Jpmorgan Insurance Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(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, 2019 through June 30, 2019

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2019 (Unaudited)

JPMorgan Insurance Trust Core Bond Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
   

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	35
Financial Highlights	38
Notes to Financial Statements	40
Schedule of Shareholder Expenses	47

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 at1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

July 31, 2019 (Unaudited)

Dear Shareholders,

While the global economy slowed during the first half of 2019, financial markets rallied amid investor expectations that leading central banks would take action if global economic conditions continued to deteriorate. Even as growth slowed, the U.S. economic expansion become the longest on record by the end of the reporting period.

  “U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019.” — Andrea L. Lisher

The U.S. economy generally outperformed other developed nations throughout the reporting period, even as U.S. gross domestic product (GDP) growth slowed to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. U.S. unemployment remained below 4% for all but one month of the reporting period and consumer sentiment remained relatively buoyant. U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019. For the six month reporting period, the S&P 500 Index returned 18.54%.

In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a slight decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019 and manufacturing data weakened. However, the 7.5% euro area jobless rate for June 2019 was the lowest since the 2008-09 financial crisis.

In response to the slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth hit 1.8% in the first quarter of 2019. Political uncertainty surrounding

negotiations for the U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the six month reporting period, the MSCI EAFE Index returned 14.49%.

Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well as certain of its trading partners across Asia. During the first half of 2019, emerging markets equity and bonds generally benefitted from global investor appetite for higher yielding assets. The MSCI Emerging Markets Index returned 10.76% and the Bloomberg Barclays Emerging Markets Bond Index returned 9.39% for the reporting period.

Subsequent to the end of the reporting period, the U.S. Federal Reserve (the “Fed”) cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.

Given this backdrop, we believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,

Andrea L. Lisher

Head of Americas, J.P. Morgan Global Funds

J.P. Morgan Asset Management

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	5.87%
Bloomberg Barclays U.S. Aggregate Bond Index	6.11%
Net Assets as of 6/30/2019	$343,314,527
Duration as of 6/30/2019	5.8 years

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Core Bond Portfolio (the “Portfolio”) seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

HOW DID THE MARKET PERFORM?

Overall, both U.S. bond markets and equity markets provided positive returns for the reporting period amid low interest rates, relatively strong corporate earnings and general growth in the U.S. economy. In the U.S. and elsewhere, equity markets generally outperformed bonds markets. Within the U.S. fixed-income sector, high yield bonds (also known as junk bonds) outperformed both corporate debt and U.S. Treasury bonds.

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, 2019.

Relative to the Benchmark, the Portfolio’s underweight allocation to corporate credit, which was among the best performing fixed-income sectors, detracted from performance. Amid falling interest rates during the reporting period, the Portfolio’s overweight allocations to short duration asset-backed securities and U.S. agency bonds also detracted from relative performance. Generally, bonds with shorter duration will experience a smaller increase in price as interest rates fall versus bonds with longer duration.

The Portfolio’s security selection in corporate credit, mortgage-backed securities and asset-backed securities made a positive contribution to relative performance. The Portfolio’s underweight allocation to U.S. Treasury bonds also contributed to performance. The Portfolio’s longer overall duration relative to the Benchmark was a positive contributor to performance as interest rates fell during the period.

The Portfolio’s overweight position in the5-to-10 year portion of the yield curve also contributed to performance relative to the Benchmark. The yield curve shows the relationship between

yields and maturity dates for a set of similar bonds at a given point in time.

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 usedbottom-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 andnon-agency debt. The Portfolio was overweight in the intermediate part of the yield curve, underweight in the long end of the yield curve, and held a longer duration posture during the period.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	25.5	%
Corporate Bonds	23.6
Mortgage-Backed Securities	16.0
Asset-Backed Securities	10.7
Collateralized Mortgage Obligations	9.9
U.S. Government Agency Securities	6.9
Commercial Mortgage-Backed Securities	4.8
Others (each less than 1.0%)	0.4
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, 2019. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997	5.87%		7.68	%		2.88	%		4.25	%
CLASS 2 SHARES	August 16, 2006	5.73		7.36			2.61			4.00

* Not annualized.

TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)

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. Forup-to-datemonth-end performance information please call1-800-480-4111.

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, 2009 to June 30, 2019. 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, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 25.5%
U.S. Treasury Bonds
8.00%, 11/15/2021		338,000		386,376
5.25%, 11/15/2028		800,000		1,022,625
5.38%, 2/15/2031		4,500		6,040
4.50%, 2/15/2036		276,000		363,878
5.00%, 5/15/2037		250,000		352,207
4.38%, 2/15/2038		1,214,000		1,603,476
4.25%, 5/15/2039		105,000		137,238
4.38%, 11/15/2039		1,415,000		1,879,684
3.88%, 8/15/2040		100,000		124,789
3.13%, 2/15/2043		500,000		557,051
2.88%, 5/15/2043		2,420,000		2,585,902
3.63%, 8/15/2043		2,715,000		3,274,438
3.75%, 11/15/2043		1,952,000		2,400,884
3.63%, 2/15/2044		2,345,000		2,831,038
2.50%, 2/15/2045		6,000,000		5,970,469
2.88%, 8/15/2045		500,000		533,809
3.00%, 11/15/2045		1,000,000		1,093,086
2.25%, 8/15/2046		2,790,000		2,632,300
3.00%, 2/15/2048		90,000		98,448
3.13%, 5/15/2048		176,200		197,447
U.S. Treasury Inflation Indexed Bonds
3.63%, 4/15/2028		300,000		608,441
2.50%, 1/15/2029		100,000		143,193
U.S. Treasury Notes
1.38%, 4/30/2020		125,000		124,331
3.50%, 5/15/2020		450,000		455,748
1.50%, 7/15/2020		200,000		199,078
2.63%, 11/15/2020		200,000		202,031
1.38%, 1/31/2021		100,000		99,277
3.63%, 2/15/2021		650,000		668,586
2.25%, 4/30/2021		115,000		115,943
2.63%, 5/15/2021		154,500		156,848
3.13%, 5/15/2021		600,000		614,602
2.00%, 5/31/2021		300,000		301,219
2.13%, 8/15/2021		500,000		503,672
2.00%, 10/31/2021		100,000		100,574
1.75%, 2/28/2022		1,000,000		1,000,313
1.63%, 8/31/2022		1,000,000		996,484
1.75%, 9/30/2022		150,000		150,059
1.50%, 2/28/2023		525,000		520,611
1.75%, 5/15/2023		3,079,000		3,079,601
2.75%, 5/31/2023		46,000		47,741
2.50%, 8/15/2023		600,000		617,883
1.38%, 8/31/2023		700,000		689,555
1.63%, 10/31/2023		2,000,000		1,989,219

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
2.13%, 2/29/2024		94,000		95,506
2.50%, 5/15/2024		30,000		31,015
2.00%, 6/30/2024		10,000		10,103
2.25%, 11/15/2024		112,000		114,555
2.00%, 2/15/2025		1,000,000		1,009,688
2.88%, 4/30/2025		146,000		154,435
2.13%, 5/15/2025		500,000		508,164
2.88%, 5/31/2025		318,000		336,534
2.00%, 8/15/2025		728,600		735,203
2.25%, 11/15/2025		500,000		511,758
1.63%, 2/15/2026		59,400		58,497
1.50%, 8/15/2026		28,000		27,269
2.00%, 11/15/2026		84,000		84,587
2.25%, 2/15/2027		108,000		110,607
2.75%, 2/15/2028		65,000		69,075
2.88%, 5/15/2028		1,350,800		1,449,577
2.63%, 2/15/2029		267,000		281,403
U.S. Treasury STRIPS Bonds
2.45%, 5/15/2020 (a)		3,693,000		3,632,395
1.78%, 8/15/2020 (a)		2,120,000		2,075,758
2.56%, 2/15/2021 (a)		710,000		689,145
1.99%, 5/15/2021 (a)		1,790,000		1,729,960
2.17%, 8/15/2021 (a)		1,800,000		1,732,350
3.28%, 11/15/2021 (a)		615,000		589,382
2.77%, 2/15/2022 (a)		970,000		925,596
2.66%, 5/15/2022 (a)		760,000		721,988
3.13%, 8/15/2022 (a)		135,000		127,706
2.78%, 11/15/2022 (a)		500,000		470,978
3.00%, 2/15/2023 (a)		2,690,000		2,522,209
2.60%, 5/15/2023 (a)		2,420,000		2,257,768
2.24%, 8/15/2023 (a)		1,890,000		1,755,102
2.43%, 11/15/2023 (a)		500,000		461,970
3.23%, 11/15/2024 (a)		110,000		99,536
3.76%, 2/15/2025 (a)		50,000		44,976
4.96%, 5/15/2026 (a)		100,000		87,445
3.52%, 8/15/2026 (a)		23,000		19,989
3.56%, 11/15/2026 (a)		250,000		215,957
4.17%, 2/15/2027 (a)		300,000		257,569
3.57%, 5/15/2027 (a)		725,000		619,089
3.31%, 8/15/2027 (a)		250,000		212,104
3.93%, 11/15/2027 (a)		710,000		599,035
3.08%, 2/15/2028 (a)		27,000		22,631
2.90%, 5/15/2028 (a)		140,000		116,539
7.33%, 8/15/2028 (a)		50,000		41,397
6.99%, 11/15/2028 (a)		100,000		82,299
4.13%, 2/15/2029 (a)		658,000		537,905

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — continued
2.96%, 5/15/2029 (a)		300,000		243,736
3.84%, 11/15/2029 (a)		200,000		160,212
4.67%, 5/15/2030 (a)		300,000		237,481
3.98%, 8/15/2030 (a)		300,000		235,740
3.53%, 11/15/2030 (a)		500,000		390,113
4.54%, 2/15/2031 (a)		350,000		271,130
3.86%, 5/15/2031 (a)		275,000		211,654
3.24%, 11/15/2031 (a)		760,000		576,856
3.79%, 2/15/2032 (a)		350,000		263,851
3.53%, 5/15/2032 (a)		2,250,000		1,683,231
3.15%, 8/15/2032 (a)		3,300,000		2,452,786
4.16%, 11/15/2032 (a)		800,000		590,438
3.81%, 2/15/2033 (a)		400,000		292,964
3.84%, 5/15/2033 (a)		1,175,000		855,442
6.33%, 8/15/2033 (a)		100,000		72,228
4.29%, 11/15/2033 (a)		1,025,000		735,293
3.91%, 2/15/2034 (a)		775,000		551,553
2.78%, 5/15/2034 (a)		2,200,000		1,555,186
3.28%, 11/15/2034 (a)		50,000		34,824
3.31%, 2/15/2035 (a)		65,000		44,936
3.53%, 5/15/2035 (a)		250,000		171,586
3.14%, 11/15/2041 (a)		100,000		57,211
U.S. Treasury STRIPS Notes
1.61%, 11/15/2019 (a)		1,000,000		992,147
1.72%, 2/15/2020 (a)		5,235,000		5,168,480
Total U.S. Treasury Obligations (Cost $82,834,634)				87,522,026
Corporate Bonds — 23.6%
Aerospace & Defense — 0.4%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		32,000		32,379
Airbus SE (France) 3.15%, 4/10/2027 (b)		164,000		169,368
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024 (b)		45,000		47,080
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (b)		51,000		63,334
Harris Corp. 3.83%, 4/27/2025		60,000		63,078
Lockheed Martin Corp. 4.50%, 5/15/2036		70,000		80,317
Northrop Grumman Corp.
3.20%, 2/1/2027		76,000		77,949
3.25%, 1/15/2028		50,000		51,302
Precision Castparts Corp. 3.25%, 6/15/2025		30,000		31,337
Rockwell Collins, Inc. 3.20%, 3/15/2024		28,000		28,816
United Technologies Corp.
3.95%, 8/16/2025		50,000		53,897

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Aerospace & Defense — continued
6.13%, 7/15/2038		250,000		331,273
4.50%, 6/1/2042		80,000		90,321
4.15%, 5/15/2045		25,000		26,870
3.75%, 11/1/2046		80,000		81,342
				1,228,663
Air Freight & Logistics — 0.0% (c)
FedEx Corp. 3.90%, 2/1/2035		66,000		66,271
Airlines — 0.0% (c)
Continental Airlines Pass-Through TrustSeries 2012-2, Class A, 4.00%, 10/29/2024		18,089		18,896
Automobiles — 0.1%
BMW US Capital LLC (Germany) 2.25%, 9/15/2023 (b)		45,000		44,461
Daimler Finance North America LLC (Germany) 1.75%, 10/30/2019 (b)		150,000		149,561
Hyundai Capital America 2.00%, 7/1/2019 (b)		34,000		33,990
Nissan Motor Acceptance Corp. 1.90%, 9/14/2021 (b)		29,000		28,469
				256,481
Banks — 5.1%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (b)		200,000		214,068
AIB Group plc (Ireland) (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (b) (d)		250,000		257,308
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (b)		200,000		200,147
3.45%, 1/21/2028 (b)		200,000		206,638
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (b)		230,000		234,333
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (d)		250,000		254,941
3.30%, 1/11/2023		150,000		154,629
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		100,000		101,568
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		26,000		26,466
4.00%, 1/22/2025		114,000		119,842
Series L, 3.95%, 4/21/2025		92,000		96,415
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (d)		100,000		103,133
4.45%, 3/3/2026		69,000		74,399
3.25%, 10/21/2027		514,000		526,421

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		260,000		273,063
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		408,000		420,147
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (d)		280,000		299,315
Bank of Montreal (Canada)
1.50%, 7/18/2019		65,000		64,977
2.10%, 12/12/2019		60,000		59,932
(USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032 (d)		47,000		47,663
Bank of Nova Scotia (The) (Canada)
2.45%, 9/19/2022		200,000		201,737
4.50%, 12/16/2025		25,000		26,897
Barclays plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.36%),
4.34%, 5/16/2024 (d)		220,000		227,151
3.65%, 3/16/2025		200,000		201,008
BB&T Corp. 5.25%, 11/1/2019		50,000		50,452
BNP Paribas SA (France) 3.50%, 3/1/2023 (b)		200,000		205,657
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022 (b)		250,000		252,380
Canadian Imperial Bank of Commerce (Canada) 1.60%, 9/6/2019		200,000		199,697
Citigroup, Inc.
2.40%, 2/18/2020		50,000		49,999
2.35%, 8/2/2021		23,000		22,978
2.90%, 12/8/2021		100,000		101,004
2.75%, 4/25/2022		200,000		201,923
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (d)		74,000		75,217
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (d)		90,000		92,925
4.40%, 6/10/2025		78,000		83,242
3.40%, 5/1/2026		75,000		77,611
4.45%, 9/29/2027		210,000		226,299
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		250,000		260,786
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (d)		220,000		235,070
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		50,000		51,843
8.13%, 7/15/2039		56,000		89,502
4.75%, 5/18/2046		50,000		56,653
Citizens Financial Group, Inc. 2.38%, 7/28/2021		24,000		23,975
Comerica, Inc. 4.00%, 2/1/2029		150,000		161,061

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
Commonwealth Bank of Australia (Australia)
2.00%, 9/6/2021 (b)		200,000		198,684
3.45%, 3/16/2023 (b)		80,000		83,035
2.85%, 5/18/2026 (b)		80,000		80,375
Cooperatieve Rabobank UA (Netherlands) 4.38%, 8/4/2025		500,000		533,294
Credit Agricole SA (France) 3.75%, 4/24/2023 (b)		250,000		259,385
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
3.80%, 6/9/2023		350,000		362,833
3.75%, 3/26/2025		250,000		260,953
Danske Bank A/S (Denmark) 2.00%, 9/8/2021 (b)		200,000		196,809
Fifth Third Bancorp
3.65%, 1/25/2024		90,000		94,568
3.95%, 3/14/2028		70,000		75,405
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		400,000		401,435
3.60%, 5/25/2023		229,000		238,152
4.38%, 11/23/2026		200,000		211,351
HSBC USA, Inc. 2.35%, 3/5/2020		135,000		135,002
Huntington Bancshares, Inc.
3.15%, 3/14/2021		73,000		73,888
2.30%, 1/14/2022		88,000		87,920
ING Groep NV (Netherlands)
4.10%, 10/2/2023		200,000		211,188
3.95%, 3/29/2027		200,000		210,209
KeyCorp
2.90%, 9/15/2020		56,000		56,361
4.15%, 10/29/2025		65,000		70,375
Lloyds Banking Group plc (United Kingdom) 4.58%, 12/10/2025		200,000		208,569
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		38,000		38,584
2.67%, 7/25/2022		80,000		80,439
3.76%, 7/26/2023		200,000		209,361
3.41%, 3/7/2024		170,000		176,353
National Australia Bank Ltd. (Australia) 3.38%, 1/14/2026		300,000		312,335
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (b)		315,000		321,598
Nordea Bank Abp (Finland)
1.63%, 9/30/2019 (b)		200,000		199,526
4.88%, 1/27/2020 (b)		100,000		101,371

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
PNC Financial Services Group, Inc. (The)
5.13%, 2/8/2020		150,000		152,497
Regions Financial Corp.
2.75%, 8/14/2022		27,000		27,185
3.80%, 8/14/2023		27,000		28,237
Royal Bank of Canada (Canada)
2.75%, 2/1/2022		66,000		66,999
3.70%, 10/5/2023		300,000		315,952
4.65%, 1/27/2026		30,000		32,733
Royal Bank of Scotland Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)		200,000		207,461
Societe Generale SA (France) 3.88%, 3/28/2024 (b)		380,000		392,895
Standard Chartered plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (b) (d)		220,000		226,979
Sumitomo Mitsui Banking Corp. (Japan) 2.45%, 1/16/2020		250,000		250,049
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.06%, 7/14/2021		49,000		48,784
2.44%, 10/19/2021		45,000		45,071
2.85%, 1/11/2022		130,000		131,394
2.78%, 10/18/2022		82,000		82,778
3.10%, 1/17/2023		55,000		55,961
3.94%, 10/16/2023		300,000		317,962
3.01%, 10/19/2026		25,000		25,296
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.05%, 10/18/2019 (b)		200,000		199,762
SunTrust Bank (ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (d)		30,000		30,021
SunTrust Banks, Inc. 2.70%, 1/27/2022		91,000		91,637
Toronto-Dominion Bank (The) (Canada) 3.25%, 3/11/2024		140,000		145,003
UBS Group Funding Switzerland AG (Switzerland) 4.13%, 9/24/2025 (b)		200,000		213,327
US Bancorp
3.38%, 2/5/2024		120,000		125,185
7.50%, 6/1/2026		100,000		126,814
Series V, 2.38%, 7/22/2026		100,000		99,137
Wells Fargo & Co.
3.07%, 1/24/2023		245,000		248,720
3.75%, 1/24/2024		105,000		110,349
3.30%, 9/9/2024		80,000		82,738
3.00%, 4/22/2026		284,000		287,184

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
4.10%, 6/3/2026		24,000		25,427
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (d)		470,000		478,902
5.38%, 11/2/2043		200,000		241,708
Westpac Banking Corp. (Australia)
4.88%, 11/19/2019		121,000		122,197
2.85%, 5/13/2026		100,000		100,838
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (d)		140,000		144,888
				17,681,900
Beverages — 0.4%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036		571,000		627,910
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.75%, 1/23/2029		120,000		135,931
4.38%, 4/15/2038		150,000		158,793
4.75%, 4/15/2058		95,000		100,338
Constellation Brands, Inc.
4.40%, 11/15/2025		50,000		54,427
5.25%, 11/15/2048		25,000		28,927
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		100,000		101,476
4.42%, 5/25/2025		30,000		32,134
3.43%, 6/15/2027		20,000		20,181
4.99%, 5/25/2038		43,000		47,111
PepsiCo, Inc. 4.45%, 4/14/2046		107,000		127,871
				1,435,099
Biotechnology — 0.2%
AbbVie, Inc. 4.50%, 5/14/2035		100,000		102,740
Amgen, Inc. 4.66%, 6/15/2051		50,000		54,704
Baxalta, Inc.
3.60%, 6/23/2022		7,000		7,181
5.25%, 6/23/2045		3,000		3,604
Celgene Corp.
3.90%, 2/20/2028		100,000		107,111
5.70%, 10/15/2040		53,000		65,248
Gilead Sciences, Inc.
4.60%, 9/1/2035		130,000		146,240
4.00%, 9/1/2036		29,000		30,541
				517,369
Building Products — 0.0% (c)
Masco Corp. 6.50%, 8/15/2032		80,000		94,349

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Capital Markets — 2.4%
Ameriprise Financial, Inc. 2.88%, 9/15/2026		63,000		63,269
Bank of New York Mellon Corp. (The)
(ICE LIBOR USD 3 Month + 0.63%),
2.66%, 5/16/2023 (d)		138,000		139,091
3.25%, 9/11/2024		100,000		103,672
BlackRock, Inc.
Series 2, 5.00%, 12/10/2019		65,000		65,776
4.25%, 5/24/2021		65,000		67,576
Blackstone Holdings Finance Co. LLC
5.88%, 3/15/2021 (b)		100,000		105,507
4.45%, 7/15/2045 (b)		21,000		22,053
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		55,000		56,056
4.85%, 3/29/2029		120,000		131,183
4.70%, 9/20/2047		44,000		45,946
Charles Schwab Corp. (The)
3.55%, 2/1/2024		125,000		132,250
3.20%, 3/2/2027		100,000		102,954
CME Group, Inc.
3.00%, 3/15/2025		97,000		100,385
5.30%, 9/15/2043		16,000		20,460
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (b)		49,000		49,679
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		100,000		101,313
3.30%, 11/16/2022		100,000		98,264
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		206,000		210,234
2.35%, 11/15/2021		379,000		378,280
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (d)		100,000		100,795
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		598,000		604,418
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		213,000		214,983
3.50%, 1/23/2025		100,000		103,402
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (d)		137,000		140,133
4.25%, 10/21/2025		105,000		111,344
3.50%, 11/16/2026		142,000		145,480
3.85%, 1/26/2027		45,000		47,037
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		209,000		215,841
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (d)		130,000		139,342

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Capital Markets — continued
6.75%, 10/1/2037		80,000		104,699
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (d)		215,000		232,375
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		59,000		62,787
Invesco Finance plc
4.00%, 1/30/2024		29,000		30,736
3.75%, 1/15/2026		36,000		37,533
Jefferies Group LLC 6.45%, 6/8/2027		81,000		91,686
Macquarie Bank Ltd. (Australia)
2.85%, 7/29/2020 (b)		100,000		100,589
4.00%, 7/29/2025 (b)		100,000		105,349
Macquarie Group Ltd. (Australia) 6.00%, 1/14/2020 (b)		220,000		224,090
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		145,000		147,155
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b) (d)		220,000		243,254
Morgan Stanley
5.50%, 7/28/2021		35,000		37,165
2.63%, 11/17/2021		170,000		171,030
2.75%, 5/19/2022		100,000		101,038
3.75%, 2/25/2023		142,000		148,230
4.10%, 5/22/2023		100,000		105,226
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (d)		225,000		234,530
3.70%, 10/23/2024		69,000		72,768
4.00%, 7/23/2025		276,000		295,454
5.00%, 11/24/2025		70,000		77,449
3.88%, 1/27/2026		341,000		362,351
4.35%, 9/8/2026		20,000		21,438
3.63%, 1/20/2027		159,000		167,006
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (d)		222,000		231,053
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (d)		96,000		101,143
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		65,000		66,826
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (d)		29,000		29,235
Nuveen LLC 4.00%, 11/1/2028 (b)		160,000		175,479
State Street Corp.
3.10%, 5/15/2023		24,000		24,632
3.70%, 11/20/2023		77,000		81,279
3.55%, 8/18/2025		147,000		154,993

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Capital Markets — continued
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		17,000		17,302
UBS AG (Switzerland) 2.38%, 8/14/2019		250,000		249,965
				8,122,568
Chemicals — 0.5%
Albemarle Corp. 5.45%, 12/1/2044		50,000		53,616
Celanese US Holdings LLC 3.50%, 5/8/2024		190,000		195,057
Chevron Phillips Chemical Co. LLC
3.40%, 12/1/2026 (b)		45,000		46,574
3.70%, 6/1/2028 (b)		80,000		83,748
Dow Chemical Co. (The) 4.25%, 10/1/2034		30,000		31,145
DuPont de Nemours, Inc.
4.49%, 11/15/2025		100,000		110,591
5.32%, 11/15/2038		50,000		58,657
Eastman Chemical Co. 4.50%, 12/1/2028		220,000		238,120
Ecolab, Inc.
3.25%, 1/14/2023		90,000		92,437
3.25%, 12/1/2027		34,000		35,380
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		45,000		49,152
5.00%, 9/26/2048		52,000		57,695
Mosaic Co. (The)
5.45%, 11/15/2033		36,000		40,742
4.88%, 11/15/2041		8,000		8,044
5.63%, 11/15/2043		80,000		87,945
Nutrien Ltd. (Canada)
3.38%, 3/15/2025		22,000		22,540
4.00%, 12/15/2026		70,000		72,997
4.20%, 4/1/2029		25,000		26,978
4.13%, 3/15/2035		90,000		89,236
5.00%, 4/1/2049		40,000		45,357
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		29,000		29,486
Union Carbide Corp.
7.50%, 6/1/2025		100,000		120,522
7.75%, 10/1/2096		80,000		109,086
Westlake Chemical Corp. 4.38%, 11/15/2047		36,000		33,886
				1,738,991
Commercial Services & Supplies — 0.1%
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (b)		70,000		73,850

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Services & Supplies — continued
Republic Services, Inc.
3.55%, 6/1/2022		21,000		21,666
2.90%, 7/1/2026		21,000		21,104
Waste Management, Inc. 3.45%, 6/15/2029		70,000		73,620
				190,240
Communications Equipment — 0.1%
Cisco Systems, Inc.
1.85%, 9/20/2021		50,000		49,691
3.00%, 6/15/2022		56,000		57,577
5.90%, 2/15/2039		75,000		102,391
				209,659
Construction Materials — 0.0% (c)
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		52,000		51,706
3.50%, 12/15/2027		100,000		99,785
				151,491
Consumer Finance — 0.6%
AerCap Ireland Capital DAC (Ireland) 4.45%, 4/3/2026		150,000		158,208
American Express Co. 4.20%, 11/6/2025		150,000		163,730
American Express Credit Corp.
2.25%, 5/5/2021		73,000		73,003
2.70%, 3/3/2022		105,000		106,157
American Honda Finance Corp.
2.25%, 8/15/2019		33,000		32,977
2.30%, 9/9/2026		17,000		16,503
Capital One Financial Corp.
3.75%, 4/24/2024		130,000		136,327
4.20%, 10/29/2025		40,000		41,996
3.75%, 7/28/2026		196,000		199,382
Caterpillar Financial Services Corp. 1.93%, 10/1/2021		175,000		173,588
General Motors Financial Co., Inc.
3.45%, 4/10/2022		50,000		50,712
3.70%, 5/9/2023		68,000		68,988
3.95%, 4/13/2024		120,000		122,544
3.50%, 11/7/2024		80,000		79,843
4.00%, 1/15/2025		80,000		81,202
4.35%, 4/9/2025		80,000		82,527
4.30%, 7/13/2025		35,000		36,076
John Deere Capital Corp.
3.15%, 10/15/2021		42,000		42,951
3.35%, 6/12/2024		82,000		85,862

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
Synchrony Financial 3.70%, 8/4/2026		70,000		69,454
Toyota Motor Credit Corp. 2.13%, 7/18/2019		100,000		99,990
				1,922,020
Containers & Packaging — 0.1%
International Paper Co.
3.00%, 2/15/2027		57,000		56,441
7.30%, 11/15/2039		40,000		52,072
WRKCo, Inc.
3.00%, 9/15/2024		80,000		80,730
3.90%, 6/1/2028		35,000		35,965
				225,208
Diversified Consumer Services — 0.0% (c)
President & Fellows of Harvard College 3.30%, 7/15/2056		86,000		84,979
Diversified Financial Services — 0.6%
AIG Global Funding 1.90%, 10/6/2021 (b)		100,000		98,987
CK Hutchison International Ltd. (Hong Kong) 1.88%, 10/3/2021 (b)		200,000		197,187
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/2020		251,000		249,760
4.42%, 11/15/2035		600,000		591,696
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (b)		58,000		57,807
3.48%, 6/16/2025 (b)		67,000		69,092
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (b)		200,000		200,010
National Rural Utilities Cooperative Finance Corp.
2.95%, 2/7/2024		44,000		45,114
3.40%, 2/7/2028		100,000		104,770
ORIX Corp. (Japan)
2.90%, 7/18/2022		40,000		40,595
3.25%, 12/4/2024		100,000		103,121
3.70%, 7/18/2027		100,000		105,136
Shell International Finance BV (Netherlands)
2.13%, 5/11/2020		70,000		69,985
4.13%, 5/11/2035		107,000		118,847
Voya Financial, Inc. 3.65%, 6/15/2026		120,000		122,913
				2,175,020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Diversified Telecommunication Services — 0.8%
AT&T, Inc.
3.55%, 6/1/2024		155,000		161,164
3.95%, 1/15/2025		66,000		69,701
3.60%, 7/15/2025		45,000		46,637
4.13%, 2/17/2026		117,000		124,413
4.30%, 2/15/2030		338,000		360,934
5.25%, 3/1/2037		100,000		112,138
4.90%, 8/15/2037		230,000		248,425
6.00%, 8/15/2040		125,000		148,431
5.35%, 9/1/2040		228,000		257,113
Centel Capital Corp. 9.00%, 10/15/2019		50,000		50,876
Telefonica Emisiones SA (Spain)
5.13%, 4/27/2020		25,000		25,510
5.46%, 2/16/2021		19,000		19,898
7.05%, 6/20/2036		50,000		65,529
Verizon Communications, Inc.
2.63%, 8/15/2026		12,000		11,917
3.88%, 2/8/2029		75,000		80,406
4.02%, 12/3/2029 (b)		130,000		140,806
4.50%, 8/10/2033		125,000		140,724
4.40%, 11/1/2034		209,000		231,536
4.27%, 1/15/2036		20,000		21,644
5.25%, 3/16/2037		69,000		82,462
4.86%, 8/21/2046		134,000		155,954
4.67%, 3/15/2055		65,000		73,528
				2,629,746
Electric Utilities — 1.3%
Alabama Power Co. 6.13%, 5/15/2038		62,000		82,483
Avangrid, Inc. 3.15%, 12/1/2024		72,000		73,380
Baltimore Gas & Electric Co. 3.50%, 8/15/2046		47,000		46,567
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		51,000		54,893
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		200,000		205,750
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (b)		95,000		96,406
4.55%, 11/15/2030 (b)		65,000		71,530
Commonwealth Edison Co. 3.65%, 6/15/2046		30,000		30,444
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		41,000		44,769
Duke Energy Corp.
2.65%, 9/1/2026		100,000		98,777
3.40%, 6/15/2029		61,000		62,244

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Duke Energy Indiana LLC
6.35%, 8/15/2038		43,000		59,184
6.45%, 4/1/2039		19,000		26,583
3.75%, 5/15/2046		60,000		60,665
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		46,000		46,988
Duke Energy Progress LLC 3.70%, 10/15/2046		54,000		54,793
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (b)		160,000		160,826
Electricite de France SA (France) 6.00%, 1/22/2114 (b)		75,000		86,941
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (b)		220,000		220,907
Entergy Arkansas LLC 3.50%, 4/1/2026		22,000		22,947
Entergy Corp. 2.95%, 9/1/2026		21,000		20,997
Entergy Louisiana LLC
2.40%, 10/1/2026		59,000		57,650
3.05%, 6/1/2031		38,000		38,297
4.00%, 3/15/2033		40,000		44,102
Entergy Mississippi LLC
2.85%, 6/1/2028		33,000		33,068
3.85%, 6/1/2049		135,000		140,943
Evergy, Inc. 4.85%, 6/1/2021		18,000		18,639
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		26,000		29,522
Florida Power & Light Co.
5.40%, 9/1/2035		50,000		60,380
5.95%, 2/1/2038		30,000		40,493
Fortis, Inc. (Canada) 3.06%, 10/4/2026		124,000		123,036
Hydro-Quebec (Canada) Series IO, 8.05%, 7/7/2024		100,000		127,211
ITC Holdings Corp. 2.70%, 11/15/2022		100,000		100,460
Jersey Central Power & Light Co.
4.30%, 1/15/2026 (b)		40,000		42,938
6.15%, 6/1/2037		30,000		36,866
Kansas City Power & Light Co.
3.15%, 3/15/2023		24,000		24,698
5.30%, 10/1/2041		50,000		60,170
4.20%, 3/15/2048		50,000		54,688
Massachusetts Electric Co. 4.00%, 8/15/2046 (b)		56,000		57,773
MidAmerican Energy Co.
3.50%, 10/15/2024		59,000		62,110
3.10%, 5/1/2027		93,000		95,491
Mid-Atlantic Interstate Transmission LLC
4.10%, 5/15/2028 (b)		40,000		42,567

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Electric Utilities — continued
Nevada Power Co. Series CC, 3.70%, 5/1/2029		100,000		106,783
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (b)		45,000		45,513
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		27,000		28,175
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (b)		40,000		40,105
3.51%, 10/1/2024 (b)		19,000		19,888
Northern States Power Co. 6.25%, 6/1/2036		65,000		87,833
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		25,000		30,889
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		19,000		19,012
Potomac Electric Power Co. 6.50%, 11/15/2037		75,000		103,009
PPL Capital Funding, Inc.
3.40%, 6/1/2023		30,000		30,737
4.00%, 9/15/2047		20,000		19,361
Progress Energy, Inc. 4.40%, 1/15/2021		35,000		35,902
Public Service Co. of Colorado 3.20%, 11/15/2020		18,000		18,124
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		175,000		231,466
Public Service Electric & Gas Co.
3.00%, 5/15/2025		83,000		84,900
5.38%, 11/1/2039		28,000		34,642
Southern California Edison Co.
Series C, 3.50%, 10/1/2023		53,000		54,518
Series B, 3.65%, 3/1/2028		80,000		81,870
Series 05-B, 5.55%, 1/15/2036		80,000		89,688
Tampa Electric Co. 4.45%, 6/15/2049		100,000		111,388
Toledo Edison Co. (The) 6.15%, 5/15/2037		50,000		64,005
Union Electric Co. 2.95%, 6/15/2027		36,000		36,480
Virginia Electric & Power Co.
Series A, 3.80%, 4/1/2028		180,000		192,867
6.35%, 11/30/2037		70,000		93,768
Xcel Energy, Inc. 6.50%, 7/1/2036		7,000		9,179
				4,589,278
Electronic Equipment, Instruments & Components — 0.0% (c)
Arrow Electronics, Inc.
4.50%, 3/1/2023		8,000		8,376
3.25%, 9/8/2024		44,000		43,564
3.88%, 1/12/2028		22,000		21,805
				73,745

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (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		44,012
Halliburton Co.
3.50%, 8/1/2023		54,000		55,831
4.85%, 11/15/2035		30,000		31,968
6.70%, 9/15/2038		60,000		76,382
Schlumberger Holdings Corp.
3.75%, 5/1/2024 (b)		55,000		57,375
3.90%, 5/17/2028 (b)		62,000		64,426
				329,994
Entertainment — 0.2%
NBCUniversal Media LLC 5.95%, 4/1/2041		75,000		98,400
TWDC Enterprises 18 Corp. 1.85%, 7/30/2026		81,000		78,464
Viacom, Inc.
3.88%, 4/1/2024		36,000		37,494
6.88%, 4/30/2036		70,000		88,625
Walt Disney Co. (The)
7.30%, 4/30/2028 (b)		150,000		199,048
6.65%, 11/15/2037 (b)		50,000		71,784
				573,815
Equity Real Estate Investment Trusts (REITs) — 1.0%
Alexandria Real Estate Equities, Inc. 3.80%, 4/15/2026		23,000		24,163
American Campus Communities Operating Partnership LP 3.63%, 11/15/2027		100,000		101,963
American Tower Corp.
5.90%, 11/1/2021		30,000		32,275
3.50%, 1/31/2023		87,000		89,781
5.00%, 2/15/2024		71,000		78,132
3.38%, 10/15/2026		44,000		44,741
American Tower Trust #1 3.07%, 3/15/2023 (b)		80,000		81,276
AvalonBay Communities, Inc.
2.85%, 3/15/2023		50,000		50,691
3.45%, 6/1/2025		50,000		52,393
3.90%, 10/15/2046		32,000		33,563
Boston Properties LP
3.13%, 9/1/2023		30,000		30,757
3.20%, 1/15/2025		61,000		62,238
3.65%, 2/1/2026		67,000		69,676
Brixmor Operating Partnership LP
3.65%, 6/15/2024		50,000		51,059
3.85%, 2/1/2025		50,000		51,491

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
Crown Castle International Corp.
4.88%, 4/15/2022		30,000		31,896
5.25%, 1/15/2023		60,000		65,309
4.00%, 3/1/2027		24,000		25,179
Digital Realty Trust LP 3.70%, 8/15/2027		31,000		31,846
Duke Realty LP 3.25%, 6/30/2026		18,000		18,288
EPR Properties 4.95%, 4/15/2028		10,000		10,751
ERP Operating LP
3.00%, 4/15/2023		50,000		51,208
2.85%, 11/1/2026		46,000		46,485
3.50%, 3/1/2028		61,000		64,258
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (b)		79,000		78,799
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b)		43,000		43,470
HCP, Inc.
3.88%, 8/15/2024		115,000		120,509
3.50%, 7/15/2029		132,000		132,570
Life Storage LP 4.00%, 6/15/2029		150,000		154,190
National Retail Properties, Inc. 3.60%, 12/15/2026		58,000		59,626
Office Properties Income Trust
3.75%, 8/15/2019		320,000		320,098
3.60%, 2/1/2020		130,000		130,409
4.00%, 7/15/2022		78,000		78,827
Public Storage 3.39%, 5/1/2029		65,000		67,876
Realty Income Corp.
3.88%, 7/15/2024		20,000		21,201
3.88%, 4/15/2025		60,000		63,804
4.65%, 3/15/2047		38,000		43,986
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		170,000		173,757
Senior Housing Properties Trust 4.75%, 2/15/2028		80,000		77,642
SITE Centers Corp. 3.63%, 2/1/2025		61,000		61,695
UDR, Inc.
2.95%, 9/1/2026		28,000		27,826
3.20%, 1/15/2030		150,000		149,266
Ventas Realty LP
4.13%, 1/15/2026		34,000		35,964
3.85%, 4/1/2027		49,000		50,886
Vornado Realty LP 3.50%, 1/15/2025		60,000		61,210
Welltower, Inc.
4.50%, 1/15/2024		37,000		39,716
4.00%, 6/1/2025		70,000		73,712
				3,266,458

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Food & Staples Retailing — 0.2%
Costco Wholesale Corp. 2.75%, 5/18/2024		21,000		21,564
CVS Pass-Through Trust
7.51%, 1/10/2032 (b)		73,995		89,340
5.93%, 1/10/2034 (b)		79,381		90,177
4.70%, 1/10/2036 (b)		167,988		177,231
Kroger Co. (The) 5.40%, 7/15/2040		18,000		19,461
Sysco Corp. 3.55%, 3/15/2025		55,000		57,610
Walgreen Co. 4.40%, 9/15/2042		50,000		47,347
Walgreens Boots Alliance, Inc.
3.80%, 11/18/2024		47,000		48,868
4.50%, 11/18/2034		23,000		23,640
				575,238
Food Products — 0.3%
Campbell Soup Co. 3.95%, 3/15/2025		90,000		93,572
Cargill, Inc. 3.25%, 3/1/2023 (b)		25,000		25,732
Conagra Brands, Inc.
4.60%, 11/1/2025		45,000		48,959
5.30%, 11/1/2038		100,000		108,602
General Mills, Inc.
4.00%, 4/17/2025		60,000		63,781
4.20%, 4/17/2028		40,000		43,083
Kellogg Co. 3.40%, 11/15/2027		38,000		38,680
Kraft Heinz Foods Co.
4.00%, 6/15/2023		31,000		32,423
5.00%, 7/15/2035		155,000		162,464
6.88%, 1/26/2039		61,000		73,652
McCormick & Co., Inc. 3.15%, 8/15/2024		54,000		55,119
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		27,000		29,199
Smithfield Foods, Inc. 5.20%, 4/1/2029 (b)		160,000		174,341
Tyson Foods, Inc.
3.95%, 8/15/2024		49,000		51,931
4.88%, 8/15/2034		20,000		22,790
				1,024,328
Gas Utilities — 0.2%
Atmos Energy Corp.
4.13%, 10/15/2044		50,000		54,687
4.13%, 3/15/2049		155,000		170,984
Boston Gas Co. 4.49%, 2/15/2042 (b)		22,000		24,195
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		80,000		86,747
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		25,000		25,706

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Gas Utilities — continued
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		49,000		49,223
Piedmont Natural Gas Co., Inc. 3.50%, 6/1/2029		200,000		209,168
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		53,000		74,133
4.80%, 3/15/2047 (b)		26,000		27,207
Southwest Gas Corp. 3.80%, 9/29/2046		44,000		42,918
				764,968
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 3.88%, 9/15/2025		90,000		97,001
Boston Scientific Corp.
3.75%, 3/1/2026		100,000		106,298
4.55%, 3/1/2039		100,000		110,372
Liberty Property LP, 3.25%, 10/1/2026		19,000		18,979
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		27,000		27,852
				360,502
Health Care Providers & Services — 0.6%
Aetna, Inc. 2.80%, 6/15/2023		30,000		30,169
Anthem, Inc.
3.30%, 1/15/2023		18,000		18,460
3.35%, 12/1/2024		70,000		72,378
4.10%, 3/1/2028		55,000		58,680
4.65%, 1/15/2043		18,000		19,614
4.65%, 8/15/2044		65,000		71,100
CVS Health Corp.
4.00%, 12/5/2023		116,000		121,358
4.10%, 3/25/2025		129,000		135,982
4.30%, 3/25/2028		95,000		100,123
4.78%, 3/25/2038		240,000		250,145
5.05%, 3/25/2048		78,000		82,958
Express Scripts Holding Co.
3.50%, 6/15/2024		48,000		49,409
4.50%, 2/25/2026		127,000		137,291
HCA, Inc.
5.25%, 6/15/2026		130,000		143,886
5.13%, 6/15/2039		125,000		129,839
Magellan Health, Inc. 4.90%, 9/22/2024 (e)		125,000		123,625
Mount Sinai Hospitals Group, Inc.
Series 2017, 3.98%, 7/1/2048		83,000		84,432
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		36,000		35,860

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
Quest Diagnostics, Inc. 3.45%, 6/1/2026		17,000		17,411
UnitedHealth Group, Inc.
2.13%, 3/15/2021		175,000		174,700
2.75%, 2/15/2023		42,000		42,542
4.63%, 7/15/2035		34,000		39,083
				1,939,045
Hotels, Restaurants & Leisure — 0.0% (c)
McDonald’s Corp. 4.70%, 12/9/2035		60,000		68,411
Household Products — 0.0% (c)
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		22,806		24,067
Procter & Gamble Co. (The) 2.70%, 2/2/2026		80,000		81,457
				105,524
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		50,000		51,218
4.25%, 6/15/2022		38,000		39,776
6.25%, 10/1/2039		100,000		118,150
5.75%, 10/1/2041		29,000		32,136
NRG Energy, Inc. 4.45%, 6/15/2029 (b)		110,000		114,395
PSEG Power LLC 4.15%, 9/15/2021		37,000		38,007
Southern Power Co. 5.15%, 9/15/2041		50,000		54,631
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		25,000		26,568
				474,881
Industrial Conglomerates — 0.1%
General Electric Co.
5.50%, 1/8/2020		88,000		89,248
5.88%, 1/14/2038		100,000		113,233
Honeywell International, Inc. 2.50%, 11/1/2026		150,000		149,447
				351,928
Insurance — 1.3%
AIA Group Ltd. (Hong Kong)
3.90%, 4/6/2028 (b)		210,000		223,388
3.60%, 4/9/2029 (b)		200,000		207,842
Allstate Corp. (The) 3.15%, 6/15/2023		31,000		31,955
American Financial Group, Inc. 3.50%, 8/15/2026		100,000		100,567
American International Group, Inc.
4.13%, 2/15/2024		59,000		62,480
3.75%, 7/10/2025		24,000		25,113
3.88%, 1/15/2035		180,000		179,244

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Insurance — continued
Assurant, Inc. 4.20%, 9/27/2023		85,000		88,380
Athene Global Funding
2.75%, 4/20/2020 (b)		106,000		106,221
4.00%, 1/25/2022 (b)		44,000		45,507
Athene Holding Ltd. 4.13%, 1/12/2028		45,000		45,348
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		100,000		131,631
4.30%, 5/15/2043		62,000		69,081
Chubb INA Holdings, Inc.
2.88%, 11/3/2022		42,000		42,765
2.70%, 3/13/2023		120,000		121,892
CNA Financial Corp. 3.95%, 5/15/2024		44,000		46,410
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (b) (d) (f) (g)		200,000		202,250
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (b)		75,000		80,662
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		21,000		23,693
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069 (b) (d)		150,000		171,615
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		70,000		73,934
Jackson National Life Global Funding
3.88%, 6/11/2025 (b)		87,000		92,608
3.05%, 4/29/2026 (b)		104,000		105,317
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (b)		27,000		29,662
6.50%, 3/15/2035 (b)		207,000		263,431
Lincoln National Corp.
4.20%, 3/15/2022		20,000		20,927
4.00%, 9/1/2023		50,000		52,874
3.80%, 3/1/2028		80,000		83,941
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (d)		100,000		102,018
Markel Corp. 3.63%, 3/30/2023		40,000		41,278
Massachusetts Mutual Life Insurance Co. 8.88%, 6/1/2039 (b)		19,000		31,143
MetLife, Inc. 4.13%, 8/13/2042		28,000		30,268
New York Life Global Funding
2.00%, 4/13/2021 (b)		29,000		28,901
2.35%, 7/14/2026 (b)		65,000		63,810
New York Life Insurance Co. 4.45%, 5/15/2069 (b)		105,000		115,586

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Insurance — continued
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		100,000		103,405
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (b) (d)		134,000		131,226
Principal Financial Group, Inc.
3.13%, 5/15/2023		30,000		30,288
3.70%, 5/15/2029		30,000		31,420
Principal Life Global Funding II 2.15%, 1/10/2020 (b)		100,000		99,839
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (d) (f) (g)		50,000		51,377
Protective Life Global Funding 2.00%, 9/14/2021 (b)		180,000		178,252
Prudential Financial, Inc. 3.91%, 12/7/2047		61,000		63,647
Prudential Insurance Co. of America (The)
8.30%, 7/1/2025 (b)		150,000		193,352
Reliance Standard Life Global Funding II
2.50%, 1/15/2020 (b)		100,000		99,952
3.85%, 9/19/2023 (b)		105,000		108,959
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (b)		50,000		54,076
Torchmark Corp. 4.55%, 9/15/2028		75,000		81,987
				4,369,522
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
2.80%, 8/22/2024		66,000		67,934
4.80%, 12/5/2034		65,000		79,715
3.88%, 8/22/2037		80,000		88,184
4.25%, 8/22/2057		100,000		115,125
Booking Holdings, Inc. 3.55%, 3/15/2028		100,000		104,179
				455,137
IT Services — 0.5%
DXC Technology Co.
4.25%, 4/15/2024		34,000		35,610
7.45%, 10/15/2029		50,000		63,525
Fidelity National Information Services, Inc.
3.75%, 5/21/2029		130,000		138,024
Fiserv, Inc.
3.20%, 7/1/2026		70,000		71,400
4.40%, 7/1/2049		65,000		68,047
IBM Credit LLC 3.00%, 2/6/2023		110,000		112,497

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
IT Services — continued
International Business Machines Corp.
2.25%, 2/19/2021		174,000		174,041
3.30%, 5/15/2026		260,000		269,200
6.22%, 8/1/2027		50,000		61,448
3.50%, 5/15/2029		485,000		506,993
Western Union Co. (The) 3.60%, 3/15/2022		100,000		102,569
				1,603,354
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 2.95%, 9/19/2026		30,000		30,200
Machinery — 0.1%
Illinois Tool Works, Inc. 4.88%, 9/15/2041		80,000		96,846
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		75,000		76,167
Parker-Hannifin Corp.
4.45%, 11/21/2044		30,000		33,414
4.10%, 3/1/2047		21,000		22,121
				228,548
Media — 0.6%
CBS Corp.
3.70%, 8/15/2024		99,000		102,436
4.00%, 1/15/2026		42,000		44,024
Charter Communications Operating LLC 5.38%, 4/1/2038		38,000		40,659
Comcast Cable Holdings LLC 10.13%, 4/15/2022		75,000		89,833
Comcast Corp.
3.95%, 10/15/2025		119,000		128,311
3.15%, 3/1/2026		127,000		131,193
3.55%, 5/1/2028		66,000		69,459
4.25%, 1/15/2033		167,000		186,989
4.20%, 8/15/2034		89,000		98,603
6.50%, 11/15/2035		35,000		47,397
3.90%, 3/1/2038		32,000		33,717
4.60%, 10/15/2038		145,000		165,879
4.00%, 11/1/2049		52,000		54,731
4.95%, 10/15/2058		180,000		219,380
Cox Communications, Inc.
3.35%, 9/15/2026 (b)		67,000		67,698
4.60%, 8/15/2047 (b)		39,000		39,471
Discovery Communications LLC
4.38%, 6/15/2021		78,000		80,716
3.95%, 3/20/2028		42,000		43,286
6.35%, 6/1/2040		90,000		105,596

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Media — continued
Fox Corp. 4.71%, 1/25/2029 (b)		65,000		72,514
Time Warner Cable LLC
6.55%, 5/1/2037		50,000		57,725
7.30%, 7/1/2038		50,000		60,635
5.50%, 9/1/2041		100,000		104,747
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		90,000		121,216
				2,166,215
Metals & Mining — 0.2%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (b)		200,000		200,682
Nucor Corp.
4.00%, 8/1/2023		213,000		225,546
6.40%, 12/1/2037		30,000		39,394
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		80,000		91,804
Vale Overseas Ltd. (Brazil)
6.25%, 8/10/2026		15,000		17,002
6.88%, 11/21/2036		68,000		81,685
				656,113
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		55,000		58,508
Multi-Utilities — 0.3%
CMS Energy Corp.
3.88%, 3/1/2024		110,000		115,168
2.95%, 2/15/2027		47,000		46,368
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		38,000		47,748
4.50%, 5/15/2058		54,000		60,143
Consumers Energy Co. 3.25%, 8/15/2046		19,000		18,151
Delmarva Power & Light Co. 4.15%, 5/15/2045		50,000		53,648
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		60,000		60,480
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (b)		50,000		51,095
NiSource, Inc. 6.25%, 12/15/2040		130,000		169,875
San Diego Gas & Electric Co. 5.35%, 5/15/2035		70,000		81,166
Sempra Energy 4.05%, 12/1/2023		62,000		65,255
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		37,000		37,831
2.45%, 10/1/2023		19,000		18,941
3.25%, 6/15/2026		17,000		17,135
5.88%, 3/15/2041		96,000		117,556

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Multi-Utilities — continued
4.40%, 6/1/2043		42,000		44,197
3.95%, 10/1/2046		21,000		20,614
WEC Energy Group, Inc. 3.55%, 6/15/2025		43,000		45,130
				1,070,501
Oil, Gas & Consumable Fuels — 1.9%
Andeavor Logistics LP 5.25%, 1/15/2025		45,000		47,608
Apache Corp. 5.35%, 7/1/2049		100,000		105,514
APT Pipelines Ltd. (Australia)
4.20%, 3/23/2025 (b)		120,000		125,813
4.25%, 7/15/2027 (b)		73,000		76,541
Boardwalk Pipelines LP 4.80%, 5/3/2029		70,000		73,022
BP Capital Markets America, Inc.
3.22%, 4/14/2024		221,000		228,743
3.02%, 1/16/2027		35,000		35,731
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		150,000		159,060
3.51%, 3/17/2025		15,000		15,771
3.28%, 9/19/2027		140,000		144,598
Buckeye Partners LP
4.88%, 2/1/2021		15,000		15,237
3.95%, 12/1/2026		23,000		20,364
5.85%, 11/15/2043		100,000		83,749
Canadian Natural Resources Ltd. (Canada)
3.90%, 2/1/2025		65,000		67,830
5.85%, 2/1/2035		50,000		58,027
Cenovus Energy, Inc. (Canada) 6.75%, 11/15/2039		158,000		186,850
Chevron Corp.
2.41%, 3/3/2022		150,000		151,461
2.36%, 12/5/2022		20,000		20,162
2.57%, 5/16/2023		200,000		203,027
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		28,000		30,954
4.13%, 1/16/2025		33,000		34,155
5.38%, 6/26/2026		39,000		43,052
Enable Midstream Partners LP 4.95%, 5/15/2028		40,000		41,963
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		27,000		27,874
4.50%, 6/10/2044		75,000		79,446
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		60,000		60,718
Encana Corp. (Canada) 7.20%, 11/1/2031		80,000		101,999
Energy Transfer Operating LP
3.60%, 2/1/2023		150,000		153,253

