Class A*		1,616		34,017
Exact Sciences Corp.*		536		32,047
Exelixis, Inc.*		1,032		22,209
Expedia Group, Inc.		456		54,807
Extended Stay America, Inc.		1,677		36,240
Exxon Mobil Corp. (c)		2,386		197,394
Facebook, Inc., Class A*		1,021		198,401
Fastenal Co.		373		17,952
Federal Realty Investment Trust, REIT		392		49,608
Fifth Third Bancorp		2,279		65,407
First Republic Bank		862		83,433
Fiserv, Inc.*		4,525		335,257
Fortune Brands Home & Security, Inc.		694		37,261
Gartner, Inc.*		447		59,406
Genuine Parts Co.		538		49,383
Global Payments, Inc.		802		89,415
GoDaddy, Inc., Class A*		1,163		82,108
Graphic Packaging Holding Co.		3,670		53,252
Guidewire Software, Inc.*		399		35,423
Hartford Financial Services Group, Inc. (The)		1,860		95,102
HCA Healthcare, Inc.		488		50,069
Henry Schein, Inc.*		726		52,737
Hewlett Packard Enterprise Co.		2,701		39,462
Hilton Worldwide Holdings, Inc.		1,802		142,646
Home Depot, Inc. (The)		348		67,895
Honeywell International, Inc.		787		113,367

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
Illinois Tool Works, Inc.		372		51,537
Illumina, Inc.*		254		70,940
Intercept Pharmaceuticals, Inc.*		288		24,166
Intuitive Surgical, Inc.*		124		59,332
Invesco Ltd.		1,610		42,762
Jazz Pharmaceuticals plc*		364		62,717
Johnson & Johnson		1,258		152,646
KapStone Paper and Packaging Corp.		1,372		47,334
Kimco Realty Corp., REIT		3,844		65,310
Kinder Morgan, Inc.		6,237		110,208
Kohl’s Corp.		1,428		104,101
Kroger Co. (The)		2,176		61,907
Las Vegas Sands Corp.		490		37,416
Lennox International, Inc.		406		81,261
LKQ Corp.*		1,548		49,381
Loews Corp. (c)		3,450		166,566
Lululemon Athletica, Inc.*		340		42,449
M&T Bank Corp.		935		159,090
Marathon Petroleum Corp.		932		65,389
Marsh & McLennan Cos., Inc.		457		37,460
Martin Marietta Materials, Inc.		486		108,538
Mastercard, Inc., Class A (c)		1,142		224,426
Medtronic plc		549		47,000
Merck & Co., Inc.		2,465		149,625
Microsoft Corp. (c)		4,903		483,485
Mid-America Apartment Communities, Inc., REIT		952		95,838
Middleby Corp. (The)*		354		36,965
Molson Coors Brewing Co., Class B		1,274		86,683
Morgan Stanley		1,773		84,040
Motorola Solutions, Inc.		669		77,852
Murphy USA, Inc.*		860		63,889
Nasdaq, Inc.		578		52,754
Netflix, Inc.*		322		126,040
Nexstar Media Group, Inc., Class A		1,079		79,199
NextEra Energy, Inc.		2,023		337,902
Nordson Corp.		254		32,616
Nordstrom, Inc.		1,606		83,159
Northern Trust Corp.		684		70,377
NVIDIA Corp.		458		108,500
Occidental Petroleum Corp.		1,359		113,721
Old Dominion Freight Line, Inc.		375		55,860
Oshkosh Corp.		934		65,679
Outfront Media, Inc., REIT		3,001		58,369

INVESTMENTS	SHARES		VALUE($)
United States — continued
Palo Alto Networks, Inc.*		371		76,229
Parker-Hannifin Corp.		201		31,326
PayPal Holdings, Inc.*		3,431		285,699
PBF Energy, Inc., Class A		775		32,496
Pfizer, Inc.		6,843		248,264
Phillips 66		956		107,368
PNC Financial Services Group, Inc. (The)		1,198		161,850
Post Holdings, Inc.*		1,054		90,665
Procter & Gamble Co. (The)		1,131		88,286
Progressive Corp. (The)		1,109		65,597
Prudential Financial, Inc.		359		33,570
Public Storage, REIT		438		99,365
QUALCOMM, Inc.		985		55,278
Rayonier, Inc., REIT		1,854		71,731
Raytheon Co.		492		95,045
Red Hat, Inc.*		314		42,192
Revance Therapeutics, Inc.*		897		24,623
Ross Stores, Inc.		723		61,274
S&P Global, Inc.		530		108,062
Sage Therapeutics, Inc.*		146		22,853
SailPoint Technologies Holding, Inc.*		672		16,491
salesforce.com, Inc.*		2,023		275,937
ServiceNow, Inc.*		433		74,680
Shire plc		1,750		98,593
Southwest Airlines Co.		1,218		61,972
Spark Therapeutics, Inc.*		441		36,497
Splunk, Inc.*		507		50,249
Spotify Technology SA*		289		48,621
Square, Inc., Class A*		521		32,114
Stanley Black & Decker, Inc.		490		65,077
SunTrust Banks, Inc.		2,017		133,162
T. Rowe Price Group, Inc.		1,269		147,318
Take-Two Interactive Software, Inc.*		223		26,394
Teladoc, Inc.*		594		34,482
Teradata Corp.*		3,232		129,765
Tesla, Inc.*		81		27,779
Texas Instruments, Inc.		1,366		150,601
TherapeuticsMD, Inc.*		4,626		28,866
Thermo Fisher Scientific, Inc.		987		204,447
Tiffany & Co.		362		47,639
Travelers Cos., Inc. (The)		837		102,399
Union Pacific Corp.		1,387		196,510
United Technologies Corp.		836		104,525
UnitedHealth Group, Inc. (c)		3,274		803,243

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
Unum Group		1,095		40,504
US Bancorp		2,294		114,746
US Foods Holding Corp.*		2,487		94,058
Veeva Systems, Inc., Class A*		532		40,890
Verizon Communications, Inc.		1,573		79,138
Vertex Pharmaceuticals, Inc.*		380		64,585
Visa, Inc., Class A		1,823		241,456
WABCO Holdings, Inc.*		358		41,893
Walgreens Boots Alliance, Inc.		1,537		92,243
Waste Connections, Inc.		2,294		172,692
Wayfair, Inc., Class A*		293		34,797
Wells Fargo & Co.		5,412		300,041
WestRock Co.		1,327		75,666
Weyerhaeuser Co., REIT		1,222		44,554
Williams Cos., Inc. (The)		2,028		54,979
Worldpay, Inc.*		787		64,361
Wynn Resorts Ltd.		58		9,706
Xcel Energy, Inc.		2,402		109,723
				20,539,160
Total Common Stocks (Cost $32,596,545)				37,310,806
Investment Companies — 21.6%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (d)		144,203		4,003,084
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (d)		307,295		2,418,408
JPMorgan Floating Rate Income Fund Class R6 Shares (d)		431,005		4,021,274
JPMorgan High Yield Fund Class R6 Shares (d)		945,620		6,817,923
Total Investment Companies (Cost $16,653,593)				17,260,689
	PRINCIPAL AMOUNT($)
Collateralized Mortgage Obligations — 8.5%
United States — 8.5%
American Home Mortgage Investment Trust
Series 2005-1, Class 6A, 4.50%, 6/25/2045 (e)		40,827		41,988
Angel Oak Mortgage Trust I LLC
Series 2018-2, Class A1, 3.67%, 7/27/2048 (e) (f)		200,000		200,002

