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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07874

JPMorgan Insurance Trust

(Exact name of registrant as specified in charter)

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, 2020 through June 30, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2020 (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	48
Liquidity Risk Management Program	49

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectuses for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.” — Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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, Client

J.P. Morgan Asset Management

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		5.58%
Bloomberg Barclays U.S. Aggregate Index		6.14%
Net Assets as of 6/30/2020	$	477,619,285
Duration as of 6/30/2020		6.1 years

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. Yields on U.S. Treasury bonds fell to historic lows and by the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the U.S. Federal Reserve’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose.

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

The Portfolio’s Class 1 shares underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”) for the six months ended June 30, 2020.

Relative to the Benchmark, the Portfolio’s underweight allocation to U.S. Treasury bonds and its security selection in mortgage-backed securities and asset-backed securities were leading detractors from performance.

The Portfolio’s longer overall duration, its overweight position in the 5-10 year portion of the yield curve and its underweight position in the 20-plus year portion of the yield curve contributed to relative performance. Generally, bonds with longer

duration will experience a greater increase in price as interest rates fall versus bonds with shorter duration. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Portfolio’s underweight allocation to corporate credit for most of the period, which was among the worst performing fixed-income sectors, also contributed to relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

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

Relative to the Benchmark, the Portfolio ended the reporting period with an underweight position in U.S. Treasury securities and an overweight position in corporate credit and securitized debt sectors, including asset-backed, commercial-backed and mortgage-backed securities, which include both agency and non-agency debt. The Portfolio was overweight in the intermediate part of the yield curve, underweight in the long end of the yield curve, and held a longer duration posture during the period.

PORTFOLIO COMPOSITION***
Corporate Bonds	24.2	%
Mortgage-Backed Securities	21.4
U.S. Treasury Obligations	21.3
Asset-Backed Securities	9.4
Collateralized Mortgage Obligations	6.9
Commercial Mortgage-Backed Securities	4.4
U.S. Government Agency Securities	2.6
Others (each less than 1.0%)	0.4
Short-Term Investments	9.4

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997		5.58	%		7.88	%		3.96	%		3.88	%
CLASS 2 SHARES	August 16, 2006		5.56			7.70			3.71			3.62

* Not annualized.

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Core Bond Portfolio and the Bloomberg Barclays U.S. Aggregate Index from June 30, 2010 to June 30, 2020. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if

applicable. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. 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, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — 25.9%
Aerospace & Defense — 0.5%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		32,000		33,170
Airbus SE (France) 3.15%, 4/10/2027 (a)		164,000		169,254
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024 (a)		45,000		49,417
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (a)		51,000		69,204
Boeing Co. (The)
4.51%, 5/1/2023		513,000		541,682
4.88%, 5/1/2025		125,000		136,107
5.15%, 5/1/2030		190,000		211,980
5.71%, 5/1/2040		175,000		197,912
L3Harris Technologies, Inc. 3.83%, 4/27/2025		60,000		66,963
Lockheed Martin Corp. 4.50%, 5/15/2036		70,000		90,880
Northrop Grumman Corp.
3.20%, 2/1/2027		76,000		84,197
3.25%, 1/15/2028		50,000		55,863
5.15%, 5/1/2040		140,000		186,305
Precision Castparts Corp. 3.25%, 6/15/2025		30,000		33,333
Raytheon Technologies Corp.
3.20%, 3/15/2024 (a)		28,000		30,122
4.50%, 6/1/2042		80,000		99,058
4.15%, 5/15/2045		25,000		29,848
3.75%, 11/1/2046		80,000		91,504
4.35%, 4/15/2047 (a)		90,000		109,775
4.63%, 11/16/2048		113,000		146,321
				2,432,895
Airlines — 0.1%
American Airlines Pass-Through Trust Series 2019-1, Class A Shares, 3.50%, 2/15/2032		270,766		224,909
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		16,863		15,384
				240,293
Automobiles — 0.0% (b)
BMW US Capital LLC (Germany) 2.25%, 9/15/2023 (a)		45,000		46,633
Banks — 5.2%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		200,000		220,416
AIB Group plc (Ireland) (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a) (c)		250,000		266,342

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
ANZ New Zealand Int’l Ltd. (New Zealand)
3.45%, 1/21/2028 (a)		200,000		227,447
2.55%, 2/13/2030 (a)		200,000		214,157
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (a)		230,000		246,721
Banco Santander SA (Spain) 2.75%, 5/28/2025		200,000		207,164
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		100,000		103,579
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		26,000		27,346
4.00%, 1/22/2025		114,000		125,817
Series L, 3.95%, 4/21/2025		92,000		101,799
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (c)		100,000		109,219
4.45%, 3/3/2026		69,000		79,226
3.25%, 10/21/2027		514,000		566,877
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		260,000		293,844
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		408,000		454,365
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (c)		280,000		320,727
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (c)		525,000		550,299
(SOFR + 2.15%), 2.59%, 4/29/2031 (c)		313,000		331,076
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		368,000		377,895
Bank of Montreal (Canada)
1.85%, 5/1/2025		200,000		207,059
(USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032 (c)		47,000		50,587
Bank of Nova Scotia (The) (Canada)
1.63%, 5/1/2023		680,000		696,055
4.50%, 12/16/2025		25,000		28,405
Banque Federative du Credit Mutuel SA (France) 2.38%, 11/21/2024 (a)		254,000		267,688
Barclays plc (United Kingdom)
3.65%, 3/16/2025		200,000		216,822
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 2.64%, 6/24/2031 (c)		440,000		436,946
BNP Paribas SA (France)
3.50%, 3/1/2023 (a)		200,000		211,695
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c)		325,000		332,033
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (c)		320,000		336,622

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022 (a)		250,000		258,898
Citigroup, Inc.
2.90%, 12/8/2021		100,000		103,056
2.75%, 4/25/2022		200,000		207,334
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		74,000		76,532
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (c)		90,000		97,241
4.40%, 6/10/2025		78,000		87,349
(SOFR + 2.75%), 3.11%, 4/8/2026 (c)		380,000		407,419
3.40%, 5/1/2026		75,000		83,161
4.45%, 9/29/2027		210,000		239,315
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		250,000		278,683
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		220,000		252,180
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)		50,000		58,155
8.13%, 7/15/2039		56,000		96,954
Citizens Financial Group, Inc.
2.38%, 7/28/2021		24,000		24,304
2.85%, 7/27/2026		200,000		216,443
Comerica, Inc. 4.00%, 2/1/2029		150,000		168,507
Commonwealth Bank of Australia (Australia)
2.00%, 9/6/2021 (a)		200,000		203,735
3.45%, 3/16/2023 (a)		80,000		86,021
2.85%, 5/18/2026 (a)		80,000		87,620
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026		450,000		494,658
Credit Agricole SA (France)
3.75%, 4/24/2023 (a)		250,000		267,534
(SOFRINDX + 1.68%), 1.91%, 6/16/2026 (a) (c)		400,000		405,500
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
3.80%, 6/9/2023		350,000		376,880
3.75%, 3/26/2025		250,000		275,543
Danske Bank A/S (Denmark) 2.00%, 9/8/2021 (a)		200,000		203,068
Fifth Third Bancorp 3.65%, 1/25/2024		90,000		98,171
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		400,000		412,368
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		229,000		246,107
4.38%, 11/23/2026		200,000		221,496

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
6.50%, 9/15/2037		250,000		338,905
6.10%, 1/14/2042		120,000		170,690
Huntington Bancshares, Inc. 2.55%, 2/4/2030		315,000		325,548
ING Groep NV (Netherlands)
4.10%, 10/2/2023		200,000		219,350
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.00%, 7/1/2026 (a) (c)		210,000		210,490
3.95%, 3/29/2027		200,000		230,140
KeyCorp 4.15%, 10/29/2025		65,000		74,525
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023 (c)		200,000		201,172
4.58%, 12/10/2025		200,000		221,965
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		38,000		39,375
2.67%, 7/25/2022		80,000		83,085
3.76%, 7/26/2023		172,000		186,780
3.41%, 3/7/2024		170,000		183,558
2.19%, 2/25/2025		200,000		206,661
3.75%, 7/18/2039		265,000		300,679
Mizuho Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030 (c)		220,000		232,248
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		300,000		336,421
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (c)		440,000		479,432
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (a)		315,000		330,141
Regions Financial Corp.
2.75%, 8/14/2022		27,000		28,121
3.80%, 8/14/2023		27,000		29,362
Royal Bank of Canada (Canada)
2.75%, 2/1/2022		66,000		68,472
3.70%, 10/5/2023		300,000		327,773
4.65%, 1/27/2026		30,000		34,931
Royal Bank of Scotland Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028 (c)		440,000		461,863
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (c)		200,000		207,287
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (c)		200,000		232,149

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
Societe Generale SA (France)
3.88%, 3/28/2024 (a)		380,000		406,004
3.00%, 1/22/2030 (a)		331,000		336,629
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (c)		220,000		228,382
(ICE LIBOR USD 3 Month + 1.91%), 4.30%, 5/21/2030 (a) (c)		200,000		220,273
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.44%, 10/19/2021		45,000		46,088
2.85%, 1/11/2022		130,000		134,330
2.78%, 10/18/2022		82,000		85,708
3.10%, 1/17/2023		55,000		58,166
3.94%, 10/16/2023		300,000		329,629
3.01%, 10/19/2026		25,000		27,310
3.04%, 7/16/2029		345,000		371,762
Toronto-Dominion Bank (The) (Canada) 3.25%, 3/11/2024		140,000		152,465
Truist Financial Corp.
2.70%, 1/27/2022		91,000		93,859
1.95%, 6/5/2030		140,000		142,088
US Bancorp
3.38%, 2/5/2024		120,000		131,160
7.50%, 6/1/2026		100,000		130,431
Wells Fargo & Co.
3.07%, 1/24/2023		245,000		253,777
3.75%, 1/24/2024		105,000		114,728
3.30%, 9/9/2024		80,000		87,455
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (c)		300,000		312,299
3.00%, 4/22/2026		284,000		310,129
(SOFR + 2.00%), 2.19%, 4/30/2026 (c)		100,000		103,397
4.10%, 6/3/2026		24,000		27,052
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		470,000		509,619
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		255,000		265,335
5.38%, 11/2/2043		200,000		271,552
4.40%, 6/14/2046		47,000		56,802
4.75%, 12/7/2046		53,000		67,750
Westpac Banking Corp. (Australia)
2.85%, 5/13/2026		100,000		110,073
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (c)		140,000		155,349

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
4.42%, 7/24/2039		100,000		118,048
				25,061,232
Beverages — 0.9%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036		571,000		673,168
4.90%, 2/1/2046		260,000		318,014
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.70%, 2/1/2036		120,000		138,456
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		145,000		163,004
4.38%, 4/15/2038		150,000		172,267
4.35%, 6/1/2040		225,000		256,225
4.44%, 10/6/2048		130,000		149,702
4.50%, 6/1/2050		295,000		351,755
4.75%, 4/15/2058		95,000		114,670
4.60%, 6/1/2060		105,000		125,520
Coca-Cola Femsa SAB de CV (Mexico) 2.75%, 1/22/2030		155,000		162,072
Constellation Brands, Inc.
4.40%, 11/15/2025		50,000		57,793
2.88%, 5/1/2030		420,000		444,912
5.25%, 11/15/2048		25,000		32,782
Diageo Capital plc (United Kingdom)
1.38%, 9/29/2025		350,000		356,076
2.00%, 4/29/2030		350,000		362,135
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		260,000		267,790
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		100,000		107,509
4.42%, 5/25/2025		30,000		34,591
3.43%, 6/15/2027		20,000		22,052
4.99%, 5/25/2038		43,000		54,994
4.42%, 12/15/2046		64,000		76,210
5.09%, 5/25/2048		60,000		79,087
				4,520,784
Biotechnology — 0.5%
AbbVie, Inc.
3.38%, 9/15/2020 (a)		43,000		43,267
3.45%, 3/15/2022 (a)		52,000		54,023
2.80%, 3/15/2023 (a)		100,000		103,767
3.85%, 6/15/2024 (a)		42,000		46,120
3.20%, 11/21/2029 (a)		516,000		573,843
4.50%, 5/14/2035		100,000		123,330

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Biotechnology — continued
4.05%, 11/21/2039 (a)		510,000		591,502
4.40%, 11/6/2042		370,000		446,087
4.85%, 6/15/2044 (a)		200,000		249,342
Amgen, Inc. 2.20%, 2/21/2027		120,000		126,536
Baxalta, Inc.
3.60%, 6/23/2022		7,000		7,371
5.25%, 6/23/2045		3,000		4,069
Biogen, Inc.
2.25%, 5/1/2030		154,000		155,409
3.15%, 5/1/2050		75,000		72,208
				2,596,874
Building Products — 0.0% (b)
Masco Corp. 6.50%, 8/15/2032		80,000		97,187
Capital Markets — 2.1%
Bank of New York Mellon Corp. (The)
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (c)		138,000		142,903
3.25%, 9/11/2024		100,000		109,818
BlackRock, Inc. 1.90%, 1/28/2031		420,000		429,094
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		21,000		24,302
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		55,000		60,363
4.85%, 3/29/2029		54,000		63,548
4.70%, 9/20/2047		44,000		50,688
Charles Schwab Corp. (The) 3.20%, 3/2/2027		100,000		111,616
CME Group, Inc. 3.00%, 3/15/2025		97,000		107,083
Credit Suisse Group AG (Switzerland)
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c)		250,000		258,545
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)		250,000		253,124
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (a)		49,000		50,486
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		100,000		102,614
3.30%, 11/16/2022		100,000		102,284
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		100,000		102,524
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		598,000		619,930
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		213,000		221,371

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Capital Markets — continued
3.50%, 1/23/2025		100,000		108,866
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		137,000		147,694
4.25%, 10/21/2025		105,000		118,333
3.50%, 11/16/2026		142,000		156,166
3.85%, 1/26/2027		45,000		50,761
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		209,000		234,083
2.60%, 2/7/2030		400,000		417,581
6.75%, 10/1/2037		80,000		115,356
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (c)		215,000		262,190
4.75%, 10/21/2045		400,000		524,393
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		59,000		65,453
Invesco Finance plc
4.00%, 1/30/2024		29,000		31,554
3.75%, 1/15/2026		36,000		39,419
Jefferies Group LLC 6.45%, 6/8/2027		81,000		95,036
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		100,000		112,784
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (c)		145,000		156,222
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)		220,000		260,518
Morgan Stanley
5.50%, 7/28/2021		35,000		36,856
2.63%, 11/17/2021		170,000		174,671
2.75%, 5/19/2022		100,000		103,968
3.75%, 2/25/2023		142,000		153,326
4.10%, 5/22/2023		100,000		108,079
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		225,000		242,564
3.70%, 10/23/2024		69,000		76,531
4.00%, 7/23/2025		276,000		312,926
5.00%, 11/24/2025		70,000		81,761
3.88%, 1/27/2026		341,000		385,741
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		655,000		681,207
4.35%, 9/8/2026		20,000		23,063
3.63%, 1/20/2027		159,000		179,487
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (c)		222,000		249,667
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (c)		96,000		109,275
4.30%, 1/27/2045		85,000		106,932

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Nomura Holdings, Inc. (Japan) 2.65%, 1/16/2025		212,000		221,093
Northern Trust Corp.
1.95%, 5/1/2030		375,000		385,476
(ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (c)		29,000		31,069
Nuveen LLC 4.00%, 11/1/2028 (a)		160,000		189,162
S&P Global, Inc. 3.25%, 12/1/2049		150,000		164,833
State Street Corp. 3.10%, 5/15/2023		24,000		25,795
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		17,000		17,687
UBS AG (Switzerland) 1.75%, 4/21/2022 (a)		200,000		203,776
UBS Group AG (Switzerland) 4.13%, 9/24/2025 (a)		200,000		226,691
				10,198,338
Chemicals — 0.7%
Air Products and Chemicals, Inc.
1.85%, 5/15/2027		310,000		324,759
2.80%, 5/15/2050		180,000		190,765
Albemarle Corp. 5.45%, 12/1/2044		50,000		52,529
Celanese US Holdings LLC 3.50%, 5/8/2024		151,000		159,394
Chevron Phillips Chemical Co. LLC 5.13%, 4/1/2025 (a)		485,000		555,905
Dow Chemical Co. (The) 4.55%, 11/30/2025		200,000		228,005
DuPont de Nemours, Inc. 5.32%, 11/15/2038		595,000		750,925
Eastman Chemical Co. 4.50%, 12/1/2028		220,000		252,717
Ecolab, Inc. 3.25%, 1/14/2023		90,000		95,572
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		45,000		51,199
5.00%, 9/26/2048		52,000		60,645
Nutrien Ltd. (Canada)
4.00%, 12/15/2026		70,000		79,147
4.20%, 4/1/2029		25,000		29,005
4.13%, 3/15/2035		90,000		101,005
5.00%, 4/1/2049		40,000		51,513
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		29,000		31,159
Union Carbide Corp.
7.50%, 6/1/2025		100,000		121,046
7.75%, 10/1/2096		80,000		102,709
				3,237,999

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Services & Supplies — 0.1%
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a)		70,000		76,461
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070		90,000		93,277
Waste Management, Inc. 3.45%, 6/15/2029		70,000		72,432
				242,170
Construction Materials — 0.0% (b)
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		52,000		55,952
3.50%, 12/15/2027		100,000		110,099
				166,051
Consumer Finance — 0.5%
AerCap Ireland Capital DAC (Ireland)
4.45%, 12/16/2021		150,000		151,491
4.50%, 9/15/2023		410,000		410,048
6.50%, 7/15/2025		150,000		157,145
4.45%, 4/3/2026		150,000		142,163
American Express Co. 4.20%, 11/6/2025		150,000		174,508
American Express Credit Corp. 2.25%, 5/5/2021		73,000		74,003
American Honda Finance Corp. 2.30%, 9/9/2026		17,000		18,078
Avolon Holdings Funding Ltd. (Ireland)
2.88%, 2/15/2025 (a)		194,000		162,796
4.38%, 5/1/2026 (a)		150,000		126,125
Capital One Financial Corp.
3.75%, 4/24/2024		130,000		140,861
4.20%, 10/29/2025		40,000		44,387
3.75%, 7/28/2026		196,000		213,876
John Deere Capital Corp. 2.25%, 9/14/2026		125,000		135,200
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (a)		300,000		281,613
4.50%, 3/15/2023 (a)		400,000		364,926
				2,597,220
Containers & Packaging — 0.1%
Packaging Corp. of America 4.05%, 12/15/2049		155,000		184,910
WRKCo, Inc.
3.00%, 9/15/2024		80,000		85,063
3.90%, 6/1/2028		35,000		38,719
				308,692

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Diversified Consumer Services — 0.1%
Emory University Series 2020, 2.14%, 9/1/2030		240,000		249,763
Pepperdine University Series 2020, 3.30%, 12/1/2059		110,000		112,910
President and Fellows of Harvard College 3.30%, 7/15/2056		86,000		104,431
University of Southern California Series A, 3.23%, 10/1/2120		110,000		114,304
				581,408
Diversified Financial Services — 0.3%
AIG Global Funding 1.90%, 10/6/2021 (a)		100,000		101,809
CK Hutchison International 16 Ltd. (United Kingdom) 1.88%, 10/3/2021 (a)		200,000		201,062
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		600,000		609,148
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		67,000		70,177
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (a)		200,000		205,246
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		44,000		47,086
ORIX Corp. (Japan)
2.90%, 7/18/2022		40,000		41,381
3.25%, 12/4/2024		100,000		107,871
3.70%, 7/18/2027		100,000		111,200
				1,494,980
Diversified Telecommunication Services — 0.7%
AT&T, Inc.
3.55%, 6/1/2024		155,000		169,438
3.95%, 1/15/2025		66,000		73,788
3.60%, 7/15/2025		45,000		49,978
2.30%, 6/1/2027		520,000		536,876
4.30%, 2/15/2030		178,000		207,959
4.90%, 8/15/2037		230,000		275,506
6.00%, 8/15/2040		125,000		168,100
3.50%, 6/1/2041		154,000		161,728
Deutsche Telekom International Finance BV (Germany) 4.88%, 3/6/2042 (a)		150,000		193,830
Telefonica Emisiones SA (Spain) 5.46%, 2/16/2021		19,000		19,561
Verizon Communications, Inc.
2.63%, 8/15/2026		12,000		13,057
3.88%, 2/8/2029		75,000		88,757
4.02%, 12/3/2029		50,000		59,767
3.15%, 3/22/2030		140,000		158,246

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Diversified Telecommunication Services — continued
4.50%, 8/10/2033		125,000		155,660
4.40%, 11/1/2034		209,000		259,702
4.27%, 1/15/2036		85,000		105,234
5.25%, 3/16/2037		69,000		93,384
4.86%, 8/21/2046		134,000		182,160
4.67%, 3/15/2055		340,000		461,973
				3,434,704
Electric Utilities — 1.6%
AEP Transmission Co. LLC 3.15%, 9/15/2049		35,000		37,655
Alabama Power Co. 6.13%, 5/15/2038		62,000		89,204
Avangrid, Inc. 3.15%, 12/1/2024		72,000		77,731
Baltimore Gas and Electric Co.
3.50%, 8/15/2046		47,000		52,647
2.90%, 6/15/2050		110,000		112,192
CenterPoint Energy Houston Electric LLC
3.95%, 3/1/2048		10,000		12,121
Series AD, 2.90%, 7/1/2050		200,000		208,235
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		200,000		219,250
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (a)		95,000		104,046
4.55%, 11/15/2030 (a)		65,000		79,164
Commonwealth Edison Co. 3.65%, 6/15/2046		30,000		35,133
Duke Energy Corp.
2.65%, 9/1/2026		100,000		108,417
3.40%, 6/15/2029		61,000		68,565
Duke Energy Indiana LLC 3.75%, 5/15/2046		60,000		69,641
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		46,000		53,477
Duke Energy Progress LLC 3.70%, 10/15/2046		54,000		63,079
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a)		160,000		163,191
Edison International
3.55%, 11/15/2024		284,000		299,871
4.13%, 3/15/2028		100,000		105,748
Emera US Finance LP (Canada) 4.75%, 6/15/2046		130,000		154,083
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (a)		220,000		240,154
Entergy Arkansas LLC 3.50%, 4/1/2026		22,000		24,759
Entergy Corp. 2.95%, 9/1/2026		21,000		23,173

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Entergy Louisiana LLC
2.40%, 10/1/2026		59,000		63,228
3.05%, 6/1/2031		38,000		42,058
4.00%, 3/15/2033		40,000		49,121
Entergy Mississippi LLC 3.85%, 6/1/2049		135,000		161,188
Evergy Metro, Inc.
3.15%, 3/15/2023		24,000		25,381
5.30%, 10/1/2041		50,000		66,681
4.20%, 3/15/2048		50,000		62,404
Evergy, Inc. 2.90%, 9/15/2029		170,000		182,126
FirstEnergy Corp.
2.65%, 3/1/2030		280,000		292,186
Series C, 4.85%, 7/15/2047		26,000		32,936
Series C, 3.40%, 3/1/2050		265,000		282,536
Florida Power & Light Co. 5.40%, 9/1/2035		50,000		70,468
Fortis, Inc. (Canada) 3.06%, 10/4/2026		124,000		133,794
Hydro-Quebec (Canada) Series IO, 8.05%, 7/7/2024		100,000		127,908
Interstate Power and Light Co. 2.30%, 6/1/2030		315,000		321,628
ITC Holdings Corp.
2.70%, 11/15/2022		100,000		104,254
2.95%, 5/14/2030 (a)		100,000		106,122
Jersey Central Power & Light Co.
4.30%, 1/15/2026 (a)		40,000		46,252
6.15%, 6/1/2037		30,000		38,575
Massachusetts Electric Co. 4.00%, 8/15/2046 (a)		56,000		63,685
MidAmerican Energy Co. 3.50%, 10/15/2024		59,000		65,498
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)		40,000		45,590
Nevada Power Co. Series CC, 3.70%, 5/1/2029		100,000		115,852
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (a)		45,000		51,924
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		27,000		30,608
Niagara Mohawk Power Corp.
3.51%, 10/1/2024 (a)		19,000		20,860
1.96%, 6/27/2030 (a)		250,000		252,457
NRG Energy, Inc. 4.45%, 6/15/2029 (a)		110,000		115,781
Oncor Electric Delivery Co. LLC
5.75%, 3/15/2029		25,000		32,791
3.10%, 9/15/2049		215,000		236,920

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Electric Utilities — continued
Pacific Gas and Electric Co.
1.75%, 6/16/2022		320,000		320,499
4.00%, 12/1/2046		230,000		242,075
PECO Energy Co. 2.80%, 6/15/2050		100,000		103,184
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		19,000		20,650
Potomac Electric Power Co. 6.50%, 11/15/2037		75,000		112,040
PPL Capital Funding, Inc.
3.40%, 6/1/2023		30,000		31,764
4.00%, 9/15/2047		20,000		21,574
Progress Energy, Inc. 4.40%, 1/15/2021		35,000		35,399
Public Service Co. of Colorado 3.20%, 11/15/2020		18,000		18,010
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		175,000		238,747
Public Service Electric and Gas Co.
3.00%, 5/15/2025		83,000		90,738
5.38%, 11/1/2039		28,000		38,926
Southern California Edison Co.
Series C, 3.50%, 10/1/2023		53,000		56,901
Series B, 3.65%, 3/1/2028		80,000		89,779
Series 05-B, 5.55%, 1/15/2036		80,000		100,537
4.05%, 3/15/2042		100,000		113,948
Tampa Electric Co. 4.45%, 6/15/2049		100,000		127,017
Toledo Edison Co. (The) 6.15%, 5/15/2037		50,000		71,569
Union Electric Co. 2.95%, 6/15/2027		36,000		39,555
Virginia Electric and Power Co.
6.35%, 11/30/2037		70,000		101,771
3.30%, 12/1/2049		50,000		55,464
				7,672,495
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		8,000		8,495
3.25%, 9/8/2024		44,000		46,642
3.88%, 1/12/2028		22,000		23,051
Corning, Inc.
5.35%, 11/15/2048		110,000		145,252
3.90%, 11/15/2049		174,000		188,849
				412,289
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC
3.14%, 11/7/2029		180,000		188,181
4.49%, 5/1/2030		115,000		132,361

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Energy Equipment & Services — continued
Baker Hughes Holdings LLC 5.13%, 9/15/2040		40,000		48,174
Halliburton Co.
3.80%, 11/15/2025		4,000		4,332
4.85%, 11/15/2035		30,000		31,552
6.70%, 9/15/2038		60,000		71,131
National Oilwell Varco, Inc. 3.60%, 12/1/2029		200,000		195,662
Schlumberger Holdings Corp.
3.75%, 5/1/2024 (a)		55,000		59,207
3.90%, 5/17/2028 (a)		62,000		66,898
				797,498
Entertainment — 0.1%
NBCUniversal Media LLC 5.95%, 4/1/2041		75,000		111,266
Walt Disney Co. (The) 7.30%, 4/30/2028		150,000		208,284
				319,550
Equity Real Estate Investment Trusts (REITs) — 1.0%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		23,000		25,801
4.00%, 2/1/2050		125,000		152,559
American Campus Communities Operating Partnership LP
3.63%, 11/15/2027		100,000		102,714
2.85%, 2/1/2030		190,000		183,475
American Tower Corp.
5.00%, 2/15/2024		71,000		80,839
3.38%, 10/15/2026		44,000		48,937
2.90%, 1/15/2030		30,000		32,013
2.10%, 6/15/2030		150,000		150,312
3.70%, 10/15/2049		230,000		251,995
American Tower Trust #1
3.07%, 3/15/2023 (a)		80,000		81,853
3.65%, 3/23/2028 (a)		160,000		172,723
Boston Properties LP
3.13%, 9/1/2023		30,000		31,786
3.20%, 1/15/2025		61,000		65,659
3.65%, 2/1/2026		67,000		74,209
Brixmor Operating Partnership LP
3.65%, 6/15/2024		50,000		51,801
3.85%, 2/1/2025		50,000		51,634
Crown Castle International Corp.
4.88%, 4/15/2022		30,000		32,050
5.25%, 1/15/2023		60,000		66,765
4.00%, 3/1/2027		24,000		27,274
2.25%, 1/15/2031		295,000		297,129

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
Digital Realty Trust LP 3.70%, 8/15/2027		31,000		35,359
Duke Realty LP
3.25%, 6/30/2026		18,000		19,739
2.88%, 11/15/2029		95,000		103,605
Essex Portfolio LP 2.65%, 3/15/2032		145,000		152,894
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (a)		79,000		82,628
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		43,000		46,492
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		310,000		312,696
Healthpeak Properties, Inc.
3.88%, 8/15/2024		115,000		126,402
3.50%, 7/15/2029		132,000		143,729
3.00%, 1/15/2030		90,000		94,149
Life Storage LP 4.00%, 6/15/2029		150,000		166,066
National Retail Properties, Inc.
3.60%, 12/15/2026		58,000		61,034
4.30%, 10/15/2028		150,000		163,307
Office Properties Income Trust 4.00%, 7/15/2022		78,000		77,697
Prologis LP 3.25%, 10/1/2026		19,000		21,312
Realty Income Corp.
3.88%, 7/15/2024		20,000		21,813
3.88%, 4/15/2025		60,000		66,662
4.65%, 3/15/2047		38,000		47,579
Regency Centers LP 2.95%, 9/15/2029		215,000		218,182
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		170,000		177,059
SITE Centers Corp. 3.63%, 2/1/2025		61,000		61,465
UDR, Inc.
2.95%, 9/1/2026		28,000		29,654
3.20%, 1/15/2030		150,000		163,442
3.00%, 8/15/2031		25,000		26,646
Ventas Realty LP
4.13%, 1/15/2026		34,000		36,486
3.85%, 4/1/2027		49,000		51,265
Vornado Realty LP 3.50%, 1/15/2025		60,000		60,056
Welltower, Inc.
2.70%, 2/15/2027		63,000		65,460
3.10%, 1/15/2030		85,000		88,145
6.50%, 3/15/2041		125,000		158,895
WP Carey, Inc. 4.25%, 10/1/2026		70,000		76,418
				4,937,864

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Food & Staples Retailing — 0.4%
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (a)		90,000		93,295
3.80%, 1/25/2050 (a)		230,000		238,324
Costco Wholesale Corp.
2.75%, 5/18/2024		21,000		22,791
1.38%, 6/20/2027		450,000		459,454
CVS Pass-Through Trust
7.51%, 1/10/2032 (a)		70,217		87,497
5.93%, 1/10/2034 (a)		75,843		84,777
Series 2013, 4.70%, 1/10/2036 (a)		161,135		172,375
Kroger Co. (The)
2.20%, 5/1/2030		500,000		519,909
5.40%, 7/15/2040		18,000		22,972
				1,701,394
Food Products — 0.4%
Campbell Soup Co. 4.80%, 3/15/2048		50,000		65,722
Cargill, Inc.
3.25%, 3/1/2023 (a)		25,000		26,669
2.13%, 4/23/2030 (a)		291,000		304,971
Conagra Brands, Inc. 5.30%, 11/1/2038		35,000		45,643
General Mills, Inc.
4.00%, 4/17/2025		60,000		67,884
4.15%, 2/15/2043		100,000		121,483
Kellogg Co. 2.10%, 6/1/2030		140,000		141,798
McCormick & Co., Inc. 2.50%, 4/15/2030		342,000		356,676
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		27,000		31,263
Mondelez International, Inc.
1.50%, 5/4/2025		80,000		81,531
2.75%, 4/13/2030		146,000		157,474
Smithfield Foods, Inc. 5.20%, 4/1/2029 (a)		160,000		173,042
Tyson Foods, Inc.
4.88%, 8/15/2034		20,000		25,398
5.15%, 8/15/2044		90,000		111,479
4.55%, 6/2/2047		100,000		120,177
				1,831,210
Gas Utilities — 0.3%
Atmos Energy Corp.
4.13%, 10/15/2044		50,000		61,627
4.13%, 3/15/2049		155,000		192,444
Boston Gas Co. 4.49%, 2/15/2042 (a)		22,000		27,203
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (a)		80,000		98,608

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Gas Utilities — continued
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		25,000		25,287
Dominion Energy Gas Holdings LLC
2.80%, 11/15/2020		49,000		49,336
Series C, 3.90%, 11/15/2049		137,000		143,786
ONE Gas, Inc. 2.00%, 5/15/2030		200,000		203,716
Piedmont Natural Gas Co., Inc. 3.50%, 6/1/2029		200,000		227,985
Southern California Gas Co. Series XX, 2.55%, 2/1/2030		195,000		209,824
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		53,000		76,823
4.80%, 3/15/2047 (a)		26,000		28,927
Southwest Gas Corp. 3.80%, 9/29/2046		44,000		47,839
				1,393,405
Health Care Equipment & Supplies — 0.3%
Abbott Laboratories
1.15%, 1/30/2028		170,000		169,841
4.75%, 11/30/2036		130,000		174,864
4.90%, 11/30/2046		210,000		301,465
Becton Dickinson and Co. 4.67%, 6/6/2047		160,000		198,038
Boston Scientific Corp.
3.75%, 3/1/2026		100,000		113,552
4.55%, 3/1/2039		100,000		122,819
DH Europe Finance II SARL 3.25%, 11/15/2039		184,000		203,195
Medtronic, Inc. 4.63%, 3/15/2045		23,000		30,964
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		27,000		28,719
				1,343,457
Health Care Providers & Services — 0.6%
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030		130,000		133,177
Anthem, Inc.
3.30%, 1/15/2023		18,000		19,184
3.35%, 12/1/2024		70,000		76,970
4.10%, 3/1/2028		55,000		64,279
4.65%, 1/15/2043		18,000		22,597
4.65%, 8/15/2044		65,000		82,857
Ascension Health Series B, 2.53%, 11/15/2029		190,000		203,728
Cigna Corp. 4.50%, 2/25/2026 (a)		127,000		147,747

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
CVS Health Corp.
4.30%, 3/25/2028		95,000		111,064
3.25%, 8/15/2029		155,000		171,218
5.05%, 3/25/2048		323,000		420,148
HCA, Inc.
5.25%, 6/15/2026		130,000		149,631
5.13%, 6/15/2039		125,000		145,660
Memorial Health Services 3.45%, 11/1/2049		245,000		257,152
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		83,000		91,149
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		36,000		38,498
Quest Diagnostics, Inc.
3.45%, 6/1/2026		17,000		19,121
2.80%, 6/30/2031		95,000		99,658
Rush Obligated Group Series 2020, 3.92%, 11/15/2029		233,000		261,307
UnitedHealth Group, Inc.
2.00%, 5/15/2030		155,000		162,232
4.63%, 7/15/2035		34,000		44,725
3.50%, 8/15/2039		160,000		185,991
				2,908,093
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp. 4.70%, 12/9/2035		60,000		75,285
Starbucks Corp. 2.55%, 11/15/2030		170,000		178,276
				253,561
Household Products — 0.0% (b)
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		11,946		12,149
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		50,000		51,964
4.25%, 6/15/2022		38,000		40,258
3.25%, 6/1/2025		250,000		269,490
6.25%, 10/1/2039		100,000		118,718
5.75%, 10/1/2041		29,000		32,342
PSEG Power LLC 4.15%, 9/15/2021		37,000		38,139
Southern Power Co. 5.15%, 9/15/2041		50,000		56,849
Tri-State Generation and Transmission Association, Inc. 4.25%, 6/1/2046		25,000		29,319
				637,079