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
4.05%, 3/15/2025		45,000		46,900
4.75%, 1/15/2026		32,000		34,274
6.05%, 6/1/2041		100,000		111,866
6.50%, 2/1/2042		17,000		20,078
Eni USA, Inc. (Italy) 7.30%, 11/15/2027		50,000		63,123
Enterprise Products Operating LLC
3.90%, 2/15/2024		25,000		26,493
3.75%, 2/15/2025		25,000		26,434
3.70%, 2/15/2026		38,000		40,208
Series D, 6.88%, 3/1/2033		86,000		115,148
7.55%, 4/15/2038		170,000		235,251
5.10%, 2/15/2045		16,000		18,299
4.95%, 10/15/2054		6,000		6,546
EQM Midstream Partners LP 5.50%, 7/15/2028		130,000		137,033
EQT Corp. 3.90%, 10/1/2027		60,000		56,717
Equinor ASA (Norway)
2.65%, 1/15/2024		143,000		144,910
3.25%, 11/10/2024		23,000		24,032
Kerr-McGee Corp. 7.88%, 9/15/2031		90,000		123,124
Kinder Morgan, Inc. 4.30%, 3/1/2028		140,000		149,897
Magellan Midstream Partners LP
3.20%, 3/15/2025		14,000		14,146
6.40%, 5/1/2037		70,000		87,430
4.20%, 12/1/2042		27,000		26,346
Marathon Petroleum Corp. 3.63%, 9/15/2024		29,000		30,065
MPLX LP
4.13%, 3/1/2027		52,000		54,411
4.80%, 2/15/2029		61,000		67,152
4.50%, 4/15/2038		140,000		141,221
Noble Energy, Inc. 6.00%, 3/1/2041		114,000		130,335
Occidental Petroleum Corp. 3.00%, 2/15/2027		55,000		54,345
ONEOK Partners LP
3.38%, 10/1/2022		8,000		8,126
5.00%, 9/15/2023		72,000		77,748
4.90%, 3/15/2025		100,000		108,653
6.65%, 10/1/2036		15,000		18,361
Petro-Canada (Canada) 6.80%, 5/15/2038		105,000		143,450
Petroleos Mexicanos (Mexico)
4.63%, 9/21/2023		100,000		98,251
4.88%, 1/18/2024		20,000		19,549
6.50%, 3/13/2027		270,000		267,219
5.35%, 2/12/2028		42,000		38,224

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Oil, Gas & Consumable Fuels — continued
6.63%, 6/15/2035		150,000		138,187
6.38%, 1/23/2045		42,000		35,930
6.75%, 9/21/2047		110,000		97,577
Phillips 66 3.90%, 3/15/2028		70,000		73,519
Phillips 66 Partners LP 4.90%, 10/1/2046		37,000		39,382
Plains All American Pipeline LP
3.60%, 11/1/2024		50,000		50,686
4.65%, 10/15/2025		30,000		31,935
4.30%, 1/31/2043		30,000		27,057
Spectra Energy Partners LP
3.50%, 3/15/2025		19,000		19,493
5.95%, 9/25/2043		25,000		31,057
4.50%, 3/15/2045		7,000		7,388
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034		60,000		77,172
Sunoco Logistics Partners Operations LP
5.95%, 12/1/2025		13,000		14,798
3.90%, 7/15/2026		24,000		24,495
6.10%, 2/15/2042		60,000		66,379
5.35%, 5/15/2045		53,000		55,063
TC PipeLines LP 3.90%, 5/25/2027		26,000		26,546
Texas Eastern Transmission LP 3.50%, 1/15/2028 (b)		15,000		15,236
Total Capital International SA (France)
2.75%, 6/19/2021		50,000		50,562
3.70%, 1/15/2024		25,000		26,515
3.46%, 2/19/2029		150,000		159,676
TransCanada PipeLines Ltd. (Canada)
6.20%, 10/15/2037		70,000		87,693
4.75%, 5/15/2038		80,000		87,625
Valero Energy Corp. 7.50%, 4/15/2032		20,000		27,222
Williams Cos., Inc. (The)
3.90%, 1/15/2025		25,000		26,205
4.85%, 3/1/2048		53,000		56,623
				6,511,908
Pharmaceuticals — 0.5%
Allergan Funding SCS
3.45%, 3/15/2022		52,000		53,077
3.85%, 6/15/2024		42,000		43,578
Allergan, Inc.
3.38%, 9/15/2020		43,000		43,428
2.80%, 3/15/2023		100,000		99,691
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037		50,000		68,249

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
Bristol-Myers Squibb Co.
3.20%, 6/15/2026 (b)		187,000		194,021
4.13%, 6/15/2039 (b)		114,000		123,486
Eli Lilly & Co. 4.15%, 3/15/2059		75,000		82,211
Johnson & Johnson
4.38%, 12/5/2033		19,000		22,305
3.40%, 1/15/2038		123,000		128,063
Merck & Co., Inc.
2.80%, 5/18/2023		63,000		64,601
3.90%, 3/7/2039		150,000		164,158
3.70%, 2/10/2045		10,000		10,565
Mylan NV 3.95%, 6/15/2026		35,000		33,775
Mylan, Inc.
3.13%, 1/15/2023 (b)		25,000		24,286
5.40%, 11/29/2043		21,000		19,538
Pfizer, Inc.
3.00%, 12/15/2026		150,000		154,679
3.90%, 3/15/2039		150,000		161,562
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		83,000		83,777
3.20%, 9/23/2026		234,000		236,298
				1,811,348
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (b)		200,000		203,866
Road & Rail — 0.6%
Avolon Holdings Funding Ltd. (Ireland) 4.38%, 5/1/2026 (b)		150,000		154,380
Burlington Northern Santa Fe LLC
3.00%, 3/15/2023		50,000		51,247
5.75%, 5/1/2040		85,000		111,938
5.40%, 6/1/2041		126,000		159,212
4.38%, 9/1/2042		25,000		28,291
5.15%, 9/1/2043		77,000		95,586
4.70%, 9/1/2045		35,000		41,493
Canadian Pacific Railway Co. (Canada)
4.50%, 1/15/2022		35,000		36,742
6.13%, 9/15/2115		55,000		75,249
CSX Corp.
4.25%, 6/1/2021		33,000		34,091
4.25%, 3/15/2029		40,000		44,530
5.50%, 4/15/2041		50,000		60,386

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Road & Rail — continued
ERAC USA Finance LLC
4.50%, 8/16/2021 (b)		45,000		46,897
2.60%, 12/1/2021 (b)		50,000		50,106
7.00%, 10/15/2037 (b)		160,000		218,369
5.63%, 3/15/2042 (b)		12,000		14,488
JB Hunt Transport Services, Inc.
3.85%, 3/15/2024		70,000		73,173
3.88%, 3/1/2026		85,000		88,940
Norfolk Southern Corp.
3.95%, 10/1/2042		70,000		72,113
4.05%, 8/15/2052		40,000		41,886
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022 (b)		100,000		105,561
Penske Truck Leasing Co. LP
3.95%, 3/10/2025 (b)		25,000		26,224
3.40%, 11/15/2026 (b)		25,000		24,966
4.20%, 4/1/2027 (b)		75,000		77,927
Ryder System, Inc. 2.25%, 9/1/2021		100,000		99,651
Union Pacific Corp. 4.10%, 9/15/2067		70,000		69,711
				1,903,157
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 4.50%, 12/5/2036		64,000		65,652
Broadcom Corp.
3.63%, 1/15/2024		120,000		121,218
3.88%, 1/15/2027		100,000		98,037
Broadcom, Inc. 4.75%, 4/15/2029 (b)		500,000		512,337
				797,244
Software — 0.5%
Microsoft Corp.
2.65%, 11/3/2022		160,000		163,491
2.38%, 5/1/2023		53,000		53,636
2.00%, 8/8/2023		125,000		124,870
2.88%, 2/6/2024		90,000		93,211
3.50%, 2/12/2035		68,000		72,376
3.45%, 8/8/2036		125,000		132,151
4.00%, 2/12/2055		19,000		21,329
3.95%, 8/8/2056		48,000		53,083
4.50%, 2/6/2057		119,000		145,492
Oracle Corp.
2.50%, 5/15/2022		52,000		52,540
2.40%, 9/15/2023		101,000		101,098
4.30%, 7/8/2034		200,000		227,672
3.90%, 5/15/2035		200,000		216,346
VMware, Inc. 2.95%, 8/21/2022		101,000		101,776
				1,559,071

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Specialty Retail — 0.2%
Home Depot, Inc. (The)
2.13%, 9/15/2026		58,000		56,737
3.90%, 12/6/2028		110,000		121,266
4.20%, 4/1/2043		34,000		37,751
Lowe’s Cos., Inc.
3.65%, 4/5/2029		141,000		147,298
4.55%, 4/5/2049		98,000		105,606
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		80,000		82,456
3.60%, 9/1/2027		49,000		50,360
				601,474
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.
3.00%, 2/9/2024		197,000		203,570
2.85%, 5/11/2024		62,000		63,835
2.75%, 1/13/2025		150,000		153,266
3.20%, 5/13/2025		32,000		33,431
2.45%, 8/4/2026		74,000		73,842
3.20%, 5/11/2027		57,000		59,404
3.00%, 6/20/2027		56,000		57,364
4.50%, 2/23/2036		43,000		50,496
3.45%, 2/9/2045		31,000		30,885
3.85%, 8/4/2046		117,000		124,546
3.75%, 9/12/2047		140,000		146,507
Dell International LLC 6.02%, 6/15/2026 (b)		135,000		148,876
				1,146,022
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) 4.63%, 7/11/2024 (b)		200,000		211,158
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		75,000		71,290
Trading Companies & Distributors — 0.2%
Air Lease Corp.
3.25%, 3/1/2025		48,000		48,271
3.63%, 4/1/2027		85,000		85,400
Aircastle Ltd. 4.40%, 9/25/2023		95,000		98,624
Aviation Capital Group LLC 2.88%, 1/20/2022 (b)		100,000		100,681
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021 (b)		200,000		198,062
International Lease Finance Corp.
8.63%, 1/15/2022		70,000		79,884
5.88%, 8/15/2022		150,000		163,344

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Trading Companies & Distributors — continued
WW Grainger, Inc. 4.60%, 6/15/2045		77,000		85,668
				859,934
Water Utilities — 0.0% (c)
American Water Capital Corp.
3.40%, 3/1/2025		34,000		35,341
4.00%, 12/1/2046		52,000		53,002
				88,343
Wireless Telecommunication Services — 0.3%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		200,000		207,748
4.38%, 4/22/2049		200,000		215,832
Crown Castle Towers LLC
3.22%, 5/15/2022 (b)		42,000		42,456
3.66%, 5/15/2025 (b)		60,000		62,265
Rogers Communications, Inc. (Canada) 4.35%, 5/1/2049		100,000		108,015
Vodafone Group plc (United Kingdom)
4.13%, 5/30/2025		64,000		68,168
5.00%, 5/30/2038		189,000		205,414
5.25%, 5/30/2048		64,000		70,757
4.88%, 6/19/2049		205,000		214,961
				1,195,616
Total Corporate Bonds (Cost $77,069,888)				80,845,594
Mortgage-Backed Securities — 16.0%
FHLMC
Pool # 611141, ARM, 4.63%, 1/1/2027 (h)		18,791		19,536
Pool # 846812, ARM, 4.77%, 4/1/2030 (h)		4,401		4,619
Pool # 1B1665, ARM, 4.69%, 4/1/2034 (h)		21,312		22,388
Pool # 1B2844, ARM, 4.66%, 3/1/2035 (h)		31,042		32,308
Pool # 1B3209, ARM, 4.69%, 1/1/2037 (h)		16,217		17,058
FHLMC Gold Pools, 30 Year
Pool # D70244, 6.00%, 4/1/2026		48,612		53,241
Pool # G00981, 8.50%, 7/1/2028		1,627		1,847
Pool # C22459, 6.50%, 2/1/2029		3,727		4,136
Pool # C00785, 6.50%, 6/1/2029		10,292		11,498
Pool # C01292, 6.00%, 2/1/2032		6,258		7,100
Pool # C66034, 6.50%, 4/1/2032		32,354		35,906
Pool # A13625, 5.50%, 10/1/2033		38,332		42,790

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
Pool # A28796, 6.50%, 11/1/2034		12,985		14,896
Pool # A46417, 7.00%, 4/1/2035		39,163		46,439
Pool # Q48338, 4.50%, 5/1/2047		226,425		239,768
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		34,407		37,715
Pool # U80265, 3.50%, 4/1/2033		506,447		522,026
Pool # U90690, 3.50%, 6/1/2042		480,036		497,468
Pool # U90975, 4.00%, 6/1/2042		239,251		252,373
Pool # U99134, 4.00%, 1/1/2046		270,169		285,056
FNMA
Pool # 303532, ARM, 4.03%, 3/1/2029 (h)		767		775
Pool # 745446, ARM, 4.88%, 4/1/2033 (h)		26,185		27,618
Pool # 722985, ARM, 4.49%, 7/1/2033 (h)		15,829		16,592
Pool # 766610, ARM, 4.61%, 1/1/2034 (h)		37,849		39,598
Pool # 735332, ARM, 4.62%, 8/1/2034 (h)		43,359		45,621
Pool # 735740, ARM, 4.41%, 10/1/2034 (h)		26,272		27,630
Pool # 810896, ARM, 4.16%, 1/1/2035 (h)		95,860		99,082
Pool # 823660, ARM, 4.52%, 5/1/2035 (h)		28,899		30,241
FNMA, 30 Year
Pool # 506427, 9.00%, 4/1/2025		13,794		14,888
Pool # 449336, 8.50%, 10/1/2026		6,408		6,442
Pool # 535442, 8.50%, 6/1/2030		2,489		2,722
FNMA, Other
Pool # AM3498, 2.01%, 6/1/2020		1,000,000		996,528
Pool # AM0806, 2.45%, 11/1/2022		500,000		501,731
Pool # AM1619, 2.34%, 12/1/2022		265,926		267,561
Pool # AM2747, 2.50%, 4/1/2023		500,000		506,025
Pool # AM3244, 2.52%, 5/1/2023		1,000,000		1,013,076
Pool # AM3851, 3.02%, 7/1/2023		1,000,000		1,033,055
Pool # AM4070, 3.98%, 8/1/2025		1,978,549		2,166,176
Pool # AN0029, 3.10%, 9/1/2025		989,003		1,035,934
Pool # AM4660, 3.77%, 12/1/2025		297,683		321,201
Pool # AN0890, 2.63%, 3/1/2026		489,112		498,877
Pool # AM6381, 3.29%, 8/1/2026		1,000,000		1,060,269
Pool # AM6392, 3.29%, 8/1/2026		925,000		980,250
Pool # BL0044, 3.71%, 8/1/2026		800,000		866,047
Pool # AM7321, 3.12%, 11/1/2026		974,103		1,021,770
Pool # AM7515, 3.34%, 2/1/2027		1,000,000		1,062,893
Pool # AN1600, 2.59%, 6/1/2028		884,455		892,767

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Pool # AN9686, 3.52%, 6/1/2028		500,000		538,446
Pool # AN9656, 3.57%, 7/1/2028		594,214		639,675
Pool # AN2466, 2.57%, 8/1/2028		500,000		503,652
Pool # 109452, 3.64%, 8/1/2028		989,558		1,071,785
Pool # 405220, 6.00%, 9/1/2028		16,142		17,668
Pool # BL1040, 3.81%, 12/1/2028		300,000		330,223
Pool # AN4559, 3.28%, 2/1/2029		1,500,000		1,582,113
Pool # AN4975, 3.21%, 3/1/2029		2,500,000		2,652,242
Pool # AN5672, 3.20%, 6/1/2029		1,500,000		1,582,229
Pool # AN6099, 3.04%, 7/1/2029		900,000		939,056
Pool # AN5998, 3.06%, 7/1/2029		2,904,790		3,033,385
Pool # AN5971, 2.99%, 8/1/2029		1,400,000		1,454,765
Pool # AN6846, 2.93%, 10/1/2029		1,100,000		1,137,180
Pool # AM6811, 3.69%, 10/1/2029		645,988		701,411
Pool # AN9976, 3.96%, 2/1/2030		1,200,000		1,329,446
Pool # AM8692, 3.03%, 4/1/2030		650,000		670,595
Pool # AM8544, 3.08%, 4/1/2030		489,994		507,749
Pool # 754922, 5.50%, 9/1/2033		30,748		33,190
Pool # 847108, 6.50%, 10/1/2035		76,732		83,895
Pool # AL9678, 4.00%, 2/1/2036		1,467,136		1,530,388
Pool # AN1330, 3.19%, 3/1/2036		1,114,124		1,170,046
Pool # 257172, 5.50%, 4/1/2038		4,715		5,003
Pool # AO9352, 4.00%, 7/1/2042		255,252		269,072
Pool # MA1125, 4.00%, 7/1/2042		430,083		453,446
Pool # MA1178, 4.00%, 9/1/2042		205,051		216,160
Pool # MA1437, 3.50%, 5/1/2043		563,337		583,425
Pool # AL6167, 3.50%, 1/1/2044		608,085		629,767
Pool # MA2545, 3.50%, 2/1/2046		1,091,692		1,125,418
Pool # MA2793, 3.50%, 10/1/2046		306,221		315,688
GNMA I, 30 Year
Pool # 326977, 7.50%, 5/15/2023		2,207		2,311
Pool # 359588, 7.50%, 6/15/2023		452		453
Pool # 782507, 9.50%, 10/15/2024		4,225		4,359
Pool # 780029, 9.00%, 11/15/2024		316		325
Pool # 405535, 7.00%, 12/15/2025		1,174		1,252
Pool # 412336, 8.00%, 10/15/2027		2,428		2,693
Pool # 451507, 8.00%, 10/15/2027		2,316		2,352
Pool # 412369, 7.00%, 11/15/2027		1,690		1,837
Pool # 467705, 6.50%, 3/15/2028		1,675		1,840
Pool # 472679, 7.00%, 6/15/2028		4,469		4,882
Pool # 486537, 7.50%, 9/15/2028		3,119		3,404
Pool # 781614, 7.00%, 6/15/2033		5,751		6,853
Pool # 617653, 6.00%, 5/15/2037		30,324		33,167
Pool # 678574, 5.50%, 6/15/2038		727,339		811,676
Pool # 681554, 5.50%, 7/15/2038		686,467		759,225
Pool # 678169, 5.50%, 9/15/2038		381,509		420,076

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
Pool # 681568, 5.50%, 9/15/2038		741,098		819,492
Pool # 694458, 6.00%, 10/15/2038		8,959		10,227
Pool # 782510, 6.50%, 12/15/2038		25,662		29,903
GNMA II
Pool # 81008, ARM, 4.25%, 7/20/2034 (h)		55,366		55,866
Pool # 81074, ARM, 4.25%, 9/20/2034 (h)		76,054		76,496
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		918		991
Pool # 2324, 8.00%, 11/20/2026		21,845		24,821
Pool # 2341, 7.50%, 12/20/2026		1,098		1,233
Pool # 2362, 8.00%, 1/20/2027		2,618		2,892
GNMA II, Other Pool # AD0018, 3.75%, 12/20/2032		126,182		129,929
UMBS, 15 Year
Pool # 788380, 6.00%, 7/1/2019		64		64
Pool # 735911, 6.50%, 8/1/2020		797		798
Pool # 840495, 5.50%, 4/1/2022		5,819		5,830
Pool # 899316, 5.50%, 4/1/2022		362		370
Pool # 928637, 6.00%, 9/1/2022		2,715		2,795
Pool # 949415, 4.50%, 3/1/2023		4,998		5,102
Pool # 962871, 4.50%, 5/1/2023		9,519		9,818
UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		4,320		4,791
Pool # 555791, 6.50%, 12/1/2022		4,038		4,478
Pool # 762498, 5.00%, 11/1/2023		80,458		85,020
Pool # 255609, 4.50%, 1/1/2025		10,160		10,612
UMBS, 30 Year
Pool # 250375, 6.50%, 9/1/2025		1,439		1,596
Pool # 338417, 6.50%, 5/1/2026		675		749
Pool # 689977, 8.00%, 3/1/2027		11,677		12,760
Pool # 755973, 8.00%, 11/1/2028		29,356		33,755
Pool # 252211, 6.00%, 1/1/2029		1,840		2,048
Pool # 524949, 7.50%, 3/1/2030		7,610		7,793
Pool # 622534, 3.00%, 9/1/2031		118,665		119,699
Pool # 788150, 6.00%, 3/1/2032		20,604		22,646
Pool # 545639, 6.50%, 4/1/2032		42,521		49,250
Pool # 674349, 6.00%, 3/1/2033		7,131		7,885
Pool # AD0755, 7.00%, 6/1/2035		546,410		648,384
Pool # 833039, 5.00%, 9/1/2035		30,110		32,884
Pool # 745932, 6.50%, 11/1/2036		55,596		65,276
Pool # 944831, 5.50%, 2/1/2038		5,333		5,766
Pool # 961799, 5.50%, 3/1/2038		3,184		3,453
Pool # 976582, 4.50%, 4/1/2038		2,388		2,494
Pool # 985558, 5.50%, 6/1/2038		1,534		1,672

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Pool # AL3438, 6.50%, 10/1/2038		618,473		697,460
Pool # AA4236, 4.50%, 4/1/2039		206,813		221,567
Pool # 935241, 4.50%, 5/1/2039		6,726		7,214
Pool # MA2535, 4.50%, 2/1/2046		594,212		631,191
Pool # BH4683, 4.00%, 6/1/2047		450,114		476,192
Pool # BH4684, 4.00%, 6/1/2047		466,065		490,775
Pool # BH4685, 4.00%, 6/1/2047		458,843		478,467
Pool # BK9030, 5.00%, 10/1/2048		1,430,605		1,519,437
Pool # BN5899, 5.00%, 2/1/2049		308,656		327,258
Pool # BK8745, 4.50%, 4/1/2049		1,197,124		1,271,196
Pool # BN4707, 5.00%, 4/1/2049		1,396,268		1,511,706
Pool # CA3713, 5.00%, 6/1/2049		1,198,796		1,273,237
Total Mortgage-Backed Securities (Cost $53,790,298)				55,052,698
Asset-Backed Securities — 10.8%
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		111,390		117,104
Series 2015-1, Class A, 3.60%, 3/15/2027 (b)		83,962		86,473
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		253,344		255,137
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		180,264		180,946
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		12,683		13,068
Series 2013-1, Class A, 4.00%, 7/15/2025		60,163		62,665
Series 2017-2, Class B, 3.70%, 10/15/2025		101,575		101,142
Series 2014-1, Class A, 3.70%, 10/1/2026		37,596		38,829
Series 2016-2, Class A, 3.65%, 6/15/2028		14,032		14,310
Series 2016-3, Class AA, 3.00%, 10/15/2028		212,584		211,986
Series 2017-1, Class AA, 3.65%, 2/15/2029		144,900		150,093
American Credit Acceptance ReceivablesTrust Series 2016-4, Class C, 2.91%, 2/13/2023 (b)		41,852		41,868
American Homes 4 Rent
Series 2015-SFR1, Class D, 4.41%, 4/17/2052 ‡ (b)		380,000		398,080
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (b)		100,000		109,645

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (b)		414,479		433,821
Series 2014-SFR2, Class C, 4.71%, 10/17/2036 ‡ (b)		200,000		214,939
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		229,955		239,496
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (b)		200,000		226,529
Series 2015-SFR2, Class C, 4.69%, 10/17/2052 ‡ (b)		200,000		216,384
AmeriCredit Automobile Receivables Trust
Series 2016-3, Class A3, 1.46%, 5/10/2021		2,880		2,879
Series 2016-4, Class B, 1.83%, 12/8/2021		600,000		598,072
AXIS Equipment Finance Receivables IV LLCSeries 2016-1A, Class A, 2.21%, 11/20/2021 (b)		38,193		38,159
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 ‡ (b)		10,130		10,088
Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		112,185		112,286
BCC Funding XIII LLCSeries 2016-1, Class A2, 2.20%, 12/20/2021 (b)		7,359		7,356
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		83,642		87,698
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		111,870		116,681
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		268,146		270,979
Series 2018-2, Class A, 4.45%, 6/15/2033 (b)		344,042		349,014
Series 2019-1, Class A, 4.21%, 7/15/2034 (b)		750,000		753,750
Cabela’s Credit Card Master Note TrustSeries 2015-2, Class A1, 2.25%, 7/17/2023		77,000		76,980
Camillo Issuer LLCSeries 2016-SFR,Class 1-A-1, 5.00%, 12/5/2023 ‡		367,399		366,595
Capital Auto Receivables Asset Trust
Series 2016-2, Class A4, 1.63%, 1/20/2021		26,605		26,566
Series 2018-1, Class A3, 2.79%, 1/20/2022 (b)		625,000		626,457

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Carnow Auto Receivables TrustSeries 2017-1A, Class A, 2.92%, 9/15/2022 (b)		33,410		33,393
Carvana Auto Receivables TrustSeries 2019-2A, Class C, 3.00%, 6/17/2024 (b)		675,000		676,621
Chrysler Capital Auto Receivables TrustSeries 2016-BA, Class A3, 1.64%, 7/15/2021 (b)		62,605		62,514
Continental Airlines Pass-Through TrustSeries 2012-1, Class A, 4.15%, 4/11/2024		140,938		147,576
CPS Auto ReceivablesTrust Series 2015-C, Class D, 4.63%, 8/16/2021 (b)		172,000		173,971
CPS Auto TrustSeries 2018-C, Class C, 3.68%, 6/17/2024 (b)		1,901,000		1,935,957
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A, 2.56%, 10/15/2025 (b)		141,014		141,014
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		250,000		251,379
CWABS Revolving Home Equity Loan TrustSeries 2004-K, Class 2A, 2.69%, 2/15/2034 ‡ (h)		2,249		2,232
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 3.15%, 3/25/2034 ‡ (h)		28,510		28,664
Series 2004-1, Class M2, 3.23%, 3/25/2034 ‡ (h)		6,721		6,707
Series 2004-1, Class 3A, 2.96%, 4/25/2034 ‡ (h)		1,056		1,020
Delta Air Lines Pass-Through TrustSeries 2015-1, Class AA, 3.63%, 7/30/2027		339,480		357,242
Drive Auto Receivables Trust
Series 2017-AA, Class C, 2.98%, 1/18/2022 (b)		41,938		41,976
Series 2017-1, Class C, 2.84%, 4/15/2022		117,667		117,764
Series 2015-DA, Class D, 4.59%, 1/17/2023 (b)		113,419		114,181
Series 2017-1, Class D, 3.84%, 3/15/2023		262,000		265,150
Series 2017-2, Class C, 2.75%, 9/15/2023		206,193		206,319
Series 2017-3, Class D, 3.53%, 12/15/2023 (b)		570,000		576,067
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		220,000		223,450

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Series 2017-AA, Class D, 4.16%, 5/15/2024 (b)		127,000		129,175
Series 2019-1, Class D, 4.09%, 6/15/2026		170,000		175,898
DT Auto Owner Trust
Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		113,300		113,991
Series 2017-1A, Class D, 3.55%, 11/15/2022 (b)		115,000		115,689
Series 2017-2A, Class C, 3.03%, 1/17/2023 (b)		96,262		96,306
Series 2017-3A, Class D, 3.58%, 5/15/2023 (b)		105,000		105,949
Engs Commercial Finance TrustSeries 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		64,574		64,594
Exeter Automobile Receivables Trust
Series 2016-3A, Class B, 2.84%, 8/16/2021 (b)		37,240		37,252
Series 2016-1A, Class C, 5.52%, 10/15/2021 (b)		105,957		106,786
Series 2017-3A, Class A, 2.05%, 12/15/2021 (b)		19,427		19,410
Series 2018-4A, Class B, 3.64%, 11/15/2022 (b)		196,000		198,292
Series 2017-1A, Class C, 3.95%, 12/15/2022 (b)		60,000		60,847
Series 2018-1A, Class C, 3.03%, 1/17/2023 (b)		155,000		156,121
Flagship Credit Auto Trust
Series 2015-3, Class B, 3.68%, 3/15/2022 (b)		72,048		72,220
Series 2015-3, Class C, 4.65%, 3/15/2022 (b)		76,000		77,369
Series 2016-1, Class C, 6.22%, 6/15/2022 (b)		250,000		258,721
Series 2016-4, Class C, 2.71%, 11/15/2022 (b)		249,000		249,542
Ford Credit Auto Lease TrustSeries 2017-B, Class A3, 2.03%, 12/15/2020		143,435		143,269
FORT CRE LLCSeries 2018-1A, Class C, 5.23%, 11/21/2035 ‡ (b) (h)		760,000		767,345
FREED ABSTrust Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		360,180		363,714
GM Financial Automobile Leasing Trust
Series 2018-1, Class A3, 2.61%, 1/20/2021		320,000		320,332
Series 2018-2, Class A3, 3.06%, 6/21/2021		404,000		406,257

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Gold Key Resorts LLCSeries 2014-A, Class A, 3.22%, 3/17/2031 (b)		21,640		21,646
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		72,630		75,098
Series 2017-2A, Class A, 3.26%, 10/15/2053 (b)		291,637		296,268
HERO (Cayman Islands)Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		232,771		232,480
HERO Funding (Cayman Islands)Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		266,866		278,300
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		69,799		70,944
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		185,440		195,618
Hilton Grand Vacations TrustSeries 2017-AA, Class A, 2.66%, 12/26/2028 (b)		125,938		126,597
Hyundai Auto Receivables TrustSeries 2016-A, Class D, 3.23%, 12/15/2022		1,220,000		1,231,169
Kabbage Funding LLCSeries 2019-1, Class A, 3.83%, 3/15/2024 (b)		660,000		669,226
Lendmark Funding TrustSeries 2017-1A, Class A, 2.83%, 12/22/2025 (b)		157,239		156,806
Long Beach Mortgage Loan Trust
Series 2003-4, Class M1, 3.42%, 8/25/2033 ‡ (h)		27,691		27,591
Series 2004-1, Class M1, 3.15%, 2/25/2034 ‡ (h)		62,452		62,260
Series 2004-1, Class M2, 3.23%, 2/25/2034 ‡ (h)		6,937		6,955
Mariner Finance Issuance Trust
Series 2017-AA, Class A, 3.62%, 2/20/2029 (b)		103,727		104,026
Series 2019-AA, Class A, 2.96%, 7/20/2032 (b)		625,000		624,882
Marlette FundingTrust Series 2018-1A, Class A, 2.61%, 3/15/2028 (b)		66,688		66,660
MVW Owner TrustSeries 2019-1A, Class A, 2.89%, 11/20/2036 (b)		255,000		258,294
New Century Home Equity LoanTrust Series 2005-1, Class M1, 3.08%, 3/25/2035 ‡ (h)		106,244		106,471
Ocwen Master Advance Receivables TrustSeries 2018-T2, Class AT2, 3.60%, 8/15/2050 (b)		485,000		490,009

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
OnDeck Asset Securitization Trust LLCSeries 2018-1A, Class A, 3.50%, 4/18/2022 (b)		129,000		129,864
OneMain Direct Auto Receivables TrustSeries 2018-1A, Class B, 3.71%, 4/14/2025 (b)		270,000		276,024
OneMain Financial Issuance Trust
Series 2015-1A, Class B, 3.85%, 3/18/2026 (b)		59,269		59,364
Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		115,505		115,995
Oportun Funding VI LLCSeries 2017-A, Class A, 3.23%, 6/8/2023 (b)		250,000		249,897
Oportun Funding VIII LLCSeries 2018-A, Class A, 3.61%, 3/8/2024 (b)		253,000		255,547
Oportun Funding X LLCSeries 2018-C, Class A, 4.10%, 10/8/2024 (b)		801,000		821,363
Pretium Mortgage Credit Partners I LLCSeries 2018-NPL4, Class A1, 4.83%, 9/25/2058 (b) (e)		322,234		326,069
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (b)		223,759		223,558
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 ‡ (b)		150,000		149,823
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (b)		433,083		433,281
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (b)		100,000		100,559
Prosper Marketplace Issuance TrustSeries 2019-3A, Class A, 3.19%, 7/15/2025 (b)		200,000		200,651
Purchasing Power Funding LLCSeries 2018-A, Class A, 3.34%, 8/15/2022 (b)		730,000		731,846
Renew (Cayman Islands)Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		75,244		78,501
Rice Park Financing TrustSeries 2016-A, Class A, 4.63%, 10/31/2041 ‡ (b)		267,829		269,189
Santander Drive Auto Receivables Trust
Series 2018-3, Class A3, 3.03%, 2/15/2022		321,000		321,368
Series 2018-1, Class D, 3.32%, 3/15/2024		346,000		350,972
Series 2019-2, Class C, 2.90%, 10/15/2024		190,000		191,816
Santander Retail Auto Lease TrustSeries 2018-A, Class A3, 2.93%, 5/20/2021 (b)		300,000		301,766

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
SoFi Consumer Loan Program LLCSeries 2016-2, Class A, 3.09%, 10/27/2025 (b)		26,382		26,480
Spirit Airlines Pass-Through TrustSeries 2017-1, Class AA, 3.38%, 2/15/2030		58,119		59,459
Spirit Master Funding LLCSeries 2017-1A, Class A, 4.36%, 12/20/2047 (b)		277,621		288,024
Spruce ABSTrust Series 2016-E1, Class A, 4.32%, 6/15/2028 (b)		41,711		42,565
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		809,000		826,344
Series 2019-A2, Class A, 2.34%, 6/16/2025		850,000		849,938
Synchrony Card Issuance TrustSeries 2018-A1, Class A, 3.38%, 9/15/2024		370,000		379,613
TCF Auto Receivables Owner TrustSeries 2016-PT1A, Class A, 1.93%, 6/15/2022 (b)		116,415		116,097
Tricolor Auto Securitization TrustSeries 2018-1A, Class A, 5.05%, 12/15/2020 (b)		373,772		374,588
Tricon American Homes TrustSeries 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (b)		128,714		128,556
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		155,514		165,262
Series 2016-1, Class B, 3.65%, 1/7/2026		57,521		57,536
Series 2018-1, Class B, 4.60%, 3/1/2026		38,660		40,097
Series 2014-1, Class A, 4.00%, 4/11/2026		58,369		61,287
Series 2016-2, Class AA, 2.88%, 10/7/2028		92,071		91,168
Series 2019-1, Class AA, 4.15%, 8/25/2031		280,000		300,271
Upgrade ReceivablesTrust Series 2018-1A, Class A, 3.76%, 11/15/2024 (b)		132,848		133,482
US Auto Funding LLC
Series 2019-1A, Class B, 3.99%, 12/15/2022 (b)		550,000		558,681
Series 2018-1A, Class A, 5.50%, 7/15/2023 (b)		346,312		354,227
Verizon Owner Trust
Series 2017-2A, Class A, 1.92%, 12/20/2021 (b)		393,000		392,218

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (b)		388,000		387,579
Series 2018-A, Class A1A, 3.23%, 4/20/2023		400,000		407,655
Veros Automobile Receivables TrustSeries 2017-1, Class A, 2.84%, 4/17/2023 (b)		21,980		21,967
VM DEBT LLCSeries 2017-1, Class A, 6.50%, 10/2/2024 ‡ (b)		336,532		336,532
VOLT LXIV LLCSeries 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (b) (e)		352,911		354,014
VOLT LXIX LLCSeries 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (b) (e)		207,365		209,336
VOLT LXVIII LLCSeries 2018-NPL4, Class A1A, 4.34%, 7/27/2048 ‡ (b) (e)		253,233		255,262
VOLT LXX LLCSeries 2018-NPL6, Class A1A, 4.11%, 9/25/2048 ‡ (b) (e)		215,518		217,563
VOLT LXXII LLCSeries 2018-NPL8, Class A1A, 4.21%, 10/26/2048 ‡ (b) (e)		660,119		664,216
VOLT LXXV LLCSeries 2019-NPL1, Class A1A, 4.34%, 1/25/2049 ‡ (b) (e)		473,896		480,286
Westgate Resorts LLCSeries 2017-1A, Class A, 3.05%, 12/20/2030 (b)		125,584		125,691
Westlake Automobile Receivables Trust
Series 2016-3A, Class C, 2.46%, 1/18/2022 (b)		261,488		261,447
Series 2017-1A, Class C, 2.70%, 10/17/2022 (b)		61,234		61,254
Series 2018-1A, Class C, 2.92%, 5/15/2023 (b)		830,000		832,464
World Financial Network Credit Card Master TrustSeries 2019-A, Class A, 3.14%, 12/15/2025		375,000		384,378
Total Asset-Backed Securities (Cost $36,467,023)				36,892,641
Collateralized Mortgage Obligations — 9.9%
Acre 7.08%, 12/15/2020		500,000		500,000
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		888,148		948,001
Series 2005-J1, Class 1A4, IF, IO, 2.70%, 2/25/2035 ‡ (h)		42,887		541
Series 2005-22T1, Class A2, IF, IO, 2.67%, 6/25/2035 ‡ (h)		445,401		55,444
Series 2005-20CB, Class 3A8, IF, IO, 2.35%, 7/25/2035 ‡ (h)		255,590		27,158
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		354,443		352,799
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		149,661		142,601

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
ARIVO 9/15/2019 ‡		361,448		361,448
Banc of America Alternative Loan TrustSeries 2004-6, Class 15PO, PO, 7/25/2019 ‡		1,574		1,334
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		17,891		15,690
Series 2005-E, Class 4A1, 4.70%, 3/20/2035 (h)		21,373		21,598
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		92,416		89,887
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		16,703		14,336
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 4.51%, 10/25/2033 (h)		21,120		21,471
Series 2006-1, Class A1, 4.91%, 2/25/2036 (h)		87,708		89,795
CHL Mortgage Pass-Through Trust
Series 2004-HYB1, Class 2A, 4.19%, 5/20/2034 (h)		12,480		12,637
Series 2004-HYB3, Class 2A, 3.94%, 6/20/2034 (h)		25,266		26,070
Series 2004-7, Class 2A1, 4.63%, 6/25/2034 (h)		24,634		25,654
Series 2005-16, Class A23, 5.50%, 9/25/2035		58,834		54,629
Series 2005-22, Class 2A1, 4.01%, 11/25/2035 (h)		116,288		104,682
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 6/25/2033 ‡		52		45
Series 2003-HYB1, Class A, 4.74%, 9/25/2033 (h)		10,408		10,616
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		1,419		1,449
Series 2005-1, Class 2A1A, 3.40%, 2/25/2035 (h)		51,849		45,166
csma sfr 4/25/2023 ‡		901,523		901,097
CVS Pass-Through Trust 8.35%, 7/10/2031 (b)		74,689		93,843
DT Asset Trust 5.84%, 12/16/2022		500,000		500,000
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		28,726		30,080
FHLMC, REMIC
Series 99, Class Z, 9.50%, 1/15/2021		7		7
Series 1065, Class J, 9.00%, 4/15/2021		102		106
Series 1113, Class J, 8.50%, 6/15/2021		17		17

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 1250, Class J, 7.00%, 5/15/2022		673		702
Series 1316, Class Z, 8.00%, 6/15/2022		1,936		2,050
Series 1324, Class Z, 7.00%, 7/15/2022		3,256		3,391
Series 1343, Class LB, 7.50%, 8/15/2022		2,966		3,149
Series 1343, Class LA, 8.00%, 8/15/2022		14,410		15,323
Series 1395, Class G, 6.00%, 10/15/2022		1,782		1,852
Series 1394, Class ID, IF, 9.57%, 10/15/2022 (h)		1,974		2,172
Series 2535, Class BK, 5.50%, 12/15/2022		15,240		15,630
Series 1798, Class F, 5.00%, 5/15/2023		6,772		6,990
Series 1518, Class G, IF, 6.61%, 5/15/2023 (h)		2,605		2,788
Series 1505, Class Q, 7.00%, 5/15/2023		1,364		1,453
Series 1541, Class O, 1.83%, 7/15/2023 (h)		2,860		2,818
Series 2638, Class DS, IF, 6.21%, 7/15/2023 (h)		17,013		17,720
Series 1577, Class PV, 6.50%, 9/15/2023		74,351		79,115
Series 1584, Class L, 6.50%, 9/15/2023		44,696		47,530
Series 1633, Class Z, 6.50%, 12/15/2023		48,866		51,485
Series 1638, Class H, 6.50%, 12/15/2023		59,551		63,435
Series 2283, Class K, 6.50%, 12/15/2023		6,992		7,419
Series 1700, Class GA, PO, 2/15/2024		1,152		1,123
Series 1865, Class D, PO, 2/15/2024		4,026		3,827
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		2,387		2,848
Series 1694, Class PK, 6.50%, 3/15/2024		5,342		5,675
Series 2033, Class SN, HB, IF, 26.51%, 3/15/2024 (h)		1,612		341
Series 2306, Class K, PO, 5/15/2024		2,094		2,009
Series 2306, Class SE, IF, IO, 8.23%, 5/15/2024 (h)		5,025		741
Series 1863, Class Z, 6.50%, 7/15/2026		14,218		15,125
Series 1981, Class Z, 6.00%, 5/15/2027		6,676		7,174

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 1987, Class PE, 7.50%, 9/15/2027		8,174		9,379
Series 1999, Class PU, 7.00%, 10/15/2027		28,103		30,745
Series 2031, Class PG, 7.00%, 2/15/2028		55,825		63,092
Series 2035, Class PC, 6.95%, 3/15/2028		56,469		62,658
Series 2038, Class PN, IO, 7.00%, 3/15/2028		3,718		629
Series 2057, Class PE, 6.75%, 5/15/2028		74,273		83,327
Series 2054, Class PV, 7.50%, 5/15/2028		10,751		12,228
Series 2064, Class TE, 7.00%, 6/15/2028		12,966		14,583
Series 2075, Class PH, 6.50%, 8/15/2028		11,990		13,343
Series 2095, Class PE, 6.00%, 11/15/2028		39,377		43,306
Series 2132, Class SB, IF, 19.98%, 3/15/2029 (h)		2,231		3,386
Series 2178, Class PB, 7.00%, 8/15/2029		22,374		25,411
Series 2182, Class ZB, 8.00%, 9/15/2029		37,029		42,758
Series 2204, Class GB, IO, 8.00%, 12/20/2029 ‡ (h)		444		444
Series 2247, Class Z, 7.50%, 8/15/2030		7,669		8,785
Series 2259, Class ZC, 7.35%, 10/15/2030		120,958		142,249
Series 2261, Class ZY, 7.50%, 10/15/2030		101		101
Series 2325, Class PM, 7.00%, 6/15/2031		5,811		6,703
Series 2359, Class ZB, 8.50%, 6/15/2031		23,713		28,240
Series 2344, Class ZD, 6.50%, 8/15/2031		43,368		51,048
Series 2344, Class ZJ, 6.50%, 8/15/2031		7,399		8,217
Series 2345, Class NE, 6.50%, 8/15/2031		3,824		4,320
Series 2367, Class ME, 6.50%, 10/15/2031		62,111		69,041
Series 2390, Class DO, PO, 12/15/2031		6,814		6,363
Series 2410, Class QX, IF, IO, 6.26%, 2/15/2032 (h)		12,541		2,758

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2410, Class OE, 6.38%, 2/15/2032		9,729		10,513
Series 2412, Class SP, IF, 11.31%, 2/15/2032 (h)		13,769		17,729
Series 2410, Class QS, IF, 13.27%, 2/15/2032 (h)		10,738		15,023
Series 2444, Class ES, IF, IO, 5.56%, 3/15/2032 (h)		16,249		2,934
Series 2450, Class SW, IF, IO, 5.61%, 3/15/2032 (h)		10,833		1,892
Series 2423, Class MC, 7.00%, 3/15/2032		25,535		29,392
Series 2423, Class MT, 7.00%, 3/15/2032		41,044		47,467
Series 2647, Class A, 3.25%, 4/15/2032		47,296		49,194
Series 3688, Class NI, IO, 5.00%, 4/15/2032		15,483		106
Series 2435, Class CJ, 6.50%, 4/15/2032		89,615		101,795
Series 2455, Class GK, 6.50%, 5/15/2032		25,961		29,719
Series 2484, Class LZ, 6.50%, 7/15/2032		18,649		21,686
Series 2500, Class MC, 6.00%, 9/15/2032		55,990		63,229
Series 2543, Class YX, 6.00%, 12/15/2032		789,905		896,808
Series 2544, Class HC, 6.00%, 12/15/2032		60,592		68,265
Series 2574, Class PE, 5.50%, 2/15/2033		288,270		324,052
Series 2575, Class ME, 6.00%, 2/15/2033		111,396		125,063
Series 2586, Class WI, IO, 6.50%, 3/15/2033		8,733		1,881
Series 4189, Class MI, IO, 3.00%, 6/15/2033		4,445,737		240,584
Series 2764, Class UG, 5.00%, 3/15/2034		228,947		252,612
Series 2949, Class GE, 5.50%, 3/15/2035		299,047		333,843
Series 3047, Class OD, 5.50%, 10/15/2035		300,000		333,226
Series 3085, Class VS, IF, 19.14%, 12/15/2035 (h)		65,591		102,476
Series 3117, Class EO, PO, 2/15/2036		21,587		19,138
Series 3260, Class CS, IF, IO, 3.75%, 1/15/2037 (h)		20,075		3,256
Series 3759, Class HI, IO, 4.00%, 8/15/2037		3,977		21

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 3380, Class SI, IF, IO, 3.98%, 10/15/2037 (h)		1,176,452		180,246
Series 3385, Class SN, IF, IO, 3.61%, 11/15/2037 (h)		20,803		2,413
Series 3387, Class SA, IF, IO, 4.03%, 11/15/2037 (h)		48,182		5,131
Series 3423, Class PB, 5.50%, 3/15/2038		248,435		277,051
Series 3451, Class SA, IF, IO, 3.66%, 5/15/2038 (h)		18,794		2,437
Series 3455, Class SE, IF, IO, 3.81%, 6/15/2038 (h)		172,073		25,958
Series 3786, Class PD, 4.50%, 1/15/2041		407,000		461,843
Series 4029, Class MU, 3.50%, 4/15/2042		640,128		634,419
FHLMC, STRIPS
Series 233, Class 11, IO, 5.00%, 9/15/2035		42,462		7,352
Series 239, Class S30, IF, IO, 5.31%, 8/15/2036 (h)		45,897		8,598
Series 262, Class 35, 3.50%, 7/15/2042		242,228		252,596
Series 299, Class 300, 3.00%, 1/15/2043		230,909		238,913
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.41%, 7/25/2032 (h)		9,711		10,672
Series T-54, Class 2A, 6.50%, 2/25/2043		66,589		79,032
Series T-54, Class 3A, 7.00%, 2/25/2043		28,749		33,942
Series T-56, Class APO, PO, 5/25/2043		154,860		142,936
Series T-58, Class APO, PO, 9/25/2043		14,129		11,698
First Horizon Alternative Mortgage SecuritiesTrust Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		99,585		82,171
First Horizon Mortgage Pass-Through TrustSeries 2005-AR1, Class 2A2, 4.81%, 4/25/2035 (h)		18,362		18,664
FNMA Trust, Whole LoanSeries 2004-W2, Class 2A2, 7.00%, 2/25/2044		16,645		19,025
FNMA, REMIC
Series 1989-83, Class H, 8.50%, 11/25/2019		64		64
Series 1990-1, Class D, 8.80%, 1/25/2020		8		8
Series 1990-10, Class L, 8.50%, 2/25/2020		186		188

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 1990-93, Class G, 5.50%, 8/25/2020		32		32
Series 1990-143, Class J, 8.75%, 12/25/2020		68		70
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		2		9
Series 2001-4, Class PC, 7.00%, 3/25/2021		6,851		6,950
Series 2002-1, Class HC, 6.50%, 2/25/2022		4,252		4,369
Series 1992-101, Class J, 7.50%, 6/25/2022		6,375		6,767
Series G92-42, Class Z, 7.00%, 7/25/2022		321		330
Series G92-44, Class ZQ, 8.00%, 7/25/2022		169		177
Series 1996-59, Class J, 6.50%, 8/25/2022		776		811
Series 1992-143, Class MA, 5.50%, 9/25/2022		1,122		1,155
Series G92-54, Class ZQ, 7.50%, 9/25/2022		2,217		2,310
Series G92-59, Class F, 1.80%, 10/25/2022 (h)		251		253
Series G92-61, Class Z, 7.00%, 10/25/2022		841		883
Series G92-66, Class KA, 6.00%, 12/25/2022		2,152		2,237
Series G92-66, Class KB, 7.00%, 12/25/2022		10,178		10,775
Series G93-1, Class KA, 7.90%, 1/25/2023		2,732		2,919
Series 1997-61, Class ZC, 7.00%, 2/25/2023		21,039		22,262
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		3,070		3,288
Series 1998-43, Class SA, IF, IO, 17.00%, 4/25/2023 (h)		8,480		1,972
Series 1993-146, Class E, PO, 5/25/2023		6,695		6,439
Series 1993-84, Class M, 7.50%, 6/25/2023		462,317		496,056
Series 1993-205, Class H, PO, 9/25/2023		2,284		2,191
Series 1993-155, Class PJ, 7.00%, 9/25/2023		18,605		19,924
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		2,693		2,918
Series 1993-165, Class SD, IF, 12.53%, 9/25/2023 (h)		540		588

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 1993-203, Class PL, 6.50%, 10/25/2023		23,983		26,593
Series 1995-19, Class Z, 6.50%, 11/25/2023		27,060		30,005
Series 1993-230, Class FA, 3.03%, 12/25/2023 (h)		760		765
Series 1993-223, Class PZ, 6.50%, 12/25/2023		60,007		63,389
Series 1993-225, Class UB, 6.50%, 12/25/2023		24,743		26,584
Series 2003-128, Class DY, 4.50%, 1/25/2024		294,986		304,112
Series 1994-37, Class L, 6.50%, 3/25/2024		50,772		54,026
Series 1994-72, Class K, 6.00%, 4/25/2024		454,909		498,121
Series 1995-2, Class Z, 8.50%, 1/25/2025		6,261		6,936
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (h)		22,465		571
Series 1997-39, Class PD, 7.50%, 5/20/2027		7,518		8,539
Series 1997-46, Class PL, 6.00%, 7/18/2027		11,835		12,821
Series 1998-36, Class ZB, 6.00%, 7/18/2028		3,662		4,030
Series 1998-46, Class GZ, 6.50%, 8/18/2028		14,582		16,169
Series 1998-58, Class PC, 6.50%, 10/25/2028		29,115		32,293
Series 1999-39, Class JH, IO, 6.50%, 8/25/2029		66,836		6,771
Series 2000-52, IO, 8.50%, 1/25/2031		2,539		546
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		80,610		15,599
Series 2001-30, Class PM, 7.00%, 7/25/2031		24,654		28,673
Series 2001-36, Class DE, 7.00%, 8/25/2031		42,419		48,382
Series 2001-44, Class PD, 7.00%, 9/25/2031		4,037		4,643
Series 2001-61, Class Z, 7.00%, 11/25/2031		61,946		71,953
Series 2002-1, Class SA, IF, 17.37%, 2/25/2032 (h)		1,237		1,735
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		69,033		2,974
Series 2002-15, PO, 4/25/2032		49,701		46,250
Series 2002-28, Class PK, 6.50%, 5/25/2032		26,588		30,138

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2002-68, Class SH, IF, IO, 5.62%, 10/18/2032 (h)		53,473		8,876
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		29,412		34,117
Series 2002-77, Class S, IF, 10.08%, 12/25/2032 (h)		5,542		6,850
Series 2003-22, Class UD, 4.00%, 4/25/2033		132,864		141,525
Series 2003-47, Class PE, 5.75%, 6/25/2033		21,947		24,338
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		29,589		7,132
Series 2004-4, Class QM, IF, 9.39%, 6/25/2033 (h)		26,866		29,376
Series 2003-64, Class SX, IF, 7.65%, 7/25/2033 (h)		4,825		5,682
Series 2003-132, Class OA, PO, 8/25/2033		6,900		6,437
Series 2003-71, Class DS, IF, 4.21%, 8/25/2033 (h)		29,640		31,575
Series 2003-91, Class SD, IF, 8.49%, 9/25/2033 (h)		7,539		8,973
Series 2003-116, Class SB, IF, IO, 5.20%, 11/25/2033 (h)		74,200		13,002
Series 2003-131, Class CH, 5.50%, 1/25/2034		99,044		110,718
Series 2003-130, Class SX, IF, 7.91%, 1/25/2034 (h)		2,079		2,387
Series 2004-35, Class AZ, 4.50%, 5/25/2034		122,807		131,179
Series 2004-46, Class SK, IF, 9.89%, 5/25/2034 (h)		26,817		33,285
Series 2004-36, Class SA, IF, 12.91%, 5/25/2034 (h)		56,739		79,749
Series 2004-51, Class SY, IF, 9.43%, 7/25/2034 (h)		4,772		5,746
Series 2004-79, Class ZE, 5.50%, 11/25/2034		495,533		576,678
Series 2004-91, Class HC, 6.00%, 12/25/2034		687,847		805,289
Series 2005-68, Class BC, 5.25%, 6/25/2035		33,121		33,287
Series 2005-45, Class DC, IF, 15.49%, 6/25/2035 (h)		85,950		116,086
Series 2005-84, Class XM, 5.75%, 10/25/2035		61,340		67,815
Series 2006-22, Class AO, PO, 4/25/2036		34,973		31,229
Series 2006-46, Class SW, IF, 15.38%, 6/25/2036 (h)		10,938		16,241