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Banc of America Funding Trust
Series 2006-A, Class 1A1, 3.79%, 2/20/2036 (e)		28,902		28,702
Banc of America Mortgage Trust
Series 2005-A, Class 2A2, 3.70%, 2/25/2035 (e)		30,557		30,279
Bear Stearns ALT-A Trust
Series 2005-4, Class 23A2, 3.78%, 5/25/2035 (e)		52,114		52,896
COLT Mortgage Loan Trust
Series 2018-2, Class A1, 3.47%, 7/27/2048 (e) (f)		98,882		98,882
FHLMC REMIC
Series 3935, Class GA, 3.00%, 10/15/2026		156,968		156,850
Series 4323, Class VA, 4.00%, 3/15/2027		116,934		120,700
Series 4669, Class VJ, 4.00%, 5/15/2028		118,152		121,883
Series 4496, Class CA, 2.00%, 7/15/2031		92,568		89,485
Series 3972, Class PJ, 3.00%, 11/15/2031		140,487		139,626
Series 4062, Class BA, 3.50%, 6/15/2038		91,923		92,124
Series 4329, Class KA, 3.00%, 1/15/2040		136,214		135,699
Series 3632, Class PK, 5.00%, 2/15/2040		89,131		94,657
Series 3778, Class JA, 3.50%, 4/15/2040		120,808		122,131
Series 3923, Class GD, 2.00%, 5/15/2040		89,507		86,419
Series 4364, Class A, 3.00%, 8/15/2040		112,263		111,431
Series 3890, Class BA, 2.50%, 11/15/2040		138,053		135,899
Series 3788, Class FA, 2.60%, 1/15/2041 (e)		51,079		51,364
Series 4366, Class KA, 3.00%, 3/15/2041		114,294		113,024
Series 4467, Class AB, 3.00%, 7/15/2041		114,799		113,668
Series 4005, Class PA, 2.00%, 10/15/2041		34,764		32,798
Series 4118, Class PD, 1.50%, 5/15/2042		111,595		104,643

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 4135, Class AD, 2.00%, 6/15/2042		271,699		258,448
Series 4223, Class AL, 3.00%, 8/15/2042		150,669		149,960
Series 4494, Class KA, 3.75%, 10/15/2042		110,286		112,490
Series 4800, Class PA, 3.50%, 7/15/2043		268,909		271,447
FHLMC STRIPS
Series 242, Class F29, 2.32%, 11/15/2036 (e)		123,835		124,348
Series 311, Class F1, 2.62%, 8/15/2043 (e)		80,834		81,419
Series 317, Class F3, 2.59%, 11/15/2043 (e)		166,366		168,278
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 4A1, 3.77%, 2/25/2035 (e)		41,684		41,739
FNMA REMIC
Series 2011-104, Class TB, 2.50%, 10/25/2026		141,345		139,652
Series 2014-33, Class AH, 3.00%, 6/25/2029		130,330		130,209
Series 2001-68, Class FD, 2.59%, 12/25/2031 (e)		73,435		73,757
Series 2012-87, Class CA, 2.00%, 6/25/2039		44,389		42,635
Series 2013-5, Class BD, 2.00%, 3/25/2040		134,301		129,663
Series 2010-142, Class FM, 2.56%, 12/25/2040 (e)		107,509		107,761
Series 2015-15, Class GH, 2.50%, 3/25/2041		110,952		107,872
Series 2017-4, Class AH, 3.00%, 5/25/2041		212,936		211,315
Series 2011-53, Class FT, 2.67%, 6/25/2041 (e)		55,408		56,184
Series 2015-55, Class QA, 3.50%, 10/25/2042		78,777		78,746
Series 2013-58, Class KJ, 3.00%, 2/25/2043		112,441		111,349
Series 2013-101, Class FE, 2.69%, 10/25/2043 (e)		270,570		274,195
Series 2016-103, Class LA, 3.00%, 5/25/2044		114,492		112,454
Series 2015-54, Class FA, 2.44%, 7/25/2045 (e)		66,907		66,664

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2016-40, Class PA, 3.00%, 7/25/2045		111,743		110,851
Series 2016-40, Class FA, 2.74%, 7/25/2046 (e)		63,416		64,587
Series 2016-63, Class AF, 2.59%, 9/25/2046 (e)		64,633		65,301
Series 2017-50, Class FB, 2.49%, 7/25/2047 (e)		204,993		206,097
GNMA
Series 2008-35, Class FH, 2.68%, 4/20/2038 (e)		121,522		123,073
Series 2014-117, Class FP, 2.38%, 6/20/2043 (e)		122,543		122,497
GSR Mortgage Loan Trust
Series 2005-AR3, Class 1A1, 2.53%, 5/25/2035 (e)		97,942		96,961
Impac CMB Trust
Series 2004-7, Class 1A2, 3.01%, 11/25/2034 (e)		105,629		102,681
J.P. Morgan Alternative Loan Trust
Series 2007-A2, Class 12A3, 2.28%, 6/25/2037 (e)		70,233		69,916
J.P. Morgan Mortgage Trust
Series 2005-A3, Class 4A1, 3.70%, 6/25/2035 (e)		24,768		25,089
Lehman Mortgage Trust
Series 2005-3, Class 2A3, 5.50%, 1/25/2036		11,874		11,323
Merrill Lynch Mortgage Investors Trust
Series 2007-1, Class 4A3, 5.17%, 1/25/2037 (e)		26,536		25,593
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 4.23%, 7/25/2034 (e)		24,942		24,590
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-5, Class 1APT, 2.37%, 12/25/2035 (e)		62,770		61,484
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		17,668		17,561
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.66%, 3/25/2035 (e)		25,286		24,862
Series 2005-AR5, Class A6, 3.90%, 5/25/2035 (e)		40,564		40,838