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Industrial Conglomerates — 0.2%
General Electric Co.
3.45%, 5/1/2027		105,000		107,706
3.63%, 5/1/2030		160,000		160,143
5.88%, 1/14/2038		100,000		111,874
Honeywell International, Inc.
1.35%, 6/1/2025		400,000		410,757
2.50%, 11/1/2026		150,000		165,111
Roper Technologies, Inc. 2.00%, 6/30/2030		160,000		160,079
				1,115,670
Insurance — 0.9%
AIA Group Ltd. (Hong Kong)
3.20%, 3/11/2025 (a)		200,000		211,562
3.90%, 4/6/2028 (a)		210,000		232,378
3.60%, 4/9/2029 (a)		200,000		219,313
American Financial Group, Inc. 3.50%, 8/15/2026		100,000		106,582
American International Group, Inc. 3.88%, 1/15/2035		180,000		206,251
Assurant, Inc. 4.20%, 9/27/2023		85,000		90,100
Athene Global Funding
2.75%, 6/25/2024 (a)		155,000		156,821
2.95%, 11/12/2026 (a)		410,000		411,407
Berkshire Hathaway Finance Corp. 4.30%, 5/15/2043		62,000		80,897
Chubb INA Holdings, Inc.
2.88%, 11/3/2022		42,000		44,150
2.70%, 3/13/2023		120,000		126,614
CNA Financial Corp. 3.95%, 5/15/2024		44,000		47,834
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (a) (c) (d) (e)		200,000		212,000
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		21,000		26,705
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		70,000		80,496
Jackson National Life Global Funding
3.88%, 6/11/2025 (a)		87,000		96,569
3.05%, 4/29/2026 (a)		104,000		112,216
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (a)		27,000		31,620
3.95%, 10/15/2050 (a)		207,000		218,633
Lincoln National Corp.
4.20%, 3/15/2022		20,000		21,181
4.00%, 9/1/2023		50,000		54,439

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Insurance — continued
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (c)		100,000		105,974
Markel Corp. 3.63%, 3/30/2023		40,000		42,629
MetLife, Inc. 4.13%, 8/13/2042		28,000		33,315
New York Life Global Funding
2.00%, 4/13/2021 (a)		29,000		29,388
2.35%, 7/14/2026 (a)		65,000		69,726
New York Life Insurance Co. 4.45%, 5/15/2069 (a)		105,000		128,225
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		100,000		103,932
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		134,000		139,480
Principal Financial Group, Inc.
3.13%, 5/15/2023		30,000		31,832
3.70%, 5/15/2029		30,000		34,125
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (c) (d) (e)		50,000		49,701
Prudential Financial, Inc. 3.91%, 12/7/2047		61,000		69,319
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150,000		194,667
Reliance Standard Life Global Funding II 3.85%, 9/19/2023 (a)		105,000		112,456
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)		50,000		59,322
Travelers Cos., Inc. (The) 2.55%, 4/27/2050		440,000		434,744
				4,426,603
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
3.88%, 8/22/2037		80,000		99,026
2.50%, 6/3/2050		110,000		111,251
2.70%, 6/3/2060		100,000		101,506
				311,783
IT Services — 0.3%
DXC Technology Co. 4.25%, 4/15/2024		34,000		36,558
Fiserv, Inc.
3.20%, 7/1/2026		70,000		77,477
4.40%, 7/1/2049		65,000		79,066
Global Payments, Inc. 4.15%, 8/15/2049		140,000		159,877
IBM Credit LLC 3.00%, 2/6/2023		110,000		117,002

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
IT Services — continued
International Business Machines Corp.
3.30%, 5/15/2026		260,000		292,568
1.70%, 5/15/2027		535,000		546,296
6.22%, 8/1/2027		50,000		66,015
Western Union Co. (The) 3.60%, 3/15/2022		100,000		103,768
				1,478,627
Life Sciences Tools & Services — 0.0% (b)
Thermo Fisher Scientific, Inc. 2.95%, 9/19/2026		30,000		33,183
Machinery — 0.1%
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		75,000		80,215
Otis Worldwide Corp. 2.57%, 2/15/2030 (a)		280,000		293,620
Parker-Hannifin Corp.
4.45%, 11/21/2044		30,000		35,781
4.10%, 3/1/2047		21,000		23,841
Xylem, Inc. 2.25%, 1/30/2031		110,000		110,663
				544,120
Media — 0.7%
Charter Communications Operating LLC
5.38%, 4/1/2038		38,000		46,272
4.80%, 3/1/2050		240,000		272,017
Comcast Cable Holdings LLC 10.13%, 4/15/2022		75,000		85,531
Comcast Corp.
3.95%, 10/15/2025		119,000		136,368
3.15%, 3/1/2026		127,000		142,106
3.55%, 5/1/2028		66,000		76,138
1.95%, 1/15/2031		170,000		173,140
4.25%, 1/15/2033		167,000		205,023
4.20%, 8/15/2034		89,000		108,275
3.90%, 3/1/2038		32,000		37,986
4.60%, 10/15/2038		145,000		184,656
3.25%, 11/1/2039		130,000		144,226
3.75%, 4/1/2040		160,000		188,202
4.00%, 11/1/2049		52,000		62,770
3.45%, 2/1/2050		246,000		278,824
4.95%, 10/15/2058		180,000		255,886
Cox Communications, Inc.
3.35%, 9/15/2026 (a)		67,000		74,080
4.60%, 8/15/2047 (a)		39,000		49,374

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Media — continued
Discovery Communications LLC
6.35%, 6/1/2040		90,000		121,102
5.20%, 9/20/2047		80,000		93,039
Fox Corp. 5.58%, 1/25/2049		170,000		239,172
Time Warner Cable LLC
6.55%, 5/1/2037		50,000		65,760
7.30%, 7/1/2038		50,000		69,231
5.50%, 9/1/2041		100,000		120,274
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		90,000		135,517
ViacomCBS, Inc.
3.70%, 8/15/2024		99,000		107,550
4.00%, 1/15/2026		42,000		47,019
				3,519,538
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (a)		200,000		213,786
Nucor Corp. 6.40%, 12/1/2037		30,000		41,634
Steel Dynamics, Inc. 3.45%, 4/15/2030		177,000		184,988
				440,408
Multiline Retail — 0.0% (b)
Dollar General Corp. 4.13%, 5/1/2028		55,000		64,314
Multi-Utilities — 0.3%
Ameren Illinois Co. 3.25%, 3/15/2050		185,000		204,142
CMS Energy Corp.
3.88%, 3/1/2024		110,000		118,081
2.95%, 2/15/2027		47,000		48,926
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		38,000		52,606
4.50%, 5/15/2058		54,000		67,926
Consumers Energy Co. 3.25%, 8/15/2046		19,000		21,195
Delmarva Power & Light Co. 4.15%, 5/15/2045		50,000		60,579
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		60,000		62,169
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (a)		50,000		55,351
NiSource, Inc.
2.95%, 9/1/2029		85,000		92,603
6.25%, 12/15/2040		130,000		180,279
San Diego Gas & Electric Co. 5.35%, 5/15/2035		70,000		91,348
Sempra Energy 4.05%, 12/1/2023		62,000		67,564

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Multi-Utilities — continued
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		37,000		38,018
2.45%, 10/1/2023		19,000		19,930
3.25%, 6/15/2026		17,000		18,184
5.88%, 3/15/2041		96,000		127,437
4.40%, 6/1/2043		42,000		47,408
3.95%, 10/1/2046		21,000		23,169
WEC Energy Group, Inc. 3.55%, 6/15/2025		43,000		47,893
				1,444,808
Oil, Gas & Consumable Fuels — 2.4%
Apache Corp. 5.10%, 9/1/2040		100,000		82,132
APT Pipelines Ltd. (Australia)
4.20%, 3/23/2025 (a)		120,000		131,560
4.25%, 7/15/2027 (a)		73,000		81,480
Boardwalk Pipelines LP 4.80%, 5/3/2029		70,000		74,526
BP Capital Markets America, Inc. 3.02%, 1/16/2027		35,000		37,892
BP Capital Markets plc (United Kingdom)
3.51%, 3/17/2025		15,000		16,609
3.28%, 9/19/2027		259,000		282,858
Buckeye Partners LP 5.85%, 11/15/2043		100,000		86,780
Cameron LNG LLC 3.70%, 1/15/2039 (a)		188,000		201,740
Chevron Corp.
2.41%, 3/3/2022		150,000		154,430
2.57%, 5/16/2023		200,000		210,929
2.24%, 5/11/2030		125,000		130,848
Diamondback Energy, Inc. 4.75%, 5/31/2025		550,000		588,201
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		28,000		30,072
4.13%, 1/16/2025		33,000		32,979
5.38%, 6/26/2026		39,000		41,001
Enable Midstream Partners LP
4.95%, 5/15/2028		40,000		37,116
4.15%, 9/15/2029		102,000		89,437
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		27,000		29,786
4.50%, 6/10/2044		75,000		84,089
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (c)		60,000		59,100
Energy Transfer Operating LP
4.75%, 1/15/2026		242,000		264,293
6.05%, 6/1/2041		100,000		103,025
6.00%, 6/15/2048		235,000		243,769
5.00%, 5/15/2050		815,000		770,025

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Eni USA, Inc. (Italy) 7.30%, 11/15/2027		50,000		61,920
Enterprise Products Operating LLC
3.90%, 2/15/2024		25,000		27,357
3.70%, 2/15/2026		38,000		42,705
7.55%, 4/15/2038		86,000		119,301
4.45%, 2/15/2043		87,000		96,122
5.10%, 2/15/2045		16,000		18,885
4.20%, 1/31/2050		60,000		66,387
3.70%, 1/31/2051		100,000		103,965
4.95%, 10/15/2054		6,000		6,688
EQM Midstream Partners LP 5.50%, 7/15/2028		130,000		123,825
EQT Corp. 3.90%, 10/1/2027		60,000		48,806
Equinor ASA (Norway)
3.25%, 11/10/2024		23,000		25,525
2.88%, 4/6/2025		145,000		156,316
Exxon Mobil Corp.
2.99%, 3/19/2025		290,000		315,474
2.61%, 10/15/2030		270,000		287,844
3.00%, 8/16/2039		405,000		428,361
Hess Corp. 6.00%, 1/15/2040		67,000		71,761
Magellan Midstream Partners LP
3.20%, 3/15/2025		14,000		14,180
6.40%, 5/1/2037		70,000		83,995
4.20%, 12/1/2042		27,000		25,987
Marathon Petroleum Corp. 3.63%, 9/15/2024		29,000		30,921
MPLX LP
4.50%, 7/15/2023		213,000		229,086
5.25%, 1/15/2025		45,000		46,792
4.00%, 2/15/2025		235,000		251,331
4.13%, 3/1/2027		52,000		55,475
4.80%, 2/15/2029		261,000		290,297
4.50%, 4/15/2038		140,000		139,952
4.70%, 4/15/2048		10,000		10,252
5.50%, 2/15/2049		85,000		96,444
Noble Energy, Inc.
3.25%, 10/15/2029		110,000		99,331
6.00%, 3/1/2041		114,000		109,400
ONEOK Partners LP
3.38%, 10/1/2022		8,000		8,283
5.00%, 9/15/2023		72,000		77,579
6.65%, 10/1/2036		15,000		16,783

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Oil, Gas & Consumable Fuels — continued
ONEOK, Inc.
2.20%, 9/15/2025		250,000		245,370
3.40%, 9/1/2029		60,000		58,349
4.45%, 9/1/2049		220,000		204,050
Ovintiv, Inc. 7.20%, 11/1/2031		80,000		72,562
Phillips 66 Partners LP
3.15%, 12/15/2029		95,000		97,240
4.90%, 10/1/2046		37,000		40,060
Plains All American Pipeline LP
4.65%, 10/15/2025		235,000		250,956
3.80%, 9/15/2030		120,000		118,168
4.30%, 1/31/2043		30,000		26,060
4.70%, 6/15/2044		110,000		99,250
Sabine Pass Liquefaction LLC
5.75%, 5/15/2024		235,000		264,645
5.00%, 3/15/2027		450,000		503,424
Spectra Energy Partners LP
3.50%, 3/15/2025		19,000		20,786
5.95%, 9/25/2043		25,000		31,246
4.50%, 3/15/2045		7,000		7,917
Suncor Energy, Inc. (Canada)
5.95%, 12/1/2034		60,000		72,776
6.80%, 5/15/2038		145,000		187,723
Sunoco Logistics Partners Operations LP
3.90%, 7/15/2026		24,000		25,245
6.10%, 2/15/2042		60,000		62,705
TC PipeLines LP 3.90%, 5/25/2027		26,000		27,342
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (a)		120,000		122,952
Texas Eastern Transmission LP 3.50%, 1/15/2028 (a)		15,000		15,959
Total Capital International SA (France)
2.99%, 6/29/2041		350,000		356,702
3.46%, 7/12/2049		145,000		156,523
3.13%, 5/29/2050		260,000		265,395
TransCanada PipeLines Ltd. (Canada)
6.20%, 10/15/2037		70,000		93,523
4.75%, 5/15/2038		80,000		94,007
Valero Energy Corp.
2.70%, 4/15/2023		155,000		160,817
7.50%, 4/15/2032		14,000		19,266
Williams Cos., Inc. (The)
3.90%, 1/15/2025		25,000		27,355
4.85%, 3/1/2048		53,000		57,953
				11,238,333

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The)
2.60%, 4/15/2030		404,000		440,574
3.13%, 12/1/2049		150,000		164,749
				605,323
Pharmaceuticals — 0.7%
AstraZeneca plc (United Kingdom)
6.45%, 9/15/2037		50,000		75,529
4.00%, 9/18/2042		40,000		48,696
Bristol-Myers Squibb Co.
3.20%, 6/15/2026 (a)		187,000		209,858
3.90%, 2/20/2028 (a)		100,000		117,659
4.13%, 6/15/2039 (a)		114,000		145,581
5.70%, 10/15/2040 (a)		53,000		78,350
5.00%, 8/15/2045 (a)		165,000		232,569
4.55%, 2/20/2048 (a)		60,000		81,919
Eli Lilly and Co. 2.25%, 5/15/2050		110,000		105,462
Merck & Co., Inc. 2.45%, 6/24/2050		210,000		210,758
Mylan NV 3.95%, 6/15/2026		35,000		39,132
Mylan, Inc.
3.13%, 1/15/2023 (a)		25,000		26,275
5.40%, 11/29/2043		21,000		26,424
Pfizer, Inc.
3.90%, 3/15/2039		150,000		185,055
2.55%, 5/28/2040		130,000		134,921
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		83,000		87,911
3.20%, 9/23/2026		234,000		259,554
Takeda Pharmaceutical Co. Ltd. (Japan)
3.03%, 7/9/2040		230,000		230,000
3.18%, 7/9/2050		225,000		225,875
3.38%, 7/9/2060		200,000		200,015
Upjohn, Inc. 2.30%, 6/22/2027 (a)		589,000		608,065
Zoetis, Inc.
2.00%, 5/15/2030		170,000		173,375
3.00%, 5/15/2050		60,000		61,682
				3,564,665
Real Estate Management & Development — 0.0% (b)
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (a)		200,000		204,674
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		85,000		119,872
5.40%, 6/1/2041		126,000		172,831

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Road & Rail — continued
4.38%, 9/1/2042		25,000		31,529
5.15%, 9/1/2043		77,000		106,390
4.70%, 9/1/2045		35,000		46,665
CSX Corp.
5.50%, 4/15/2041		50,000		68,784
4.75%, 11/15/2048		108,000		143,327
3.35%, 9/15/2049		10,000		10,993
ERAC USA Finance LLC
4.50%, 8/16/2021 (a)		45,000		46,441
2.60%, 12/1/2021 (a)		50,000		50,693
7.00%, 10/15/2037 (a)		160,000		204,914
5.63%, 3/15/2042 (a)		12,000		13,945
JB Hunt Transport Services, Inc.
3.85%, 3/15/2024		70,000		74,567
3.88%, 3/1/2026		85,000		97,184
Norfolk Southern Corp.
3.95%, 10/1/2042		70,000		81,522
4.05%, 8/15/2052		40,000		48,097
Penske Truck Leasing Co. LP
3.95%, 3/10/2025 (a)		25,000		27,098
3.40%, 11/15/2026 (a)		25,000		26,371
4.20%, 4/1/2027 (a)		75,000		80,930
Ryder System, Inc. 2.25%, 9/1/2021		100,000		101,389
Union Pacific Corp. 4.10%, 9/15/2067		150,000		179,736
				1,733,278
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc. 4.50%, 12/5/2036		64,000		74,810
Broadcom Corp. 3.88%, 1/15/2027		100,000		108,106
Broadcom, Inc.
4.11%, 9/15/2028 (a)		126,000		137,813
4.75%, 4/15/2029 (a)		370,000		419,914
Intel Corp. 3.10%, 2/15/2060		50,000		54,947
QUALCOMM, Inc. 2.15%, 5/20/2030		430,000		447,558
				1,243,148
Software — 0.4%
Microsoft Corp.
2.65%, 11/3/2022		160,000		168,377
2.00%, 8/8/2023		125,000		130,860
3.50%, 2/12/2035		68,000		83,204
3.45%, 8/8/2036		125,000		150,716
3.95%, 8/8/2056		40,000		51,385
2.68%, 6/1/2060		27,000		28,176

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Software — continued
Oracle Corp.
2.50%, 5/15/2022		52,000		53,769
2.40%, 9/15/2023		101,000		105,611
4.30%, 7/8/2034		23,000		28,514
3.90%, 5/15/2035		93,000		112,462
3.85%, 7/15/2036		107,000		124,827
3.60%, 4/1/2040		450,000		510,778
4.00%, 7/15/2046		110,000		130,193
VMware, Inc. 2.95%, 8/21/2022		101,000		104,479
				1,783,351
Specialty Retail — 0.2%
Home Depot, Inc. (The)
3.90%, 12/6/2028		110,000		131,890
3.13%, 12/15/2049		200,000		219,449
Lowe’s Cos., Inc.
3.65%, 4/5/2029		141,000		161,664
4.55%, 4/5/2049		98,000		124,083
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		80,000		90,561
3.60%, 9/1/2027		49,000		55,058
TJX Cos., Inc. (The) 3.88%, 4/15/2030		100,000		117,491
				900,196
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
3.20%, 5/13/2025		32,000		35,735
2.45%, 8/4/2026		74,000		80,401
3.20%, 5/11/2027		57,000		64,607
3.00%, 6/20/2027		56,000		62,547
1.65%, 5/11/2030		285,000		294,266
3.85%, 5/4/2043		425,000		527,110
3.45%, 2/9/2045		82,000		95,661
3.85%, 8/4/2046		117,000		145,749
3.75%, 9/12/2047		140,000		167,856
2.95%, 9/11/2049		74,000		81,165
Dell International LLC 6.02%, 6/15/2026 (a)		135,000		154,774
HP, Inc. 3.00%, 6/17/2027		160,000		167,708
				1,877,579
Thrifts & Mortgage Finance — 0.0% (b)
BPCE SA (France) 4.63%, 7/11/2024 (a)		200,000		218,135
Tobacco — 0.0% (b)
BAT Capital Corp. (United Kingdom) 4.54%, 8/15/2047		60,000		65,311

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Trading Companies & Distributors — 0.4%
Air Lease Corp.
2.30%, 2/1/2025		245,000		233,478
3.25%, 3/1/2025		48,000		47,964
3.38%, 7/1/2025		500,000		499,871
3.63%, 4/1/2027		85,000		83,690
3.25%, 10/1/2029		220,000		209,457
Aviation Capital Group LLC 2.88%, 1/20/2022 (a)		100,000		95,573
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021 (a)		200,000		200,813
International Lease Finance Corp.
8.63%, 1/15/2022		70,000		75,202
5.88%, 8/15/2022		150,000		157,812
WW Grainger, Inc. 4.60%, 6/15/2045		77,000		96,653
				1,700,513
Transportation Infrastructure — 0.1%
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.38%, 4/30/2025 (a)		360,000		371,489
Water Utilities — 0.1%
American Water Capital Corp.
3.45%, 6/1/2029		35,000		40,079
4.00%, 12/1/2046		52,000		62,685
3.45%, 5/1/2050		225,000		252,790
				355,554
Wireless Telecommunication Services — 0.7%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		200,000		222,187
4.38%, 4/22/2049		200,000		242,983
Crown Castle Towers LLC
3.22%, 5/15/2022 (a)		42,000		42,700
3.66%, 5/15/2025 (a)		60,000		64,004
Rogers Communications, Inc. (Canada) 4.35%, 5/1/2049		100,000		122,458
T-Mobile USA, Inc.
3.50%, 4/15/2025 (a)		280,000		305,206
3.75%, 4/15/2027 (a)		460,000		510,370
2.05%, 2/15/2028 (a)		370,000		370,174
3.88%, 4/15/2030 (a)		850,000		947,384
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		64,000		84,209
4.88%, 6/19/2049		255,000		319,511
				3,231,186
Total Corporate Bonds (Cost $115,274,849)				123,949,293

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — 23.0%
FHLMC
Pool # 611141, ARM, 3.77%, 1/1/2027 (f)		14,682		14,773
Pool # 846812, ARM, 3.97%, 4/1/2030 (f)		3,626		3,648
Pool # 1B1665, ARM, 3.64%, 4/1/2034 (f)		16,027		16,453
Pool # 1B2844, ARM, 3.58%, 3/1/2035 (f)		29,621		29,992
Pool # 1B3209, ARM, 3.80%, 1/1/2037 (f)		14,914		15,239
FHLMC Gold Pools, 30 Year
Pool # G00981, 8.50%, 7/1/2028		1,277		1,464
Pool # C00785, 6.50%, 6/1/2029		8,153		9,145
Pool # C01292, 6.00%, 2/1/2032		5,026		5,836
Pool # C66034, 6.50%, 4/1/2032		30,643		34,094
Pool # A13625, 5.50%, 10/1/2033		33,769		39,088
Pool # A28796, 6.50%, 11/1/2034		7,418		8,794
Pool # A46417, 7.00%, 4/1/2035		37,266		45,339
Pool # V83115, 4.50%, 3/1/2047		1,380,512		1,496,040
Pool # Q48338, 4.50%, 5/1/2047		141,673		153,401
Pool # G61060, 4.50%, 6/1/2047		1,798,441		1,952,126
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		31,955		35,938
Pool # U80265, 3.50%, 4/1/2033		436,426		468,199
Pool # U90690, 3.50%, 6/1/2042		419,158		452,448
Pool # U90975, 4.00%, 6/1/2042		189,187		206,227
Pool # U99134, 4.00%, 1/1/2046		240,643		262,210
FHLMC UMBS, 30 Year Pool # RA2008, 4.00%, 1/1/2050		858,889		932,400
FNMA
Pool # 303532, ARM, 4.03%, 3/1/2029 (f)		586		593
Pool # 745446, ARM, 3.89%, 4/1/2033 (f)		18,631		19,499
Pool # 722985, ARM, 3.16%, 7/1/2033 (f)		14,942		15,004
Pool # 766610, ARM, 3.71%, 1/1/2034 (f)		30,986		31,635
Pool # 735332, ARM, 3.86%, 8/1/2034 (f)		32,546		33,692
Pool # 735740, ARM, 3.04%, 10/1/2034 (f)		19,011		19,221
Pool # 810896, ARM, 2.64%, 1/1/2035 (f)		74,014		75,996
Pool # 823660, ARM, 2.88%, 5/1/2035 (f)		27,587		28,014

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
FNMA UMBS, 15 Year
Pool # 735911, 6.50%, 8/1/2020		39		39
Pool # 840495, 5.50%, 4/1/2022		2,496		2,513
Pool # 899316, 5.50%, 4/1/2022		88		89
Pool # 928637, 6.00%, 9/1/2022		1,676		1,733
Pool # 949415, 4.50%, 3/1/2023		3,243		3,415
Pool # 962871, 4.50%, 5/1/2023		5,728		6,050
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		2,161		2,404
Pool # 555791, 6.50%, 12/1/2022		1,886		2,098
Pool # 762498, 5.00%, 11/1/2023		56,008		61,052
Pool # 255609, 4.50%, 1/1/2025		7,154		7,670
Pool # FM1345, 4.50%, 11/1/2038		1,070,364		1,171,879
FNMA UMBS, 30 Year
Pool # 250375, 6.50%, 9/1/2025		1,137		1,264
Pool # 338417, 6.50%, 5/1/2026		312		347
Pool # 689977, 8.00%, 3/1/2027		10,147		11,293
Pool # 755973, 8.00%, 11/1/2028		23,838		27,656
Pool # 252211, 6.00%, 1/1/2029		1,460		1,650
Pool # 524949, 7.50%, 3/1/2030		6,725		6,950
Pool # 622534, 3.00%, 9/1/2031		108,784		114,819
Pool # 788150, 6.00%, 3/1/2032		17,210		19,284
Pool # 545639, 6.50%, 4/1/2032		36,239		42,773
Pool # 674349, 6.00%, 3/1/2033		5,340		5,947
Pool # AD0755, 7.00%, 6/1/2035		462,966		545,205
Pool # 833039, 5.00%, 9/1/2035		24,603		28,200
Pool # 745932, 6.50%, 11/1/2036		46,715		54,477
Pool # 944831, 5.50%, 2/1/2038		4,258		4,732
Pool # 961799, 5.50%, 3/1/2038		2,663		3,045
Pool # 976582, 4.50%, 4/1/2038		2,134		2,291
Pool # 985558, 5.50%, 6/1/2038		1,171		1,338
Pool # AL3438, 6.50%, 10/1/2038		477,482		535,660
Pool # AA4236, 4.50%, 4/1/2039		175,765		195,152
Pool # 935241, 4.50%, 5/1/2039		5,991		6,652
Pool # MA2535, 4.50%, 2/1/2046		428,351		466,072
Pool # BH4683, 4.00%, 6/1/2047		401,549		443,889
Pool # BH4684, 4.00%, 6/1/2047		401,719		438,713
Pool # BH4685, 4.00%, 6/1/2047		427,269		471,281
Pool # BK9030, 5.00%, 10/1/2048		1,196,286		1,308,073
Pool # BM5430, 5.00%, 1/1/2049		704,231		798,589
Pool # BN5899, 5.00%, 2/1/2049		284,603		311,199
Pool # BK8745, 4.50%, 4/1/2049		948,611		1,023,193
Pool # BN4707, 5.00%, 4/1/2049		1,239,686		1,377,142
Pool # FM1939, 4.50%, 5/1/2049		805,918		868,112
Pool # CA3713, 5.00%, 6/1/2049		841,790		919,843
Pool # BN6475, 4.00%, 7/1/2049		813,177		863,622

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
Pool # BO2170, 4.00%, 7/1/2049		923,549		980,266
Pool # BO2305, 4.00%, 7/1/2049		255,457		271,257
Pool # BK8758, 4.50%, 7/1/2049		854,702		935,562
Pool # BO5625, 3.50%, 8/1/2049		1,125,785		1,205,294
Pool # BP4357, 3.00%, 2/1/2050		1,194,222		1,291,748
FNMA, 30 Year
Pool # 506427, 9.00%, 4/1/2025		9,497		10,228
Pool # 535442, 8.50%, 6/1/2030		2,038		2,247
FNMA, Other
Pool # AM0806, 2.45%, 11/1/2022		494,356		511,238
Pool # AM1619, 2.34%, 12/1/2022		259,750		268,305
Pool # AM2747, 2.50%, 4/1/2023		500,000		520,806
Pool # AM3244, 2.52%, 5/1/2023		1,000,000		1,043,385
Pool # AM3851, 3.02%, 7/1/2023		1,000,000		1,060,822
Pool # AN0029, 3.10%, 9/1/2025		973,974		1,073,901
Pool # AM4660, 3.77%, 12/1/2025		292,963		329,794
Pool # AN0890, 2.63%, 3/1/2026		480,026		518,905
Pool # AM6381, 3.29%, 8/1/2026		1,000,000		1,116,658
Pool # BL0044, 3.71%, 8/1/2026		792,386		894,313
Pool # AM7321, 3.12%, 11/1/2026		956,992		1,067,733
Pool # AM7515, 3.34%, 2/1/2027		1,000,000		1,122,696
Pool # AN1600, 2.59%, 6/1/2028		868,376		949,348
Pool # AN9686, 3.52%, 6/1/2028		500,000		577,832
Pool # AN2466, 2.57%, 8/1/2028		493,021		539,379
Pool # 109452, 3.64%, 8/1/2028		976,550		1,123,760
Pool # 405220, 6.00%, 9/1/2028		11,049		12,286
Pool # BL5798, 2.47%, 12/1/2028		1,268,951		1,371,586
Pool # BL1040, 3.81%, 12/1/2028		300,000		351,811
Pool # AN4559, 3.28%, 2/1/2029		1,492,673		1,722,318
Pool # AN4975, 3.21%, 3/1/2029		2,500,000		2,875,686
Pool # AN5672, 3.20%, 6/1/2029		1,476,898		1,697,782
Pool # AN6099, 3.04%, 7/1/2029		900,000		1,017,843
Pool # AN5971, 2.99%, 8/1/2029		1,400,000		1,578,671
Pool # BL4435, 2.42%, 10/1/2029		700,000		762,442
Pool # AN6846, 2.93%, 10/1/2029		1,100,000		1,237,248
Pool # AM6811, 3.69%, 10/1/2029		632,873		730,585
Pool # BL4333, 2.52%, 11/1/2029		1,100,000		1,187,688
Pool # AN9976, 3.96%, 2/1/2030		1,200,000		1,425,333
Pool # BL6267, 2.01%, 4/1/2030		1,350,000		1,447,200
Pool # AM8692, 3.03%, 4/1/2030		650,000		737,405
Pool # AM8544, 3.08%, 4/1/2030		481,081		546,173
Pool # BL6386, 2.02%, 8/1/2030		1,059,000		1,130,476
Pool # 754922, 5.50%, 9/1/2033		29,155		32,863
Pool # BL4886, 2.84%, 11/1/2034		797,000		906,348
Pool # 847108, 6.50%, 10/1/2035		74,026		84,646
Pool # AL9678, 4.00%, 2/1/2036		1,138,355		1,215,248

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Pool # AN1330, 3.19%, 3/1/2036		1,068,451		1,223,726
Pool # 257172, 5.50%, 4/1/2038		4,274		4,873
Pool # AO9352, 4.00%, 7/1/2042		214,708		233,855
Pool # MA1125, 4.00%, 7/1/2042		327,437		356,355
Pool # MA1178, 4.00%, 9/1/2042		162,881		177,391
Pool # MA1437, 3.50%, 5/1/2043		471,857		509,556
Pool # AL6167, 3.50%, 1/1/2044		508,709		549,293
Pool # MA2545, 3.50%, 2/1/2046		913,883		983,306
Pool # MA2793, 3.50%, 10/1/2046		294,849		317,263
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 7/25/2050 (g)		1,530,000		1,564,963
TBA, 2.50%, 7/25/2050 (g)		21,900,000		22,821,340
TBA, 2.00%, 8/25/2050 (g)		10,965,000		11,191,268
GNMA I, 30 Year
Pool # 326977, 7.50%, 5/15/2023		1,513		1,599
Pool # 359588, 7.50%, 6/15/2023		319		320
Pool # 782507, 9.50%, 10/15/2024		728		752
Pool # 780029, 9.00%, 11/15/2024		104		105
Pool # 405535, 7.00%, 12/15/2025		780		843
Pool # 412336, 8.00%, 10/15/2027		1,577		1,781
Pool # 451507, 8.00%, 10/15/2027		2,089		2,132
Pool # 412369, 7.00%, 11/15/2027		1,165		1,286
Pool # 467705, 6.50%, 3/15/2028		1,441		1,585
Pool # 472679, 7.00%, 6/15/2028		3,255		3,614
Pool # 486537, 7.50%, 9/15/2028		2,100		2,316
Pool # 781614, 7.00%, 6/15/2033		5,264		6,496
Pool # 617653, 6.00%, 5/15/2037		29,386		32,643
Pool # 678574, 5.50%, 6/15/2038		677,923		792,383
Pool # 681554, 5.50%, 7/15/2038		634,381		740,283
Pool # 678169, 5.50%, 9/15/2038		353,654		413,366
Pool # 681568, 5.50%, 9/15/2038		699,404		817,503
Pool # 694458, 6.00%, 10/15/2038		7,917		9,204
Pool # 782510, 6.50%, 12/15/2038		20,120		22,962
GNMA II
Pool # 81008, ARM, 3.75%, 7/20/2034 (f)		22,288		22,472
Pool # 81074, ARM, 3.75%, 9/20/2034 (f)		72,329		72,556
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		703		768
Pool # 2324, 8.00%, 11/20/2026		16,117		18,479
Pool # 2341, 7.50%, 12/20/2026		917		1,034
Pool # 2362, 8.00%, 1/20/2027		2,278		2,567
Pool # BJ9823, 3.75%, 4/20/2048		1,532,914		1,640,516
Pool # BP4337, 4.50%, 9/20/2049		786,219		866,637
Pool # BP5551, 4.50%, 9/20/2049		938,482		1,034,449

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
Pool # BR0553, 4.50%, 2/20/2050		746,326		831,219
Pool # BS7393, 4.00%, 3/20/2050		1,002,733		1,089,855
Pool # BT8093, 3.50%, 4/20/2050		1,194,902		1,287,455
Pool # BS7411, 4.00%, 4/20/2050		1,831,776		1,990,543
GNMA II, Other Pool # AD0018, 3.75%, 12/20/2032		118,450		125,300
Total Mortgage-Backed Securities (Cost $105,398,137)				109,819,240
U.S. Treasury Obligations — 22.9%
U.S. Treasury Bonds
8.00%, 11/15/2021		338,000		374,295
5.38%, 2/15/2031		4,500		6,686
4.50%, 2/15/2036		276,000		422,399
5.00%, 5/15/2037		250,000		409,912
4.25%, 5/15/2039		105,000		162,188
3.88%, 8/15/2040		100,000		149,000
3.13%, 11/15/2041		950,000		1,286,359
2.75%, 8/15/2042		1,000,000		1,281,758
3.13%, 2/15/2043		500,000		677,734
2.88%, 5/15/2043		2,420,000		3,160,747
3.63%, 8/15/2043		2,350,000		3,431,551
3.75%, 11/15/2043		1,952,000		2,904,286
3.63%, 2/15/2044		2,345,000		3,431,578
3.38%, 5/15/2044		1,000,000		1,413,984
3.00%, 11/15/2044		663,000		887,384
2.50%, 2/15/2045		2,000,000		2,466,172
2.88%, 8/15/2045		500,000		658,848
3.00%, 11/15/2045		1,000,000		1,347,383
2.25%, 8/15/2046		3,703,700		4,390,765
3.00%, 2/15/2048		90,000		123,156
3.13%, 5/15/2048		176,200		246,811
2.88%, 5/15/2049		160,000		216,338
2.25%, 8/15/2049		1,095,000		1,316,224
2.38%, 11/15/2049		265,000		327,140
2.00%, 2/15/2050		2,045,000		2,340,726
1.25%, 5/15/2050		4,650,000		4,464,182
U.S. Treasury Inflation Indexed Bonds
3.63%, 4/15/2028		300,000		640,319
2.50%, 1/15/2029		100,000		153,161
U.S. Treasury Notes
1.50%, 7/15/2020		200,000		200,102
2.63%, 11/15/2020		200,000		201,820
2.38%, 12/31/2020		100,000		101,090
3.63%, 2/15/2021		4,900,000		5,005,082
2.25%, 4/30/2021		115,000		116,981
2.63%, 5/15/2021		154,500		157,807