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2007-7, Class SG, IF, IO, 4.10%, 8/25/2036 (h)		42,337		9,816
Series 2006-110, PO, 11/25/2036		29,562		26,174
Series 2006-117, Class GS, IF, IO, 4.25%, 12/25/2036 (h)		42,528		4,388
Series 2007-53, Class SH, IF, IO, 3.70%, 6/25/2037 (h)		54,276		7,896
Series 2007-88, Class VI, IF, IO, 4.14%, 9/25/2037 (h)		93,352		17,679
Series 2007-100, Class SM, IF, IO, 4.05%, 10/25/2037 (h)		59,562		9,641
Series 2008-1, Class BI, IF, IO, 3.51%, 2/25/2038 (h)		54,589		8,533
Series 2008-16, Class IS, IF, IO, 3.80%, 3/25/2038 (h)		10,859		1,206
Series 2008-46, Class HI, IO, 2.17%, 6/25/2038 (h)		43,237		2,625
Series 2008-53, Class CI, IF, IO, 4.80%, 7/25/2038 (h)		22,951		3,482
Series 2009-112, Class ST, IF, IO, 3.85%, 1/25/2040 (h)		47,919		7,394
Series 2010-35, Class SB, IF, IO, 4.02%, 4/25/2040 (h)		18,572		2,552
Series 2010-80, Class PZ, 5.00%, 7/25/2040		313,369		369,000
Series 2010-102, Class PN, 5.00%, 9/25/2040		580,000		653,905
Series 2010-134, Class KZ, 4.50%, 12/25/2040		1,374,340		1,482,153
Series 2012-30, Class DZ, 4.00%, 4/25/2042		266,269		291,555
Series 2013-67, Class KZ, 2.50%, 4/25/2043		813,157		773,913
Series 2013-128, PO, 12/25/2043		212,558		183,425
Series 2014-38, Class QI, IO, 5.50%, 12/25/2043		733,659		128,669
Series 2014-19, Class Z, 4.50%, 4/25/2044		468,395		541,509
Series 2016-38, Class NA, 3.00%, 1/25/2046		169,172		172,565
FNMA, REMIC Trust, Whole Loan
Series 1999-W1, PO, 2/25/2029		18,704		16,587
Series 1999-W4, Class A9, 6.25%, 2/25/2029		79,842		86,353
Series 2002-W7, Class A4, 6.00%, 6/25/2029		185,421		207,511
Series 2003-W1, Class 1A1, 5.35%, 12/25/2042 (h)		191,071		207,144
Series 2003-W1, Class 2A, 5.86%, 12/25/2042 (h)		27,550		30,397

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
FNMA, REMIC, Whole LoanSeries 2003-7, Class A1, 6.50%, 12/25/2042		134,351		151,628
FNMA, STRIPS
Series 329, Class 1, PO, 1/25/2033		4,295		3,935
Series 365, Class 8, IO, 5.50%, 5/25/2036		18,155		4,045
GMACM Mortgage Loan TrustSeries 2005-AR3, Class 3A4, 3.89%, 6/19/2035 (h)		102,906		102,596
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		43,300		43,263
Series 2000-36, Class PB, 7.50%, 11/16/2030		171,146		170,986
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		981		1
Series 2001-10, Class PE, 6.50%, 3/16/2031		433,300		433,032
Series 2003-24, PO, 3/16/2033		2,168		2,033
Series 2004-28, Class S, IF, 13.08%, 4/16/2034 (h)		17,747		25,077
Series 2006-38, Class OH, 6.50%, 8/20/2036		500,000		593,642
Series 2007-45, Class QA, IF, IO, 4.26%, 7/20/2037 (h)		74,214		9,230
Series 2009-79, Class OK, PO, 11/16/2037		45,078		40,698
Series 2007-76, Class SA, IF, IO, 4.15%, 11/20/2037 (h)		57,125		7,350
Series 2008-2, Class MS, IF, IO, 4.77%, 1/16/2038 (h)		54,138		9,232
Series 2015-137, Class WA, 5.48%, 1/20/2038 (h)		327,751		371,740
Series 2009-106, Class ST, IF, IO, 3.62%, 2/20/2038 (h)		197,380		29,339
Series 2008-55, Class SA, IF, IO, 3.82%, 6/20/2038 (h)		35,260		5,418
Series 2009-6, Class SA, IF, IO, 3.71%, 2/16/2039 (h)		23,349		2,908
Series 2009-6, Class SH, IF, IO, 3.66%, 2/20/2039 (h)		73,859		7,060
Series 2009-31, Class TS, IF, IO, 3.92%, 3/20/2039 (h)		81,834		6,202
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		53,247		10,792
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		40,435		9,350
Series 2009-22, Class SA, IF, IO, 3.89%, 4/20/2039 (h)		102,689		10,977

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2009-102, Class SM, IF, IO, 4.01%, 6/16/2039 (h)		12,031		350
Series 2009-64, Class SN, IF, IO, 3.71%, 7/16/2039 (h)		86,776		9,242
Series 2009-104, Class KB, 5.50%, 11/16/2039		236,000		294,669
Series 2010-130, Class CP, 7.00%, 10/16/2040		65,213		76,276
Series 2011-75, Class SM, IF, IO, 4.22%, 5/20/2041 (h)		120,713		19,192
Series 2013-69, Class MA, 1.50%, 8/20/2042		483,644		466,622
Series 2016-135, Class Z, 3.00%, 10/20/2046		216,636		211,153
Series 2011-H19, Class FA, 2.94%, 8/20/2061 (h)		533,763		533,641
Series 2012-H23, Class SA, 3.00%, 10/20/2062 (h)		556,492		569,984
Series 2013-H08, Class FC, 2.92%, 2/20/2063 (h)		561,051		560,622
Series 2013-H09, Class HA, 1.65%, 4/20/2063		270,060		267,442
Series 2014-H17, Class FC, 2.97%, 7/20/2064 (h)		298,122		298,257
Series 2015-H16, Class FG, 2.91%, 7/20/2065 (h)		634,456		633,300
Series 2015-H30, Class FE, 3.07%, 11/20/2065 (h)		797,783		801,356
Series 2016-H11, Class FD, 3.13%, 5/20/2066 (h)		196,120		199,777
Series 2016-H26, Class FC, 3.47%, 12/20/2066 (h)		155,346		157,855
Series 2017-H14, Class FV, 2.97%, 6/20/2067 (h)		421,178		421,371
GoodgreenTrust Series 2017-R1, 5.00%, 10/20/2051		506,782		500,525
GSR Mortgage Loan Trust
Series 2004-6F, Class 1A2, 5.00%, 5/25/2034		44,046		44,793
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		126,609		136,456
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		47,969		50,574
Headlands Residential LLC
Series 2017-RPL1, Class A, 3.88%, 8/25/2022 (b) (e)		390,000		390,102
Series 2019-RPL1, 3.97%, 6/25/2024 (b) (e)		675,000		674,999
Impac Secured AssetsTrust Series 2006-1, Class 2A1, 2.75%, 5/25/2036 (h)		21,803		21,969

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
JP Morgan Mortgage TrustSeries 2006-A2, Class 5A3, 4.63%, 11/25/2033 (h)		27,958		28,931
MASTR Adjustable Rate Mortgages TrustSeries 2004-13, Class 2A1, 4.84%, 4/21/2034 (h)		17,139		17,738
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		2,902		2,914
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		420		436
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		68,412		71,080
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		58,875		62,236
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		91,817		95,487
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		9,031		7,799
MASTR Asset Securitization Trust
Series 2003-12, Class 15PO, PO, 12/25/2018 ‡		76		76
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		82		44
Series 2004-8, PO, 8/25/2019 ‡		396		288
Series 2003-11, Class 9A6, 5.25%, 12/25/2033		106,423		108,982
MASTR Resecuritization TrustSeries 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (b)		15,203		12,538
NACC Reperforming Loan REMIC TrustSeries 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (h)		29,257		29,491
PHH Alternative Mortgage TrustSeries 2007-2, Class 2X, IO, 6.00%, 5/25/2037 ‡		177,929		42,093
RALI Trust
Series 2003-QS9, Class A3, IF, IO, 5.15%, 5/25/2018 ‡ (h)		564		—	(i)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		638		623
Residential Asset Securitization TrustSeries 2003-A14, Class A1, 4.75%, 2/25/2019		258		209
RFMSI TrustSeries 2005-SA4, Class 1A1, 4.05%, 9/25/2035 (h)		36,930		33,875
SACO I, Inc.Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (b)		2,711		2,700
SART
4.75%, 7/15/2024		725,981		740,138
4.76%, 6/15/2025		859,065		874,871

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Seasoned Credit Risk Transfer TrustSeries 2019-1, Class MT, 3.50%, 7/25/2058 ‡		778,653		794,428
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.32%, 2/15/2024 (h)		22,344		23,518
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		262,414		280,222
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		58,372		64,994
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		31,508		35,007
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		125,515		140,455
Series 1998-1, Class 2E, 7.00%, 3/15/2028		32,464		36,726
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.26%, 8/25/2033 (h)		6,889		7,106
Series 2003-AR9, Class 1A6, 4.35%, 9/25/2033 (h)		32,918		34,098
Series 2004-AR3, Class A2, 4.51%, 6/25/2034 (h)		11,564		11,879
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-4, Class DP, PO, 6/25/2020 ‡		5,419		4,380
Series 2005-2, Class 2A3, IF, IO, 2.60%, 4/25/2035 ‡ (h)		236,910		29,989
Series 2005-2, Class 1A4, IF, IO, 2.65%, 4/25/2035 ‡ (h)		577,847		64,650
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		161,200		31,766
Series 2005-4, Class CB7, 5.50%, 6/25/2035		154,381		151,255
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		42,477		41,146
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.68%, 11/25/2033 (h)		8,986		9,215
Series 2003-K, Class 1A2, 4.68%, 11/25/2033 (h)		17,972		18,508
Series 2005-AR16, Class 2A1, 5.02%, 2/25/2034 (h)		20,356		20,996
Series 2004-P, Class 2A1, 4.70%, 9/25/2034 (h)		46,073		47,805
Series 2004-EE, Class 3A1, 4.84%, 12/25/2034 (h)		19,515		20,179

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2005-AR3, Class 1A1, 7.53%, 3/25/2035 (h)		79,773		83,072
Series 2005-AR8, Class 2A1, 4.99%, 6/25/2035 (h)		25,049		25,351
Total Collateralized Mortgage Obligations (Cost $32,889,572)				34,144,763
U.S. Government Agency Securities — 6.9%
FNMA 6.03%, 10/9/2019 (a)		5,770,000		5,733,926
FNMA, STRIPS 15.97%, 3/23/2028 (a)		630,000		509,698
Resolution Funding Corp. STRIPS
1.26%, 10/15/2019 (a)		5,230,000		5,195,084
13.97%, 7/15/2020 (a)		4,100,000		4,015,294
2.02%, 10/15/2020 (a)		8,000,000		7,792,528
1.46%, 1/15/2021 (a)		65,000		63,025
DN, 3.07%, 1/15/2026 (a)		20,000		17,295
DN, 2.81%, 10/15/2027 (a)		15,000		12,404
Tennessee Valley Authority
5.88%, 4/1/2036		140,000		192,813
4.63%, 9/15/2060		93,000		123,499
4.25%, 9/15/2065		101,000		126,950
Total U.S. Government Agency Securities (Cost $23,422,920)				23,782,516
Commercial Mortgage-Backed Securities — 4.8%
BB-UBSTrust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		300,000		314,149
BXMT Ltd.Series 2017-FL1, Class C, 4.34%, 6/15/2035 ‡ (b) (h)		300,000		300,742
CD Commercial Mortgage TrustSeries 2007-CD4, Class XC, IO, 0.73%, 12/11/2049 ‡ (b) (h)		32,396		354
Commercial Mortgage Trust
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (b) (h)		125,000		128,009
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		200,000		212,835
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		156,000		166,562
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (b)		885,000		938,272
Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (b)		100,000		98,553
FHLMC, Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		16,887		16,890
Series KJ09, Class A2, 2.84%, 9/25/2022		196,000		199,330

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series KF12, Class A, 3.13%, 9/25/2022 (h)		67,025		67,091
Series KJ11, Class A2, 2.93%, 1/25/2023		270,954		276,938
Series K038, Class A2, 3.39%, 3/25/2024		229,000		241,005
Series KJ14, Class A2, 2.81%, 9/25/2024		591,000		603,347
Series KPLB, Class A, 2.77%, 5/25/2025		250,000		256,011
Series K065, Class A2, 3.24%, 4/25/2027		215,000		227,353
Series K065, Class AM, 3.33%, 5/25/2027		115,000		121,827
Series K066, Class A2, 3.12%, 6/25/2027		267,000		280,078
Series K070, Class A2, 3.30%, 11/25/2027 (h)		208,000		221,171
Series K072, Class AM, 3.50%, 12/25/2027 (h)		1,000,000		1,073,970
Series K073, Class A2, 3.35%, 1/25/2028		346,000		368,878
Series K079, Class AM, 3.93%, 6/25/2028		588,000		649,913
Series K081, Class A2, 3.90%, 8/25/2028 (h)		395,000		438,688
Series K082, Class A2, 3.92%, 9/25/2028 (h)		1,054,000		1,173,518
FNMA ACES
Series 2015-M17, Class FA, 3.37%, 11/25/2022 (h)		105,149		105,193
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		472,965		472,794
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (h)		954,894		1,005,889
Series 2015-M3, Class A2, 2.72%, 10/25/2024		1,000,000		1,021,286
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (h)		278,000		287,256
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		389,000		405,089
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		335,000		348,342
Series 2017-M12, Class A2, 3.18%, 6/25/2027 (h)		381,000		397,715
Series 2018-M10, Class A2, 3.50%, 7/25/2028 (h)		460,000		491,235
Series 2017-M5, Class A2, 3.30%, 4/25/2029 (h)		305,000		319,951
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (h)		185,000		192,269

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — continued
FNMA, GrantorTrust Series 2017-T1, Class A, 2.90%, 6/25/2027		428,407		437,509
FREMF Mortgage Trust
Series 2014-K40, Class C, 4.21%, 11/25/2047 (b) (h)		168,000		174,914
Series 2015-K44, Class B, 3.81%, 1/25/2048 (b) (h)		640,000		657,137
Series 2015-K45, Class B, 3.71%, 4/25/2048 (b) (h)		500,000		513,747
Series 2016-K722, Class B, 3.97%, 7/25/2049 (b) (h)		110,000		113,061
Series 2016-K59, Class B, 3.70%, 11/25/2049 (b) (h)		180,000		183,137
Series 2018-K730, Class B, 3.93%, 2/25/2050 (b) (h)		551,000		566,670
Morgan Stanley Capital I TrustSeries 2006-IQ12, Class X1, IO, 0.78%, 12/15/2043 ‡ (b) (h)		126,812		7
UBS-BAMLL TrustSeries 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		116,000		119,006
UBS-Barclays Commercial Mortgage TrustSeries 2012-C2, Class A4, 3.53%, 5/10/2063		104,000		107,495
VNDO Mortgage TrustSeries 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		200,000		203,549
WFRBS Commercial Mortgage TrustSeries 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		110,000		113,330
Total Commercial Mortgage-Backed Securities (Cost $15,909,233)				16,612,065
Foreign Government Securities — 0.3%
Republic of Colombia (Colombia) 7.38%, 9/18/2037		100,000		136,063
United Mexican States (Mexico)
3.60%, 1/30/2025		200,000		204,700
4.13%, 1/21/2026		200,000		209,550
3.75%, 1/11/2028		280,000		284,900
5.55%, 1/21/2045		48,000		55,965
4.35%, 1/15/2047		58,000		57,619
Total Foreign Government Securities (Cost $920,930)				948,797
Municipal Bonds — 0.1% (j)
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		38,559

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Transportation — 0.1%
Port Authority of New York and New Jersey, Consolidated Series 164, Rev., 5.65%, 11/1/2040		130,000		173,146
Total New York				211,705
Ohio — 0.0% (c)
Education — 0.0% (c)
Ohio State University, General Receipts Series A, Rev., 4.80%, 6/1/2111		98,000		121,536
Total Municipal Bonds (Cost $256,175)				333,241
	SHARES
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.40%(k) (l) (Cost $7,453,378)		7,451,735		7,454,715
Total Investments — 100.1% (Cost $331,014,051)				343,589,056
Liabilities in Excess of Other Assets — (0.1)%				(274,529	)
NET ASSETS — 100.0%			$	343,314,527

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 33

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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, 2019.
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
ESOP	Employee Stock Ownership Program
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, 2019. 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.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	The rate shown is the effective yield as of June 30, 2019.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Amount rounds to less than 0.1% 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, 2019.
(e)	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, 2019.
(f)	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, 2019.
(g)	Security is an interest bearing note with preferred security characteristics.
(h)	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, 2019.
(i)	Amount rounds to less than 1.
(j)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(k)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(l)	The rate shown is the current yield as of June 30, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2019

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Core Bond Portfolio
ASSETS:
Investments innon-affiliates, at value	$	336,134,341
Investments in affiliates, at value		7,454,715
Cash		18,067
Receivables:
Investment securities sold		5,505
Portfolio shares sold		114,749
Interest fromnon-affiliates		1,573,833
Dividends from affiliates		17,662
Total Assets		345,318,872
LIABILITIES:
Payables:
Investment securities purchased		1,580,810
Portfolio shares redeemed		157,143
Accrued liabilities:
Investment advisory fees		109,594
Administration fees		20,817
Distribution fees		36,880
Custodian and accounting fees		42,333
Trustees’ and Chief Compliance Officer’s fees		733
Other		56,035
Total Liabilities		2,004,345
Net Assets	$	343,314,527
NET ASSETS:
Paid-in-Capital	$	328,171,788
Total distributable earnings (loss)		15,142,739
Total Net Assets	$	343,314,527
Net Assets:
Class 1	$	160,017,131
Class 2		183,297,396
Total	$	343,314,527
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		14,547,764
Class 2		16,855,894
Net Asset Value, offering and redemption price per share (a):
Class 1	$	11.00
Class 2		10.87
Cost of investments innon-affiliates	$	323,560,673
Cost of investments in affiliates		7,453,378

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 35

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Core Bond Portfolio
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	5,244,978
Interest income from affiliates		79
Dividend income from affiliates		68,874
Total investment income		5,313,931
EXPENSES:
Investment advisory fees		633,357
Administration fees		118,755
Distribution fees — Class 2		202,298
Custodian and accounting fees		74,512
Professional fees		49,397
Trustees’ and Chief Compliance Officer’s fees		13,764
Printing and mailing costs		25,348
Transfer agency fees — Class 1		1,394
Transfer agency fees — Class 2		608
Other		12,787
Total expenses		1,132,220
Less fees waived		(4,488	)
Net expenses		1,127,732
Net investment income (loss)		4,186,199
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(374,454	)
Investments in affiliates		921
Net realized gain (loss)		(373,533	)
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		14,576,995
Investments in affiliates		1,297
Change in net unrealized appreciation/depreciation		14,578,292
Net realized/unrealized gains (losses)		14,204,759
Change in net assets resulting from operations	$	18,390,958

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Core Bond Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,186,199		$	7,983,255
Net realized gain (loss)		(373,533	)		(778,303	)
Change in net unrealized appreciation/depreciation		14,578,292			(7,243,012	)
Change in net assets resulting from operations		18,390,958			(38,060	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(3,946,407	)		(4,186,764	)
Class 2		(4,091,695	)		(3,289,708	)
Total distributions to shareholders		(8,038,102	)		(7,476,472	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		24,638,500			21,173,475
NET ASSETS:
Change in net assets		34,991,356			13,658,943
Beginning of period		308,323,171			294,664,228
End of period	$	343,314,527		$	308,323,171
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	13,839,925		$	30,672,544
Distributions reinvested		3,946,407			4,186,764
Cost of shares redeemed		(20,965,678	)		(43,702,909	)
Change in net assets resulting from Class 1 capital transactions	$	(3,179,346	)	$	(8,843,601	)
Class 2
Proceeds from shares issued	$	35,652,589		$	50,243,204
Distributions reinvested		4,091,695			3,289,708
Cost of shares redeemed		(11,926,438	)		(23,515,836	)
Change in net assets resulting from Class 2 capital transactions	$	27,817,846		$	30,017,076
Total change in net assets resulting from capital transactions	$	24,638,500		$	21,173,475
SHARE TRANSACTIONS:
Class 1
Issued		1,277,978			2,896,449
Reinvested		366,086			401,416
Redeemed		(1,940,207	)		(4,121,806	)
Change in Class 1 Shares		(296,143	)		(823,941	)
Class 2
Issued		3,320,087			4,788,846
Reinvested		383,837			318,770
Redeemed		(1,108,695	)		(2,241,131	)
Change in Class 2 Shares		2,595,229			2,866,485

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 37

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, 2019 (Unaudited)	$	10.66	$	0.15	$	0.47		$	0.62		$	(0.28	)	$	—		$	(0.28	)
Year Ended December 31, 2018		10.94		0.29		(0.29	)		—	(g)		(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	)
Class 2
Six Months Ended June 30, 2019 (Unaudited)		10.53		0.13		0.47			0.60			(0.26	)		—			(0.26	)
Year Ended December 31, 2018		10.82		0.26		(0.29	)		(0.03	)		(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	)

(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) Total returns do not include charges that will be imposed by variable insurance contracts or by Eligible Plans. If these charges were reflected, returns would be lower than those shown.

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

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSURANCE TRUST JUNE 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (c)(d)(e)			Net assets, end of period		Net expenses (f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	11.00		5.87	%	$	160,017,131		0.58	%		2.77	%		0.59	%		7	%
	10.66		0.05			158,166,910		0.56			2.76			0.61			20
	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
	10.87		5.73			183,297,396		0.83			2.52			0.84			7
	10.53		(0.23	)		150,156,261		0.81			2.51			0.85			20
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-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, thus, 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 their market value 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/or 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 inopen-end investment companies (“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, 2019.

40 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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	$	—	$	30,742,519	$	6,150,122	$	36,892,641
Collateralized Mortgage Obligations		—		31,779,175		2,365,588		34,144,763
Commercial Mortgage-Backed Securities		—		16,212,409		399,656		16,612,065
Corporate Bonds		—		80,845,594		—		80,845,594
Foreign Government Securities		—		948,797		—		948,797
Mortgage-Backed Securities		—		55,052,698		—		55,052,698
Municipal Bonds		—		333,241		—		333,241
U.S. Government Agency Securities		—		23,782,516		—		23,782,516
U.S. Treasury Obligations		—		87,522,026		—		87,522,026
Short-Term Investments
Investment Companies		7,454,715		—		—		7,454,715
Total Investments in Securities	$	7,454,715	$	327,218,975	$	8,915,366	$	343,589,056

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, 2018			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, 2019
Investments in Securities
Asset-Backed Securities	$	4,638,007		$	146		$	78,773	$	(206	)	$	530,575	$	(731,049	)	$	2,455,709	$	(821,833	)	$	6,150,122
Collateralized Mortgage Obligations		1,660,192			(14	)		50,916		(25,784	)		1,867,494		(201,474	)		14,258		(1,000,000	)		2,365,588
Commercial Mortgage- Backed Securities		300,035			—			4,502		(547	)		625		(49	)		95,090		—			399,656
Corporate Bonds — Banks		—	(a)		(350,000	)		350,000		—			—		—			—		—			—
Total	$	6,598,234		$	(349,868	)	$	484,191	$	(26,537	)	$	2,398,694	$	(932,572	)	$	2,565,057	$	(1,821,833	)	$	8,915,366

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

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

(a) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2019, which were valued using significant unobservable inputs (level 3) amounted to $133,850. This amount is included in Change in net unrealized appreciation/depreciation on investments innon-affiliates on the Statement of Operations.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended June 30, 2019.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at June 30, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	4,410,463	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 24.00% (8.91%)
				Constant Default Rate		0.00% - 4.50% (0.18%)
				Yield (Discount Rate of Cash Flows)		2.42% - 4.18% (3.37%)
Asset-Backed Securities		4,410,463
		1,089,940	Discounted Cash Flow	Constant Prepayment Rate		3.00% - 100.00% (75.59%)
				Constant Default Rate		0.00% - 6.39% (0.83%)
				Yield (Discount Rate of Cash Flows)		0.28% - 199.00% (5.06%)
Collateralized Mortgage Obligations		1,089,940
		98,915	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.13%)
				Yield (Discount Rate of Cash Flows)		2.76% - 4.65% (4.65%)
Commercial Mortgage-Backed Securities		98,915
Total	$	5,599,318

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At June 30, 2019, the value of these investments was $3,316,048. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

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

B. Restricted Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, 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, 2019, 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. Securities Lending — Effective October 5, 2018, the Portfolio became authorized to engage in securities lending in order to generate additional income. The Portfolio is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Portfolio, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Portfolio retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Portfolio). Upon termination of a loan, the Portfolio is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Portfolio or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certainde minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Portfolio bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Portfolio may incur

42 JPMORGAN INSURANCE TRUST JUNE 30, 2019

losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

The Portfolio did not lend out any securities during the six months ended June 30, 2019.

D. 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 issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amounts in the table below.

For the six months ended June 30, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.40% (a) (b)	$	1,407,177	$	43,570,103	$	37,524,783	$	921	$	1,297	$	7,454,715		7,451,735	$	68,874	$	—

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

(b) The rate shown is the current yield as of June 30, 2019.

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

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

G. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (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, 2019, no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, 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 Federaltax-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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

daily net assets in excess of $25 billion. For the six months ended June 30, 2019, 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’ssub-administrator (the“Sub-administrator”). For its services asSub-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 Rule12b-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, plusout-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.

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, expenses related to trustee elections 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, 2019 and is in place until at least April 30, 2020.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the six months ended June 30, 2019, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio. None of these parties expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the 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, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2019 was $4,488.

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 designated and appointed a Chief Compliance Officer to the Portfolio pursuant to Rule38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on apro-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, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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.

44 JPMORGAN INSURANCE TRUST JUNE 30, 2019

4. Investment Transactions

During the six months ended June 30, 2019, 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
$	33,877,082	$	18,417,825	$	3,554,750	$	3,358,419

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, 2019 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	331,014,051	$	13,456,228	$	881,223	$	12,575,005

As of December 31, 2018, the Portfolio had the following net capital loss carryforwards:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	349,573	$	428,821

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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2019.

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 13, 2019, 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, 2019.

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 brought against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

As of June 30, 2019, the Portfolio had three individual shareholder and/ornon-affiliated omnibus accounts, which owned 67.4% 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. The Portfolio may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. 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 bysub-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 Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issuedAccounting Standards Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortization on Purchased Callable Debt Securities,which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Portfolio has adopted and applied ASU2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption ofASU 2017-08, as of January 1, 2019, the amortized cost basis of investments was reduced by $56,840 and unrealized appreciation of investments was increased by $56,840. The adoption of ASU2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, the FASB issuedASU2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

46 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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, 2019 and continued to hold your shares at the end of the reporting period, June 30, 2019.

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, 2019		Ending Account Value June 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	1,058.70	$	2.96		0.58	%
Hypothetical		1,000.00		1,021.92		2.91		0.58
Class 2
Actual		1,000.00		1,057.30		4.23		0.83
Hypothetical		1,000.00		1,020.68		4.16		0.83

* 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, 2019 JPMORGAN INSURANCE TRUST 47

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-PORT. Prior to March 31, 2019, the Portfolio filed 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 Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. June 2019. SAN-JPMITCBP-619

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2019 (Unaudited)

JPMorgan Insurance Trust Mid Cap Value Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

Letter to Shareholders	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 prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

July 31, 2019 (Unaudited)

Dear Shareholders,

While the global economy slowed during the first half of 2019, financial markets rallied amid investor expectations that leading central banks would take action if global economic conditions continued to deteriorate. Even as growth slowed, the U.S. economic expansion become the longest on record by the end of the reporting period.

  “U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019.” — Andrea L. Lisher

The U.S. economy generally outperformed other developed nations throughout the reporting period, even as U.S. gross domestic product (GDP) growth slowed to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. U.S. unemployment remained below 4% for all but one month of the reporting period and consumer sentiment remained relatively buoyant. U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019. For the six month reporting period, the S&P 500 Index returned 18.54%.

In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a slight decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019 and manufacturing data weakened. However, the 7.5% euro area jobless rate for June 2019 was the lowest since the 2008-09 financial crisis.

In response to the slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth hit 1.8% in the first quarter of 2019. Political uncertainty surrounding

negotiations for the U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the six month reporting period, the MSCI EAFE Index returned 14.49%.

Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well as certain of its trading partners across Asia. During the first half of 2019, emerging markets equity and bonds generally benefitted from global investor appetite for higher yielding assets. The MSCI Emerging Markets Index returned 10.76% and the Bloomberg Barclays Emerging Markets Bond Index returned 9.39% for the reporting period.

Subsequent to the end of the reporting period, the U.S. Federal Reserve (the “Fed”) cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.

Given this backdrop, we believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,

Andrea L. Lisher

Head of Americas, J.P. Morgan Global Funds

J.P. Morgan Asset Management

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		18.39%
Russell Midcap Value Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		18.02%
Net Assets as of 6/30/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	488,547,205

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?

Overall, U.S. equity markets provided strong positive returns and outperformed both developed markets and emerging markets equity as well as global fixed income markets. U.S. equity prices were supported by low interest rates, relatively strong corporate earnings and continued economic growth, particularly in the U.S. Among U.S. equity markets, large cap and mid cap stocks generally outperformed small cap stocks and growth stocks generally outperformed value stocks.

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

The Portfolio’s Class 1 Shares outperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended June 30, 2019. The Portfolio’s security selection in the materials and financials sectors was a leading contributor to performance relative to the Benchmark, while the Portfolio’s security selection in the health care sector and its security selection and overweight position in the consumer discretionary sector were leading detractors from relative performance.

Leading individual contributors to performance included the Portfolio’s overweight positions in Ball Corp., AutoZone Inc. and Coty Inc. Shares of Ball, a packaging manufacturer, rose after

the company reported better-than-expected revenue for the first quarter of 2019. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Coty, a cosmetics company, rose after the company reported better-than-expected earnings and revenue for the fiscal second quarter ended December 31, 2018.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Cigna Corp., Nordstrom Inc. and Kohl’s Corp. Shares of Cigna, a health insurance provider not held in the Benchmark, fell along with other health insurers amid investor concerns about health care policy proposals from Democratic Party presidential candidates. Shares of Nordstrom, an apparel retail chain not held in the Benchmark, fell after the company reported lower-than-expected earnings and revenue and reduced its forecast for the full year 2019. Shares of Kohl’s, a department store chain, fell after the company reported lower-than-expected earnings and sales for the first quarter of 2019 and reduced its forecast for the full year 2019.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers utilized abottom-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 large overweight positions in the consumer discretionary and financials sectors, while maintaining underweight positions in the industrials and utilities sectors.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	CMS Energy Corp.	2.2	%
	2.	WEC Energy Group, Inc.	2.2
	3.	Xcel Energy, Inc.	2.1
	4.	Loews Corp.	2.0
	5.	M&T Bank Corp.	2.0
	6.	Williams Cos., Inc. (The)	1.9
	7.	Diamondback Energy, Inc.	1.6
	8.	SunTrust Banks, Inc.	1.6
	9.	T. Rowe Price Group, Inc.	1.5
	10.	AutoZone, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.0	%
Real Estate	13.8
Consumer Discretionary	12.2
Utilities	10.4
Industrials	7.7
Health Care	6.7
Information Technology	6.7
Energy	6.0
Materials	4.8
Consumer Staples	3.9
Communication Services	2.5
Short-Term Investments	3.3

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

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

*** Percentages indicated are based on total investments as of June 30, 2019. The Portfolio’s composition is subject to change.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		September 28, 2001		18.39	%		4.59	%		7.13	%		14.39	%

* Not annualized.

TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)

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. Forup-to-datemonth-end performance information please call1-800-480-4111.

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 FundsMulti-Cap Core Index from June 30, 2009 to June 30, 2019. 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 FundsMulti-Cap Core Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Portfolio. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lowerprice-to-book ratios and lower forecasted growth values. The Lipper Variable Underlying FundsMulti-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, 2019

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 96.4%
Auto Components — 0.8%
BorgWarner, Inc.		90,600		3,803,388
Banks — 8.7%
Citizens Financial Group, Inc.		137,890		4,875,790
Comerica, Inc.		45,660		3,316,742
Fifth Third Bancorp		249,390		6,957,981
First Republic Bank		46,520		4,542,678
Huntington Bancshares, Inc.		271,240		3,748,537
M&T Bank Corp.		56,188		9,555,893
SunTrust Banks, Inc.		122,490		7,698,497
Zions Bancorp NA		40,460		1,860,350
				42,556,468
Beverages — 1.7%
Constellation Brands, Inc., Class A		21,840		4,301,170
Keurig Dr Pepper, Inc.		71,591		2,068,980
Molson Coors Brewing Co., Class B		30,930		1,732,080
				8,102,230
Building Products — 0.8%
Fortune Brands Home & Security, Inc.		67,710		3,868,272
Capital Markets — 5.0%
Ameriprise Financial, Inc.		38,370		5,569,789
Invesco Ltd.		93,380		1,910,555
Northern Trust Corp.		54,490		4,904,100
Raymond James Financial, Inc.		53,120		4,491,296
T. Rowe Price Group, Inc.		68,010		7,461,377
				24,337,117
Chemicals — 0.9%
Sherwin-Williams Co. (The)		10,093		4,625,521
Communications Equipment — 0.3%
CommScope Holding Co., Inc. *		90,330		1,420,891
Construction Materials — 0.9%
Martin Marietta Materials, Inc.		18,130		4,171,894
Consumer Finance — 0.4%
Ally Financial, Inc.		57,740		1,789,363
Containers & Packaging — 3.0%
Ball Corp.		85,410		5,977,846
Silgan Holdings, Inc.		164,580		5,036,148
Westrock Co.		93,700		3,417,239
				14,431,233
Distributors — 0.7%
Genuine Parts Co.		30,849		3,195,339

INVESTMENTS	SHARES		VALUE($)
Electric Utilities — 3.6%
Edison International		32,890		2,217,115
Evergy, Inc.		79,160		4,761,474
Xcel Energy, Inc.		176,020		10,471,430
				17,450,019
Electrical Equipment — 2.5%
Acuity Brands, Inc.		31,850		4,392,434
AMETEK, Inc.		56,710		5,151,536
Hubbell, Inc.		21,860		2,850,544
				12,394,514
Electronic Equipment, Instruments & Components — 4.1%
Amphenol Corp., Class A		51,890		4,978,327
Arrow Electronics, Inc. *		75,240		5,362,355
CDW Corp.		60,370		6,701,070
Keysight Technologies, Inc. *		33,750		3,031,087
				20,072,839
Equity Real Estate Investment Trusts (REITs) — 12.2%
American Campus Communities, Inc.		58,870		2,717,439
American Homes 4 Rent, Class A		121,860		2,962,417
AvalonBay Communities, Inc.		32,160		6,534,269
Boston Properties, Inc.		46,240		5,964,960
Brixmor Property Group, Inc.		220,760		3,947,189
Essex Property Trust, Inc.		13,350		3,897,265
Federal Realty Investment Trust		39,600		5,098,896
JBG SMITH Properties		52,582		2,068,576
Kimco Realty Corp.		174,380		3,222,542
Outfront Media, Inc.		145,487		3,752,110
Rayonier, Inc.		121,655		3,686,146
Regency Centers Corp.		44,670		2,981,276
Ventas, Inc.		38,000		2,597,300
Vornado Realty Trust		80,064		5,132,102
Weyerhaeuser Co.		109,090		2,873,431
WP Carey, Inc.		29,450		2,390,751
				59,826,669
Food & Staples Retailing — 0.5%
Kroger Co. (The)		121,274		2,632,859
Food Products — 0.8%
Post Holdings, Inc. *		39,571		4,114,197
Gas Utilities — 1.0%
National Fuel Gas Co.		89,660		4,729,565
Health Care Equipment & Supplies — 1.2%
Zimmer Biomet Holdings, Inc.		50,440		5,938,806

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — 5.5%
AmerisourceBergen Corp.		64,770		5,522,290
Cigna Corp.		27,770		4,375,164
Covetrus, Inc. *		15,608		381,772
Henry Schein, Inc. *		52,560		3,673,944
Humana, Inc.		8,250		2,188,725
Laboratory Corp. of America Holdings *		32,510		5,620,979
Universal Health Services, Inc., Class B		38,011		4,956,254
				26,719,128
Hotels, Restaurants & Leisure — 0.9%
Hilton Worldwide Holdings, Inc.		45,266		4,424,299
Household Durables — 1.5%
Mohawk Industries, Inc. *		39,560		5,833,913
Newell Brands, Inc.		101,499		1,565,115
				7,399,028
Household Products — 0.5%
Energizer Holdings, Inc.		66,830		2,582,311
Industrial Conglomerates — 0.6%
Carlisle Cos., Inc.		21,530		3,023,027
Insurance — 7.9%
Alleghany Corp. *		4,798		3,267,966
Hartford Financial Services Group, Inc. (The)		124,590		6,942,155
Lincoln National Corp.		55,170		3,555,706
Loews Corp.		181,470		9,920,965
Marsh & McLennan Cos., Inc.		44,060		4,394,985
Principal Financial Group, Inc.		21,220		1,229,062
Progressive Corp. (The)		58,280		4,658,320
Unum Group		35,920		1,205,116
WR Berkley Corp.		53,005		3,494,620
				38,668,895
Internet & Direct Marketing Retail — 1.5%
Expedia Group, Inc.		53,530		7,121,096
IT Services — 0.8%
Jack Henry & Associates, Inc.		30,910		4,139,467
Machinery — 3.0%
IDEX Corp.		30,260		5,208,957
Middleby Corp. (The) *		31,970		4,338,329
Snap-on, Inc.		31,630		5,239,193
				14,786,479
Media — 2.5%
CBS Corp.(Non-Voting), Class B		57,714		2,879,928
DISH Network Corp., Class A *		89,920		3,453,827
Liberty Broadband Corp., Class C *		22,680		2,363,710
Liberty Media Corp.-Liberty SiriusXM, Class C *		93,250		3,541,635
				12,239,100

INVESTMENTS	SHARES		VALUE($)
Multiline Retail — 1.3%
Kohl’s Corp.		79,620		3,785,931
Nordstrom, Inc.		83,730		2,667,638
				6,453,569
Multi-Utilities — 5.8%
CMS Energy Corp.		183,820		10,645,016
Sempra Energy		52,090		7,159,250
WEC Energy Group, Inc.		126,480		10,544,637
				28,348,903
Oil, Gas & Consumable Fuels — 5.9%
Cabot Oil & Gas Corp.		162,790		3,737,659
Diamondback Energy, Inc.		72,620		7,913,401
EQT Corp.		136,800		2,162,808
Equitrans Midstream Corp.		126,288		2,489,137
PBF Energy, Inc., Class A		106,000		3,317,800
Williams Cos., Inc. (The)		335,730		9,413,869
				29,034,674
Personal Products — 0.4%
Coty, Inc., Class A		133,402		1,787,587
Real Estate Management & Development — 1.5%
CBRE Group, Inc., Class A *		114,880		5,893,344
Cushman & Wakefield plc *		82,080		1,467,590
				7,360,934
Semiconductors & Semiconductor Equipment — 0.4%
Analog Devices, Inc.		19,570		2,208,866
Software — 1.0%
Synopsys, Inc. *		36,860		4,743,513
Specialty Retail — 4.0%
AutoZone, Inc. *		6,668		7,331,266
Best Buy Co., Inc.		66,230		4,618,218
Gap, Inc. (The)		173,930		3,125,522
Tiffany & Co.		47,350		4,433,854
				19,508,860
Textiles, Apparel & Luxury Goods — 1.6%
PVH Corp.		41,800		3,955,952
Ralph Lauren Corp.		33,390		3,792,770
				7,748,722
Trading Companies & Distributors — 0.7%
MSC Industrial Direct Co., Inc., Class A		45,450		3,375,117
Total Common Stocks (Cost $290,255,533)				471,134,759

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 3.3%
Investment Companies — 3.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25% (a) (b) (Cost $15,922,465)		15,922,465		15,922,465
Total Investments — 99.7% (Cost $306,177,998)				487,057,224
Other Assets Less Liabilities — 0.3%				1,489,981
NET ASSETS — 100.0%			$	488,547,205

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Mid Cap  Value Portfolio
ASSETS:
Investments innon-affiliates, at value	$	471,134,759
Investments in affiliates, at value		15,922,465
Receivables:
Investment securities sold		1,595,123
Portfolio shares sold		49,457
Dividends fromnon-affiliates		724,173
Dividends from affiliates		30,254
Securities lending income (See Note 2.B.)		34
Total Assets		489,456,265
LIABILITIES:
Payables:
Investment securities purchased		278,529
Portfolio shares redeemed		259,123
Accrued liabilities:
Investment advisory fees		256,389
Administration fees		29,870
Custodian and accounting fees		9,467
Trustees’ and Chief Compliance Officer’s fees		189
Printing & Postage fees		55,958
Other		19,535
Total Liabilities		909,060
Net Assets	$	488,547,205
NET ASSETS:
Paid-in-Capital	$	293,006,746
Total distributable earnings (loss)		195,540,459
Total Net Assets	$	488,547,205
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):		44,287,461
Net asset value, offering and redemption price per share (a):	$	11.03
Cost of investments innon-affiliates	$	290,255,533
Cost of investments in affiliates		15,922,465

(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, 2019

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
INVESTMENT INCOME:
Interest income from affiliates	$	23
Dividend income fromnon-affiliates		4,834,801
Dividend income from affiliates		121,559
Income from securities lending (net) (See Note 2.B.)		1,402
Total investment income		4,957,785
EXPENSES:
Investment advisory fees		1,565,576
Administration fees		180,559
Custodian and accounting fees		14,994
Professional fees		29,746
Trustees’ and Chief Compliance Officer’s fees		13,782
Printing and mailing costs		21,602
Transfer agency fees		3,048
Other		20,439
Total expenses		1,849,746
Less fees waived		(9,311	)
Net expenses		1,840,435
Net investment income (loss)		3,117,350
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments innon-affiliates		14,602,570
Change in net unrealized appreciation/depreciation on investments innon-affiliates		62,663,254
Net realized/unrealized gains (losses)		77,265,824
Change in net assets resulting from operations	$	80,383,174

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 9

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Mid Cap Value Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,117,350		$	7,654,216
Net realized gain (loss)		14,602,570			32,264,800
Change in net unrealized appreciation/depreciation		62,663,254			(100,081,688	)
Change in net assets resulting from operations		80,383,174			(60,162,672	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(40,130,971	)		(13,937,911	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,332,379			(52,456,584	)
NET ASSETS:
Change in net assets		42,584,582			(126,557,167	)
Beginning of period		445,962,623			572,519,790
End of period	$	488,547,205		$	445,962,623
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	17,013,188		$	54,893,870
Distributions reinvested		40,130,971			13,937,911
Cost of shares redeemed		(54,811,780	)		(121,288,365	)
Change in net assets resulting from capital transactions	$	2,332,379		$	(52,456,584	)
SHARE TRANSACTIONS:
Issued		1,510,134			4,755,656
Reinvested		3,736,589			1,220,483
Redeemed		(4,866,738	)		(10,462,849	)
Change in Shares		379,985			(4,486,710	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2019 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, 2019 (Unaudited)	$	10.16	$	0.07	(f)	$	1.77		$	1.84		$	(0.19	)	$	(0.78	)	$	(0.97	)
Year Ended December 31, 2018		11.83		0.17	(f)		(1.54	)		(1.37	)		(0.11	)		(0.19	)		(0.30	)
Year Ended December 31, 2017		10.98		0.11	(f)		1.34			1.45			(0.09	)		(0.51	)		(0.60	)
Year Ended December 31, 2016		10.19		0.10	(f)		1.33			1.43			(0.09	)		(0.55	)		(0.64	)
Year Ended December 31, 2015		11.41		0.09	(f)		(0.34	)		(0.25	)		(0.11	)		(0.86	)		(0.97	)
Year Ended December 31, 2014		10.57		0.11	(g)		1.41			1.52			(0.09	)		(0.59	)		(0.68	)

(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) Total returns do not include charges that will be imposed by variable insurance contracts or by Eligible Plans. If these charges were reflected, returns would be lower than those shown.

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

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.08 and the net investment income (loss) ratio would have been 0.77%.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)(d)			Net assets, end of period		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (b)
$	11.03		18.39	%	$	488,547,205		0.76	%		1.29	%		0.77	%		4	%
	10.16		(11.84	)		445,962,623		0.76			1.43			0.77			13
	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	(g)		0.79			25

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-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.

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, thus, 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 their market value 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 inopen-end investment companies (“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, 2019

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)	$	487,057,224	$	—	$	—	$	487,057,224

(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 into and out of level 3 for the six months ended June 30, 2019.

B. Securities Lending — Effective October 5, 2018, the Portfolio became authorized to engage in securities lending in order to generate additional income. The Portfolio is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Portfolio, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Portfolio retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Portfolio). Upon termination of a loan, the Portfolio is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Portfolio or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certainde minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Portfolio bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$ 416

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statement of Operations as Income from securities lending (net).

The Fund did not have any securities out on loan at June 30, 2019.

C. 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

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares (a)	$	9,000,000	$	—	$	9,000,000	$	—	$	—	$	—		—	$	640	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		5,484,986		20,390,084		25,875,070		—		—		—		—		12,015	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25% (a) (b)		5,445,508		36,518,074		26,041,117		—		—		15,922,465		15,922,465		121,559			—
Total	$	19,930,494	$	56,908,158	$	60,916,187	$	—	$	—	$	15,922,465			$	134,214		$	—

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

(b) The rate shown is the current yield as of June 30, 2019.

* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

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. Dividend income is recorded on theex-dividend date or when the Portfolio first learns of the dividend.

To the extent such information is publicly available, the Portfolio records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolio adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

E. Allocation of Expenses — Expenses directly attributable to a portfolio are charged directly to that portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios.

F. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (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, 2019, no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distributions from net investment income and net realized capital gains, if any, are generally declared and paid at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federaltax-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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the six months ended June 30, 2019, the effective annualized rate was 0.075% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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’ssub-administrator (the“Sub-administrator”). For its services asSub-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.

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, plusout-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.

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, expenses related to trustee elections 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, 2019 and is in place until at least April 30, 2020.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the six months ended June 30, 2019, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio. None of these parties expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the 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, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2019 was $9,311.

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 designated and appointed a Chief Compliance Officer to the Portfolio pursuant to Rule38a-1 under the 1940 Act. The Portfolio, along with affiliated funds, makes reimbursement payments, on apro-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 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, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	18,454,088	$	64,432,465

During the six months ended June 30, 2019, there were no purchases or sales of U.S. Government securities.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (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, 2019 were as follows:

Aggregate Cost	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$306,177,998	$	190,726,394	$	9,847,168	$	180,879,226

At June 30, 2019, 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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2019.

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 13, 2019, 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, 2019.

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 brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of June 30, 2019, the Portfolio had two individual shareholder and/ornon-affiliated omnibus accounts which collectively owned 77.0% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issuedAccounting Standard Update (“ASU”)2018-13 (“ASU2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Portfolio at the beginning of the reporting period, January 1, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.

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, 2019		Ending Account Value June 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	1,183.90	$	4.12		0.76	%
Hypothetical		1,000.00		1,021.03		3.81		0.76

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

JUNE 30, 2019 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-PORT. Prior to March 31, 2019, the Portfolio filed 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 Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. June 2019. SAN-JPMITMCVP-619

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2019 (Unaudited)

JPMorgan Insurance Trust Small Cap Core Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
   

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	12
Financial Highlights	16
Notes to Financial Statements	18
Schedule of Shareholder Expenses	24

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 at1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

July 31, 2019 (Unaudited)

Dear Shareholders,

While the global economy slowed during the first half of 2019, financial markets rallied amid investor expectations that leading central banks would take action if global economic conditions continued to deteriorate. Even as growth slowed, the U.S. economic expansion become the longest on record by the end of the reporting period.

  “U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019.” — Andrea L. Lisher

The U.S. economy generally outperformed other developed nations throughout the reporting period, even as U.S. gross domestic product (GDP) growth slowed to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. U.S. unemployment remained below 4% for all but one month of the reporting period and consumer sentiment remained relatively buoyant. U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019. For the six month reporting period, the S&P 500 Index returned 18.54%.

In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a slight decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019 and manufacturing data weakened. However, the 7.5% euro area jobless rate for June 2019 was the lowest since the 2008-09 financial crisis.

In response to the slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth hit 1.8% in the first quarter of 2019. Political uncertainty surrounding

negotiations for the U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the six month reporting period, the MSCI EAFE Index returned 14.49%.

Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well as certain of its trading partners across Asia. During the first half of 2019, emerging markets equity and bonds generally benefitted from global investor appetite for higher yielding assets. The MSCI Emerging Markets Index returned 10.76% and the Bloomberg Barclays Emerging Markets Bond Index returned 9.39% for the reporting period.

Subsequent to the end of the reporting period, the U.S. Federal Reserve (the “Fed”) cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.

Given this backdrop, we believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,

Andrea L. Lisher

Head of Americas, J.P. Morgan Global Funds

J.P. Morgan Asset Management

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	16.52%
Russell 2000 Index	16.98%
Net Assets as of 6/30/2019	$192,192,617

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Overall, U.S. equity markets provided strong positive returns and outperformed both developed markets and emerging markets equity as well as global fixed income markets. U.S. equity prices were supported by low interest rates, relatively strong corporate earnings and continued economic growth, particularly in the U.S. Among U.S. equity markets, large cap and mid cap stocks generally outperformed small caps and growth stocks generally outperformed value stocks.

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

The Portfolio’s Class 1 Shares underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended June 30, 2019. The Portfolio’s security selection in the systems hardware and industrial cyclical sectors was a leading detractor from performance relative to the Benchmark, while the Portfolio’s security selection in the pharmaceutical and health services & systems sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Owens & Minor Inc. and CommVault Systems Inc. and its underweight position in Array BioPharma Inc. Shares of Owens & Minor, a distributor of health care products, fell after the company reduced its dividend, reported lower-than-expected earnings for the fourth quarter of 2018 and issued a downbeat outlook. Shares of CommVault Systems, a provider of data protection and

information management software, fell amid a broader decline in the data storage sector and after the company reported lower-than-expected earnings and revenue for if fiscal fourth quarter 2019. Shares of Array BioPharma, a drug development company not held in the Portfolio, rose after the company agreed to be acquired by Pfizer Inc. for $10.6 billion.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Sinclair Broadcast Group Inc.,Rent-A-Center Inc. and Core-Mark Holding Co. Shares of Sinclair Broadcasting Group, a television broadcaster, rose after the company agreed to acquire 21 regional sports networks and Fox College Sports from Walt Disney Co. Shares ofRent-A-Center, arent-to-own retail chain, rose after the company reported better-than-expected earnings and sales for the first quarter of 2019 and raised its forecast for the full year 2019. Shares of Core-Mark Holding, a distributor of goods to convenience stores, rose after the company reported better-than-expected earnings and revenue for the fourth quarter of 2018 and reaffirmed its forecast for the full year 2019.

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

2 JPMORGAN INSURANCE TRUST JUNE 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tech Data Corp.	1.2	%
	2.	Ensign Group, Inc. (The)	1.1
	3.	First BanCorp (Puerto Rico)	1.1
	4.	Meritor, Inc.	1.0
	5.	Sinclair Broadcast Group, Inc., Class A	1.0
	6.	Investors Bancorp, Inc.	1.0
	7.	ABM Industries, Inc.	0.9
	8.	Essent Group Ltd.	0.9
	9.	Rent-A-Center, Inc.	0.9
	10.	PennyMac Mortgage Investment Trust	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.2	%
Health Care	16.6
Industrials	16.1
Information Technology	14.1
Consumer Discretionary	9.4
Real Estate	7.3
Materials	3.8
Energy	3.5
Utilities	3.1
Consumer Staples	2.9
Communication Services	2.7
Investment of cash collateral from securities loaned	1.6
Short-Term Investments	1.7

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

** The 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, 2019. The Portfolio’s composition is subject to change.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		16.57	%		(4.96	)%		6.86	%		14.25	%
CLASS 2 SHARES	April 24, 2009		16.41			(5.26	)		6.57			13.94

* Not annualized.

TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)

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. Forup-to-datemonth-end performance information pleasecall 1-800-480-4111.