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-AR10, Class 1A3, 3.36%, 9/25/2035 (e)		39,188		39,901
Wells Fargo Mortgage Backed Securities Trust
Series 2004-W, Class A1, 3.72%, 11/25/2034 (e)		87,685		88,588
Series 2004-Z, Class 2A2, 3.74%, 12/25/2034 (e)		33,215		33,831
Series 2006-AR3, Class A3, 4.02%, 3/25/2036 (e)		53,433		53,212
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-EE, Class 2A2, 4.15%, 12/25/2034 (e)		41,103		42,295
Series 2004-DD, Class 1A1, 3.77%, 1/25/2035 (e)		95,570		99,290
Series 2005-AR2, Class 2A1, 3.91%, 3/25/2035 (e)		16,269		16,464
Series 2005-AR2, Class 2A2, 3.91%, 3/25/2035 (e)		31,287		31,948
Series 2005-AR3, Class 1A1, 4.23%, 3/25/2035 (e)		44,624		45,920
Series 2005-AR4, Class 2A2, 3.97%, 4/25/2035 (e)		27,490		27,670
Series 2005-16, Class A8, 5.75%, 1/25/2036		22,663		24,125
Total Collateralized Mortgage Obligations (Cost $6,823,382)				6,822,283
Foreign Government Securities — 8.0%
Australia — 0.1%
Australia Government Bond
5.50%, 4/21/2023 (a)	AUD	2,000		1,696
3.25%, 4/21/2025 (a)	AUD	45,000		34,899
2.25%, 5/21/2028 (a)	AUD	25,000		17,877
2.75%, 11/21/2028 (a)	AUD	44,000		32,868
3.75%, 4/21/2037 (a)	AUD	16,000		13,233
3.00%, 3/21/2047 (a)	AUD	10,000		7,252
				107,825
Belgium — 0.3%
Belgium Government Bond
4.25%, 9/28/2022 (a)	EUR	22,000		30,705
2.25%, 6/22/2023 (a)	EUR	5,000		6,542
0.50%, 10/22/2024 (a)	EUR	30,000		35,819
0.80%, 6/22/2027 (a)	EUR	34,000		40,529
3.00%, 6/22/2034 (a)	EUR	25,000		37,178

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Belgium — continued
1.90%, 6/22/2038 (a)	EUR	26,000		33,260
1.60%, 6/22/2047 (a)	EUR	5,000		5,845
2.15%, 6/22/2066 (a)	EUR	3,000		3,805
				193,683
Canada — 0.1%
Canada Government Bond
0.75%, 3/1/2021	CAD	54,000		39,770
1.00%, 6/1/2027	CAD	66,000		45,524
5.00%, 6/1/2037	CAD	8,000		8,695
3.50%, 12/1/2045	CAD	3,000		2,880
2.75%, 12/1/2064	CAD	3,000		2,667
				99,536
China — 0.3%
China Development Bank
0.88%, 1/24/2024 (a)	EUR	100,000		115,833
Export-Import Bank of China (The)
0.75%, 5/28/2023 (a)	EUR	100,000		116,488
				232,321
Denmark — 0.1%
Denmark Government Bond
3.00%, 11/15/2021	DKK	42,000		7,356
1.50%, 11/15/2023	DKK	36,000		6,149
0.50%, 11/15/2027	DKK	67,000		10,672
4.50%, 11/15/2039	DKK	65,000		17,650
				41,827
France — 1.1%
Caisse d’Amortissement de la Dette Sociale
1.88%, 7/28/2020 (a)		100,000		98,177
France Government Bond
1.00%, 11/25/2018 (a)	EUR	227,000		266,725
2.25%, 10/25/2022 (a)	EUR	15,000		19,431
0.00%, 3/25/2023 (a)	EUR	22,000		25,890
1.75%, 11/25/2024 (a)	EUR	75,000		96,890
0.25%, 11/25/2026 (a)	EUR	54,000		62,316
1.00%, 5/25/2027 (a)	EUR	90,000		109,950
1.50%, 5/25/2031 (a)	EUR	10,000		12,581
1.25%, 5/25/2034 (a)	EUR	14,000		16,814
4.75%, 4/25/2035 (a)	EUR	37,500		68,934
1.75%, 6/25/2039 (a)	EUR	20,000		25,333
3.25%, 5/25/2045 (a)	EUR	38,000		62,286
2.00%, 5/25/2048 (a)	EUR	15,000		19,432

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Foreign Government Securities — continued
France — continued
4.00%, 4/25/2055 (a)	EUR	5,000		9,660
4.00%, 4/25/2060 (a)	EUR	4,000		7,940
1.75%, 5/25/2066 (a)	EUR	8,000		9,416
				911,775
Germany — 0.4%
Federal Republic of Germany
1.50%, 5/15/2023 (a)	EUR	51,000		64,875
0.50%, 8/15/2027 (a)	EUR	93,000		111,087
0.50%, 2/15/2028 (a)	EUR	20,000		23,779
4.00%, 1/4/2037 (a)	EUR	33,000		60,257
2.50%, 7/4/2044 (a)	EUR	4,000		6,340
2.50%, 8/15/2046 (a)	EUR	23,000		36,881
				303,219
Italy — 1.0%
Italy Government Bond
1.05%, 12/1/2019	EUR	30,000		35,267
0.70%, 5/1/2020	EUR	10,000		11,670
0.65%, 11/1/2020	EUR	53,000		61,585
0.45%, 6/1/2021	EUR	58,000		66,580
0.10%, 5/15/2022 (a)	EUR	36,322		41,928
1.45%, 9/15/2022	EUR	36,000		41,804
0.95%, 3/15/2023	EUR	64,000		72,138
2.50%, 12/1/2024	EUR	72,000		85,780
1.45%, 5/15/2025	EUR	43,000		47,571
1.60%, 6/1/2026	EUR	25,000		27,572
3.10%, 9/15/2026 (a)	EUR	16,376		21,889
4.75%, 9/1/2028 (a)	EUR	75,000		102,633
1.65%, 3/1/2032 (a)	EUR	21,000		21,215
2.45%, 9/1/2033 (a)	EUR	53,000		57,960
2.25%, 9/1/2036 (a)	EUR	22,000		22,964
4.00%, 2/1/2037 (a)	EUR	4,000		5,255
4.75%, 9/1/2044 (a)	EUR	17,000		24,307
2.70%, 3/1/2047 (a)	EUR	23,000		23,991
2.80%, 3/1/2067 (a)	EUR	2,000		2,021
				774,130
Japan — 2.8%
Japan Finance Organization for Municipalities
0.88%, 9/22/2021 (a)	EUR	100,000		119,623
Japan Government Bond
0.10%, 10/15/2019	JPY	1,200,000		10,871
0.10%, 1/15/2020	JPY	8,300,000		75,233
0.10%, 9/20/2020	JPY	16,100,000		146,135