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
3.13%, 5/15/2021		600,000		615,422
2.00%, 5/31/2021		300,000		305,016
2.13%, 8/15/2021		500,000		510,859
1.25%, 10/31/2021		3,500,000		3,550,176
2.00%, 10/31/2021		100,000		102,438
1.88%, 11/30/2021		950,000		972,897
1.38%, 1/31/2022		9,000,000		9,170,859
1.75%, 2/28/2022		3,300,000		3,386,238
1.63%, 8/31/2022		1,000,000		1,031,445
1.75%, 9/30/2022		150,000		155,314
1.50%, 2/28/2023		525,000		543,498
1.75%, 5/15/2023		3,079,000		3,217,675
2.75%, 5/31/2023		46,000		49,436
2.50%, 8/15/2023		600,000		643,289
1.38%, 8/31/2023		700,000		726,387
1.63%, 10/31/2023		2,000,000		2,095,391
2.13%, 2/29/2024		94,000		100,591
2.50%, 5/15/2024		30,000		32,643
2.00%, 6/30/2024		10,000		10,706
2.25%, 11/15/2024		112,000		121,761
1.75%, 12/31/2024		2,620,500		2,795,848
2.00%, 2/15/2025		1,000,000		1,079,727
2.88%, 4/30/2025		146,000		164,170
2.13%, 5/15/2025		500,000		544,414
2.88%, 5/31/2025		318,000		358,073
2.00%, 8/15/2025		728,600		791,043
2.25%, 11/15/2025		610,000		672,072
1.63%, 2/15/2026		59,400		63,549
1.50%, 8/15/2026		28,000		29,836
2.00%, 11/15/2026		84,000		92,239
1.75%, 12/31/2026		2,282,100		2,472,067
2.25%, 2/15/2027		108,000		120,644
2.75%, 2/15/2028		65,000		75,819
2.88%, 5/15/2028		990,800		1,169,221
1.63%, 8/15/2029		135,000		147,277
1.75%, 11/15/2029		265,000		292,546
1.50%, 2/15/2030		129,000		139,436
U.S. Treasury STRIPS Bonds
1.92%, 8/15/2020 (h)		1,490,000		1,489,705
2.42%, 2/15/2021 (h)		910,000		909,340
2.04%, 5/15/2021 (h)		1,590,000		1,587,851
2.21%, 8/15/2021 (h)		1,800,000		1,796,984
3.22%, 11/15/2021 (h)		675,000		673,583
2.95%, 2/15/2022 (h)		720,000		717,905
2.73%, 5/15/2022 (h)		760,000		757,654
3.24%, 8/15/2022 (h)		75,000		74,725

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — continued
1.85%, 11/15/2022 (h)		750,000		746,736
3.07%, 2/15/2023 (h)		2,690,000		2,676,518
2.67%, 5/15/2023 (h)		2,420,000		2,405,866
2.28%, 8/15/2023 (h)		1,890,000		1,876,263
2.69%, 11/15/2023 (h)		173,000		171,496
1.72%, 2/15/2024 (h)		327,000		323,685
3.34%, 11/15/2024 (h)		110,000		108,371
3.86%, 2/15/2025 (h)		50,000		49,159
5.16%, 5/15/2026 (h)		100,000		97,191
3.62%, 8/15/2026 (h)		23,000		22,291
3.68%, 11/15/2026 (h)		250,000		241,435
4.30%, 2/15/2027 (h)		300,000		288,926
3.71%, 5/15/2027 (h)		725,000		696,783
3.40%, 8/15/2027 (h)		250,000		239,668
4.07%, 11/15/2027 (h)		710,000		678,279
3.15%, 2/15/2028 (h)		27,000		25,706
2.98%, 5/15/2028 (h)		140,000		132,905
7.68%, 8/15/2028 (h)		50,000		47,319
4.26%, 2/15/2029 (h)		658,000		619,158
3.98%, 11/15/2029 (h)		200,000		186,095
4.87%, 5/15/2030 (h)		300,000		276,912
4.11%, 8/15/2030 (h)		300,000		275,816
3.65%, 11/15/2030 (h)		500,000		458,182
4.69%, 2/15/2031 (h)		350,000		319,235
4.00%, 5/15/2031 (h)		275,000		249,817
3.34%, 11/15/2031 (h)		760,000		685,986
3.90%, 2/15/2032 (h)		350,000		314,774
4.32%, 11/15/2032 (h)		800,000		709,735
3.93%, 2/15/2033 (h)		400,000		353,487
3.98%, 5/15/2033 (h)		1,175,000		1,034,266
6.60%, 8/15/2033 (h)		100,000		87,742
4.46%, 11/15/2033 (h)		1,025,000		895,740
4.05%, 2/15/2034 (h)		775,000		674,270
3.38%, 11/15/2034 (h)		50,000		43,000
3.38%, 2/15/2035 (h)		65,000		55,669
3.64%, 5/15/2035 (h)		250,000		213,172
2.36%, 11/15/2041 (h)		100,000		73,798
Total U.S. Treasury Obligations (Cost $97,856,856)				109,187,188
Asset-Backed Securities — 10.1%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		323,634		323,783
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		104,188		95,926
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)		79,137		72,356

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		240,032		217,618
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		170,792		140,940
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		10,415		9,178
Series 2017-2, Class B, 3.70%, 10/15/2025		90,150		62,619
Series 2014-1, Class A, 3.70%, 10/1/2026		35,079		29,763
Series 2016-2, Class A, 3.65%, 6/15/2028		13,312		10,844
Series 2016-3, Class AA, 3.00%, 10/15/2028		200,696		184,058
Series 2017-1, Class AA, 3.65%, 2/15/2029		137,252		131,423
American Homes 4 Rent
Series 2015-SFR1, Class D, 4.41%, 4/17/2052 (a)		380,000		414,653
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		100,000		110,296
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (a)		406,297		436,379
Series 2014-SFR2, Class C, 4.71%, 10/17/2036 ‡ (a)		200,000		219,643
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		224,890		240,749
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		200,000		223,702
Series 2015-SFR2, Class C, 4.69%, 10/17/2052 ‡ (a)		200,000		223,050
AMSR Trust
Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)		850,000		844,565
Series 2020-SFR2, Class C, 2.53%, 7/17/2037 (a)		1,000,000		1,006,787
B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048 (a)		25,496		25,484
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		77,712		73,800
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		104,093		84,931
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		149,784		134,935

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		157,256		158,053
Series 2018-2, Class A, 4.45%, 6/15/2033 (a)		279,580		277,403
Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		671,465		652,485
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		77,000		77,047
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		361,709		360,918
Capital Auto Receivables Asset Trust Series 2018-1, Class A3, 2.79%, 1/20/2022 (a)		153,518		154,122
Carvana Auto Receivables Trust
Series 2019-2A, Class C, 3.00%, 6/17/2024 (a)		675,000		690,541
Series 2019-3A, Class C, 2.71%, 10/15/2024 (a)		875,000		888,056
Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)		940,000		948,554
Continental Airlines Pass-Through Trust Series 2012-1, Class A, 4.15%, 4/11/2024		131,094		122,833
CoreVest American Finance Trust
Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (a)		500,000		461,504
Series 2019-3, Class B, 3.16%, 10/15/2052 ‡ (a)		700,000		690,190
CPS Auto Receivables Trust Series 2015-C, Class D, 4.63%, 8/16/2021 (a)		63,890		64,214
CPS Auto Trust Series 2018-C, Class C, 3.68%, 6/17/2024 (a)		1,901,000		1,930,416
Credit Acceptance Auto Loan Trust
Series 2018-1A, Class A, 3.01%, 2/16/2027 (a)		148,154		149,071
Series 2020-1A, Class B, 2.39%, 4/16/2029 (a)		645,000		652,749
CWABS Revolving Home Equity Loan Trust Series 2004-K, Class 2A, 0.48%, 2/15/2034 ‡ (f)		1,131		1,122
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 0.93%, 3/25/2034 ‡ (f)		18,304		18,132
Series 2004-1, Class M2, 1.01%, 3/25/2034 ‡ (f)		5,942		5,846
Series 2004-1, Class 3A, 0.74%, 4/25/2034 ‡ (f)		1,056		912

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Delta Air Lines Pass-Through Trust Series 2015-1, Class AA, 3.63%, 7/30/2027		321,948		318,377
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		170,879		173,458
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		454,325		460,747
Series 2016-CA, Class D, 4.18%, 3/15/2024 (a)		148,607		150,690
Series 2017-AA, Class D, 4.16%, 5/15/2024 (a)		96,928		98,222
Series 2019-4, Class C, 2.51%, 11/17/2025		375,000		379,878
Series 2019-1, Class D, 4.09%, 6/15/2026		170,000		173,299
Series 2020-2, Class D, 3.05%, 5/15/2028		1,000,000		1,014,183
DT Auto Owner Trust
Series 2016-4A, Class D, 3.77%, 10/17/2022 (a)		22,390		22,449
Series 2017-1A, Class D, 3.55%, 11/15/2022 (a)		41,064		41,289
Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		75,017		75,682
Series 2019-4A, Class C, 2.73%, 7/15/2025 (a)		604,000		610,505
Series 2020-2A, Class B, 2.08%, 3/16/2026 (a)		850,000		857,314
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (a)		876		876
Exeter Automobile Receivables Trust
Series 2018-4A, Class B, 3.64%, 11/15/2022 (a)		83,468		83,824
Series 2017-1A, Class C, 3.95%, 12/15/2022 (a)		39,472		39,739
Series 2018-1A, Class C, 3.03%, 1/17/2023 (a)		104,959		105,697
Series 2019-4A, Class C, 2.44%, 9/16/2024 (a)		415,000		417,882
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		590,000		595,195
Series 2019-4A, Class D, 2.58%, 9/15/2025 (a)		1,315,000		1,311,885
Flagship Credit Auto Trust
Series 2015-3, Class C, 4.65%, 3/15/2022 (a)		37,230		37,382
Series 2016-1, Class C, 6.22%, 6/15/2022 (a)		196,150		199,092

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Series 2016-4, Class C, 2.71%, 11/15/2022 (a)		146,817		147,519
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		427,806		470,870
FORT CRE LLC Series 2018-1A, Class C, 3.02%, 11/16/2035 ‡ (a) (f)		760,000		693,292
Foundation Finance Trust Series 2020-1A, Class A, 3.54%, 7/16/2040 (a)		870,000		881,537
FREED ABS Trust
Series 2018-2, Class A, 3.99%, 10/20/2025 (a)		96,381		96,343
Series 2019-2, Class A, 2.62%, 11/18/2026 (a)		229,601		229,556
Series 2020-FP1, Class B, 3.06%, 3/18/2027 ‡ (a)		800,000		756,111
GM Financial Automobile Leasing Trust Series 2018-2, Class A3, 3.06%, 6/21/2021		110,566		110,879
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		13,183		13,182
Goodgreen Series 2019-2A, Class A, 2.76%, 10/15/2054 (a)		420,379		416,506
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		59,565		62,242
Series 2017-2A, Class A, 3.26%, 10/15/2053 (a)		241,216		245,744
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (a)		135,940		129,143
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		204,575		214,529
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		53,376		54,470
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		146,622		155,819
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (a)		90,056		88,874
Hyundai Auto Receivables Trust Series 2016-A, Class D, 3.23%, 12/15/2022		1,220,000		1,224,007
Kabbage Funding LLC
Series 2019-1, Class A, 3.83%, 3/15/2024 (a)		705,069		698,511
Series 2019-1, Class B, 4.07%, 3/15/2024 ‡ (a)		550,000		527,175
LL ABS Trust Series 2019-1A, Class A, 2.87%, 3/15/2027 (a)		256,704		257,958

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Beach Mortgage Loan Trust
Series 2003-4, Class M1, 1.20%, 8/25/2033 ‡ (f)		20,678		20,366
Series 2004-1, Class M1, 0.93%, 2/25/2034 ‡ (f)		46,854		45,038
Series 2004-1, Class M2, 1.01%, 2/25/2034 ‡ (f)		6,106		6,052
Mariner Finance Issuance Trust Series 2019-AA, Class A, 2.96%, 7/20/2032 (a)		625,000		616,252
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		723,548		660,736
MVW Owner Trust Series 2019-1A, Class A, 2.89%, 11/20/2036 (a)		202,466		205,961
New Century Home Equity Loan Trust Series 2005-1, Class M1, 0.86%, 3/25/2035 ‡ (f)		83,150		81,052
NMEF Funding LLC Series 2019-A, Class B, 3.06%, 8/17/2026 ‡ (a)		870,000		881,453
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (a)		81,176		80,509
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (a)		270,000		274,947
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (a)		253,000		253,410
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (a)		801,000		804,102
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (a)		560,000		550,699
Pretium Mortgage Credit Partners I LLC Series 2020-CFL1, Class A1, 3.10%, 2/27/2060 (a) (i)		678,071		671,711
Progress Residential Trust Series 2019-SFR4, Class D, 3.14%, 10/17/2036 ‡ (a)		800,000		813,696
Prosper Marketplace Issuance Trust Series 2019-3A, Class A, 3.19%, 7/15/2025 (a)		73,567		73,858
Purchasing Power Funding LLC Series 2018-A, Class A, 3.34%, 8/15/2022 (a)		377,924		378,552
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		60,876		62,825
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (a)		176,589		176,589
Santander Drive Auto Receivables Trust
Series 2018-1, Class D, 3.32%, 3/15/2024		346,000		354,506

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Series 2019-2, Class C, 2.90%, 10/15/2024		190,000		193,889
Santander Retail Auto Lease Trust Series 2018-A, Class A3, 2.93%, 5/20/2021 (a)		90,907		91,096
Sierra Timeshare Receivables Funding LLC Series 2019-3A, Class C, 3.00%, 8/20/2036 ‡ (a)		633,218		583,925
Small Business Lending Trust Series 2020-A, Class B, 3.20%, 12/15/2026 ‡ (a)		2,300,000		2,033,213
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (a)		2,903		2,908
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		54,652		51,142
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (a)		18,581		18,977
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		809,000		838,135
Series 2019-A2, Class A, 2.34%, 6/15/2025		850,000		874,253
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		370,000		380,973
TCF Auto Receivables Owner Trust Series 2016-PT1A, Class A, 1.93%, 6/15/2022 (a)		29,823		29,880
Tricolor Auto Securitization Trust Series 2018-1A, Class A, 5.05%, 12/15/2020 (a)		101,279		101,271
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (a)		125,013		125,557
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		145,545		136,505
Series 2016-1, Class B, 3.65%, 1/7/2026		51,868		38,273
Series 2018-1, Class B, 4.60%, 3/1/2026		34,846		26,107
Series 2014-1, Class A, 4.00%, 4/11/2026		54,284		49,797
Series 2016-2, Class AA, 2.88%, 10/7/2028		86,785		81,040
Series 2019-1, Class AA, 4.15%, 8/25/2031		248,873		244,598
Series 2019-2, Class AA, 2.70%, 5/1/2032		222,000		200,438

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
US Auto Funding LLC
Series 2019-1A, Class B, 3.99%, 12/15/2022 (a)		550,000		556,475
Series 2018-1A, Class A, 5.50%, 7/15/2023 (a)		159,463		162,670
Vericrest Opportunity Loan Trust
Series 2020-NPL6, Class A1A, 3.97% ‡ (a) (i)		790,000		790,000
Series 2019-NPL4, Class A1B, 4.15%, 8/25/2049 ‡ (a) (i)		850,000		818,269
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (a) (i)		299,646		296,765
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 (a) (i)		475,460		474,929
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 (a) (i)		583,740		576,835
Verizon Owner Trust
Series 2017-2A, Class A, 1.92%, 12/20/2021 (a)		20,798		20,817
Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (a)		109,085		109,447
Series 2018-A, Class A1A, 3.23%, 4/20/2023		400,000		408,808
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (a) (i)		176,707		176,601
VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049 (a) (i)		715,000		687,803
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 (a) (i)		486,237		483,224
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 (a) (i)		582,662		577,313
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (a)		77,336		77,205
Westlake Automobile Receivables Trust Series 2018-1A, Class C, 2.92%, 5/15/2023 (a)		334,796		335,780
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		375,000		386,856
Total Asset-Backed Securities (Cost $48,794,498)				48,317,670
Collateralized Mortgage Obligations — 7.4%
Acre 6.71%, 12/15/2020 ‡		500,000		495,000
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		743,608		752,060
Series 2005-J1, Class 1A4, IF, IO, 4.92%, 2/25/2035 ‡ (f)		9,454		160

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2005-22T1, Class A2, IF, IO, 4.89%, 6/25/2035 ‡ (f)		371,009		65,599
Series 2005-20CB, Class 3A8, IF, IO, 4.57%, 7/25/2035 ‡ (f)		216,276		33,186
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		295,740		290,065
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		122,095		109,419
Banc of America Alternative Loan Trust Series 2004-6, Class 15, PO, 7/25/2019 ‡		1,550		1,226
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		15,718		12,522
Series 2005-E, Class 4A1, 4.44%, 3/20/2035 (f)		6,427		6,476
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		76,187		72,849
Series 2005-7, Class 30, PO, 11/25/2035 ‡		13,759		12,179
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 3.31%, 10/25/2033 (f)		12,201		11,498
Series 2006-1, Class A1, 3.84%, 2/25/2036 (f)		65,526		64,777
CHL Mortgage Pass-Through Trust
Series 2004-HYB1, Class 2A, 3.43%, 5/20/2034 (f)		8,897		8,498
Series 2004-HYB3, Class 2A, 3.00%, 6/20/2034 (f)		19,397		18,476
Series 2004-7, Class 2A1, 3.57%, 6/25/2034 (f)		18,851		18,999
Series 2005-16, Class A23, 5.50%, 9/25/2035		44,682		39,148
Series 2005-22, Class 2A1, 3.56%, 11/25/2035 (f)		98,489		88,032
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033 ‡		51		47
Series 2003-HYB1, Class A, 4.24%, 9/25/2033 (f)		9,871		9,591
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		1,224		1,241
Series 2005-1, Class 2A1A, 2.51%, 2/25/2035 (f)		45,053		36,952
CSMA SFR Zero Coupon, 4/25/2023 ‡		850,540		837,782
CVS Pass-Through Trust Series 2009, 8.35%, 7/10/2031 (a)		70,897		91,605
DT Asset Trust 5.84%, 12/16/2022		500,000		498,665

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		17,439		18,182
FHLMC, REMIC
Series 1065, Class J, 9.00%, 4/15/2021		19		19
Series 1250, Class J, 7.00%, 5/15/2022		370		385
Series 1316, Class Z, 8.00%, 6/15/2022		1,003		1,053
Series 1324, Class Z, 7.00%, 7/15/2022		1,871		1,939
Series 1343, Class LB, 7.50%, 8/15/2022		1,617		1,701
Series 1343, Class LA, 8.00%, 8/15/2022		7,856		8,286
Series 1395, Class G, 6.00%, 10/15/2022		1,019		1,059
Series 1394, Class ID, IF, 9.57%, 10/15/2022 (f)		1,208		1,307
Series 2535, Class BK, 5.50%, 12/15/2022		8,373		8,619
Series 1798, Class F, 5.00%, 5/15/2023		4,245		4,410
Series 1505, Class Q, 7.00%, 5/15/2023		929		988
Series 1518, Class G, IF, 8.73%, 5/15/2023 (f)		1,633		1,775
Series 1541, Class O, 0.00%, 7/15/2023 (f)		1,962		1,929
Series 2638, Class DS, IF, 8.42%, 7/15/2023 (f)		11,706		12,447
Series 1577, Class PV, 6.50%, 9/15/2023		53,139		56,835
Series 1584, Class L, 6.50%, 9/15/2023		30,807		32,933
Series 1633, Class Z, 6.50%, 12/15/2023		32,513		34,513
Series 1638, Class H, 6.50%, 12/15/2023		40,845		43,860
Series 2283, Class K, 6.50%, 12/15/2023		4,228		4,508
Series 1700, Class GA, PO, 2/15/2024		555		547
Series 1865, Class D, PO, 2/15/2024		4,026		3,986
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (f)		2,387		2,718
Series 1694, Class PK, 6.50%, 3/15/2024		3,296		3,530
Series 2033, Class SN, HB, IF, 28.11%, 3/15/2024 (f)		1,073		203
Series 2306, Class K, PO, 5/15/2024		1,499		1,485

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2306, Class SE, IF, IO, 9.93%, 5/15/2024 (f)		3,597		487
Series 1863, Class Z, 6.50%, 7/15/2026		9,652		10,347
Series 1981, Class Z, 6.00%, 5/15/2027		5,227		5,721
Series 1987, Class PE, 7.50%, 9/15/2027		6,960		8,170
Series 1999, Class PU, 7.00%, 10/15/2027		22,074		24,598
Series 2031, Class PG, 7.00%, 2/15/2028		44,416		51,385
Series 2035, Class PC, 6.95%, 3/15/2028		44,869		51,018
Series 2038, Class PN, IO, 7.00%, 3/15/2028		2,926		450
Series 2057, Class PE, 6.75%, 5/15/2028		59,922		69,004
Series 2054, Class PV, 7.50%, 5/15/2028		8,507		9,864
Series 2064, Class TE, 7.00%, 6/15/2028		10,087		11,733
Series 2075, Class PH, 6.50%, 8/15/2028		9,440		10,797
Series 2095, Class PE, 6.00%, 11/15/2028		31,305		35,422
Series 2132, Class SB, HB, IF, 29.80%, 3/15/2029 (f)		1,809		3,027
Series 2178, Class PB, 7.00%, 8/15/2029		17,300		20,207
Series 2182, Class ZB, 8.00%, 9/15/2029		29,930		35,227
Series 2204, Class GB, 8.00%, 12/20/2029 (f)		389		389
Series 2247, Class Z, 7.50%, 8/15/2030		6,047		7,173
Series 2259, Class ZC, 7.35%, 10/15/2030		112,241		136,685
Series 2325, Class PM, 7.00%, 6/15/2031		4,688		5,607
Series 2359, Class ZB, 8.50%, 6/15/2031		19,869		24,381
Series 2344, Class ZD, 6.50%, 8/15/2031		36,552		42,546
Series 2344, Class ZJ, 6.50%, 8/15/2031		6,638		7,894
Series 2345, Class NE, 6.50%, 8/15/2031		2,937		3,459
Series 2367, Class ME, 6.50%, 10/15/2031		56,030		62,906

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2390, Class DO, PO, 12/15/2031		5,802		5,634
Series 2410, Class OE, 6.38%, 2/15/2032		7,551		8,287
Series 2410, Class QX, IF, IO, 8.47%, 2/15/2032 (f)		10,517		2,353
Series 2412, Class SP, IF, 15.73%, 2/15/2032 (f)		12,155		16,665
Series 2410, Class QS, IF, 19.02%, 2/15/2032 (f)		9,047		14,512
Series 2423, Class MC, 7.00%, 3/15/2032		20,719		24,747
Series 2423, Class MT, 7.00%, 3/15/2032		32,649		39,188
Series 2444, Class ES, IF, IO, 7.77%, 3/15/2032 (f)		13,407		2,780
Series 2450, Class SW, IF, IO, 7.82%, 3/15/2032 (f)		8,938		1,839
Series 2647, Class A, 3.25%, 4/15/2032		39,077		41,804
Series 2435, Class CJ, 6.50%, 4/15/2032		79,019		92,995
Series 2455, Class GK, 6.50%, 5/15/2032		21,845		25,632
Series 2484, Class LZ, 6.50%, 7/15/2032		15,177		18,302
Series 2500, Class MC, 6.00%, 9/15/2032		50,580		59,288
Series 2543, Class YX, 6.00%, 12/15/2032		661,281		757,008
Series 2544, Class HC, 6.00%, 12/15/2032		47,589		55,077
Series 2574, Class PE, 5.50%, 2/15/2033		235,494		275,043
Series 2575, Class ME, 6.00%, 2/15/2033		94,193		109,844
Series 2586, Class WI, IO, 6.50%, 3/15/2033		7,132		1,423
Series 4189, Class MI, IO, 3.00%, 6/15/2033		2,651,325		43,939
Series 2764, Class UG, 5.00%, 3/15/2034		192,904		219,227
Series 2949, Class GE, 5.50%, 3/15/2035		241,072		280,617
Series 3047, Class OD, 5.50%, 10/15/2035		300,000		337,221
Series 3085, Class VS, HB, IF, 27.98%, 12/15/2035 (f)		56,136		98,424
Series 3098, Class KG, 5.50%, 1/15/2036		191,240		221,802
Series 3117, Class EO, PO, 2/15/2036		18,472		17,430

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 3260, Class CS, IF, IO, 5.96%, 1/15/2037 (f)		17,409		3,518
Series 3380, Class SI, IF, IO, 6.19%, 10/15/2037 (f)		1,022,771		238,619
Series 3385, Class SN, IF, IO, 5.82%, 11/15/2037 (f)		11,507		1,772
Series 3387, Class SA, IF, IO, 6.24%, 11/15/2037 (f)		39,787		7,764
Series 3423, Class PB, 5.50%, 3/15/2038		206,808		241,079
Series 3451, Class SA, IF, IO, 5.87%, 5/15/2038 (f)		13,586		1,452
Series 3455, Class SE, IF, IO, 6.02%, 6/15/2038 (f)		138,983		24,312
Series 3786, Class PD, 4.50%, 1/15/2041		407,000		493,493
Series 4029, Class MU, 3.50%, 4/15/2042		640,128		664,554
FHLMC, STRIPS
Series 233, Class 11, IO, 5.00%, 9/15/2035		34,870		6,120
Series 239, Class S30, IF, IO, 7.52%, 8/15/2036 (f)		37,574		9,415
Series 262, Class 35, 3.50%, 7/15/2042		203,645		228,113
Series 299, Class 300, 3.00%, 1/15/2043		183,489		198,892
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.29%, 7/25/2032 (f)		8,731		9,899
Series T-54, Class 2A, 6.50%, 2/25/2043		60,963		74,752
Series T-54, Class 3A, 7.00%, 2/25/2043		26,393		32,610
Series T-56, Class A, PO, 5/25/2043		149,094		144,229
Series T-58, Class A, PO, 9/25/2043		12,000		10,519
First Horizon Alternative Mortgage Securities Trust Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		84,264		64,117
FNMA Trust, Whole Loan Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		13,622		16,071
FNMA, REMIC
Series 1990-143, Class J, 8.75%, 12/25/2020		8		8
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		1		2
Series 2001-4, Class PC, 7.00%, 3/25/2021		1,494		1,505

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2002-1, Class HC, 6.50%, 2/25/2022		1,899		1,944
Series 1992-101, Class J, 7.50%, 6/25/2022		4,195		4,395
Series G92-42, Class Z, 7.00%, 7/25/2022		135		138
Series G92-44, Class ZQ, 8.00%, 7/25/2022		89		92
Series 1996-59, Class J, 6.50%, 8/25/2022		444		463
Series 1992-143, Class MA, 5.50%, 9/25/2022		599		618
Series G92-54, Class ZQ, 7.50%, 9/25/2022		945		976
Series G92-59, Class F, 1.44%, 10/25/2022 (f)		123		123
Series G92-61, Class Z, 7.00%, 10/25/2022		417		435
Series G92-66, Class KA, 6.00%, 12/25/2022		1,150		1,195
Series G92-66, Class KB, 7.00%, 12/25/2022		5,438		5,698
Series G93-1, Class KA, 7.90%, 1/25/2023		1,461		1,546
Series 1997-61, Class ZC, 7.00%, 2/25/2023		13,596		14,315
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (f)		1,940		2,067
Series 1998-43, Class SA, HB, IF, 21.04%, 4/25/2023 (f)		5,186		1,066
Series 1993-146, Class E, PO, 5/25/2023		4,130		4,084
Series 1993-84, Class M, 7.50%, 6/25/2023		266,347		283,878
Series 1993-205, Class H, PO, 9/25/2023		1,457		1,439
Series 1993-155, Class PJ, 7.00%, 9/25/2023		12,617		13,505
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (f)		1,765		1,920
Series 1993-165, Class SD, IF, 13.29%, 9/25/2023 (f)		354		388
Series 1993-203, Class PL, 6.50%, 10/25/2023		16,005		16,871
Series 1995-19, Class Z, 6.50%, 11/25/2023		18,436		19,620
Series 1993-230, Class FA, 0.77%, 12/25/2023 (f)		534		530
Series 1993-223, Class PZ, 6.50%, 12/25/2023		35,695		37,988

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 1993-225, Class UB, 6.50%, 12/25/2023		16,993		18,263
Series 2003-128, Class DY, 4.50%, 1/25/2024		190,932		198,704
Series 1994-37, Class L, 6.50%, 3/25/2024		33,520		35,920
Series 1994-72, Class K, 6.00%, 4/25/2024		297,524		315,653
Series 1995-2, Class Z, 8.50%, 1/25/2025		3,796		4,245
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (f)		14,592		314
Series 1997-39, Class PD, 7.50%, 5/20/2027		5,657		6,479
Series 1997-46, Class PL, 6.00%, 7/18/2027		8,736		9,654
Series 1998-36, Class ZB, 6.00%, 7/18/2028		3,125		3,518
Series 1998-46, Class GZ, 6.50%, 8/18/2028		11,612		12,930
Series 1998-58, Class PC, 6.50%, 10/25/2028		24,590		28,033
Series 2014-15, Class JI, IO, 3.50%, 4/25/2029		5,250,081		451,823
Series 1999-39, Class JH, IO, 6.50%, 8/25/2029		51,363		4,727
Series 2000-52, IO, 8.50%, 1/25/2031		2,077		428
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		67,521		11,535
Series 2001-30, Class PM, 7.00%, 7/25/2031		20,773		25,022
Series 2001-36, Class DE, 7.00%, 8/25/2031		31,571		37,419
Series 2001-44, Class PD, 7.00%, 9/25/2031		3,130		3,726
Series 2001-61, Class Z, 7.00%, 11/25/2031		52,501		63,178
Series 2002-1, Class SA, HB, IF, 24.59%, 2/25/2032 (f)		1,017		1,522
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (f)		55,456		2,040
Series 2002-15, PO, 4/25/2032		43,561		42,606
Series 2002-28, Class PK, 6.50%, 5/25/2032		21,180		24,875
Series 2002-68, Class SH, IF, IO, 7.81%, 10/18/2032 (f)		44,793		8,060
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (f)		24,556		29,714
Series 2002-77, Class S, IF, 14.15%, 12/25/2032 (f)		4,431		5,972

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2003-22, Class UD, 4.00%, 4/25/2033		112,858		125,663
Series 2003-47, Class PE, 5.75%, 6/25/2033		18,167		21,514
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		25,395		5,973
Series 2004-4, Class QM, IF, 13.83%, 6/25/2033 (f)		16,881		18,809
Series 2003-64, Class SX, IF, 13.32%, 7/25/2033 (f)		4,146		5,380
Series 2003-132, Class OA, PO, 8/25/2033		4,871		4,736
Series 2003-71, Class DS, IF, 7.24%, 8/25/2033 (f)		26,569		31,676
Series 2003-91, Class SD, IF, 12.19%, 9/25/2033 (f)		6,158		7,884
Series 2003-116, Class SB, IF, IO, 7.42%, 11/25/2033 (f)		61,213		13,111
Series 2003-131, Class CH, 5.50%, 1/25/2034		76,853		87,041
Series 2003-130, Class SX, IF, 11.24%, 1/25/2034 (f)		1,409		1,655
Series 2004-35, Class AZ, 4.50%, 5/25/2034		101,988		111,565
Series 2004-46, Class SK, IF, 15.99%, 5/25/2034 (f)		20,679		28,849
Series 2004-36, Class SA, IF, 19.02%, 5/25/2034 (f)		46,502		72,555
Series 2004-51, Class SY, IF, 13.87%, 7/25/2034 (f)		3,959		5,109
Series 2004-79, Class ZE, 5.50%, 11/25/2034		485,689		584,089
Series 2004-91, Class HC, 6.00%, 12/25/2034		687,847		805,030
Series 2005-45, Class DC, HB, IF, 23.63%, 6/25/2035 (f)		70,678		109,891
Series 2005-84, Class XM, 5.75%, 10/25/2035		46,155		52,371
Series 2006-22, Class AO, PO, 4/25/2036		28,913		27,496
Series 2006-46, Class SW, HB, IF, 23.52%, 6/25/2036 (f)		9,033		14,850
Series 2007-7, Class SG, IF, IO, 6.32%, 8/25/2036 (f)		42,337		14,982
Series 2006-110, PO, 11/25/2036		25,069		23,627
Series 2006-117, Class GS, IF, IO, 6.47%, 12/25/2036 (f)		34,300		7,415
Series 2007-53, Class SH, IF, IO, 5.92%, 6/25/2037 (f)		46,201		7,983

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2007-88, Class VI, IF, IO, 6.36%, 9/25/2037 (f)		74,370		16,461
Series 2007-100, Class SM, IF, IO, 6.27%, 10/25/2037 (f)		47,468		9,415
Series 2008-1, Class BI, IF, IO, 5.73%, 2/25/2038 (f)		41,600		8,023
Series 2008-16, Class IS, IF, IO, 6.02%, 3/25/2038 (f)		9,905		1,559
Series 2008-46, Class HI, IO, 3.23%, 6/25/2038 (f)		36,587		2,189
Series 2008-53, Class CI, IF, IO, 7.02%, 7/25/2038 (f)		19,199		3,520
Series 2009-112, Class ST, IF, IO, 6.07%, 1/25/2040 (f)		40,887		8,937
Series 2010-35, Class SB, IF, IO, 6.24%, 4/25/2040 (f)		17,114		2,983
Series 2010-80, Class PZ, 5.00%, 7/25/2040		329,402		401,128
Series 2010-102, Class PN, 5.00%, 9/25/2040		580,000		673,794
Series 2010-134, Class KZ, 4.50%, 12/25/2040		1,325,309		1,484,351
Series 2012-30, Class DZ, 4.00%, 4/25/2042		278,041		311,868
Series 2013-67, Class KZ, 2.50%, 4/25/2043		833,721		857,619
Series 2013-128, PO, 12/25/2043		179,993		158,813
Series 2014-38, Class QI, IO, 5.50%, 12/25/2043		600,202		107,486
Series 2014-19, Class Z, 4.50%, 4/25/2044		489,913		580,878
Series 2016-38, Class NA, 3.00%, 1/25/2046		143,553		154,174
FNMA, REMIC Trust, Whole Loan
Series 1999-W1, PO, 2/25/2029		15,570		14,124
Series 1999-W4, Class A9, 6.25%, 2/25/2029		65,472		73,677
Series 2002-W7, Class A4, 6.00%, 6/25/2029		164,041		190,315
Series 2003-W1, Class 1A1, 5.24%, 12/25/2042 (f)		167,479		184,991
Series 2003-W1, Class 2A, 5.75%, 12/25/2042 (f)		23,963		26,850
FNMA, REMIC, Whole Loan Series 2003-7, Class A1, 6.50%, 12/25/2042		124,058		144,092
FNMA, STRIPS
Series 329, Class 1, PO, 1/25/2033		3,562		3,366
Series 365, Class 8, IO, 5.50%, 5/25/2036		14,902		3,151