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 FundsSmall-Cap Core Funds Index from June 30, 2009 to June 30, 2019. 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 FundsSmall-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 FundsSmall-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, 2019

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 95.6%
Aerospace & Defense — 0.9%
Moog, Inc., Class A		2,400		224,664
Parsons Corp. *		12,500		460,750
Vectrus, Inc. *		25,100		1,018,056
				1,703,470
Airlines — 0.9%
SkyWest, Inc.		17,800		1,079,926
Spirit Airlines, Inc. *		13,900		663,447
				1,743,373
Auto Components — 1.0%
American Axle & Manufacturing Holdings, Inc. *		59,800		763,048
Dana, Inc.		53,200		1,060,808
Modine Manufacturing Co. *		3,800		54,378
Tower International, Inc.		3,600		70,200
				1,948,434
Banks — 9.7%
Bancorp, Inc. (The) *		33,900		302,388
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		15,900		539,964
BankFinancial Corp.		3,000		41,970
Cathay General Bancorp		5,700		204,687
Central Valley Community Bancorp		2,200		47,234
Community Trust Bancorp, Inc.		1,064		44,996
ConnectOne Bancorp, Inc.		17,100		387,486
Customers Bancorp, Inc. *		30,400		638,400
East West Bancorp, Inc.		2,455		114,820
Enterprise Financial Services Corp.		1,100		45,760
Fidelity Southern Corp.		10,044		311,063
Financial Institutions, Inc.		12,900		376,035
First BanCorp (Puerto Rico)		184,600		2,037,984
First Bank		3,300		38,742
First Business Financial Services, Inc.		3,300		77,550
First Choice Bancorp		900		20,466
First Community Bankshares, Inc.		4,000		135,040
First Financial Bancorp		4,001		96,904
First Merchants Corp.		7,400		280,460
Hancock Whitney Corp.		27,100		1,085,626
Hanmi Financial Corp.		23,825		530,583
IBERIABANK Corp.		17,275		1,310,309
Investors Bancorp, Inc.		161,700		1,802,955
NBT Bancorp, Inc.		2,271		85,185
Northeast Bank		2,900		79,982
Pacific Mercantile Bancorp *		3,500		28,875
Pacific Premier Bancorp, Inc.		40,400		1,247,552

INVESTMENTS	SHARES		VALUE($)
Banks — continued
PacWest Bancorp		17,333		673,040
People’s United Financial, Inc.		14,800		248,344
Popular, Inc. (Puerto Rico)		8,100		439,344
Premier Financial Bancorp, Inc.		1,800		27,000
Shore Bancshares, Inc.		4,400		71,896
Sierra Bancorp		2,050		55,596
Signature Bank		9,500		1,147,980
TCF Financial Corp.		78,700		1,636,173
Towne Bank		1,277		34,837
TriCo Bancshares		3,100		117,180
Umpqua Holdings Corp.		55,900		927,381
United Community Banks, Inc.		12,600		359,856
Wintrust Financial Corp.		13,400		980,344
				18,631,987
Beverages — 0.8%
Coca-Cola Consolidated, Inc.		5,100		1,526,175
Biotechnology — 6.3%
Acorda Therapeutics, Inc. *		6,700		51,389
Aduro Biotech, Inc. *		129,900		200,046
Akebia Therapeutics, Inc. *		24,300		117,612
Alector, Inc. *		23,300		442,700
AMAG Pharmaceuticals, Inc. *		5,000		49,950
Amicus Therapeutics, Inc. *		40,700		507,936
AnaptysBio, Inc. *		4,400		248,248
Arrowhead Pharmaceuticals, Inc. *		26,300		696,950
Assembly Biosciences, Inc. *		18,500		249,565
Atara Biotherapeutics, Inc. *		3,600		72,396
Audentes Therapeutics, Inc. *		10,400		393,744
Bluebird Bio, Inc. *		2,700		343,440
Blueprint Medicines Corp. *		8,700		820,671
Bridgebio Pharma, Inc. *		10,100		272,397
Cara Therapeutics, Inc. * (a)		11,900		255,850
Catalyst Pharmaceuticals, Inc. *		85,500		328,320
Coherus Biosciences, Inc. *		26,200		579,020
Concert Pharmaceuticals, Inc. *		13,400		160,800
Dicerna Pharmaceuticals, Inc. *		40,300		634,725
Esperion Therapeutics, Inc. *		6,100		283,772
FibroGen, Inc. *		8,700		393,066
Gritstone Oncology, Inc. * (a)		5,900		65,726
Heron Therapeutics, Inc. *		17,800		330,902
Homology Medicines, Inc. *		15,800		309,206
Immunomedics, Inc. * (a)		33,600		466,032
Insmed, Inc. *		18,500		473,600
Jounce Therapeutics, Inc. *		16,700		82,665
Kura Oncology, Inc. *		2,300		45,287

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Biotechnology — continued
MeiraGTx Holdings plc *		12,732		342,236
Principia Biopharma, Inc. *		700		23,233
Ra Pharmaceuticals, Inc. *		22,000		661,540
Radius Health, Inc. *		2,100		51,156
Rhythm Pharmaceuticals, Inc. *		10,500		231,000
Sage Therapeutics, Inc. *		2,025		370,757
Sarepta Therapeutics, Inc. *		3,900		592,605
Sutro Biopharma, Inc. *		4,900		55,762
Syros Pharmaceuticals, Inc. *		37,300		345,398
TCR2 Therapeutics, Inc. * (a)		9,900		141,669
Twist Bioscience Corp. *		3,000		87,030
Xencor, Inc. *		7,900		323,347
Y-mAbs Therapeutics, Inc. *		1,500		34,305
				12,136,053
Building Products — 1.1%
Builders FirstSource, Inc. *		60,900		1,026,774
Insteel Industries, Inc.		1,600		33,312
Masonite International Corp. *		3,900		205,452
Universal Forest Products, Inc.		23,500		894,410
				2,159,948
Capital Markets — 1.7%
BGC Partners, Inc., Class A		13,900		72,697
Blucora, Inc. *		38,800		1,178,356
BrightSphere Investment Group plc		96,200		1,097,642
Federated Investors, Inc., Class B		20,800		676,000
Houlihan Lokey, Inc.		5,800		258,274
Pzena Investment Management, Inc., Class A		4,800		41,232
				3,324,201
Chemicals — 1.6%
AdvanSix, Inc. *		8,900		217,427
FutureFuel Corp.		12,900		150,801
Kraton Corp. *		13,000		403,910
OMNOVA Solutions, Inc. *		20,500		127,715
Rayonier Advanced Materials, Inc.		3,800		24,662
Stepan Co.		7,400		680,134
Trinseo SA		33,300		1,409,922
Valhi, Inc.		15,400		45,738
				3,060,309
Commercial Services & Supplies — 3.0%
ABM Industries, Inc.		43,200		1,728,001
ACCO Brands Corp.		159,900		1,258,413
Herman Miller, Inc.		1,900		84,930
Kimball International, Inc., Class B		18,200		317,226

INVESTMENTS	SHARES		VALUE($)
Commercial Services & Supplies — continued
Knoll, Inc.		42,400		974,352
LSC Communications, Inc.		37,200		136,524
Quad/Graphics, Inc. (a)		20,900		165,319
RR Donnelley & Sons Co.		40,800		80,376
Steelcase, Inc., Class A		16,900		288,990
UniFirst Corp.		4,000		754,280
				5,788,411
Communications Equipment — 1.6%
Acacia Communications, Inc. *		7,300		344,268
Aerohive Networks, Inc. *		57,500		254,725
Cambium Networks Corp. *		48,000		460,320
Ciena Corp. *		26,650		1,096,115
Extreme Networks, Inc. *		32,300		208,981
Lumentum Holdings, Inc. *		13,800		737,058
				3,101,467
Construction & Engineering — 1.9%
Comfort Systems USA, Inc.		9,600		489,504
EMCOR Group, Inc.		16,575		1,460,257
Great Lakes Dredge & Dock Corp. *		79,600		878,784
MasTec, Inc. *		6,900		355,557
Sterling Construction Co., Inc. *		26,900		360,998
Tutor Perini Corp. *		9,218		127,854
				3,672,954
Consumer Finance — 0.1%
Enova International, Inc. *		8,300		191,315
Containers & Packaging — 0.1%
Berry Global Group, Inc. *		2,159		113,542
Distributors — 0.8%
Core-Mark Holding Co., Inc.		39,600		1,572,912
Greenlane Holdings, Inc., Class A *		800		7,672
				1,580,584
Diversified Consumer Services — 0.6%
American Public Education, Inc. *		5,700		168,606
K12, Inc. *		34,400		1,046,104
				1,214,710
Diversified Financial Services — 0.0% (b)
Marlin Business Services Corp.		2,100		52,353
Diversified Telecommunication Services — 0.1%
Ooma, Inc. *		21,900		229,512
Electric Utilities — 1.7%
IDACORP, Inc.		4,000		401,720
MGE Energy, Inc.		2,550		186,354

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electric Utilities — continued
PNM Resources, Inc.		14,000		712,740
Portland General Electric Co.		22,375		1,212,054
Spark Energy, Inc., Class A		63,100		706,089
				3,218,957
Electrical Equipment — 1.0%
Atkore International Group, Inc. *		33,200		858,884
Encore Wire Corp.		5,700		333,906
Generac Holdings, Inc. *		8,000		555,280
Regal Beloit Corp.		2,500		204,275
				1,952,345
Electronic Equipment, Instruments & Components — 4.0%
Benchmark Electronics, Inc.		23,900		600,368
Fabrinet (Thailand) *		8,500		422,195
Insight Enterprises, Inc. *		11,000		640,200
KEMET Corp.		34,200		643,302
Kimball Electronics, Inc. *		17,925		291,102
Methode Electronics, Inc.		33,400		954,238
Sanmina Corp. *		44,100		1,335,348
Tech Data Corp. *		21,100		2,207,060
Vishay Intertechnology, Inc.		24,000		396,480
Vishay Precision Group, Inc. *		6,700		272,221
				7,762,514
Energy Equipment & Services — 1.0%
FTS International, Inc. *		66,800		372,744
Matrix Service Co. *		18,200		368,732
Nine Energy Service, Inc. *		14,300		247,819
ProPetro Holding Corp. *		14,700		304,290
RigNet, Inc. *		15,100		152,208
Select Energy Services, Inc., Class A *		39,700		460,917
				1,906,710
Equity Real Estate Investment Trusts (REITs) — 6.7%
American Assets Trust, Inc.		3,600		169,632
Americold Realty Trust		49,300		1,598,306
Armada Hoffler Properties, Inc.		56,600		936,730
Ashford Hospitality Trust, Inc.		7,300		21,681
Braemar Hotels & Resorts, Inc.		19,100		189,090
Chatham Lodging Trust		6,500		122,655
CoreCivic, Inc.		31,100		645,636
CorEnergy Infrastructure Trust, Inc. (a)		600		23,796
CorePoint Lodging, Inc.		25,500		315,945
CoreSite Realty Corp.		4,000		460,680
Cousins Properties, Inc.		37,060		1,340,460
DiamondRock Hospitality Co.		24,900		257,466

INVESTMENTS	SHARES		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
First Industrial Realty Trust, Inc.		30,700		1,127,918
GEO Group, Inc. (The)		56,150		1,179,711
Getty Realty Corp.		2,800		86,128
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		15,200		428,336
Highwoods Properties, Inc.		1,900		78,470
Hudson Pacific Properties, Inc.		7,500		249,525
Jernigan Capital, Inc.		1,600		32,800
New Senior Investment Group, Inc.		99,600		669,312
Rexford Industrial Realty, Inc.		10,300		415,811
RLJ Lodging Trust		15,100		267,874
Sun Communities, Inc.		1,900		243,561
Sunstone Hotel Investors, Inc.		49,925		684,472
Uniti Group, Inc.		1,200		11,400
Urban Edge Properties		9,100		157,703
Xenia Hotels & Resorts, Inc.		53,800		1,121,730
				12,836,828
Food & Staples Retailing — 1.0%
Grocery Outlet Holding Corp. *		8,400		276,192
Performance Food Group Co. *		32,400		1,296,972
SpartanNash Co.		5,780		67,453
US Foods Holding Corp. *		6,500		232,440
				1,873,057
Food Products — 1.0%
Pilgrim’s Pride Corp. *		19,900		505,261
Sanderson Farms, Inc.		8,900		1,215,384
TreeHouse Foods, Inc. *		1,800		97,380
				1,818,025
Gas Utilities — 1.0%
New Jersey Resources Corp.		16,800		836,136
ONE Gas, Inc.		3,300		297,990
Southwest Gas Holdings, Inc.		9,000		806,580
				1,940,706
Health Care Equipment & Supplies — 3.2%
Axonics Modulation Technologies, Inc. *		20,600		843,982
CONMED Corp.		2,300		196,811
Globus Medical, Inc., Class A *		3,900		164,970
Haemonetics Corp. *		8,000		962,720
Integer Holdings Corp. *		19,000		1,594,480
Lantheus Holdings, Inc. *		49,100		1,389,530
Masimo Corp. *		2,300		342,286
OraSure Technologies, Inc. *		31,500		292,320
Tandem Diabetes Care, Inc. *		6,700		432,284
				6,219,383

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — 4.7%
Addus HomeCare Corp. *		4,800		359,760
Amedisys, Inc. *		2,400		291,384
American Renal Associates Holdings, Inc. *		9,400		69,936
Cross Country Healthcare, Inc. *		61,500		576,870
Encompass Health Corp.		5,700		361,152
Ensign Group, Inc. (The)		37,200		2,117,424
Guardant Health, Inc. *		2,200		189,926
LHC Group, Inc. *		2,300		275,034
Magellan Health, Inc. *		14,100		1,046,643
Molina Healthcare, Inc. *		8,750		1,252,475
Owens & Minor, Inc.		137,700		440,640
Patterson Cos., Inc.		16,100		368,690
RadNet, Inc. *		21,400		295,106
Tenet Healthcare Corp. *		41,200		851,192
Triple-S Management Corp., Class B (Puerto Rico) *		23,254		554,608
				9,050,840
Health Care Technology — 0.2%
Omnicell, Inc. *		3,500		301,105
Hotels, Restaurants & Leisure — 0.9%
Bloomin’ Brands, Inc.		26,200		495,442
Boyd Gaming Corp.		17,200		463,368
Marriott Vacations Worldwide Corp.		5,200		501,280
Penn National Gaming, Inc. *		8,336		160,551
Red Robin Gourmet Burgers, Inc. *		1,200		36,684
Texas Roadhouse, Inc.		1,500		80,505
				1,737,830
Household Durables — 1.6%
Bassett Furniture Industries, Inc.		3,700		56,425
Hamilton Beach Brands Holding Co., Class A		2,500		47,625
Helen of Troy Ltd. *		1,200		156,708
Hooker Furniture Corp.		6,300		129,906
KB Home		23,300		599,509
Lifetime Brands, Inc.		9,000		85,140
MDC Holdings, Inc.		19,400		635,932
Taylor Morrison Home Corp., Class A *		60,500		1,268,080
				2,979,325
Household Products — 0.2%
Central Garden & Pet Co., Class A *		11,700		288,288
Independent Power and Renewable Electricity Producers — 0.1%
Atlantic Power Corp. *		33,100		80,102
Vistra Energy Corp.		6,741		152,616
				232,718

INVESTMENTS	SHARES		VALUE($)
Insurance — 1.0%
American Equity Investment Life Holding Co.		25,300		687,148
FedNat Holding Co.		7,700		109,879
First American Financial Corp.		8,100		434,970
Heritage Insurance Holdings, Inc.		2,600		40,066
National General Holdings Corp.		3,900		89,466
Selective Insurance Group, Inc.		2,700		202,203
Third Point Reinsurance Ltd. (Bermuda) *		30,900		318,888
				1,882,620
Internet & Direct Marketing Retail — 0.6%
Groupon, Inc. *		57,200		204,776
Liberty Expedia Holdings, Inc., Class A *		21,600		1,032,264
				1,237,040
IT Services — 2.0%
KBR, Inc.		40,500		1,010,070
Limelight Networks, Inc. *		170,800		461,160
ManTech International Corp., Class A		2,500		164,625
MAXIMUS, Inc.		1,500		108,810
NIC, Inc.		30,000		481,200
Perspecta, Inc.		50,600		1,184,546
Virtusa Corp. *		9,100		404,313
				3,814,724
Life Sciences Tools & Services — 0.3%
Adaptive Biotechnologies Corp. *		7,200		347,760
Personalis, Inc. *		8,400		228,060
				575,820
Machinery — 3.0%
Columbus McKinnon Corp.		13,600		570,792
Federal Signal Corp.		11,200		299,600
Graham Corp.		3,400		68,714
Hillenbrand, Inc.		18,700		739,959
Hurco Cos., Inc.		4,300		152,908
Hyster-Yale Materials Handling, Inc.		2,900		160,254
Meritor, Inc. *		79,000		1,915,750
Park-Ohio Holdings Corp.		2,700		87,993
TriMas Corp. *		6,900		213,693
Wabash National Corp.		91,100		1,482,197
				5,691,860
Media — 2.6%
EW Scripps Co. (The), Class A		3,500		53,515
Fluent, Inc. *		50,100		269,538
Gray Television, Inc. *		27,000		442,530
Liberty Latin America Ltd., Class A (Chile) *		49,300		849,439
Meredith Corp.		12,500		688,250

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — continued
Nexstar Media Group, Inc., Class A		8,400		848,400
Sinclair Broadcast Group, Inc., Class A		34,200		1,834,146
				4,985,818
Metals & Mining — 0.7%
Commercial Metals Co.		13,300		237,405
Ramaco Resources, Inc. *		14,600		77,672
Ryerson Holding Corp. *		9,900		82,467
Warrior Met Coal, Inc.		33,200		867,184
				1,264,728
Mortgage Real Estate Investment Trusts (REITs) — 1.2%
AG Mortgage Investment Trust, Inc.		7,300		116,070
PennyMac Mortgage Investment Trust		75,700		1,652,531
Redwood Trust, Inc.		30,600		505,818
				2,274,419
Multi-Utilities — 0.2%
Black Hills Corp.		5,500		429,935
Oil, Gas & Consumable Fuels — 2.5%
Abraxas Petroleum Corp. *		91,000		93,730
Arch Coal, Inc., Class A		4,300		405,103
CONSOL Energy, Inc. *		5,100		135,711
CVR Energy, Inc.		14,500		724,855
Delek US Holdings, Inc.		36,500		1,478,980
Denbury Resources, Inc. * (a)		201,500		249,860
Gulfport Energy Corp. *		54,900		269,559
Hallador Energy Co.		3,200		18,016
Midstates Petroleum Co., Inc. *		22,100		130,169
Peabody Energy Corp.		14,300		344,630
Renewable Energy Group, Inc. *		24,800		393,328
REX American Resources Corp. *		300		21,870
W&T Offshore, Inc. *		89,400		443,424
				4,709,235
Paper & Forest Products — 1.5%
Boise Cascade Co.		26,400		742,104
Louisiana-Pacific Corp.		39,100		1,025,202
Schweitzer-Mauduit International, Inc.		22,000		729,960
Verso Corp., Class A *		20,000		381,000
				2,878,266
Pharmaceuticals — 1.8%
Aclaris Therapeutics, Inc. *		17,400		38,106
Arvinas, Inc. * (a)		400		8,796
Dermira, Inc. * (a)		40,800		390,048
Horizon Therapeutics plc *		29,600		712,176

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals — continued
Lannett Co., Inc. * (a)		60,800		368,448
Mallinckrodt plc * (a)		31,000		284,580
Medicines Co. (The) * (a)		20,700		754,929
Menlo Therapeutics, Inc. *		39,300		235,407
Phibro Animal Health Corp., Class A		7,100		225,567
Revance Therapeutics, Inc. *		3,500		45,395
TherapeuticsMD, Inc. * (a)		69,300		180,180
Zynerba Pharmaceuticals, Inc. * (a)		8,105		109,823
				3,353,455
Professional Services — 2.4%
Acacia Research Corp. *		8,900		26,344
Barrett Business Services, Inc.		18,000		1,486,800
CBIZ, Inc. *		20,900		409,431
CRA International, Inc.		3,400		130,322
Heidrick & Struggles International, Inc.		6,400		191,808
Insperity, Inc.		9,900		1,209,186
Kelly Services, Inc., Class A		1,200		31,428
Korn Ferry		4,100		164,287
TriNet Group, Inc. *		3,700		250,860
TrueBlue, Inc. *		34,600		763,276
				4,663,742
Real Estate Management & Development — 0.5%
Cushman & Wakefield plc *		35,500		634,740
HFF, Inc., Class A		8,100		368,388
				1,003,128
Road & Rail — 0.7%
ArcBest Corp.		27,800		781,458
Avis Budget Group, Inc. *		5,400		189,864
Covenant Transportation Group, Inc., Class A *		3,100		45,601
Schneider National, Inc., Class B		7,100		129,504
YRC Worldwide, Inc. *		65,911		265,621
				1,412,048
Semiconductors & Semiconductor Equipment — 1.9%
Advanced Energy Industries, Inc. *		9,200		517,684
Alpha & Omega Semiconductor Ltd. *		20,050		187,267
Cirrus Logic, Inc. *		21,300		930,810
Cohu, Inc.		21,200		327,116
Ichor Holdings Ltd. * (a)		14,900		352,236
Rambus, Inc. *		47,900		576,716
Rudolph Technologies, Inc. *		20,900		577,467
Ultra Clean Holdings, Inc. *		18,500		257,520
				3,726,816

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software — 4.3%
ACI Worldwide, Inc. *		13,300		456,722
Alteryx, Inc., Class A *		5,500		600,160
Avaya Holdings Corp. *		11,100		132,201
Bottomline Technologies DE, Inc. *		4,100		181,384
CommVault Systems, Inc. *		22,100		1,096,602
Cornerstone OnDemand, Inc. *		20,200		1,170,186
Crowdstrike Holdings, Inc., Class A *		9,300		635,097
MicroStrategy, Inc., Class A *		1,900		272,289
Pagerduty, Inc. * (a)		6,900		324,645
Paylocity Holding Corp. *		9,350		877,217
Progress Software Corp.		34,200		1,491,804
SPS Commerce, Inc. *		2,600		265,746
SVMK, Inc. *		11,700		193,167
Zscaler, Inc. *		7,400		567,136
				8,264,356
Specialty Retail — 2.9%
Barnes & Noble Education, Inc. *		72,300		242,928
Designer Brands, Inc., Class A		14,600		279,882
Hibbett Sports, Inc. *		38,500		700,700
Lithia Motors, Inc., Class A		7,100		843,338
Office Depot, Inc.		617,414		1,271,873
Rent-A-Center, Inc. *		62,300		1,659,049
Signet Jewelers Ltd.		3,000		53,640
Zumiez, Inc. *		20,300		529,830
				5,581,240
Technology Hardware, Storage & Peripherals — 0.0% (b)
Immersion Corp. *		9,700		73,817
Textiles, Apparel & Luxury Goods — 0.8%
Deckers Outdoor Corp. *		8,600		1,513,342
Thrifts & Mortgage Finance — 3.3%
Essent Group Ltd. *		35,600		1,672,844
FS Bancorp, Inc.		1,200		62,244
HomeStreet, Inc. *		6,600		195,624
Luther Burbank Corp.		8,900		96,921
MGIC Investment Corp. *		123,000		1,616,220
OceanFirst Financial Corp.		8,400		208,740
PennyMac Financial Services, Inc.		6,100		135,298
Radian Group, Inc.		43,500		993,975
Walker & Dunlop, Inc.		23,700		1,261,077
				6,242,943
Trading Companies & Distributors — 0.9%
Aircastle Ltd.		13,600		289,136
Applied Industrial Technologies, Inc.		6,000		369,180

INVESTMENTS	SHARES		VALUE($)
Trading Companies & Distributors — continued
MRC Global, Inc. *		48,200		825,184
Rush Enterprises, Inc., Class A		2,500		91,300
Veritiv Corp. *		9,000		174,780
				1,749,580
Water Utilities — 0.0% (b)
Consolidated Water Co. Ltd. (Cayman Islands)		1,800		25,668
Total Common Stocks (Cost $157,961,270)				183,652,029
	NO. OF WARRANTS
Warrants — 0.0%
Consumer Finance — 0.0%
Emergent Capital, Inc.
expiring 10/1/2019, price 10.75 USD * (Cost $—)		355		—
	SHARES
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25% (c) (d) (Cost $3,254,461)		3,254,461		3,254,461
Investment of Cash Collateral from Securities Loaned — 1.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (c) (d) (Cost $2,958,719)		2,958,719		2,958,719
Total Investments — 98.8% (Cost $164,174,450)				189,865,209
Other Assets Less Liabilities — 1.2%				2,327,408
NET ASSETS — 100.0%			$	192,192,617

Percentages indicated are based on net assets.

Abbreviations
USD	United States Dollar
(a)	The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is $2,779,661.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2019

Futures contracts outstanding as of June 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	106		09/2019		USD		8,308,810		37,322

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Small Cap Core Portfolio
ASSETS:
Investments innon-affiliates, at value	$	183,652,029
Investments in affiliates, at value		3,254,461
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		2,958,719
Cash		945
Deposits at broker for futures contracts		270,700
Receivables:
Investment securities sold		6,708,779
Portfolio shares sold		14,062
Dividends fromnon-affiliates		174,113
Dividends from affiliates		6,590
Securities lending income (See Note 2.C.)		3,252
Variation margin on futures contracts		17,847
Total Assets		197,061,497
LIABILITIES:
Payables:
Investment securities purchased		1,634,566
Collateral received on securities loaned (See Note 2.C.)		2,958,719
Portfolio shares redeemed		113,981
Accrued liabilities:
Investment advisory fees		98,639
Administration fees		11,480
Distribution fees		286
Custodian and accounting fees		12,934
Trustees’ and Chief Compliance Officer’s fees		607
Other		37,668
Total Liabilities		4,868,880
Net Assets	$	192,192,617
NET ASSETS:
Paid-in-Capital	$	160,531,878
Total distributable earnings (loss)		31,660,739
Total Net Assets	$	192,192,617
Net Assets:
Class 1	$	190,754,891
Class 2		1,437,726
Total	$	192,192,617
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		8,850,263
Class 2		67,341
Net Asset Value, offering and redemption price per share (a):
Class 1	$	21.55
Class 2		21.35
Cost of investments innon-affiliates	$	157,961,270
Cost of investments in affiliates		3,254,461
Investment securities on loan, at value (See Note 2.C.)		2,779,661
Cost of investment of cash collateral (See Note 2.C.)		2,958,719

(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, 2019

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Small Cap Core Portfolio
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	3,937
Interest income from affiliates		178
Dividend income fromnon-affiliates		1,269,908
Dividend income from affiliates		52,452
Income from securities lending (net) (See Note 2.C.)		17,668
Total investment income		1,344,143
EXPENSES:
Investment advisory fees		580,239
Administration fees		66,882
Distribution fees — Class 2		1,589
Custodian and accounting fees		26,385
Professional fees		28,741
Trustees’ and Chief Compliance Officer’s fees		13,678
Printing and mailing costs		17,506
Transfer agency fees — Class 1		2,158
Transfer agency fees — Class 2		161
Other		8,508
Total expenses		745,847
Less fees waived		(6,170	)
Net expenses		739,677
Net investment income (loss)		604,466
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		5,523,277
Futures contracts		561,097
Net realized gain (loss)		6,084,374
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		18,612,028
Futures contracts		104,453
Change in net unrealized appreciation/depreciation		18,716,481
Net realized/unrealized gains (losses)		24,800,855
Change in net assets resulting from operations	$	25,405,321

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 13

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Small Cap Core Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	604,466		$	891,588
Net realized gain (loss)		6,084,374			22,010,915
Change in net unrealized appreciation/depreciation		18,716,481			(43,254,928	)
Change in net assets resulting from operations		25,405,321			(20,352,425	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(22,648,741	)		(12,803,929	)
Class 2		(168,786	)		(74,744	)
Total distributions to shareholders		(22,817,527	)		(12,878,673	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		35,145,208			(2,605,999	)
NET ASSETS:
Change in net assets		37,733,002			(35,837,097	)
Beginning of period		154,459,615			190,296,712
End of period	$	192,192,617		$	154,459,615
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	33,909,047		$	34,029,343
Distributions reinvested		22,648,741			12,803,929
Cost of shares redeemed		(21,821,927	)		(49,573,895	)
Change in net assets resulting from Class 1 capital transactions	$	34,735,861		$	(2,740,623	)
Class 2
Proceeds from shares issued	$	312,776		$	631,138
Distributions reinvested		168,786			74,744
Cost of shares redeemed		(72,215	)		(571,258	)
Change in net assets resulting from Class 2 capital transactions	$	409,347		$	134,624
Total change in net assets resulting from capital transactions	$	35,145,208		$	(2,605,999	)
SHARE TRANSACTIONS:
Class 1
Issued		1,411,412			1,349,757
Reinvested		1,099,987			495,892
Redeemed		(931,393	)		(1,953,186	)
Change in Class 1 Shares		1,580,006			(107,537	)
Class 2
Issued		12,941			24,740
Reinvested		8,274			2,917
Redeemed		(3,176	)		(22,051	)
Change in Class 2 Shares		18,039			5,606

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2019 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, 2019 (Unaudited)	$	21.10	$	0.08		$	3.27		$	3.35		$	(0.10	)	$	(2.80	)	$	(2.90	)
Year Ended December 31, 2018		25.64		0.12			(2.85	)		(2.73	)		(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	)
Class 2
Six Months Ended June 30, 2019 (Unaudited)		20.91		0.05			3.23			3.28			(0.04	)		(2.80	)		(2.84	)
Year Ended December 31, 2018		25.41		0.05			(2.82	)		(2.77	)		(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	)

(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) Total returns do not include charges that will be imposed by variable insurance contracts or by Eligible Plans. If these charges were reflected, returns would be lower than those shown.

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

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (c)(d)(e)			Net assets, end of period		Net expenses (f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	21.55		16.52	%	$	190,754,891		0.83	%		0.68	%		0.83	%		47	%
	21.10		(11.93	)		153,428,808		0.82			0.47			0.83			59
	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
	21.35		16.35			1,437,726		1.10			0.42			1.11			47
	20.91		(12.15	)		1,030,807		1.09			0.20			1.10			59
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-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, thus, 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 their market value 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 inopen-end investment companies (“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.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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)	$	189,865,209	$	—	(b)	$	—	$	189,865,209
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	37,322	$	—		$	—	$	37,322

(a) All portfolio holdings designated in level 1 and level 2 are disclosed individually on the SOI. Level 2 consists of warrants.

(b) Value is zero.

There were no transfers into and out of level 3 for the six months ended June 30, 2019.

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, while cash deposited, which is considered restricted, 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, 2019:

Futures Contracts — Equity:
Average Notional Balance Long	$	6,080,392
Ending Notional Balance Long		8,308,810

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. Securities Lending — Effective October 5, 2018, the Portfolio became authorized to engage in securities lending in order to generate additional income. The Portfolio is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Portfolio, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund. The Portfolio retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Portfolio). Upon termination of a loan, the Portfolio is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Portfolio or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certainde minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI. At June 30, 2019, the value of outstanding securities on loan and the value of collateral investments were as follows:

Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
$	2,779,661	$	2,958,719	$	2,958,719

The Portfolio bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability.

The following table presents the Portfolio’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Portfolio as of June 30, 2019.

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities	Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
$2,779,661	$	(2,779,661	)	$	—

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$ 1,205

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statement of Operations as Income from securities lending (net).

D. 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, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31%(a)(b)	$	4,600,040	$	18,994,599	$	20,635,920	$	—	$	—	$	2,958,719		2,958,719	$	38,380	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25%(a)(b)		17,998,257		45,730,755		60,474,551		—		—		3,254,461		3,254,461		52,452			—
Total	$	22,598,297	$	64,725,354	$	81,110,471	$	—	$	—	$	6,213,180			$	90,832		$	—

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

(b) The rate shown is the current yield as of June 30, 2019.

* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

20 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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

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

G. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (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, 2019, no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, 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 Federaltax-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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the six months ended June 30, 2019, 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’ssub-administrator (the“Sub-administrator”). For its services asSub-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 Rule12b-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, plusout-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.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

E. Waivers and Reimbursements — The Adviser (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, expenses related to trustee elections 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, 2019 and is in place until at least April 30, 2020.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the six months ended June 30, 2019, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio. None of these parties expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the 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, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2019 was $6,170.

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 designated and appointed a Chief Compliance Officer to the Portfolio pursuant to Rule38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on apro-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, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	92,892,656	$	80,893,148

During the six months ended June 30, 2019, 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, 2019 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	164,152,672	$	37,898,931	$	12,149,072	$	25,749,859

22 JPMORGAN INSURANCE TRUST JUNE 30, 2019

At June 30, 2019, 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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2019.

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 13, 2019, 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, 2019.

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 brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of June 30, 2019, the Portfolio had three individual shareholder and/ornon-affiliated omnibus accounts which owned 66.5% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issuedAccounting Standard Update (“ASU”)2018-13 (“ASU2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 23

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, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.

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, 2019		Ending Account Value June 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	1,165.20	$	4.46		0.83	%
Hypothetical		1,000.00		1,020.68		4.16		0.83
Class 2
Actual		1,000.00		1,163.50		5.90		1.10
Hypothetical		1,000.00		1,019.34		5.51		1.10

* 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).

24 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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-PORT. Prior to March 31, 2019, the Portfolio filed 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 Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019. All rights reserved June 2019. SAN-JPMITSCCP-619

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2019 (Unaudited)

JPMorgan Insurance Trust U.S. Equity Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	20

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 at1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

July 31, 2019 (Unaudited)

Dear Shareholders,

While the global economy slowed during the first half of 2019, financial markets rallied amid investor expectations that leading central banks would take action if global economic conditions continued to deteriorate. Even as growth slowed, the U.S. economic expansion become the longest on record by the end of the reporting period.

  “U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019.” — Andrea L. Lisher

The U.S. economy generally outperformed other developed nations throughout the reporting period, even as U.S. gross domestic product (GDP) growth slowed to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. U.S. unemployment remained below 4% for all but one month of the reporting period and consumer sentiment remained relatively buoyant. U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019. For the six month reporting period, the S&P 500 Index returned 18.54%.

In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a slight decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019 and manufacturing data weakened. However, the 7.5% euro area jobless rate for June 2019 was the lowest since the 2008-09 financial crisis.

In response to the slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth hit 1.8% in the first quarter of 2019. Political uncertainty surrounding

negotiations for the U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the six month reporting period, the MSCI EAFE Index returned 14.49%.

Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well as certain of its trading partners across Asia. During the first half of 2019, emerging markets equity and bonds generally benefitted from global investor appetite for higher yielding assets. The MSCI Emerging Markets Index returned 10.76% and the Bloomberg Barclays Emerging Markets Bond Index returned 9.39% for the reporting period.

Subsequent to the end of the reporting period, the U.S. Federal Reserve (the “Fed”) cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.

Given this backdrop, we believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,

Andrea L. Lisher

Head of Americas, J.P. Morgan Global Funds

J.P. Morgan Asset Management

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	18.52%
S&P 500 Index**	18.54%
Net Assets as of 6/30/2019	$111,114,489

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?

Overall, U.S. equity markets provided strong positive returns and outperformed both developed markets and emerging markets equity as well as global fixed income markets. U.S. equity prices were supported by low interest rates, relatively strong corporate earnings and continued economic growth, particularly in the U.S. Among U.S. equity markets, large cap and mid cap stocks generally outperformed small cap stocks and growth stocks generally outperformed value stocks.

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

The Portfolio’s Class 1 Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended June 30, 2019. The Portfolio’s security selection in both the health services & systems sector and the pharmaceutical/medical technology sector was a leading detractor from performance relative to the Benchmark. The Portfolio’s security selection in both the semiconductors & hardware sector and the industrial cyclical sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s underweight position in Facebook Inc. and its overweight positions in Salesforce.com Inc. and Cigna Corp. Shares of Facebook, a social media company, rose amid better-than-expected quarterly earnings and revenue. Shares of Salesforce.com, a provider of cloud-based software for

businesses, fell ahead of the company’s $15.7 billion acquisition of Tableau Software Inc. Shares of Cigna, a health insurance provider, fell along with other health insurers amid investor concerns about health care policy proposals from Democratic Party presidential candidates.

Leading individual contributors to relative performance included the Portfolio’s underweight position in Berkshire Hathaway Inc. and its overweight positions in Charter Communications and Prologis Inc. Shares of Berkshire Hathaway, a diversified investment holding company that held a 27% stake in Kraft Heinz Co., fell after Kraft Heinz reported lower-than-expected results for the fourth quarter of 2018, reduced its quarterly dividend by 36% and disclosed a U.S. Securities and Exchange Commission investigation into the company’s accounting practices. Shares of Charter Communications, a cable provider of video, Internet and voice services, rose after the company reported better-than-expected revenue for the first quarter of 2019. Shares of Prologis, a real estate investment trust operating in the logistics and industrial sectors, rose after the company reported better-than-expected results for the first quarter of 2019 and raised its forecast for the full year 2019.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers employed abottom-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’sbottom-up fundamental approach to stock selection, the Portfolio’s largest overweight positions compared with the Benchmark was in the regional banks and telecommunications sectors and its largest underweight positions were in the big banks & brokers and the financial services sectors.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	5.8	%
	2.	Amazon.com, Inc.	4.1
	3.	Coca-Cola Co. (The)	2.4
	4.	Pfizer, Inc.	2.4
	5.	Apple, Inc.	2.2
	6.	Alphabet, Inc., Class A	2.2
	7.	Mastercard, Inc., Class A	2.0
	8.	salesforce.com, Inc.	1.9
	9.	Charter Communications, Inc., Class A	1.9
	10.	General Dynamics Corp.	1.8

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	21.8	%
Health Care	13.7
Communication Services	11.8
Industrials	11.2
Consumer Discretionary	11.1
Financials	9.7
Consumer Staples	5.3
Energy	5.2
Utilities	3.7
Materials	2.4
Real Estate	2.3
Others (each less than 1.0%)	0.1
Short-Term Investments	1.7

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

** “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, 2019. The Portfolio’s composition is subject to change.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		March 30, 1995		18.52	%		9.22	%		10.16	%		14.39	%
CLASS 2 SHARES		August 16, 2006		18.39			8.94			9.90			14.10

* Not annualized.

TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)

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. Forup-to-datemonth-end performance information please call1-800-480-4111.

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 FundsLarge-Cap Core Funds Index from June 30, 2009 to June 30, 2019. 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 FundsLarge-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 FundsLarge-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, 2019

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.3%
Aerospace & Defense — 4.6%
Boeing Co. (The)		1,953		710,912
General Dynamics Corp.		11,314		2,057,111
Northrop Grumman Corp.		5,829		1,883,408
United Technologies Corp.		3,721		484,474
				5,135,905
Air Freight & Logistics — 0.2%
United Parcel Service, Inc., Class B		2,226		229,879
Airlines — 0.2%
Delta Air Lines, Inc.		3,287		186,537
Auto Components — 0.2%
BorgWarner, Inc.		4,515		189,540
Automobiles — 0.1%
Ford Motor Co.		10,432		106,719
Banks — 4.6%
Bank of America Corp.		27,758		804,982
Citigroup, Inc.		13,805		966,764
Huntington Bancshares, Inc.		51,170		707,170
KeyCorp		58,140		1,031,985
SunTrust Banks, Inc.		8,588		539,756
SVB Financial Group *		3,432		770,793
Wells Fargo & Co.		6,198		293,289
				5,114,739
Beverages — 3.7%
Coca-Cola Co. (The)		53,365		2,717,346
Constellation Brands, Inc., Class A		7,146		1,407,333
				4,124,679
Biotechnology — 1.2%
Alexion Pharmaceuticals, Inc. *		1,879		246,111
Biogen, Inc. *		471		110,153
Celgene Corp. *		5,017		463,772
Regeneron Pharmaceuticals, Inc. *		628		196,564
Vertex Pharmaceuticals, Inc. *		1,617		296,525
				1,313,125
Capital Markets — 2.9%
Ameriprise Financial, Inc.		5,834		846,864
Charles Schwab Corp. (The)		9,481		381,041
Intercontinental Exchange, Inc.		2,932		251,976
Invesco Ltd.		5,781		118,279
Morgan Stanley		37,886		1,659,786
				3,257,946
Chemicals — 1.7%
Corteva, Inc. *		5,962		176,296
DuPont de Nemours, Inc.		3,240		243,227

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
Eastman Chemical Co.		13,556		1,055,064
Linde plc (United Kingdom)		2,151		431,921
				1,906,508
Commercial Services & Supplies — 0.1%
Waste Management, Inc.		973		112,255
Consumer Finance — 0.4%
Capital One Financial Corp.		4,987		452,520
Containers & Packaging — 0.7%
Crown Holdings, Inc. *		12,203		745,603
Diversified Financial Services — 0.2%
Berkshire Hathaway, Inc., Class B *		852		181,621
Diversified Telecommunication Services — 1.3%
Verizon Communications, Inc.		24,633		1,407,283
Electric Utilities — 3.5%
American Electric Power Co., Inc.		8,567		753,982
Edison International		3,073		207,151
Exelon Corp.		2,809		134,663
NextEra Energy, Inc.		6,809		1,394,892
Xcel Energy, Inc.		23,223		1,381,536
				3,872,224
Electrical Equipment — 1.4%
Eaton Corp. plc		17,169		1,429,834
Emerson Electric Co.		1,841		122,832
				1,552,666
Entertainment — 2.1%
Activision Blizzard, Inc.		2,328		109,881
Electronic Arts, Inc. *		3,612		365,751
Netflix, Inc. *		5,174		1,900,514
				2,376,146
Equity Real Estate Investment Trusts (REITs) — 2.3%
Prologis, Inc.		22,564		1,807,376
Public Storage		334		79,549
Ventas, Inc.		3,969		271,281
VICI Properties, Inc.		9,041		199,264
Vornado Realty Trust		2,658		170,378
				2,527,848
Food Products — 0.3%
Mondelez International, Inc., Class A		5,958		321,136
Health Care Equipment & Supplies — 3.3%
Becton Dickinson and Co.		2,041		514,352
Boston Scientific Corp. *		45,908		1,973,126

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited)(continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Equipment & Supplies — continued
Intuitive Surgical, Inc. *		1,375		721,256
Zimmer Biomet Holdings, Inc.		3,851		453,417
				3,662,151
Health Care Providers & Services — 2.8%
Cigna Corp.		10,177		1,603,386
DaVita, Inc. *		1,827		102,787
Humana, Inc.		1,849		490,540
UnitedHealth Group, Inc.		3,948		963,352
				3,160,065
Hotels, Restaurants & Leisure — 1.3%
Carnival Corp.		1,852		86,211
Hilton Worldwide Holdings, Inc.		1,117		109,175
Royal Caribbean Cruises Ltd.		7,434		901,075
Yum! Brands, Inc.		3,458		382,697
				1,479,158
Household Durables — 0.4%
Lennar Corp., Class A		8,260		400,280
Household Products — 0.7%
Procter & Gamble Co. (The)		6,801		745,730
Industrial Conglomerates — 0.7%
Honeywell International, Inc.		4,682		817,430
Insurance — 1.6%
Allstate Corp. (The)		4,097		416,624
Arthur J Gallagher & Co.		4,724		413,775
Hartford Financial Services Group, Inc. (The)		5,897		328,581
Lincoln National Corp.		3,613		232,858
MetLife, Inc.		7,021		348,733
				1,740,571
Interactive Media & Services — 4.7%
Alphabet, Inc., Class A *		2,257		2,443,880
Alphabet, Inc., Class C *		1,600		1,729,456
Facebook, Inc., Class A *		5,447		1,051,271
				5,224,607
Internet & Direct Marketing Retail — 4.2%
Amazon.com, Inc. *		2,406		4,556,074
Expedia Group, Inc.		599		79,685
				4,635,759
IT Services — 5.3%
Automatic Data Processing, Inc.		3,328		550,218
Cognizant Technology Solutions Corp., Class A		4,080		258,631
Fiserv, Inc. *		4,448		405,480

INVESTMENTS	SHARES		VALUE($)
IT Services — continued
Leidos Holdings, Inc.		5,541		442,449
Mastercard, Inc., Class A		8,249		2,182,108
PayPal Holdings, Inc. *		6,078		695,688
Visa, Inc., Class A		7,861		1,364,276
				5,898,850
Life Sciences Tools & Services — 1.1%
Thermo Fisher Scientific, Inc.		4,324		1,269,872
Machinery — 1.8%
Deere & Co.		2,895		479,730
Ingersoll-Rand plc		2,632		333,395
Parker-Hannifin Corp.		1,269		215,743
Stanley Black & Decker, Inc.		6,634		959,343
				1,988,211
Media — 3.2%
Altice USA, Inc., Class A *		3,490		84,981
Charter Communications, Inc., Class A *		5,295		2,092,478
Comcast Corp., Class A		17,106		723,242
Discovery, Inc., Class A *		6,111		187,608
Discovery, Inc., Class C *		17,213		489,710
				3,578,019
Multi-Utilities — 0.2%
Sempra Energy		1,966		270,207
Oil, Gas & Consumable Fuels — 5.2%
Chevron Corp.		9,128		1,135,888
Concho Resources, Inc.		5,956		614,540
Diamondback Energy, Inc.		11,943		1,301,429
EOG Resources, Inc.		8,871		826,422
Marathon Petroleum Corp.		9,250		516,890
Parsley Energy, Inc., Class A *		24,100		458,141
Pioneer Natural Resources Co.		5,457		839,614
TC Energy Corp. (Canada)		2,451		121,374
				5,814,298
Pharmaceuticals — 5.2%
Allergan plc		604		101,128
Bristol-Myers Squibb Co.		11,609		526,468
Eli Lilly & Co.		3,925		434,851
Johnson & Johnson		4,045		563,388
Merck & Co., Inc.		17,496		1,467,040
Nektar Therapeutics *		3,425		121,861
Pfizer, Inc.		60,601		2,625,235
				5,839,971

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Road & Rail — 2.1%
Lyft, Inc., Class A * (a)		1,495		98,237
Norfolk Southern Corp.		9,887		1,970,776
Union Pacific Corp.		1,376		232,695
				2,301,708
Semiconductors & Semiconductor Equipment — 6.2%
Advanced Micro Devices, Inc. *		14,229		432,135
Analog Devices, Inc.		11,012		1,242,924
NVIDIA Corp.		6,034		990,964
NXP Semiconductors NV (Netherlands)		5,758		562,038
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		45,242		1,772,129
Texas Instruments, Inc.		16,059		1,842,931
				6,843,121
Software — 8.1%
Coupa Software, Inc. *		914		115,722
Intuit, Inc.		405		105,839
Microsoft Corp.		48,138		6,448,566
salesforce.com, Inc. *		13,795		2,093,115
Workday, Inc., Class A *		1,400		287,812
				9,051,054
Specialty Retail — 4.2%
Advance Auto Parts, Inc.		3,703		570,780
Best Buy Co., Inc.		1,384		96,506
Home Depot, Inc. (The)		3,845		799,645
Lowe’s Cos., Inc.		4,140		417,767
O’Reilly Automotive, Inc. *		4,756		1,756,486
Ross Stores, Inc.		8,215		814,271
TJX Cos., Inc. (The)		3,379		178,682
				4,634,137
Technology Hardware, Storage & Peripherals — 2.2%
Apple, Inc.		12,618		2,497,355
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		2,047		171,846
PVH Corp.		8,032		760,148
				931,994

INVESTMENTS	SHARES		VALUE($)
Tobacco — 0.6%
Philip Morris International, Inc.		8,597		675,122
Trading Companies & Distributors — 0.2%
HD Supply Holdings, Inc. *		4,347		175,097
Wireless Telecommunication Services — 0.5%
T-Mobile US, Inc. *		7,582		562,130
Total Common Stocks (Cost $82,054,704)				109,311,776
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25% (b) (c) (Cost $1,836,744)		1,836,744		1,836,744
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) (Cost $65,727)		65,727		65,727
Total Investments — 100.1% (Cost $83,957,175)				111,214,247
Liabilities in Excess of Other Assets — (0.1)%				(99,758	)
NET ASSETS — 100.0%			$	111,114,489

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is $64,462.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2019.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500E-Mini Index		8		09/2019		USD		1,177,600		8,466

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust U.S. Equity Portfolio
ASSETS:
Investments innon-affiliates, at value	$	109,311,776
Investments in affiliates, at value		1,836,744
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		65,727
Deposits at broker for futures contracts		93,000
Receivables:
Investment securities sold		307,076
Portfolio shares sold		1,582
Dividends fromnon-affiliates		140,117
Dividends from affiliates		2,478
Securities lending income (See Note 2.C.)		388
Variation margin on futures contracts		5,213
Total Assets		111,764,101
LIABILITIES:
Payables:
Investment securities purchased		410,408
Collateral received on securities loaned (See Note 2.C.)		65,727
Portfolio shares redeemed		63,115
Accrued liabilities:
Investment advisory fees		49,131
Administration fees		6,727
Distribution fees		3,199
Custodian and accounting fees		18,601
Trustees’ and Chief Compliance Officer’s fees		424
Other		32,280
Total Liabilities		649,612
Net Assets	$	111,114,489
NET ASSETS:
Paid-in-Capital	$	80,864,030
Total distributable earnings (loss)		30,250,459
Total Net Assets	$	111,114,489
Net Assets:
Class 1	$	94,994,903
Class 2		16,119,586
Total	$	111,114,489
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,272,847
Class 2		562,344
Net Asset Value, offering and redemption price per share (a):
Class 1	$	29.03
Class 2		28.66
Cost of investments innon-affiliates	$	82,054,704
Cost of investments in affiliates		1,836,744
Investment securities on loan, at value (See Note 2.C.)		64,462
Cost of investment of cash collateral (See Note 2.C.)		65,727

(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, 2019

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust U.S. Equity Portfolio
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	1,213
Interest income from affiliates		16
Dividend income fromnon-affiliates		916,047
Dividend income from affiliates		14,917
Income from securities lending (net) (See Note 2.C.)		755
Total investment income		932,948
EXPENSES:
Investment advisory fees		294,234
Administration fees		40,110
Distribution fees — Class 2		18,658
Custodian and accounting fees		26,880
Interest expense to affiliates		7
Professional fees		27,705
Trustees’ and Chief Compliance Officer’s fees		13,219
Printing and mailing costs		10,718
Transfer agency fees — Class 1		1,012
Transfer agency fees — Class 2		77
Other		5,926
Total expenses		438,546
Less fees waived		(1,277	)
Net expenses		437,269
Net investment income (loss)		495,679
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		4,035,039
Futures contracts		127,318
Net realized gain (loss)		4,162,357
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		13,166,913
Futures contracts		5,884
Change in net unrealized appreciation/depreciation		13,172,797
Net realized/unrealized gains (losses)		17,335,154
Change in net assets resulting from operations	$	17,830,833

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 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, 2019 (Unaudited)			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	495,679		$	953,996
Net realized gain (loss)		4,162,357			7,565,955
Change in net unrealized appreciation/depreciation		13,172,797			(14,594,300	)
Change in net assets resulting from operations		17,830,833			(6,074,349	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(7,454,974	)		(12,030,156	)
Class 2		(1,192,345	)		(1,934,068	)
Total distributions to shareholders		(8,647,319	)		(13,964,224	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,106,129			6,302,791
NET ASSETS:
Change in net assets		13,289,643			(13,735,782	)
Beginning of period		97,824,846			111,560,628
End of period	$	111,114,489		$	97,824,846
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	2,023,759		$	10,974,767
Distributions reinvested		7,454,974			12,030,156
Cost of shares redeemed		(6,512,834	)		(18,980,090	)
Change in net assets resulting from Class 1 capital transactions	$	2,965,899		$	4,024,833
Class 2
Proceeds from shares issued	$	1,586,468		$	4,137,962
Distributions reinvested		1,192,345			1,934,068
Cost of shares redeemed		(1,638,583	)		(3,794,072	)
Change in net assets resulting from Class 2 capital transactions	$	1,140,230		$	2,277,958
Total change in net assets resulting from capital transactions	$	4,106,129		$	6,302,791
SHARE TRANSACTIONS:
Class 1
Issued		68,567			354,936
Reinvested		267,107			414,976
Redeemed		(221,818	)		(610,477	)
Change in Class 1 Shares		113,856			159,435
Class 2
Issued		54,003			133,768
Reinvested		43,248			67,483
Redeemed		(55,909	)		(125,232	)
Change in Class 2 Shares		41,342			76,019

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2019 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, 2019 (Unaudited)	$	26.63	$	0.14	(f)	$	4.69		$	4.83		$	(0.26	)	$	(2.17	)	$	(2.43	)
Year Ended December 31, 2018		32.43		0.27	(f)		(1.93	)		(1.66	)		(0.27	)		(3.87	)		(4.14	)
Year Ended December 31, 2017		27.03		0.26	(f)		5.69			5.95			(0.26	)		(0.29	)		(0.55	)
Year Ended December 31, 2016		25.50		0.26	(f)		2.42			2.68			(0.25	)		(0.90	)		(1.15	)
Year Ended December 31, 2015		26.75		0.26	(f)		0.01			0.27			(0.30	)		(1.22	)		(1.52	)
Year Ended December 31, 2014		23.71		0.31	(g)		2.96			3.27			(0.23	)		—			(0.23	)
Class 2
Six Months Ended June 30, 2019 (Unaudited)		26.29		0.10	(f)		4.63			4.73			(0.19	)		(2.17	)		(2.36	)
Year Ended December 31, 2018		32.08		0.20	(f)		(1.92	)		(1.72	)		(0.20	)		(3.87	)		(4.07	)
Year Ended December 31, 2017		26.74		0.19	(f)		5.64			5.83			(0.20	)		(0.29	)		(0.49	)
Year Ended December 31, 2016		25.24		0.18	(f)		2.40			2.58			(0.18	)		(0.90	)		(1.08	)
Year Ended December 31, 2015		26.51		0.19	(f)		0.02			0.21			(0.26	)		(1.22	)		(1.48	)
Year Ended December 31, 2014		23.53		0.27	(g)		2.91			3.18			(0.20	)		—			(0.20	)

(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) Total returns do not include charges that will be imposed by variable insurance contracts or by Eligible Plans. If these charges were reflected, returns would be lower than those shown.