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Japan — continued
1.20%, 12/20/2020	JPY	14,100,000		131,508
0.10%, 9/20/2022	JPY	14,750,000		134,404
0.80%, 9/20/2022	JPY	9,650,000		90,520
0.10%, 12/20/2022	JPY	11,450,000		104,384
0.30%, 12/20/2024	JPY	13,850,000		128,112
0.10%, 6/20/2026	JPY	21,700,000		198,065
0.10%, 12/20/2026	JPY	11,050,000		100,753
1.70%, 12/20/2032	JPY	12,050,000		131,266
1.80%, 12/20/2032	JPY	10,050,000		110,827
1.50%, 3/20/2034	JPY	12,350,000		131,981
0.70%, 3/20/2037	JPY	13,150,000		124,017
0.60%, 12/20/2037	JPY	10,100,000		93,117
2.50%, 3/20/2038	JPY	8,750,000		108,693
1.70%, 9/20/2044	JPY	500,000		5,647
1.40%, 9/20/2045	JPY	8,100,000		86,341
1.40%, 12/20/2045	JPY	3,750,000		39,974
0.80%, 3/20/2047	JPY	4,950,000		45,828
0.80%, 12/20/2047	JPY	9,900,000		91,504
0.90%, 3/20/2057	JPY	4,050,000		37,217
				2,246,020
Qatar — 0.1%
Qatar Government Bond
5.25%, 1/20/2020 (a)		100,000		103,000
Spain — 0.7%
Spain Government Bond
4.00%, 4/30/2020 (a)	EUR	60,000		75,465
0.05%, 1/31/2021	EUR	20,000		23,425
0.45%, 10/31/2022	EUR	65,000		76,642
2.75%, 10/31/2024 (a)	EUR	24,000		31,629
1.60%, 4/30/2025 (a)	EUR	57,000		70,197
1.45%, 10/31/2027 (a)	EUR	58,000		68,858
1.40%, 4/30/2028 (a)	EUR	22,000		25,857
2.35%, 7/30/2033 (a)	EUR	24,000		29,713
4.20%, 1/31/2037 (a)	EUR	24,000		37,495
5.15%, 10/31/2044 (a)	EUR	18,000		32,390
2.90%, 10/31/2046 (a)	EUR	5,000		6,367
2.70%, 10/31/2048 (a)	EUR	66,000		80,060
3.45%, 7/30/2066 (a)	EUR	3,000		4,112
				562,210
Sweden — 0.1%
Sweden Government Bond
5.00%, 12/1/2020	SEK	55,000		6,971
3.50%, 6/1/2022	SEK	35,000		4,492
2.50%, 5/12/2025	SEK	130,000		16,880

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Foreign Government Securities — continued
Sweden — continued
2.25%, 6/1/2032	SEK	15,000		1,977
3.50%, 3/30/2039	SEK	25,000		3,984
				34,304
United Kingdom — 0.9%
U.K. Treasury Bonds
4.75%, 3/7/2020 (a)	GBP	27,000		38,067
1.50%, 1/22/2021 (a)	GBP	54,000		72,640
0.50%, 7/22/2022 (a)	GBP	42,000		54,560
2.25%, 9/7/2023 (a)	GBP	39,000		54,669
2.75%, 9/7/2024 (a)	GBP	36,000		52,207
2.00%, 9/7/2025 (a)	GBP	9,000		12,587
1.50%, 7/22/2026 (a)	GBP	4,000		5,390
1.63%, 10/22/2028 (a)	GBP	44,000		59,153
4.50%, 9/7/2034 (a)	GBP	8,000		14,840
4.25%, 3/7/2036 (a)	GBP	40,000		73,608
1.75%, 9/7/2037 (a)	GBP	42,000		55,634
4.75%, 12/7/2038 (a)	GBP	10,000		20,119
3.25%, 1/22/2044 (a)	GBP	14,000		24,098
3.50%, 1/22/2045 (a)	GBP	11,000		19,847
4.25%, 12/7/2046 (a)	GBP	19,000		39,078
1.50%, 7/22/2047 (a)	GBP	44,000		54,888
3.75%, 7/22/2052 (a)	GBP	5,000		10,143
4.25%, 12/7/2055 (a)	GBP	5,500		12,565
1.75%, 7/22/2057 (a)	GBP	25,000		34,186
2.50%, 7/22/2065 (a)	GBP	10,000		17,238
3.50%, 7/22/2068 (a)	GBP	11,000		24,138
				749,655
Total Foreign Government Securities (Cost $6,476,549)				6,359,505
Asset-Backed Securities — 3.1%
United States — 3.1%
AMRESCO Residential Securities Corp. Mortgage Loan Trust
Series 1997-1, Class A7, 7.61%, 3/25/2027‡		35,194		35,034
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W5, Class M1, 2.99%, 4/25/2034‡ (e)		52,889		52,809
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE6, Class M2, 4.57%, 11/25/2033‡ (e)		78,400		79,041

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2004-HE3, Class M2, 3.77%, 6/25/2034‡ (e)		74,626		74,160
Series 2005-HE6, Class M3, 2.89%, 7/25/2035 (e)		142,051		142,030
Bayview Opportunity Master Fund Trust
Series 2018-RN5, Class A1, 3.82%, 4/28/2033‡ (f) (g)		138,831		138,710
Bear Stearns Asset-Backed Securities Trust
Series 2004-HE5, Class M2, 3.97%, 7/25/2034‡ (e)		20,879		20,783
Series 2003-2, Class M1, 3.89%, 3/25/2043‡ (e)		48,116		47,950
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 2.84%, 5/25/2034‡ (e)		42,926		42,870
Series 2005-12, Class M1, 2.56%, 2/25/2036 (e)		186,934		186,458
Series 2006-19, Class 2A2, 2.25%, 3/25/2037‡ (e)		94,311		93,402
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-1, Class M2, 2.92%, 3/25/2034‡ (e)		53,545		53,186
Series 2004-5, Class M5, 4.42%, 5/25/2034 (e)		51,467		49,755
Series 2004-5, Class M3, 3.82%, 7/25/2034‡ (e)		82,347		83,263
First Franklin Mortgage Loan Trust
Series 2004-FFH3, Class M1, 2.96%, 10/25/2034 (e)		149,593		149,639
Home Equity Asset Trust
Series 2007-2, Class 2A2, 2.28%, 7/25/2037‡ (e)		30,242		30,173
Home Equity Mortgage Loan Asset-Backed Trust
Series 2005-B, Class M2, 2.80%, 8/25/2035 (e)		142,568		142,479
Series 2006-B, Class 2A3, 2.28%, 6/25/2036‡ (e)		94,188		91,635
Long Beach Mortgage Loan Trust
Series 2004-4, Class M1, 2.99%, 10/25/2034 (e)		101,062		101,169
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, Class M1, 3.11%, 10/25/2033‡ (e)		54,386		53,874