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.58%, 6/19/2035 (f)		78,379		72,978
GNMA
Series 2001-10, Class PE, 6.50%, 3/16/2031		347,238		347,218
Series 2003-24, PO, 3/16/2033		1,855		1,831
Series 2004-28, Class S, IF, 19.13%, 4/16/2034 (f)		15,188		23,319
Series 2006-38, Class OH, 6.50%, 8/20/2036		500,000		636,114
Series 2007-45, Class QA, IF, IO, 6.45%, 7/20/2037 (f)		62,691		9,732
Series 2009-79, Class OK, PO, 11/16/2037		36,115		34,576
Series 2007-76, Class SA, IF, IO, 6.34%, 11/20/2037 (f)		49,485		7,285
Series 2008-2, Class MS, IF, IO, 6.96%, 1/16/2038 (f)		50,288		9,980
Series 2015-137, Class WA, 5.49%, 1/20/2038 (f)		279,124		330,531
Series 2009-106, Class ST, IF, IO, 5.81%, 2/20/2038 (f)		165,240		30,622
Series 2008-55, Class SA, IF, IO, 6.01%, 6/20/2038 (f)		29,932		5,245
Series 2009-6, Class SA, IF, IO, 5.90%, 2/16/2039 (f)		20,345		2,732
Series 2009-6, Class SH, IF, IO, 5.85%, 2/20/2039 (f)		61,714		7,393
Series 2009-31, Class TS, IF, IO, 6.11%, 3/20/2039 (f)		65,595		4,975
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		45,878		8,194
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		34,318		7,655
Series 2009-22, Class SA, IF, IO, 6.08%, 4/20/2039 (f)		84,438		14,123
Series 2009-102, Class SM, IF, IO, 6.20%, 6/16/2039 (f)		3,059		42
Series 2009-64, Class SN, IF, IO, 5.90%, 7/16/2039 (f)		72,060		11,043
Series 2009-104, Class KB, 5.50%, 11/16/2039		236,000		321,976
Series 2010-130, Class CP, 7.00%, 10/16/2040		53,667		65,152
Series 2011-75, Class SM, IF, IO, 6.41%, 5/20/2041 (f)		104,174		19,611
Series 2013-69, Class MA, 1.50%, 8/20/2042		404,167		407,535

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2016-135, Class Z, 3.00%, 10/20/2046		223,225		241,047
Series 2020-30, Class PT, 4.76%, 3/20/2048 (f)		1,240,813		1,409,449
Series 2011-H19, Class FA, 0.77%, 8/20/2061 (f)		462,840		462,157
Series 2012-H23, Class SA, 0.83%, 10/20/2062 (f)		538,549		538,457
Series 2013-H08, Class FC, 0.75%, 2/20/2063 (f)		486,089		485,147
Series 2013-H09, Class HA, 1.65%, 4/20/2063		97,820		98,138
Series 2014-H17, Class FC, 0.80%, 7/20/2064 (f)		266,735		266,373
Series 2015-H16, Class FG, 0.74%, 7/20/2065 (f)		575,245		573,218
Series 2015-H30, Class FE, 0.90%, 11/20/2065 (f)		748,219		750,122
Series 2016-H11, Class FD, 1.40%, 5/20/2066 (f)		185,942		186,682
Series 2016-H26, Class FC, 1.30%, 12/20/2066 (f)		146,605		149,072
Series 2017-H14, Class FV, 0.80%, 6/20/2067 (f)		370,078		369,604
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		407,904		410,865
GSR Mortgage Loan Trust
Series 2004-6F, Class 1A2, 5.00%, 5/25/2034		41,154		41,591
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		100,741		107,768
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		40,470		42,393
Headlands Residential LLC
Series 2017-RPL1, Class A, 3.88%, 8/25/2022 (a) (i)		390,000		395,684
Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (a) (i)		675,000		672,802
Impac Secured Assets Trust Series 2006-1, Class 2A1, 0.53%, 5/25/2036 (f)		18,913		17,421
JP Morgan Mortgage Trust Series 2006-A2, Class 5A3, 4.10%, 11/25/2033 (f)		20,930		20,742
LHOME Mortgage Trust Series 2019-RTL3, Class A1, 3.87%, 7/25/2024 (a)		730,000		733,446
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.33%, 4/21/2034 (f)		12,804		12,586
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		2,313		2,313

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		274		282
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		49,872		50,751
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		46,798		48,754
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		79,110		83,920
Series 2004-7, Class 30, PO, 8/25/2034 ‡		7,188		6,054
MASTR Asset Securitization Trust
Series 2003-12, Class 15, PO, 12/25/2018 ‡		76		76
Series 2004-6, Class 15, PO, 7/25/2019 ‡		82		81
Series 2003-11, Class 9A6, 5.25%, 12/25/2033		75,772		77,678
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		12,429		10,377
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (f)		25,597		25,140
PHH Alternative Mortgage Trust Series 2007-2, Class 2X, IO, 6.00%, 5/25/2037 ‡		148,647		34,441
RALI Trust
Series 2003-QS9, Class A3, IF, IO, 7.38%, 5/25/2018 ‡ (f)		463		—
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		587		528
Residential Asset Securitization Trust Series 2003-A14, Class A1, 4.75%, 2/25/2019		10		7
RFMSI Trust Series 2005-SA4, Class 1A1, 3.66%, 9/25/2035 (f)		31,474		27,453
RMIP 5.60%, 8/25/2021 ‡		510,166		489,760
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (a)		2,174		2,175
SART
4.75%, 7/15/2024		471,187		466,475
4.76%, 6/15/2025		569,608		569,608
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		699,451		791,012
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		294,557		349,786
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022 (i)		495,000		493,796

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
TVC Mortgage Trust Series 2020-RTL1, Class A1, 3.47%, 9/25/2024 (a)		980,000		972,174
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.30%, 2/15/2024 (f)		13,218		14,050
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		179,591		193,323
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		45,374		51,785
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		23,934		27,185
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		97,502		111,872
Series 1998-1, Class 2E, 7.00%, 3/15/2028		26,831		30,244
vMobo, Inc. 7.50%, 5/31/2024		518,479		487,775
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.37%, 8/25/2033 (f)		5,135		5,061
Series 2003-AR9, Class 1A6, 4.28%, 9/25/2033 (f)		26,249		25,121
Series 2004-AR3, Class A2, 3.66%, 6/25/2034 (f)		8,876		8,556
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 4.82%, 4/25/2035 ‡ (f)		210,342		35,923
Series 2005-2, Class 1A4, IF, IO, 4.87%, 4/25/2035 ‡ (f)		498,183		75,806
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		140,426		24,397
Series 2005-4, Class CB7, 5.50%, 6/25/2035		128,517		120,542
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		33,531		32,433
Total Collateralized Mortgage Obligations (Cost $33,427,844)				35,193,674
Commercial Mortgage-Backed Securities — 4.7%
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		300,000		288,430
BXMT Ltd. Series 2017-FL1, Class C, 2.14%, 6/15/2035 ‡ (a) (f)		300,000		292,950
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.51%, 12/11/2049 ‡ (a) (f)		7,400		269
Citigroup Commercial Mortgage Trust Series 2020-GC46, Class A5, 2.72%, 2/15/2053		1,100,000		1,186,333

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage Trust
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (a) (f)		125,000		121,962
Series 2020-CBM, Class A2, 2.90%, 2/10/2037 (a)		750,000		735,581
Series 2020-CBM, Class C, 3.40%, 2/10/2037 ‡ (a)		500,000		455,441
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		200,000		217,794
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		156,000		171,114
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (a)		885,000		863,709
Series 2014-USA, Class D, 4.37%, 9/15/2037 (a)		100,000		77,198
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KF12, Class A, 0.88%, 9/25/2022 (f)		9,943		9,965
Series KJ09, Class A2, 2.84%, 9/25/2022		122,973		128,568
Series KJ11, Class A2, 2.93%, 1/25/2023		185,352		196,039
Series K038, Class A2, 3.39%, 3/25/2024		229,000		250,341
Series KJ14, Class A2, 2.81%, 9/25/2024		591,000		636,082
Series KPLB, Class A, 2.77%, 5/25/2025		250,000		271,731
Series K065, Class A2, 3.24%, 4/25/2027		215,000		245,585
Series K065, Class AM, 3.33%, 5/25/2027		115,000		131,663
Series K066, Class A2, 3.12%, 6/25/2027		267,000		303,075
Series K070, Class A2, 3.30%, 11/25/2027 (f)		208,000		239,771
Series K072, Class AM, 3.50%, 12/25/2027 (f)		1,000,000		1,164,782
Series K073, Class A2, 3.35%, 1/25/2028		346,000		400,483
Series K079, Class AM, 3.93%, 6/25/2028		588,000		703,036
Series K081, Class A2, 3.90%, 8/25/2028 (f)		395,000		473,642
Series K082, Class A2, 3.92%, 9/25/2028 (f)		1,054,000		1,266,273

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — continued
FNMA ACES
Series 2015-M17, Class FA, 1.65%, 11/25/2022 (f)		74,006		74,069
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		306,930		314,007
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (f)		722,904		783,505
Series 2015-M3, Class A2, 2.72%, 10/25/2024		961,844		1,032,876
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (f)		803,000		889,639
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (f)		389,000		432,824
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (f)		335,000		374,443
Series 2017-M12, Class A2, 3.18%, 6/25/2027 (f)		381,000		424,122
Series 2018-M10, Class A2, 3.50%, 7/25/2028 (f)		460,000		529,235
Series 2017-M5, Class A2, 3.30%, 4/25/2029 (f)		305,000		349,002
Series 2018-M3, Class A2, 3.19%, 2/25/2030 (f)		185,000		210,687
FREMF Mortgage Trust
Series 2014-K40, Class C, 4.21%, 11/25/2047 (a) (f)		168,000		176,331
Series 2015-K44, Class B, 3.81%, 1/25/2048 (a) (f)		640,000		681,265
Series 2015-K45, Class B, 3.71%, 4/25/2048 (a) (f)		500,000		530,539
Series 2016-K722, Class B, 3.97%, 7/25/2049 (a) (f)		110,000		115,135
Series 2016-K59, Class B, 3.70%, 11/25/2049 (a) (f)		180,000		191,812
Series 2018-K730, Class B, 3.93%, 2/25/2050 (a) (f)		551,000		584,581
Series 2019-K102, Class B, 3.65%, 12/25/2051 (a) (f)		750,000		806,574
Morgan Stanley Capital I Trust Series 2006-IQ12, Class X1, IO, 0.63%, 12/15/2043 ‡ (a) (f)		40,033		1
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		740,000		749,714
Series 2019-PARK, Class D, 2.72%, 12/15/2036 (a)		987,000		951,441
SBALR Commercial Mortgage Trust Series 2020-RR1, Class A3, 2.83%, 2/13/2053		975,000		1,038,679

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		116,000		117,360
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		104,000		107,595
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029 (a)		200,000		200,343
WFRBS Commercial Mortgage Trust Series 2011-C3, Class A4, 4.38%, 3/15/2044 (a)		104,971		106,027
Total Commercial Mortgage-Backed Securities (Cost $21,210,441)				22,603,623
U.S. Government Agency Securities — 2.8%
FNMA, STRIPS 16.95%, 3/23/2028 (h)		630,000		575,662
Resolution Funding Corp. STRIPS
14.99%, 7/15/2020 (h)		4,100,000		4,099,650
2.06%, 10/15/2020 (h)		8,000,000		7,992,976
DN, 2.88%, 10/15/2027 (h)		15,000		13,951
Tennessee Valley Authority
5.88%, 4/1/2036		140,000		218,337
4.63%, 9/15/2060		93,000		145,225
4.25%, 9/15/2065		101,000		151,930
Total U.S. Government Agency Securities (Cost $12,834,064)				13,197,731
Foreign Government Securities — 0.3%
Republic of Colombia (Colombia)
3.13%, 4/15/2031		395,000		392,235
7.38%, 9/18/2037		100,000		137,200
United Mexican States (Mexico)
3.60%, 1/30/2025		200,000		211,750
4.13%, 1/21/2026		200,000		216,000
3.75%, 1/11/2028		280,000		292,250
4.75%, 3/8/2044		50,000		52,609
4.35%, 1/15/2047		58,000		58,000
4.50%, 1/31/2050		315,000		324,765
Total Foreign Government Securities (Cost $1,657,732)				1,684,809
Municipal Bonds — 0.1% (j)
New York — 0.1%
Other Revenue — 0.0% (b)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 5.60%, 3/15/2040		30,000		42,745
Transportation — 0.1%
Port Authority of New York and New Jersey, Consolidated Series 164, Rev., 5.65%, 11/1/2040		130,000		185,539
Total New York				228,284

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 33

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Ohio — 0.0% (b)
Education — 0.0% (b)
Ohio State University, General Receipts Series A, Rev., 4.80%, 6/1/2111		98,000		149,248
Total Municipal Bonds (Cost $256,176)				377,532
	SHARES
Short-Term Investments — 10.0%
Investment Companies — 10.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40% (k) (l) (Cost $47,878,668)		47,851,920		47,894,987
Total Investments — 107.2% (Cost $484,589,265)				512,225,747
Liabilities in Excess of Other Assets — (7.2)%				(34,606,462	)
NET ASSETS — 100.0%				477,619,285

Percentages indicated are based on net assets.

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, 2020.
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of June 30, 2020. 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
SOFR	Secured Overnight Financing Rate
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.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2020.
(d)	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, 2020.
(e)	Security is an interest bearing note with preferred security characteristics.
(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, 2020.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	The rate shown is the effective yield as of June 30, 2020.
(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, 2020.
(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, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2020

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	464,330,760
Investments in affiliates, at value		47,894,987
Receivables:
Investment securities sold		164,195
Portfolio shares sold		1,513,512
Interest from non-affiliates		1,958,851
Dividends from affiliates		16,065
Total Assets		515,878,370
LIABILITIES:
Payables:
Due to custodian		2,951
Investment securities purchased		2,361,028
Investment securities purchased — delayed delivery securities		35,391,959
Portfolio shares redeemed		139,464
Accrued liabilities:
Investment advisory fees		148,471
Administration fees		28,833
Distribution fees		58,369
Custodian and accounting fees		59,592
Trustees’ and Chief Compliance Officer’s fees		556
Other		67,862
Total Liabilities		38,259,085
Net Assets	$	477,619,285
NET ASSETS:
Paid-in-Capital	$	441,648,537
Total distributable earnings (loss)		35,970,748
Total Net Assets	$	477,619,285
Net Assets:
Class 1	$	182,325,114
Class 2		295,294,171
Total	$	477,619,285
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		15,674,913
Class 2		25,705,006
Net Asset Value, offering and redemption price per share (a):
Class 1	$	11.63
Class 2		11.49
Cost of investments in non-affiliates	$	436,710,597
Cost of investments in affiliates		47,878,668

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 35

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	5,863,552
Interest income from affiliates		4
Dividend income from affiliates		131,076
Income from securities lending (net) (See Note 2.D.)		117
Total investment income		5,994,749
EXPENSES:
Investment advisory fees		831,361
Administration fees		155,881
Distribution fees — Class 2		312,466
Custodian and accounting fees		74,164
Interest expense to affiliates		59
Professional fees		52,609
Trustees’ and Chief Compliance Officer’s fees		13,635
Printing and mailing costs		27,003
Transfer agency fees — Class 1		824
Transfer agency fees — Class 2		532
Other		13,336
Total expenses		1,481,870
Less fees waived		(23,214	)
Net expenses		1,458,656
Net investment income (loss)		4,536,093
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,534,487
Investments in affiliates		(2,929	)
Net realized gain (loss)		4,531,558
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		13,436,186
Investments in affiliates		15,696
Change in net unrealized appreciation/depreciation		13,451,882
Net realized/unrealized gains (losses)		17,983,440
Change in net assets resulting from operations	$	22,519,533

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Core Bond Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,536,093		$	8,729,651
Net realized gain (loss)		4,531,558			616,329
Change in net unrealized appreciation/depreciation		13,451,882			16,187,887
Change in net assets resulting from operations		22,519,533			25,533,867
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(3,683,230	)		(3,946,407	)
Class 2		(5,094,363	)		(4,091,695	)
Total distributions to shareholders		(8,777,593	)		(8,038,102	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		83,417,532			54,640,877
NET ASSETS:
Change in net assets		97,159,472			72,136,642
Beginning of period		380,459,813			308,323,171
End of period	$	477,619,285		$	380,459,813
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	63,274,057		$	25,619,828
Distributions reinvested		3,683,230			3,946,407
Cost of shares redeemed		(52,344,488	)		(34,012,333	)
Change in net assets resulting from Class 1 capital transactions	$	14,612,799		$	(4,446,098	)
Class 2
Proceeds from shares issued	$	90,671,910		$	77,161,214
Distributions reinvested		5,094,363			4,091,695
Cost of shares redeemed		(26,961,540	)		(22,165,934	)
Change in net assets resulting from Class 2 capital transactions	$	68,804,733		$	59,086,975
Total change in net assets resulting from capital transactions	$	83,417,532		$	54,640,877
SHARE TRANSACTIONS:
Class 1
Issued		5,452,401			2,328,365
Reinvested		321,118			366,086
Redeemed		(4,534,313	)		(3,102,651	)
Change in Class 1 Shares		1,239,206			(408,200	)
Class 2
Issued		7,964,564			7,067,370
Reinvested		449,635			383,837
Redeemed		(2,383,505	)		(2,037,560	)
Change in Class 2 Shares		6,030,694			5,413,647

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 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, 2020 (Unaudited)	$	11.24	$	0.13	$	0.49		$	0.62		$	(0.23	)	$	—		$	(0.23	)
Year Ended December 31, 2019		10.66		0.30		0.56			0.86			(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	)
Class 2
Six Months Ended June 30, 2020 (Unaudited)		11.09		0.12		0.49			0.61			(0.21	)		—			(0.21	)
Year Ended December 31, 2019		10.53		0.27		0.55			0.82			(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	)

(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, 2020

		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)
$	11.63		5.58	%	$	182,325,114		0.55	%		2.34	%		0.56	%		19	%
	11.24		8.18			162,192,356		0.58			2.70			0.58			20
	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
	11.49		5.56			295,294,171		0.80			2.08			0.81			19
	11.09		7.87			218,267,457		0.83			2.45			0.83			20
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Insurance Trust Core Bond Portfolio	Class 1 and Class 2	Diversified

The investment objective of the Portfolio is to seek to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Portfolio’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

Investments in open-end investment companies (“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, 2020.

40 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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	$	—	$	36,516,465	$	11,801,205	$	48,317,670
Collateralized Mortgage Obligations		—		31,918,260		3,275,414		35,193,674
Commercial Mortgage-Backed Securities		—		21,854,962		748,661		22,603,623
Corporate Bonds		—		123,949,293		—		123,949,293
Foreign Government Securities		—		1,684,809		—		1,684,809
Mortgage-Backed Securities		—		109,819,240		—		109,819,240
Municipal Bonds		—		377,532		—		377,532
U.S. Government Agency Securities		—		13,197,731		—		13,197,731
U.S. Treasury Obligations		—		109,187,188		—		109,187,188
Short-Term Investments
Investment Companies		47,894,987		—		—		47,894,987
Total Investments in Securities	$	47,894,987	$	448,505,480	$	15,825,280	$	512,225,747

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, 2019		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2020
Investments in Securities
Asset-Backed Securities	$	10,224,707	$	—	$	(557,788	)	$	(890	)	$	3,944,190	$	(2,248,536	)	$	1,551,913	$	(1,112,391	)	$	11,801,205
Collateralized Mortgage Obligations		2,958,863		125		97,047			(32,584	)		26,172		(273,788	)		500,000		(421	)		3,275,414
Commercial Mortgage-Backed Securities		397,470		—		(65,343	)		(436	)		515,194		(19	)		—		(98,205	)		748,661
Total	$	13,581,040	$	125	$	(526,084	)	$	(33,910	)	$	4,485,556	$	(2,522,343	)	$	2,051,913	$	(1,211,017	)	$	15,825,280

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2020, which were valued using significant unobservable inputs (level 3) amounted to $(525,462). 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 or out of level 3 for the six months ended June 30, 2020.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at June 30, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	9,780,406	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (10.81%)
				Constant Default Rate		0.00% - 3.10% (0.05%)
				Yield (Discount Rate of Cash Flows)		1.61% - 12.65% (5.65%)
Asset-Backed Securities		9,780,406
		1,937,414	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (60.31%)
				Constant Default Rate		0.00% - 4.60% (0.31%)
				Yield (Discount Rate of Cash Flows)		0.95% - 43.96% (4.86%)
Collateralized Mortgage Obligations		1,937,414
		455,711	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.06%)
				Yield (Discount Rate of Cash Flows)		2.96% - 5.64% (5.64%)
Commercial Mortgage-Backed Securities		455,711
Total	$	12,173,531

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At June 30, 2020, the value of these investments was $3,651,749. 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) Unobservable inputs were weighted by the relative fair value of the instruments.

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, 2020, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A or Regulation S under the Securities Act.

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

The Portfolio had delayed delivery securities outstanding as of June 30, 2020, which are shown as a Payable for Investment securities purchased — delayed delivery securities on the Statement of Assets and Liabilities.

D. Securities Lending — The Portfolio is 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 Class IM Shares of the 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.

42 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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 certain de 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.

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 0.15% to 0.06%. For the six months ended June 30, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 26

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 Portfolio did not have any securities out on loan at June 30, 2020.

E. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. 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, 2020
Security Description	Value at December 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40% (a) (b)	$	17,075,860	$	140,130,584	$	109,324,224	$	(2,929	)	$	15,696	$	47,894,987		47,851,920	$	131,076		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares		52,258		345,829		398,087		—			—		—		—		155	*		—
Total	$	17,128,118	$	140,476,413	$	109,722,311	$	(2,929	)	$	15,696	$	47,894,987			$	131,231		$	—

(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, 2020.

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

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

G. Allocation of Income and Expenses — Expenses directly attributable to the Portfolio are charged directly to the Portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the applicable portfolios. 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.

H. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of June 30, 2020, no

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Portfolio and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.40%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% 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, 2020, the effective annualized rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’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 pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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, 2020 and is in place until at least April 30, 2021.

For the six months ended June 30, 2020, the Portfolio’s service providers did not waive and/or reimburse fees for the Portfolio.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (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. None of these parties expects the Portfolio to repay any such waived fees and reimbursed expenses in future years.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2020 was $23,214.

44 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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 Rule 38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2020, 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, 2020, 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
$	127,257,978	$	47,432,283	$	29,601,083	$	29,317,253

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, 2020 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	484,589,265	$	29,583,504	$	1,947,022	$	27,636,482

As of December 31, 2019, the Portfolio had the following net capital loss carryforwards:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	141,276	$	32,112

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 Portfolio had no borrowings outstanding from another fund during the six months ended June 30, 2020.

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 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2020.

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, 2020, the Portfolio had two individual shareholder and/or non-affiliated omnibus accounts, which owned 57.4% 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 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. During periods when interest rates are low or there are negative interest rates, the Portfolio’s yield (and total return) also may be low or the Portfolio may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Portfolio’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

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

The Portfolio is subject to the risk that should the Portfolio decide to sell an illiquid investment when a ready buyer is not available at a price the Portfolio deems representative of its value, the value of the Portfolio’s net assets could be adversely affected.

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Portfolio and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

46 JPMORGAN INSURANCE TRUST JUNE 30, 2020

The Portfolio is subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Portfolio’s investments, increase the Portfolio’s volatility, exacerbate other pre-existing political, social and economic risks to the Portfolio and negatively impact broad segments of businesses and populations. The Portfolio’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Portfolio’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 47

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

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 titled “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, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	1,055.80	$	2.81		0.55	%
Hypothetical		1,000.00		1,022.13		2.77		0.55
Class 2
Actual		1,000.00		1,055.60		4.09		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80

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

48 JPMORGAN INSURANCE TRUST JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Portfolio has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Portfolio’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a portfolio could not meet requests to redeem shares issued by the portfolio without significant dilution of remaining investors’ interests in the portfolio. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Portfolio. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Portfolio’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether the Portfolio invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Portfolio (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Portfolio has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether the Portfolio invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Portfolio liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Portfolio’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Portfolio during the Program Reporting Period.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 49

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Portfolio’s Form N-PORT reports 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., 2020.  All rights reserved. June 2020. SAN-JPMITCBP-620

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2020 (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	20
Liquidity Risk Management Program	21

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.” — Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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, Client

J.P. Morgan Asset Management

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	(19.63)%
Russell Midcap Value Index	(18.09)%
Net Assets as of 6/30/2020	$388,915,866

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Mid Cap Value Portfolio (the “Portfolio”) seeks capital appreciation with the secondary goal of achieving current income by investing primarily in equity securities.

HOW DID THE MARKET PERFORM?

U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the U.S. Federal Reserve’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose.

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

The Portfolio’s Class 1 Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended June 30, 2020. The Portfolio’s security selection in the real estate and health care sectors was a leading detractor to performance relative to the Benchmark, while the Portfolio’s

security selection in the energy and utilities sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s underweight positions in Newmont Corp. and Digital Realty Trust Inc. and its overweight position in Universal Health Services Inc. Shares of Newmont, a gold mining and processing company not held in the Portfolio, rose due to increased investor demand for commodity gold amid financial market volatility in response to the COVID-19 pandemic. Shares of Digital Realty Trust, a real estate trust operating in the data center sector not held in the Portfolio, rose amid investor expectations for increased demand for data centers in response to office closures during the COVID-19 pandemic. Shares of Universal Health Services, an owner/operator of hospitals and health care clinics, fell after the company reported lower-than-expected earnings for the first quarter of 2020.

Leading individual contributors to performance included the Portfolio’s overweight positions in Cabot Oil & Gas Corp., T. Rowe Price Group Inc. and Synopsys Inc. Shares of Cabot Oil & Gas, a natural gas producer operating mainly in U.S. shale formations, rose amid investor expectations for rising demand for natural gas. Shares of T. Rowe Price Group, provider of mutual funds and other investment services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020. Shares of Synopsys, a provider of software and consulting to the semiconductor industry, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in the portfolio managers’ view, sustainable levels of free cash flow. During the reporting period, the Portfolio maintained overweight positions in the financials and consumer discretionary sectors, while maintaining underweight positions in the industrials and materials sectors.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Xcel Energy, Inc.	1.8	%
	2.	CMS Energy Corp.	1.7
	3.	WEC Energy Group, Inc.	1.7
	4.	T. Rowe Price Group, Inc.	1.6
	5.	Ameriprise Financial, Inc.	1.6
	6.	AutoZone, Inc.	1.6
	7.	Loews Corp.	1.6
	8.	M&T Bank Corp.	1.5
	9.	Zimmer Biomet Holdings, Inc.	1.5
	10.	Best Buy Co., Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	19.8	%
Real Estate	12.3
Industrials	11.0
Utilities	9.8
Consumer Discretionary	9.5
Health Care	7.5
Information Technology	7.5
Materials	5.5
Consumer Staples	4.9
Energy	4.2
Communication Services	3.4
Short-Term Investments	4.6

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

** 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, 2020. The Portfolio’s composition is subject to change.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		September 28, 2001		(19.63	)%		(13.95	)%		2.34	%		10.22	%

* Not annualized.

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Mid Cap Value Portfolio and the Russell Midcap Value Index from June 30, 2010 to June 30, 2020. 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 Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. 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, 2020

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 96.8%
Airlines — 0.7%
Southwest Airlines Co.		82,200		2,809,596
Auto Components — 0.8%
BorgWarner, Inc.		83,040		2,931,312
Banks — 7.5%
Citizens Financial Group, Inc.		160,070		4,040,167
Fifth Third Bancorp		247,660		4,774,885
First Republic Bank		34,370		3,642,876
Huntington Bancshares, Inc.		277,690		2,508,929
M&T Bank Corp.		57,058		5,932,320
Regions Financial Corp.		296,550		3,297,636
TCF Financial Corp.		95,030		2,795,783
Zions Bancorp NA		61,640		2,095,760
				29,088,356
Beverages — 1.6%
Constellation Brands, Inc., Class A		22,490		3,934,626
Keurig Dr Pepper, Inc.		77,611		2,204,152
				6,138,778
Building Products — 1.0%
Fortune Brands Home & Security, Inc.		62,090		3,969,414
Capital Markets — 5.6%
Ameriprise Financial, Inc.		42,400		6,361,696
Northern Trust Corp.		55,770		4,424,792
Raymond James Financial, Inc.		63,910		4,398,925
T. Rowe Price Group, Inc.		52,530		6,487,455
				21,672,868
Chemicals — 1.2%
Sherwin-Williams Co. (The)		8,193		4,734,325
Communications Equipment — 0.7%
CommScope Holding Co., Inc. *		123,550		1,029,172
Motorola Solutions, Inc.		12,510		1,753,026
				2,782,198
Construction Materials — 1.0%
Martin Marietta Materials, Inc.		19,650		4,059,100
Consumer Finance — 0.5%
Discover Financial Services		40,440		2,025,640
Containers & Packaging — 3.3%
Ball Corp.		58,040		4,033,200
Packaging Corp. of America		23,940		2,389,212
Silgan Holdings, Inc.		116,850		3,784,771
Westrock Co.		95,940		2,711,264
				12,918,447

INVESTMENTS	SHARES		VALUE($)
Distributors — 0.7%
Genuine Parts Co.		31,589		2,746,979
Electric Utilities — 4.2%
Edison International		86,000		4,670,660
Entergy Corp.		47,470		4,453,161
Xcel Energy, Inc.		114,270		7,141,875
				16,265,696
Electrical Equipment — 2.9%
Acuity Brands, Inc.		35,620		3,410,258
AMETEK, Inc.		49,240		4,400,579
Hubbell, Inc.		27,880		3,495,037
				11,305,874
Electronic Equipment, Instruments & Components — 4.1%
Amphenol Corp., Class A		46,760		4,480,076
CDW Corp.		35,740		4,152,273
Keysight Technologies, Inc. *		30,950		3,119,141
SYNNEX Corp.		35,770		4,284,173
				16,035,663
Equity Real Estate Investment Trusts (REITs) — 11.0%
American Campus Communities, Inc.		45,190		1,579,842
American Homes 4 Rent, Class A		122,840		3,304,396
AvalonBay Communities, Inc.		30,870		4,773,737
Boston Properties, Inc.		48,790		4,409,640
Brixmor Property Group, Inc.		185,590		2,379,264
Essex Property Trust, Inc. (a)		12,170		2,788,999
Federal Realty Investment Trust		32,250		2,748,022
Host Hotels & Resorts, Inc.		105,100		1,134,029
JBG SMITH Properties		53,522		1,582,646
Kimco Realty Corp.		178,580		2,292,967
Outfront Media, Inc.		110,527		1,566,168
Rayonier, Inc.		124,585		3,088,462
Regency Centers Corp.		42,100		1,931,969
Ventas, Inc.		38,860		1,423,053
Vornado Realty Trust		74,034		2,828,839
Weyerhaeuser Co.		126,110		2,832,431
WP Carey, Inc.		31,120		2,105,268
				42,769,732
Food & Staples Retailing — 1.4%
Kroger Co. (The)		123,044		4,165,039
US Foods Holding Corp. *		67,490		1,330,903
				5,495,942
Food Products — 0.9%
Post Holdings, Inc. *		41,811		3,663,480

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Gas Utilities — 1.0%
National Fuel Gas Co.		91,760		3,847,497
Health Care Equipment & Supplies — 1.5%
Zimmer Biomet Holdings, Inc.		47,970		5,725,699
Health Care Providers & Services — 6.2%
AmerisourceBergen Corp.		51,010		5,140,278
Cigna Corp.		21,440		4,023,216
Henry Schein, Inc. *		51,180		2,988,400
Humana, Inc.		6,580		2,551,395
Laboratory Corp. of America Holdings *		33,280		5,528,141
Universal Health Services, Inc., Class B		41,451		3,850,383
				24,081,813
Hotels, Restaurants & Leisure — 0.2%
Darden Restaurants, Inc.		10,260		777,400
Household Durables — 1.9%
Mohawk Industries, Inc. *		36,670		3,731,539
Newell Brands, Inc.		229,619		3,646,350
				7,377,889
Household Products — 0.9%
Energizer Holdings, Inc. (a)		75,990		3,608,765
Industrial Conglomerates — 1.1%
Carlisle Cos., Inc.		37,110		4,440,954
Insurance — 6.5%
Alleghany Corp.		4,918		2,405,591
Hartford Financial Services Group, Inc. (The)		111,500		4,298,325
Lincoln National Corp.		51,840		1,907,194
Loews Corp.		183,650		6,297,358
Marsh & McLennan Cos., Inc.		37,460		4,022,080
Progressive Corp. (The)		45,510		3,645,806
WR Berkley Corp.		47,415		2,716,405
				25,292,759
Internet & Direct Marketing Retail — 0.4%
Expedia Group, Inc.		21,230		1,745,106
IT Services — 0.9%
Jack Henry & Associates, Inc.		18,020		3,316,221
Machinery — 5.3%
IDEX Corp.		26,170		4,135,907
ITT, Inc.		73,590		4,322,676
Lincoln Electric Holdings, Inc.		48,370		4,074,689
Middleby Corp. (The) *		48,290		3,812,013
Snap-on, Inc. (a)		31,630		4,381,071
				20,726,356

INVESTMENTS	SHARES		VALUE($)
Media — 3.5%
Discovery, Inc., Class C *		187,310		3,607,591
DISH Network Corp., Class A *		40,999		1,414,875
Liberty Broadband Corp., Class C *		28,730		3,561,371
Liberty Media Corp.-Liberty SiriusXM, Class C *		143,564		4,945,780
				13,529,617
Multiline Retail — 0.6%
Kohl’s Corp.		66,500		1,381,205
Nordstrom, Inc. (a)		54,180		839,248
				2,220,453
Multi-Utilities — 4.8%
CMS Energy Corp.		115,560		6,751,015
Sempra Energy		44,160		5,176,877
WEC Energy Group, Inc.		74,770		6,553,590
				18,481,482
Oil, Gas & Consumable Fuels — 4.2%
Cabot Oil & Gas Corp.		181,307		3,114,854
Diamondback Energy, Inc.		121,660		5,087,821
EQT Corp.		178,230		2,120,937
Equitrans Midstream Corp.		177,148		1,472,100
Williams Cos., Inc. (The)		243,580		4,632,892
				16,428,604
Personal Products — 0.2%
Coty, Inc., Class A		136,482		610,075
Real Estate Management & Development — 1.5%
CBRE Group, Inc., Class A *		101,070		4,570,385
Cushman & Wakefield plc *		97,900		1,219,834
				5,790,219
Semiconductors & Semiconductor Equipment — 0.8%
Analog Devices, Inc.		26,470		3,246,281
Software — 1.1%
Synopsys, Inc. *		20,950		4,085,250
Specialty Retail — 3.7%
AutoZone, Inc. *		5,638		6,360,341
Best Buy Co., Inc.		64,720		5,648,114
Gap, Inc. (The) (a)		186,530		2,354,009
				14,362,464
Textiles, Apparel & Luxury Goods — 1.4%
Carter’s, Inc.		19,140		1,544,598
PVH Corp.		16,330		784,657
Ralph Lauren Corp. (a)		41,120		2,982,022
				5,311,277
Total Common Stocks (Cost $289,438,056)				376,419,581