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

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.25 and $0.20 for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.88% and 0.72% for Class 1 and Class 2 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)(d)			Net assets, end of period		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	29.03		18.52	%	$	94,994,903		0.78	%		0.96	%		0.78	%		40	%
	26.63		(6.16	)		84,126,154		0.74			0.89			0.79			95
	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	(g)		0.80			78
	28.66		18.35			16,119,586		1.03			0.72			1.03			40
	26.29		(6.42	)		13,698,692		0.99			0.65			1.04			95
	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	(g)		1.04			78

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-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, thus, 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 their market value 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 inopen-end investment companies (“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, 2019

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)	$	111,214,247	$	—	$	—	$	111,214,247
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	8,466	$	—	$	—	$	8,466

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOI.

There were no transfers into and out of level 3 for the six months ended June 30, 2019.

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, while cash deposited, which is considered restricted, 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, 2019:

Futures Contracts — Equity:
Average Notional Balance Long	$	715,789
Ending Notional Balance Long		1,177,600

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. Securities Lending — Effective October 5, 2018, the Portfolio became authorized to engage in securities lending in order to generate additional income. The Portfolio is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Portfolio, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund. The Portfolio retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Portfolio). Upon termination of a loan, the Portfolio is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Portfolio or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certaindeminimis amounts.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI. At June 30, 2019, the value of outstanding securities on loan and the value of collateral investments were as follows:

Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
$	64,462	$	65,727	$	65,727

The Portfolio bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents the Portfolio’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Portfolio as of June 30, 2019.

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
$	64,462	$	(64,462	)	$	—

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$ 49

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statement of Operations as Income from securities lending (net).

D. 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, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b)	$	429,023	$	991,634	$	1,354,930	$	—	$	—	$	65,727		65,727	$	1,414	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25% (a) (b)		1,626,949		10,481,162		10,271,367		—		—		1,836,744		1,836,744		14,917			—
Total	$	2,055,972	$	11,472,796	$	11,626,297	$	—	$	—	$	1,902,471			$	16,331		$	—

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

(b) The rate shown is the current yield as of June 30, 2019.

* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income is recorded on theex-dividend date or when the Portfolio first learns of the dividend.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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.

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

G. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (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, 2019 no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, 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 Federaltax-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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the six months ended June 30, 2019, 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’ssub-administrator (the“Sub-administrator”). For its services asSub-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 Rule12b-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, plusout-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.

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

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections 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, 2019 and is in place until at least April 30, 2020.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the six months ended June 30, 2019, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio. None of these parties expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the 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, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2019 was $1,277.

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 designated and appointed a Chief Compliance Officer to the Portfolio pursuant to Rule38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on apro-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, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	41,850,914	$	45,854,232

During the six months ended June 30, 2019, 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, 2019, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	83,957,175	$	28,385,747	$	1,120,209	$	27,265,538

At December 31, 2018, 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

18 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2019.

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 13, 2019, 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, 2019.

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 brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of June 30, 2019, the Portfolio had three individual shareholder and/ornon-affiliated omnibus accounts, which owned 67.7% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance and liquidity.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issuedAccounting Standard Update (“ASU”)2018-13 (“ASU2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the resultof a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements,to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 19

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, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.

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, 2019		Ending Account Value June 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,185.20	$	4.23		0.78	%
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class 2
Actual		1,000.00		1,183.50		5.58		1.03
Hypothetical		1,000.00		1,019.69		5.16		1.03

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

20 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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-PORT. Prior to March 31, 2019, the Portfolio filed 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 Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. June 2019. SAN-JPMITUSEP-619

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2019 (Unaudited)

JPMorgan Insurance Trust Income Builder Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
   

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	30
Financial Highlights	34
Notes to Financial Statements	36
Schedule of Shareholder Expenses	47

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 at1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

July 31, 2019 (Unaudited)

Dear Shareholders,

While the global economy slowed during the first half of 2019, financial markets rallied amid investor expectations that leading central banks would take action if global economic conditions continued to deteriorate. Even as growth slowed, the U.S. economic expansion become the longest on record by the end of the reporting period.

  “U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019.” — Andrea L. Lisher

The U.S. economy generally outperformed other developed nations throughout the reporting period, even as U.S. gross domestic product (GDP) growth slowed to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. U.S. unemployment remained below 4% for all but one month of the reporting period and consumer sentiment remained relatively buoyant. U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019. For the six month reporting period, the S&P 500 Index returned 18.54%.

In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a slight decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019 and manufacturing data weakened. However, the 7.5% euro area jobless rate for June 2019 was the lowest since the 2008-09 financial crisis.

In response to the slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth hit 1.8% in the first quarter of 2019. Political uncertainty surrounding

negotiations for the U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the six month reporting period, the MSCI EAFE Index returned 14.49%.

Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well as certain of its trading partners across Asia. During the first half of 2019, emerging markets equity and bonds generally benefitted from global investor appetite for higher yielding assets. The MSCI Emerging Markets Index returned 10.76% and the Bloomberg Barclays Emerging Markets Bond Index returned 9.39% for the reporting period.

Subsequent to the end of the reporting period, the U.S. Federal Reserve (the “Fed”) cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.

Given this backdrop, we believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,

Andrea L. Lisher

Head of Americas, J.P. Morgan Global Funds

J.P. Morgan Asset Management

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		9.75%
MSCI World Index (net of foreign withholding taxes)		16.98%
Income Builder Composite Benchmark		12.71%
Net Assets as of 6/30/2019	$	80,680,972

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?

Overall, global equity and bond markets provided positive returns for the reporting period amid low interest rates, relatively strong corporate earnings and continued economic growth, particularly in the U.S.

Among U.S. and other developed markets, equity assets generally outperformed fixed income assets, supported by investor optimism for continued growth. Within U.S. equity, growth stocks largely outperformed value stocks and large cap and mid caps stocks outperformed small cap stocks.

Within the U.S. fixed-income sector, high yield bonds (also known as junk bonds) outperformed both corporate debt and U.S. Treasury bonds.

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

The Portfolio’s Class 2 Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and the Income Builder Composite Benchmark (the “Composite”), which is made up of 60% Benchmark and 40% Bloomberg Barclays Aggregate Bond Index, for the six months ended June 30, 2019.

The Benchmark is an equity-only index and given the strongyear-to-date performance of equity markets, the Portfolio’s underweight to overall equity and its allocation to fixed income assets detracted from performance relative to the Benchmark. However, the Portfolio’s bias toward U.S. equity was a positive contributor to absolute overall performance.

Relative to the Composite, the Portfolio’s allocations to agency mortgages and short duration fixed income detracted from performance, though they did add to the Portfolio’s absolute performance. Interest rates fell during the reporting period and generally, agency mortgage-backed securities and other bonds with shorter duration will experience a smaller increase in price when interest rates fall, compared with bonds with longer duration. The Portfolio’s allocations to global equity, including U.S. equity and global real estate investment trusts, helped performance relative to the Composite. The Portfolio’s allocation to U.S. high yield bonds also helped 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 by reducing their allocations to international developed and emerging markets equity, while increasing their position in U.S. equity. They also added to their high yield credit andnon-agency securitized credit positions. The portfolio managers did not add new strategies or remove any existing strategies in the Portfolio during the reporting period.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Managed Income Fund, Class L Shares	6.4	%
	2.	JPMorgan Equity Income Fund, Class R6 Shares	6.3
	3.	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares	2.9
	4.	JPMorgan Floating Rate Income Fund, Class R6 Shares	2.0
	5.	FHLMC Gold Pools, 30 Year, Pool # G67708, 3.50%, 3/1/2048	0.6
	6.	U.S. Treasury Notes, 2.00%, 1/31/2020	0.6
	7.	Coca-Cola Co. (The)	0.5
	8.	Pfizer, Inc.	0.5
	9.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR	0.5
	10.	FHLMC Gold Pools, 30 Year, Pool # G67703, 3.50%, 4/1/2047	0.4

PORTFOLIO COMPOSITION***
Corporate Bonds	30.8	%
Common Stocks	27.4
Investment Companies	17.6
Mortgage-Backed Securities	5.2
Asset-Backed Securities	4.6
Collateralized Mortgage Obligations	4.5
Commercial Mortgage-Backed Securities	3.1
Others (each less than 1.0%)	1.6
Short-Term Investments	5.2

* 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, 2019. The Portfolio’s composition is subject to change.

ADR	American Depositary Receipt
FHLMC	Federal Home Loan Mortgage Corp.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		9.84	%		6.77	%		4.88	%
CLASS 2 SHARES		December 9, 2014		9.75			6.47			4.64

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE(12/09/14 TO 6/30/19)

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. Forup-to-datemonth-end performance information please call1-800-480-4111.

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, 2019. 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, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — 30.6%
Australia — 0.3%
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		220,750
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (c)		21,000		21,696
5.13%, 5/15/2024 (c)		12,000		12,435
				254,881
Canada — 1.6%
1011778 BC ULC 4.25%, 5/15/2024 (c)		99,000		100,114
Advanz Pharma Corp. 8.00%, 9/6/2024		40,000		38,700
Athabasca Oil Corp. 9.88%, 2/24/2022 (c)		5,000		4,800
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (c)		20,000		20,650
Bombardier, Inc.
6.00%, 10/15/2022 (c)		75,000		75,322
6.13%, 1/15/2023 (c)		40,000		40,550
7.50%, 12/1/2024 (c)		45,000		45,900
7.50%, 3/15/2025 (c)		70,000		70,196
7.88%, 4/15/2027 (c)		45,000		45,056
Emera, Inc.Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (b)		100,000		107,196
Enbridge, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (b)		10,000		10,050
(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 7/15/2077 (b)		43,000		41,579
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (b)		34,000		34,407
Garda World Security Corp. 8.75%, 5/15/2025 (c)		165,000		162,938
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		70,000		73,675
Hudbay Minerals, Inc.
7.25%, 1/15/2023 (c)		15,000		15,450
7.63%, 1/15/2025 (c)		10,000		10,325
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (c)		16,000		16,540
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (c)		20,000		17,583
Mattamy Group Corp. 6.88%, 12/15/2023 (c)		20,000		20,825
MEG Energy Corp.
6.38%, 1/30/2023 (c)		17,000		16,192
6.50%, 1/15/2025 (c)		32,000		32,160
NOVA Chemicals Corp.
4.88%, 6/1/2024 (c)		30,000		31,050

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Canada — continued
5.00%, 5/1/2025 (c)		34,000		35,530
5.25%, 6/1/2027 (c)		2,000		2,127
Open Text Corp. 5.88%, 6/1/2026 (c)		57,000		60,295
Precision Drilling Corp.
5.25%, 11/15/2024		3,000		2,775
7.13%, 1/15/2026 (c)		23,000		22,252
Quebecor Media, Inc. 5.75%, 1/15/2023		5,000		5,350
Stars Group Holdings BV 7.00%, 7/15/2026 (c)		24,000		25,380
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (b)		10,000		10,264
(ICE LIBOR USD 3 Month + 3.21%), 5.30%, 3/15/2077 (b)		13,000		12,485
Videotron Ltd.
5.00%, 7/15/2022		38,000		39,805
5.13%, 4/15/2027 (c)		32,000		33,400
				1,280,921
Finland — 0.0% (e)
Nokia OYJ 6.63%, 5/15/2039		33,000		36,207
France — 0.5%
Credit Agricole SA (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (b) (c) (d)		200,000		231,297
Societe Generale SA (USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (a) (b) (c) (d)		200,000		210,260
				441,557
Ireland — 0.5%
Ardagh Packaging Finance plc 6.00%, 2/15/2025 (c)		200,000		207,000
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (c)		15,000		15,992
5.13%, 10/1/2023 (c)		33,000		34,962
5.25%, 5/15/2024 (c)		21,000		22,384
4.38%, 5/1/2026 (c)		20,000		20,584
Park Aerospace Holdings Ltd.
5.25%, 8/15/2022 (c)		21,000		22,168
4.50%, 3/15/2023 (c)		16,000		16,553
5.50%, 2/15/2024 (c)		37,000		39,885
				379,528
Italy — 0.1%
Telecom Italia Capital SA
6.38%, 11/15/2033		20,000		20,750
6.00%, 9/30/2034		32,000		32,640
				53,390

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Luxembourg — 0.3%
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		80,000		73,000
8.00%, 2/15/2024 (c)		60,000		62,550
8.50%, 10/15/2024 (c)		90,000		89,100
9.75%, 7/15/2025 (c)		35,000		35,875
				260,525
Mexico — 0.3%
Cemex SAB de CV 5.70%, 1/11/2025 (c)		200,000		207,790
Switzerland — 0.5%
Credit Suisse Group AG (USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (a) (b) (c) (d)		200,000		208,250
UBS Group Funding Switzerland AG (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (b) (d) (f)		200,000		219,000
				427,250
United Arab Emirates — 0.2%
DAE Funding LLC
4.50%, 8/1/2022 (c)		10,000		10,162
5.75%, 11/15/2023 (c)		11,000		11,556
5.00%, 8/1/2024 (c)		45,000		45,900
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (c)		85,000		78,880
				146,498
United Kingdom — 0.3%
Royal Bank of Scotland Group plc 6.13%, 12/15/2022		177,000		190,889
Vodafone Group plc (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (b)		15,000		16,190
				207,079
United States — 26.0%
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		20,000		20,325
6.50%, 3/1/2024		55,000		57,337
ACCO Brands Corp. 5.25%, 12/15/2024 (c)		10,000		10,125
ACE Cash Express, Inc. 12.00%, 12/15/2022 (c)		32,000		28,480
ADT Security Corp. (The)
4.13%, 6/15/2023		110,000		110,000
4.88%, 7/15/2032 (c)		20,000		17,250
AECOM 5.13%, 3/15/2027		53,000		55,120
AES Corp.
5.50%, 4/15/2025		10,000		10,387
6.00%, 5/15/2026		20,000		21,200

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Ahern Rentals, Inc. 7.38%, 5/15/2023 (c)		50,000		44,375
AK Steel Corp.
6.38%, 10/15/2025		38,000		30,400
7.00%, 3/15/2027		25,000		20,125
Albertsons Cos. LLC
6.63%, 6/15/2024		140,000		145,075
5.75%, 3/15/2025		27,000		27,202
7.50%, 3/15/2026 (c)		52,000		55,510
Allegheny Technologies, Inc. 5.95%, 1/15/2021		10,000		10,275
Alliance Data Systems Corp. 5.38%, 8/1/2022 (c)		62,000		62,806
Allied Universal Holdco LLC
6.63%, 7/15/2026 (c) (g)		8,000		8,130
9.75%, 7/15/2027 (c) (g)		8,000		8,000
Allison Transmission, Inc. 4.75%, 10/1/2027 (c)		40,000		39,700
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (b)		48,000		50,314
Ally Financial, Inc.
4.63%, 5/19/2022		50,000		52,125
4.63%, 3/30/2025		118,000		124,490
8.00%, 11/1/2031		19,000		25,112
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		39,000		36,126
5.88%, 11/15/2026		17,000		15,215
6.13%, 5/15/2027		25,000		22,250
AMC Networks, Inc. 4.75%, 12/15/2022		40,000		40,502
American Airlines Group, Inc. 5.00%, 6/1/2022 (c)		17,000		17,515
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		87,000		86,565
6.25%, 3/15/2026		72,000		71,100
6.50%, 4/1/2027		67,000		66,832
American Express Co. Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 3/15/2020 (a) (b) (d)		45,000		45,113
American International Group, Inc.Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (b)		58,000		59,637
AmeriGas Partners LP
5.63%, 5/20/2024		15,000		15,975
5.75%, 5/20/2027		35,000		36,750
Amkor Technology, Inc. 6.63%, 9/15/2027 (c)		44,000		43,729
AMN Healthcare, Inc. 5.13%, 10/1/2024 (c)		25,000		25,504

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Amsted Industries, Inc. 5.63%, 7/1/2027 (c)		21,000		21,892
Antero Resources Corp.
5.38%, 11/1/2021		73,000		72,087
5.13%, 12/1/2022		75,000		72,000
5.63%, 6/1/2023		14,000		13,528
Arconic, Inc.
5.13%, 10/1/2024		57,000		60,196
5.90%, 2/1/2027		8,000		8,710
5.95%, 2/1/2037		34,000		35,337
Avaya, Inc. 7.00%, 4/1/2019 ‡ (c) (h)		85,000		9
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (c)		16,000		16,760
5.25%, 3/15/2025 (c)		45,000		45,225
5.75%, 7/15/2027 (c)		24,000		24,180
B&G Foods, Inc. 5.25%, 4/1/2025		75,000		75,750
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (c)		63,000		54,652
Bank of America Corp.
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024 (a) (b) (d)		15,000		15,094
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (a) (b) (d)		35,000		38,131
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (a) (b) (d)		62,000		68,719
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (a) (b) (d)		58,000		62,640
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (a) (b) (d)		95,000		106,049
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (a) (b) (d)		123,000		128,387
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 6/20/2020 (a) (b) (d)		45,000		45,542
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (a) (b) (d)		49,000		48,020
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (c)		26,000		29,089
8.50%, 1/31/2027 (c)		16,000		17,592
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (c)		36,000		37,305
5.88%, 5/15/2023 (c)		56,000		56,651
7.00%, 3/15/2024 (c)		25,000		26,565
6.13%, 4/15/2025 (c)		74,000		75,480
5.50%, 11/1/2025 (c)		62,000		64,635
9.00%, 12/15/2025 (c)		68,000		75,976
5.75%, 8/15/2027 (c)		12,000		12,612

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
7.00%, 1/15/2028 (c)		20,000		20,725
7.25%, 5/30/2029 (c)		22,000		22,880
Berry Global Escrow Corp.
4.88%, 7/15/2026 (c)		13,000		13,276
5.63%, 7/15/2027 (c)		14,000		14,560
Berry Global, Inc. 5.13%, 7/15/2023		10,000		10,223
Big River Steel LLC 7.25%, 9/1/2025 (c)		19,000		19,960
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (c)		22,000		22,330
Boyd Gaming Corp.
6.88%, 5/15/2023		30,000		30,975
6.38%, 4/1/2026		4,000		4,232
6.00%, 8/15/2026		24,000		25,230
Boyne USA, Inc. 7.25%, 5/1/2025 (c)		39,000		42,217
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		20,000		18,800
Brink’s Co. (The) 4.63%, 10/15/2027 (c)		26,000		25,967
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (c)		44,000		45,320
Bruin E&P Partners LLC 8.88%, 8/1/2023 (c)		9,000		7,560
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (b)		40,000		28,800
Cablevision Systems Corp.
8.00%, 4/15/2020		98,000		101,218
5.88%, 9/15/2022		15,000		15,881
California Resources Corp. 8.00%, 12/15/2022 (c)		18,000		13,567
Callon Petroleum Co.
6.13%, 10/1/2024		8,000		8,080
6.38%, 7/1/2026		6,000		6,037
Calpine Corp.
5.88%, 1/15/2024 (c)		20,000		20,450
5.25%, 6/1/2026 (c)		90,000		91,575
Camelot Finance SA 7.88%, 10/15/2024 (c)		20,000		20,975
Capital One Financial Corp.
Series E, (ICE LIBOR USD 3 Month + 3.80%), 5.55%, 6/1/2020 (a) (b) (d)		30,000		30,437
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		66,000		63,607
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026 (c)		44,000		44,660
5.00%, 7/15/2027 (c)		4,000		4,070
CCM Merger, Inc. 6.00%, 3/15/2022 (c)		26,000		26,650
CCO Holdings LLC
5.13%, 2/15/2023		10,000		10,158
5.75%, 9/1/2023		35,000		35,776

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
5.75%, 1/15/2024		119,000		121,663
5.38%, 5/1/2025 (c)		50,000		51,687
5.75%, 2/15/2026 (c)		75,000		78,656
5.50%, 5/1/2026 (c)		60,000		62,793
5.13%, 5/1/2027 (c)		38,000		39,344
5.88%, 5/1/2027 (c)		20,000		21,100
5.00%, 2/1/2028 (c)		13,000		13,276
CDK Global, Inc. 5.25%, 5/15/2029 (c)		43,000		44,559
CDW LLC 5.00%, 9/1/2023		19,000		19,332
Cedar Fair LP 5.25%, 7/15/2029 (c)		6,000		6,127
Centene Corp.
4.75%, 5/15/2022		40,000		40,850
4.75%, 1/15/2025		30,000		30,966
Centennial Resource Production LLC 6.88%, 4/1/2027 (c)		6,000		6,060
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (a) (b) (d)		47,000		48,695
CenturyLink, Inc.
Series V, 5.63%, 4/1/2020		25,000		25,281
Series T, 5.80%, 3/15/2022		30,000		31,275
Series W, 6.75%, 12/1/2023		28,000		30,205
Series Y, 7.50%, 4/1/2024		2,000		2,213
5.63%, 4/1/2025		52,000		53,040
Series G, 6.88%, 1/15/2028		5,000		5,000
Charles Schwab Corp. (The) Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (a) (b) (d)		52,000		51,740
Chemours Co. (The) 7.00%, 5/15/2025		42,000		43,890
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		50,000		55,688
5.13%, 6/30/2027		5,000		5,431
Cheniere Energy Partners LP
5.25%, 10/1/2025		18,000		18,607
5.63%, 10/1/2026 (c)		14,000		14,770
Chesapeake Energy Corp.
7.00%, 10/1/2024		16,000		14,360
8.00%, 1/15/2025		34,000		31,365
8.00%, 6/15/2027		47,000		41,096
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (c)		35,000		30,887
8.00%, 10/15/2025 (c)		11,000		9,350
Cinemark USA, Inc. 4.88%, 6/1/2023		25,000		25,312
CIT Group, Inc.
4.75%, 2/16/2024		22,000		23,375

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
5.25%, 3/7/2025		45,000		49,331
6.13%, 3/9/2028		21,000		23,888
CITGO Petroleum Corp. 6.25%, 8/15/2022 (c)		18,000		18,000
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (a) (b) (d)		45,000		46,237
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (a) (b) (d)		10,000		10,434
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (a) (b) (d)		36,000		37,312
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (a) (b) (d)		45,000		45,281
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (a) (b) (d)		190,000		197,363
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (a) (b) (d)		59,000		61,655
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (a) (b) (d)		96,000		105,436
Citizens Financial Group, Inc. Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (a) (b) (d)		30,000		30,900
Clear Channel Communication 9.00%, 12/15/2019 ‡ (h)		115,000		—
Clear Channel Worldwide Holdings, Inc.
Series A, 6.50%, 11/15/2022		15,000		15,337
Series B, 6.50%, 11/15/2022		70,000		71,225
9.25%, 2/15/2024 (c)		136,000		147,560
Clearwater Paper Corp.
4.50%, 2/1/2023		51,000		48,450
5.38%, 2/1/2025 (c)		10,000		9,075
Clearway Energy Operating LLC
5.38%, 8/15/2024		16,000		16,280
5.75%, 10/15/2025 (c)		20,000		20,300
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (c)		20,000		20,300
5.75%, 3/1/2025		3,000		2,985
CNG Holdings, Inc. 12.50%, 6/15/2024 (c)		70,000		67,025
CNO Financial Group, Inc. 5.25%, 5/30/2025		29,000		31,247
CNX Midstream Partners LP 6.50%, 3/15/2026 (c)		7,000		6,650
Coeur Mining, Inc. 5.88%, 6/1/2024		10,000		9,737
Colfax Corp.
6.00%, 2/15/2024 (c)		33,000		34,897
6.38%, 2/15/2026 (c)		5,000		5,363

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Commercial Metals Co.
4.88%, 5/15/2023		19,000		19,142
5.38%, 7/15/2027		6,000		5,970
CommScope Technologies LLC
6.00%, 6/15/2025 (c)		82,000		76,851
5.00%, 3/15/2027 (c)		15,000		13,050
CommScope, Inc.
5.50%, 3/1/2024 (c)		31,000		31,814
6.00%, 3/1/2026 (c)		35,000		35,875
8.25%, 3/1/2027 (c)		25,000		25,496
Community Health Systems, Inc.
5.13%, 8/1/2021		35,000		34,212
6.25%, 3/31/2023		67,000		64,488
8.63%, 1/15/2024 (c)		37,000		37,115
8.13%, 6/30/2024 (c)		58,000		43,355
8.00%, 3/15/2026 (c)		11,000		10,571
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (c)		30,000		27,825
Covanta Holding Corp. 5.88%, 7/1/2025		19,000		19,760
Credit Acceptance Corp. 6.63%, 3/15/2026 (c)		20,000		21,025
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (i)		10,000		10,200
5.75%, 4/1/2025		19,000		19,238
5.63%, 5/1/2027 (c)		10,000		9,975
Crown Americas LLC
4.50%, 1/15/2023		27,000		28,114
4.75%, 2/1/2026		26,000		26,715
CSC Holdings LLC
6.75%, 11/15/2021		27,000		28,890
5.25%, 6/1/2024		107,000		111,146
6.63%, 10/15/2025 (c)		200,000		214,000
CSI Compressco LP 7.50%, 4/1/2025 (c)		28,000		27,475
Cumberland Farms, Inc. 6.75%, 5/1/2025 (c)		5,000		5,300
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (c)		18,000		17,955
Curo Group Holdings Corp. 8.25%, 9/1/2025 (c)		51,000		42,449
CVR Partners LP 9.25%, 6/15/2023 (c)		144,000		150,581
CyrusOne LP REIT, 5.38%, 3/15/2027		18,000		18,945
Darling Ingredients, Inc. 5.25%, 4/15/2027 (c)		12,000		12,540
DaVita, Inc.
5.75%, 8/15/2022		13,000		13,130
5.13%, 7/15/2024		78,000		78,023
5.00%, 5/1/2025		22,000		21,720

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
DCP Midstream Operating LP
4.95%, 4/1/2022		5,000		5,187
3.88%, 3/15/2023		38,000		38,285
5.38%, 7/15/2025		9,000		9,484
6.75%, 9/15/2037 (c)		20,000		21,500
Dean Foods Co. 6.50%, 3/15/2023 (c)		19,000		10,165
Delek Logistics Partners LP 6.75%, 5/15/2025		48,000		47,520
Dell International LLC 7.13%, 6/15/2024 (c)		65,000		68,622
Denbury Resources, Inc. 9.25%, 3/31/2022 (c)		5,000		4,688
Diamond Offshore Drilling, Inc. 5.70%, 10/15/2039		12,000		8,040
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		36,000		31,680
Discover Financial Services Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (a) (b) (d)		35,000		33,950
DISH DBS Corp.
6.75%, 6/1/2021		110,000		115,500
5.88%, 7/15/2022		19,000		19,285
5.00%, 3/15/2023		28,000		27,055
Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		28,000		27,090
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		67,000		70,853
Embarq Corp. 8.00%, 6/1/2036		164,000		158,722
EMC Corp. 3.38%, 6/1/2023		26,000		25,859
Encompass Health Corp. 5.75%, 11/1/2024		18,000		18,329
Energy Transfer Operating LP
Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (a) (b) (d)		29,000		26,970
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (a) (b) (d)		35,000		32,725
EnLink Midstream Partners LP Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (a) (b) (d)		35,000		27,563
4.40%, 4/1/2024		19,000		19,213
4.15%, 6/1/2025		18,000		17,640
4.85%, 7/15/2026		8,000		8,060
5.60%, 4/1/2044		5,000		4,587
Ensco Rowan plc
5.20%, 3/15/2025		3,000		2,201
7.75%, 2/1/2026		3,000		2,235
5.75%, 10/1/2044		26,000		14,950
Entegris, Inc. 4.63%, 2/10/2026 (c)		18,000		18,135

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Entercom Media Corp.
7.25%, 11/1/2024 (c)		25,000		26,344
6.50%, 5/1/2027 (c)		16,000		16,640
Enterprise Development Authority (The) 12.00%, 7/15/2024 (c)		77,000		83,545
Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (b)		25,000		23,889
Envision Healthcare Corp. 8.75%, 10/15/2026 (c)		20,000		13,850
EP Energy LLC
9.38%, 5/1/2024 (c)		22,000		5,060
8.00%, 11/29/2024 (c)		26,000		17,680
8.00%, 2/15/2025 (c)		23,000		5,002
7.75%, 5/15/2026 (c)		35,000		31,238
Equinix, Inc.
REIT, 5.75%, 1/1/2025		58,000		60,378
REIT, 5.88%, 1/15/2026		3,000		3,176
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (c)		30,000		30,750
Exela Intermediate LLC 10.00%, 7/15/2023 (c)		84,000		68,250
Extraction Oil & Gas, Inc. 7.38%, 5/15/2024 (c)		12,000		10,260
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (c)		21,000		21,788
Fifth Third Bancorp (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 6/30/2023 (a) (b) (d)		45,000		44,550
First Data Corp.
5.00%, 1/15/2024 (c)		2,000		2,049
5.75%, 1/15/2024 (c)		47,000		48,322
FirstCash, Inc. 5.38%, 6/1/2024 (c)		20,000		20,550
Freeport-McMoRan, Inc.
4.00%, 11/14/2021		42,000		42,735
3.88%, 3/15/2023		75,000		75,000
4.55%, 11/14/2024		15,000		15,334
5.45%, 3/15/2043		25,000		22,875
Frontier Communications Corp.
7.63%, 4/15/2024		11,000		6,243
6.88%, 1/15/2025		24,000		13,440
11.00%, 9/15/2025		31,000		19,220
8.50%, 4/1/2026 (c)		75,000		72,750
FXI Holdings, Inc. 7.88%, 11/1/2024 (c)		13,000		12,123
Gartner, Inc. 5.13%, 4/1/2025 (c)		20,000		20,628
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (a) (b) (d)		252,000		241,734

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
General Motors Financial Co., Inc.
Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 9/30/2027 (a) (b) (d)		53,000		49,394
Series B, (ICE LIBOR USD 3 Month + 3.44%), 6.50%, 9/30/2028 (a) (b) (d)		35,000		33,600
Genesis Energy LP
6.75%, 8/1/2022		15,000		15,131
6.00%, 5/15/2023		15,000		14,888
5.63%, 6/15/2024		5,000		4,812
6.50%, 10/1/2025		5,000		4,888
6.25%, 5/15/2026		5,000		4,825
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (c)		27,000		29,329
Getty Images, Inc. 9.75%, 3/1/2027 (c)		5,000		5,150
Global Partners LP 7.00%, 6/15/2023		40,000		40,500
Goldman Sachs Group, Inc. (The)
Series L, (ICE LIBOR USD 3 Month + 3.88%), 6.43%, 7/29/2019 (a) (b) (d)		7,000		6,992
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (a) (b) (d)		119,000		119,654
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (a) (b) (d)		110,000		105,600
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		28,000		28,350
5.00%, 5/31/2026		47,000		46,295
4.88%, 3/15/2027		54,000		51,300
Gray Television, Inc.
5.13%, 10/15/2024 (c)		20,000		20,375
5.88%, 7/15/2026 (c)		20,000		20,750
7.00%, 5/15/2027 (c)		45,000		48,825
Greif, Inc. 6.50%, 3/1/2027 (c)		36,000		37,170
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (c)		20,000		20,475
GTT Communications, Inc. 7.88%, 12/31/2024 (c)		8,000		6,540
Gulfport Energy Corp. 6.38%, 5/15/2025		2,000		1,548
H&E Equipment Services, Inc. 5.63%, 9/1/2025		20,000		20,570
Hanesbrands, Inc. 4.88%, 5/15/2026 (c)		60,000		62,243
Harland Clarke Holdings Corp. 8.38%, 8/15/2022 (c)		20,000		16,975
Harsco Corp. 5.75%, 7/31/2027 (c)		9,000		9,372
HAT Holdings I LLC REIT, 5.25%, 7/15/2024 (c)		13,000		13,260
HCA Healthcare, Inc. 6.25%, 2/15/2021		23,000		24,093

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
HCA, Inc.
7.50%, 2/15/2022		57,000		62,842
5.88%, 5/1/2023		95,000		103,301
5.38%, 2/1/2025		66,000		71,239
5.88%, 2/15/2026		50,000		55,250
5.63%, 9/1/2028		24,000		25,980
Hecla Mining Co. 6.88%, 5/1/2021		35,000		33,407
Herc Holdings, Inc. 5.50%, 7/15/2027 (c)		28,000		28,175
Hertz Corp. (The)
7.38%, 1/15/2021		4,000		4,005
7.63%, 6/1/2022 (c)		24,000		24,930
5.50%, 10/15/2024 (c)		16,000		15,285
Hilcorp Energy I LP
5.00%, 12/1/2024 (c)		90,000		89,550
5.75%, 10/1/2025 (c)		4,000		4,010
6.25%, 11/1/2028 (c)		39,000		39,244
Hill-Rom Holdings, Inc.
5.75%, 9/1/2023 (c)		20,000		20,671
5.00%, 2/15/2025 (c)		10,000		10,300
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		10,000		10,437
4.88%, 1/15/2030 (c)		19,000		19,602
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		24,000		25,620
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		6,000		6,142
4.88%, 4/1/2027		4,000		4,134
Holly Energy Partners LP 6.00%, 8/1/2024 (c)		25,000		26,000
Hologic, Inc. 4.38%, 10/15/2025 (c)		24,000		24,330
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		20,000		21,025
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (a) (b) (d)		5,000		5,025
Icahn Enterprises LP
6.00%, 8/1/2020		39,000		39,070
6.25%, 2/1/2022		43,000		44,182
6.38%, 12/15/2025		22,000		22,458
6.25%, 5/15/2026 (c)		30,000		30,338
iHeartCommunications, Inc.
6.38%, 5/1/2026		31,945		33,901
8.38%, 5/1/2027		57,589		60,326
IHS Markit Ltd. 5.00%, 11/1/2022 (c)		20,000		21,190

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
ILFCE-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 4.09%, 12/21/2065 (b) (c)		100,000		70,696
Infor US, Inc. 6.50%, 5/15/2022		50,000		50,880
IQVIA, Inc. 4.88%, 5/15/2023 (c)		40,000		41,050
IRB Holding Corp. 6.75%, 2/15/2026 (c)		60,000		59,700
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024		37,000		37,375
REIT, 4.88%, 9/15/2027 (c)		74,000		73,353
REIT, 5.25%, 3/15/2028 (c)		33,000		33,041
Jack Ohio Finance LLC
6.75%, 11/15/2021 (c)		30,000		30,816
10.25%, 11/15/2022 (c)		20,000		21,450
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c)		31,000		31,620
JBS USA LUX SA
5.88%, 7/15/2024 (c)		10,000		10,287
5.75%, 6/15/2025 (c)		96,000		100,080
6.75%, 2/15/2028 (c)		74,000		80,198
6.50%, 4/15/2029 (c)		63,000		68,434
Kaiser Aluminum Corp. 5.88%, 5/15/2024		10,000		10,400
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		11,000		11,220
KeyCorp Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 9/15/2026 (a) (b) (d)		40,000		40,382
L Brands, Inc. 5.63%, 10/15/2023		15,000		15,555
Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025 (c)		28,000		28,070
Lamar Media Corp. 5.75%, 2/1/2026		20,000		21,025
Lennar Corp.
4.50%, 4/30/2024		15,000		15,769
5.88%, 11/15/2024		45,000		49,331
4.75%, 5/30/2025		5,000		5,294
5.25%, 6/1/2026		14,000		14,910
5.00%, 6/15/2027		5,000		5,256
Level 3 Financing, Inc.
5.13%, 5/1/2023		25,000		25,209
5.38%, 1/15/2024		10,000		10,212
5.38%, 5/1/2025		86,000		88,795
5.25%, 3/15/2026		19,000		19,665
Liberty Interactive LLC 8.25%, 2/1/2030		35,000		34,913
LPL Holdings, Inc. 5.75%, 9/15/2025 (c)		40,000		40,950
Mallinckrodt International Finance SA 5.75%, 8/1/2022 (c)		23,000		19,780
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		45,000		48,262

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Martin Midstream Partners LP 7.25%, 2/15/2021		40,000		39,648
MasTec, Inc. 4.88%, 3/15/2023		52,000		52,715
Matador Resources Co. 5.88%, 9/15/2026		43,000		43,430
Match Group, Inc. 5.00%, 12/15/2027 (c)		3,000		3,142
Mattel, Inc.
2.35%, 8/15/2021		25,000		24,125
3.15%, 3/15/2023		11,000		10,450
6.75%, 12/31/2025 (c)		114,000		117,277
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 6/15/2020 (a) (b) (d)		95,000		95,594
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (a) (b) (d)		90,000		95,006
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027 (c)		20,000		21,550
MGM Resorts International 5.75%, 6/15/2025		20,000		21,750
Molina Healthcare, Inc. 4.88%, 6/15/2025 (c)		9,000		9,135
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 10/15/2019 (a) (b) (d)		174,000		173,565
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (a) (b) (d)		14,000		14,154
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (c)		105,000		98,459
Nabors Industries, Inc.
5.50%, 1/15/2023		17,000		15,895
5.10%, 9/15/2023		2,000		1,765
5.75%, 2/1/2025		17,000		15,066
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (c)		32,000		32,640
9.13%, 7/15/2026 (c)		25,000		25,375
Nationstar Mortgage LLC 6.50%, 6/1/2022		30,000		29,700
Neiman Marcus Group Ltd. LLC 14.00%, (Blend (cash 8.00% + PIK 6.00%)) 4/25/2024 (c) (j)		27,304		22,280
8.00%, 10/25/2024 (c)		41,000		16,814
Netflix, Inc.
5.88%, 2/15/2025		25,000		27,563
4.38%, 11/15/2026		15,000		15,342
4.88%, 4/15/2028		15,000		15,506
5.88%, 11/15/2028		25,000		27,678
5.38%, 11/15/2029 (c)		15,000		15,933

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
New Albertsons LP
7.75%, 6/15/2026		5,000		4,925
6.63%, 6/1/2028		15,000		13,200
7.45%, 8/1/2029		21,000		20,265
8.70%, 5/1/2030		14,000		14,070
8.00%, 5/1/2031		80,000		78,400
Nexstar Broadcasting, Inc. 5.63%, 8/1/2024 (c)		25,000		25,899
Nexstar Escrow, Inc. 5.63%, 7/15/2027 (c)		18,000		18,450
NextEra Energy Capital Holdings, Inc. (ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (b)		15,000		15,464
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (c)		23,000		23,101
4.25%, 9/15/2024 (c)		24,000		24,127
4.50%, 9/15/2027 (c)		8,000		7,900
NGPL PipeCo LLC 4.88%, 8/15/2027 (c)		10,000		10,587
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c)		10,000		9,825
Nielsen Finance LLC 5.00%, 4/15/2022 (c)		12,000		11,985
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (a) (b) (d)		25,000		24,375
Noble Holding International Ltd. 6.20%, 8/1/2040		9,000		5,040
Northern Oil and Gas, Inc. 8.50% (cash), 5/15/2023 (j)		50,858		52,511
Northern Trust Corp. Series D, (ICE LIBOR USD 3 Month + 3.20%), 4.60%, 10/1/2026 (a) (b) (d)		29,000		29,145
Northwest Acquisitions ULC 7.13%, 11/1/2022 (c)		10,000		6,900
Novelis Corp.
6.25%, 8/15/2024 (c)		45,000		47,181
5.88%, 9/30/2026 (c)		25,000		25,312
NRG Energy, Inc.
7.25%, 5/15/2026		40,000		44,050
5.75%, 1/15/2028		12,000		12,870
5.25%, 6/15/2029 (c)		26,000		27,722
Nuance Communications, Inc. 5.63%, 12/15/2026		44,000		45,883
NuStar Logistics LP
6.00%, 6/1/2026		12,000		12,420
5.63%, 4/28/2027		30,000		30,225
Oasis Petroleum, Inc.
6.88%, 3/15/2022		5,000		4,972
6.25%, 5/1/2026 (c)		50,000		48,375

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Oceaneering International, Inc. 6.00%, 2/1/2028		14,000		13,860
OI European Group BV 4.00%, 3/15/2023 (c)		9,000		9,045
Outfront Media Capital LLC
5.25%, 2/15/2022		5,000		5,067
5.63%, 2/15/2024		25,000		25,719
5.88%, 3/15/2025		25,000		25,844
5.00%, 8/15/2027 (c)		15,000		15,355
Owens-Brockway Glass Container, Inc.
5.38%, 1/15/2025 (c)		11,000		11,468
6.38%, 8/15/2025 (c)		40,000		43,600
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c)		12,000		11,790
Party City Holdings, Inc. 6.63%, 8/1/2026 (c)		24,000		23,280
PBF Holding Co. LLC
7.00%, 11/15/2023		10,000		10,375
7.25%, 6/15/2025		25,000		26,188
PBF Logistics LP 6.88%, 5/15/2023		15,000		15,469
PDC Energy, Inc. 6.13%, 9/15/2024		4,000		4,000
Peabody Energy Corp.
6.00%, 3/31/2022 (c)		15,000		15,356
6.38%, 3/31/2025 (c)		15,000		15,188
Penske Automotive Group, Inc. 5.50%, 5/15/2026		75,000		78,187
PetSmart, Inc.
7.13%, 3/15/2023 (c)		20,000		18,750
5.88%, 6/1/2025 (c)		116,000		112,520
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (c)		59,000		59,885
5.88%, 9/30/2027 (c)		39,000		40,414
Pitney Bowes, Inc.
4.95%, 4/1/2023 (i)		20,000		18,888
4.63%, 3/15/2024		2,000		1,805
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (a) (b) (d)		30,000		28,575
Plantronics, Inc. 5.50%, 5/31/2023 (c)		49,000		48,755
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		50,875
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (c) (j)		27,000		23,827
Post Holdings, Inc.
5.50%, 3/1/2025 (c)		40,000		41,300
5.00%, 8/15/2026 (c)		84,000		85,155

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
5.75%, 3/1/2027 (c)		20,000		20,650
5.50%, 12/15/2029 (c)		25,000		25,062
Prime Security Services Borrower LLC
9.25%, 5/15/2023 (c)		32,000		33,606
5.25%, 4/15/2024 (c)		31,000		31,542
5.75%, 4/15/2026 (c)		25,000		25,813
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (a) (b) (d)		25,000		25,689
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (b)		191,000		201,975
(ICE LIBOR USD 3 Month + 2.67%), 5.70%, 9/15/2048 (b)		49,000		52,648
QEP Resources, Inc.
5.38%, 10/1/2022		8,000		7,780
5.25%, 5/1/2023		10,000		9,625
Qorvo, Inc. 5.50%, 7/15/2026		30,000		31,749
Quicken Loans, Inc. 5.75%, 5/1/2025 (c)		74,000		76,196
Qwest Corp. 6.88%, 9/15/2033		13,000		12,979
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (c)		52,000		47,710
Radian Group, Inc.
4.50%, 10/1/2024		40,000		40,972
4.88%, 3/15/2027		12,000		12,075
Range Resources Corp. 5.00%, 8/15/2022		5,000		4,763
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (c)		19,000		19,541
8.25%, 11/15/2026 (c)		19,000		19,542
Revlon Consumer Products Corp. 6.25%, 8/1/2024		30,000		20,550
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		43,610		43,719
5.13%, 7/15/2023 (c)		25,000		25,469
Sabre GLBL, Inc. 5.38%, 4/15/2023 (c)		22,000		22,495
SBA Communications Corp. REIT, 4.00%, 10/1/2022		23,000		23,316
Scientific Games International, Inc.
10.00%, 12/1/2022		27,000		28,316
5.00%, 10/15/2025 (c)		134,000		135,340
8.25%, 3/15/2026 (c)		10,000		10,500
Sealed Air Corp. 5.13%, 12/1/2024 (c)		20,000		21,000
SemGroup Corp.
5.63%, 7/15/2022		10,000		9,858
5.63%, 11/15/2023		25,000		23,875
6.38%, 3/15/2025		20,000		19,400

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
7.25%, 3/15/2026		13,000		12,675
Sensata Technologies BV
4.88%, 10/15/2023 (c)		15,000		15,638
5.00%, 10/1/2025 (c)		18,000		18,765
Service Corp. International
5.38%, 5/15/2024		30,000		30,862
4.63%, 12/15/2027		5,000		5,106
5.13%, 6/1/2029		5,000		5,263
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (c)		6,000		6,135
5.88%, 3/15/2026 (c)		25,000		25,555
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (c)		10,000		10,100
6.00%, 7/15/2024 (c)		10,000		10,278
5.38%, 4/15/2025 (c)		55,000		56,719
5.38%, 7/15/2026 (c)		32,000		33,160
5.00%, 8/1/2027 (c)		33,000		33,574
5.50%, 7/1/2029 (c)		21,000		21,529
SM Energy Co.
6.75%, 9/15/2026		15,000		14,063
6.63%, 1/15/2027		16,000		14,800
Solera LLC 10.50%, 3/1/2024 (c)		26,000		28,113
Sotheby’s 4.88%, 12/15/2025 (c)		30,000		30,488
Southwestern Energy Co. 6.20%, 1/23/2025 (i)		11,000		10,065
Spectrum Brands, Inc.
6.13%, 12/15/2024		18,000		18,540
5.75%, 7/15/2025		58,000		60,248
Springleaf Finance Corp.
7.75%, 10/1/2021		40,000		43,750
6.13%, 5/15/2022		5,000		5,363
5.63%, 3/15/2023		27,000		28,688
6.13%, 3/15/2024		20,000		21,500
6.88%, 3/15/2025		45,000		49,274
7.13%, 3/15/2026		32,000		34,970
6.63%, 1/15/2028		13,000		13,650
Sprint Capital Corp. 8.75%, 3/15/2032		63,000		72,923
Sprint Communications, Inc.
7.00%, 3/1/2020 (c)		25,000		25,625
6.00%, 11/15/2022		38,000		39,615
Sprint Corp.
7.88%, 9/15/2023		189,000		205,537
7.13%, 6/15/2024		51,000		54,075
7.63%, 2/15/2025		34,000		36,168
7.63%, 3/1/2026		12,000		12,792

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Sprint eWireless, Inc. 7.00%, 3/1/2020 (h)		25,000		—
SRC Energy, Inc. 6.25%, 12/1/2025		16,000		14,560
SS&C Technologies, Inc. 5.50%, 9/30/2027 (c)		62,000		64,325
Standard Industries, Inc.
6.00%, 10/15/2025 (c)		50,000		53,062
5.00%, 2/15/2027 (c)		18,000		18,225
4.75%, 1/15/2028 (c)		7,000		6,948
Staples, Inc.
7.50%, 4/15/2026 (c)		30,000		29,823
10.75%, 4/15/2027 (c)		20,000		19,900
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020 (a) (b) (d)		80,000		82,063
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (a) (b) (d)		21,000		21,278
Station Casinos LLC 5.00%, 10/1/2025 (c)		33,000		33,083
Steel Dynamics, Inc.
5.25%, 4/15/2023		23,000		23,402
4.13%, 9/15/2025		20,000		19,900
5.00%, 12/15/2026		15,000		15,638
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (c)		16,000		16,840
Summit Materials LLC 5.13%, 6/1/2025 (c)		30,000		30,075
Summit Midstream Holdings LLC
5.50%, 8/15/2022		10,000		9,600
5.75%, 4/15/2025		35,000		30,625
Sunoco LP
4.88%, 1/15/2023		23,000		23,489
5.50%, 2/15/2026		8,000		8,330
6.00%, 4/15/2027 (c)		36,000		37,800
5.88%, 3/15/2028		3,000		3,109
SunTrust Banks, Inc.
(ICE LIBOR USD 3 Month + 3.86%), 5.63%, 12/15/2019 (a) (b) (d)		7,000		7,042
Series G, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 6/15/2022 (a) (b) (d)		40,000		39,602
Series H, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (a) (b) (d)		40,000		39,252
Symantec Corp. 5.00%, 4/15/2025 (c)		39,000		39,970
Talen Energy Supply LLC 6.50%, 6/1/2025		24,000		20,100
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (c)		25,000		25,813
5.50%, 1/15/2028 (c)		5,000		5,056

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Targa Resources Partners LP
4.25%, 11/15/2023		15,000		14,991
5.13%, 2/1/2025		50,000		51,625
5.88%, 4/15/2026		2,000		2,120
6.50%, 7/15/2027 (c)		11,000		11,990
Team Health Holdings, Inc. 6.38%, 2/1/2025 (c)		85,000		65,025
TEGNA, Inc.
6.38%, 10/15/2023		60,000		61,800
5.50%, 9/15/2024 (c)		10,000		10,250
Teleflex, Inc. 5.25%, 6/15/2024		63,000		64,713
Tempur Sealy International, Inc.
5.63%, 10/15/2023		42,000		43,260
5.50%, 6/15/2026		64,000		66,400
Tenet Healthcare Corp.
6.00%, 10/1/2020		73,000		75,281
4.50%, 4/1/2021		20,000		20,275
4.38%, 10/1/2021		36,000		36,540
8.13%, 4/1/2022		4,000		4,200
4.63%, 7/15/2024		25,000		25,313
5.13%, 5/1/2025		57,000		57,285
6.25%, 2/1/2027 (c)		30,000		30,900
Tennant Co. 5.63%, 5/1/2025		50,000		51,625
Terraform Global Operating LLC 6.13%, 3/1/2026 (c)		15,000		15,075
TerraForm Power Operating LLC
4.25%, 1/31/2023 (c)		15,000		15,019
6.63%, 6/15/2025 (c) (i)		20,000		21,000
5.00%, 1/31/2028 (c)		19,000		19,071
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		10,000		—
T-Mobile USA, Inc.
6.38%, 3/1/2025		50,000		51,925
6.38%, 3/1/2025 ‡		120,000		—
5.13%, 4/15/2025		10,000		10,408
4.50%, 2/1/2026		45,000		46,069
4.75%, 2/1/2028		72,000		74,181
4.75%, 2/1/2028 ‡		10,000		—
Toll Brothers Finance Corp.
5.88%, 2/15/2022		6,000		6,375
4.88%, 11/15/2025		15,000		15,656
TransDigm, Inc. 6.25%, 3/15/2026 (c)		59,000		61,729
TransMontaigne Partners LP 6.13%, 2/15/2026		9,000		8,663
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (c)		3,750		4,003

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Transocean Pontus Ltd. 6.13%, 8/1/2025 (c)		39,690		40,881
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (c)		50,000		52,844
Transocean Proteus Ltd. 6.25%, 12/1/2024 (c)		25,500		26,297
Transocean, Inc.
9.00%, 7/15/2023 (c)		19,000		20,235
7.25%, 11/1/2025 (c)		13,000		12,318
7.50%, 1/15/2026 (c)		25,000		23,812
7.50%, 4/15/2031		32,000		27,200
6.80%, 3/15/2038		7,000		5,250
9.35%, 12/15/2041 (i)		26,000		23,530
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c)		46,000		44,275
Tronox, Inc. 6.50%, 4/15/2026 (c)		32,000		31,671
Tutor Perini Corp. 6.88%, 5/1/2025 (c)		14,000		13,405
Twin River Worldwide Holdings, Inc. 6.75%, 6/1/2027 (c)		31,000		32,317
Ultra Resources, Inc. 9.00%, 7/12/2024		87,000		33,060
Unit Corp. 6.63%, 5/15/2021		28,000		25,200
United Continental Holdings, Inc.
5.00%, 2/1/2024		33,000		34,155
4.88%, 1/15/2025		21,000		21,525
United Rentals North America, Inc.
5.50%, 7/15/2025		15,000		15,619
4.63%, 10/15/2025		50,000		50,812
5.88%, 9/15/2026		32,000		34,080
6.50%, 12/15/2026		52,000		56,290
5.50%, 5/15/2027		10,000		10,525
4.88%, 1/15/2028		27,000		27,540
United States Steel Corp.
6.88%, 8/15/2025		13,000		12,220
6.25%, 3/15/2026		27,000		24,030
Univar USA, Inc. 6.75%, 7/15/2023 (c)		10,000		10,188
Univision Communications, Inc.
5.13%, 5/15/2023 (c)		15,000		14,663
5.13%, 2/15/2025 (c)		12,000		11,415
USA Compression Partners LP
6.88%, 4/1/2026		7,000		7,402
6.88%, 9/1/2027 (c)		3,000		3,150
Vertiv Group Corp. 9.25%, 10/15/2024 (c)		104,000		99,580
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		81,000		82,660