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-MHQ1, Class M2, 3.22%, 12/25/2034 (e)		142,126		142,290
RAMP Trust
Series 2005-KS12, Class M1, 2.53%, 1/25/2036 (e)		197,320		196,742
Series 2006-RZ4, Class A3, 2.36%, 10/25/2036 (e)		197,158		194,555
Saxon Asset Securities Trust
Series 2003-3, Class M1, 3.07%, 12/25/2033‡ (e)		46,098		44,468
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 3.07%, 10/25/2033‡ (e)		22,073		22,008
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 2.26%, 1/25/2037 (e)		106,624		104,274
Series 2007-WF2, Class A1, 3.09%, 8/25/2037‡ (e)		53,752		54,027
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2006-3, Class A2, 2.24%, 1/25/2037‡ (e)		73,813		73,337
Total Asset-Backed Securities (Cost $2,426,736)				2,500,121
U.S. Treasury Obligations — 1.0%
U.S. Treasury Notes
1.13%, 1/31/2019 (h) (Cost $821,251)		825,000		819,876
Commercial Mortgage-Backed Securities — 0.5%
United States — 0.5%
Braemar Hotels & Resorts Trust 2018-Prime
Series 2018-PRME, Class B, 3.12%, 6/15/2035 (e) (f)		150,000		149,837
BXMT Ltd.
Series 2017-FL1, Class B, 3.57%, 6/15/2035 (e) (f)		100,000		100,001
DBGS Mortgage Trust
Series 2018-5BP, Class B, 2.73%, 6/15/2033 (e) (f)		100,000		99,219
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039‡ (e)		83,108		62,967
Total Commercial Mortgage-Backed Securities (Cost $409,577)				412,024

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — 0.2%
United States — 0.2%
FHLMC Gold Pools, 15 Year, Single Family
Pool # G14120, 4.00%, 4/1/2026		40,892		42,043
FNMA, 15 Year, Single Family
Pool # AL1174, 4.00%, 11/1/2026		130,627		134,472
Total Mortgage-Backed Securities (Cost $176,457)				176,515
Supranational — 0.1%
Supranational — 0.1%
European Investment Bank
2.80%, 1/15/2021	AUD	33,000		24,638
0.50%, 6/21/2023	AUD	30,000		19,620
Inter-American Development Bank
0.50%, 5/23/2023	CAD	63,000		43,607
4.40%, 1/26/2026	CAD	16,000		13,472
Total Supranational (Cost $104,611)				101,337
Corporate Bonds — 0.1%
Mexico — 0.1%
Petroleos Mexicanos
6.38%, 2/4/2021		70,000		73,675
Netherlands — 0.0% (b)
Bank Nederlandse Gemeenten NV
4.75%, 3/6/2023 (a)	AUD	15,000		12,074
Total Corporate Bonds (Cost $86,569)				85,749
	NO. OF CONTRACTS
Options Purchased — 0.1%
Call Option Purchased — 0.1%
United States — 0.1%
iShares MSCI EAFE ETF
9/21/2018 at USD 70.00, American Style Notional Amount: USD 4,507,081 Exchange Traded*		673		30,622
S&P 500 Index
9/21/2018 at USD 2,800.00, European Style Notional Amount: USD 4,893,066 Exchange Traded*		18		47,880
Total Options Purchased (Cost $180,145)				78,502

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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

INVESTMENTS	NUMBER OF RIGHTS		VALUE($)
Long Positions — continued
Rights — 0.0% (b)
United States — 0.0% (b)
Media General, Inc., CVR*‡ (Cost $—)		902		44
	PRINCIPAL AMOUNT($)
Short-Term Investments — 10.0%
Foreign Government Treasury Bills — 5.9%
Canadian Treasury Bills (Canada)
1.32%, 10/18/2018 (i)	CAD	2,071,000		1,569,117
1.27%, 11/15/2018 (i)	CAD	350,000		264,849
1.38%, 11/15/2018 (i)	CAD	1,724,000		1,304,570
1.34%, 12/13/2018 (i)	CAD	370,000		279,600
1.44%, 12/13/2018 (i)	CAD	1,706,000		1,289,184
Total Foreign Government Treasury Bills (Cost $4,799,465)				4,707,320
	SHARES
Investment Companies — 4.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.86% (d) (j)		3,010,329		3,010,329
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.80% (d) (j)		282,889		282,889
Total Investment Companies (Cost $3,293,218)				3,293,218
Total Short-Term Investments (Cost $8,092,683)				8,000,538
Total Long Positions (Cost $74,848,098)				79,927,989
Short Positions – (2.0%)
Common Stocks – (2.0%)
Argentina – (0.1%)
MercadoLibre, Inc.		(134)		(40,057	)
United States – (1.9%)
Albemarle Corp.		(557)		(52,542	)
Applied Materials, Inc.		(544)		(25,127	)
Cardinal Health, Inc.		(387)		(18,897	)
Colgate-Palmolive Co.		(2,076)		(134,545	)
Comcast Corp., Class A		(3,157)		(103,581	)
DENTSPLY SIRONA, Inc.		(2,012)		(88,065	)
Hasbro, Inc.		(1,957)		(180,651	)
International Business Machines Corp.		(723)		(101,003	)
Johnson & Johnson		(1,727)		(209,554	)
Kimberly-Clark Corp.		(1,114)		(117,349	)
Kroger Co. (The)		(6,849)		(194,854	)

INVESTMENTS	SHARES		VALUE($)
United States — continued
MGM Resorts International		(4,920)		(142,828	)
Procter & Gamble Co. (The)		(688)		(53,705	)
Rockwell Automation, Inc.		(529)		(87,936	)
Walgreens Boots Alliance, Inc.		(386)		(23,166	)
Western Digital Corp.		(327)		(25,313	)
				(1,559,116	)
Total Common Stocks (Cost $(1,596,920))				(1,599,173	)
Total Short Positions (Cost $(1,596,920))				(1,599,173	)
Total Investments — 97.8% (Cost $73,251,178)				78,328,816
Other Assets Less Liabilities — 2.20%				1,738,519
NET ASSETS — 100.00%			$	80,067,335

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2018

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		21.6	%
Collateralized Mortgage Obligations		8.5
Foreign Government Securities		8.0
Banks		4.7
Asset-Backed Securities		3.1
Insurance		2.6
Oil, Gas & Consumable Fuels		2.5
IT Services		2.5
Pharmaceuticals		2.5
Software		1.9
Health Care Providers & Services		1.5
Internet Software & Services		1.4
Capital Markets		1.4
Electric Utilities		1.3
Semiconductors & Semiconductor Equipment		1.2
Machinery		1.1
Equity Real Estate Investment Trusts (REITs)		1.1
U.S. Treasury Notes		1.0
Internet & Direct Marketing Retail		1.0
Media		1.0
Others (each less than 1.0%)		20.1
Short-Term Investments		10.0

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2018

SHORT PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Household Products		19.1	%
Food & Staples Retailing		13.6
Pharmaceuticals		13.1
Leisure Products		11.3
Hotels, Restaurants & Leisure		8.9
Media		6.5
IT Services		6.3
Health Care Equipment & Supplies		5.5
Electrical Equipment		5.5
Chemicals		3.3
Internet Software & Services		2.5
Technology Hardware, Storage & Peripherals		1.6
Semiconductors & Semiconductor Equipment		1.6
Health Care Providers & Services		1.2