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 4.7%
Investment Companies — 3.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (b) (c) (Cost $12,476,838)		12,476,838		12,476,838
Investment of Cash Collateral From Securities Loaned — 1.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		999,800		1,000,200
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		4,924,093		4,924,093
Total Investment of Cash Collateral From Securities Loaned (Cost $5,924,093)				5,924,293
Total Short-Term Investments (Cost $18,400,931)				18,401,131
Total Investments — 101.5% (Cost $307,838,987)				394,820,712
Liabilities in Excess of Other Assets — (1.5)%				(5,904,846	)
NET ASSETS — 100.0%				388,915,866

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is $5,829,976.
(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, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	376,419,581
Investments in affiliates, at value		12,476,838
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		5,924,293
Receivables:
Investment securities sold		1,818,061
Portfolio shares sold		279,018
Dividends from non-affiliates		737,122
Dividends from affiliates		962
Securities lending income (See Note 2.B.)		1,651
Total Assets		397,657,526
LIABILITIES:
Payables:
Investment securities purchased		1,966,070
Collateral received on securities loaned (See Note 2.B.)		5,924,293
Portfolio shares redeemed		565,385
Accrued liabilities:
Investment advisory fees		210,134
Administration fees		24,566
Custodian and accounting fees		8,669
Trustees’ and Chief Compliance Officer’s fees		351
Other		42,192
Total Liabilities		8,741,660
Net Assets	$	388,915,866
NET ASSETS:
Paid-in-Capital	$	285,373,942
Total distributable earnings (loss)		103,541,924
Total Net Assets	$	388,915,866
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):		44,592,485
Net Asset Value, offering and redemption price per share (a):	$	8.72
Cost of investments in non-affiliates	$	289,438,056
Cost of investments in affiliates		12,476,838
Investment securities on loan, at value (See Note 2.B.)		5,829,976
Cost of investment of cash collateral (See Note 2.B.)		5,924,093

(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, 2020

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	28
Dividend income from non-affiliates		4,748,868
Dividend income from affiliates		27,195
Income from securities lending (net) (See Note 2.B.)		7,850
Total investment income		4,783,941
EXPENSES:
Investment advisory fees		1,323,051
Administration fees		152,661
Custodian and accounting fees		13,187
Professional fees		27,070
Trustees’ and Chief Compliance Officer’s fees		13,478
Printing and mailing costs		5,478
Transfer agency fees		2,484
Other		15,996
Total expenses		1,553,405
Less fees waived		(10,241	)
Net expenses		1,543,164
Net investment income (loss)		3,240,777
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		15,237,343
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(111,724,889	)
Investments in affiliates		200
Change in net unrealized appreciation/depreciation		(111,724,689	)
Net realized/unrealized gains (losses)		(96,487,346	)
Change in net assets resulting from operations	$	(93,246,569	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Mid Cap Value Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,240,777		$	6,316,380
Net realized gain (loss)		15,237,343			26,400,545
Change in net unrealized appreciation/depreciation		(111,724,689	)		80,490,442
Change in net assets resulting from operations		(93,246,569	)		113,207,367
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(31,576,159	)		(40,130,971	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		19,441,433			(24,741,858	)
NET ASSETS:
Change in net assets		(105,381,295	)		48,334,538
Beginning of period		494,297,161			445,962,623
End of period	$	388,915,866		$	494,297,161
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	48,355,445		$	35,723,954
Distributions reinvested		31,576,158			40,130,971
Cost of shares redeemed		(60,490,170	)		(100,596,783	)
Change in net assets resulting from capital transactions	$	19,441,433		$	(24,741,858	)
SHARE TRANSACTIONS:
Issued		5,559,991			3,179,998
Reinvested		3,680,205			3,736,589
Redeemed		(6,486,706	)		(8,985,068	)
Change in Shares		2,753,490			(2,068,481	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 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) (b)		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, 2020 (Unaudited)	$	11.81	$	0.08	$	(2.41	)	$	(2.33	)	$	(0.15	)	$	(0.61	)	$	(0.76	)
Year Ended December 31, 2019		10.16		0.15		2.47			2.62			(0.19	)		(0.78	)		(0.97	)
Year Ended December 31, 2018		11.83		0.17		(1.54	)		(1.37	)		(0.11	)		(0.19	)		(0.30	)
Year Ended December 31, 2017		10.98		0.11		1.34			1.45			(0.09	)		(0.51	)		(0.60	)
Year Ended December 31, 2016		10.19		0.10		1.33			1.43			(0.09	)		(0.55	)		(0.64	)
Year Ended December 31, 2015		11.41		0.09		(0.34	)		(0.25	)		(0.11	)		(0.86	)		(0.97	)

(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.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2020

		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)
$	8.72		(19.63	)%	$	388,915,866		0.76	%		1.59	%		0.76	%		14	%
	11.81		26.76			494,297,161		0.76			1.31			0.77			10
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Class Offered	Diversification Classification
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, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Portfolio’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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 in open-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.

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)	$	394,820,712	$	—	$	—	$	394,820,712

(a) Please refer to the SOI for industry specifics of portfolio holdings.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2020

B. Securities Lending — The Portfolio is 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 Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class 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 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 certain de 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.

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, 2020.

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)
$	5,829,976	$	(5,829,976	)	$	—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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 0.15% to 0.06%. For the six months ended June 30, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 996

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).

C. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. 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

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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, 2020
Security Description	Value at December 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a) (b)	$	—	$	2,000,000	$	1,000,000	$	—	$	200	$	1,000,200		999,800	$	3,594	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		—		54,232,128		49,308,035		—		—		4,924,093		4,924,093		6,111	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (a) (b)		9,285,917		43,362,796		40,171,875		—		—		12,476,838		12,476,838		27,195			—
Total	$	9,285,917	$	99,594,924	$	90,479,910	$	—	$	200	$	18,401,131			$	36,900		$	—

(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, 2020.

* 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 the ex-dividend date or when the Portfolio first learns of the dividend.

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

E. Allocation of Expenses — Expenses directly attributable to the Portfolio are charged directly to the Portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the applicable 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, 2020, 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 Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Portfolio and for such services is paid a fee. The investment advisory 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

16 JPMORGAN INSURANCE TRUST JUNE 30, 2020

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% 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, 2020, the effective annualized rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s principal underwriter and promotes and arranges for the sale of the Portfolio’s shares.

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

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the 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, 2020 and is in place until at least April 30, 2021.

For the six months ended June 30, 2020, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (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. None of these parties expects the Portfolio to repay any such waived fees and reimbursed expenses in future years.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2020 was $10,241.

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 Rule 38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2020, 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, 2020, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	54,356,282	$	65,346,489

During the six months ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (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, 2020 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	307,838,987	$	123,295,720	$	36,313,995	$	86,981,725

As of December 31, 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 Portfolio had no borrowings outstanding from another fund during the six months ended June 30, 2020.

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 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2020.

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, 2020, the Portfolio had two individual shareholder and/or non-affiliated omnibus accounts, which owned 76.5% of the Portfolio’s outstanding shares.

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is

18 JPMORGAN INSURANCE TRUST JUNE 30, 2020

possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Portfolio and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Portfolio is subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Portfolio’s investments, increase the Portfolio’s volatility, exacerbate other pre-existing political, social and economic risks to the Portfolio and negatively impact broad segments of businesses and populations. The Portfolio’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Portfolio’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

JUNE 30, 2020 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 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, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

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 titled “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, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Mid Cap Value Portfolio
Actual	$	1,000.00	$	803.70	$	3.41		0.76	%
Hypothetical		1,000.00		1,021.08		3.82		0.76

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

20 JPMORGAN INSURANCE TRUST JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Portfolio has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Portfolio’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a portfolio could not meet requests to redeem shares issued by the portfolio without significant dilution of remaining investors’ interests in the portfolio. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Portfolio. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Portfolio’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether the Portfolio invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Portfolio (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Portfolio has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether the Portfolio invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Portfolio liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Portfolio’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Portfolio during the Program Reporting Period.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 21

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Portfolio’s Form N-PORT reports 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., 2020.  All rights reserved. June 2020. SAN-JPMITMCVP-620

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2020 (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
Liquidity Risk Management Program	25

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectuses for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.” — Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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, Client

J.P. Morgan Asset Management

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	(17.81)%
Russell 2000 Index	(12.98)%
Net Assets as of 6/30/2020	$159,699,030

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the U.S. Federal Reserve’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose.

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, 2020. The Portfolio’s security selection in the health care and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Portfolio’s security selection in the consumer discretionary and real estate sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s underweight position in Teladoc Health Inc. and its overweight positions in Tenet Healthcare Corp. and Tivity Health Inc. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Tenet Healthcare, a health care facilities operator, fell amid investor concerns about the impact of the COVID-19 pandemic on the company’s business. Shares of Tivity Health, a provider of weight loss and fitness products, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2019.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Stamps.com Inc. and Vir Biotechnology Inc., and its out-of-Benchmark position in Horizon Therapeutics PLC. Shares of Stamps.com, an internet provider of postal services, rose after the company reported better-than-expected earnings for the fourth quarter of 2019 and issued an upbeat earnings forecast for 2020. Shares of Vir Biotechnology, a developer of immunology treatments, rose after it entered into a partnership with GlaxoSmithKline to develop a COVID-19 antibody treatment. Shares of Horizon Therapeutics, a pharmaceuticals company, rose after an advisory committee of the U.S. Food and Drug Administration recommended approval of the company’s drug for thyroid eye disease.

HOW WAS THE PORTFOLIO POSITIONED?

In accordance with its investment process, the portfolio managers take limited sector bets and construct the Portfolio so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The portfolio managers employ a bottom-up approach to stock selection, using quantitative screening and the adviser’s proprietary analysis to construct a portfolio of companies that the portfolio managers 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, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Deckers Outdoor Corp.	1.1	%
	2.	Magellan Health, Inc.	1.0
	3.	Horizon Therapeutics plc	0.8
	4.	Argan, Inc.	0.8
	5.	ArcBest Corp.	0.8
	6.	Hub Group, Inc., Class A	0.8
	7.	Sanmina Corp.	0.8
	8.	STAG Industrial, Inc.	0.7
	9.	Commercial Metals Co.	0.7
	10.	Cornerstone OnDemand, Inc.	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	19.6	%
Financials	15.2
Industrials	14.7
Information Technology	11.9
Consumer Discretionary	10.1
Real Estate	6.2
Materials	4.5
Utilities	3.1
Consumer Staples	2.6
Communication Services	2.6
Energy	1.9
Short-Term Investments	7.6

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

** 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, 2020. The Portfolio’s composition is subject to change.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		(17.81	)%		(12.17	)%		2.69	%		10.40	%
CLASS 2 SHARES	April 24, 2009		(17.95	)		(12.41	)		2.41			10.11

* Not annualized.

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Small Cap Core Portfolio and the Russell 2000 Index from June 30, 2010 to June 30, 2020. 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 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. 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, 2020

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.1%
Aerospace & Defense — 0.9%
AAR Corp.		21,300		440,271
Aerojet Rocketdyne Holdings, Inc. *		2,400		95,136
Moog, Inc., Class A		2,200		116,556
Park Aerospace Corp.		21,900		243,966
Vectrus, Inc. *		9,500		466,735
				1,362,664
Air Freight & Logistics — 0.9%
Echo Global Logistics, Inc. *		4,800		103,776
Hub Group, Inc., Class A *		28,200		1,349,652
				1,453,428
Airlines — 0.3%
Hawaiian Holdings, Inc.		36,300		509,652
Auto Components — 1.3%
Adient plc *		39,500		648,590
American Axle & Manufacturing Holdings, Inc. *		25,700		195,320
Cooper Tire & Rubber Co.		13,200		364,452
Dana, Inc.		51,300		625,347
Goodyear Tire & Rubber Co. (The)		18,100		161,904
Modine Manufacturing Co. *		3,700		20,424
				2,016,037
Banks — 8.1%
Ameris Bancorp(a)		7,235		170,674
Associated Banc-Corp.		11,100		151,848
Bancorp, Inc. (The) *		31,300		306,740
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		30,400		741,456
Bar Harbor Bankshares		8,500		190,315
Business First Bancshares, Inc.		6,400		98,240
California Bancorp, Inc. *		2,000		29,800
Capital Bancorp, Inc. *		2,400		25,680
Capstar Financial Holdings, Inc.		5,400		64,800
Cathay General Bancorp		5,300		139,390
CB Financial Services, Inc.		1,300		28,366
Central Valley Community Bancorp		2,100		32,319
Citizens Holding Co.		1,200		30,000
Community Trust Bancorp, Inc.		864		28,305
ConnectOne Bancorp, Inc.		50,700		817,284
Customers Bancorp, Inc. *		23,300		280,066
Enterprise Financial Services Corp.		1,000		31,120
Financial Institutions, Inc.		11,900		221,459
First BanCorp (Puerto Rico)		116,200		649,558
First Bank		3,000		19,560
First Business Financial Services, Inc.		3,000		49,350

INVESTMENTS	SHARES		VALUE($)
Banks — continued
First Choice Bancorp		900		14,742
First Community Bankshares, Inc.		2,300		51,635
First Hawaiian, Inc.		5,450		93,958
First Horizon National Corp. (a)		86,200		858,552
First Internet Bancorp		3,800		63,156
Great Southern Bancorp, Inc.		4,300		173,548
Hancock Whitney Corp.		15,700		332,840
Hanmi Financial Corp.		22,025		213,863
Hilltop Holdings, Inc.		17,800		328,410
IBERIABANK Corp.		10,175		463,369
Investar Holding Corp.		5,900		85,550
Investors Bancorp, Inc.		141,300		1,201,050
Macatawa Bank Corp.		6,100		47,702
Meridian Corp. *		1,900		30,115
Metropolitan Bank Holding Corp. *		2,400		76,992
Mid Penn Bancorp, Inc. (a)		2,100		38,703
Northeast Bank		2,700		47,385
OceanFirst Financial Corp.		53,900		950,257
PacWest Bancorp		15,933		314,039
Popular, Inc. (Puerto Rico)		20,100		747,117
RBB Bancorp		3,200		43,680
Select Bancorp, Inc. *		23,921		194,717
Shore Bancshares, Inc.		4,100		45,469
Sierra Bancorp		1,950		36,816
Signature Bank		1,700		181,764
Sterling Bancorp		16,700		195,724
Synovus Financial Corp.		14,700		301,791
Umpqua Holdings Corp.		51,400		546,896
United Community Banks, Inc.		11,600		233,392
Wintrust Financial Corp.		5,200		226,824
Zions Bancorp NA		19,900		676,600
				12,922,986
Biotechnology — 9.1%
Aduro Biotech, Inc. *		114,900		265,419
Akebia Therapeutics, Inc. *		21,300		289,254
Alector, Inc. * (a)		17,900		437,476
Allogene Therapeutics, Inc. *		17,200		736,504
Amicus Therapeutics, Inc. *		35,800		539,864
AnaptysBio, Inc. *		30,500		681,370
Arrowhead Pharmaceuticals, Inc. * (a)		18,900		816,291
Assembly Biosciences, Inc. *		16,300		380,116
Atara Biotherapeutics, Inc. *		3,300		48,081
Bluebird Bio, Inc. *		2,500		152,600
Blueprint Medicines Corp. *		7,600		592,800
Bridgebio Pharma, Inc. * (a)		9,000		293,490

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Biotechnology — continued
Catalyst Pharmaceuticals, Inc. *		75,200		347,424
Coherus Biosciences, Inc. * (a)		23,100		412,566
Concert Pharmaceuticals, Inc. *		11,900		118,405
Dicerna Pharmaceuticals, Inc. *		26,800		680,720
Esperion Therapeutics, Inc. * (a)		8,900		456,659
FibroGen, Inc. *		7,600		308,028
Gritstone Oncology, Inc. * (a)		5,200		34,528
Heron Therapeutics, Inc. * (a)		37,900		557,509
Homology Medicines, Inc. *		13,900		211,141
Immunomedics, Inc. *		29,500		1,045,480
Insmed, Inc. *		16,300		448,902
Jounce Therapeutics, Inc. *		14,600		100,740
Kura Oncology, Inc. *		2,300		37,490
MeiraGTx Holdings plc *		12,500		156,500
Mustang Bio, Inc. *		216,700		689,106
Principia Biopharma, Inc. *		600		35,874
Radius Health, Inc. *		2,000		27,260
REVOLUTION Medicines, Inc. *		5,400		170,478
Rhythm Pharmaceuticals, Inc. *		9,100		202,930
Sage Therapeutics, Inc. *		7,600		316,008
Sarepta Therapeutics, Inc. * (a)		3,400		545,156
Sutro Biopharma, Inc. * (a)		4,300		33,368
Syros Pharmaceuticals, Inc. * (a)		87,600		933,816
TCR2 Therapeutics, Inc. *		8,700		133,632
Viela Bio, Inc. * (a)		11,000		476,520
Vir Biotechnology, Inc. * (a)		11,900		487,543
Xencor, Inc. *		6,900		223,491
Y-mAbs Therapeutics, Inc. *		1,400		60,480
				14,485,019
Building Products — 1.1%
Builders FirstSource, Inc. *		16,100		333,270
Caesarstone Ltd.		21,000		248,850
Cornerstone Building Brands, Inc. *		15,800		95,748
JELD-WEN Holding, Inc. *		5,500		88,605
Masonite International Corp. *		6,400		497,792
PGT Innovations, Inc. *		4,800		75,264
Quanex Building Products Corp.		15,900		220,692
UFP Industries, Inc.		3,000		148,530
				1,708,751
Capital Markets — 1.8%
Blucora, Inc. *		26,800		306,056
Cowen, Inc., Class A (a)		36,429		590,514
Federated Hermes, Inc., Class B		32,400		767,880
Focus Financial Partners, Inc., Class A *		2,500		82,625
Houlihan Lokey, Inc.		4,000		222,560

INVESTMENTS	SHARES		VALUE($)
Capital Markets — continued
Piper Sandler Cos.		1,800		106,488
Stifel Financial Corp.		8,700		412,641
Virtus Investment Partners, Inc.		2,800		325,612
				2,814,376
Chemicals — 1.7%
FutureFuel Corp.		11,900		142,205
Koppers Holdings, Inc. *		25,100		472,884
Kraton Corp. *		13,700		236,736
Minerals Technologies, Inc.		4,800		225,264
Orion Engineered Carbons SA (Luxembourg)		32,400		343,116
PolyOne Corp.		23,700		621,651
Trinseo SA		15,200		336,832
Tronox Holdings plc, Class A		48,700		351,614
				2,730,302
Commercial Services & Supplies — 2.4%
ABM Industries, Inc.		15,700		569,910
ACCO Brands Corp.		84,750		601,725
Brink’s Co. (The)		6,200		282,162
Herman Miller, Inc.		10,600		250,266
HNI Corp.		19,500		596,115
KAR Auction Services, Inc.		10,600		145,856
Kimball International, Inc., Class B		31,800		367,608
Knoll, Inc.		38,900		474,191
Quad/Graphics, Inc.		42,400		137,800
Steelcase, Inc., Class A		38,200		460,692
				3,886,325
Communications Equipment — 0.8%
Cambium Networks Corp. *		43,000		316,480
Ciena Corp. *		3,950		213,932
Extreme Networks, Inc. *		94,200		408,828
KVH Industries, Inc. *		19,400		173,242
PCTEL, Inc. *		24,500		163,660
				1,276,142
Construction & Engineering — 3.1%
Argan, Inc.		30,488		1,444,521
Comfort Systems USA, Inc.		8,900		362,675
EMCOR Group, Inc.		10,175		672,975
Great Lakes Dredge & Dock Corp. *		50,500		467,630
MasTec, Inc. *		23,100		1,036,497
Primoris Services Corp.		23,300		413,808
Sterling Construction Co., Inc. *		32,400		339,228
Tutor Perini Corp. *		21,200		258,216
				4,995,550

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Construction Materials — 0.2%
US Concrete, Inc. *		11,700		290,160
Consumer Finance — 0.4%
Enova International, Inc. *		7,600		113,012
Nelnet, Inc., Class A		6,700		319,858
Oportun Financial Corp. * (a)		11,800		158,592
				591,462
Containers & Packaging — 0.2%
Myers Industries, Inc.		7,900		114,945
O-I Glass, Inc.		14,900		133,802
				248,747
Distributors — 0.4%
Core-Mark Holding Co., Inc.		24,200		603,911
Diversified Consumer Services — 0.7%
American Public Education, Inc. *		5,200		153,920
Houghton Mifflin Harcourt Co. *		319,600		578,476
Strategic Education, Inc. (a)		1,500		230,475
WW International, Inc. *		7,000		177,660
				1,140,531
Diversified Telecommunication Services — 0.9%
ATN International, Inc.		2,000		121,140
IDT Corp., Class B *		80,600		526,318
Liberty Latin America Ltd., Class A (Chile) *		35,300		343,116
Liberty Latin America Ltd., Class C (Chile) *		16,900		159,536
Ooma, Inc. * (a)		20,000		329,600
				1,479,710
Electric Utilities — 0.9%
Genie Energy Ltd., Class B		4,700		34,592
IDACORP, Inc.		3,700		323,269
Portland General Electric Co.		14,775		617,743
Spark Energy, Inc., Class A (a)		55,400		391,678
				1,367,282
Electrical Equipment — 0.7%
Atkore International Group, Inc. *		35,400		968,190
Powell Industries, Inc.		3,400		93,126
				1,061,316
Electronic Equipment, Instruments & Components — 2.9%
Benchmark Electronics, Inc.		27,600		596,160
Fabrinet (Thailand) *		5,200		324,584
Itron, Inc. * (a)		2,600		172,250
Kimball Electronics, Inc. *		4,225		57,207
Methode Electronics, Inc.		30,700		959,682
Sanmina Corp. *		53,200		1,332,128

INVESTMENTS	SHARES		VALUE($)
Electronic Equipment, Instruments & Components — continued
ScanSource, Inc. *		16,200		390,258
Vishay Intertechnology, Inc.		27,300		416,871
Vishay Precision Group, Inc. *		18,500		454,730
				4,703,870
Energy Equipment & Services — 0.4%
NexTier Oilfield Solutions, Inc. *		39,800		97,510
Select Energy Services, Inc., Class A *		75,300		368,970
Solaris Oilfield Infrastructure, Inc., Class A (a)		32,300		239,666
				706,146
Entertainment — 0.1%
Cinemark Holdings, Inc.		12,400		143,220
Equity Real Estate Investment Trusts (REITs) — 6.1%
Acadia Realty Trust		7,700		99,946
Alexander & Baldwin, Inc.		5,200		63,388
Alexander’s, Inc.		500		120,450
American Assets Trust, Inc.		4,100		114,144
American Finance Trust, Inc. (a)		23,300		184,885
Armada Hoffler Properties, Inc.		44,800		445,760
BRT Apartments Corp.		3,300		35,706
CatchMark Timber Trust, Inc., Class A		30,600		270,810
Chatham Lodging Trust		6,000		36,720
City Office REIT, Inc.		47,100		473,826
Columbia Property Trust, Inc.		10,500		137,970
Community Healthcare Trust, Inc.		1,600		65,440
CorEnergy Infrastructure Trust, Inc. (a)		4,500		41,175
CorePoint Lodging, Inc.		4,100		17,261
Cousins Properties, Inc.		11,860		353,784
DiamondRock Hospitality Co.		37,100		205,163
EastGroup Properties, Inc.		900		106,749
Essential Properties Realty Trust, Inc.		6,900		102,396
First Industrial Realty Trust, Inc.		20,900		803,396
Getty Realty Corp.		2,400		71,232
Gladstone Commercial Corp.		21,700		406,875
Global Medical REIT, Inc.		2,800		31,724
Global Net Lease, Inc.		47,800		799,694
Highwoods Properties, Inc.		1,800		67,194
Hudson Pacific Properties, Inc.		6,900		173,604
Investors Real Estate Trust		900		63,441
Monmouth Real Estate Investment Corp.		19,800		286,902
New Senior Investment Group, Inc.		31,400		113,668
One Liberty Properties, Inc.		1,300		22,906
Physicians Realty Trust		17,800		311,856
PotlatchDeltic Corp.		12,000		456,360
Retail Properties of America, Inc., Class A		57,300		419,436

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Retail Value, Inc.		7,200		88,992
Rexford Industrial Realty, Inc.		3,200		132,576
Ryman Hospitality Properties, Inc.		500		17,300
Sabra Health Care REIT, Inc.		10,300		148,629
STAG Industrial, Inc.		41,800		1,225,576
Sunstone Hotel Investors, Inc.		64,325		524,249
Urban Edge Properties		16,900		200,603
Xenia Hotels & Resorts, Inc.		56,800		529,944
				9,771,730
Food & Staples Retailing — 1.4%
BJ’s Wholesale Club Holdings, Inc. *		10,600		395,062
Performance Food Group Co. *		24,400		711,016
PriceSmart, Inc.		13,000		784,290
Rite Aid Corp. * (a)		18,300		312,198
				2,202,566
Food Products — 0.6%
Sanderson Farms, Inc. (a)		7,700		892,353
TreeHouse Foods, Inc. *		1,700		74,460
				966,813
Gas Utilities — 1.0%
Chesapeake Utilities Corp.		3,800		319,200
New Jersey Resources Corp. (a)		7,600		248,140
Southwest Gas Holdings, Inc. (a)		8,300		573,115
Spire, Inc.		6,400		420,544
				1,560,999
Health Care Equipment & Supplies — 3.3%
Accuray, Inc. * (a)		118,000		239,540
Alphatec Holdings, Inc. *		47,200		221,840
Apyx Medical Corp. *		47,500		263,625
Axogen, Inc. *		14,700		135,828
CONMED Corp.		2,300		165,577
Cutera, Inc. *		34,900		424,733
Inogen, Inc. * (a)		7,300		259,296
Integer Holdings Corp. *		2,800		204,540
Invacare Corp.		53,800		342,706
Natus Medical, Inc. *		16,800		366,576
NuVasive, Inc. * (a)		7,500		417,450
OraSure Technologies, Inc .*		28,900		336,107
Orthofix Medical, Inc. *		29,900		956,800
SI-BONE, Inc. *		22,600		360,244
Sientra, Inc. *		33,100		128,097
Utah Medical Products, Inc.		2,600		230,412
ViewRay, Inc. * (a)		130,100		291,424
				5,344,795

INVESTMENTS	SHARES		VALUE($)
Health Care Providers & Services — 4.5%
American Renal Associates Holdings, Inc. * (a)		32,100		209,292
AMN Healthcare Services, Inc. *		20,800		940,992
Apollo Medical Holdings, Inc. *		4,800		79,200
Cross Country Healthcare, Inc. *		56,500		348,040
Hanger, Inc. *		16,700		276,552
Magellan Health, Inc. *		22,900		1,671,242
MEDNAX, Inc. * (a)		43,600		745,560
National HealthCare Corp.		8,500		539,240
Owens & Minor, Inc. (a)		72,500		552,450
Select Medical Holdings Corp. *		43,200		636,336
Surgery Partners, Inc. *		53,000		613,210
Tenet Healthcare Corp. *		31,200		565,032
				7,177,146
Health Care Technology — 0.3%
NextGen Healthcare, Inc. *		26,300		288,774
Omnicell, Inc. *		2,400		169,488
				458,262
Hotels, Restaurants & Leisure — 1.0%
Bloomin’ Brands, Inc.		31,800		338,988
Boyd Gaming Corp.		5,600		117,040
Brinker International, Inc.		10,400		249,600
Dine Brands Global, Inc. (a)		7,100		298,910
International Game Technology plc		34,000		302,600
Penn National Gaming, Inc. * (a)		9,536		291,229
				1,598,367
Household Durables — 2.7%
Cavco Industries, Inc. *		1,000		192,850
Hamilton Beach Brands Holding Co., Class A		2,300		27,370
Helen of Troy Ltd. *		3,200		603,392
KB Home		20,800		638,144
Lifetime Brands, Inc.		5,600		37,632
Meritage Homes Corp. *		14,800		1,126,576
Sonos, Inc. *		59,100		864,633
Taylor Morrison Home Corp. *		11,700		225,693
Universal Electronics, Inc. *		12,800		599,296
				4,315,586
Household Products — 0.2%
Central Garden & Pet Co. *		4,700		169,153
Central Garden & Pet Co., Class A *		6,400		216,256
				385,409
Independent Power and Renewable Electricity Producers — 1.3%
Atlantic Power Corp. *		30,500		61,000
Clearway Energy, Inc.		29,400		616,518

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Independent Power and Renewable Electricity Producers — continued
Clearway Energy, Inc., Class C		26,300		606,478
TerraForm Power, Inc., Class A		38,100		702,564
Vistra Energy Corp.		6,341		118,069
				2,104,629
Insurance — 1.0%
Ambac Financial Group, Inc. *		9,500		136,040
American Equity Investment Life Holding Co.		11,700		289,107
Argo Group International Holdings Ltd.		2,700		94,041
CNO Financial Group, Inc.		18,600		289,602
FedNat Holding Co.		20,900		231,363
National General Holdings Corp.		10,200		220,422
ProSight Global, Inc. *		13,100		116,590
Selective Insurance Group, Inc.		2,500		131,850
Stewart Information Services Corp.		1,000		32,510
Third Point Reinsurance Ltd. (Bermuda) *		6,200		46,562
United Insurance Holdings Corp.		3,800		29,716
Watford Holdings Ltd. (Bermuda) *		1,800		30,042
				1,647,845
Interactive Media & Services — 0.4%
Cars.com, Inc. *		58,400		336,384
Yelp, Inc. *		11,600		268,308
				604,692
Internet & Direct Marketing Retail — 0.3%
Groupon, Inc. * (a)		11,030		199,864
Quotient Technology, Inc. *		41,000		300,120
				499,984
IT Services — 2.0%
KBR, Inc.		42,600		960,630
NIC, Inc.		16,600		381,136
Perspecta, Inc.		6,600		153,318
Science Applications International Corp.		8,800		683,584
StarTek, Inc. *		94,937		482,280
Unisys Corp. *		48,003		523,713
				3,184,661
Leisure Products — 0.3%
Acushnet Holdings Corp.		14,400		500,976
Life Sciences Tools & Services — 0.5%
Adaptive Biotechnologies Corp. *		6,200		299,956
Personalis, Inc. *		33,500		434,495
				734,451
Machinery — 1.3%
Altra Industrial Motion Corp.		5,700		181,602
Columbus McKinnon Corp.		12,500		418,125

INVESTMENTS	SHARES		VALUE($)
Machinery — continued
Gencor Industries, Inc. *		3,700		46,768
Meritor, Inc. *		17,600		348,480
Mueller Industries, Inc.		5,100		135,558
Park-Ohio Holdings Corp.		2,600		43,134
Terex Corp.		44,200		829,634
TriMas Corp. *		6,300		150,885
				2,154,186
Marine — 0.2%
Costamare, Inc. (Monaco)		58,200		323,592
Media — 1.2%
AMC Networks, Inc., Class A * (a)		10,500		245,595
Fluent, Inc. *		46,300		82,414
Gray Television, Inc. *		24,900		347,355
Meredith Corp.		27,100		394,305
Nexstar Media Group, Inc., Class A		5,400		451,926
Sinclair Broadcast Group, Inc., Class A (a)		18,900		348,894
				1,870,489
Metals & Mining — 1.2%
Commercial Metals Co.		58,900		1,201,560
Ryerson Holding Corp. *		9,200		51,796
SunCoke Energy, Inc.		30,500		90,280
Warrior Met Coal, Inc.		28,000		430,920
Worthington Industries, Inc.		5,600		208,880
				1,983,436
Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Apollo Commercial Real Estate Finance, Inc.		26,500		259,965
ARMOUR Residential REIT, Inc.		5,100		47,889
Capstead Mortgage Corp.		17,600		96,624
Colony Credit Real Estate, Inc.		7,300		51,246
Dynex Capital, Inc. (a)		5,800		82,940
Ellington Financial, Inc.		1,400		16,492
Great Ajax Corp.		1,800		16,560
Ladder Capital Corp.		19,600		158,760
PennyMac Mortgage Investment Trust		45,500		797,615
Redwood Trust, Inc. (a)		60,000		420,000
TPG RE Finance Trust, Inc. (a)		5,800		49,880
Two Harbors Investment Corp.		9,000		45,360
				2,043,331
Multiline Retail — 0.4%
Big Lots, Inc.		9,400		394,800
Dillard’s, Inc., Class A (a)		4,200		108,318
Macy’s, Inc.		22,300		153,424
				656,542

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Multi-Utilities — 0.2%
Black Hills Corp.		5,100		288,966
Oil, Gas & Consumable Fuels — 1.6%
Arch Resources, Inc.(a)		6,000		170,460
Berry Corp.		51,300		247,779
CVR Energy, Inc.		13,300		267,463
Delek US Holdings, Inc.		28,700		499,667
Dorian LPG Ltd. *		25,600		198,144
Falcon Minerals Corp. (a)		20,700		66,240
Magnolia Oil & Gas Corp., Class A *		14,000		84,840
Par Pacific Holdings, Inc. *		19,400		174,406
PDC Energy, Inc. *		6,200		77,128
Renewable Energy Group, Inc. * (a)		33,300		825,174
REX American Resources Corp. *		300		20,811
				2,632,112
Paper & Forest Products — 1.5%
Boise Cascade Co.		20,900		786,049
Louisiana-Pacific Corp.		13,100		336,015
PH Glatfelter Co.		4,200		67,410
Schweitzer-Mauduit International, Inc.		33,500		1,119,235
Verso Corp., Class A		13,800		165,048
				2,473,757
Personal Products — 0.5%
Edgewell Personal Care Co. *		23,700		738,492
Pharmaceuticals — 3.4%
AMAG Pharmaceuticals, Inc. * (a)		4,400		33,660
Arvinas, Inc. * (a)		400		13,416
Cara Therapeutics, Inc. * (a)		10,400		177,840
Endo International plc *		175,600		602,308
Horizon Therapeutics plc *		26,100		1,450,638
Intersect ENT, Inc. * (a)		33,900		459,006
Lannett Co., Inc. *		107,600		781,176
Menlo Therapeutics, Inc. * (a)		32,300		55,879
NGM Biopharmaceuticals, Inc. *		23,700		467,838
Phibro Animal Health Corp., Class A		6,300		165,501
Revance Therapeutics, Inc. *		3,100		75,702
TherapeuticsMD, Inc. * (a)		61,100		76,375
WaVe Life Sciences Ltd. * (a)		58,500		608,985
Zogenix, Inc. *		14,400		388,944
Zynerba Pharmaceuticals, Inc. * (a)		25,810		86,980
				5,444,248
Professional Services — 2.5%
Barrett Business Services, Inc.		16,600		881,958
CBIZ, Inc. * (a)		21,300		510,561
Heidrick & Struggles International, Inc.		14,900		322,138