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (b)		46,000		47,610
Vistra Energy Corp. 5.88%, 6/1/2023		35,000		35,788
Vistra Operations Co. LLC 5.50%, 9/1/2026 (c)		20,000		21,125
VOC Escrow Ltd. 5.00%, 2/15/2028 (c)		18,000		18,248
Voya Financial, Inc. (ICE LIBOR USD 3 Month + 3.58%), 5.65%, 5/15/2053 (b)		49,000		50,811
W&T Offshore, Inc. 9.75%, 11/1/2023 (c)		55,000		52,663
WellCare Health Plans, Inc. 5.25%, 4/1/2025		28,000		29,190
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (a) (b) (d)		149,000		155,891
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (a) (b) (d)		30,000		32,611
WESCO Distribution, Inc. 5.38%, 6/15/2024		20,000		20,500
Western Digital Corp. 4.75%, 2/15/2026		34,000		33,356
Whiting Petroleum Corp.
5.75%, 3/15/2021		61,000		60,847
6.63%, 1/15/2026		37,000		35,682
William Carter Co. (The) 5.63%, 3/15/2027 (c)		13,000		13,617
Windstream Services LLC 8.63%, 10/31/2025 (c) (i)		20,000		20,400
WMG Acquisition Corp.
5.00%, 8/1/2023 (c)		20,000		20,400
5.50%, 4/15/2026 (c)		57,000		58,847
WPX Energy, Inc. 5.75%, 6/1/2026		6,000		6,210
Wyndham Destinations, Inc.
4.25%, 3/1/2022		2,000		2,030
5.40%, 4/1/2024 (i)		10,000		10,475
6.35%, 10/1/2025 (i)		12,000		13,065
5.75%, 4/1/2027 (i)		11,000		11,481
Wynn Las Vegas LLC 5.50%, 3/1/2025 (c)		25,000		25,820
Xerox Corp. 4.12%, 3/15/2023 (i)		45,000		45,806
XPO Logistics, Inc.
6.13%, 9/1/2023 (c)		40,000		41,450
6.75%, 8/15/2024 (c)		52,000		55,445
Zayo Group LLC 6.38%, 5/15/2025		50,000		50,997
				20,982,066
Total Corporate Bonds (Cost $24,428,352)				24,677,692

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 27.2%
Australia — 0.8%
Adelaide Brighton Ltd.		4,029		11,448
AGL Energy Ltd.		1,165		16,384
Alumina Ltd.		7,931		13,018
Bank of Queensland Ltd.		2,290		15,334
BHP Group plc		1,746		44,653
CSR Ltd.		2,214		6,090
Dexus, REIT		9,045		82,515
Goodman Group, REIT		15,683		165,766
IOOF Holdings Ltd.		2,452		8,918
Mirvac Group, REIT		47,890		105,422
Rio Tinto plc		1,998		123,662
Sonic Healthcare Ltd.		458		8,727
Wesfarmers Ltd.		730		18,557
Woodside Petroleum Ltd.		583		14,953
				635,447
Austria — 0.1%
Erste Group Bank AG		1,721		63,822
OMV AG		267		13,015
				76,837
Belgium — 0.2%
Ageas		182		9,471
KBC Group NV		230		15,094
Proximus SADP		450		13,300
Shurgard Self Storage SA		1,606		58,073
Telenet Group Holding NV		170		9,473
Warehouses De Pauw CVA, REIT, CVA		397		66,811
				172,222
Brazil — 0.3%
Ambev SA *		18,140		84,465
BB Seguridade Participacoes SA		9,553		80,978
Itau Unibanco Holding SA (Preference)		9,083		85,651
				251,094
Canada — 0.6%
Allied Properties, REIT		3,790		137,095
BCE, Inc.		350		15,924
Canadian Utilities Ltd., Class A		439		12,390
Enbridge, Inc.		456		16,470
Fortis, Inc.		397		15,676
Hydro One Ltd. (f)		909		15,854
IGM Financial, Inc.		247		7,052
Inter Pipeline Ltd.		1,041		16,193
Nutrien Ltd.		291		15,566
Pembina Pipeline Corp.		428		15,933

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Canada — continued
Power Corp. of Canada		743		16,006
Power Financial Corp.		687		15,801
Rogers Communications, Inc., Class B		302		16,166
Shaw Communications, Inc., Class B		771		15,731
TC Energy Corp.		2,237		110,898
TELUS Corp.		426		15,748
Thomson Reuters Corp.		237		15,289
				473,792
Chile — 0.0% (e)
Banco Santander Chile, ADR		768		22,979
China — 1.3%
China Construction Bank Corp., Class H		84,000		72,408
China Construction Bank Corp., Class H		57,000		49,107
China Life Insurance Co. Ltd., Class H		11,000		27,188
China Mobile Ltd.		7,500		68,278
China Overseas Land & Investment Ltd.		32,000		118,103
China Pacific Insurance Group Co. Ltd., Class H		26,200		102,474
China Petroleum & Chemical Corp., Class H		52,000		35,423
CNOOC Ltd.		35,000		59,702
Fuyao Glass Industry Group Co. Ltd., Class A		14,800		49,078
Guangdong Investment Ltd.		14,000		27,681
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,300		8,348
Huayu Automotive Systems Co. Ltd., Class A		23,300		73,391
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		17,411		84,870
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,700		47,920
Midea Group Co. Ltd., Class A		12,600		95,495
Ping An Insurance Group Co. of China Ltd., Class H		12,000		144,299
SAIC Motor Corp. Ltd., Class A		6,503		24,173
				1,087,938
Czech Republic — 0.1%
Komercni banka A/S		1,654		65,906
Moneta Money Bank A/S (f)		2,931		10,045
				75,951
Denmark — 0.1%
Novo Nordisk A/S, Class B		865		44,182
Pandora A/S		173		6,154
Tryg A/S		328		10,673
				61,009

INVESTMENTS	SHARES		VALUE($)
Finland — 0.1%
Elisa OYJ		208		10,149
Fortum OYJ		723		15,979
Kone OYJ, Class B		201		11,870
Metso OYJ		370		14,562
Neste OYJ		366		12,443
Nordea Bank Abp		2,139		15,532
Orion OYJ, Class B		480		17,602
Sampo OYJ, Class A		249		11,754
				109,891
France — 2.0%
Airbus SE		23		3,258
Airbus SE		795		112,510
Amundi SA (f)		189		13,196
Atos SE		150		12,532
AXA SA		984		25,841
Bouygues SA		341		12,628
Capgemini SE		480		59,680
Casino Guichard Perrachon SA		457		15,590
Cie de Saint-Gobain		284		11,090
Cie Generale des Etablissements Michelin SCA		137		17,322
CNP Assurances		573		13,006
Covivio, REIT		916		95,878
Danone SA		280		23,708
Eiffage SA		129		12,749
Engie SA		2,340		35,483
Eutelsat Communications SA		1,070		19,983
Gecina SA, REIT		92		13,767
ICADE, REIT		132		12,098
Klepierre SA, REIT		287		9,615
LVMH Moet Hennessy Louis Vuitton SE		291		123,712
Orange SA		4,718		74,417
Peugeot SA		487		11,986
Publicis Groupe SA		279		14,726
Renault SA		145		9,116
Rexel SA		703		8,923
Sanofi		1,859		160,659
Schneider Electric SE		2,095		189,562
SCOR SE		175		7,672
Societe BIC SA		140		10,664
Societe Generale SA		621		15,674
Suez		653		9,423
TOTAL SA		4,180		234,472
Veolia Environnement SA		681		16,583

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Vinci SA		2,284		233,255
				1,640,778
Germany — 1.1%
Allianz SE (Registered)		883		212,959
Aroundtown SA		7,380		60,886
Bayer AG (Registered)		250		17,340
Daimler AG (Registered)		406		22,643
Deutsche Post AG (Registered)		468		15,396
Deutsche Telekom AG (Registered)		6,356		110,115
E.ON SE		1,376		14,930
Evonik Industries AG		414		12,063
Hannover Rueck SE		63		10,187
HeidelbergCement AG		179		14,486
HOCHTIEF AG		47		5,724
METRO AG		682		12,462
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		479		120,065
ProSiebenSat.1 Media SE		951		14,898
RWE AG		620		15,299
Telefonica Deutschland Holding AG		5,666		15,830
TUI AG		1,676		16,456
Volkswagen AG (Preference)		371		62,490
Vonovia SE		2,089		99,791
				854,020
Hong Kong — 0.6%
Hang Seng Bank Ltd.		3,500		87,117
HKT Trust & HKT Ltd.		79,000		125,401
Hong Kong Exchanges & Clearing Ltd.		1,600		56,544
Sun Hung Kai Properties Ltd.		3,500		59,378
VTech Holdings Ltd.		700		6,274
WH Group Ltd. (f)		34,500		34,996
Wharf Real Estate Investment Co. Ltd.		9,000		63,427
Yue Yuen Industrial Holdings Ltd.		4,500		12,343
				445,480
Hungary — 0.1%
OTP Bank Nyrt.		1,943		77,373
India — 0.1%
Infosys Ltd., ADR		8,967		95,947
Indonesia — 0.1%
Telekomunikasi Indonesia Persero Tbk. PT, ADR		3,620		105,849

INVESTMENTS	SHARES		VALUE($)
Ireland — 0.0% (e)
AIB Group plc		2,876		11,760
Smurfit Kappa Group plc		411		12,454
				24,214
Italy — 0.4%
Assicurazioni Generali SpA		958		18,037
Enel SpA		18,057		125,961
Eni SpA		1,936		32,190
FinecoBank Banca Fineco SpA		3,419		38,141
Intesa Sanpaolo SpA		7,301		15,630
Mediobanca Banca di Credito Finanziario SpA		1,202		12,395
Poste Italiane SpA (f)		1,286		13,551
Snam SpA		2,962		14,735
Terna Rete Elettrica Nazionale SpA		1,702		10,845
				281,485
Japan — 1.1%
Aoyama Trading Co. Ltd.		500		9,816
Aozora Bank Ltd.		700		16,831
FANUC Corp.		100		18,581
Invesco Office J-Reit, Inc., REIT		253		42,330
Japan Hotel REIT Investment Corp., REIT		109		87,820
Japan Tobacco, Inc.		400		8,817
JFE Holdings, Inc.		1,100		16,197
JXTG Holdings, Inc.		14,300		71,270
Kansai Electric Power Co., Inc. (The)		1,400		16,049
KDDI Corp.		700		17,813
Kenedix Office Investment Corp., REIT		8		57,249
Kenedix Retail REIT Corp., REIT		12		29,483
Lawson, Inc.		200		9,608
Matsui Securities Co. Ltd.		1,200		11,335
Miraca Holdings, Inc.		300		6,836
Mitsubishi Chemical Holdings Corp.		900		6,301
Mitsubishi Electric Corp.		4,100		54,202
Mitsui Fudosan Co. Ltd.		1,600		38,887
Mitsui Fudosan Logistics Park, Inc., REIT		7		23,806
Nippon Accommodations Fund, Inc., REIT		9		50,435
Nippon Prologis REIT, Inc., REIT		21		48,507
Nissan Motor Co. Ltd.		2,300		16,474
NTT DOCOMO, Inc.		800		18,666
Orix JREIT, Inc., REIT		23		41,965
Tohoku Electric Power Co., Inc.		1,200		12,143
Tokio Marine Holdings, Inc.		1,100		55,193
Tokyo Electron Ltd.		100		14,055
Toyota Motor Corp.		1,300		80,683
				881,352

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Macau — 0.1%
Sands China Ltd.		11,600		55,414
Mexico — 0.3%
Bolsa Mexicana de Valores SAB de CV		8,835		16,672
Fibra Uno Administracion SA de CV, REIT		36,729		48,720
Kimberly-Clark de Mexico SAB de CV, Class A *		39,604		73,559
Wal-Mart de Mexico SAB de CV		25,184		68,741
				207,692
Netherlands — 0.3%
ABN AMRO Bank NV, CVA (f)		512		10,955
Aegon NV		2,931		14,560
Akzo Nobel NV		573		53,845
Eurocommercial Properties NV, REIT, CVA		1,210		32,333
ING Groep NV		1,789		20,723
Koninklijke Ahold Delhaize NV		648		14,547
Koninklijke KPN NV		4,313		13,244
NN Group NV		375		15,075
Randstad NV		224		12,294
Royal Dutch Shell plc, Class B		2,852		93,451
				281,027
New Zealand — 0.0% (e)
Contact Energy Ltd.		1,350		7,263
Spark New Zealand Ltd.		5,216		14,033
				21,296
Norway — 0.3%
Aker BP ASA		887		25,582
DNB ASA		900		16,770
Equinor ASA		878		17,417
Gjensidige Forsikring ASA		649		13,081
Mowi ASA		355		8,307
Norsk Hydro ASA		13,293		47,612
Telenor ASA		6,753		143,476
				272,245
Peru — 0.0% (e)
Southern Copper Corp.		403		15,657
Portugal — 0.0% (e)
EDP — Energias de Portugal SA		3,855		14,651
Russia — 0.4%
Alrosa PJSC		25,418		34,591
Evraz plc		3,394		28,738
Moscow Exchange MICEX-RTS PJSC		51,294		73,133
Sberbank of Russia PJSC		48,913		184,150
Severstal PJSC, GDR (f)		1,066		18,043

INVESTMENTS	SHARES		VALUE($)
Russia — continued
Severstal PJSC, GDR (f)		60		1,011
				339,666
Singapore — 0.2%
Ascendas, REIT		27,620		63,732
DBS Group Holdings Ltd.		3,900		74,919
StarHub Ltd.		5,200		5,926
				144,577
South Africa — 0.4%
Absa Group Ltd.		5,429		67,890
Anglo American plc		784		22,398
AVI Ltd.		4,845		31,426
Bid Corp. Ltd.		1,640		35,712
FirstRand Ltd.		11,545		56,230
Investec plc		1,442		9,374
SPAR Group Ltd. (The)		1,788		23,752
Vodacom Group Ltd.		4,112		34,940
				281,722
South Korea — 0.4%
KT&G Corp.		716		61,100
Orange Life Insurance Ltd. (f)		316		8,663
Samsung Electronics Co. Ltd.		3,913		159,339
Samsung Fire & Marine Insurance Co. Ltd.		206		47,814
SK Telecom Co. Ltd., ADR		831		20,567
				297,483
Spain — 0.6%
Acerinox SA		556		5,590
ACS Actividades de Construccion y Servicios SA		230		9,202
Aena SME SA (f)		84		16,649
Banco Bilbao Vizcaya Argentaria SA		4,025		22,450
Enagas SA		463		12,356
Endesa SA		542		13,941
Iberdrola SA		17,572		174,950
Industria de Diseno Textil SA		1,930		58,068
Inmobiliaria Colonial Socimi SA, REIT		1,425		15,871
Mapfre SA		2,995		8,758
Merlin Properties Socimi SA, REIT		5,291		73,341
Naturgy Energy Group SA		1,032		28,441
Red Electrica Corp. SA		666		13,872
Repsol SA		1,095		17,184
Telefonica SA		2,767		22,754
				493,427

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Sweden — 0.3%
Autoliv, Inc.		169		11,916
Boliden AB		460		11,787
Electrolux AB, Series B		450		11,535
Hennes & Mauritz AB, Class B		749		13,307
Lundin Petroleum AB		402		12,525
Sandvik AB		917		16,851
Skandinaviska Enskilda Banken AB, Class A		1,715		15,879
Skanska AB, Class B		512		9,251
SKF AB, Class B		583		10,733
Svenska Handelsbanken AB, Class A		7,214		71,193
Swedbank AB, Class A		1,037		15,611
Swedish Match AB		277		11,711
Tele2 AB, Class B		1,046		15,277
Telia Co. AB		3,116		13,814
Volvo AB, Class B		2,159		34,306
				275,696
Switzerland — 1.1%
Adecco Group AG (Registered)		224		13,462
LafargeHolcim Ltd. (Registered) *		361		17,652
Nestle SA (Registered)		848		87,787
Novartis AG (Registered)		3,320		303,089
OC Oerlikon Corp. AG (Registered)		1,310		16,008
Roche Holding AG		739		207,798
Swiss Life Holding AG (Registered)		26		12,890
Swiss Re AG		1,651		167,770
Swisscom AG (Registered)		24		12,055
Zurich Insurance Group AG		78		27,140
				865,651
Taiwan — 1.0%
Asustek Computer, Inc.		4,000		28,711
Chicony Electronics Co. Ltd.		4,035		9,946
Delta Electronics, Inc.		9,000		45,742
MediaTek, Inc.		5,000		50,644
Mega Financial Holding Co. Ltd.		49,000		48,772
Novatek Microelectronics Corp.		8,000		44,641
President Chain Store Corp.		3,000		29,033
Quanta Computer, Inc.		27,000		52,555
Taiwan Mobile Co. Ltd.		20,000		78,881
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		9,352		366,318
Vanguard International Semiconductor Corp.		20,000		42,114
				797,357

INVESTMENTS	SHARES		VALUE($)
Thailand — 0.2%
Siam Cement PCL (The) (Registered)		3,500		53,871
Siam Commercial Bank PCL (The)		18,000		81,883
Thai Oil PCL		12,700		27,586
				163,340
Turkey — 0.0% (e)
Tofas Turk Otomobil Fabrikasi A/S		2,752		9,160
Tupras Turkiye Petrol Rafinerileri A/S		1,075		21,323
				30,483
United Arab Emirates — 0.1%
Emaar Development PJSC		8,273		9,032
First Abu Dhabi Bank PJSC		9,811		39,769
				48,801
United Kingdom — 1.9%
3i Group plc		1,031		14,587
Admiral Group plc		473		13,263
AstraZeneca plc		457		37,361
Aviva plc		2,660		14,089
Barratt Developments plc		3,916		28,497
Berkeley Group Holdings plc		269		12,749
BP plc		18,113		126,189
British American Tobacco plc		916		31,983
BT Group plc		6,062		15,157
Centrica plc		13,698		15,270
Diageo plc		3,549		152,750
Direct Line Insurance Group plc		2,249		9,480
Fiat Chrysler Automobiles NV		898		12,463
G4S plc		3,428		9,069
GlaxoSmithKline plc		2,671		53,540
GVC Holdings plc		837		6,938
Hammerson plc, REIT		3,384		11,915
Imperial Brands plc		653		15,323
Janus Henderson Group plc		743		15,900
John Wood Group plc		2,882		16,594
Land Securities Group plc, REIT		674		7,140
Legal & General Group plc		5,012		17,171
Lloyds Banking Group plc		36,269		26,049
Meggitt plc		985		6,562
Micro Focus International plc		1,065		28,009
National Grid plc		2,019		21,472
NewRiver REIT plc, REIT		10,975		24,837
Next plc		205		14,356
Persimmon plc		1,123		28,530
Prudential plc		5,922		129,283

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
RELX plc		915		22,193
Royal Bank of Scotland Group plc		4,950		13,806
Royal Mail plc		5,905		15,891
Safestore Holdings plc, REIT		6,442		50,191
Schroders plc		167		6,478
Segro plc, REIT		9,003		83,588
Severn Trent plc		504		13,111
SSE plc		1,099		15,664
Standard Chartered plc		1,440		13,063
Standard Life Aberdeen plc		2,906		10,873
Taylor Wimpey plc		50,558		101,452
Tritax Big Box REIT plc, REIT		25,402		49,814
Tritax EuroBox plc, REIT (f)		19,394		23,597
Unilever plc		984		61,082
UNITE Group plc (The), REIT		5,058		62,587
United Utilities Group plc		1,251		12,452
Vodafone Group plc		9,620		15,768
Workspace Group plc, REIT		3,177		35,263
WPP plc		1,024		12,899
				1,536,298
United States — 10.5%
3M Co.		93		16,121
AbbVie, Inc.		204		14,835
AES Corp.		928		15,553
AGNC Investment Corp., REIT		942		15,844
Alliant Energy Corp.		202		9,914
Altria Group, Inc.		338		16,004
American Electric Power Co., Inc.		172		15,138
Americold Realty Trust, REIT		2,103		68,179
Amgen, Inc.		87		16,032
Analog Devices, Inc.		561		63,320
Annaly Capital Management, Inc., REIT		1,733		15,822
AT&T, Inc.		520		17,425
Automatic Data Processing, Inc.		614		101,513
AvalonBay Communities, Inc., REIT		1,199		243,613
Avangrid, Inc.		300		15,150
Avaya Holdings Corp. *		1,873		22,307
Brandywine Realty Trust, REIT		4,472		64,039
Bristol-Myers Squibb Co.		2,528		114,645
Brixmor Property Group, Inc., REIT		3,284		58,718
Broadcom, Inc.		60		17,272
Camden Property Trust, REIT		732		76,413
Cardinal Health, Inc.		354		16,673
Carnival Corp.		335		15,594

INVESTMENTS	SHARES		VALUE($)
United States — continued
CenterPoint Energy, Inc.		521		14,916
CenturyLink, Inc.		1,371		16,123
CF Industries Holdings, Inc.		339		15,835
Chevron Corp.		843		104,903
Cisco Systems, Inc.		889		48,655
Citigroup, Inc.		1,471		103,014
Clear Channel Outdoor Holdings, Inc. *		2,888		13,631
CNA Financial Corp.		329		15,486
Coca-Cola Co. (The)		7,352		374,364
Comcast Corp., Class A		2,841		120,118
Consolidated Edison, Inc.		179		15,695
Coty, Inc., Class A		1,209		16,201
CVS Health Corp.		525		28,607
Diamondback Energy, Inc.		242		26,371
Digital Realty Trust, Inc., REIT		1,988		234,167
Dominion Energy, Inc.		205		15,851
Douglas Emmett, Inc., REIT		2,008		79,999
DTE Energy Co.		119		15,218
Duke Energy Corp.		180		15,883
DuPont de Nemours, Inc.		571		42,865
Eastman Chemical Co.		208		16,189
Eaton Corp. plc		1,597		132,998
Edison International		243		16,381
Eli Lilly & Co.		644		71,349
Emerson Electric Co.		165		11,009
Entergy Corp.		150		15,440
EOG Resources, Inc.		349		32,513
Equinix, Inc., REIT		244		123,047
Equity LifeStyle Properties, Inc., REIT		878		106,537
Essex Property Trust, Inc., REIT		392		114,437
Evergy, Inc.		255		15,338
Exelon Corp.		312		14,957
Federal Realty Investment Trust, REIT		664		85,497
FirstEnergy Corp.		357		15,283
Ford Motor Co.		1,599		16,358
Gap, Inc. (The)		852		15,310
General Motors Co.		434		16,722
Gilead Sciences, Inc.		233		15,741
Goodyear Tire & Rubber Co. (The)		1,042		15,943
Harley-Davidson, Inc.		424		15,192
Healthcare Trust of America, Inc., Class A, REIT		3,195		87,639
Helmerich & Payne, Inc.		304		15,388
Highwoods Properties, Inc., REIT		1,584		65,419
Home Depot, Inc. (The)		331		68,838
Hospitality Properties Trust, REIT		624		15,600

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
iHeartMedia, Inc., Class A *		144		2,167
Intercontinental Exchange, Inc.		863		74,166
International Business Machines Corp.		716		98,736
International Flavors & Fragrances, Inc.		109		15,815
International Paper Co.		358		15,509
Invesco Ltd.		755		15,447
Invitation Homes, Inc., REIT		5,198		138,943
Iron Mountain, Inc., REIT		3,726		116,624
Johnson & Johnson		76		10,585
Johnson Controls International plc		398		16,441
Kellogg Co.		280		15,000
Kilroy Realty Corp., REIT		1,172		86,505
Kimco Realty Corp., REIT		822		15,191
Kohl’s Corp.		327		15,549
Kraft Heinz Co. (The)		504		15,644
L Brands, Inc.		644		16,808
Las Vegas Sands Corp.		269		15,895
Leggett & Platt, Inc.		406		15,578
LyondellBasell Industries NV, Class A		184		15,848
Macerich Co. (The), REIT		460		15,405
Macy’s, Inc.		697		14,958
Marathon Petroleum Corp.		1,379		77,059
Maxim Integrated Products, Inc.		152		9,093
MDU Resources Group, Inc.		594		15,325
Merck & Co., Inc.		3,380		283,413
Microsoft Corp.		302		40,456
Mid-America Apartment Communities, Inc., REIT		1,274		150,026
Morgan Stanley		1,830		80,172
New York Community Bancorp, Inc.		1,653		16,497
Newell Brands, Inc.		1,030		15,883
Newmont Goldcorp Corp.		425		16,350
NextEra Energy, Inc.		755		154,669
Nielsen Holdings plc		664		15,006
Nordstrom, Inc.		465		14,815
Norfolk Southern Corp.		489		97,472
Nucor Corp.		294		16,199
Occidental Petroleum Corp.		316		15,888
ONEOK, Inc.		231		15,895
PACCAR, Inc.		223		15,980
Packaging Corp. of America		163		15,537
Park Hotels & Resorts, Inc., REIT		5,177		142,678
Pebblebrook Hotel Trust, REIT		1,555		43,820
PepsiCo, Inc.		431		56,517
Pfizer, Inc.		8,639		374,241

INVESTMENTS	SHARES		VALUE($)
United States — continued
Philip Morris International, Inc.		2,638		207,162
Pinnacle West Capital Corp.		160		15,054
PPL Corp.		501		15,536
Prologis, Inc., REIT		4,359		349,156
Public Service Enterprise Group, Inc.		257		15,117
Public Storage, REIT		820		195,299
QUALCOMM, Inc.		223		16,964
Rexford Industrial Realty, Inc., REIT		2,407		97,171
Schlumberger Ltd.		412		16,373
Seagate Technology plc		341		16,068
Southern Co. (The)		285		15,755
Steel Dynamics, Inc.		543		16,399
Sunstone Hotel Investors, Inc., REIT		3,605		49,425
Tapestry, Inc.		505		16,024
Targa Resources Corp.		409		16,057
Texas Instruments, Inc.		1,409		161,697
United Parcel Service, Inc., Class B		1,459		150,671
UnitedHealth Group, Inc.		321		78,327
Ventas, Inc., REIT		3,367		230,134
VEREIT, Inc., REIT		1,636		14,740
Verizon Communications, Inc.		5,503		314,386
VICI Properties, Inc., REIT		2,750		60,610
VMware, Inc., Class A		91		15,216
Vornado Realty Trust, REIT		2,400		153,840
Walt Disney Co. (The)		812		113,388
Western Digital Corp.		396		18,830
Westrock Co.		424		15,463
Williams Cos., Inc. (The)		576		16,151
Xcel Energy, Inc.		2,865		170,439
				8,468,408
Total Common Stocks (Cost $20,102,523)				21,984,549
Investment Companies — 17.5%
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (k)		287,516		2,360,508
JPMorgan Equity Income Fund Class R6 Shares (k)		277,200		5,028,408
JPMorgan Floating Rate Income Fund Class R6 Shares (k)		173,889		1,589,348
JPMorgan Managed Income Fund Class L Shares (k)		511,191		5,137,472
Total Investment Companies (Cost $13,454,345)				14,115,736

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — 5.2%
United States — 5.2%
FHLMC Gold Pools, 30 Year
Pool # G67700, 3.50%, 8/1/2046		150,537		156,775
Pool # G60852, 4.00%, 8/1/2046		50,305		53,254
Pool # G67702, 4.00%, 1/1/2047		35,658		37,748
Pool # G61096, 3.50%, 2/1/2047		139,942		145,034
Pool # G67703, 3.50%, 4/1/2047		339,096		352,947
Pool # G67704, 4.00%, 8/1/2047		19,775		21,068
Pool # G67705, 4.00%, 10/1/2047		25,234		26,733
Pool # Q52307, 3.50%, 11/1/2047		35,696		37,046
Pool # G67706, 3.50%, 12/1/2047		335,731		349,445
Pool # Q53751, 3.50%, 1/1/2048		154,579		159,046
Pool # G67708, 3.50%, 3/1/2048		466,151		481,893
Pool # G67714, 4.00%, 7/1/2048		46,335		49,061
FNMA, Other
Pool # AN6368, 3.09%, 9/1/2029		30,000		31,381
Pool # AN7845, 3.08%, 12/1/2029		30,000		31,262
Pool # AN8281, 3.19%, 2/1/2030		20,000		20,949
Pool # AN8572, 3.55%, 4/1/2030		20,000		21,545
Pool # AN9116, 3.61%, 5/1/2030		13,000		14,149
Pool # AN3747, 2.87%, 2/1/2032		12,000		12,144
Pool # AN6122, 3.06%, 8/1/2032		20,000		20,465
Pool # BM3226, 3.44%, 10/1/2032		19,864		21,290
Pool # AN7633, 3.13%, 12/1/2032		10,000		10,292
Pool # AN8095, 3.24%, 1/1/2033		18,000		18,736
UMBS, 20 Year
Pool # BM3100, 4.00%, 11/1/2037		25,139		26,450
Pool # BM3569, 3.50%, 2/1/2038		61,371		63,744
Pool # BM3791, 3.50%, 4/1/2038		45,523		47,126
UMBS, 30 Year
Pool # AS4085, 4.00%, 12/1/2044		21,165		22,393
Pool # BM1909, 4.00%, 2/1/2045		38,900		41,242
Pool # AL7941, 4.00%, 12/1/2045		131,150		138,758
Pool # MA2670, 3.00%, 7/1/2046		69,483		70,376
Pool # AS8295, 3.00%, 11/1/2046		40,083		40,904
Pool # MA2863, 3.00%, 1/1/2047		191,649		193,878
Pool # MA2920, 3.00%, 3/1/2047		76,136		77,084
Pool # BM3567, 4.00%, 9/1/2047		255,770		270,797
Pool # BM4028, 3.50%, 10/1/2047		36,285		37,717
Pool # BM3357, 3.50%, 11/1/2047		70,888		73,584
Pool # BM3778, 3.50%, 12/1/2047		227,363		236,780
Pool # CA0906, 3.50%, 12/1/2047		125,423		130,496
Pool # MA3210, 3.50%, 12/1/2047		26,542		27,333
Pool # BH9215, 3.50%, 1/1/2048		41,014		42,217
Pool # CA0995, 3.50%, 1/1/2048		144,791		150,175
Pool # BM3788, 3.50%, 3/1/2048		291,536		302,538

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Pool # BM5483, 3.50%, 4/1/2048		43,494		44,765
Pool # BM5897, 3.50%, 5/1/2048		49,224		50,586
Total Mortgage-Backed Securities (Cost $4,002,411)				4,161,206
Asset-Backed Securities — 4.6%
United States — 4.6%
ABFC TrustSeries 2003-OPT1, Class M1, 3.44%, 2/25/2033 ‡ (l)		157,117		155,896
ACC TrustSeries 2019-1, Class B, 4.47%, 10/20/2022 (c)		100,000		102,513
ACE Securities Corp. Home Equity LoanTrust Series 2003-HE1, Class M1, 3.38%, 11/25/2033 (l)		93,402		92,723
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (c)		14,000		14,345
Series 2019-1, Class E, 4.84%, 4/14/2025 (c)		100,000		103,102
AmeriCredit Automobile Receivables Trust
Series 2019-1, Class C, 3.36%, 2/18/2025		15,000		15,364
Series 2019-1, Class D, 3.62%, 3/18/2025		15,000		15,404
AMRESCO Residential Securities Corp. Mortgage LoanTrust Series 1997-1, Class A7, 7.61%, 3/25/2027 ‡		14,206		14,203
Asset-Backed Securities Corp. Home Equity LoanTrust Series 2003-HE6, Class M2, 4.88%, 11/25/2033 ‡ (l)		72,312		72,643
Bayview Opportunity Master Fund TrustSeries 2018-RN5, Class A1, 3.82%, 4/28/2033 ‡ (c) (i)		17,139		17,192
Bear Stearns Asset-Backed Securities TrustSeries 2004-HE5, Class M2, 4.28%, 7/25/2034 ‡ (l)		15,237		15,499
Conn’s Receivables Funding LLC
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (c)		58,072		58,570
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (c)		100,000		100,581
Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (c)		100,000		100,534
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 3.15%, 5/25/2034 ‡ (l)		18,146		18,150
Series 2006-19, Class 2A2, 2.56%, 3/25/2037 ‡ (l)		81,307		81,111

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
United States — continued
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 4.73%, 5/25/2034 (l)		44,010		41,476
Series 2004-5, Class M3, 4.13%, 7/25/2034 ‡ (l)		70,251		70,998
Drive Auto Receivables Trust
Series 2018-4, Class D, 4.09%, 1/15/2026		15,000		15,410
Series 2019-1, Class D, 4.09%, 6/15/2026		35,000		36,214
Driven Brands Funding LLCSeries 2019-1A, Class A2, 4.64%, 4/20/2049 (c)		49,875		52,003
DT Auto Owner Trust
Series 2018-3A, Class D, 4.19%, 7/15/2024 (c)		45,000		46,372
Series 2019-1A, Class D, 3.87%, 11/15/2024 (c)		80,000		81,823
Series 2017-4A, Class E, 5.15%, 11/15/2024 (c)		100,000		103,757
Exeter Automobile Receivables Trust
Series 2018-4A, Class C, 3.97%, 9/15/2023 (c)		20,000		20,427
Series 2018-3A, Class E, 5.43%, 8/15/2024 (c)		10,000		10,369
Series 2018-4A, Class D, 4.35%, 9/16/2024 (c)		10,000		10,367
Series 2019-1A, Class C, 3.82%, 12/16/2024 (c)		25,000		25,612
Series 2019-1A, Class D, 4.13%, 12/16/2024 (c)		45,000		46,513
Series 2018-4A, Class E, 5.38%, 7/15/2025 (c)		10,000		10,400
Series 2019-1A, Class E, 5.20%, 1/15/2026 (c)		65,000		67,508
Series 2019-2A, Class E, 4.68%, 5/15/2026 (c)		220,000		224,692
FREED ABS Trust
Series 2019-1, Class A, 3.42%, 6/18/2026 (c)		88,799		89,052
Series 2019-1, Class B, 3.87%, 6/18/2026 ‡ (c)		110,000		111,407
Fremont Home Loan Trust
Series 2003-A, Class M1, 3.38%, 8/25/2033 ‡ (l)		69,473		68,331
Series 2004-1, Class M4, 3.83%, 2/25/2034 ‡ (l)		66,541		66,899
GLS Auto Receivables Issuer Trust Series 2019-1A, Class C, 3.87%, 12/16/2024 (c)		15,000		15,359

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
GLS Auto ReceivablesTrust Series 2018-3A, Class C, 4.18%, 7/15/2024 (c)		10,000		10,319
GSAMPTrust Series 2003-SEA, Class A1, 2.80%, 2/25/2033 ‡ (l)		157,080		156,073
Long Beach Mortgage Loan TrustSeries 2004-6, Class A3, 3.70%, 11/25/2034 ‡ (l)		84,744		85,225
MASTR Asset-Backed SecuritiesTrust Series 2004-OPT2, Class M1, 3.30%, 9/25/2034 ‡ (l)		18,704		18,398
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 4.65%, 3/25/2033 ‡ (l)		157,993		151,965
Series 2003-NC10, Class M1, 3.42%, 10/25/2033 ‡ (l)		26,110		25,967
Series 2004-HE3, Class M1, 3.26%, 3/25/2034 ‡ (l)		67,484		66,295
Series 2004-NC7, Class M2, 3.33%, 7/25/2034 ‡ (l)		32,789		32,909
Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (c)		10,000		10,430
RAMP Trust
Series 2005-RS6, Class M4, 3.38%, 6/25/2035 ‡ (l)		250,000		252,742
Series 2006-RZ3, Class M1, 2.75%, 8/25/2036 ‡ (l)		200,000		199,362
Renaissance Home Equity Loan TrustSeries 2003-3, Class A, 3.40%, 12/25/2033 (l)		30,875		30,356
Santander Drive Auto Receivables Trust
Series 2019-1, Class C, 3.42%, 4/15/2025		17,000		17,308
Series 2019-1, Class D, 3.65%, 4/15/2025		30,000		30,871
Securitized Asset-Backed Receivables LLC TrustSeries 2004-OP2, Class M3, 4.43%, 8/25/2034 ‡ (l)		101,242		97,577
Structured Asset Investment Loan TrustSeries 2003-BC11, Class M1, 3.38%, 10/25/2033 ‡ (l)		13,940		13,968
Structured Asset Securities Corp. Mortgage Loan TrustSeries 2006-BC6, Class A4, 2.57%, 1/25/2037 (l)		87,733		86,384
Wells Fargo Home Equity Asset-Backed Securities TrustSeries 2006-3, Class A2, 2.55%, 1/25/2037 ‡ (l)		37,951		37,845

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
United States — continued
Westlake Automobile Receivables Trust
Series 2019-1A, Class C, 3.45%, 3/15/2024 (c)		70,000		71,024
Series 2019-1A, Class D, 3.67%, 3/15/2024 (c)		60,000		61,168
Series 2019-1A, Class E, 4.49%, 7/15/2024 (c)		50,000		51,062
Total Asset-Backed Securities (Cost $3,599,890)				3,700,067
Collateralized Mortgage Obligations — 4.5%
United States — 4.5%
American Home Mortgage Investment TrustSeries 2005-1, Class 6A, 4.56%, 6/25/2045 (l)		30,693		31,284
Banc of America Funding TrustSeries 2006-A, Class 1A1, 4.75%, 2/20/2036 (l)		19,287		19,253
Banc of America Mortgage TrustSeries 2005-A, Class 2A2, 4.50%, 2/25/2035 (l)		13,990		14,151
Bear Stearns ALT-A TrustSeries 2005-4, Class 23A2, 4.62%, 5/25/2035 (l)		40,708		41,456
Bear Stearns ARM Trust
Series 2004-9, Class 22A1, 4.71%, 11/25/2034 (l)		92,478		95,184
Series 2006-1, Class A1, 4.91%, 2/25/2036 (l)		17,908		18,334
Citigroup Mortgage Loan Trust, Inc.Series 2005-6, Class A1, 4.68%, 9/25/2035 (l)		47,666		48,760
COLT Mortgage Loan Trust
Series 2018-2, Class A1, 3.47%, 7/27/2048 (c) (l)		103,431		103,809
Series 2019-1, Class A1, 3.71%, 3/25/2049 (c) (l)		226,921		230,465
FHLMC Structured Agency Credit Risk Debt NotesSeries 2018-HQA1, Class M2, 4.70%, 9/25/2030 (l)		250,000		250,901
FHLMC, REMIC Series 4703, Class SA, IF, IO, 3.76%, 7/15/2047 (l)		452,909		89,632
FHLMC, STRIPS
Series 316, Class S7, IF, IO, 3.71%, 11/15/2043 (l)		466,213		76,754
Series 356, Class S5, IF, IO, 3.61%, 9/15/2047 (l)		491,330		96,068
FNMA, Connecticut Avenue Securities
Series 2017-C05, Class 1M1, 2.95%, 1/25/2030 (l)		72,596		72,562

INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE($)
United States — continued
Series 2017-C07, Class 1M1, 3.05%, 5/28/2030 (l)		101,264		101,296
FNMA, REMIC
Series 2012-75, Class DS, IF, IO, 3.55%, 7/25/2042 (l)		402,802		66,884
Series 2018-73, Class SC, IF, IO, 3.80%, 10/25/2048 (l)		445,774		78,076
GNMA
Series 2017-67, Class ST, IF, IO, 3.82%, 5/20/2047 (l)		278,417		58,311
Series 2017-112, Class S, IF, IO, 3.82%, 7/20/2047 (l)		325,980		60,584
Series 2018-36, Class SG, IF, IO, 3.82%, 3/20/2048 (l)		136,533		28,020
Series 2019-22, Class SM, IF, IO, 3.67%, 2/20/2049 (l)		392,102		76,058
Series 2019-42, Class SJ, IF, IO, 3.67%, 4/20/2049 (l)		496,603		81,919
GSR Mortgage LoanTrust Series 2005-AR3, Class 1A1, 2.84%, 5/25/2035 (l)		44,381		43,513
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (c) (l)		152,183		154,911
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (c) (l)		250,000		253,635
Impac CMB Trust
Series 2004-6, Class 1A2, 3.18%, 10/25/2034 (l)		57,561		57,102
Series 2004-7, Class 1A2, 3.32%, 11/25/2034 (l)		86,825		85,457
Series 2005-4, Class 1A1A, 2.94%, 5/25/2035 (l)		193,770		192,868
Series 2005-8, Class 1AM, 3.10%, 2/25/2036 (l)		142,985		138,485
JP Morgan Alternative Loan TrustSeries 2007-A2, Class 12A3, 2.59%, 6/25/2037 (l)		23,950		23,949
Lehman Mortgage TrustSeries 2005-3, Class 2A3, 5.50%, 1/25/2036		9,811		9,838
LHOME Mortgage TrustSeries 2019-RTL1, Class A1, 4.58%, 10/25/2023 (c) (i)		100,000		101,845
MASTR Adjustable Rate Mortgages TrustSeries 2004-13, Class 2A1, 4.84%, 4/21/2034 (l)		19,567		20,251
Merrill Lynch Mortgage Investors TrustSeries 2007-1, Class 4A3, 4.85%, 1/25/2037 (l)		10,314		10,378

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
United States — continued
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 4.76%, 7/25/2034 (l)		30,314		30,451
Series 2005-5AR, Class 1M1, 3.15%, 9/25/2035 ‡ (l)		113,950		114,031
New Residential Mortgage LoanTrust Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (c) (l)		132,146		134,595
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through CertificatesSeries 2005-5, Class 1APT, 2.68%, 12/25/2035 (l)		53,436		49,978
Residential Asset SecuritizationTrust Series 2004-A6, Class A1, 5.00%, 8/25/2019		6,434		6,416
Toorak Mortgage Corp. Ltd. Series 2019-1, Class A1, 4.46%, 3/25/2022 (c) (i)		100,000		101,532
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 4.46%, 3/25/2035 (l)		19,644		19,507
Series 2005-AR5, Class A6, 4.38%, 5/25/2035 (l)		30,541		31,252
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-W, Class A1, 4.85%, 11/25/2034 (l)		37,487		38,412
Series 2004-EE, Class 2A2, 4.96%, 12/25/2034 (l)		31,046		32,391
Series 2004-Z, Class 2A2, 4.97%, 12/25/2034 (l)		19,862		20,381
Series 2005-AR1, Class 1A1, 5.08%, 2/25/2035 (l)		15,768		16,325
Series 2005-AR3, Class 2A1, 4.90%, 3/25/2035 (l)		24,043		24,731
Series 2005-AR2, Class 2A1, 5.15%, 3/25/2035 (l)		61,066		62,554
Series 2005-AR2, Class 2A2, 5.15%, 3/25/2035 (l)		14,249		14,724
Series 2005-AR3, Class 1A1, 7.53%, 3/25/2035 (l)		31,909		33,229
Series 2005-16, Class A8, 5.75%, 12/25/2035		11,002		11,902
Series 2006-AR2, Class 2A3, 4.99%, 3/25/2036 (l)		27,046		27,650
Series 2006-AR3, Class A3, 5.22%, 3/25/2036 (l)		20,737		20,998
Total Collateralized Mortgage Obligations (Cost $3,505,492)				3,623,052

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — 3.0%
Cayman Islands — 0.3%
GPMT Ltd.Series 2018-FL1, Class AS, 3.58%, 11/21/2035 ‡ (c) (l)		250,000		249,979
United States — 2.7%
Banc of America Commercial MortgageTrust Series 2017-BNK3, Class D, 3.25%, 2/15/2050 ‡ (c)		100,000		89,704
BANKSeries 2017-BNK7, Class D, 2.71%, 9/15/2060 (c)		100,000		85,044
BBCMS MortgageTrust Series 2018-C2, Class C, 5.14%, 12/15/2051 (l)		18,750		20,211
Citigroup Commercial Mortgage Trust
Series 2016-C1, Class D, 5.12%, 5/10/2049 ‡ (c) (l)		100,000		101,298
Series 2016-P6, Class D, 3.25%, 12/10/2049 (c)		20,000		18,279
Series 2017-P7, Class D, 3.25%, 4/14/2050 (c)		50,000		44,362
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (l)		10,000		10,557
Commercial Mortgage Pass-Through CertificatesSeries 2016-CR28, Class C, 4.80%, 2/10/2049 (l)		100,000		107,706
Commercial Mortgage TrustSeries 2015-CR23, Class CME, 3.81%, 5/10/2048 ‡ (c) (l)		100,000		99,828
CSAIL Commercial Mortgage Trust
Series 2019-C15, Class C, 5.15%, 3/15/2052 ‡ (l)		100,000		108,417
Series 2019-C16, Class C, 4.24%, 6/15/2052 (l)		25,000		25,888
DBGS Mortgage TrustSeries 2018-5BP, Class B, 3.22%, 6/15/2033 ‡ (c) (l)		100,000		99,717
FHLMC, Multifamily Structured Pass-Through Certificates
Series K087, Class A2, 3.77%, 12/25/2028		50,000		55,139
Series K716, Class X3, IO, 1.85%, 8/25/2042 (l)		105,785		3,660
Series K726, Class X3, IO, 2.20%, 7/25/2044 (l)		151,020		13,658
Series K728, Class X3, IO, 2.02%, 11/25/2045 (l)		100,000		8,969
Series K071, Class X3, IO, 2.08%, 11/25/2045 (l)		700,000		99,496
FNMA ACES
Series 2019-M4, Class A2, 3.61%, 2/25/2031		160,000		173,361
Series 2016-M4, Class X2, IO, 2.67%, 1/25/2039 (l)		192,692		16,402

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — continued
United States — continued
FREMFSeries 2018-KF46, Class B, 4.38%, 3/25/2028 (c) (l)		8,998		8,898
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.78%, 5/25/2022 (c) (l)		1,508		1,539
Series 2015-KF10, Class B, 8.53%, 7/25/2022 (c) (l)		3,121		3,286
Series 2017-KF31, Class B, 5.33%, 4/25/2024 (c) (l)		6,199		6,265
Series 2017-KF32, Class B, 4.98%, 5/25/2024 (c) (l)		87,341		88,308
Series 2018-KF45, Class B, 4.38%, 3/25/2025 (c) (l)		18,437		18,092
Series 2018-KF47, Class B, 4.43%, 5/25/2025 (c) (l)		89,356		88,683
Series 2018-KF53, Class B, 4.48%, 10/25/2025 (l)		96,268		96,032
Series 2019-KF62, Class B, 4.45%, 4/25/2026 (c) (l)		25,000		24,913
Series 2018-KF43, Class B, 4.58%, 1/25/2028 (c) (l)		70,482		70,301
Series 2018-KF50, Class B, 4.30%, 7/25/2028 (c) (l)		9,812		9,739
Series 2018-K82, Class B, 4.27%, 9/25/2028 (c) (l)		50,000		52,134
Series 2019-KF63, Class B, 4.78%, 5/25/2029 (c) (l)		20,000		20,172
Series 2012-K19, Class C, 4.17%, 5/25/2045 (c) (l)		10,000		10,334
Series 2017-K67, Class C, 4.08%, 9/25/2049 (c) (l)		5,000		4,986
Series 2017-K65, Class B, 4.21%, 7/25/2050 (c) (l)		75,000		78,760
Series 2018-K75, Class B, 4.11%, 4/25/2051 (c) (l)		10,000		10,427
GNMA
Series 2012-44, IO, 0.41%, 3/16/2049 (l)		203,292		2,469
Series 2014-186, IO, 0.76%, 8/16/2054 (l)		428,498		20,006
Series 2016-71, Class QI, IO, 0.98%, 11/16/2057 (l)		309,706		22,288
Series 2017-86, IO, 0.77%, 5/16/2059 (l)		126,296		8,330
Series 2017-148, IO, 0.66%, 7/16/2059 (l)		116,751		6,868
GRACE Mortgage TrustSeries 2014-GRCE, Class F, 3.71%, 6/10/2028 ‡ (c) (l)		100,000		100,067

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
GS Mortgage Securities Trust
Series 2015-GC32, Class C, 4.56%, 7/10/2048 ‡ (l)		100,000		105,440
Series 2015-GC34, Class D, 2.98%, 10/10/2048		20,000		17,365
JP Morgan Chase Commercial Mortgage Securities TrustSeries 2015-JP1, Class E, 4.39%, 1/15/2049 (c) (l)		100,000		96,168
LB-UBS Commercial Mortgage TrustSeries 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (l)		36,712		25,345
Morgan Stanley Capital I TrustSeries 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (c) (l)		10,000		10,424
Wells Fargo Commercial Mortgage TrustSeries 2018-C48, Class C, 5.29%, 1/15/2052 ‡ (l)		20,000		21,875
				2,211,210
Total Commercial Mortgage-Backed Securities (Cost $2,419,445)				2,461,189
Loan Assignments — 0.6% (m)
United States — 0.6%
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 4.72%, 4/6/2024 (b)		2,740		2,678
Bausch Health Cos, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.41%, 6/2/2025 (b) (n)		68,653		68,610
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.15%, 1/31/2025 (b)		9,964		9,721
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.65%, 10/2/2024 (b) (n)		25,114		24,920
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%), 5.15%, 4/6/2024 (b)		20,863		20,348
Encino Acquisition Partners Holdings, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.15%, 10/29/2025 (b) (n)		11,184		10,233
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 1.75%), 5.15%, 10/4/2023 (b) (n)		50,868		50,400
iHeartCommunications, Inc., Exit Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.58%, 5/1/2026 (b)		30,386		30,414

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Loan Assignments — continued
United States — continued
JBS USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.90%, 5/1/2026 (b)		33,516		33,432
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.08%, 6/7/2023 (b)		85,000		81,144
Navistar, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.91%, 11/6/2024 (b)		21,610		21,536
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 6.83%, 11/1/2024 (b)		63,852		59,010
TransDigm Group, Inc., 1st Lien Term Loan E (ICE LIBOR USD 3 Month + 2.50%), 4.83%, 5/30/2025 (b)		4,763		4,648
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 3 Month + 2.50%), 4.83%, 6/9/2023 (b)		12,575		12,335
TransDigm Group, Inc., Term Loan G (ICE LIBOR USD 3 Month + 2.50%), 4.83%, 8/22/2024 (b)		9,526		9,320
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.66%, 4/29/2026 (b)		43,750		43,632
Total Loan Assignments (Cost $491,884)				482,381
U.S. Treasury Obligations — 0.6%
U.S. Treasury Notes 2.00%, 1/31/2020 (o) (Cost $448,549)		450,000		449,824
	SHARES
Preferred Stocks — 0.4%
United States — 0.4%
Bank of America Corp., Series GG, 6.00%, 5/16/2023 ($25 par value) (p)		1,000		26,740
Dominion Energy, Inc., Series A, 5.25%, 7/30/2076 ($25 par value)		3,000		77,400
Duke Energy Corp., Series A, 5.75%, 6/15/2024 ($25 par value) (p)		1,100		29,062
Energy Transfer Operating LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 ($25 par value) (b) (p)		1,825		45,497
Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 5/10/2023 ($25 par value)(b) (p)		1,000		25,950
Hartford Financial Services Group, Inc. (The), Series G, 6.00%, 11/15/2023 ($25 par value) (p)		275		7,296

INVESTMENTS	SHARES		VALUE($)
United States — continued
Morgan Stanley, Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value)(b) (p)		1,000		26,320
MYT Holding Co. (Preference), 10.00%, 6/7/2029 (c)		8,455		7,842
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		650		16,985
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value)(b) (p)		300		7,755
Southern Co. (The), 5.25%, 10/1/2076 ($25 par value)		800		20,800
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value)(b) (p)		1,000		26,450
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value)(p)		1,000		25,940
Total Preferred Stocks (Cost $333,895)				344,037
	PRINCIPAL AMOUNT ($)
Convertible Bonds — 0.0% (e)
United States — 0.0% (e)
Liberty Interactive LLC
4.00%, 11/15/2029		3,000		2,111
3.75%, 2/15/2030		2,000		1,375
Whiting Petroleum Corp. 1.25%, 4/1/2020		29,000		28,058
Total Convertible Bonds (Cost $31,658)				31,544
	NO. OF WARRANTS
Warrants — 0.0% (e)
United States — 0.0% (e)
iHeartMedia Capital I LLC
expiring 5/2/2039, price 1.00 USD * ‡ (Cost $19,404)		1,084		16,802
	NO. OF RIGHTS
Rights — 0.0% (e)
Spain — 0.0% (e)
ACS Actividades de Construccion y Servicios SA, expiring 7/8/2019 *		230		361
Repsol SA, expiring 7/4/2019 *		1,095		607
Total Rights (Cost $989)				968

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 5.2%
Investment Companies — 5.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.40% (k) (q)		3,705,987		3,707,469
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (k) (q)		474,690		474,880
Total Investment Companies (Cost $4,181,935)				4,182,349
Total Investments — 99.4% (Cost $77,020,772)				80,231,396
Other Assets Less Liabilities — 0.6%				449,576
NET ASSETS — 100.0%				80,680,972

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2019

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

PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Investment Companies		17.5	%
Equity Real Estate Investment Trusts (REITs)		6.6
Mortgage-Backed Securities		5.2
Banks		5.1
Asset-Backed Securities		4.6
Oil, Gas & Consumable Fuels		4.6
Collateralized Mortgage Obligations		4.5
Diversified Telecommunication Services		3.3
Commercial mortgage-backed securities		3.1
Pharmaceuticals		2.9
Media		2.6
Insurance		2.6
Health Care Providers & Services		1.9
Capital Markets		1.8
Hotels, Restaurants & Leisure		1.6
Electric Utilities		1.5
Food Products		1.3
Metals & Mining		1.3
Wireless Telecommunication Services		1.1
Semiconductors & Semiconductor Equipment		1.1
Others (each less than 1.0%)		20.6
Short-Term Investments		5.2

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
CVA	Dutch Certification
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
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, 2019. 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
OYJ	Public Limited Company

PJSC	Public Joint Stock Company
Preference	A special 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.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SCA	Limited partnership with share capital
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.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	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, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2019

(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2019.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Security is an interest bearing note with preferred security characteristics.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	Defaulted security.
(i)	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, 2019.
(j)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(k)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(l)	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, 2019.
(m)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)	All or a portion of this security is unsettled as of June 30, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(p)	The date 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, 2019.
(q)	The rate shown is the current yield as of June 30, 2019.
*	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 fundsemi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, 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 calling1-800-480-4111.