Futures contracts outstanding as of June 30, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		3		09/2018		EUR		118,443			(2,862	)
Euro-Schatz		3		09/2018		EUR		392,679			292
Foreign Exchange EUR/USD		24		09/2018		USD		3,520,950			(40,546	)
Foreign Exchange JPY/USD		15		09/2018		USD		1,700,156			(8,719	)
MSCI EAFE E-Mini Index		15		09/2018		USD		1,466,550			(28,181	)
S&P 500 E-Mini Index		54		09/2018		USD		7,348,320			(104,552	)
U.S. Treasury Ultra Bond		13		09/2018		USD		2,071,469			34,095
											(150,473	)
Short Contracts
EURO STOXX 50 Index		(80)		09/2018		EUR		(3,158,494	)		89,284
Foreign Exchange GBP/USD		(18)		09/2018		USD		(1,489,050	)		23,141
FTSE 100 Index		(7)		09/2018		GBP		(700,285	)		6,453
Japan 10 Year Bond Mini		(1)		09/2018		JPY		(136,242	)		(201	)
MSCI Emerging Markets E-Mini Index		(34)		09/2018		USD		(1,807,610	)		112,335
U.S. Treasury 10 Year Note		(2)		09/2018		USD		(240,313	)		246
U.S. Treasury 2 Year Note		(6)		09/2018		USD		(1,271,062	)		550
											231,808
											81,335

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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

Forward foreign currency exchange contracts outstanding as of June 30, 2018:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	10,770		USD	12,631	BNP Paribas		9/5/2018		9
USD	10,544		GBP	7,911	Merrill Lynch International		9/5/2018		73
USD	2,136,548		JPY	235,030,946	Citibank, NA		9/5/2018		4,053
USD	23,466		JPY	2,566,352	Merrill Lynch International		9/5/2018		180
USD	32,789		SEK	290,065	Merrill Lynch International		9/5/2018		241
Total unrealized appreciation									4,556
USD	628,261		CAD	834,305	BNP Paribas		8/3/2018		(6,713	)
USD	4,011,189		CAD	5,339,130	Royal Bank of Canada		8/3/2018		(52,317	)
EUR	81,308		USD	95,553	State Street Corp.		9/5/2018		(132	)
JPY	5,514,399		USD	50,167	State Street Corp.		9/5/2018		(133	)
USD	158,640		AUD	215,494	Merrill Lynch International		9/5/2018		(869	)
USD	131,347		CAD	174,735	Goldman Sachs International		9/5/2018		(1,717	)
USD	40,534		DKK	260,652	Citibank, NA		9/5/2018		(534	)
USD	61,561		EUR	52,814	Australia & New Zealand Banking Group Ltd.		9/5/2018		(420	)
USD	33,095		EUR	28,359	Barclays Bank plc		9/5/2018		(186	)
USD	2,737,853		EUR	2,364,188	Deutsche Bank AG		9/5/2018		(36,699	)
USD	188,920		EUR	160,993	State Street Corp.		9/5/2018		(18	)
USD	724,607		GBP	550,085	State Street Corp.		9/5/2018		(3,505	)
Total unrealized depreciation									(103,243	)
Net unrealized depreciation									(98,687	)

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2018

Abbreviations
ABS	Asset-backed securities
ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
CVA	Dutch Certification
CVR	Contingent Value Rights
DKK	Danish Krone
EUR	Euro
EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
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.
SEK	Swedish Krona
USD	United States Dollar
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Amount rounds to less than 0.05% of net assets.

(c)	All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $1,845,631.
(d)	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)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of June 30, 2018.
(f)	Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(g)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of June 30, 2018.
(h)	All or a portion of this security is deposited with the broker as initial margin for future contracts.
(i)	The rate shown is the effective yield as of June 30, 2018.
(j)	The rate shown is the current yield as of June 30, 2018.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

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, 2018 JPMORGAN INSURANCE TRUST 19

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Global Allocation Portfolio
ASSETS:
Investments in non-affiliates, at value	$	59,295,580
Investments in affiliates, at value		20,553,907
Options purchased, at value		78,502
Cash		1,911,039
Foreign currency, at value		91,626
Deposits at broker for futures contracts		33,000
Receivables:
Investment securities sold		333,787
Portfolio shares sold		8,495
Interest and dividends from non-affiliates		114,827
Dividends from affiliates		540
Tax reclaims		29,633
Variation margin on futures contracts		347,110
Unrealized appreciation on forward foreign currency exchange contracts		4,556
Total Assets		82,802,602
LIABILITIES:
Payables:
Securities sold short, at value		1,599,173
Dividend expense to non-affiliates on securities sold short		2,681
Investment securities purchased		914,379
Portfolio shares redeemed		16,736
Unrealized depreciation on forward foreign currency exchange contracts		103,243
Accrued liabilities:
Investment advisory fees		25,434
Distribution fees		10,998
Custodian and accounting fees		8,489
Trustees’ and Chief Compliance Officer’s fees		1,149
Other		52,985
Total Liabilities		2,735,267
Net Assets	$	80,067,335
NET ASSETS:
Paid-in-Capital	$	75,731,091
Accumulated undistributed net investment income		413,985
Accumulated net realized gains (losses)		(1,139,285	)
Net unrealized appreciation (depreciation)		5,061,544
Total Net Assets	$	80,067,335
Net Assets:
Class 1	$	27,339,843
Class 2		52,727,492
Total	$	80,067,335
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class 1		1,679,429
Class 2		3,246,846
Net Asset Value, offering and redemption price per share (a):
Class 1	$	16.28
Class 2		16.24
Cost of investments in non-affiliates	$	54,721,142
Cost of investments in affiliates		19,946,811
Cost of options purchased		180,145
Cost of foreign currency		91,848
Proceeds from securities sold short		1,596,920

(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, 2018

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2018 (Unaudited)

	JPMorgan Insurance Trust Global Allocation Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	507,824
Dividend income from affiliates		274,333
Interest income from non-affiliates		215,099
Interest income from affiliates		206
Interest income from non-affiliates on securities sold short		7,607
Foreign taxes withheld		(34,862	)
Total investment income		970,207
EXPENSES:
Investment advisory fees		213,264
Administration fees		28,830
Distribution fees — Class 2		64,439
Custodian and accounting fees		46,952
Interest expense to affiliates		115
Professional fees		55,724
Trustees’ and Chief Compliance Officer’s fees		13,191
Printing and mailing costs		10,417
Transfer agency fees — Class 1		97
Transfer agency fees — Class 2		524
Other		5,026
Dividend expense to non-affiliates on securities sold short		16,557
Total expenses		455,136
Less fees waived		(100,466	)
Less expense reimbursements		(275	)
Net expenses		354,395
Net investment income (loss)		615,812
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		196,381
Investments in affiliates		(126,805	)
Options purchased		(664,861	)
Futures contracts		165,410
Securities sold short		47,706
Foreign currency transactions		(35	)
Forward foreign currency exchange contracts		293,336
Net realized gain (loss)		(88,868	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(943,733	)
Investments in affiliates		(593,570	)
Options purchased		(95,055	)
Futures contracts		(23,173	)
Securities sold short		236
Foreign currency translations		(12,546	)
Forward foreign currency exchange contracts		(29,695	)
Change in net unrealized appreciation/depreciation		(1,697,536	)
Net realized/unrealized gains (losses)		(1,786,404	)
Change in net assets resulting from operations	$	(1,170,592	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 21