INVESTMENTS	SHARES		VALUE($)
Professional Services — continued
ICF International, Inc.		6,200		401,946
Insperity, Inc.		1,500		97,095
Kelly Services, Inc., Class A		7,600		120,194
Korn Ferry		27,000		829,710
TriNet Group, Inc. *		10,100		615,494
TrueBlue, Inc. *		18,100		276,387
				4,055,483
Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc.		1,019		105,426
Realogy Holdings Corp.		82,100		608,361
RMR Group, Inc. (The), Class A		2,200		64,834
				778,621
Road & Rail — 0.9%
ArcBest Corp.		53,900		1,428,889
Semiconductors & Semiconductor Equipment — 2.6%
Advanced Energy Industries, Inc. *		8,400		569,436
Alpha & Omega Semiconductor Ltd. *		30,774		334,821
GSI Technology, Inc. *		29,300		210,374
Ichor Holdings Ltd. *		13,600		361,488
NVE Corp.		3,200		197,856
Onto Innovation, Inc. *		10,251		348,944
PDF Solutions, Inc. *		9,400		183,864
Photronics, Inc. *		75,800		843,654
Rambus, Inc. *		7,400		112,480
SMART Global Holdings, Inc. *		20,000		543,600
Ultra Clean Holdings, Inc. *		18,100		409,603
				4,116,120
Software — 4.2%
ACI Worldwide, Inc. *		3,000		80,970
American Software, Inc., Class A		18,200		286,832
Avaya Holdings Corp. *		44,900		554,964
Cornerstone OnDemand, Inc. *		31,600		1,218,496
Domo, Inc., Class B *		12,600		405,342
eGain Corp. *		74,800		831,028
Envestnet, Inc. *		3,200		235,328
j2 Global, Inc. *		9,600		606,816
Majesco *		26,000		204,360
MicroStrategy, Inc., Class A *		5,000		591,450
Model N, Inc. *		3,400		118,184
Rimini Street, Inc. *		40,900		210,635
Rosetta Stone, Inc. *		7,900		133,194
SVMK, Inc. *		10,700		251,878
Verint Systems, Inc. *		13,900		628,002
Zuora, Inc., Class A *		28,700		365,925
				6,723,404

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Specialty Retail — 2.3%
Bed Bath & Beyond, Inc. (a)		31,900		338,140
Genesco, Inc. *		11,500		249,090
Guess?, Inc.		31,500		304,605
Hibbett Sports, Inc. * (a)		25,100		525,594
Office Depot, Inc.		179,514		421,858
Rent-A-Center, Inc.		38,900		1,082,198
Signet Jewelers Ltd. (a)		6,100		62,647
Zumiez, Inc. *		25,600		700,928
				3,685,060
Technology Hardware, Storage & Peripherals — 0.2%
Diebold Nixdorf, Inc. * (a)		56,900		344,814
Textiles, Apparel & Luxury Goods — 1.4%
Deckers Outdoor Corp. *		9,575		1,880,434
Wolverine World Wide, Inc.		15,000		357,150
				2,237,584
Thrifts & Mortgage Finance — 3.8%
ESSA Bancorp, Inc.		1,700		23,664
Essent Group Ltd.		28,900		1,048,203
Flagstar Bancorp, Inc.		29,500		868,185
FS Bancorp, Inc.		1,100		42,427
HomeStreet, Inc.		6,200		152,582
Luther Burbank Corp.		8,100		81,000
MGIC Investment Corp.		42,600		348,894
MMA Capital Holdings, Inc. *		1,100		25,432
Mr. Cooper Group, Inc. *		63,400		788,696
NMI Holdings, Inc., Class A *		10,200		164,016
OP Bancorp		9,000		62,100
PennyMac Financial Services, Inc. (a)		8,900		371,931
Provident Bancorp, Inc.		16,900		132,834
Provident Financial Services, Inc.		51,300		741,285
Radian Group, Inc.		35,000		542,850
Standard AVB Financial Corp.		1,300		30,160
Walker & Dunlop, Inc.		12,100		614,801
				6,039,060

INVESTMENTS	SHARES		VALUE($)
Tobacco — 0.1%
Vector Group Ltd.		20,400		205,224
Trading Companies & Distributors — 1.4%
Beacon Roofing Supply, Inc. * (a)		11,500		303,255
BMC Stock Holdings, Inc. *		37,600		945,264
GMS, Inc. *		26,800		659,012
Triton International Ltd. (Bermuda)		4,600		139,104
Veritiv Corp. * (a)		8,300		140,768
				2,187,403
Water Utilities — 0.0% (b)
Consolidated Water Co. Ltd. (Cayman Islands)		1,600		23,088
Wireless Telecommunication Services — 0.2%
Spok Holdings, Inc.		31,400		293,590
Total Common Stocks (Cost $151,016,143)				158,283,989
Short-Term Investments — 8.2%
Investment Companies — 1.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (c) (d) (Cost $2,352,192)		2,352,192		2,352,192
Investment of Cash Collateral from Securities Loaned — 6.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		2,999,400		3,000,600
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		7,741,564		7,741,564
Total Investment of Cash Collateral from Securities Loaned (Cost $10,741,564)				10,742,164
Total Short-Term Investments (Cost $13,093,756)				13,094,356
Total Investments — 107.3% (Cost $164,109,899)				171,378,345
Liabilities in Excess of Other Assets — (7.3)%				(11,679,315	)
NET ASSETS — 100.0%				159,699,030

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is $10,363,209.
(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, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	158,283,989
Investments in affiliates, at value		2,352,192
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		10,742,164
Receivables:
Due from custodian		104,444
Investment securities sold		245,083
Portfolio shares sold		72,514
Dividends from non-affiliates		114,140
Dividends from affiliates		156
Securities lending income (See Note 2.B.)		4,828
Total Assets		171,919,510
LIABILITIES:
Payables:
Investment securities purchased		902,315
Collateral received on securities loaned (See Note 2.B.)		10,742,164
Portfolio shares redeemed		427,571
Accrued liabilities:
Investment advisory fees		85,261
Administration fees		9,927
Distribution fees		246
Custodian and accounting fees		8,389
Trustees’ and Chief Compliance Officer’s fees		321
Other		44,286
Total Liabilities		12,220,480
Net Assets	$	159,699,030
NET ASSETS:
Paid-in-Capital	$	161,955,293
Total distributable earnings (loss)		(2,256,263	)
Total Net Assets	$	159,699,030
Net Assets:
Class 1	$	158,535,206
Class 2		1,163,824
Total	$	159,699,030
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		9,096,499
Class 2		67,411
Net Asset Value, offering and redemption price per share (a):
Class 1	$	17.43
Class 2		17.26
Cost of investments in non-affiliates	$	151,016,143
Cost of investments in affiliates		2,352,192
Investment securities on loan, at value (See Note 2.B.)		10,363,209
Cost of investment of cash collateral (See Note 2.B.)		10,741,564

(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, 2020

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Small Cap Core Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	889
Dividend income from non-affiliates		1,228,089
Dividend income from affiliates		12,830
Income from securities lending (net) (See Note 2.B.)		85,413
Total investment income		1,327,221
EXPENSES:
Investment advisory fees		522,485
Administration fees		60,287
Distribution fees — Class 2		1,617
Custodian and accounting fees		18,570
Interest expense to affiliates		97
Professional fees		25,298
Trustees’ and Chief Compliance Officer’s fees		12,911
Printing and mailing costs		11,037
Transfer agency fees — Class 1		1,236
Transfer agency fees — Class 2		128
Other		6,881
Total expenses		660,547
Less fees waived		(4,057	)
Net expenses		656,490
Net investment income (loss)		670,731
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(8,479,492	)
Futures contracts		(332,194	)
Net realized gain (loss)		(8,811,686	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(26,174,506	)
Investments in affiliates		800
Futures contracts		(54,862	)
Change in net unrealized appreciation/depreciation		(26,228,568	)
Net realized/unrealized gains (losses)		(35,040,254	)
Change in net assets resulting from operations	$	(34,369,523	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 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, 2020 (Unaudited)			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	670,731		$	1,213,012
Net realized gain (loss)		(8,811,686	)		10,680,140
Change in net unrealized appreciation/depreciation		(26,228,568	)		26,485,414
Change in net assets resulting from operations		(34,369,523	)		38,378,566
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(12,432,047	)		(22,648,741	)
Class 2		(88,677	)		(168,786	)
Total distributions to shareholders		(12,520,724	)		(22,817,527	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		6,261,574			30,307,049
NET ASSETS:
Change in net assets		(40,628,673	)		45,868,088
Beginning of period		200,327,703			154,459,615
End of period	$	159,699,030		$	200,327,703
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	12,784,248		$	42,367,296
Distributions reinvested		12,432,047			22,648,741
Cost of shares redeemed		(18,745,195	)		(35,351,861	)
Change in net assets resulting from Class 1 capital transactions	$	6,471,100		$	29,664,176
Class 2
Proceeds from shares issued	$	225,993		$	624,675
Distributions reinvested		88,677			168,786
Cost of shares redeemed		(524,196	)		(150,588	)
Change in net assets resulting from Class 2 capital transactions	$	(209,526	)	$	642,873
Total change in net assets resulting from capital transactions	$	6,261,574		$	30,307,049
SHARE TRANSACTIONS:
Class 1
Issued		769,064			1,808,647
Reinvested		734,320			1,099,987
Redeemed		(1,024,704	)		(1,561,072	)
Change in Class 1 Shares		478,680			1,347,562
Class 2
Issued		13,606			27,706
Reinvested		5,285			8,274
Redeemed		(29,845	)		(6,917	)
Change in Class 2 Shares		(10,954	)		29,063

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 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, 2020 (Unaudited)	$	23.04	$	0.08	$	(4.23	)	$	(4.15	)	$	(0.19	)	$	(1.27	)	$	(1.46	)
Year Ended December 31, 2019		21.10		0.15		4.69			4.84			(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	)
Class 2
Six Months Ended June 30, 2020 (Unaudited)		22.79		0.05		(4.18	)		(4.13	)		(0.13	)		(1.27	)		(1.40	)
Year Ended December 31, 2019		20.91		0.09		4.63			4.72			(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	)

(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, 2020

		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)
$	17.43		(17.81	)%	$	158,535,206		0.82	%		0.84	%		0.82	%		63	%
	23.04		24.58			198,541,886		0.83			0.66			0.84			83
	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
	17.26		(17.95	)		1,163,824		1.08			0.54			1.09			63
	22.79		24.20			1,785,817		1.11			0.39			1.11			83
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Insurance Trust Small Cap Core Portfolio	Class 1 and Class 2	Diversified

The investment objective of the Portfolio is to seek capital growth over the long term.

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Portfolio’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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 in open-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, 2020

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)	$	171,378,345	$	—	$	—	$	171,378,345

(a) Please refer to the SOI for specifics of portfolio holdings.

B. Securities Lending — The Portfolio is 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 Class IM Shares of the 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 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 certain de 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.

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, 2020.

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)
$	10,363,209	$	(10,363,209	)	$	—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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 0.15% to 0.06%. For the six months ended June 30, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 1,796

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).

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

C. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. 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, 2020
Security Description	Value at December 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a) (b)	$	1,999,800	$	1,000,000	$	—	$	—	$	800	$	3,000,600		2,999,400	$	14,909	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		2,474,434		34,449,568		29,182,438		—		—		7,741,564		7,741,564		15,866	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (a)(b)		4,965,574		33,961,352		36,574,734		—		—		2,352,192		2,352,192		12,830			—
Total	$	9,439,808	$	69,410,920	$	65,757,172	$	—	$	800	$	13,094,356			$	43,605		$	—

(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, 2020.

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

D. Futures Contracts — The Portfolio used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Portfolio also purchased 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, 2020:

Futures Contracts — Equity:
Average Notional Balance Long	$	3,130,288	(a)

(a) For the period January 1, 2020 through May 31, 2020.

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

E. 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

20 JPMORGAN INSURANCE TRUST JUNE 30, 2020

interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

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

F. Allocation of Income and Expenses — Expenses directly attributable to the Portfolio are charged directly to the Portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the applicable portfolios. 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, 2020, 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 Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% 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, 2020, the effective annualized rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’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 pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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, 2020 and is in place until at least April 30, 2021.

For the six months ended June 30, 2020, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (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. None of these parties expects the Portfolio to repay any such waived fees and reimbursed expenses in future years.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2020 was $4,057.

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 Rule 38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The 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, 2020, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	100,738,249	$	103,211,242

During the six months ended June 30, 2020, 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, 2020 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	164,109,899	$	24,084,789	$	16,816,343	$	7,268,446

At December 31, 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 Portfolio had no borrowings outstanding from another fund during the six months ended June 30, 2020.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2020.

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, 2020, the Portfolio had three individual shareholder and/or non-affiliated omnibus accounts, which owned 65.9% of the Portfolio’s outstanding shares.

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Portfolio and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Portfolio is subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Portfolio’s investments, increase the Portfolio’s volatility, exacerbate other pre-existing political, social and economic risks to the Portfolio and negatively impact broad segments of businesses and populations. The Portfolio’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Portfolio’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

JUNE 30, 2020 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, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

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 titled “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, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	821.90	$	3.71		0.82	%
Hypothetical		1,000.00		1,020.79		4.12		0.82
Class 2
Actual		1,000.00		820.50		4.89		1.08
Hypothetical		1,000.00		1,019.49		5.42		1.08

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

24 JPMORGAN INSURANCE TRUST JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Portfolio has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Portfolio’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a portfolio could not meet requests to redeem shares issued by the portfolio without significant dilution of remaining investors’ interests in the portfolio. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Portfolio. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Portfolio’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether the Portfolio invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Portfolio (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Portfolio has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether the Portfolio invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Portfolio liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Portfolio’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Portfolio during the Program Reporting Period.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 25

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 as an exhibit to its report on Form N-PORT. The Portfolio’s Form N-PORT reports 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., 2020. All rights reserved. June 2020. SAN-JPMITSCCP-620

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2020 (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
Liquidity Risk Management Program	21

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectuses for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.” — Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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, Client

J.P. Morgan Asset Management

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		0.61%
S&P 500 Index**		(3.08)%
Net Assets as of 6/30/2020	$	114,780,900

INVESTMENT OBJECTIVE***

The JPMorgan Insurance Trust U.S. Equity Portfolio (the “Portfolio”) seeks to provide high total return from a portfolio of selected equity securities.

HOW DID THE MARKET PERFORM?

U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the U.S. Federal Reserve’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose.

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

The Portfolio’s Class 1 Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended June 30, 2020. The Portfolio’s security selection in the media and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Portfolio’s security selection in the consumer stable and consumer cyclical sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in PayPal Holdings Inc. and Amazon.com Inc., and its underweight position in Disney Co. Shares of PayPal, a provider of digital payment services, rose amid investor expectations the company’s businesses would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Amazon.com, a provider of online retail products and services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic, as well as investor demand for large cap technology sector stocks. Shares of Disney, a media and entertainment provider not held in the Portfolio, fell as the company closed its resorts and withheld the release of new films in response to the COVID-19 pandemic.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Royal Caribbean Cruises Ltd. and Boston Scientific Corp., and its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. Shares of Royal Caribbean Cruises, cruise ship operator, a fell as its business shut down in response to the COVID-19 pandemic. Shares of Boston Scientific, a medical devices manufacturer, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2020. Shares of Taiwan Semiconductor Manufacturing, a semiconductor maker, fell as the U.S. government sought to curtail the company’s business of supplying semiconductors to Huawei Technology Co.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what the portfolio managers believed to each company’s underlying value and potential for future earnings growth. As a result of the Portfolio’s bottom-up fundamental approach to stock selection, the Portfolio’s largest overweight positions relative to the Benchmark were in the regional banks and media sectors and its largest underweight positions were in the big banks & brokers and the financial services sectors.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	7.2	%
	2.	Amazon.com, Inc.	5.5
	3.	Apple, Inc.	5.1
	4.	Mastercard, Inc., Class A	3.3
	5.	Alphabet, Inc., Class A	2.5
	6.	salesforce.com, Inc.	2.1
	7.	NextEra Energy, Inc.	2.0
	8.	AbbVie, Inc.	2.0
	9.	Norfolk Southern Corp.	1.8
	10.	Prologis, Inc.	1.8

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	29.8	%
Health Care	14.7
Consumer Discretionary	11.9
Communication Services	11.0
Industrials	8.3
Financials	8.2
Consumer Staples	4.2
Utilities	3.4
Real Estate	2.4
Materials	2.3
Energy	2.0
Short-Term Investments	1.8

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

** “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, 2020. The Portfolio’s composition is subject to change.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		March 30, 1995		0.61	%		11.84	%		10.81	%		14.16	%
CLASS 2 SHARES		August 16, 2006		0.47			11.54			10.52			13.87

* Not annualized.

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust U.S. Equity Portfolio and the S&P 500 Index from June 30, 2010 to June 30, 2020. 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. 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, 2020

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.4%
Aerospace & Defense — 1.9%
Northrop Grumman Corp.		5,887		1,809,899
Raytheon Technologies Corp.		5,985		368,796
				2,178,695
Air Freight & Logistics — 0.2%
United Parcel Service, Inc., Class B		1,944		216,134
Airlines — 0.1%
Delta Air Lines, Inc.		3,247		91,078
Automobiles — 0.1%
Tesla, Inc. *		64		69,108
Banks — 3.4%
Bank of America Corp.		10,998		261,202
Citigroup, Inc.		12,901		659,241
Huntington Bancshares, Inc.		45,814		413,929
KeyCorp		60,537		737,341
SVB Financial Group *		3,028		652,625
Truist Financial Corp.		28,858		1,083,618
Wells Fargo & Co.		4,553		116,557
				3,924,513
Beverages — 2.8%
Coca-Cola Co. (The)		29,902		1,336,021
Constellation Brands, Inc., Class A		10,857		1,899,432
				3,235,453
Biotechnology — 3.1%
AbbVie, Inc.		23,936		2,350,037
Alexion Pharmaceuticals, Inc. *		2,385		267,692
Biogen, Inc. *		1,554		415,773
Regeneron Pharmaceuticals, Inc. *		422		263,180
Vertex Pharmaceuticals, Inc. *		1,030		299,019
				3,595,701
Building Products — 0.6%
Carrier Global Corp.		3,108		69,060
Masco Corp.		2,482		124,621
Trane Technologies plc		5,362		477,111
				670,792
Capital Markets — 2.6%
Ameriprise Financial, Inc.		3,957		593,708
BlackRock, Inc.		840		457,036
Charles Schwab Corp. (The)		6,541		220,693
Morgan Stanley		29,612		1,430,260
State Street Corp.		3,624		230,305
				2,932,002

INVESTMENTS	SHARES		VALUE ($)
Chemicals — 1.5%
Corteva, Inc.		4,879		130,709
DuPont de Nemours, Inc.		2,171		115,345
Eastman Chemical Co.		14,060		979,138
Linde plc (United Kingdom)		2,360		500,580
				1,725,772
Consumer Finance — 0.3%
American Express Co.		3,216		306,163
Containers & Packaging — 0.9%
Crown Holdings, Inc. *		15,284		995,447
Diversified Financial Services — 0.1%
Voya Financial, Inc.		1,830		85,369
Diversified Telecommunication Services — 1.8%
Verizon Communications, Inc.		37,351		2,059,161
Electric Utilities — 3.4%
Entergy Corp.		2,179		204,412
NextEra Energy, Inc.		9,795		2,352,465
Xcel Energy, Inc.		21,329		1,333,063
				3,889,940
Electrical Equipment — 1.7%
Eaton Corp. plc		22,790		1,993,669
Entertainment — 1.6%
Netflix, Inc. *		3,927		1,786,942
Equity Real Estate Investment Trusts (REITs) — 2.4%
Equinix, Inc.		222		155,911
Equity LifeStyle Properties, Inc.		1,010		63,105
Prologis, Inc.		22,152		2,067,446
SBA Communications Corp.		481		143,299
Ventas, Inc.		9,521		348,659
				2,778,420
Food Products — 0.1%
Mondelez International, Inc., Class A		3,160		161,571
Health Care Equipment & Supplies — 3.7%
Baxter International, Inc.		13,972		1,202,989
Boston Scientific Corp. *		56,505		1,983,891
Intuitive Surgical, Inc. *		910		518,545
Zimmer Biomet Holdings, Inc.		4,546		542,611
				4,248,036
Health Care Providers & Services — 4.2%
Cigna Corp.		9,536		1,789,430
McKesson Corp.		1,814		278,304
Quest Diagnostics, Inc.		6,016		685,583
UnitedHealth Group, Inc.		6,944		2,048,133
				4,801,450

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Hotels, Restaurants & Leisure — 2.0%
Hilton Worldwide Holdings, Inc.		609		44,731
McDonald’s Corp.		6,709		1,237,609
Yum! Brands, Inc.		11,718		1,018,412
				2,300,752
Household Products — 0.9%
Procter & Gamble Co. (The)		8,247		986,094
Industrial Conglomerates — 0.6%
Honeywell International, Inc.		4,459		644,727
Insurance — 1.9%
American International Group, Inc.		8,247		257,142
Chubb Ltd.		8,462		1,071,458
Progressive Corp. (The)		11,025		883,213
				2,211,813
Interactive Media & Services — 5.3%
Alphabet, Inc., Class A *		2,009		2,848,862
Alphabet, Inc., Class C *		1,439		2,034,185
Facebook, Inc., Class A *		5,280		1,198,930
				6,081,977
Internet & Direct Marketing Retail — 5.8%
Amazon.com, Inc. *		2,336		6,444,604
Booking Holdings, Inc. *		169		269,105
				6,713,709
IT Services — 7.4%
Automatic Data Processing, Inc.		3,629		540,322
Booz Allen Hamilton Holding Corp.		6,461		502,601
FleetCor Technologies, Inc. *		4,880		1,227,467
Leidos Holdings, Inc.		14,705		1,377,417
Mastercard, Inc., Class A		13,003		3,844,987
PayPal Holdings, Inc. *		5,686		990,672
				8,483,466
Life Sciences Tools & Services — 0.6%
Thermo Fisher Scientific, Inc.		1,818		658,734
Machinery — 1.1%
Deere & Co.		2,255		354,373
Stanley Black & Decker, Inc.		6,625		923,393
				1,277,766
Media — 2.1%
Altice USA, Inc., Class A *		17,489		394,202
Charter Communications, Inc., Class A * (a)		2,400		1,224,096
Comcast Corp., Class A		14,073		548,566
Discovery, Inc., Class A * (a)		7,024		148,206
Discovery, Inc., Class C *		5,127		98,746
				2,413,816

INVESTMENTS	SHARES		VALUE ($)
Oil, Gas & Consumable Fuels — 2.0%
Chevron Corp.		9,478		845,722
Diamondback Energy, Inc.		11,670		488,039
Pioneer Natural Resources Co.		9,103		889,363
Williams Cos., Inc. (The)		3,358		63,869
				2,286,993
Pharmaceuticals — 3.3%
Bristol-Myers Squibb Co.		23,133		1,360,220
Elanco Animal Health, Inc. *		4,557		97,748
Eli Lilly and Co.		9,069		1,488,949
Johnson & Johnson		2,016		283,510
Merck & Co., Inc.		6,924		535,433
Zoetis, Inc.		329		45,086
				3,810,946
Road & Rail — 2.3%
Lyft, Inc., Class A * (a)		4,382		144,650
Norfolk Southern Corp.		12,181		2,138,618
Uber Technologies, Inc. *		1,894		58,865
Union Pacific Corp.		1,556		263,073
				2,605,206
Semiconductors & Semiconductor Equipment — 7.7%
Advanced Micro Devices, Inc. *		6,042		317,870
Analog Devices, Inc.		12,148		1,489,831
ASML Holding NV (Registered), NYRS (Netherlands)		5,142		1,892,410
Lam Research Corp.		455		147,174
NVIDIA Corp.		709		269,356
NXP Semiconductors NV (Netherlands)		9,879		1,126,601
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		30,849		1,751,298
Texas Instruments, Inc.		14,634		1,858,079
				8,852,619
Software — 9.8%
Ceridian HCM Holding, Inc. *		2,651		210,145
Intuit, Inc.		59		17,475
Microsoft Corp.		41,122		8,368,738
Paylocity Holding Corp. *		798		116,420
salesforce.com, Inc. *		12,883		2,413,373
Workday, Inc., Class A *		961		180,053
				11,306,204
Specialty Retail — 3.9%
Best Buy Co., Inc.		1,484		129,509
Home Depot, Inc. (The)		2,502		626,776
Lowe’s Cos., Inc.		5,244		708,569
O’Reilly Automotive, Inc. *		4,851		2,045,521
Ross Stores, Inc.		7,313		623,360
TJX Cos., Inc. (The)		7,527		380,565
				4,514,300

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 5.2%
Apple, Inc.		16,278		5,938,214
Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc., Class B		2,639		258,754
Tobacco — 0.4%
Altria Group, Inc.		9,311		365,457
Philip Morris International, Inc.		1,200		84,072
				449,529
Wireless Telecommunication Services — 0.4%
T-Mobile US, Inc. *		4,613		480,443
Total Common Stocks (Cost $78,204,667)				114,021,478
	No. of Rights
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 *		2,196		7,862
Wireless Telecommunication Services — 0.0% (b)
T-Mobile US, Inc., expiring 7/27/2020 *		4,155		698
Total Rights (Cost $24,622)				8,560

INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 1.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (c) (d) (Cost $897,524)		897,524		897,524
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d) (Cost $1,193,417)		1,193,417		1,193,417
Total Short-Term Investments (Cost $2,090,941)				2,090,941
Total Investments — 101.2% (Cost $80,320,230)				116,120,979
Liabilities in Excess of Other Assets — (1.2)%				(1,340,079	)
NET ASSETS — 100.0%				114,780,900

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
CVR	Contingent Value Rights
NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is $1,168,728.
(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, 2020.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		2		09/2020		USD		308,425		3,088

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	114,030,038
Investments in affiliates, at value		897,524
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		1,193,417
Cash		110
Deposits at broker for futures contracts		46,000
Receivables:
Investment securities sold		508,672
Portfolio shares sold		53,068
Dividends from non-affiliates		102,310
Dividends from affiliates		49
Securities lending income (See Note 2.B.)		48
Variation margin on futures contracts		5,404
Total Assets		116,836,640
LIABILITIES:
Payables:
Investment securities purchased		700,856
Collateral received on securities loaned (See Note 2.B.)		1,193,417
Portfolio shares redeemed		49,636
Accrued liabilities:
Investment advisory fees		51,875
Administration fees		7,095
Distribution fees		3,335
Custodian and accounting fees		14,245
Other		35,281
Total Liabilities		2,055,740
Net Assets	$	114,780,900
NET ASSETS:
Paid-in-Capital	$	80,481,539
Total distributable earnings (loss)		34,299,361
Total Net Assets	$	114,780,900
Net Assets:
Class 1	$	98,890,754
Class 2		15,890,146
Total	$	114,780,900
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,292,075
Class 2		536,231
Net Asset Value, offering and redemption price per share (a):
Class 1	$	30.04
Class 2		29.63
Cost of investments in non-affiliates	$	78,229,289
Cost of investments in affiliates		897,524
Investment securities on loan, at value (See Note 2.B.)		1,168,728
Cost of investment of cash collateral (See Note 2.B.)		1,193,417

(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, 2020

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust U.S. Equity Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	195
Dividend income from non-affiliates		1,156,197
Dividend income from affiliates		4,811
Income from securities lending (net) (See Note 2.B.)		551
Total investment income		1,161,754
EXPENSES:
Investment advisory fees		304,858
Administration fees		41,572
Distribution fees — Class 2		19,890
Custodian and accounting fees		18,515
Professional fees		26,702
Trustees’ and Chief Compliance Officer’s fees		12,157
Printing and mailing costs		10,894
Transfer agency fees — Class 1		643
Transfer agency fees — Class 2		41
Other		5,095
Total expenses		440,367
Less fees waived		(1,245	)
Net expenses		439,122
Net investment income (loss)		722,632
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(423,798	)
Futures contracts		(141,598	)
Net realized gain (loss)		(565,396	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		196,410
Futures contracts		(15,537	)
Change in net unrealized appreciation/depreciation		180,873
Net realized/unrealized gains (losses)		(384,523	)
Change in net assets resulting from operations	$	338,109

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 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, 2020 (Unaudited)			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)		$	722,632		$	933,079
Net realized gain (loss)			(565,396	)		7,414,261
Change in net unrealized appreciation/depreciation			180,873			21,530,223
Change in net assets resulting from operations			338,109			29,877,563
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1			(7,166,480	)		(7,454,974	)
Class 2			(1,169,457	)		(1,192,345	)
Total distributions to shareholders			(8,335,937	)		(8,647,319	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions			4,598,173			(874,535	)
NET ASSETS:
Change in net assets	��		(3,399,655	)		20,355,709
Beginning of period			118,180,555			97,824,846
End of period		$	114,780,900		$	118,180,555
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued		$	4,986,493		$	3,479,925
Distributions reinvested			7,166,480			7,454,974
Cost of shares redeemed			(7,439,285	)		(12,158,801	)
Change in net assets resulting from Class 1 capital transactions		$	4,713,688		$	(1,223,902	)
Class 2
Proceeds from shares issued		$	1,279,355		$	2,559,398
Distributions reinvested			1,169,457			1,192,345
Cost of shares redeemed			(2,564,327	)		(3,402,376	)
Change in net assets resulting from Class 2 capital transactions		$	(115,515	)	$	349,367
Total change in net assets resulting from capital transactions		$	4,598,173		$	(874,535	)
SHARE TRANSACTIONS:
Class 1
Issued			159,604			117,485
Reinvested			249,356			267,107
Redeemed			(250,707	)		(409,761	)
Change in Class 1 Shares			158,253			(25,169	)
Class 2
Issued			48,211			86,990
Reinvested			41,236			43,248
Redeemed			(89,015	)		(115,441	)
Change in Class 2 Shares			432			14,797

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 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) (b)		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, 2020 (Unaudited)	$	32.27	$	0.20	$	(0.10	)	$	0.10		$	(0.26	)	$	(2.07	)	$	(2.33	)
Year Ended December 31, 2019		26.63		0.26		7.81			8.07			(0.26	)		(2.17	)		(2.43	)
Year Ended December 31, 2018		32.43		0.27		(1.93	)		(1.66	)		(0.27	)		(3.87	)		(4.14	)
Year Ended December 31, 2017		27.03		0.26		5.69			5.95			(0.26	)		(0.29	)		(0.55	)
Year Ended December 31, 2016		25.50		0.26		2.42			2.68			(0.25	)		(0.90	)		(1.15	)
Year Ended December 31, 2015		26.75		0.26		0.01			0.27			(0.30	)		(1.22	)		(1.52	)
Class 2
Six Months Ended June 30, 2020 (Unaudited)		31.83		0.16		(0.11	)		0.05			(0.18	)		(2.07	)		(2.25	)
Year Ended December 31, 2019		26.29		0.19		7.71			7.90			(0.19	)		(2.17	)		(2.36	)
Year Ended December 31, 2018		32.08		0.20		(1.92	)		(1.72	)		(0.20	)		(3.87	)		(4.07	)
Year Ended December 31, 2017		26.74		0.19		5.64			5.83			(0.20	)		(0.29	)		(0.49	)
Year Ended December 31, 2016		25.24		0.18		2.40			2.58			(0.18	)		(0.90	)		(1.08	)
Year Ended December 31, 2015		26.51		0.19		0.02			0.21			(0.26	)		(1.22	)		(1.48	)

(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.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2020

		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)
$	30.04		0.61	%	$	98,890,754		0.76	%		1.34	%		0.76	%		36	%
	32.27		31.75			101,126,592		0.78			0.88			0.79			69
	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
	29.63		0.47			15,890,146		1.01			1.09			1.01			36
	31.83		31.44			17,053,963		1.03			0.64			1.03			69
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Insurance Trust U.S. Equity Portfolio	Class 1 and Class 2	Diversified

The investment objective of the Portfolio is to seek to provide high total return from a portfolio of selected equity securities.

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Portfolio’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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 in open-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, 2020

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)	$	116,120,979	$	—	$	—	$	116,120,979
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	3,088	$	—	$	—	$	3,088

(a) Please refer to the SOI for specifics of portfolio holdings.

B. Securities Lending — The Portfolio is 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 Class IM Shares of the 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 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 certain de 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.

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, 2020.

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)
$1,168,728	$(1,168,728)	$—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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 0.15% to 0.06%. For the six months ended June 30, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 107

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).

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

C. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. 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, 2020
Security Description	Value at December 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)	$	173,461	$	8,661,995	$	7,642,039	$	—	$	—	$	1,193,417		1,193,417	$	607	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (a) (b)		1,567,844		10,550,562		11,220,882		—		—		897,524		897,524		4,811			—
Total	$	1,741,305	$	19,212,557	$	18,862,921	$	—	$	—	$	2,090,941			$	5,418		$	—

(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, 2020.

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

D. Futures Contracts — The Portfolio used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Portfolio also purchased 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, 2020:

Futures Contracts — Equity:
Average Notional Balance Long	$	555,252
Ending Notional Balance Long		308,425

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

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

To the extent such information is publicly available, the Portfolio records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolio adjusts the estimated amounts

16 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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 the Portfolio are charged directly to the Portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the applicable portfolios. 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, 2020, 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 Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Portfolio and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.55%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% 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, 2020, the effective annualized rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’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 pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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, 2020 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (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, 2020 and is in place until at least April 30, 2021.

For the six months ended June 30, 2020, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (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. None of these parties expects the Portfolio to repay any such waived fees and reimbursed expenses in future years.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2020 was $1,245.

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 Rule 38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2020, 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, 2020, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	39,975,362	$	42,658,122

During the six months ended June 30, 2020, 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, 2020 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	80,320,230	$	37,372,815	$	1,568,978	$	35,803,837

At December 31, 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 Portfolio had no borrowings outstanding from another fund during the six months ended June 30, 2020.

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

18 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2020.