Futures contracts outstanding as of June 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		1		09/2019		EUR		39,393			206
S&P 500E-Mini Index		12		09/2019		USD		1,766,400			27,288
U.S. Treasury 10 Year Note		61		09/2019		USD		7,802,281			53,241
											80,735
Short Contracts
EURO STOXX 50 Index		(56)		09/2019		EUR		(2,206,024	)		(43,128	)
Foreign Exchange GBP/USD		(16)		09/2019		USD		(1,274,300	)		4,232
MSCI Emerging MarketsE-Mini Index		(14)		09/2019		USD		(737,660	)		(33,794	)
											(72,690	)
											8,045

Abbreviations
EUR	Euro
GBP	British Pound
MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 29

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Income Builder Portfolio
ASSETS:
Investments innon-affiliates, at value	$	61,933,311
Investments in affiliates, at value		18,298,085
Cash		653,078
Foreign currency, at value		216,492
Deposits at broker for futures contracts		15,000
Receivables:
Investment securities sold		2,052,300
Portfolio shares sold		46,108
Interest and dividends fromnon-affiliates		472,906
Dividends from affiliates		15,329
Tax reclaims		45,154
Variation margin on futures contracts		11,509
Total Assets		83,759,272
LIABILITIES:
Payables:
Investment securities purchased		2,874,818
Investment securities purchased — delayed delivery securities		15,891
Portfolio shares redeemed		682
Accrued liabilities:
Investment advisory fees		23,292
Administration fees		1,322
Distribution fees		13,348
Custodian and accounting fees		86,912
Trustees’ and Chief Compliance Officer’s fees		941
Other		61,094
Total Liabilities		3,078,300
Net Assets	$	80,680,972
NET ASSETS:
Paid-in-Capital	$	76,725,797
Total distributable earnings (loss)		3,955,175
Total Net Assets	$	80,680,972
Net Assets:
Class 1	$	13,992,966
Class 2		66,688,006
Total	$	80,680,972
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class 1		1,307,728
Class 2		6,246,227
Net Asset Value, offering and redemption price per share (a):
Class 1	$	10.70
Class 2		10.68
Cost of investments innon-affiliates	$	59,384,492
Cost of investments in affiliates		17,636,280
Cost of foreign currency		214,939

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2019

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Income Builder Portfolio
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	999,583
Interest income from affiliates		1,120
Dividend income fromnon-affiliates		481,865
Dividend income from affiliates		246,676
Foreign taxes withheld		(35,981	)
Total investment income		1,693,263
EXPENSES:
Investment advisory fees		162,821
Administration fees		27,137
Distribution fees — Class 2		75,461
Custodian and accounting fees		118,193
Interest expense to affiliates		230
Professional fees		57,871
Trustees’ and Chief Compliance Officer’s fees		13,490
Printing and mailing costs		8,334
Transfer agency fees — Class 1		81
Transfer agency fees — Class 2		1,138
Other		4,178
Total expenses		468,934
Less fees waived		(158,160	)
Less expense reimbursements		(19,237	)
Net expenses		291,537
Net investment income (loss)		1,401,726
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(127,345	)
Investments in affiliates		(33,150	)
Futures contracts		21,273
Foreign currency transactions		(3,697	)
Net realized gain (loss)		(142,919	)
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		4,590,996
Investments in affiliates		862,965
Futures contracts		(94,369	)
Foreign currency translations		4,011
Change in net unrealized appreciation/depreciation		5,363,603
Net realized/unrealized gains (losses)		5,220,684
Change in net assets resulting from operations	$	6,622,410

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 31

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Income Builder Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,401,726		$	2,383,643
Net realized gain (loss)		(142,919	)		(156,368	)
Distributions of capital gains received from investment company affiliates		—			106,866
Change in net unrealized appreciation/depreciation		5,363,603			(5,542,945	)
Change in net assets resulting from operations		6,622,410			(3,208,804	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(498,861	)		(19,883	)
Class 2		(2,194,838	)		(92,037	)
Total distributions to shareholders		(2,693,699	)		(111,920	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		10,321,385			18,853,284
NET ASSETS:
Change in net assets		14,250,096			15,532,560
Beginning of period		66,430,876			50,898,316
End of period	$	80,680,972		$	66,430,876
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,970,677		$	2,764,306
Distributions reinvested		498,861			19,883
Cost of shares redeemed		(43,878	)		(60,976	)
Change in net assets resulting from Class 1 capital transactions	$	2,425,660		$	2,723,213
Class 2
Proceeds from shares issued	$	8,669,496		$	25,105,711
Distributions reinvested		2,194,838			92,037
Cost of shares redeemed		(2,968,609	)		(9,067,677	)
Change in net assets resulting from Class 2 capital transactions	$	7,895,725		$	16,130,071
Total change in net assets resulting from capital transactions	$	10,321,385		$	18,853,284
SHARE TRANSACTIONS:
Class 1
Issued		181,416			260,078
Reinvested		47,647			1,899
Redeemed		(3,839	)		(5,832	)
Change in Class 1 Shares		225,224			256,145
Class 2
Issued		813,900			2,389,769
Reinvested		210,233			8,799
Redeemed		(280,991	)		(863,482	)
Change in Class 2 Shares		743,142			1,535,086

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	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, 2019 (Unaudited)	$	10.11	$	0.21	(h)	$	0.78		$	0.99		$	(0.37	)	$	(0.03	)	$	—		$	(0.40	)
Year Ended December 31, 2018		10.62		0.42	(h)		(0.91	)		(0.49	)		—			(0.02	)		—			(0.02	)
Year Ended December 31, 2017		9.93		0.37	(h)		0.81			1.18			(0.39	)		(0.10	)		—			(0.49	)
Year Ended December 31, 2016		9.63		0.37	(h)		0.26			0.63			(0.32	)		—			(0.01	)		(0.33	)
Year Ended December 31, 2015		9.95		0.36	(h)		(0.40	)		(0.04	)		(0.27	)		(0.01	)		—			(0.28	)
December 9, 2014 (j) through December 31, 2014		10.00		0.03			(0.05	)		(0.02	)		(0.03	)		—			—			(0.03	)
Class 2
Six Months Ended June 30, 2019 (Unaudited)		10.08		0.20	(h)		0.77			0.97			(0.34	)		(0.03	)		—			(0.37	)
Year Ended December 31, 2018		10.62		0.39	(h)		(0.91	)		(0.52	)		—			(0.02	)		—			(0.02	)
Year Ended December 31, 2017		9.92		0.35	(h)		0.81			1.16			(0.36	)		(0.10	)		—			(0.46	)
Year Ended December 31, 2016		9.63		0.35	(h)		0.25			0.60			(0.30	)		—			(0.01	)		(0.31	)
Year Ended December 31, 2015		9.95		0.33	(h)		(0.39	)		(0.06	)		(0.25	)		(0.01	)		—			(0.26	)
December 9, 2014 (j) through December 31, 2014		10.00		0.03			(0.05	)		(0.02	)		(0.03	)		—			—			(0.03	)

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

(b) Net investment income (loss) is affected by 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) Total returns do not include charges that will be imposed by variable insurance contracts or by Eligible Plans. If these charges were reflected, returns would be lower than those shown.

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

(g) Does not include expenses of Underlying Funds.

(h) Calculated based upon average shares outstanding.

(i) Certainnon-recurring expenses incurred by the Portfolio were not annualized for the periods indicated.

(j) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (c)(d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (c)
$	10.70		9.84	%	$	13,992,966		0.60	%		4.09	%		1.08	%		28	%
	10.11		(4.63	)		10,946,497		0.59			4.02			1.14			68
	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	(i)		3.56	(i)		1.44	(i)		42
	9.95		(0.17	)		99,795		0.60	(i)		4.67	(i)		7.83	(i)		1
	10.68		9.75			66,688,006		0.85			3.83			1.34			28
	10.08		(4.92	)		55,484,379		0.84			3.76			1.39			68
	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	(i)		3.30	(i)		1.71	(i)		42
	9.95		(0.18	)		19,856,239		0.85	(i)		4.42	(i)		8.08	(i)		1

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-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, thus, 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 their market value 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/or 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 inopen-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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, 2019.

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
Debt Securities
Asset-Backed Securities
United States	$	—	$	1,609,727	$	2,090,340	$	3,700,067
Collateralized Mortgage Obligations
United States		—		3,255,386		367,666		3,623,052
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		249,979		249,979
United States		—		1,438,538		772,672		2,211,210
Total Commercial Mortgage-Backed Securities		—		1,438,538		1,022,651		2,461,189
Common Stocks
Australia		11,448		623,999		—		635,447
Austria		—		76,837		—		76,837
Belgium		124,884		47,338		—		172,222
China		49,107		1,038,831		—		1,087,938
Czech Republic		—		75,951		—		75,951
Denmark		6,154		54,855		—		61,009
Finland		10,149		99,742		—		109,891
France		155,872		1,484,906		—		1,640,778
Germany		15,830		838,190		—		854,020
Hong Kong		131,675		313,805		—		445,480
Hungary		—		77,373		—		77,373
Ireland		11,760		12,454		—		24,214
Italy		—		281,485		—		281,485
Japan		9,816		871,536		—		881,352
Macau		—		55,414		—		55,414
Netherlands		32,333		248,694		—		281,027
New Zealand		—		21,296		—		21,296
Norway		—		272,245		—		272,245
Portugal		—		14,651		—		14,651
Russia		108,735		230,931		—		339,666
Singapore		—		144,577		—		144,577
South Africa		31,426		250,296		—		281,722
South Korea		68,381		229,102		—		297,483
Spain		15,871		477,556		—		493,427
Sweden		11,916		263,780		—		275,696

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Switzerland	$	—		$	865,651		$	—	$	865,651
Taiwan		445,199			352,158			—		797,357
Thailand		81,457			81,883			—		163,340
Turkey		—			30,483			—		30,483
United Arab Emirates		9,032			39,769			—		48,801
United Kingdom		165,679			1,370,619			—		1,536,298
Other Common Stocks		9,641,418			—			—		9,641,418
Total Common Stocks		11,138,142			10,846,407			—		21,984,549
Convertible Bonds		—			31,544			—		31,544
Corporate Bonds
United States		—			20,982,057			9		20,982,066
Other Corporate Bonds		—			3,695,626			—		3,695,626
Total Corporate Bonds		—			24,677,683			9		24,677,692
Investment Companies		14,115,736			—			—		14,115,736
Loan Assignments		—			482,381			—		482,381
Mortgage-Backed Securities		—			4,161,206			—		4,161,206
Preferred Stocks
United States		336,195			7,842			—		344,037
Rights		968			—			—		968
U.S. Treasury Obligations		—			449,824			—		449,824
Warrants		—			—			16,802		16,802
Short-Term Investments
Investment Companies		4,182,349			—			—		4,182,349
Total Investments in Securities	$	29,773,390		$	46,960,538		$	3,497,468	$	80,231,396
Appreciation in Other Financial Instruments
Futures Contracts	$	84,761		$	206		$	—	$	84,967
Depreciation in Other Financial Instruments
Futures Contracts	$	(33,794	)	$	(43,128	)	$	—	$	(76,922	)

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, 2018		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, 2019
Investments in Securities
Asset-Backed Securities — United States	$	1,973,287	$	523		$	7,554		$	1,932		$	395,428	$	(288,384	)	$	—	$	—	$	2,090,340
Collateralized Mortgage Obligations — United States		—		—			3,816			—	(a)		363,850		—			—		—		367,666
Commercial Mortgage-Backed Securities — Cayman Islands		249,642		—			337			—			—		—			—		—		249,979
Commercial Mortgage-Backed Securities — United States		143,604		585			25,529			148			387,146		(11,274	)		226,934		—		772,672
Corporate Bonds — United States		73,899		(54,414	)		45,887			22			—		(65,385	)		—		—		9
Warrants		—		—			(2,602	)		—			19,404		—			—		—		16,802
Total	$	2,440,432	$	(53,306	)	$	80,521		$	2,102		$	1,165,828	$	(365,043	)	$	226,934	$	—	$	3,497,468

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.

38 JPMORGAN INSURANCE TRUST JUNE 30, 2019

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2019, which were valued using significant unobservable inputs (level 3) amounted to $38,445. This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

There were no significant transfers into and out of level 3 for the six months ended June 30, 2019.

Quantitative Information about Level 3 Fair Value Measurements#

	Fair Value at June 30, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	2,090,340	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (6.51%)
				Constant Default Rate		0.00% - 4.83% (2.58%)
				Yield (Discount Rate of Cash Flows)		2.43% - 6.43% (3.53%)
Asset-Backed Securities		2,090,340
		772,672	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.83% - 49.13% (5.40%)
Commercial Mortgage-Backed Securities		772,672
		367,666	Discounted Cash Flow	Constant Prepayment Rate		13.00% - 20.00% (17.83%)
				Constant Default Rate		0.00% - 4.43% (1.37%)
				Yield (Discount Rate of Cash Flows)		2.87% - 3.60% (3.38%)
Collateralized Mortgage Obligations		367,666
		9	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Corporate Bonds		9
Total	$	3,230,687

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At June 30, 2019, the value of these investments was $266,781. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

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

B. Securities Lending — Effective October 5, 2018, the Portfolio became authorized to engage in securities lending in order to generate additional income. The Portfolio is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Portfolio, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Portfolio retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e. a net payment from the borrower to the Portfolio). Upon termination of a loan, the Portfolio is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Portfolio or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certainde minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed on the SOI.

The Portfolio bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

The Portfolio did not lend out any securities during the six months ended June 30, 2019.

C. 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, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)	$	1,341,645	$	869,805	$	—	$	—		$	149,058	$	2,360,508		287,516	$	32,464	$	—
JPMorgan Equity Income Fund Class R6 Shares (a)		4,032,209		398,603		—		—			597,596		5,028,408		277,200		49,030		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,616,859		463,474		1,549,591		(35,265	)		93,871		1,589,348		173,889		73,654		—
JPMorgan Managed Income Fund Class L Shares (a)		7,805,932		1,615,599		4,308,282		2,197			22,026		5,137,472		511,191		65,595		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.40% (a) (b)		—		9,796,898		6,089,713		(82	)		366		3,707,469		3,705,987		14,938		—
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b)		—		951,262		476,430		—			48		474,880		474,690		1,634		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		1,416,737		5,249,653		6,666,390		—			—		—		—		9,361		—
Total	$	17,213,382	$	19,345,294	$	19,090,406	$	(33,150	)	$	862,965	$	18,298,085			$	246,676	$	—

(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, 2019.

D. 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 materialnon-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.

E. 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

40 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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, 2019, which are shown as a Payable for investment securities purchased – delayed delivery securities on the Statement of Assets and Liabilities.

F. 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 on the SOI, while cash deposited, which is considered restricted, 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, 2019:

Futures Contracts — Equity:
Average Notional Balance Long	$	838,740
Average Notional Balance Short		2,869,367
Ending Notional Balance Long		1,805,793
Ending Notional Balance Short		2,943,684
Futures Contracts — Foreign Exchange:
Average Notional Balance Short		1,296,486
Ending Notional Balance Short		1,274,300
Futures Contracts — Interest Rate:
Average Notional Balance Long		10,801,652
Ending Notional Balance Long		7,802,281

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).

G. Summary of Derivatives Information — The following table presents the value of derivatives held as of June 30, 2019, 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)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	27,494
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		4,232
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		53,241
Total		$	84,967
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(76,922	)

(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.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

The following tables present the effect of derivatives on the Statement of Operations for the six months ended June 30, 2019, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(412,610	)
Foreign exchange contracts		(2,965	)
Interest rate contracts		436,848
Total	$	21,273
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	11,706
Foreign exchange contracts		18,869
Interest rate contracts		(124,944	)
Total	$	(94,369	)

The Portfolio’s derivatives contracts held at June 30, 2019 are not accounted for as hedging instruments under GAAP.

H. 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.

I. 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 theex-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 fromnon-affiliates on the Statement of Operations.

J. 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.

K. 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, 2019, no liability for Federal 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.

42 JPMORGAN INSURANCE TRUST JUNE 30, 2019

L. 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. When a capital gain tax is determined to apply, the Portfolio records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

M. 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 Federaltax-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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the six months ended June 30, 2019, 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’ssub-administrator (the“Sub-administrator”). For its services asSub-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 Rule12b-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, plusout-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.

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, expenses related to trustee elections 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, 2019 and is in place until at least April 30, 2020.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

For the six months ended June 30, 2019, 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								Voluntary Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements		Investment Advisory Fees
$	130,838	$	25,815	$	156,653	$	19,237	$	—

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, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2019 was $1,507.

The Underlying Funds may impose separate advisory fee. The Portfolio’s Adviser has agreed to waive the Portfolio’s Investment Advisory fees in the weighted averagepro-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 designated and appointed a Chief Compliance Officer to the Portfolio pursuant to Rule38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on apro-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, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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, 2019, 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
$	26,573,880	$	19,787,773	$	447,409	$	194,916

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, 2019 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	77,020,772	$	4,252,159	$	1,033,490	$	3,218,669

At December 31, 2018, 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

44 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2019.

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 13, 2019 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, 2019.

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 brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of June 30, 2019, the Portfolio had four individual shareholder and/ornon-affiliated omnibus accounts, which owned 76.4% of the Portfolio’s outstanding shares.

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

The Portfolio is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Portfolio is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Portfolio could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Portfolio invests in floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Portfolio may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. 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.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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 Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issuedAccounting Standards Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortizationon Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Portfolio has adopted and applied ASU2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU2017-08, as of January 1, 2019, the amortized cost basis of investments was reduced by $37,368 and unrealized appreciation of investments was increased by $37,368. The adoption of ASU2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, the FASB issuedASU2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the resultof a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements,to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

9. Subsequent Event

Effective September 1, 2019, the Investment Advisory annual rate for the Portfolio will change from 0.45% to 0.42%.

46 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.

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, 2019		Ending Account Value June 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Income Builder Portfolio
Class 1
Actual	$	1,000.00	$	1,098.40	$	3.12		0.60	%
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class 2
Actual		1,000.00		1,097.50		4.42		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85

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

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 47

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-PORT. Prior to March 31, 2019, the Portfolio filed 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 Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. June 2019. SAN-JPMITIBP-619

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2019 (Unaudited)

JPMorgan Insurance Trust Global Allocation Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
   

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	22
Financial Highlights	26
Notes to Financial Statements	28
Schedule of Shareholder Expenses	41

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 at1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

July 31, 2019 (Unaudited)

Dear Shareholders,

While the global economy slowed during the first half of 2019, financial markets rallied amid investor expectations that leading central banks would take action if global economic conditions continued to deteriorate. Even as growth slowed, the U.S. economic expansion become the longest on record by the end of the reporting period.

  “U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019.” — Andrea L. Lisher

The U.S. economy generally outperformed other developed nations throughout the reporting period, even as U.S. gross domestic product (GDP) growth slowed to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. U.S. unemployment remained below 4% for all but one month of the reporting period and consumer sentiment remained relatively buoyant. U.S. equity prices rebounded from a sharp sell-off in December 2018 and pushed leading equity indexes to record highs in April and again in June 2019. For the six month reporting period, the S&P 500 Index returned 18.54%.

In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a slight decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019 and manufacturing data weakened. However, the 7.5% euro area jobless rate for June 2019 was the lowest since the 2008-09 financial crisis.

In response to the slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth hit 1.8% in the first quarter of 2019. Political uncertainty surrounding

negotiations for the U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the six month reporting period, the MSCI EAFE Index returned 14.49%.

Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well as certain of its trading partners across Asia. During the first half of 2019, emerging markets equity and bonds generally benefitted from global investor appetite for higher yielding assets. The MSCI Emerging Markets Index returned 10.76% and the Bloomberg Barclays Emerging Markets Bond Index returned 9.39% for the reporting period.

Subsequent to the end of the reporting period, the U.S. Federal Reserve (the “Fed”) cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.

Given this backdrop, we believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,

Andrea L. Lisher

Head of Americas, J.P. Morgan Global Funds

J.P. Morgan Asset Management

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		10.48%
MSCI World Index (net of foreign withholding taxes)		16.98%
Global Allocation Composite Benchmark		12.71%
Net Assets as of 6/30/2019	$	88,001,126

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Overall, global equity and bond markets provided positive returns for the reporting period amid low interest rates, relatively strong corporate earnings and continued economic growth, particularly in the U.S.

Among U.S. and other developed markets, equity assets generally outperformed fixed income assets, supported by investor optimism for continued growth. Within U.S. equity, growth stocks largely outperformed value stocks and large cap and mid caps outperformed small cap stocks. Within the U.S. fixed-income sector, high yield bonds (also known as junk bonds) outperformed both corporate debt and U.S. Treasury bonds.

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, 2019.

Amid strong returns for U.S. and global equity, the Fund’s allocation to fixed income securities detracted from performance relative to the Benchmark, which is anall-equity index. The Portfolio’s allocation to U.S. equity and international developed market equity helped performance relative to the Benchmark.

Relative to the Composite, the Portfolio’s balanced allocation to value and growth stocks in the U.S. and its allocation to U.S. high yield bonds helped performance. Amid positive returns for equity securities, the Portfolio’s short positions in equity securities detracted from relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to maximize total return while managing risk. The portfolio managers decreased their overall allocation to equity, by increasing their position in U.S. equity and reducing their allocations to international developed market and emerging markets equity. The managers also increased their allocation to credit, specifically adding to U.S. high yield andnon-agency securitized credit. The portfolio managers also removed the Portfolio’s allocations to agency mortgages and floating rate fixed income.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2019

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	JPMorgan High Yield Fund, Class R6 Shares	12.6	%
	2.	JPMorgan Emerging Markets Equity Fund, Class R6 Shares	5.0
	3.	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares	2.1
	4.	U.S. Treasury Notes, 2.00%, 1/31/2020	1.5
	5.	JPMorgan Managed Income Fund, Class L Shares	1.0
	6.	Microsoft Corp.	0.9
	7.	Nestle SA (Registered) (Switzerland)	0.7
	8.	Amazon.com, Inc.	0.6
	9.	S&P 500 Index 9/20/2019	0.6
	10.	Exeter Automobile Receivables Trust, Series 2019-2A, Class E, 4.68%, 5/15/2026	0.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Align Technology, Inc.	8.4	%
	2.	JB Hunt Transport Services, Inc.	8.4
	3.	Clorox Co. (The)	8.4
	4.	Parker-Hannifin Corp.	7.4
	5.	Advance Auto Parts, Inc.	7.2
	6.	MGM Resorts International	7.2
	7.	Wabtec Corp.	5.3
	8.	PPG Industries, Inc.	5.2
	9.	Acuity Brands, Inc.	5.0
	10.	Emerson Electric Co.	5.0

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	43.0	%
Investment Companies	20.8
Foreign Government Securities	7.3
Asset-Backed Securities	4.5
Collateralized Mortgage Obligations	2.8
Commercial Mortgage-Backed Securities	2.7
U.S. Treasury Obligations	1.8
Corporate Bonds	1.3
Others (each less than 1.0%)	0.7
Short-Term Investments	15.1

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

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

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

*** Percentages indicated are based on total long investments as of June 30, 2019. The Portfolio’s composition is subject to change.

**** Percentages indicated are based on total short investments as of June 30, 2019. The Portfolio’s composition is subject to change.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS 1 SHARES	December 9, 2014		10.58	%		5.08	%		5.47	%
CLASS 2 SHARES	December 9, 2014		10.48			4.83			5.20

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE(12/9/14 TO 6/30/19)

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. Forup-to-datemonth-end performance information please call1-800-480-4111.

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 — Unhedged USD, the Global Allocation Composite Benchmark and the Lipper Variable Underlying Funds Flexible Funds Index from December 9, 2014 to June 30, 2019. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World Index (net of foreign withholding taxes), Bloomberg Barclays Global Aggregate Index — Unhedged USD, and Global Allocation Composite Benchmark do not reflect the deduction of expenses associated with a mutual fund and have 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 Global 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.

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, 2019

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — 99.1%
Common Stocks — 42.6%
Australia — 0.9%
Australia & New Zealand Banking Group Ltd.		7,083		140,593
BHP Group Ltd.		5,337		155,139
BHP Group plc		3,892		99,536
Commonwealth Bank of Australia		435		25,312
CSL Ltd.		316		47,850
Dexus, REIT		7,095		64,725
Goodman Group, REIT		6,555		69,285
Macquarie Group Ltd.		97		8,556
National Australia Bank Ltd.		509		9,561
Rio Tinto Ltd.		1,443		105,664
Rio Tinto plc		449		27,790
Westpac Banking Corp.		799		15,924
				769,935
Austria — 0.2%
Erste Group Bank AG		4,481		166,174
Belgium — 0.2%
Anheuser-Busch InBev SA/NV		1,783		157,778
Brazil — 0.1%
Itau Unibanco Holding SA (Preference)		6,303		59,436
Canada — 0.5%
Alimentation Couche-Tard, Inc., Class B		1,641		103,268
Canadian National Railway Co.		1,093		101,158
Canadian Pacific Railway Ltd.		381		89,735
Canadian Pacific Railway Ltd.		195		45,872
Fairfax Financial Holdings Ltd.		102		49,951
Toronto-Dominion Bank (The)		1,517		88,642
				478,626
China — 0.5%
Alibaba Group Holding Ltd., ADR *		677		114,717
Ping An Insurance Group Co. of China Ltd., Class H		13,500		162,336
Tencent Holdings Ltd.		3,300		149,290
				426,343
Denmark — 0.3%
Chr Hansen Holding A/S		472		44,417
Novo Nordisk A/S, Class B		5,063		258,604
				303,021
Finland — 0.2%
Cargotec OYJ, Class B		827		31,424
Nokia OYJ		5,136		25,581

INVESTMENTS	SHARES		VALUE($)
Finland — continued
Outokumpu OYJ		12,467		42,624
Wartsila OYJ Abp		5,695		82,691
				182,320
France — 2.3%
Air Liquide SA		1,312		183,507
Airbus SE		1,415		200,253
Alstom SA		1,836		85,100
AXA SA		1,457		38,263
BNP Paribas SA		2,683		127,188
Capgemini SE		593		73,730
LVMH Moet Hennessy Louis Vuitton SE		274		116,484
Natixis SA		12,524		50,429
Orange SA		4,197		66,200
Pernod Ricard SA		773		142,368
Renault SA		1,489		93,614
Safran SA		378		55,298
Sanofi		1,883		162,733
Schneider Electric SE		2,576		233,084
Sodexo SA		490		57,278
Thales SA		566		69,914
TOTAL SA		3,624		203,284
Unibail-Rodamco-Westfield, REIT		221		33,109
Vinci SA		257		26,246
				2,018,082
Germany — 1.7%
adidas AG		209		64,658
Allianz SE (Registered)		91		21,947
BASF SE		347		25,244
Bayer AG (Registered)		902		62,563
Brenntag AG		1,547		75,907
Continental AG		554		80,673
Daimler AG (Registered)		2,070		115,448
Delivery Hero SE * (a)		1,461		66,318
Deutsche Bank AG (Registered)		1,388		10,703
Deutsche Boerse AG		1,045		147,523
Deutsche Post AG (Registered)		2,558		84,150
Deutsche Telekom AG (Registered)		6,365		110,271
Henkel AG & Co. KGaA (Preference)		765		74,832
Infineon Technologies AG		3,458		61,448
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		338		84,722
RWE AG		2,654		65,489
SAP SE		2,544		348,762
Siemens AG (Registered)		296		35,240
				1,535,898

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Hong Kong — 0.8%
AIA Group Ltd.		34,000		367,163
CK Asset Holdings Ltd.		17,552		137,504
CK Hutchison Holdings Ltd.		7,052		69,559
Hong Kong Exchanges & Clearing Ltd.		3,500		123,690
				697,916
India — 0.2%
HDFC Bank Ltd., ADR		1,447		188,168
Indonesia — 0.1%
Bank Central Asia Tbk. PT		41,000		87,005
Ireland — 0.1%
CRH plc		670		21,901
Ryanair Holdings plc, ADR *		1,009		64,717
				86,618
Israel — 0.0% (b)
Teva Pharmaceutical Industries Ltd., ADR *		1,252		11,556
Italy — 0.3%
Assicurazioni Generali SpA		3,044		57,311
Enel SpA		25,256		176,180
FinecoBank Banca Fineco SpA		5,289		59,001
UniCredit SpA		592		7,287
				299,779
Japan — 3.9%
Asahi Group Holdings Ltd.		2,500		112,547
Bridgestone Corp.		2,400		94,677
Central Japan Railway Co.		300		60,152
Daicel Corp.		7,000		62,384
Daikin Industries Ltd.		1,000		130,939
DMG Mori Co. Ltd.		4,900		78,936
Electric Power Development Co. Ltd.		800		18,205
Hitachi Ltd.		1,100		40,472
Honda Motor Co. Ltd.		4,400		113,779
Japan Airlines Co. Ltd.		1,500		47,874
Japan Tobacco, Inc.		3,000		66,131
Kao Corp.		1,700		129,717
Keyence Corp.		200		123,345
Komatsu Ltd.		2,800		67,978
Mabuchi Motor Co. Ltd.		2,300		78,908
Marui Group Co. Ltd.		3,300		67,297
Mitsubishi Corp.		3,000		79,276
Mitsubishi UFJ Financial Group, Inc.		22,200		105,738
Mitsui Fudosan Co. Ltd.		3,100		75,343

INVESTMENTS	SHARES		VALUE($)
Japan — continued
NGK Spark Plug Co. Ltd.		2,800		52,677
Nintendo Co. Ltd.		400		146,760
Nippon Telegraph & Telephone Corp.		2,500		116,474
Nomura Research Institute Ltd.		2,700		43,419
Olympus Corp.		1,700		18,919
Otsuka Corp.		1,900		76,621
Otsuka Holdings Co. Ltd.		2,600		84,960
Panasonic Corp.		6,900		57,637
Persol Holdings Co. Ltd.		2,200		51,867
Renesas Electronics Corp. *		6,600		32,833
Ryohin Keikaku Co. Ltd.		200		36,237
Seven & i Holdings Co. Ltd.		2,800		94,868
Shin-Etsu Chemical Co. Ltd.		1,000		93,562
Shiseido Co. Ltd.		700		52,946
SMC Corp.		200		74,975
Sony Corp.		2,300		120,865
Sumitomo Electric Industries Ltd.		2,900		38,172
Sumitomo Mitsui Financial Group, Inc.		3,000		106,337
T&D Holdings, Inc.		6,400		69,655
Tokio Marine Holdings, Inc.		2,000		100,351
Tokyo Gas Co. Ltd.		1,000		23,572
Tokyu Corp.		5,500		97,651
Toray Industries, Inc.		7,500		56,981
Toyota Motor Corp.		3,200		198,604
West Japan Railway Co.		500		40,468
Yamato Holdings Co. Ltd.		1,100		22,422
				3,463,531
Luxembourg — 0.1%
ArcelorMittal		2,827		50,569
Netherlands — 0.8%
Akzo Nobel NV		983		92,373
ASML Holding NV		1,131		235,350
Heineken NV		367		40,903
ING Groep NV		7,520		87,110
Koninklijke Philips NV		783		34,042
Royal Dutch Shell plc, Class A		3,398		110,902
Royal Dutch Shell plc, Class B		4,597		150,628
				751,308
Singapore — 0.1%
DBS Group Holdings Ltd.		5,700		109,498
United Overseas Bank Ltd.		600		11,599
				121,097

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Spain — 0.5%
Banco Santander SA		12,062		55,903
Bankia SA		19,855		46,897
Iberdrola SA		16,119		160,484
Industria de Diseno Textil SA		4,062		122,215
Telefonica SA		3,125		25,698
				411,197
Sweden — 0.3%
Lundin Petroleum AB		2,630		81,942
Svenska Handelsbanken AB, Class A		15,176		149,767
				231,709
Switzerland — 1.9%
Alcon, Inc. *		845		52,178
Cie Financiere Richemont SA (Registered)		1,535		130,439
Credit Suisse Group AG (Registered) *		4,253		50,905
LafargeHolcim Ltd. (Registered) *		2,043		99,896
Nestle SA (Registered)		5,654		585,315
Novartis AG (Registered)		3,581		326,916
Roche Holding AG		940		264,317
Swiss Re AG		982		99,788
Zurich Insurance Group AG		91		31,663
				1,641,417
Taiwan — 0.1%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,334		91,423
United Kingdom — 3.1%
3i Group plc		8,017		113,424
AstraZeneca plc		484		39,568
Aviva plc		12,069		63,924
Barratt Developments plc		6,859		49,913
BP plc		24,897		173,452
British American Tobacco plc		4,071		142,143
Burberry Group plc		5,934		140,649
Diageo plc		2,832		121,890
Dixons Carphone plc		20,540		28,550
GlaxoSmithKline plc		12,286		246,271
HSBC Holdings plc		13,733		114,619
InterContinental Hotels Group plc		2,080		136,801
ITV plc		37,653		51,639
Legal & General Group plc		27,510		94,250
Linde plc		482		96,813
Lloyds Banking Group plc		63,699		45,750

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
London Stock Exchange Group plc		1,024		71,357
Prudential plc		7,653		167,072
RELX plc		3,308		80,014
Smith & Nephew plc		4,569		99,214
SSE plc		4,535		64,639
Standard Chartered plc		11,237		101,940
Taylor Wimpey plc		23,245		46,645
Unilever NV, CVA		4,616		280,460
Vodafone Group plc		62,098		101,782
Whitbread plc		483		28,419
				2,701,198
United States — 23.4%
Acadia Healthcare Co., Inc. *		1,030		35,998
Advanced Micro Devices, Inc. *		2,052		62,319
AdvanSix, Inc. *		858		20,961
Alleghany Corp. *		61		41,548
Allergan plc		583		97,612
Alphabet, Inc., Class A *		62		67,134
Alphabet, Inc., Class C * (c)		317		342,648
Altice USA, Inc., Class A *		6,635		161,562
Amazon.com, Inc. * (c)		295		558,621
American Electric Power Co., Inc.		1,625		143,016
American Express Co.		3,015		372,172
American Homes 4 Rent, Class A, REIT		2,311		56,180
American International Group, Inc.		2,314		123,290
AmerisourceBergen Corp.		626		53,373
AMETEK, Inc.		425		38,607
Amphenol Corp., Class A		569		54,590
Analog Devices, Inc.		764		86,233
Anthem, Inc.		224		63,215
Apple, Inc. (c)		1,685		333,495
Applied Materials, Inc.		1,182		53,084
Arista Networks, Inc. *		180		46,732
Arrow Electronics, Inc. *		1,293		92,152
Autodesk, Inc. *		222		36,164
AutoZone, Inc. *		141		155,025
Avery Dennison Corp.		622		71,953
Ball Corp.		3,100		216,969
Bank of America Corp.		12,240		354,960
Berkshire Hathaway, Inc., Class B *		1,121		238,964
Best Buy Co., Inc.		786		54,808
BlackRock, Inc.		119		55,847
Boeing Co. (The)		211		76,806
Booz Allen Hamilton Holding Corp.		437		28,934

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
Brinker International, Inc.		1,107		43,560
Brixmor Property Group, Inc., REIT		4,298		76,848
Capital One Financial Corp.		2,540		230,480
Carlisle Cos., Inc. (c)		382		53,637
Catalent, Inc. *		1,044		56,595
CBRE Group, Inc., Class A *		3,441		176,523
CBS Corp.(Non-Voting), Class B		1,166		58,183
Charles Schwab Corp. (The)		3,554		142,835
Charter Communications, Inc., Class A *		377		148,983
Chevron Corp.		1,602		199,353
Chubb Ltd.		563		82,924
Cigna Corp.		489		77,042
Cisco Systems, Inc.		2,377		130,093
Citigroup, Inc.		1,913		133,967
Citizens Financial Group, Inc.		3,134		110,818
Clorox Co. (The)		198		30,316
Columbia Sportswear Co.		463		46,374
Comcast Corp., Class A		5,505		232,751
CommScope Holding Co., Inc. *		2,862		45,019
Concho Resources, Inc.		468		48,288
ConocoPhillips		2,157		131,577
Copart, Inc. *		1,090		81,467
Corning, Inc.		1,611		53,534
Coty, Inc., Class A		2,664		35,698
Delta Air Lines, Inc.		3,001		170,307
DexCom, Inc. *		378		56,640
Diamondback Energy, Inc.		614		66,908
DISH Network Corp., Class A *		2,182		83,811
DocuSign, Inc. *		596		29,627
Dover Corp.		814		81,563
Duke Energy Corp.		658		58,062
East West Bancorp, Inc.		1,281		59,912
EastGroup Properties, Inc., REIT		415		48,132
Edison International		544		36,671
Energizer Holdings, Inc.		1,527		59,003
Entercom Communications Corp., Class A (c)		7,586		43,999
EOG Resources, Inc.		534		49,747
EQT Corp.		1,807		28,569
Equitrans Midstream Corp.		1,563		30,807
Eversource Energy		824		62,426
Exact Sciences Corp. *		712		84,044
Exelixis, Inc. *		2,042		43,638
Expedia Group, Inc.		826		109,883

INVESTMENTS	SHARES		VALUE($)
United States — continued
Exxon Mobil Corp. (c)		1,121		85,902
Facebook, Inc., Class A *		306		59,058
Fair Isaac Corp. *		158		49,615
Federal Realty Investment Trust, REIT		463		59,616
Ferguson plc		2,441		173,775
Fidelity National Information Services, Inc.		434		53,243
Fifth Third Bancorp		1,920		53,568
First Data Corp., Class A *		9,449		255,784
First Republic Bank		1,136		110,930
Fiserv, Inc. *		1,188		108,298
Fortune Brands Home & Security, Inc.		1,092		62,386
Genuine Parts Co.		379		39,257
Global Payments, Inc.		761		121,859
GoDaddy, Inc., Class A *		712		49,947
Graphic Packaging Holding Co.		4,793		67,006
Hartford Financial Services Group, Inc. (The)		1,477		82,298
HCA Healthcare, Inc.		317		42,849
Hewlett Packard Enterprise Co.		1,510		22,575
Hilton Worldwide Holdings, Inc.		1,971		192,646
Home Depot, Inc. (The)		905		188,213
Honeywell International, Inc.		742		129,546
IHS Markit Ltd. *		897		57,157
Illinois Tool Works, Inc.		624		94,105
Illumina, Inc. *		218		80,257
Intercept Pharmaceuticals, Inc. *		144		11,458
Intuit, Inc.		400		104,532
Intuitive Surgical, Inc. *		131		68,716
Invesco Ltd.		2,166		44,316
Jazz Pharmaceuticals plc *		387		55,171
Johnson & Johnson		1,044		145,408
Keurig Dr Pepper, Inc.		1,565		45,229
Keysight Technologies, Inc. *		624		56,041
Kimco Realty Corp., REIT		3,647		67,397
Kinder Morgan, Inc.		5,573		116,364
Kohl’s Corp.		1,455		69,185
Kroger Co. (The)		1,223		26,551
Lennox International, Inc.		228		62,700
Loews Corp. (c)		3,830		209,386
Lowe’s Cos., Inc.		883		89,104
Lululemon Athletica, Inc. *		394		71,003
Lyft, Inc., Class A *		563		36,995
M&T Bank Corp.		962		163,607
Marathon Petroleum Corp.		1,595		89,129

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
Marsh & McLennan Cos., Inc.		885		88,279
Martin Marietta Materials, Inc.		667		153,483
Mastercard, Inc., Class A (c)		1,029		272,201
Medtronic plc		764		74,406
Merck & Co., Inc.		2,085		174,827
Microchip Technology, Inc.		329		28,524
Microsoft Corp. (c)		5,803		777,370
Mid-America Apartment Communities, Inc., REIT		966		113,756
Middleby Corp. (The) *		260		35,282
Molson Coors Brewing Co., Class B		612		34,272
Morgan Stanley		2,908		127,399
Murphy USA, Inc. *		513		43,107
Nasdaq, Inc.		586		56,356
Netflix, Inc. *		365		134,072
New York Times Co. (The), Class A		1,070		34,903
Nexstar Media Group, Inc., Class A		686		69,286
NextEra Energy, Inc.		1,414		289,672
NiSource, Inc.		1,322		38,074
Nordson Corp.		271		38,295
Nordstrom, Inc.		2,335		74,393
Northern Trust Corp.		705		63,450
Norwegian Cruise Line Holdings Ltd. *		796		42,689
NVIDIA Corp.		387		63,557
Occidental Petroleum Corp.		726		36,503
Old Dominion Freight Line, Inc.		305		45,524
O’Reilly Automotive, Inc. *		192		70,909
Oshkosh Corp.		478		39,908
Outfront Media, Inc., REIT		2,899		74,765
Packaging Corp. of America		748		71,299
Palo Alto Networks, Inc. *		281		57,257
Parker-Hannifin Corp.		319		54,233
PayPal Holdings, Inc. *		1,821		208,432
PBF Energy, Inc., Class A		1,268		39,688
Pfizer, Inc.		6,658		288,425
Phillips 66		763		71,371
PNC Financial Services Group, Inc. (The)		1,521		208,803
Post Holdings, Inc. *		809		84,112
Procter & Gamble Co. (The)		1,228		134,650
Progressive Corp. (The)		1,032		82,488
Prudential Financial, Inc.		358		36,158
Public Storage, REIT		453		107,891
QUALCOMM, Inc.		1,246		94,783
Rayonier, Inc., REIT		2,022		61,267

INVESTMENTS	SHARES		VALUE($)
United States — continued
Ross Stores, Inc.		1,328		131,631
S&P Global, Inc.		417		94,988
Sage Therapeutics, Inc. *		156		28,562
salesforce.com, Inc. *		796		120,777
ServiceNow, Inc. *		337		92,530
Slack Technologies, Inc., Class A *		626		23,475
Southwest Airlines Co.		655		33,261
Splunk, Inc. *		460		57,845
Spotify Technology SA *		457		66,823
Stanley Black & Decker, Inc.		529		76,499
SunTrust Banks, Inc.		2,020		126,957
Synopsys, Inc. *		439		56,495
T. Rowe Price Group, Inc.		1,242		136,260
Take-Two Interactive Software, Inc. *		847		96,160
TD Ameritrade Holding Corp.		838		41,833
Teladoc Health, Inc. *		1,137		75,508
Tesla, Inc. *		82		18,324
Texas Instruments, Inc.		1,231		141,270
TherapeuticsMD, Inc. *		4,086		10,624
Thermo Fisher Scientific, Inc.		352		103,375
Tiffany & Co.		690		64,612
Tractor Supply Co.		750		81,600
Travelers Cos., Inc. (The)		974		145,632
Union Pacific Corp.		468		79,143
United Technologies Corp.		752		97,910
UnitedHealth Group, Inc. (c)		1,456		355,279
US Bancorp		2,049		107,368
Veeva Systems, Inc., Class A *		391		63,385
Verizon Communications, Inc.		2,765		157,964
Vertex Pharmaceuticals, Inc. *		283		51,897
Visa, Inc., Class A		1,526		264,837
Vulcan Materials Co.		441		60,554
Walgreens Boots Alliance, Inc.		1,495		81,732
Waste Connections, Inc.		1,804		172,426
Wayfair, Inc., Class A *		263		38,398
Wells Fargo & Co.		4,782		226,284
Westrock Co.		1,808		65,938
Weyerhaeuser Co., REIT		1,324		34,874
Whirlpool Corp.		573		81,572
Williams Cos., Inc. (The)		3,534		99,093
Willis Towers Watson plc		370		70,870
Worldpay, Inc., Class A *		434		53,187
WW Grainger, Inc.		118		31,651
Xcel Energy, Inc.		2,440		145,156

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
Xilinx, Inc.		544		64,148
Zebra Technologies Corp., Class A *		336		70,389
				20,592,983
Total Common Stocks (Cost $31,444,081)				37,525,087
Investment Companies — 20.6%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (d)		143,454		4,342,367
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (d)		226,321		1,858,099
JPMorgan High Yield Fund Class R6 Shares (d)		1,525,779		11,031,379
JPMorgan Managed Income Fund Class L Shares (d)		88,748		891,915
Total Investment Companies (Cost $16,927,385)				18,123,760
	PRINCIPAL AMOUNT($)
Foreign Government Securities — 7.2%
Australia — 0.2%
Australia Government Bond
2.00%, 12/21/2021 (a)	AUD	10,000		7,196
3.25%, 4/21/2025 (a)	AUD	53,000		41,690
2.25%, 5/21/2028 (a)	AUD	86,000		65,141
2.50%, 9/20/2030 (a)	AUD	34,000		36,771
3.75%, 4/21/2037 (a)	AUD	17,000		15,798
3.00%, 3/21/2047 (a)	AUD	12,000		10,350
				176,946
Belgium — 0.2%
Belgium Government Bond
0.50%, 10/22/2024 (a)	EUR	32,000		38,144
0.80%, 6/22/2027 (a)	EUR	38,000		46,451
3.00%, 6/22/2034 (a)	EUR	27,000		42,225
1.90%, 6/22/2038 (a)	EUR	26,000		36,109
1.60%, 6/22/2047 (a)	EUR	9,000		11,898
2.15%, 6/22/2066 (a)	EUR	4,000		5,955
				180,782
Canada — 0.1%
Canada Government Bond
1.00%, 6/1/2027	CAD	24,000		17,718
5.00%, 6/1/2037	CAD	10,000		11,593
3.50%, 12/1/2045	CAD	13,000		13,768
2.75%, 12/1/2048	CAD	9,000		8,567
2.75%, 12/1/2064	CAD	3,000		3,095
				54,741

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
China — 0.3%
China Development Bank
0.88%, 1/24/2024 (a)	EUR	100,000		116,780
Export-Import Bank of China (The) 0.75%, 5/28/2023 (a)	EUR	100,000		115,984
				232,764
Cyprus — 0.1%
Republic of Cyprus 3.75%, 7/26/2023 (a)	EUR	53,000		69,042
Denmark — 0.1%
Denmark Government Bond
3.00%, 11/15/2021	DKK	42,000		6,972
1.50%, 11/15/2023	DKK	36,000		6,014
0.50%, 11/15/2027	DKK	75,000		12,334
4.50%, 11/15/2039	DKK	65,000		18,912
				44,232
France — 0.7%
Republic of France
0.00%, 5/25/2022 (a)	EUR	42,000		48,705
1.75%, 5/25/2023 (a)	EUR	15,000		18,655
1.75%, 11/25/2024 (a)	EUR	160,000		203,962
0.75%, 11/25/2028 (a)	EUR	56,000		68,550
1.50%, 5/25/2031 (a)	EUR	17,000		22,392
1.25%, 5/25/2034 (a)	EUR	25,030		32,129
4.75%, 4/25/2035 (a)	EUR	23,500		44,823
1.75%, 6/25/2039 (a)	EUR	31,000		42,944
3.25%, 5/25/2045 (a)	EUR	34,000		61,164
2.00%, 5/25/2048 (a)	EUR	16,000		23,423
4.00%, 4/25/2055 (a)	EUR	6,000		13,016
4.00%, 4/25/2060 (a)	EUR	2,000		4,507
1.75%, 5/25/2066 (a)	EUR	45,000		62,801
				647,071
Germany — 0.3%
Federal Republic of Germany
0.25%, 8/15/2028 (a)	EUR	50,000		60,137
4.00%, 1/4/2037 (a)	EUR	42,000		81,479
3.25%, 7/4/2042 (a)	EUR	17,000		33,010
2.50%, 8/15/2046 (a)	EUR	51,000		92,581
				267,207
Indonesia — 0.1%
Republic of Indonesia 2.15%, 7/18/2024 (a)	EUR	100,000		121,065

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Foreign Government Securities — continued
Italy — 0.9%
Italy Government Bond
5.00%, 3/1/2022	EUR	30,000		38,012
1.35%, 4/15/2022	EUR	22,000		25,449
1.00%, 7/15/2022 (a)	EUR	91,000		104,066
1.45%, 9/15/2022	EUR	36,000		41,742
0.95%, 3/15/2023	EUR	78,000		88,604
2.45%, 10/1/2023 (a)	EUR	119,000		142,576
2.50%, 12/1/2024	EUR	54,000		64,869
1.45%, 5/15/2025	EUR	33,000		37,464
1.60%, 6/1/2026	EUR	48,000		54,691
1.65%, 3/1/2032 (a)	EUR	32,000		34,181
2.45%, 9/1/2033 (a)	EUR	53,000		60,949
2.25%, 9/1/2036 (a)	EUR	26,000		28,762
4.00%, 2/1/2037 (a)	EUR	12,000		16,325
4.75%, 9/1/2044 (a)	EUR	17,000		25,465
3.45%, 3/1/2048 (a)	EUR	53,000		66,395
2.80%, 3/1/2067 (a)	EUR	3,000		3,196
				832,746
Japan — 2.2%
Japan Finance Organization for Municipalities 0.88%, 9/22/2021 (a)	EUR	100,000		116,690
Japan Government Bond
0.10%, 9/20/2021	JPY	23,350,000		218,119
0.10%, 9/20/2022	JPY	15,800,000		148,115
0.80%, 9/20/2022	JPY	10,150,000		97,264
0.10%, 12/20/2022	JPY	13,250,000		124,341
0.60%, 12/20/2023	JPY	8,500,000		81,873
1.70%, 12/20/2032	JPY	11,800,000		134,471
1.80%, 12/20/2032	JPY	13,000,000		149,769
1.50%, 3/20/2034	JPY	12,950,000		145,491
0.70%, 3/20/2037	JPY	10,800,000		109,433
0.60%, 12/20/2037	JPY	13,650,000		135,795
2.50%, 3/20/2038	JPY	9,950,000		131,147
1.70%, 9/20/2044	JPY	800,000		9,904
1.40%, 9/20/2045	JPY	6,400,000		75,215
1.40%, 12/20/2045	JPY	5,450,000		64,169
0.80%, 3/20/2047	JPY	6,400,000		66,429
0.80%, 12/20/2047	JPY	6,800,000		70,602
0.90%, 3/20/2057	JPY	5,300,000		57,439
				1,936,266
Mexico — 0.1%
United Mexican States 2.38%, 4/9/2021	EUR	100,000		118,542

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Qatar — 0.1%
State of Qatar 5.25%, 1/20/2020 (a)		100,000		101,400
Spain — 1.0%
Spain Government Bond
0.05%, 1/31/2021	EUR	36,000		41,232
5.85%, 1/31/2022 (a)	EUR	39,000		51,528
0.45%, 10/31/2022	EUR	76,000		88,680
3.80%, 4/30/2024 (a)	EUR	5,000		6,782
2.75%, 10/31/2024 (a)	EUR	236,000		309,549
1.60%, 4/30/2025 (a)	EUR	60,000		74,816
1.45%, 10/31/2027 (a)	EUR	47,000		58,794
1.40%, 4/30/2028 (a)	EUR	31,000		38,708
1.40%, 7/30/2028 (a)	EUR	15,000		18,700
2.35%, 7/30/2033 (a)	EUR	27,000		37,279
4.20%, 1/31/2037 (a)	EUR	19,000		33,169
5.15%, 10/31/2044 (a)	EUR	18,000		37,903
2.90%, 10/31/2046 (a)	EUR	14,000		21,629
2.70%, 10/31/2048 (a)	EUR	6,000		8,970
3.45%, 7/30/2066 (a)	EUR	5,000		8,864
				836,603
Sweden — 0.0% (b)
Sweden Government Bond
5.00%, 12/1/2020	SEK	55,000		6,397
3.50%, 6/1/2022	SEK	35,000		4,226
2.50%, 5/12/2025	SEK	130,000		16,393
2.25%, 6/1/2032 (a)	SEK	15,000		2,032
3.50%, 3/30/2039	SEK	20,000		3,358
				32,406
United Kingdom — 0.8%
U.K. Treasury Bonds
1.50%, 1/22/2021 (a)	GBP	25,000		32,180
4.00%, 3/7/2022 (a)	GBP	30,000		41,581
2.75%, 9/7/2024 (a)	GBP	10,000		14,067
2.00%, 9/7/2025 (a)	GBP	9,000		12,368
1.50%, 7/22/2026 (a)	GBP	11,000		14,749
1.63%, 10/22/2028 (a)	GBP	128,000		174,000
4.50%, 9/7/2034 (a)	GBP	9,000		16,669
4.25%, 3/7/2036 (a)	GBP	24,000		44,170
1.75%, 9/7/2037 (a)	GBP	42,000		56,767
4.75%, 12/7/2038 (a)	GBP	13,000		26,151
3.25%, 1/22/2044 (a)	GBP	16,000		27,763
3.50%, 1/22/2045 (a)	GBP	16,000		29,074
4.25%, 12/7/2046 (a)	GBP	16,000		33,011
1.50%, 7/22/2047 (a)	GBP	39,000		49,804