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Global Allocation Portfolio
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	615,812		$	915,772
Net realized gain (loss)		(88,868	)		1,956,419
Change in net unrealized appreciation/depreciation		(1,697,536	)		5,912,379
Change in net assets resulting from operations		(1,170,592	)		8,784,570
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		—			(182,218	)
From net realized gains		(167,469	)		(525,527	)
Class 2
From net investment income		—			(467,939	)
From net realized gains		(330,463	)		(1,844,995	)
Total distributions to shareholders		(497,932	)		(3,020,679	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		18,958,039			2,480,474
NET ASSETS:
Change in net assets		17,289,515			8,244,365
Beginning of period		62,777,820			54,533,455
End of period	$	80,067,335		$	62,777,820
Accumulated undistributed net investment income	$	413,985		$	(201,827	)
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	14,235,547		$	8,772,622
Distributions reinvested		167,469			707,745
Cost of shares redeemed		(782,760	)		(356,670	)
Change in net assets resulting from Class 1 capital transactions	$	13,620,256		$	9,123,697
Class 2
Proceeds from shares issued	$	10,841,993		$	20,644,632
Distributions reinvested		330,463			2,312,934
Cost of shares redeemed		(5,834,673	)		(29,600,789	)
Change in net assets resulting from Class 2 capital transactions	$	5,337,783		$	(6,643,223	)
Total change in net assets resulting from capital transactions	$	18,958,039		$	2,480,474
SHARE TRANSACTIONS:
Class 1
Issued		852,698			529,087
Reinvested		10,174			42,545
Redeemed		(46,927	)		(21,469	)
Change in Class 1 Shares		815,945			550,163
Class 2
Issued		647,728			1,261,337
Reinvested		20,126			139,431
Redeemed		(350,002	)		(1,825,803	)
Change in Class 2 Shares		317,852			(425,035	)

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2018 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			Total distributions
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Six Months Ended June 30, 2018 (Unaudited)	$	16.57	$	0.17	(h)	$	(0.36	)	$	(0.19	)	$	—		$	(0.10	)	$	(0.10	)
Year Ended December 31, 2017		14.89		0.29	(h)		2.25			2.54			(0.20	)		(0.66	)		(0.86	)
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, 2018 (Unaudited)		16.55		0.14	(h)		(0.35	)		(0.21	)		—			(0.10	)		(0.10	)
Year Ended December 31, 2017		14.87		0.26	(h)		2.24			2.50			(0.16	)		(0.66	)		(0.82	)
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 0.76% and 1.05% for the six months ended June 30, 2018 and 0.76% and 1.11% for the year ended December 31, 2017; for Class 2 are 1.02% and 1.30% for the six months ended June 30, 2018 and 1.01% and 1.32% for the year ended December 31, 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.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2018

		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 expenses for securities sold short) (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (including dividend expenses for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)(g)			Portfolio turnover rate (including securities sold short) (c)(g)
$	16.28		(1.14	)%	$	27,339,843		0.81	%(i)		2.01	%		1.10	%(i)		67	%		80	%
	16.57		17.11			14,307,557		0.79	(i)		1.76			1.14	(i)		80			92
	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)		—
	16.24		(1.26	)		52,727,492		1.07	(i)		1.63			1.35	(i)		67			80
	16.55		16.85			48,470,263		1.04	(i)		1.59			1.35	(i)		80			92
	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, 2018 JPMORGAN INSURANCE TRUST 25

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (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
JPMorgan Insurance Trust 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 Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

26 JPMORGAN INSURANCE TRUST JUNE 30, 2018

Futures contracts 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, 2018.

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	$	—	$	1,409,391	$	1,090,730	$	2,500,121
Collateralized Mortgage Obligations
Other Collateralized Mortgage Obligations		—		6,822,283		—		6,822,283
Commercial Mortgage-Backed Securities
United States		—		349,057		62,967		412,024
Common Stocks
Australia		—		888,954		—		888,954
Austria		—		135,234		—		135,234
Belgium		—		190,937		—		190,937
China		58,970		412,503		—		471,473
Denmark		—		168,483		—		168,483
Finland		—		250,860		—		250,860
France		—		1,809,708		—		1,809,708
Germany		—		1,701,271		—		1,701,271
Hong Kong		180,460		474,108		—		654,568
Indonesia		—		92,891		—		92,891
Ireland		90,813		63,771		—		154,584
Italy		—		266,482		—		266,482
Japan		—		3,532,334		—		3,532,334
Luxembourg		—		63,107		—		63,107
Netherlands		—		1,132,396		—		1,132,396
Singapore		—		162,078		—		162,078
South Africa		—		84,720		—		84,720
South Korea		—		99,568		—		99,568
Spain		—		450,190		—		450,190
Sweden		—		152,454		—		152,454
Switzerland		—		1,431,911		—		1,431,911
United Kingdom		—		2,283,190		—		2,283,190
United States		20,440,567		98,593		—		20,539,160
Other Common Stocks		594,253		—		—		594,253
Total Common Stocks		21,365,063		15,945,743		—		37,310,806

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 27

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Corporate Bonds
Other Corporate Bonds	$	—		$	85,749		$	—	$	85,749
Foreign Government Securities		—			6,359,505			—		6,359,505
Investment Companies		17,260,689			—			—		17,260,689
Mortgage-Backed Securities		—			176,515			—		176,515
Options Purchased
Call Options Purchased		78,502			—			—		78,502
Rights
United States		—			—			44		44
Supranational		—			101,337			—		101,337
U.S. Treasury Obligations
United States		—			819,876			—		819,876
Short-Term Investments
Foreign Government Treasury Bills		—			4,707,320			—		4,707,320
Investment Companies		3,293,218			—			—		3,293,218
Total Short-Term Investments	$	3,293,218		$	4,707,320		$	—	$	8,000,538
Total Investments in Securities	$	41,997,472		$	36,776,776		$	1,153,741	$	79,927,989
Liabilities
Common Stocks
Other Common Stocks	$	(1,599,173	)	$	—		$	—	$	(1,599,173	)
Total Liabilities in Securities Sold Short	$	(1,599,173	)	$	—		$	—	$	(1,599,173	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	4,556		$	—	$	4,556
Futures Contracts		170,659			95,737			—		266,396
Total Appreciation in Other Financial Instruments	$	170,659		$	100,293		$	—	$	270,952
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(103,243	)	$	—	$	(103,243	)
Futures Contracts		(182,199	)		(2,862	)		—		(185,061	)
Total Depreciation in Other Financial Instruments	$	(182,199	)	$	(106,105	)	$	—	$	(288,304	)

There were no significant transfers among any levels during the six months ended June 30, 2018.