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, 2020, the Portfolio had three individual shareholder and/or non-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 and liquidity.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Portfolio and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Portfolio is subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Portfolio’s investments, increase the Portfolio’s volatility, exacerbate other pre-existing political, social and economic risks to the Portfolio and negatively impact broad segments of businesses and populations. The Portfolio’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Portfolio’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

JUNE 30, 2020 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, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

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 titled “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, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,006.10	$	3.79		0.76	%
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class 2
Actual		1,000.00		1,004.70		5.03		1.01
Hypothetical		1,000.00		1,019.84		5.07		1.01

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

20 JPMORGAN INSURANCE TRUST JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Portfolio has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Portfolio’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a portfolio could not meet requests to redeem shares issued by the portfolio without significant dilution of remaining investors’ interests in the portfolio. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in

assessing whether the Program has been adequately and effectively implemented with respect to the Portfolio. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Portfolio’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether the Portfolio invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Portfolio (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Portfolio has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether the Portfolio invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Portfolio liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Portfolio’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Portfolio during the Program Reporting Period.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 21

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Portfolio’s Form N-PORT reports 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., 2020.  All rights reserved. June 2020. SAN-JPMITUSEP-620

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2020 (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	5
Financial Statements	35
Financial Highlights	38
Notes to Financial Statements	40
Schedule of Shareholder Expenses	51
Liquidity Risk Management Program	52

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectuses for a discussion of the Portfolio’s investment objective, strategies and risks. Call
J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.” — Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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, Client

J.P. Morgan Asset Management

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		(6.25)%
MSCI World Index (net of foreign withholding taxes)		(5.77)%
Income Builder Composite Benchmark		(0.70)%
Net Assets as of 6/30/2020	$	86,542,825

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?

U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the U.S. Federal Reserve’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose.

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

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

underperformed the Income Builder Composite Benchmark (the “Composite”), which is made up of 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Index, for the six months ended June 30, 2020.

Amid volatile markets for global equity during the reporting period, the Portfolio’s allocation to corporate and non-corporate credit detracted from performance relative to the Benchmark, which is an all-equity index.

Relative to the Composite, the Portfolio’s allocations to shorter duration corporate and non-corporate credit detracted from performance as interest rates declined. Generally, bonds of shorter duration will experience a smaller increase in price as interest rates fall, compared with bonds of longer duration. The Portfolio’s allocations to global equity and investment grade corporate bonds contributed to relative performance when asset prices rebounded in May and June of 2020.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to tactically pursue income. During the first half of the reporting period, the Portfolio’s portfolio managers reduced the Portfolio’s overall equity allocation and increased the Portfolio’s overall duration through the use of government bond futures. Following supportive policy actions from leading central banks in 2020, the portfolio managers increased the Portfolio’s allocation to equity and maintained the Portfolio’s credit allocations. The portfolio managers also added equity-linked notes and increased the Portfolio’s allocation to investment grade corporate bonds.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2020

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Equity Income Fund, Class R6 Shares	5.1	%
	2.	GS Finance Corp., ELN, 9%, 7/8/2020, (linked to Russell 2000 Index)	2.2
	3.	ELN, Inc., 7.50%, 9/16/2020	2.1
	4.	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares	2.1
	5.	JPMorgan Floating Rate Income Fund, Class R6 Shares	1.0
	6.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR	0.8
	7.	U.S. Treasury Notes, 2.50%, 1/31/2021	0.6
	8.	Prologis, Inc., REIT	0.6
	9.	Deephaven Residential Mortgage Trust, Series 2020-1, Class A3, 2.65%, 1/25/2060	0.5
	10.	Roche Holding AG (Switzerland)	0.5

PORTFOLIO COMPOSITION***
Corporate Bonds	38.7	%
Common Stocks	27.7
Investment Companies	8.5
Collateralized Mortgage Obligations	5.3
Asset-Backed Securities	3.3
Commercial Mortgage-Backed Securities	2.8
Equity-Linked Notes	2.2
Convertible Bonds	2.1
Others (each less than 1.0%)	2.3
Short-Term Investments	7.1

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Portfolio’s composition is subject to change.

ADR	American Depositary Receipt
ELN	Equity-Linked Note
REIT	Real Estate Investment Trust

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS 1 SHARES	December 9, 2014		(6.19	)%		(2.15	)%		3.77	%		3.58	%
CLASS 2 SHARES	December 9, 2014		(6.25	)		(2.39	)		3.53			3.34

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 6/30/20)

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

The Portfolio commenced operations on December 9, 2014.

The graph illustrates comparative performance for $10,000 invested in Class 2 Shares of the JPMorgan Insurance Trust Income Builder Portfolio, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark from December 9, 2014 to June 30, 2020. 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), the Bloomberg Barclays U.S. Aggregate Index and the Income Builder 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 MSCI World Index (net of foreign withholding taxes) is a free float-adjusted

market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indices that includes the MSCI World Index (net of foreign withholding taxes) (60%) and the Bloomberg Barclays U.S. Aggregate Index (40%). 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 applicable inception date. Without these waivers and reimbursements, performance would have been lower. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2020

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — 38.2%
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		221,876
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (c)		21,000		21,404
5.13%, 5/15/2024 (c) (e)		12,000		12,360
Newcrest Finance Pty. Ltd.
3.25%, 5/13/2030 (c)		10,000		10,677
4.20%, 5/13/2050 (c)		5,000		5,578
				271,895
Belgium — 0.2%
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029 (e)		70,000		84,564
4.90%, 1/23/2031		25,000		31,494
4.38%, 4/15/2038		15,000		17,227
5.55%, 1/23/2049		10,000		13,385
				146,670
Canada — 1.4%
1011778 BC ULC
4.25%, 5/15/2024 (c)		170,000		170,301
3.88%, 1/15/2028 (c)		17,000		16,493
Advanz Pharma Corp. Ltd. 8.00%, 9/6/2024		80,000		73,600
Alimentation Couche-Tard, Inc.
2.95%, 1/25/2030 (c)		5,000		5,183
3.80%, 1/25/2050 (c)		5,000		5,181
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (c)		20,000		20,075
Bank of Nova Scotia (The) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (a) (b) (d)		15,000		14,972
Bell Canada, Inc. 4.30%, 7/29/2049		30,000		36,791
Bombardier, Inc.
6.00%, 10/15/2022 (c)		50,000		34,750
6.13%, 1/15/2023 (c)		40,000		27,512
7.50%, 12/1/2024 (c)		45,000		29,250
7.50%, 3/15/2025 (c)		38,000		24,799
Canadian Imperial Bank of Commerce (ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (b)		20,000		20,673
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (b)		115,000		124,374
Enbridge, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (b)		10,000		9,850

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Canada — continued
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (b)		35,000		34,475
Fortis, Inc. 3.06%, 10/4/2026		15,000		16,185
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		65,000		53,300
MEG Energy Corp. 6.50%, 1/15/2025 (c)		45,000		41,962
NOVA Chemicals Corp.
5.00%, 5/1/2025 (c)		34,000		31,110
5.25%, 6/1/2027 (c)		26,000		22,824
Open Text Corp. 5.88%, 6/1/2026 (c)		57,000		59,144
Precision Drilling Corp.
5.25%, 11/15/2024		3,000		2,004
7.13%, 1/15/2026 (c)		23,000		14,030
Quebecor Media, Inc. 5.75%, 1/15/2023		130,000		136,175
Rogers Communications, Inc. 4.35%, 5/1/2049		5,000		6,123
Stars Group Holdings BV 7.00%, 7/15/2026 (c)		24,000		25,299
TransCanada PipeLines Ltd. 4.25%, 5/15/2028		15,000		17,255
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (b)		13,000		13,744
(ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079 (b)		62,000		61,845
Videotron Ltd.
5.00%, 7/15/2022		38,000		39,271
5.13%, 4/15/2027 (c)		32,000		33,204
				1,221,754
Cayman Islands — 0.0% (f)
Global Aircraft Leasing Co. Ltd. 6.50% (cash), 9/15/2024 (c) (g)		30,000		20,100
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		12,000		12,679
6.63%, 5/15/2039		33,000		38,907
				51,586
France — 0.6%
Altice France SA 8.13%, 2/1/2027 (c)		200,000		219,000
Credit Agricole SA (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (b) (c) (d)		200,000		228,250
Total Capital International SA
2.83%, 1/10/2030 (e)		20,000		21,748

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
France — continued
2.99%, 6/29/2041		20,000		20,383
3.13%, 5/29/2050		20,000		20,415
				509,796
Germany — 0.1%
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (h)		45,000		70,090
Ireland — 0.1%
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (c)		15,000		14,123
5.13%, 10/1/2023 (c)		33,000		30,520
5.25%, 5/15/2024 (c)		21,000		19,174
Park Aerospace Holdings Ltd.
4.50%, 3/15/2023 (c)		16,000		14,597
5.50%, 2/15/2024 (c)		37,000		33,849
				112,263
Italy — 0.1%
Telecom Italia Capital SA
6.38%, 11/15/2033		20,000		22,525
6.00%, 9/30/2034		32,000		34,784
				57,309
Luxembourg — 0.3%
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		100,000		56,970
8.00%, 2/15/2024 (c) (h)		77,000		78,092
8.50%, 10/15/2024 (c)		110,000		66,137
9.75%, 7/15/2025 (c)		35,000		21,501
				222,700
Mexico — 0.2%
Cemex SAB de CV 5.70%, 1/11/2025 (c)		200,000		193,875
Netherlands — 0.0% (f)
Shell International Finance BV 3.25%, 4/6/2050		10,000		10,724
Norway — 0.0% (f)
Equinor ASA 2.38%, 5/22/2030		20,000		20,788
Peru — 0.0% (f)
Hudbay Minerals, Inc.
7.25%, 1/15/2023 (c)		15,000		14,775
7.63%, 1/15/2025 (c)		10,000		9,575
				24,350
Switzerland — 0.6%
Credit Suisse Group AG (USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (a) (b) (c) (d)		200,000		208,336

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Switzerland — continued
Novartis Capital Corp. 2.20%, 8/14/2030		65,000		68,761
UBS Group AG (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (b) (d) (i)		200,000		219,790
				496,887
United Arab Emirates — 0.1%
DAE Funding LLC
4.50%, 8/1/2022 (c)		10,000		9,563
5.75%, 11/15/2023 (c)		11,000		10,594
5.00%, 8/1/2024 (c)		45,000		42,300
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (c)		69,000		32,344
				94,801
United Kingdom — 0.9%
AstraZeneca plc 4.00%, 1/17/2029		35,000		42,869
BAE Systems plc 3.40%, 4/15/2030 (c)		215,000		234,475
BAT Capital Corp.
3.22%, 9/6/2026		35,000		37,571
4.70%, 4/2/2027		50,000		57,138
4.39%, 8/15/2037		17,000		18,544
BP Capital Markets plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (a) (b) (d)		60,000		60,900
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (a) (b) (d)		40,000		41,300
Royal Bank of Scotland Group plc 6.13%, 12/15/2022		177,000		193,217
Vodafone Group plc
5.00%, 5/30/2038		15,000		18,846
5.25%, 5/30/2048		40,000		52,631
4.25%, 9/17/2050		30,000		35,148
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (b)		24,000		28,132
				820,771
United States — 33.2%
Abbott Laboratories 4.75%, 11/30/2036		70,000		94,158
AbbVie, Inc.
4.05%, 11/21/2039 (c)		30,000		34,794
4.25%, 11/21/2049 (c)		40,000		47,949
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		20,000		20,007
6.50%, 3/1/2024		55,000		55,972

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
ACCO Brands Corp. 5.25%, 12/15/2024 (c)		12,000		12,150
ACE Cash Express, Inc. 12.00%, 12/15/2022 (c)		32,000		22,880
ADT Security Corp. (The)
4.13%, 6/15/2023		95,000		95,237
4.88%, 7/15/2032 (c)		45,000		40,950
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (c)		10,000		10,075
AECOM
5.88%, 10/15/2024		5,000		5,400
5.13%, 3/15/2027		53,000		56,975
AES Corp. (The)
5.50%, 4/15/2025		10,000		10,263
6.00%, 5/15/2026		35,000		36,575
Aetna, Inc. 3.88%, 8/15/2047		25,000		28,192
Air Lease Corp.
3.38%, 7/1/2025		10,000		9,997
3.75%, 6/1/2026		10,000		10,092
Albertsons Cos., Inc.
6.63%, 6/15/2024		140,000		143,500
5.75%, 3/15/2025		27,000		27,591
7.50%, 3/15/2026 (c)		80,000		86,661
5.88%, 2/15/2028 (c)		38,000		39,207
Allegheny Technologies, Inc. 7.88%, 8/15/2023 (h)		10,000		10,237
Allied Universal Holdco LLC
6.63%, 7/15/2026 (c)		13,000		13,650
9.75%, 7/15/2027 (c)		13,000		13,699
Allison Transmission, Inc. 4.75%, 10/1/2027 (c)		65,000		64,512
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (b)		33,000		34,090
Ally Financial, Inc.
5.75%, 11/20/2025		110,000		117,515
8.00%, 11/1/2031		39,000		50,311
Altria Group, Inc.
4.40%, 2/14/2026		65,000		74,762
4.80%, 2/14/2029		20,000		23,314
5.95%, 2/14/2049		10,000		13,111
Amazon.com, Inc.
2.50%, 6/3/2050		5,000		5,057
2.70%, 6/3/2060		10,000		10,150
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		52,000		16,380
5.88%, 11/15/2026		24,000		7,680
6.13%, 5/15/2027		25,000		7,750

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
AMC Networks, Inc. 4.75%, 12/15/2022		27,000		26,932
Ameren Corp. 3.50%, 1/15/2031		15,000		16,768
American Airlines Group, Inc. 5.00%, 6/1/2022 (c)		21,000		12,180
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025 (e)		87,000		85,477
6.25%, 3/15/2026		52,000		50,050
6.50%, 4/1/2027 (e)		53,000		51,443
American Electric Power Co., Inc. Series J, 4.30%, 12/1/2028		15,000		17,636
American Express Co.
Series B, (ICE LIBOR USD 3 Month + 3.43%), 3.82%, 8/15/2020 (a) (b) (d)		18,000		15,297
Series C, (ICE LIBOR USD 3 Month + 3.29%), 3.60%, 9/15/2020 (a) (b) (d)		14,000		11,927
American International Group, Inc.
3.88%, 1/15/2035		5,000		5,729
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (b)		29,000		29,931
American Tower Corp.
REIT, 2.10%, 6/15/2030		20,000		20,041
REIT, 3.10%, 6/15/2050		45,000		44,215
American Water Capital Corp. 3.45%, 5/1/2050		10,000		11,235
AmeriGas Partners LP
5.63%, 5/20/2024		25,000		25,930
5.75%, 5/20/2027		35,000		37,012
Amgen, Inc.
3.15%, 2/21/2040		10,000		10,629
3.38%, 2/21/2050		35,000		38,322
Amkor Technology, Inc. 6.63%, 9/15/2027 (c) (e)		62,000		66,363
AMN Healthcare, Inc. 5.13%, 10/1/2024 (c)		36,000		36,000
Amsted Industries, Inc. 5.63%, 7/1/2027 (c)		21,000		21,656
Antero Midstream Partners LP 5.38%, 9/15/2024		10,000		8,520
Antero Resources Corp.
5.38%, 11/1/2021		10,000		9,250
5.13%, 12/1/2022		11,000		7,948
5.63%, 6/1/2023		14,000		8,960
Anthem, Inc. 2.25%, 5/15/2030		10,000		10,288
Apple, Inc.
4.50%, 2/23/2036		35,000		46,158
3.85%, 5/4/2043		25,000		31,007
4.65%, 2/23/2046		5,000		6,846
2.65%, 5/11/2050		30,000		30,928

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Archrock Partners LP 6.88%, 4/1/2027 (c)		7,000		6,594
AT&T, Inc.
4.30%, 2/15/2030		20,000		23,366
2.75%, 6/1/2031		15,000		15,517
3.50%, 6/1/2041		35,000		36,756
4.50%, 3/9/2048		10,000		11,735
3.65%, 6/1/2051		5,000		5,216
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (c)		100,000		82,125
5.25%, 3/15/2025 (c)		50,000		40,000
5.75%, 7/15/2027 (c)		24,000		18,372
B&G Foods, Inc. 5.25%, 4/1/2025		146,000		147,095
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		5,000		5,326
Bank of America Corp.
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024 (a) (b) (d)		14,000		13,850
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (a) (b) (d)		72,000		74,525
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (a) (b) (d)		30,000		32,240
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (a) (b) (d)		58,000		61,190
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (a) (b) (d)		90,000		99,875
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (a) (b) (d)		113,000		115,435
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (b)		25,000		28,254
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (b)		65,000		68,132
(SOFR + 1.93%), 2.68%, 6/19/2041 (b)		5,000		5,134
Bank of New York Mellon Corp. (The)
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (a) (b) (d)		49,000		47,045
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025 (a) (b) (d)		20,000		20,800
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (a) (b) (d)		10,000		9,844
Bausch Health Americas, Inc. 9.25%, 4/1/2026 (c)		26,000		28,207
Bausch Health Cos., Inc.
5.88%, 5/15/2023 (c)		7,000		6,982
7.00%, 3/15/2024 (c)		69,000		71,588
6.13%, 4/15/2025 (c)		95,000		96,356

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
5.50%, 11/1/2025 (c)		121,000		123,669
9.00%, 12/15/2025 (c)		68,000		73,250
5.75%, 8/15/2027 (c)		12,000		12,720
7.00%, 1/15/2028 (c)		20,000		20,600
7.25%, 5/30/2029 (c)		22,000		23,081
Berkshire Hathaway Energy Co. 4.25%, 10/15/2050 (c)		15,000		18,787
Berry Global, Inc.
5.13%, 7/15/2023 (e)		10,000		10,057
4.88%, 7/15/2026 (c)		84,000		85,260
5.63%, 7/15/2027 (c)		20,000		20,550
Biogen, Inc. 3.15%, 5/1/2050		50,000		48,139
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (c)		24,000		24,360
Boston Gas Co. 3.00%, 8/1/2029 (c)		15,000		16,200
Boston Scientific Corp.
4.00%, 3/1/2029		20,000		22,880
2.65%, 6/1/2030		55,000		57,127
4.55%, 3/1/2039		10,000		12,282
Boyd Gaming Corp.
6.38%, 4/1/2026		4,000		3,800
6.00%, 8/15/2026		34,000		31,620
Boyne USA, Inc. 7.25%, 5/1/2025 (c)		41,000		42,948
BP Capital Markets America, Inc.
3.63%, 4/6/2030		15,000		16,941
3.00%, 2/24/2050		15,000		14,769
Brink’s Co. (The) 4.63%, 10/15/2027 (c)		75,000		72,000
Bristol-Myers Squibb Co.
4.13%, 6/15/2039 (c)		10,000		12,770
4.25%, 10/26/2049 (c)		15,000		19,916
Broadcom, Inc.
3.15%, 11/15/2025 (c)		30,000		31,851
4.25%, 4/15/2026 (c)		5,000		5,567
4.15%, 11/15/2030 (c)		15,000		16,321
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (c)		59,000		49,855
Buckeye Partners LP 3.95%, 12/1/2026		60,000		56,402
Burlington Northern Santa Fe LLC
5.15%, 9/1/2043		5,000		6,909
3.05%, 2/15/2051		60,000		65,123
Callon Petroleum Co.
6.25%, 4/15/2023		66,000		24,999
6.13%, 10/1/2024		8,000		2,720
6.38%, 7/1/2026		6,000		1,980
Calpine Corp. 5.25%, 6/1/2026 (c)		90,000		90,874

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Cameron LNG LLC
2.90%, 7/15/2031 (c)		10,000		10,704
3.30%, 1/15/2035 (c)		5,000		5,511
Capital One Financial Corp. Series E, (ICE LIBOR USD 3 Month + 3.80%), 4.15%, 9/1/2020 (a) (b) (d)		30,000		24,450
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026 (c)		44,000		44,669
5.00%, 7/15/2027 (c)		29,000		30,106
Caterpillar, Inc. 2.60%, 4/9/2030		5,000		5,437
CCM Merger, Inc. 6.00%, 3/15/2022 (c)		26,000		25,740
CCO Holdings LLC
5.88%, 4/1/2024 (c)		125,000		128,906
5.38%, 5/1/2025 (c)		60,000		61,500
5.75%, 2/15/2026 (c)		85,000		87,919
5.50%, 5/1/2026 (c)		130,000		134,712
5.13%, 5/1/2027 (c)		158,000		163,467
5.88%, 5/1/2027 (c)		35,000		36,521
5.00%, 2/1/2028 (c)		23,000		23,748
4.75%, 3/1/2030 (c)		64,000		65,484
CDK Global, Inc. 5.25%, 5/15/2029 (c)		99,000		102,804
CDW LLC
5.00%, 9/1/2025		10,000		10,288
4.25%, 4/1/2028 (e)		40,000		40,762
Cedar Fair LP
5.38%, 4/15/2027		3,000		2,685
5.25%, 7/15/2029 (c)		6,000		5,425
Centene Corp.
4.75%, 5/15/2022		40,000		40,552
4.75%, 1/15/2025		30,000		30,710
5.25%, 4/1/2025 (c)		75,000		77,227
3.38%, 2/15/2030		135,000		136,311
CenterPoint Energy, Inc.
Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (a) (b) (d)		32,000		31,012
4.25%, 11/1/2028		15,000		17,437
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		30,000		30,825
Series W, 6.75%, 12/1/2023		28,000		30,094
Series Y, 7.50%, 4/1/2024		2,000		2,198
5.63%, 4/1/2025		57,000		58,938
Series G, 6.88%, 1/15/2028 (e)		5,000		5,318
Charles Schwab Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.32%), 4.62%, 3/1/2022 (a) (b) (d)		5,000		4,712

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (a) (b) (d)		40,000		42,733
Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (a) (b) (d)		67,000		65,995
Chemours Co. (The)
7.00%, 5/15/2025 (e)		82,000		78,459
5.38%, 5/15/2027		55,000		49,703
Cheniere Energy Partners LP
5.25%, 10/1/2025		18,000		17,940
5.63%, 10/1/2026		14,000		13,863
Chesapeake Energy Corp. 11.50%, 1/1/2025 (c)		45,000		4,725
Chevron Corp. 2.98%, 5/11/2040		10,000		10,694
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (c)		45,000		45,900
8.00%, 10/15/2025 (c)		15,000		15,656
Cinemark USA, Inc. 4.88%, 6/1/2023		25,000		21,125
CIT Group, Inc.
4.75%, 2/16/2024		22,000		22,314
5.25%, 3/7/2025		45,000		46,622
6.13%, 3/9/2028		21,000		22,680
Citigroup, Inc.
Series Q, (ICE LIBOR USD 3 Month + 4.10%), 5.95%, 8/15/2020 (a) (b) (d)		19,000		17,973
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (a) (b) (d)		67,000		65,576
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (a) (b) (d)		69,000		68,307
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (a) (b) (d)		52,000		51,708
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (a) (b) (d)		8,000		7,580
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (a) (b) (d)		96,000		96,167
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (a) (b) (d)		78,000		73,422
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (a) (b) (d)		58,000		51,420
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (a) (b) (d)		40,000		39,720
(SOFR + 2.75%), 3.11%, 4/8/2026 (b)		65,000		69,690
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (a) (b) (d)		61,000		64,713
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (b)		40,000		45,080

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
(ICE LIBOR USD 3 Month + 1.19%), 4.07%, 4/23/2029 (b)		20,000		22,813
(SOFR + 2.11%), 2.57%, 6/3/2031 (b)		25,000		25,837
Citizens Financial Group, Inc. Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (a) (b) (d)		24,000		22,303
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		170,000		157,697
5.13%, 8/15/2027 (c)		35,000		33,600
Clearwater Paper Corp. 4.50%, 2/1/2023		51,000		50,745
Clearway Energy Operating LLC 5.75%, 10/15/2025		20,000		20,768
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030 (c)		15,000		18,269
Clorox Co. (The) 1.80%, 5/15/2030		15,000		15,129
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (b)		20,000		20,392
CNG Holdings, Inc. 12.50%, 6/15/2024 (c)		53,000		46,640
Coca-Cola Co. (The) 2.60%, 6/1/2050		65,000		65,672
Colfax Corp.
6.00%, 2/15/2024 (c)		33,000		34,031
6.38%, 2/15/2026 (c)		5,000		5,225
Comcast Corp.
4.15%, 10/15/2028		70,000		84,213
2.65%, 2/1/2030		65,000		70,675
4.25%, 10/15/2030		25,000		30,608
3.20%, 7/15/2036		20,000		22,231
3.45%, 2/1/2050		40,000		45,337
Commercial Metals Co.
4.88%, 5/15/2023		19,000		19,142
5.38%, 7/15/2027		11,000		11,138
CommScope Technologies LLC
6.00%, 6/15/2025 (c)		112,000		108,158
5.00%, 3/15/2027 (c)		15,000		13,511
CommScope, Inc.
5.50%, 3/1/2024 (c)		31,000		31,310
6.00%, 3/1/2026 (c)		35,000		35,875
8.25%, 3/1/2027 (c)		75,000		77,078
Community Health Systems, Inc.
6.25%, 3/31/2023		92,000		86,660
8.63%, 1/15/2024 (c)		37,000		36,182
8.00%, 3/15/2026 (c)		11,000		10,397
Constellation Brands, Inc.
2.88%, 5/1/2030		9,000		9,534
5.25%, 11/15/2048		15,000		19,669

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (c)		32,000		25,600
Covanta Holding Corp. 5.88%, 7/1/2025		19,000		19,238
Cox Communications, Inc. 4.80%, 2/1/2035 (c)		5,000		6,287
Credit Acceptance Corp. 6.63%, 3/15/2026		20,000		20,081
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (h)		10,000		8,900
5.75%, 4/1/2025 (e)		29,000		25,049
5.63%, 5/1/2027 (c) (e)		10,000		8,337
Crown Americas LLC
4.50%, 1/15/2023		27,000		27,540
4.75%, 2/1/2026		26,000		26,495
Crown Castle International Corp.
REIT, 3.30%, 7/1/2030		33,000		36,030
REIT, 4.15%, 7/1/2050		10,000		11,494
REIT, 3.25%, 1/15/2051		15,000		14,969
CSC Holdings LLC
6.75%, 11/15/2021		27,000		28,342
5.88%, 9/15/2022		15,000		15,675
5.25%, 6/1/2024		157,000		166,714
6.63%, 10/15/2025 (c)		200,000		207,750
CSX Corp. 4.75%, 11/15/2048		20,000		26,542
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (c)		18,000		16,628
Curo Group Holdings Corp. 8.25%, 9/1/2025 (c)		71,000		56,779
CVR Partners LP 9.25%, 6/15/2023 (c)		164,000		160,720
CVS Health Corp.
3.25%, 8/15/2029		5,000		5,523
4.78%, 3/25/2038		15,000		18,634
4.13%, 4/1/2040		10,000		11,794
Darling Ingredients, Inc. 5.25%, 4/15/2027 (c)		12,000		12,333
DaVita, Inc.
5.13%, 7/15/2024		106,000		107,855
5.00%, 5/1/2025		22,000		22,495
DCP Midstream Operating LP
4.95%, 4/1/2022		5,000		5,027
3.88%, 3/15/2023		38,000		36,860
5.38%, 7/15/2025		14,000		13,895
6.75%, 9/15/2037 (c)		20,000		17,946
Deere & Co. 3.10%, 4/15/2030		15,000		17,002
Delek Logistics Partners LP 6.75%, 5/15/2025		48,000		44,400

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Dell International LLC
7.13%, 6/15/2024 (c)		65,000		67,336
6.02%, 6/15/2026 (c)		10,000		11,465
4.90%, 10/1/2026 (c)		5,000		5,505
Diamond Sports Group LLC 5.38%, 8/15/2026 (c)		53,000		38,417
Discovery Communications LLC 4.65%, 5/15/2050		20,000		22,681
DISH DBS Corp.
6.75%, 6/1/2021		105,000		106,968
5.88%, 7/15/2022		24,000		24,403
5.00%, 3/15/2023		223,000		222,465
5.88%, 11/15/2024		25,000		24,852
7.75%, 7/1/2026		125,000		132,514
Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		50,000		47,875
Dominion Energy, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (a) (b) (d)		24,000		23,503
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		87,000		73,515
Duke Energy Corp. 3.40%, 6/15/2029		15,000		16,860
Duke Energy Ohio, Inc. 2.13%, 6/1/2030		10,000		10,355
Duke Energy Progress LLC 4.10%, 3/15/2043		20,000		24,081
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (c)		45,000		47,700
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (c)		2,000		2,040
E*TRADE Financial Corp. Series A, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026 (a) (b) (d)		8,000		8,300
Eli Lilly and Co. 2.25%, 5/15/2050		66,000		63,277
Embarq Corp. 8.00%, 6/1/2036		124,000		139,252
EMC Corp. 3.38%, 6/1/2023		26,000		26,299
Encompass Health Corp. 5.75%, 11/1/2024		31,000		31,000
Energy Transfer Operating LP
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (a) (b) (d)		45,000		34,434
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (a) (b) (d)		20,000		17,100
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (a) (b) (d)		31,000		11,160

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
4.40%, 4/1/2024		19,000		15,780
4.15%, 6/1/2025		23,000		17,710
4.85%, 7/15/2026		58,000		42,937
5.60%, 4/1/2044		5,000		3,050
Entegris, Inc. 4.63%, 2/10/2026 (c)		49,000		49,735
Entercom Media Corp.
7.25%, 11/1/2024 (c)		35,000		30,450
6.50%, 5/1/2027 (c)		41,000		36,798
Entergy Arkansas LLC 4.00%, 6/1/2028		5,000		5,772
Entergy Louisiana LLC 3.25%, 4/1/2028		10,000		11,002
Entergy Mississippi LLC 2.85%, 6/1/2028		10,000		10,812
Entergy Texas, Inc.
4.00%, 3/30/2029		15,000		17,414
3.55%, 9/30/2049		15,000		16,513
Enterprise Development Authority (The) 12.00%, 7/15/2024 (c)		82,000		82,410
Enterprise Products Operating LLC
3.70%, 1/31/2051		5,000		5,198
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (b)		25,000		23,375
Envision Healthcare Corp. 8.75%, 10/15/2026 (c)		20,000		9,500
EP Energy LLC
9.38%, 5/1/2024 (c) (j)		22,000		–
8.00%, 11/29/2024 (c) (j)		26,000		520
8.00%, 2/15/2025 (c) (j)		23,000		–
7.75%, 5/15/2026 (c) (j)		35,000		7,000
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (c)		30,000		29,025
REIT, 4.63%, 10/1/2027 (c)		30,000		28,200
Evergy Metro, Inc. Series 2020, 2.25%, 6/1/2030		10,000		10,475
Evergy, Inc. 2.90%, 9/15/2029		20,000		21,427
Exela Intermediate LLC 10.00%, 7/15/2023 (c)		94,000		22,795
Exxon Mobil Corp.
4.23%, 3/19/2040		10,000		12,085
4.33%, 3/19/2050		5,000		6,264
3.45%, 4/15/2051		25,000		27,742
FirstCash, Inc. 5.38%, 6/1/2024 (c)		22,000		22,110
FirstEnergy Corp.
Series B, 3.90%, 7/15/2027 (e)		5,000		5,655
2.65%, 3/1/2030		5,000		5,218
Series C, 7.38%, 11/15/2031		5,000		7,301
Florida Power & Light Co. 4.05%, 6/1/2042		15,000		18,524

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Ford Motor Credit Co. LLC 4.54%, 8/1/2026		200,000		191,000
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		75,000		75,097
4.55%, 11/14/2024		15,000		15,244
5.45%, 3/15/2043 (e)		75,000		73,500
Frontier Communications Corp.
7.63%, 4/15/2024 (j)		11,000		3,630
6.88%, 1/15/2025 (j)		24,000		7,145
11.00%, 9/15/2025 (j)		31,000		10,695
8.50%, 4/1/2026 (c) (h)		63,000		59,567
Gartner, Inc. 5.13%, 4/1/2025 (c)		20,000		20,481
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (a) (b) (d)		172,000		135,037
Genesis Energy LP
6.00%, 5/15/2023		15,000		13,500
6.50%, 10/1/2025		5,000		4,275
6.25%, 5/15/2026		15,000		12,868
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (c)		27,000		28,080
Gilead Sciences, Inc. 4.15%, 3/1/2047		15,000		19,098
Global Partners LP
7.00%, 6/15/2023		45,000		43,256
7.00%, 8/1/2027		27,000		24,975
Global Payments, Inc. 2.90%, 5/15/2030		10,000		10,459
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (c)		50,000		50,875
Goldman Sachs Group, Inc. (The)
Series M, (ICE LIBOR USD 3 Month + 3.92%), 4.37%, 8/3/2020 (a) (b) (d)		74,000		67,836
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		33,000		36,960
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (b)		30,000		33,907
3.80%, 3/15/2030		25,000		28,518
Series M, (ICE LIBOR USD 3 Month + 3.92%), 4.37%, 6/29/2020 (a) (b) (d)		10,000		9,167
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		28,000		26,880
5.00%, 5/31/2026		47,000		43,781
4.88%, 3/15/2027 (e)		10,000		9,160
Gray Television, Inc.
5.13%, 10/15/2024 (c)		20,000		20,000
5.88%, 7/15/2026 (c)		20,000		19,925
7.00%, 5/15/2027 (c)		45,000		46,125
Greif, Inc. 6.50%, 3/1/2027 (c)		36,000		36,643

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Guardian Life Insurance Co. of America (The)
4.88%, 6/19/2064 (c)		5,000		6,349
3.70%, 1/22/2070 (c)		5,000		5,230
H&E Equipment Services, Inc. 5.63%, 9/1/2025		25,000		25,245
Hanesbrands, Inc. 4.88%, 5/15/2026 (c)		60,000		60,450
Harsco Corp. 5.75%, 7/31/2027 (c)		9,000		9,023
HAT Holdings I LLC REIT, 5.25%, 7/15/2024 (c)		13,000		13,260
HCA, Inc.
5.88%, 5/1/2023		95,000		102,838
5.38%, 2/1/2025		146,000		156,402
5.88%, 2/15/2026		190,000		208,525
5.63%, 9/1/2028		274,000		305,622
Healthpeak Properties, Inc.
REIT, 3.25%, 7/15/2026		10,000		10,929
REIT, 3.00%, 1/15/2030		10,000		10,461
REIT, 2.88%, 1/15/2031		10,000		10,266
Herc Holdings, Inc. 5.50%, 7/15/2027 (c)		28,000		28,060
Hertz Corp. (The)
7.63%, 6/1/2022 (c) (j)		8,000		6,000
5.50%, 10/15/2024 (c) (j)		70,000		21,770
7.13%, 8/1/2026 (c) (j)		75,000		23,438
Hilcorp Energy I LP
5.00%, 12/1/2024 (c)		90,000		77,400
5.75%, 10/1/2025 (c)		4,000		3,400
6.25%, 11/1/2028 (c)		39,000		31,298
Hill-Rom Holdings, Inc. 5.00%, 2/15/2025 (c)		15,000		15,453
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		12,000		11,948
4.88%, 1/15/2030		24,000		23,640
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		28,000		28,140
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		14,000		13,688
4.88%, 4/1/2027		32,000		31,240
Hologic, Inc.
4.38%, 10/15/2025 (c)		34,000		34,333
4.63%, 2/1/2028 (c)		25,000		25,937
Home Depot, Inc. (The)
2.70%, 4/15/2030		10,000		10,979
3.35%, 4/15/2050		15,000		17,106
Honeywell International, Inc.
1.95%, 6/1/2030		15,000		15,673
2.80%, 6/1/2050		10,000		10,665