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Foreign Government Securities — continued
United Kingdom — continued
3.75%, 7/22/2052 (a)	GBP	13,000		26,547
4.25%, 12/7/2055 (a)	GBP	6,500		14,895
1.75%, 7/22/2057 (a)	GBP	24,600		34,411
2.50%, 7/22/2065 (a)	GBP	15,660		27,434
3.50%, 7/22/2068 (a)	GBP	11,000		24,445
				700,086
Total Foreign Government Securities (Cost $6,164,110)				6,351,899
Asset-Backed Securities — 4.5%
United States — 4.5%
ACC TrustSeries 2019-1, Class B, 4.47%, 10/20/2022 (e)		100,000		102,513
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (e)		32,000		32,790
Series 2018-4, Class D, 4.40%, 1/13/2025 (e)		100,000		103,446
Series 2019-1, Class E, 4.84%, 4/14/2025 (e)		100,000		103,102
AmeriCredit Automobile Receivables Trust
Series 2019-1, Class C, 3.36%, 2/18/2025		15,000		15,364
Series 2019-1, Class D, 3.62%, 3/18/2025		20,000		20,539
AMRESCO Residential Securities Corp. Mortgage Loan TrustSeries 1997-1, Class A7, 7.61%, 3/25/2027 ‡		23,677		23,671
Argent Securities, Inc. Asset-Backed Pass-Through CertificatesSeries 2004-W5, Class M1, 3.30%, 4/25/2034 ‡ (f)		36,959		37,045
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE6, Class M2, 4.88%, 11/25/2033 ‡ (f)		68,697		69,011
Series 2004-HE3, Class M2, 4.08%, 6/25/2034 ‡ (f)		67,382		67,550
Series 2005-HE6, Class M3, 3.20%, 7/25/2035 ‡ (f)		81,387		81,470
Bayview Opportunity Master Fund TrustSeries 2018-RN5, Class A1, 3.82%, 4/28/2033 ‡ (e) (g)		10,283		10,315

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Bear Stearns Asset-Backed Securities Trust
Series 2004-HE5, Class M2, 4.28%, 7/25/2034 ‡ (f)		15,237		15,499
Series 2003-2, Class M1, 4.20%, 3/25/2043 ‡ (f)		34,141		34,235
Conn’s Receivables Funding LLC
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (e)		58,072		58,570
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (e)		100,000		100,581
Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (e)		100,000		100,534
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 3.15%, 5/25/2034 ‡ (f)		30,243		30,250
Series 2005-12, Class M1, 2.87%, 2/25/2036 ‡ (f)		57,328		57,316
Series 2006-19, Class 2A2, 2.56%, 3/25/2037 ‡ (f)		81,307		81,111
CWABS, Inc. Asset-Backed CertificatesSeries 2004-1, Class M2, 3.23%, 3/25/2034 ‡ (f)		47,046		46,944
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 4.73%, 5/25/2034 (f)		44,010		41,476
Series 2004-5, Class M3, 4.13%, 7/25/2034 ‡ (f)		70,251		70,998
Drive Auto Receivables Trust
Series 2018-4, Class D, 4.09%, 1/15/2026		35,000		35,956
Series 2018-5, Class D, 4.30%, 4/15/2026		35,000		36,412
Series 2019-1, Class D, 4.09%, 6/15/2026		65,000		67,256
Driven Brands Funding LLCSeries 2019-1A, Class A2, 4.64%, 4/20/2049 (e)		64,838		67,603
DT Auto Owner Trust
Series 2018-3A, Class D, 4.19%, 7/15/2024 (e)		80,000		82,439
Series 2019-1A, Class D, 3.87%, 11/15/2024 (e)		130,000		132,962
Series 2017-4A, Class E, 5.15%, 11/15/2024 (e)		110,000		114,133
Series 2019-1A, Class E, 4.94%, 2/17/2026 (e)		100,000		102,821

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Exeter Automobile Receivables Trust
Series 2018-4A, Class C, 3.97%, 9/15/2023 (e)		55,000		56,174
Series 2018-3A, Class E, 5.43%, 8/15/2024 (e)		10,000		10,369
Series 2018-4A, Class D, 4.35%, 9/16/2024 (e)		20,000		20,735
Series 2019-1A, Class C, 3.82%, 12/16/2024 (e)		50,000		51,225
Series 2019-1A, Class D, 4.13%, 12/16/2024 (e)		95,000		98,194
Series 2018-4A, Class E, 5.38%, 7/15/2025 (e)		20,000		20,800
Series 2019-1A, Class E, 5.20%, 1/15/2026 (e)		110,000		114,244
Series 2019-2A, Class E, 4.68%, 5/15/2026 (e)		420,000		428,957
First Franklin Mortgage Loan TrustSeries 2004-FFH3, Class M1, 3.27%, 10/25/2034 ‡ (f)		97,562		97,726
GLS Auto Receivables Issuer TrustSeries 2019-1A, Class C, 3.87%, 12/16/2024 (e)		30,000		30,718
GLS Auto Receivables TrustSeries 2018-3A, Class C, 4.18%, 7/15/2024 (e)		25,000		25,799
Home Equity Mortgage Loan Asset-Backed TrustSeries 2005-B, Class M2, 3.11%, 8/25/2035 ‡ (f)		568		568
KREF Ltd.Series 2018-FL1, Class D, 4.94%, 6/15/2036 ‡ (e) (f)		100,000		100,750
Long Beach Mortgage Loan Trust
Series 2004-4, Class M1, 3.30%, 10/25/2034 ‡ (f)		84,005		84,374
Series 2004-6, Class A3, 3.70%, 11/25/2034 ‡ (f)		30,508		30,681
Morgan Stanley ABS Capital I, Inc. TrustSeries 2003-NC10, Class M1, 3.42%, 10/25/2033 ‡ (f)		43,517		43,278
Santander Drive Auto Receivables Trust
Series 2019-1, Class C, 3.42%, 4/15/2025		29,000		29,526
Series 2019-1, Class D, 3.65%, 4/15/2025		35,000		36,016
Saxon Asset Securities TrustSeries 2003-3, Class M1, 3.38%, 12/25/2033 ‡ (f)		40,149		39,038
Structured Asset Investment Loan TrustSeries 2003-BC11, Class M1, 3.38%, 10/25/2033 ‡ (f)		19,516		19,555

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 2.57%, 1/25/2037 (f)		87,733		86,384
Series 2007-WF2, Class A1, 3.40%, 8/25/2037 ‡ (f)		40,705		40,942
Vericrest Opportunity Loan TrustSeries 2019-NPL3, Class A1, 3.97%, 3/25/2049 ‡ (e) (g)		244,835		246,604
Wells Fargo Home Equity Asset-Backed Securities TrustSeries 2006-3, Class A2, 2.55%, 1/25/2037 ‡ (f)		44,129		44,006
Westlake Automobile Receivables Trust
Series 2019-1A, Class C, 3.45%, 3/15/2024 (e)		85,000		86,244
Series 2019-1A, Class D, 3.67%, 3/15/2024 (e)		75,000		76,460
Series 2019-1A, Class E, 4.49%, 7/15/2024 (e)		60,000		61,274
Total Asset-Backed Securities (Cost $3,814,034)				3,924,553
Collateralized Mortgage Obligations — 2.8%
United States — 2.8%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 4.56%, 6/25/2045 (f)		30,693		31,284
Angel Oak Mortgage Trust I LLCSeries 2018-2, Class A1, 3.67%, 7/27/2048 (e) (f)		144,956		147,238
Banc of America Funding TrustSeries 2006-A, Class 1A1, 4.75%, 2/20/2036 (f)		19,287		19,253
Banc of America Mortgage TrustSeries 2005-A, Class 2A2, 4.50%, 2/25/2035 (f)		23,424		23,695
Bear Stearns ALT-A Trust Series 2005-4, Class 23A2, 4.62%, 5/25/2035 (f)		40,708		41,456
COLT Mortgage Loan Trust
Series 2018-2, Class A1, 3.47%, 7/27/2048 (e) (f)		51,716		51,905
Series 2019-1, Class A1, 3.71%, 3/25/2049 (e) (f)		226,921		230,465
Deephave Residential Mortgage TrustSeries 2019-2A, Class M1, 3.92%, 4/25/2059 ‡ (e) (f)		175,000		178,874
Deutsche Alt-A Securities Mortgage Loan TrustSeries 2007-3, Class 2A1, 3.15%, 10/25/2047 (f)		269,732		255,092

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
GSR Mortgage Loan TrustSeries 2005-AR3, Class 1A1, 2.84%, 5/25/2035 (f)		73,985		72,538
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (e) (f)		114,137		116,183
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (e) (f)		250,000		253,635
Impac CMB TrustSeries 2004-7, Class 1A2, 3.32%, 11/25/2034 (f)		86,825		85,457
JP Morgan Alternative Loan TrustSeries 2007-A2, Class 12A3, 2.59%, 6/25/2037 (f)		23,950		23,949
JP Morgan Mortgage TrustSeries 2005-A3, Class 4A1, 4.86%, 6/25/2035 (f)		12,502		12,889
Lehman Mortgage TrustSeries 2005-3, Class 2A3, 5.50%, 1/25/2036		9,945		9,973
LHOME Mortgage TrustSeries 2019-RTL1, Class A1, 4.58%, 10/25/2023 (e) (g)		100,000		101,845
Merrill Lynch Mortgage Investors TrustSeries 2007-1, Class 4A3, 4.85%, 1/25/2037 (f)		17,190		17,296
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 4.76%, 7/25/2034 (f)		22,406		22,507
Series 2005-5AR, Class 1M1, 3.15%, 9/25/2035 ‡ (f)		113,950		114,031
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through CertificatesSeries 2005-5, Class 1APT, 2.68%, 12/25/2035 (f)		53,435		49,977
Residential Asset Securitization TrustSeries 2004-A6, Class A1, 5.00%, 8/25/2019		10,723		10,693
Toorak Mortgage Corp. Ltd.Series 2019-1, Class A1, 4.46%, 3/25/2022 (e) (g)		120,000		121,838
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 4.46%, 3/25/2035 (f)		19,644		19,507
Series 2005-AR5, Class A6, 4.38%, 5/25/2035 (f)		30,541		31,252
Series 2005-AR10, Class 1A3, 4.10%, 9/25/2035 (f)		28,865		29,235
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-W, Class A1, 4.85%, 11/25/2034 (f)		62,478		64,020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2004-EE, Class 2A2, 4.96%, 12/25/2034 (f)		31,046		32,391
Series 2004-Z, Class 2A2, 4.97%, 12/25/2034 (f)		19,862		20,381
Series 2004-DD, Class 1A1, 5.01%, 1/25/2035 (f)		71,184		74,873
Series 2005-AR2, Class 2A1, 5.15%, 3/25/2035 (f)		71,651		73,397
Series 2005-AR2, Class 2A2, 5.15%, 3/25/2035 (f)		20,356		21,034
Series 2005-AR3, Class 1A1, 7.53%, 3/25/2035 (f)		31,909		33,229
Series 2005-AR4, Class 2A2, 5.10%, 4/25/2035 (f)		16,288		16,565
Series 2005-16, Class A8, 5.75%, 12/25/2035		18,337		19,837
Series 2006-AR3, Class A3, 5.22%, 3/25/2036 (f)		34,463		34,897
Total Collateralized Mortgage Obligations (Cost $2,401,701)				2,462,691
Commercial Mortgage-Backed Securities — 2.7%
United States — 2.7%
Banc of America Commercial Mortgage TrustSeries 2017-BNK3, Class D, 3.25%, 2/15/2050 ‡ (e)		100,000		89,704
BANKSeries 2017-BNK7, Class B, 3.95%, 9/15/2060		25,000		26,391
BBCMS Mortgage TrustSeries 2018-C2, Class C, 5.14%, 12/15/2051 (f)		25,000		26,948
BENCHMARK Mortgage TrustSeries 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (e)		25,000		21,699
BXMT Ltd.Series 2017-FL1, Class B, 3.89%, 6/15/2035 ‡ (e) (f)		100,000		100,185
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class E, 4.54%, 12/15/2037 (e) (f)		100,000		100,874
Series 2019-LIFE, Class G, 5.64%, 12/15/2037 ‡ (e) (f)		100,000		101,000
CD Mortgage Trust
Series 2017-CD4, Class C, 4.35%, 5/10/2050 ‡ (f)		100,000		105,349
Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (e)		10,000		8,763
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2024 ‡ (e) (f)		100,000		105,901

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2015-P1, Class C, 4.49%, 9/15/2048 ‡ (f)		75,000		78,363
Series 2016-P6, Class D, 3.25%, 12/10/2049 (e)		20,000		18,279
Series 2017-P7, Class D, 3.25%, 4/14/2050 (e)		50,000		44,362
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (f)		15,000		15,835
Commercial Mortgage Pass-Through CertificatesSeries 2016-CR28, Class C, 4.80%, 2/10/2049 (f)		100,000		107,706
Commercial Mortgage Trust
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (e)		100,000		93,480
Series 2015-CR23, Class CME, 3.81%, 5/10/2048 ‡ (e) (f)		100,000		99,828
Series 2015-LC21, Class D, 4.44%, 7/10/2048 (f)		30,000		29,440
CSAIL Commercial Mortgage TrustSeries 2019-C16, Class C, 4.24%, 6/15/2052 (f)		25,000		25,888
DBGS Mortgage TrustSeries 2018-5BP, Class B, 3.22%, 6/15/2033 ‡ (e) (f)		100,000		99,717
DBJPM Mortgage TrustSeries 2017-C6, Class D, 3.38%, 6/10/2050 ‡ (e) (f)		50,000		45,412
FHLMC, Multifamily Structured Pass-Through Certificates
Series K083, Class X1, IO, 0.18%, 9/25/2028 (f)		14,574,843		101,240
Series K092, Class X3, IO, 2.32%, 7/25/2029 (f)		100,000		18,049
Series K723, Class X3, IO, 1.98%, 10/25/2034 (f)		119,125		8,784
Series K153, Class X3, IO, 3.90%, 4/25/2035 (f)		100,000		34,359
Series K716, Class X3, IO, 1.85%, 8/25/2042 (f)		317,355		10,980
Series K726, Class X3, IO, 2.20%, 7/25/2044 (f)		302,035		27,316
Series K728, Class X3, IO, 2.02%, 11/25/2045 (f)		151,300		13,570
Series K071, Class X3, IO, 2.08%, 11/25/2045 (f)		700,000		99,496
FNMA ACESSeries 2016-M4, Class X2, IO, 2.67%, 1/25/2039 (f)		245,244		20,876
FREMFSeries 2018-KF46, Class B, 4.38%, 3/25/2028 (e) (f)		8,998		8,898

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.78%, 5/25/2022 (e) (f)		2,262		2,308
Series 2015-KF10, Class B, 8.53%, 7/25/2022 (e) (f)		7,022		7,393
Series 2017-KF32, Class B, 4.98%, 5/25/2024 (e) (f)		18,673		18,880
Series 2017-KF38, Class B, 4.93%, 9/25/2024 (e) (f)		11,179		11,218
Series 2018-KF42, Class B, 4.63%, 12/25/2024 (e) (f)		12,442		12,496
Series 2018-KF45, Class B, 4.38%, 3/25/2025 (e) (f)		27,656		27,138
Series 2018-KF49, Class B, 4.33%, 6/25/2025 (e) (f)		9,884		9,830
Series 2018-KF53, Class B, 4.48%, 10/25/2025 (f)		96,268		96,032
Series 2019-KF62, Class B, 4.45%, 4/25/2026 (e) (f)		25,000		24,913
Series 2018-KF50, Class B, 4.30%, 7/25/2028 (e) (f)		9,812		9,739
Series 2019-KF63, Class B, 4.78%, 5/25/2029 (e) (f)		59,000		59,508
Series 2012-K19, Class C, 4.17%, 5/25/2045 (e) (f)		10,000		10,334
Series 2017-K67, Class C, 4.08%, 9/25/2049 (e) (f)		15,000		14,958
GNMA
Series 2012-44, IO, 0.41%, 3/16/2049 (f)		259,243		3,148
Series 2014-186, IO, 0.76%, 8/16/2054 (f)		555,184		25,921
Series 2016-71, Class QI, IO, 0.98%, 11/16/2057 (f)		389,118		28,003
Series 2017-86, IO, 0.77%, 5/16/2059 (f)		272,022		17,941
Series 2017-148, IO, 0.66%, 7/16/2059 (f)		145,939		8,585
Series 2017-69, IO, 0.80%, 7/16/2059 (f)		96,463		6,532
GRACE Mortgage TrustSeries 2014-GRCE, Class F, 3.71%, 6/10/2028 ‡ (e) (f)		100,000		100,067
GS Mortgage Securities Trust
Series 2015-GC34, Class D, 2.98%, 10/10/2048		20,000		17,365
Series 2016-GS4, Class D, 3.23%, 11/10/2049 ‡ (e) (f)		10,000		9,116
Series 2019-GC40, Class E, 3.00%, 7/10/2052 ‡ (e) (h)		100,000		82,491

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
LB Commercial Mortgage TrustSeries 2007-C3, Class AJ, 6.09%, 7/15/2044 (f)		14,864		15,045
LB-UBS Commercial Mortgage TrustSeries 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (f)		58,249		40,214
Morgan Stanley Capital I TrustSeries 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (e) (f)		15,000		15,635
Wells Fargo Commercial Mortgage TrustSeries 2018-C48, Class C, 5.29%, 1/15/2052 ‡ (f)		35,000		38,281
Total Commercial Mortgage-Backed Securities (Cost $2,329,905)				2,401,783
U.S. Treasury Obligations — 1.7%
U.S. Treasury Notes
2.00%, 1/31/2020 (i)		1,285,000		1,284,498
2.13%, 8/31/2020		240,000		240,553
				1,525,051
Total U.S. Treasury Obligations (Cost $1,521,059)				1,525,051
Corporate Bonds — 1.2%
Canada — 0.1%
Canadian Imperial Bank of Commerce 2.70%, 2/2/2021		141,000		142,060
France — 0.3%
Dexia Credit Local SA
0.75%, 1/25/2023 (a)	EUR	100,000		118,057
1.63%, 12/8/2023 (a)	GBP	100,000		129,186
				247,243
Netherlands — 0.0% (b)
BNG Bank NV 4.75%, 3/6/2023 (a)	AUD	15,000		11,783
Singapore — 0.2%
Temasek Financial I Ltd. 0.50%, 3/1/2022 (a)	EUR	150,000		173,795
United States — 0.6%
Goldman Sachs Bank USA (SOFR + 0.60%), 3.03%, 5/24/2021 (j)		23,000		23,023
Jackson National Life Global Funding 3.30%, 6/11/2021 (e)		250,000		254,445

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
PNC Bank NA 2.45%, 11/5/2020		250,000		250,560
				528,028
Total Corporate Bonds (Cost $1,106,608)				1,102,909
	NO. OF CONTRACTS
Options Purchased — 0.6%
Call Options Purchased — 0.6%
United States — 0.6%
S&P 500 Index
9/20/2019 at USD 2,925.00, European Style Notional Amount: USD 16,768,032 Exchange Traded *		57		503,594
				503,594
Put Options Purchased — 0.0% (b)
United States — 0.0% (b)
iShares Russell 2000 ETF
7/19/2019 at USD 145.00, American Style Notional Amount: USD 1,166 Exchange Traded *		37		1,166
S&P 500 Index
7/19/2019 at USD 2,725.00, European Style Notional Amount: USD 294,176 Exchange Traded *		1		435
				1,601
Total Options Purchased (Cost $482,281)				505,195
	PRINCIPAL AMOUNT($)
Supranational — 0.2%
Supranational — 0.2%
European Investment Bank
2.80%, 1/15/2021	AUD	33,000		23,697
2.25%, 7/30/2021 (e)	CAD	50,000		38,566
0.50%, 6/21/2023	AUD	30,000		20,163
Inter-American Development Bank
0.50%, 5/23/2023	CAD	63,000		45,885
4.40%, 1/26/2026	CAD	16,000		14,061
				142,372
Total Supranational (Cost $143,611)				142,372

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2019

INVESTMENTS	NO. OF RIGHTS			VALUE($)
Long Positions — continued
Rights — 0.0%
United States — 0.0%
Media General, Inc., CVR * ‡ (Cost $—)		902			—
	PRINCIPAL AMOUNT($)
Short-Term Investments — 15.0%
Commercial Paper — 1.4%
AT&T, Inc. 2.82%, 8/5/2019 (e) (k)		250,000			249,326
Bell Canada, Inc. 2.81%, 9/3/2019 (e) (k)		250,000			248,774
Eni Finance USA, Inc. 2.78%, 8/1/2019 (e) (k)		250,000			249,386
Industrial & Commercial Bank of China Ltd. 2.67%, 8/1/2019 (e) (k)		250,000			249,418
NextEra Energy Capital Holdings, Inc. 2.77%, 7/11/2019 (e) (k)		250,000			249,773
Total Commercial Paper (Cost $1,246,728)					1,246,677
	SHARES
Investment Companies — 5.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.40% (d) (l) (Cost $4,806,036)		4,804,824			4,806,746
	PRINCIPAL AMOUNT($)
Foreign Government Treasury Bills — 8.1%
Canadian Treasury Bills
2.01%, 9/19/2019 (k)	CAD	3,196,000			2,431,356
1.85%, 11/14/2019 (k)	CAD	98,000			74,362
2.13%, 11/14/2019 (k)	CAD	2,957,000			2,243,757
2.03%, 12/12/2019 (k)	CAD	3,120,000			2,364,367
Total Foreign Government Treasury Bills (Cost $7,044,042)					7,113,842
TotalShort-Term Investments (Cost $13,096,806)					13,167,265
Total Long Positions (Cost $79,431,581)					87,232,565
	SHARES
Short Positions — (1.0)%
Common Stocks — (1.0)%
United States — (1.0)%
Acuity Brands, Inc.		(333	)		(45,924	)
Advance Auto Parts, Inc.		(428	)		(65,972	)
Align Technology, Inc. *		(281	)		(76,910	)
AmerisourceBergen Corp.		(384	)		(32,740	)

INVESTMENTS	SHARES			VALUE($)
United States — continued
Cardinal Health, Inc.		(922	)		(43,426	)
CH Robinson Worldwide, Inc.		(526	)		(44,368	)
Clorox Co. (The)		(501	)		(76,708	)
CVS Health Corp.		(569	)		(31,005	)
Emerson Electric Co.		(697	)		(46,504	)
Halliburton Co.		(733	)		(16,668	)
Harley-Davidson, Inc.		(986	)		(35,328	)
Illinois Tool Works, Inc.		(159	)		(23,979	)
JB Hunt Transport Services, Inc.		(846	)		(77,333	)
MGM Resorts International		(2,299	)		(65,682	)
Molson Coors Brewing Co., Class B		(531	)		(29,736	)
National Beverage Corp.		(90	)		(4,017	)
Parker-Hannifin Corp.		(398	)		(67,664	)
PPG Industries, Inc.		(412	)		(48,085	)
Wabtec Corp.		(686	)		(49,227	)
XPO Logistics, Inc.*		(390	)		(22,546	)
Zimmer Biomet Holdings, Inc.		(100	)		(11,774	)
Total Common Stocks (Proceeds $(915,081))					(915,596	)
Total Short Positions (Proceeds $(915,081))					(915,596	)
Total Investments — 98.1% (Cost $78,516,500)					86,316,969
Other Assets Less Liabilities — 1.9%					1,684,157
Net Assets — 100.0%					88,001,126

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

Summary of Investments by Industry, June 30, 2019

The following tables represent the portfolio investments of the Portfolio by industry classifications as a percentage of total long investments and total short investments, respectively:

LONG PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Investment Companies		20.8	%
Foreign Government Treasury Bills		8.2
Foreign Government Securities		7.3
Banks		5.0
Asset-Backed Securities		4.5
Insurance		3.0
Collateralized Mortgage Obligations		2.8
Commercial Mortgage-Backed Securities		2.8
Pharmaceuticals		2.6
Oil, Gas & Consumable Fuels		2.1
Software		2.0
IT Services		1.8
Capital Markets		1.8
U.S. Treasury Notes		1.7
Commercial Paper		1.4
Electric Utilities		1.3
Specialty Retail		1.2
Semiconductors & Semiconductor Equipment		1.2
Internet & Direct Marketing Retail		1.0
Media		1.0
Equity Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		20.0
Short-Term Investments		5.5

SHORT PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Machinery		15.4	%
Health Care Providers & Services		11.7
Electrical Equipment		10.1
Health Care Equipment & Supplies		9.7
Road & Rail		8.4
Household Products		8.4
Air Freight & Logistics		7.3
Specialty Retail		7.2
Hotels, Restaurants & Leisure		7.2
Chemicals		5.3
Automobiles		3.9
Beverages		3.6
Energy Equipment & Services		1.8

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
CVA	Dutch Certification
CVR	Contingent Value Rights
DKK	Danish Krone
ETF	Exchange Traded Fund
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GNMA	Government National Mortgage Association
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.
JPY	Japanese Yen
OYJ	Public Limited Company

Preference	A special 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.
PT	Limited liability company
REIT	Real Estate Investment Trust
SEK	Swedish Krona
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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 0.1% 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 $1,828,965.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2019

(f)	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, 2019.
(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, 2019.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(j)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2019.

(k)	The rate shown is the effective yield as of June 30, 2019.
(l)	The rate shown is the current yield as of June 30, 2019.
*	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 FormN-CSR and in portfolio holdings filed quarterly on FormN-PORT, 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 calling1-800-480-4111.

Futures contracts outstanding as of June 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		3		09/2019		EUR		118,180			596
Foreign Exchange EUR/USD		23		09/2019		USD		3,289,431			5,563
Foreign Exchange JPY/USD		34		09/2019		USD		3,964,187			11,835
Japan 10 Year Bond Mini		4		09/2019		JPY		570,978			1,153
Russell 2000E-Mini Index		3		09/2019		USD		235,155			4,256
S&P 500E-Mini Index		42		09/2019		USD		6,182,400			83,580
Short-Term Euro-BTP		1		09/2019		EUR		126,787			1,429
SPI 200 Index		2		09/2019		AUD		230,694			(311	)
TOPIX Index		1		09/2019		JPY		143,904			314
U.S. Treasury 5 Year Note		84		09/2019		USD		9,921,844			139,222
3 Month Euro Euribor		5		12/2020		EUR		1,428,126			529
ASX 90 Day Bank Accepted Bill		3		12/2020		AUD		2,101,176			990
											249,156
Short Contracts
EURO STOXX 50 Index		(22)		09/2019		EUR		(866,653	)		(16,939	)
Euro-Bobl		(2)		09/2019		EUR		(305,743	)		(879	)
Euro-Schatz		(1)		09/2019		EUR		(127,679	)		(253	)
FTSE 100 Index		(7)		09/2019		GBP		(655,240	)		(7,691	)
MSCI EAFEE-Mini Index		(19)		09/2019		USD		(1,827,325	)		(51,009	)
MSCI Emerging MarketsE-Mini Index		(12)		09/2019		USD		(632,280	)		(28,970	)
3 Month Euro Euribor		(5)		12/2019		EUR		(1,428,126	)		(792	)
ASX 90 Day Bank Accepted Bill		(3)		12/2019		AUD		(2,100,918	)		(955	)
											(107,488	)
											141,668

Abbreviations
AUD	Australian Dollar
EAFE	Europe, Australasia, and Far East
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound

JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

Forward foreign currency exchange contracts outstanding as of June 30, 2019:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
AUD	287,597		USD	201,543	BNP Paribas		7/3/2019		371
AUD	56,845		USD	39,559	Merrill Lynch International		7/3/2019		350
CAD	190,480		USD	145,117	State Street Corp.		7/3/2019		341
EUR	11,897		USD	13,490	BNP Paribas		7/3/2019		38
GBP	689,565		USD	873,955	Citibank, NA		7/3/2019		1,804
JPY	12,168,904		USD	112,526	BNP Paribas		7/3/2019		351
USD	12,020		GBP	9,447	Merrill Lynch International		7/3/2019		21
USD	10,713		GBP	8,434	TD Bank Financial Group		7/3/2019		2
JPY	1,330,036		USD	12,364	Merrill Lynch International		8/5/2019		6
USD	45,191		DKK	295,460	Merrill Lynch International		8/5/2019		41
USD	140,563		EUR	122,970	Barclays Bank plc		8/5/2019		330
USD	1,998,824		EUR	1,751,204	Citibank, NA		8/5/2019		1,778
USD	1,582,844		EUR	1,387,524	Goldman Sachs International		8/5/2019		534
USD	2,167,231		JPY	232,717,543	Citibank, NA		8/5/2019		2,931
USD	17,929		JPY	1,921,635	Merrill Lynch International		8/5/2019		58
USD	31,400		SEK	290,065	HSBC Bank, NA		8/5/2019		81
Total unrealized appreciation									9,037
DKK	295,460		USD	45,061	Merrill Lynch International		7/3/2019		(46	)
EUR	1,751,204		USD	1,993,454	Citibank, NA		7/3/2019		(1,990	)
EUR	1,387,524		USD	1,578,586	Goldman Sachs International		7/3/2019		(699	)
JPY	232,717,543		USD	2,161,789	Citibank, NA		7/3/2019		(3,122	)
SEK	290,065		USD	31,322	HSBC Bank, NA		7/3/2019		(83	)
USD	10,577		AUD	15,193	Barclays Bank plc		7/3/2019		(90	)
USD	214,381		AUD	310,175	Merrill Lynch International		7/3/2019		(3,385	)
USD	13,265		AUD	19,073	State Street Corp.		7/3/2019		(126	)
USD	140,635		CAD	190,480	TD Bank Financial Group		7/3/2019		(4,823	)
USD	44,276		DKK	295,460	TD Bank Financial Group		7/3/2019		(739	)
USD	15,426		EUR	13,734	Barclays Bank plc		7/3/2019		(193	)
USD	12,588		EUR	11,151	BNP Paribas		7/3/2019		(94	)
USD	3,248,970		EUR	2,906,502	Citibank, NA		7/3/2019		(56,294	)
USD	19,860		EUR	17,727	Goldman Sachs International		7/3/2019		(299	)
USD	197,578		EUR	174,842	Merrill Lynch International		7/3/2019		(1,252	)
USD	29,864		EUR	26,668	Royal Bank of Canada		7/3/2019		(463	)
USD	17,946		GBP	14,166	Australia & New Zealand Banking Group Ltd.		7/3/2019		(46	)

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2019

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	828,708		GBP	657,518	TD Bank Financial Group		7/3/2019		(6,350	)
USD	55,879		JPY	6,033,469	Australia & New Zealand Banking Group Ltd.		7/3/2019		(87	)
USD	12,952		JPY	1,416,477	Barclays Bank plc		7/3/2019		(187	)
USD	2,072,890		JPY	224,882,711	Goldman Sachs International		7/3/2019		(13,102	)
USD	115,751		JPY	12,553,790	Merrill Lynch International		7/3/2019		(697	)
USD	30,452		SEK	290,065	Merrill Lynch International		7/3/2019		(787	)
USD	33,709		CAD	45,007	Deutsche Bank AG		7/17/2019		(671	)
USD	301,657		CAD	398,420	Merrill Lynch International		7/17/2019		(2,696	)
USD	6,520,958		CAD	8,680,163	State Street Corp.		7/17/2019		(109,832	)
USD	120,683		CAD	161,939	TD Bank Financial Group		7/17/2019		(3,021	)
JPY	16,494,875		USD	154,038	Australia & New Zealand Banking Group Ltd.		8/5/2019		(634	)
JPY	19,312,338		USD	179,854	Citibank, NA		8/5/2019		(247	)
USD	875,357		GBP	689,565	Citibank, NA		8/5/2019		(1,872	)
USD	201,773		AUD	287,597	BNP Paribas		8/6/2019		(383	)
USD	43,009		AUD	61,605	Standard Chartered Bank		8/6/2019		(294	)
USD	145,227		CAD	190,480	State Street Corp.		8/6/2019		(345	)
Total unrealized depreciation									(214,949	)
Net unrealized depreciation									(205,912	)

Abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro

GBP	British Pound
JPY	Japanese Yen
SEK	Swedish Krona
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 21

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Global Allocation Portfolio
ASSETS:
Investments innon-affiliates, at value	$	63,796,864
Investments in affiliates, at value		22,930,506
Options purchased, at value		505,195
Cash		122,725
Foreign currency, at value		163,488
Deposits at broker for futures contracts		76,000
Deposits at broker for securities sold short		1,081,853
Receivables:
Investment securities sold		1,154,470
Portfolio shares sold		67,572
Interest and dividends fromnon-affiliates		129,100
Dividends from affiliates		11,507
Tax reclaims		42,832
Variation margin on futures contracts		84,043
Unrealized appreciation on forward foreign currency exchange contracts		9,037
Total Assets		90,175,192
LIABILITIES:
Payables:
Securities sold short, at value		915,596
Dividend expense tonon-affiliates on securities sold short		779
Investment securities purchased		803,985
Investment securities purchased — delayed delivery securities		82,491
Portfolio shares redeemed		16,592
Unrealized depreciation on forward foreign currency exchange contracts		214,949
Accrued liabilities:
Investment advisory fees		32,952
Distribution fees		10,627
Custodian and accounting fees		33,903
Trustees’ and Chief Compliance Officer’s fees		704
Other		61,488
Total Liabilities		2,174,066
Net Assets	$	88,001,126
NET ASSETS:
Paid-in-Capital	$	81,400,760
Total distributable earnings (loss)		6,600,366
Total Net Assets	$	88,001,126
Net Assets:
Class 1	$	35,241,261
Class 2		52,759,865
Total	$	88,001,126
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class 1		2,110,429
Class 2		3,167,474
Net Asset Value, offering and redemption price per share (a):
Class 1	$	16.70
Class 2		16.66
Cost of investments innon-affiliates	$	57,215,879
Cost of investments in affiliates		21,733,421
Cost of options purchased		482,281
Cost of foreign currency		163,381
Proceeds from securities sold short		915,081

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

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2019

STATEMENT OF OPERATIONS

FOR THE SIX MONTH ENDED JUNE 30, 2019 (Unaudited)

	JPMorgan Insurance Trust Global Allocation Portfolio
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	346,233
Interest income from affiliates		535
Interest income fromnon-affiliates on securities sold short		10,855
Dividend income fromnon-affiliates		559,262
Dividend income from affiliates		352,134
Foreign taxes withheld		(33,085	)
Total investment income		1,235,934
EXPENSES:
Investment advisory fees		251,570
Administration fees		31,446
Distribution fees — Class 2		63,514
Custodian and accounting fees		54,096
Interest expense to affiliates		237
Professional fees		57,042
Trustees’ and Chief Compliance Officer’s fees		13,321
Printing and mailing costs		9,225
Transfer agency fees — Class 1		165
Transfer agency fees — Class 2		551
Other		4,258
Dividend expense tonon-affiliates on securities sold short		10,105
Total expenses		495,530
Less fees waived		(98,043	)
Less expense reimbursements		(296	)
Net expenses		397,191
Net investment income (loss)		838,743
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		33,677
Investments in affiliates		(88,905	)
Options purchased		380,663
Futures contracts		204,395
Securities sold short		(219,066	)
Foreign currency transactions		(149,558	)
Forward foreign currency exchange contracts		287,636
Net realized gain (loss)		448,842
Distributions of capital gains received from investment company affiliates		195
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		6,023,789
Investments in affiliates		1,314,318
Options purchased		157,095
Futures contracts		(92,578	)
Securities sold short		(61,531	)
Foreign currency translations		(1,510	)
Forward foreign currency exchange contracts		(320,155	)
Change in net unrealized appreciation/depreciation		7,019,428
Net realized/unrealized gains (losses)		7,468,465
Change in net assets resulting from operations	$	8,307,208

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 23

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Global Allocation Portfolio
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	838,743		$	1,216,101
Net realized gain (loss)		448,842			(487,087	)
Distributions of capital gains received from investment company affiliates		195			528
Change in net unrealized appreciation/depreciation		7,019,428			(6,038,474	)
Change in net assets resulting from operations		8,307,208			(5,308,932	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(809,646	)		(167,469	)
Class 2		(1,095,100	)		(330,463	)
Total distributions to shareholders		(1,904,746	)		(497,932	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,403,376			22,224,332
NET ASSETS:
Change in net assets		8,805,838			16,417,468
Beginning of period		79,195,288			62,777,820
End of period	$	88,001,126		$	79,195,288
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	3,833,618		$	19,444,733
Distributions reinvested		809,646			167,469
Cost of shares redeemed		(2,233,435	)		(1,387,647	)
Change in net assets resulting from Class 1 capital transactions	$	2,409,829		$	18,224,555
Class 2
Proceeds from shares issued	$	4,879,029		$	17,535,698
Distributions reinvested		1,095,099			330,463
Cost of shares redeemed		(5,980,581	)		(13,866,384	)
Change in net assets resulting from Class 2 capital transactions	$	(6,453	)	$	3,999,777
Total change in net assets resulting from capital transactions	$	2,403,376		$	22,224,332
SHARE TRANSACTIONS:
Class 1
Issued		234,190			1,174,334
Reinvested		50,040			10,174
Redeemed		(136,940	)		(84,853	)
Change in Class 1 Shares		147,290			1,099,655
Class 2
Issued		297,369			1,062,803
Reinvested		67,850			20,126
Redeemed		(366,255	)		(843,413	)
Change in Class 2 Shares		(1,036	)		239,516

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 25

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, 2019 (Unaudited)	$	15.47	$	0.18	(i)	$	1.44		$	1.62		$	(0.39	)	$	—		$	(0.39	)
Year Ended December 31, 2018		16.57		0.29	(i)		(1.29	)		(1.00	)		—			(0.10	)		(0.10	)
Year Ended December 31, 2017		14.89		0.29	(i)		2.25			2.54			(0.20	)		(0.66	)		(0.86	)
Year Ended December 31, 2016		14.46		0.35	(i)		0.54			0.89			(0.46	)		—	(k)		(0.46	)
Year Ended December 31, 2015		14.93		0.30	(i)		(0.46	)		(0.16	)		(0.23	)		(0.08	)		(0.31	)
December 9, 2014 (n) through December 31, 2014		15.00		0.03			(0.06	)		(0.03	)		(0.04	)		—			(0.04	)
Class 2
Six Months Ended June 30, 2019 (Unaudited)		15.41		0.15	(i)		1.45			1.60			(0.35	)		—			(0.35	)
Year Ended December 31, 2018		16.55		0.25	(i)		(1.29	)		(1.04	)		—			(0.10	)		(0.10	)
Year Ended December 31, 2017		14.87		0.26	(i)		2.24			2.50			(0.16	)		(0.66	)		(0.82	)
Year Ended December 31, 2016		14.45		0.30	(i)		0.54			0.84			(0.42	)		—	(k)		(0.42	)
Year Ended December 31, 2015		14.93		0.22	(i)		(0.42	)		(0.20	)		(0.20	)		(0.08	)		(0.28	)
December 9, 2014 (n) 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) Total returns do not include charges that will be imposed by variable insurance contracts or by Eligible Plans. If these charges were reflected, returns would be lower than those shown.

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

(g) Does not include expenses of Underlying Funds.

(h) 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.

(i) Calculated based upon average shares outstanding.

(j) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class 1 are 0.78% and 1.01% for the six months ended June 30, 2019, 0.77% and 1.10% for the year ended December 31, 2018 and 0.76% and 1.11% for the year ended December 31, 2017; for Class 2 are 1.03% and 1.26% for the six months ended June 30, 2019, 1.02% and 1.34% for the year ended December 31, 2018 and 1.01% and 1.32% for the year ended December 31, 2017, respectively.

(k) Amount rounds to less than $0.005.

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

(m) Certainnon-recurring expenses incurred by the Portfolio were not annualized for the periods indicated.

(n) Commencement of operations.

(o) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (c)(d)(e)			Net assets, end of period		Net expenses (including dividend expense for securities sold short) (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (including dividend expense for securities sold short) (g)			Portfolio turnover rate (excluding securities sold short) (c)(h)			Portfolio turnover rate (including securities sold short) (c)(h)
$	16.70		10.58	%	$	35,241,261		0.80	%(j)		2.16	%		1.03	%(j)		51	%		63	%
	15.47		(6.06)			30,366,130		0.81	(j)		1.79			1.14	(j)		110			141
	16.57		17.11			14,307,557		0.79	(j)		1.76			1.14	(j)		80			92
	14.89		6.13			4,664,040		0.77	(l)		2.34			1.20	(l)		60			61
	14.46		(1.06	)		489,826		0.77	(m)		2.00	(m)		1.18	(m)		50			—
	14.93		(0.23	)		99,781		0.78	(m)		3.08	(m)		6.70	(m)		0.00	(o)		—
	16.66		10.48			52,759,865		1.05	(j)		1.90			1.28	(j)		51			63
	15.41		(6.31	)		48,829,158		1.06	(j)		1.52			1.38	(j)		110			141
	16.55		16.85			48,470,263		1.04	(j)		1.59			1.35	(j)		80			92
	14.87		5.84			49,869,415		1.02	(l)		2.04			1.45	(l)		60			61
	14.45		(1.32	)		32,065,138		1.03	(m)		1.48	(m)		1.58	(m)		50			—
	14.93		(0.25	)		19,853,425		1.03	(m)		2.83	(m)		6.95	(m)		0.00	(o)		—

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 27

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-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, thus, 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 their market value 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/or 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 inopen-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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, 2019.

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	$	—	$	2,291,931	$	1,632,622	$	3,924,553
Collateralized Mortgage Obligations
United States		—		1,916,151		546,540		2,462,691
Commercial Mortgage-Backed Securities
United States		—		1,150,743		1,251,040		2,401,783
Common Stocks
Australia		—		769,935		—		769,935
Austria		—		166,174		—		166,174
Belgium		—		157,778		—		157,778
China		114,717		311,626		—		426,343
Denmark		—		303,021		—		303,021
Finland		—		182,320		—		182,320
France		184,001		1,834,081		—		2,018,082
Germany		—		1,535,898		—		1,535,898
Hong Kong		—		697,916		—		697,916
Indonesia		—		87,005		—		87,005
Ireland		64,717		21,901		—		86,618
Italy		—		299,779		—		299,779
Japan		—		3,463,531		—		3,463,531
Luxembourg		—		50,569		—		50,569
Netherlands		—		751,308		—		751,308
Singapore		—		121,097		—		121,097
Spain		—		411,197		—		411,197
Sweden		—		231,709		—		231,709
Switzerland		52,178		1,589,239		—		1,641,417
United Kingdom		—		2,701,198		—		2,701,198
United States		20,419,208		173,775		—		20,592,983
Other Common Stocks		829,209		—		—		829,209
Total Common Stocks		21,664,030		15,861,057		—		37,525,087

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 29

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Corporate Bonds	$	—		$	1,102,909		$	—		$	1,102,909
Foreign Government Securities		—			6,351,899			—			6,351,899
Investment Companies		18,123,760			—			—			18,123,760
Supranational		—			142,372			—			142,372
Rights
United States		—			—			—	(a)		—	(a)
Options Purchased
Call Options Purchased		503,594			—			—			503,594
Put Options Purchased		1,601			—			—			1,601
Total Options Purchased		505,195			—			—			505,195
U.S. Treasury Obligations		—			1,525,051			—			1,525,051
Short-Term Investments
Commercial Paper		—			1,246,677			—			1,246,677
Foreign Government Treasury Bills		—			7,113,842			—			7,113,842
Investment Company		4,806,746			—			—			4,806,746
Total Short-Term Investments		4,806,746			8,360,519						13,167,265
Total Investments in Securities	$	45,099,731		$	38,702,632		$	3,430,202		$	87,232,565
Liabilities
Common Stocks	$	(915,596	)	$	—		$	—		$	(915,596	)
Total Liabilities in Securities Sold Short	$	(915,596	)	$	—		$	—		$	(915,596	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	9,037		$	—		$	9,037
Futures Contracts		248,871			596			—			249,467
Total Appreciation in Other Financial Instruments	$	248,871		$	9,633		$	—		$	258,504
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(214,949	)	$	—		$	(214,949	)
Futures Contracts		(83,169	)		(24,630	)		—			(107,799	)
Total Depreciation in Other Financial Instruments	$	(83,169	)	$	(239,579	)	$	—		$	(322,748	)

(a) Value is zero.

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, 2018		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, 2019
Investments in Securities
Asset-Backed Securities — United States	$	1,677,662	$	1,976	$	3,790		$	1,369		$	535,432	$	(679,464	)	$	91,857	$	—		$	1,632,622
Collateralized Mortgage Obligations — United States		—		—		7,692			—	(a)		538,848		—			—		—			546,540
Commercial Mortgage- Backed Securities — United States		685,666		1,120		51,215			616			367,948		(176,726	)		420,240		(99,039	)		1,251,040
Rights — United States		44		—		(44	)		—			—		—			—		—			—	(b)
Total	$	2,363,372	$	3,096	$	62,653		$	1,985		$	1,442,228	$	(856,190	)	$	512,097	$	(99,039	)	$	3,430,202

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.

(b) Value is zero.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2019

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2019, which were valued using significant unobservable inputs (level 3) amounted to $61,541. This amount is included in Change in net unrealized appreciation/depreciation of investments innon-affiliates on the Statement of Operations.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended June 30, 2019.

Quantitative Information about Level 3 Fair Value Measurements#

	Fair Value at June 30, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,531,873		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 44.00% (11.24%)
					Constant Default Rate		0.000% - 4.56% (2.23%)
					Yield (Discount Rate of Cash Flows)		2.44% - 6.43% (3.36%)
Asset-Backed Securities		1,531,873
		1,068,362		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.83% - 49.13% (5.69%)
Commercial Mortgage-Backed Securities		1,068,362
		546,540		Discounted Cash Flow	Constant Prepayment Rate		13.00% - 25.00% (20.18%)
					Constant Default Rate		0.00% - 4.43% (0.92%)
					Yield (Discount Rate of Cash Flows)		2.87% - 3.60% (3.34%)
Collateralized Mortgage Obligations		546,540
		—	(a)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Rights		—	(a)
Total	$	3,146,775

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At June 30, 2019, the value of these investments was $283,427. 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. Securities Lending — Effective October 5, 2018, the Portfolio became authorized to engage in securities lending in order to generate additional income. The Portfolio is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Portfolio, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Portfolio retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Portfolio). Upon termination of a loan, the Portfolio is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Portfolio or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certainde minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

The Portfolio bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

The Portfolio did not lend out any securities during the six months ended June 30, 2019.

C. 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, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)	$	3,990,958	$	—	$	464,543	$	(31,116	)	$	847,068	$	4,342,367		143,454	$	—	$	—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,565,960		154,317		—		—			137,822		1,858,099		226,321		26,303		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,889,319		193,886		3,160,636		(59,752	)		137,183		—		—		74,986		—
JPMorgan High Yield Fund Class R6 Shares (a)		2,878,294		7,967,532		—		—			185,553		11,031,379		1,525,779		176,851		—
JPMorgan Managed Income Fund Class L Shares (a)		2,706,758		22,270		1,845,314		2,219			5,982		891,915		88,748		21,770		195
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.40% (a) (b)		—		15,816,178		11,009,886		(256	)		710		4,806,746		4,804,824		28,043		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		4,052,227		9,146,776		13,199,003		—			—		—		—		20,874		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		484,975		537,847		1,022,822		—			—		—		—		3,307		—
Total	$	18,568,491	$	33,838,806	$	30,702,204	$	(88,905	)	$	1,314,318	$	22,930,506			$	352,134	$	195

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

(b) The rate shown is the current yield as of June 30, 2019.

D. 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.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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 apre-determined percentage or fall below apre-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 on 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 a 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.

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. Cash collateral posted by the Portfolio is considered restricted.

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

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

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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 fornon-deliverable forward foreign currency exchange contracts.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of June 30, 2019, 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
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	505,195	$	88,746		$	—		$	593,941
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		—		17,398			9,037			26,435
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		—		143,323			—			143,323
Total		$	505,195	$	249,467		$	9,037		$	763,699
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(104,920	)	$	—		$	(104,920	)
Foreign exchange contracts	Payables		—		—			(214,949	)		(214,949	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		(2,879	)		—			(2,879	)
Total		$	—	$	(107,799	)	$	(214,949	)	$	(322,748	)

(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.

The following tables present the effect of derivatives on the Statement of Operations for the six months ended June 30, 2019, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Derivative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts		��	Total
Equity contracts	$	380,663	$	(133,177	)	$	—		$	247,486
Foreign exchange contracts		—		40,015			287,636			327,651
Interest rate contracts		—		297,557			—			297,557
Total	$	380,663	$	204,395		$	287,636		$	872,694

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Derivative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	157,095	$	13,927		$	—		$	171,022
Foreign exchange contracts		—		(123,299	)		(320,155	)		(443,454	)
Interest rate contracts		—		16,794			—			16,794
Total	$	157,095	$	(92,578	)	$	(320,155	)	$	(255,638	)

The Portfolio’s derivatives contracts held at June 30, 2019 are not accounted for as hedging instruments under GAAP.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts — Equity:
Average Notional Balance Long	$	8,044,215
Average Notional Balance Short		6,088,833
Ending Notional Balance Long		6,910,333
Ending Notional Balance Short		3,981,498
Futures Contracts — Foreign Exchange:
Average Notional Balance Long		7,155,923
Average Notional Balance Short		1,378,009	(a)
Ending Notional Balance Long		7,253,618
Futures Contracts — Interest Rate:
Average Notional Balance Long		10,521,220
Average Notional Balance Short		1,158,575
Ending Notional Balance Long		14,148,911
Ending Notional Balance Short		3,962,466
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		2,430,356
Average Settlement Value Sold		15,602,579
Ending Settlement Value Purchased		7,542,658
Ending Settlement Value Sold		21,331,086
Exchange-Traded Options:
Average Number of Contracts Purchased		1,451
Ending Number of Contracts Purchased		95

(a) For the period January 1, 2019 through January 31, 2019.

E. 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 Deposits at broker for securities sold short, while cash collateral deposited at the Portfolio’s custodian for the benefit of the broker is recorded as Restricted cash for securities sold short 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 onex-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, 2019, the Portfolio had outstanding short sales as listed on the SOI.

F. Foreign Currency Translation — The books and records of the Portfolio are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

G. 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, 2019, which are shown as a Payable for investment securities purchased – delayed delivery securities on the Statement of Assets and Liabilities.

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

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, 2019, no liability for Federal 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.

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. When a capital gain tax is determined to apply, the Portfolio records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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 Federaltax-basis treatment.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the six months ended June 30, 2019, 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’ssub-administrator (the“Sub-administrator”). For its services asSub-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 Rule12b-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, plusout-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.

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, expenses related to trustee elections, expenses related to trustee elections 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, 2019 and is in place until at least April 30, 2020.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the six months ended June 30, 2019, 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							Voluntary Waivers
Investment Advisory Fees	Administration Fees		Total		Contractual Reimbursements		Investment Advisory Fees
$62,892	$	31,446	$	94,338	$	296	$	—

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, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2019 was $3,705.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

The Underlying Funds may impose separate advisory fees. The Portfolio’s Adviser has agreed to waive the Portfolio’s Investment Advisory fees in the weighted averagepro-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 designated and appointed a Chief Compliance Officer to the Portfolio pursuant to Rule38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on apro-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, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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, 2019, 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
$	35,742,578	$	35,199,105	$	1,517,893	$	724,937	$	8,607,871	$	9,090,926

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, 2019 were as follows:

Aggregate Cost*		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	78,516,500	$	9,334,215	$	1,597,990	$	7,736,225

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

As of December 31, 2018, the Portfolio had the following net capital loss carryforwards:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	548,450	$	—

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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2019.

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

38 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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 13, 2019, 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, 2019.

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 brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of June 30, 2019, the Portfolio had four individual shareholder and/or non-affiliated omnibus accounts, which owned 90.1% 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. The Portfolio may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. 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, 2019, 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 because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Portfolio’s original investment. Many derivatives create leverage thereby causing the Portfolio to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Portfolio to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Portfolio to sell or otherwise close a derivatives position could expose the Portfolio to losses. 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.

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (Unaudited) (continued)

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 December 31, 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 Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issuedAccounting StandardsUpdate (“ASU”)2017-08 (“ASU2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Portfolio has adopted and applied ASU2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU2017-08, as of January 1, 2019, the amortized cost basis of investments was reduced by $973 and unrealized appreciation of investments was increased by $973. The adoption of ASU2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, the FASB issuedASU2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

9. Subsequent Event

Effective September 1, 2019, the Investment Advisory annual rate for the Portfolio will change from 0.60% to 0.55%.

40 JPMORGAN INSURANCE TRUST JUNE 30, 2019

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, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.

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, 2019		Ending Account Value June 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Actual	$	1,000.00	$	1,105.80	$	4.18		0.80	%
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class 2
Actual		1,000.00		1,104.80		5.48		1.05
Hypothetical		1,000.00		1,019.59		5.26		1.05

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

JUNE 30, 2019 JPMORGAN INSURANCE TRUST 41

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-PORT. Prior to March 31, 2019, the Portfolio filed 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 Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. June 2019. SAN-JPMITGAP-619

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’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 of RegulationS-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 Rule2-01 of RegulationS-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 aggregatenon-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including anysub-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 ofnon-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 notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-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 Rule10A-3 under the Exchange Act (17CFR240.10A-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 Rule10A-3(d) under the Exchange Act (17CFR240.10A-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 Section210.12-12 of RegulationS-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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BYCLOSED-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 CFR240.14a-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 Rule30a-3(c) under the Act (17 CFR270.30a-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 Rule30a-3(b) under the Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or240.15d-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 FormN-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 FormN-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 Rule30a-3(d) under the Act (17 CFR270.30a-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 FORCLOSED-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 Rule30a-2(a) under the Act (17 CFR270.30a-2).

Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule23c-1 under the Act (17 CFR270.23c-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 Rule30a-2(b) under the Act of 1940.

Certifications pursuant to Rule30a-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 22, 2019

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 22, 2019
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	August 22, 2019