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, 2017		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, 2018
Investments in Securities
Asset-Backed Securities — United States	$	1,064,482	$	—	$	(4,626	)	$	1,623	$	150,000	$	(120,749	)	$	—	$	—	$	1,090,730
Commercial Mortgage-Backed Security — United States		—		—		3,100			30		65,975		(6,138	)		—		—		62,967
Rights — United States		44		—		—			—		—		—			—		—		44
Total	$	1,064,526	$	—	$	(1,526	)	$	1,653	$	215,975	$	(126,887	)	$	—	$	—	$	1,153,741

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, 2018

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to $(1,526). 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, 2018	Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$1,090,730	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 14.60% (7.44%)
			Constant Default Rate		0.000% - 6.90% (4.00%)
Asset-Backed Securities			Yield (Discount Rate of Cash Flows)		2.88% - 6.93% (4.06%)
	1,090,730
	62,967	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		199.00% (199.00%)
Commercial Mortgage-Backed Securities	62,967
	44	Pending Distribution Amount	Expected Recovery	$	0.049 ($0.049)
Rights	44
Total	$1,153,741

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.

			For the six months ended June 30, 2018
Security Description	Value at December 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2018		Shares at June 30, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)	$	3,231,938	$	1,062,657	$	—	$	—		$	(291,511	)	$	4,003,084		144,203	$	—	$	—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,090,560		1,179,842		1,591,874		(119,347	)		(140,773	)		2,418,408		307,295		63,984		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		—		4,047,922		—		—			(26,648	)		4,021,274		431,005		18,218		—
JPMorgan High Yield Fund Class R6 Shares (a)		4,230,855		3,250,340		521,176		(7,458	)		(134,638	)		6,817,923		945,620		160,749		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.86% (a)(b)		—		16,401,476		13,391,147		—			—			3,010,329		3,010,329		12,850		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.80% (a)(b)		4,675,740		13,812,573		18,205,424		—			—			282,889		282,889		18,532		—
Total	$	15,229,093	$	39,754,810	$	33,709,621	$	(126,805	)	$	(593,570	)	$	20,553,907			$	274,333	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of June 30, 2018.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 29

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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

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

The Portfolio is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Portfolio’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Portfolio in the event the Portfolio’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Portfolio to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Portfolio often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Portfolio. The ISDA agreements give the Portfolio and a 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 options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statement of Operations. If the option is allowed to expire, the Portfolio will lose the entire premium it paid and record realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Portfolio for options written are included on the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Portfolio records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Portfolio is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Portfolio to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Portfolio to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Portfolio is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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’s over the counter (“OTC”) options are subject to master netting arrangements.

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

30 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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. dollars without the delivery of foreign currency.

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

The Portfolio’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). 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, 2018, 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:		Options		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—	$	35,183		$	—		$	35,183
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		—		23,141			4,556			27,697
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		78,502		208,072			—			286,574
Total		$	78,502	$	266,396		$	4,556		$	349,454
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(201	)	$	—		$	(201	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		—		(49,265	)		(103,243	)		(152,508	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		—		(135,595	)		—			(135,595	)
Total		$	—	$	(185,061	)	$	(103,243	)	$	(288,304	)

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

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

The following tables present the effect of derivatives on the Statement of Operations for the six months ended June 30, 2018, 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	$	—		$	(6,526	)	$	—	$	(6,526	)
Foreign exchange contracts		—			977			293,336		294,313
Equity contracts		(664,861	)		170,959			—		(493,902	)
Total	$	(664,861	)	$	165,410		$	293,336	$	(206,115	)

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	$	—		$	30,890		$	—		$	30,890
Foreign exchange contracts		—			(108,850	)		(29,695	)		(138,545	)
Equity contracts		(95,055	)		54,787			—			(40,268	)
Total	$	(95,055	)	$	(23,173	)	$	(29,695	)	$	(147,923	)

The Portfolio’s derivatives contracts held at June 30, 2018 are not accounted for as hedging instruments under GAAP.

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, 2018. 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	$	4,176,426
Average Notional Balance Short		4,944,759
Ending Notional Balance Long		8,933,313
Ending Notional Balance Short		5,666,389
Foreign Exchange
Average Notional Balance Long		5,353,034
Average Notional Balance Short		1,492,594	(a)
Ending Notional Balance Long		5,221,106
Ending Notional Balance Short		1,489,050
Interest Rate
Average Notional Balance Long		1,757,334
Average Notional Balance Short		1,864,639
Ending Notional Balance Long		2,464,148
Ending Notional Balance Short		1,647,617
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		796,037	(b)
Average Settlement Value Sold		8,131,747
Ending Settlement Value Purchased		158,351
Ending Settlement Value Sold		10,919,354
Exchange-Traded Options:
Average Number of Contracts Purchased		1,485
Ending Number of Contracts Purchased		691

(a) For the period May 1, 2018 through June 30, 2018.

(b) For the period February 1, 2018 through June 30, 2018.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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 Statement of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. 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, 2018, 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.

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 (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, 2018, 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.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

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, if any, 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, 2018, the effective annualized rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian were 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
	0.78	%		1.03	%

The expense limitation agreement was in effect for the six months ended June 30, 2018 and is in place until at least April 30, 2019.

For the six months ended June 30, 2018, 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
$67,409	$	28,829	$	96,238	$	275

34 JPMORGAN INSURANCE TRUST JUNE 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 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, 2018 was $4,228.

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.

During the six months ended June 30, 2018, 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, 2018, 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, 2018, 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
$	55,745,894	$	37,517,490	$	3,150,145	$	4,954,457	$	8,145,198	$	7,032,798

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2018 were as follows:

Aggregate Cost*		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	73,251,178	$	6,598,371	$	1,538,085	$	5,060,286

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

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 was extended until November 5, 2018.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2018.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2018 (Unaudited) (continued)

The Trust, along with certain other trusts (“Borrowers”), has 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had four omnibus accounts which owned 89.0% 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, 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.

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, 2018, 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 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.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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, 2018, the Portfolio pledged a significant portion of its assets for securities sold short to Citigroup Global Markets, Inc. Deposits at broker for securities sold short, as noted on the Statement of Assets and Liabilities are held at Citigroup Global Markets, Inc.

8. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

JUNE 30, 2018 JPMORGAN INSURANCE TRUST 37

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2018, and continued to hold your shares at the end of the reporting period, June 30, 2018.

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, 2018		Ending Account Value June 30, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Actual	$	1,000.00	$	988.60	$	3.99		0.81	%
Hypothetical		1,000.00		1,020.78		4.06		0.81
Class 2
Actual		1,000.00		987.40		5.27		1.07
Hypothetical		1,000.00		1,019.49		5.36		1.07

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

38 JPMORGAN INSURANCE TRUST JUNE 30, 2018

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 prospectuses 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.

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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., 2018.  All rights reserved. June 30, 2018 SAN-JPMITGAP-618

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 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. 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.

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.

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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(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.

(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.

(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, 2018

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, 2018
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	August 24, 2018