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Howmet Aerospace, Inc.
5.13%, 10/1/2024		107,000		110,626
5.90%, 2/1/2027		8,000		8,482
5.95%, 2/1/2037		34,000		35,278
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		20,000		20,758
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (a) (b) (d)		5,000		4,238
Icahn Enterprises LP
6.25%, 2/1/2022		43,000		43,108
4.75%, 9/15/2024		70,000		66,150
6.38%, 12/15/2025		22,000		21,780
iHeartCommunications, Inc.
6.38%, 5/1/2026		56,945		56,375
8.38%, 5/1/2027		97,589		89,428
5.25%, 8/15/2027 (c)		18,000		17,235
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.02%, 12/21/2065 (b) (c)		100,000		49,151
Intel Corp. 4.10%, 5/19/2046		35,000		44,102
International Game Technology plc 6.50%, 2/15/2025 (c)		200,000		204,502
IRB Holding Corp. 6.75%, 2/15/2026 (c)		56,000		53,480
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024		52,000		52,499
REIT, 4.88%, 9/15/2027 (c)		84,000		81,832
REIT, 5.25%, 3/15/2028 (c)		48,000		47,760
ITC Holdings Corp.
3.35%, 11/15/2027		20,000		22,124
2.95%, 5/14/2030 (c)		10,000		10,612
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c)		31,000		31,310
JBS USA LUX SA
5.88%, 7/15/2024 (c)		10,000		10,137
5.75%, 6/15/2025 (c)		96,000		96,840
6.50%, 4/15/2029 (c)		63,000		66,859
5.50%, 1/15/2030 (c)		42,000		43,050
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		11,000		10,945
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		15,000		16,594
3.80%, 5/1/2050		25,000		28,519
KeyCorp Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 9/15/2026 (a) (b) (d)		19,000		17,955
Kroger Co. (The)
2.20%, 5/1/2030		20,000		20,797
3.88%, 10/15/2046		5,000		5,599

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
L3Harris Technologies, Inc. 2.90%, 12/15/2029		10,000		10,766
LABL Escrow Issuer LLC 6.75%, 7/15/2026 (c)		100,000		104,031
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (c)		48,000		41,410
Lamar Media Corp. 5.75%, 2/1/2026		20,000		20,632
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (c) (e)		59,000		61,065
Leidos, Inc. 4.38%, 5/15/2030 (c)		10,000		11,265
Lennar Corp.
4.50%, 4/30/2024		15,000		15,597
5.88%, 11/15/2024		45,000		49,174
4.75%, 5/30/2025		5,000		5,337
5.25%, 6/1/2026		14,000		15,120
5.00%, 6/15/2027		20,000		21,600
Level 3 Financing, Inc.
5.13%, 5/1/2023		25,000		25,000
5.38%, 1/15/2024		10,000		10,075
5.38%, 5/1/2025		91,000		92,934
5.25%, 3/15/2026		54,000		55,639
Liberty Interactive LLC 8.25%, 2/1/2030		35,000		34,056
Live Nation Entertainment, Inc. 5.63%, 3/15/2026 (c)		33,000		30,030
Lockheed Martin Corp. 2.80%, 6/15/2050		35,000		36,917
Lowe’s Cos., Inc.
3.70%, 4/15/2046		10,000		11,181
4.55%, 4/5/2049		35,000		44,316
LPL Holdings, Inc. 5.75%, 9/15/2025 (c)		50,000		50,625
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		50,000		50,375
Martin Midstream Partners LP 7.25%, 2/15/2021		50,000		37,500
MasTec, Inc. 4.88%, 3/15/2023		59,000		58,558
Matador Resources Co. 5.88%, 9/15/2026		55,000		40,700
Mattel, Inc.
3.15%, 3/15/2023		37,000		34,848
6.75%, 12/31/2025 (c)		150,000		155,625
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (c)		142,000		139,471
McDonald’s Corp.
3.70%, 2/15/2042		10,000		11,195
3.63%, 9/1/2049		10,000		11,082
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 8/3/2020 (a) (b) (d)		8,000		7,284

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Merck & Co., Inc.
2.35%, 6/24/2040		5,000		5,087
4.00%, 3/7/2049		15,000		19,464
2.45%, 6/24/2050		25,000		25,090
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 3.89%, 8/3/2020 (a) (b) (d)		95,000		85,738
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (a) (b) (d)		82,000		86,510
6.40%, 12/15/2036		28,000		33,049
Series C, (ICE LIBOR USD 3 Month + 3.58%), 3.89%, 6/29/2020 (a) (b) (d)		60,000		54,150
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027		23,000		23,575
MGM Resorts International 4.63%, 9/1/2026		200,000		182,000
Microsoft Corp.
3.45%, 8/8/2036		50,000		60,287
4.10%, 2/6/2037		16,000		20,638
2.53%, 6/1/2050		9,000		9,312
MidAmerican Energy Co. 4.25%, 5/1/2046		15,000		18,705
Midcontinent Communications 5.38%, 8/15/2027 (c)		17,000		17,261
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042		15,000		17,632
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 4.83%, 10/15/2020 (a) (b) (d)		179,000		160,788
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 10/15/2020 (a) (b) (d)		76,000		69,859
(SOFR + 1.99%), 2.19%, 4/28/2026 (b)		90,000		93,601
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		30,000		33,739
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030 (b)		20,000		23,823
(SOFR + 1.14%), 2.70%, 1/22/2031 (b)		25,000		26,553
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (c)		105,000		97,650
MPLX LP 4.50%, 4/15/2038		5,000		4,998
MSCI, Inc. 5.38%, 5/15/2027 (c)		69,000		73,226
MTS Systems Corp. 5.75%, 8/15/2027 (c)		24,000		22,020
Narragansett Electric Co. (The) 3.40%, 4/9/2030 (c)		15,000		16,892

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
National Rural Utilities Cooperative Finance Corp.
2.40%, 3/15/2030 (e)		15,000		16,000
(ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (b)		20,000		21,198
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (c)		32,000		32,839
9.13%, 7/15/2026 (c)		60,000		63,412
NCR Corp.
5.75%, 9/1/2027 (c)		25,000		25,000
6.13%, 9/1/2029 (c)		25,000		25,122
Neiman Marcus Group Ltd. LLC 14.00% (cash), 4/25/2024 (c) (g) (j)		28,722		8,042
Netflix, Inc.
5.88%, 2/15/2025		100,000		111,219
4.88%, 4/15/2028		15,000		16,039
5.88%, 11/15/2028		60,000		68,238
5.38%, 11/15/2029 (c)		15,000		16,475
4.88%, 6/15/2030 (c)		15,000		16,026
New Albertsons LP
7.75%, 6/15/2026		5,000		5,300
6.63%, 6/1/2028		15,000		15,225
7.45%, 8/1/2029		21,000		22,680
8.00%, 5/1/2031		80,000		89,600
Newell Brands, Inc. 4.70%, 4/1/2026 (h)		150,000		157,109
Nexstar Broadcasting, Inc.
5.63%, 8/1/2024 (c)		25,000		25,187
5.63%, 7/15/2027 (c)		43,000		43,003
NextEra Energy Capital Holdings, Inc.
2.75%, 11/1/2029		5,000		5,390
2.25%, 6/1/2030		50,000		51,363
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (b)		32,000		34,856
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (c)		23,000		23,259
4.25%, 9/15/2024 (c)		24,000		24,000
4.50%, 9/15/2027 (c)		8,000		8,362
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c) (e)		10,000		9,949
Nielsen Finance LLC 5.00%, 4/15/2022 (c)		112,000		111,686
NIKE, Inc.
3.25%, 3/27/2040		5,000		5,633
3.38%, 3/27/2050		5,000		5,733

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (a) (b) (d)		24,000		22,920
3.60%, 5/1/2030		5,000		5,713
Norfolk Southern Corp.
2.55%, 11/1/2029		19,000		20,194
3.05%, 5/15/2050		40,000		41,165
Northern States Power Co. 3.40%, 8/15/2042		20,000		22,654
Northrop Grumman Corp. 3.85%, 4/15/2045		35,000		41,116
Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047 (c)		2,000		2,286
Novelis Corp. 5.88%, 9/30/2026 (c)		25,000		24,941
NRG Energy, Inc.
7.25%, 5/15/2026		40,000		42,200
6.63%, 1/15/2027		15,000		15,675
5.75%, 1/15/2028		12,000		12,660
5.25%, 6/15/2029 (c)		26,000		27,360
Nuance Communications, Inc. 5.63%, 12/15/2026		59,000		61,360
NuStar Logistics LP
6.00%, 6/1/2026		12,000		11,760
5.63%, 4/28/2027		30,000		28,997
Oasis Petroleum, Inc.
6.88%, 3/15/2022		24,000		3,960
6.25%, 5/1/2026 (c)		50,000		8,250
Oceaneering International, Inc. 6.00%, 2/1/2028		14,000		9,800
Oncor Electric Delivery Co. LLC
2.75%, 5/15/2030 (c)		20,000		21,963
4.10%, 11/15/2048		10,000		12,624
ONEOK, Inc. 3.40%, 9/1/2029		5,000		4,862
Oracle Corp.
3.90%, 5/15/2035 (e)		26,000		31,441
3.85%, 7/15/2036		4,000		4,666
3.60%, 4/1/2040		35,000		39,727
3.60%, 4/1/2050		55,000		61,986
Otis Worldwide Corp. 3.36%, 2/15/2050 (c)		5,000		5,292
Outfront Media Capital LLC
5.63%, 2/15/2024		25,000		25,063
5.00%, 8/15/2027 (c)		15,000		13,500
Pacific Gas and Electric Co. 4.00%, 12/1/2046		30,000		31,575

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
PacifiCorp
4.10%, 2/1/2042		18,000		21,452
3.30%, 3/15/2051		17,000		18,722
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c)		12,000		12,314
PBF Holding Co. LLC 7.25%, 6/15/2025		25,000		22,688
PBF Logistics LP 6.88%, 5/15/2023		25,000		24,077
Peabody Energy Corp. 6.00%, 3/31/2022 (c)		15,000		9,750
PECO Energy Co. 2.80%, 6/15/2050		3,000		3,096
Pennsylvania Electric Co. 3.60%, 6/1/2029 (c)		10,000		11,227
Penske Automotive Group, Inc. 5.50%, 5/15/2026		75,000		74,813
Performance Food Group, Inc. 5.50%, 10/15/2027 (c)		20,000		19,300
PetSmart, Inc.
7.13%, 3/15/2023 (c)		70,000		69,025
5.88%, 6/1/2025 (c)		97,000		97,182
Pfizer, Inc.
2.63%, 4/1/2030		85,000		93,509
2.55%, 5/28/2040		20,000		20,757
2.70%, 5/28/2050		40,000		41,248
Philip Morris International, Inc.
3.13%, 3/2/2028 (e)		70,000		78,241
3.38%, 8/15/2029		30,000		34,104
2.10%, 5/1/2030		30,000		30,904
4.13%, 3/4/2043		5,000		5,912
Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050		15,000		16,392
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (c)		59,000		58,828
5.88%, 9/30/2027 (c)		39,000		39,008
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (a) (b) (d)		8,000		5,710
Plantronics, Inc. 5.50%, 5/31/2023 (c)		61,000		53,146
PNC Financial Services Group, Inc. (The)
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (a) (b) (d)		54,000		51,705
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (a) (b) (d)		29,000		29,421
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (c) (g)		43,000		37,840

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Post Holdings, Inc.
5.00%, 8/15/2026 (c)		84,000		84,315
5.75%, 3/1/2027 (c)		20,000		20,700
5.50%, 12/15/2029 (c)		25,000		25,853
Prime Security Services Borrower LLC
5.25%, 4/15/2024 (c) (e)		31,000		31,697
5.75%, 4/15/2026 (c)		50,000		51,813
Procter & Gamble Co. (The) 3.55%, 3/25/2040		25,000		30,150
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (a) (b) (d)		25,000		24,851
Prologis LP REIT, 2.13%, 4/15/2027		10,000		10,517
Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (b)		151,000		160,664
Public Service Co. of Colorado
Series 35, 1.90%, 1/15/2031		15,000		15,299
Series 36, 2.70%, 1/15/2051		5,000		5,116
Public Service Electric and Gas Co. 2.70%, 5/1/2050		10,000		10,351
QEP Resources, Inc.
5.38%, 10/1/2022		8,000		6,080
5.25%, 5/1/2023		75,000		49,500
Qorvo, Inc. 5.50%, 7/15/2026		50,000		52,000
QUALCOMM, Inc. 3.25%, 5/20/2050		40,000		43,733
Quicken Loans LLC
5.75%, 5/1/2025 (c)		74,000		75,649
5.25%, 1/15/2028 (c)		20,000		20,800
Radian Group, Inc.
4.50%, 10/1/2024		40,000		38,600
4.88%, 3/15/2027		12,000		11,280
Raytheon Technologies Corp.
4.13%, 11/16/2028		90,000		106,062
3.13%, 7/1/2050		25,000		26,661
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (c)		35,000		37,100
8.25%, 11/15/2026 (c)		29,000		31,406
Reynolds Group Issuer, Inc. 5.13%, 7/15/2023 (c)		25,000		25,294
Roper Technologies, Inc. 2.00%, 6/30/2030		10,000		10,005
Ryman Hospitality Properties, Inc. REIT, 4.75%, 10/15/2027 (c)		18,000		15,930
Sabre GLBL, Inc. 5.38%, 4/15/2023 (c)		22,000		20,538
SBA Communications Corp. REIT, 4.00%, 10/1/2022		23,000		23,259

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (c)		5,000		5,395
Scientific Games International, Inc. 5.00%, 10/15/2025 (c)		156,000		144,029
Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026		125,000		129,844
Sealed Air Corp. 5.13%, 12/1/2024 (c)		20,000		21,350
Sempra Energy (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (a) (b) (d)		15,000		15,000
Sensata Technologies BV
4.88%, 10/15/2023 (c)		15,000		15,570
5.63%, 11/1/2024 (c)		125,000		132,500
5.00%, 10/1/2025 (c)		30,000		31,941
Service Corp. International
5.38%, 5/15/2024		30,000		30,563
4.63%, 12/15/2027		12,000		12,450
5.13%, 6/1/2029		5,000		5,380
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		35,000		38,822
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (c)		6,000		5,760
5.88%, 3/15/2026 (c)		50,000		49,250
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (c)		10,000		10,055
5.38%, 4/15/2025 (c)		60,000		61,620
5.38%, 7/15/2026 (c)		87,000		89,848
5.00%, 8/1/2027 (c)		53,000		54,369
5.50%, 7/1/2029 (c)		26,000		27,502
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (c)		12,000		10,725
5.50%, 4/15/2027 (c) (e)		102,000		91,163
SM Energy Co.
6.75%, 9/15/2026		12,000		6,035
6.63%, 1/15/2027		16,000		7,840
Solera LLC 10.50%, 3/1/2024 (c)		26,000		26,520
Southern California Edison Co. Series E, (ICE LIBOR USD 3 Month + 4.20%), 6.25%, 2/1/2022 (a) (b) (d)		12,000		11,775
Southwestern Electric Power Co. Series M, 4.10%, 9/15/2028		15,000		17,043
Spectrum Brands, Inc.
6.13%, 12/15/2024		18,000		18,495
5.75%, 7/15/2025		133,000		136,494
5.00%, 10/1/2029 (c)		31,000		30,612

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Springleaf Finance Corp.
7.75%, 10/1/2021		40,000		41,618
6.13%, 5/15/2022		5,000		5,092
5.63%, 3/15/2023		27,000		27,304
6.13%, 3/15/2024		20,000		20,325
6.88%, 3/15/2025		45,000		46,167
7.13%, 3/15/2026		52,000		53,820
6.63%, 1/15/2028		33,000		32,670
Sprint Capital Corp. 8.75%, 3/15/2032		197,000		281,610
Sprint Corp.
7.88%, 9/15/2023		227,000		255,659
7.13%, 6/15/2024		71,000		80,169
7.63%, 2/15/2025		194,000		223,828
7.63%, 3/1/2026 (e)		39,000		46,034
SS&C Technologies, Inc. 5.50%, 9/30/2027 (c)		93,000		94,710
Standard Industries, Inc.
6.00%, 10/15/2025 (c)		50,000		51,463
5.00%, 2/15/2027 (c)		18,000		18,225
4.75%, 1/15/2028 (c)		77,000		78,059
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (b)		10,000		10,004
Staples, Inc.
7.50%, 4/15/2026 (c)		95,000		74,646
10.75%, 4/15/2027 (c)		85,000		51,841
Starbucks Corp. 3.75%, 12/1/2047		5,000		5,374
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020 (a) (b) (d)		80,000		76,364
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (a) (b) (d)		21,000		20,317
(SOFR + 2.60%), 2.90%, 3/30/2026 (b) (c)		35,000		37,973
(ICE LIBOR USD 3 Month + 1.03%), 4.14%, 12/3/2029 (b)		10,000		12,015
2.40%, 1/24/2030		15,000		16,128
(SOFR + 2.65%), 3.15%, 3/30/2031 (b) (c)		5,000		5,603
Station Casinos LLC 5.00%, 10/1/2025 (c)		36,000		31,680
Steel Dynamics, Inc.
4.13%, 9/15/2025		20,000		20,455
5.00%, 12/15/2026		15,000		15,876
Stryker Corp. 1.95%, 6/15/2030		30,000		30,126

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Summit Materials LLC
5.13%, 6/1/2025 (c)		35,000		34,562
6.50%, 3/15/2027 (c)		45,000		46,013
Summit Midstream Holdings LLC
5.50%, 8/15/2022		10,000		6,600
5.75%, 4/15/2025		35,000		19,600
Sunoco Logistics Partners Operations LP 4.00%, 10/1/2027		10,000		10,245
Sunoco LP
4.88%, 1/15/2023		23,000		22,655
5.50%, 2/15/2026		13,000		12,610
6.00%, 4/15/2027		36,000		35,640
5.88%, 3/15/2028 (e)		3,000		2,978
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (c)		25,000		22,577
5.50%, 1/15/2028 (c)		5,000		4,325
Targa Resources Partners LP
4.25%, 11/15/2023		15,000		14,359
5.13%, 2/1/2025		50,000		48,125
5.88%, 4/15/2026		82,000		81,180
6.50%, 7/15/2027		106,000		106,265
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (c)		55,000		56,659
Team Health Holdings, Inc. 6.38%, 2/1/2025 (c)		85,000		49,300
TEGNA, Inc. 5.50%, 9/15/2024 (c)		10,000		10,100
Tempur Sealy International, Inc.
5.63%, 10/15/2023		42,000		42,420
5.50%, 6/15/2026		64,000		64,640
Tenet Healthcare Corp.
4.63%, 7/15/2024		75,000		73,495
4.63%, 9/1/2024 (c)		11,000		10,752
5.13%, 5/1/2025		57,000		55,017
4.88%, 1/1/2026 (c)		78,000		76,398
6.25%, 2/1/2027 (c)		30,000		29,775
5.13%, 11/1/2027 (c)		189,000		186,486
Tennant Co. 5.63%, 5/1/2025		60,000		60,600
Terraform Global Operating LLC 6.13%, 3/1/2026 (c)		15,000		14,775
TerraForm Power Operating LLC
4.25%, 1/31/2023 (c)		15,000		15,075
5.00%, 1/31/2028 (c)		29,000		30,305
Texas Instruments, Inc. 1.75%, 5/4/2030		10,000		10,146
Thermo Fisher Scientific, Inc.
2.60%, 10/1/2029		65,000		70,173
4.50%, 3/25/2030		85,000		105,141

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
T-Mobile USA, Inc.
6.38%, 3/1/2025		11,000		11,302
5.13%, 4/15/2025		10,000		10,225
4.50%, 2/1/2026		99,000		100,184
4.75%, 2/1/2028		93,000		98,211
3.88%, 4/15/2030 (c)		15,000		16,719
4.38%, 4/15/2040 (c)		25,000		28,918
4.50%, 4/15/2050 (c)		10,000		11,779
TransDigm, Inc. 6.25%, 3/15/2026 (c)		59,000		58,963
Transocean Pontus Ltd. 6.13%, 8/1/2025 (c)		39,245		34,143
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (c)		50,000		42,500
Transocean Proteus Ltd. 6.25%, 12/1/2024 (c)		22,100		20,111
Travelers Cos., Inc. (The) 2.55%, 4/27/2050		10,000		9,881
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c)		52,000		49,270
Tronox, Inc. 6.50%, 4/15/2026 (c)		32,000		29,920
Truist Financial Corp.
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (a) (b) (d)		25,000		23,027
Series L, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 12/15/2024 (a) (b) (d)		14,000		12,495
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025 (a) (b) (d)		20,000		20,450
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (a) (b) (d)		40,000		38,611
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (a) (b) (d)		14,000		14,456
Tucson Electric Power Co. 4.00%, 6/15/2050		13,000		15,213
UDR, Inc.
REIT, 3.20%, 1/15/2030		5,000		5,448
REIT, 3.00%, 8/15/2031		10,000		10,658
Union Electric Co. 2.95%, 3/15/2030		35,000		39,044
Union Pacific Corp. 4.00%, 4/15/2047		11,000		13,214
United Airlines Holdings, Inc.
5.00%, 2/1/2024		33,000		26,854
4.88%, 1/15/2025		28,000		22,361

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
United Rentals North America, Inc.
5.50%, 7/15/2025		15,000		15,394
4.63%, 10/15/2025		50,000		50,250
5.88%, 9/15/2026		32,000		33,536
6.50%, 12/15/2026		52,000		54,600
5.50%, 5/15/2027		10,000		10,300
4.88%, 1/15/2028		100,000		102,500
UnitedHealth Group, Inc. 4.25%, 4/15/2047		10,000		12,836
Upjohn, Inc.
3.85%, 6/22/2040 (c)		15,000		16,087
4.00%, 6/22/2050 (c)		15,000		16,055
Verizon Communications, Inc.
4.40%, 11/1/2034		20,000		24,852
4.27%, 1/15/2036		25,000		30,951
3.85%, 11/1/2042		5,000		6,103
4.86%, 8/21/2046		80,000		108,752
4.52%, 9/15/2048		35,000		46,251
ViacomCBS, Inc.
4.95%, 5/19/2050		10,000		11,134
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		27,000		26,608
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (b)		60,000		61,534
VICI Properties LP REIT, 4.25%, 12/1/2026 (c)		75,000		71,969
Vistra Operations Co. LLC 5.50%, 9/1/2026 (c)		20,000		20,463
W&T Offshore, Inc. 9.75%, 11/1/2023 (c)		55,000		34,430
Wachovia Capital Trust III (ICE LIBOR USD 3 Month + 0.93%), 5.57%, 8/3/2020 (a) (b) (d)		5,000		4,964
Waste Management, Inc. 4.00%, 7/15/2039		5,000		5,160
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (a) (b) (d)		29,000		28,708
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (a) (b) (d)		28,000		29,102
(ICE LIBOR USD 3 Month + 3.77%), 4.48%, 4/4/2031 (b)		60,000		72,635
(SOFR + 2.53%), 3.07%, 4/30/2041 (b)		20,000		20,811
Welltower, Inc.
REIT, 4.13%, 3/15/2029		20,000		22,324
REIT, 2.75%, 1/15/2031		40,000		39,797
WESCO Distribution, Inc. 5.38%, 6/15/2024		36,000		35,828
Western Digital Corp. 4.75%, 2/15/2026		74,000		76,590

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Whiting Petroleum Corp.
5.75%, 3/15/2021 (j)		77,000		14,822
6.63%, 1/15/2026 (j)		37,000		6,568
William Carter Co. (The) 5.63%, 3/15/2027 (c)		13,000		13,390
Windstream Services LLC 8.63%, 10/31/2025 (c) (h)		32,000		19,200
WMG Acquisition Corp.
5.00%, 8/1/2023 (c)		20,000		20,250
5.50%, 4/15/2026 (c)		57,000		58,978
WPX Energy, Inc. 5.75%, 6/1/2026		104,000		100,880
Wyndham Destinations, Inc.
4.25%, 3/1/2022		2,000		1,965
5.40%, 4/1/2024 (h)		17,000		16,405
6.35%, 10/1/2025 (h)		16,000		16,165
5.75%, 4/1/2027 (h)		25,000		24,063
Wynn Las Vegas LLC 5.50%, 3/1/2025 (c)		35,000		32,025
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (c)		224,000		200,200
Xcel Energy, Inc. 3.40%, 6/1/2030		5,000		5,743
Xerox Corp. 4.12%, 3/15/2023 (h)		45,000		44,933
XPO Logistics, Inc.
6.13%, 9/1/2023 (c)		40,000		40,500
6.75%, 8/15/2024 (c)		65,000		68,094
Yum! Brands, Inc. 4.75%, 1/15/2030 (c)		24,000		24,360
Zoetis, Inc.
2.00%, 5/15/2030		30,000		30,595
4.45%, 8/20/2048		30,000		38,694
3.00%, 5/15/2050		30,000		30,841
				28,699,400
Total Corporate Bonds (Cost $34,202,081)				33,045,759
	SHARES
Common Stocks — 27.4%
Australia — 0.9%
Adbri Ltd.		5,245		11,635
AGL Energy Ltd.		3,326		39,347
Alumina Ltd.		13,278		15,134
APA Group		1,961		15,163
Atlas Arteria Ltd.		1,176		5,431
AusNet Services		5,579		6,446
Bank of Queensland Ltd.		3,818		16,406
Bendigo & Adelaide Bank Ltd.		1,479		7,223
BHP Group plc		3,785		77,453

INVESTMENTS	SHARES		VALUE($)
Australia — continued
CSR Ltd.		4,706		12,112
Dexus, REIT		7,794		50,024
Goodman Group, REIT		9,605		99,107
IOOF Holdings Ltd.		2,449		8,415
Mirvac Group, REIT		44,523		67,257
Rio Tinto plc		3,850		216,665
Sonic Healthcare Ltd.		651		13,747
Spark Infrastructure Group		5,238		7,823
Sydney Airport		4,256		16,797
Transurban Group		1,964		19,260
Wesfarmers Ltd.		879		27,330
Woodside Petroleum Ltd.		1,045		15,793
				748,568
Austria — 0.0% (f)
ANDRITZ AG		156		5,688
Erste Group Bank AG		215		5,078
OMV AG *		199		6,715
Raiffeisen Bank International AG *		350		6,255
Verbund AG		126		5,659
				29,395
Belgium — 0.2%
Ageas SA		187		6,627
KBC Group NV		150		8,618
Proximus SADP		735		14,977
Shurgard Self Storage SA		1,227		46,194
Solvay SA		75		6,017
Telenet Group Holding NV		123		5,068
Warehouses De Pauw CVA, REIT, CVA		2,029		55,743
				143,244
Brazil — 0.2%
Ambev SA *		21,984		57,728
BB Seguridade Participacoes SA		6,715		34,044
Itau Unibanco Holding SA (Preference)		12,246		57,873
				149,645
Canada — 0.7%
Algonquin Power & Utilities Corp.		884		11,428
Allied Properties, REIT		3,891		117,395
AltaGas Ltd.		667		7,689
Atco Ltd., Class I		99		2,937
BCE, Inc.		446		18,601
Canadian Imperial Bank of Commerce		229		15,306
Canadian Utilities Ltd., Class A		935		23,279
Capital Power Corp.		289		5,956

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Canada  — continued
Emera, Inc.		475		18,691
Enbridge, Inc.		557		16,936
Fortis, Inc.		1,017		38,677
Great-West Lifeco, Inc.		341		5,978
Husky Energy, Inc.		1,500		4,928
Hydro One Ltd. (i)		1,563		29,393
IGM Financial, Inc.		477		11,591
Inter Pipeline Ltd.		1,254		11,675
Northland Power, Inc.		484		12,114
Nutrien Ltd.		333		10,699
Pembina Pipeline Corp.		491		12,275
Power Corp. of Canada		918		16,148
Rogers Communications, Inc., Class B		122		4,902
Shaw Communications, Inc., Class B		1,045		17,042
Superior Plus Corp.		594		4,865
TC Energy Corp.		2,080		88,863
TELUS Corp.		1,121		18,802
Thomson Reuters Corp.		275		18,684
Toronto-Dominion Bank (The)		2,079		92,786
				637,640
Chile — 0.0% (f)
Banco Santander Chile, ADR		987		16,187
China — 1.5%
China Construction Bank Corp., Class H		199,000		161,863
China Life Insurance Co. Ltd., Class H *		18,000		36,320
China Merchants Bank Co. Ltd., Class H		14,500		67,195
China Mobile Ltd.		9,000		60,769
China Overseas Land & Investment Ltd.		40,000		122,138
China Pacific Insurance Group Co. Ltd., Class H		17,200		46,228
China Petroleum & Chemical Corp., Class H		110,000		46,008
CNOOC Ltd.		45,000		50,505
Fuyao Glass Industry Group Co. Ltd., Class A *		7,194		21,325
Guangdong Investment Ltd.		20,000		34,498
Haier Electronics Group Co. Ltd.		8,000		24,356
Huayu Automotive Systems Co. Ltd., Class A		9,600		28,446
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		22,711		100,330
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		6,999		104,516
Joyoung Co. Ltd., Class A		8,071		42,657
Midea Group Co. Ltd., Class A		17,391		147,506
Ping An Insurance Group Co. of China Ltd., Class H		17,500		174,457
Postal Savings Bank of China Co. Ltd., Class H (i)		88,000		50,707

INVESTMENTS	SHARES		VALUE($)
China — continued
SAIC Motor Corp. Ltd., Class A		4,303		10,389
				1,330,213
Czech Republic — 0.0% (f)
Komercni banka A/S *		873		20,364
Denmark — 0.1%
Carlsberg A/S, Class B		593		78,637
Pandora A/S		158		8,629
				87,266
Finland — 0.1%
Elisa OYJ		112		6,815
Fortum OYJ		2,122		40,484
Kone OYJ, Class B		140		9,656
Neste OYJ		248		9,740
Nordea Bank Abp		2,994		20,764
Orion OYJ, Class B		289		14,015
Stora Enso OYJ, Class R		642		7,684
UPM-Kymmene OYJ		295		8,545
Wartsila OYJ Abp		1,308		10,850
				128,553
France — 1.0%
Aeroports de Paris		37		3,820
Alstom SA		141		6,571
Amundi SA * (i)		87		6,839
Atos SE *		234		20,062
AXA SA		719		15,130
BNP Paribas SA *		372		14,863
Bouygues SA *		242		8,290
Casino Guichard Perrachon SA *		320		11,855
Cie de Saint-Gobain *		197		7,108
Cie Generale des Etablissements Michelin SCA		93		9,694
Covivio, REIT		988		71,663
Credit Agricole SA *		733		6,960
Danone SA		178		12,356
Eiffage SA *		79		7,242
Electricite de France SA		1,542		14,336
Engie SA *		2,643		32,778
Eutelsat Communications SA		1,292		11,951
Gecina SA, REIT		66		8,151
ICADE, REIT		75		5,237
LVMH Moet Hennessy Louis Vuitton SE		314		138,630
Orange SA		870		10,403
Peugeot SA *		501		8,216
Publicis Groupe SA		231		7,504

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Renault SA *		286		7,320
Rexel SA		500		5,731
Rubis SCA		143		6,894
Safran SA *		859		86,408
Sanofi		292		29,780
Schneider Electric SE		1,083		120,469
Societe Generale SA *		612		10,232
Suez SA		1,881		22,109
TOTAL SA		643		24,793
Veolia Environnement SA		1,118		25,246
Vinci SA		891		82,616
				861,257
Germany — 0.9%
adidas AG *		242		63,804
Allianz SE (Registered)		127		25,951
Aroundtown SA *		1,256		7,199
BASF SE		299		16,795
Bayer AG (Registered)		531		39,360
Bayerische Motoren Werke AG		179		11,427
Deutsche Post AG (Registered)		325		11,934
Deutsche Telekom AG (Registered)		1,095		18,373
E.ON SE		2,993		33,784
Evonik Industries AG		274		6,979
Fraport AG Frankfurt Airport Services Worldwide *		106		4,643
Hannover Rueck SE		45		7,777
HeidelbergCement AG		125		6,691
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		394		102,596
Porsche Automobil Holding SE (Preference) *		141		8,167
ProSiebenSat.1 Media SE *		1,442		17,232
RWE AG		930		32,557
Siemens AG (Registered)		903		106,497
Telefonica Deutschland Holding AG		9,219		27,189
TUI AG		1,615		7,653
Uniper SE		367		11,843
Volkswagen AG (Preference)		674		102,448
Vonovia SE		1,781		108,860
				779,759
Hong Kong — 0.6%
CK Infrastructure Holdings Ltd.		2,000		10,339
CLP Holdings Ltd.		2,000		19,642
Hang Seng Bank Ltd.		4,500		75,790
HKT Trust & HKT Ltd.		41,000		60,166

INVESTMENTS	SHARES		VALUE($)
Hong Kong — continued
Hong Kong & China Gas Co. Ltd.		11,550		17,951
Hong Kong Exchanges & Clearing Ltd.		2,600		110,738
Link, REIT		15,100		123,974
Power Assets Holdings Ltd.		3,000		16,392
VTech Holdings Ltd.		1,100		6,627
WH Group Ltd. (i)		45,000		38,889
Xinyi Glass Holdings Ltd.		6,000		7,405
Yue Yuen Industrial Holdings Ltd.		4,500		6,859
				494,772
India — 0.3%
Infosys Ltd., ADR		26,525		256,231
Indonesia — 0.2%
Bank Rakyat Indonesia Persero Tbk. PT		327,600		69,924
Telekomunikasi Indonesia Persero Tbk. PT, ADR *		5,092		111,413
				181,337
Ireland — 0.0% (f)
CRH plc		315		10,842
Smurfit Kappa Group plc		249		8,368
				19,210
Italy — 0.4%
A2A SpA		9,632		13,691
Assicurazioni Generali SpA		666		10,117
Atlantia SpA *		907		14,671
Enel SpA		14,035		121,381
Eni SpA		1,038		9,950
ERG SpA		184		3,976
Hera SpA *		2,369		8,895
Intesa Sanpaolo SpA *		14,287		27,455
Iren SpA		1,510		3,750
Italgas SpA		2,063		12,006
Poste Italiane SpA (i)		748		6,534
Snam SpA		6,474		31,562
Telecom Italia SpA		16,651		6,480
Terna Rete Elettrica Nazionale SpA		4,367		30,122
UniCredit SpA *		959		8,851
				309,441
Japan — 1.4%
Aozora Bank Ltd.		800		13,950
Chubu Electric Power Co., Inc.		1,400		17,559
Chugoku Electric Power Co., Inc. (The)		1,000		13,332
Daiwa House REIT Investment Corp., REIT		19		44,699

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Electric Power Development Co. Ltd.		400		7,583
ENEOS Holdings, Inc.		4,500		16,040
FANUC Corp.		100		17,927
H.U. Group Holdings, Inc.		500		11,811
Hokkaido Electric Power Co., Inc.		1,100		4,219
Invesco Office J-Reit, Inc., REIT		337		43,812
Japan Airlines Co. Ltd.		300		5,414
Japan Hotel REIT Investment Corp., REIT		120		49,778
Japan Post Holdings Co. Ltd.		700		4,996
Japan Tobacco, Inc.		700		13,001
JFE Holdings, Inc.		1,900		13,736
Kamigumi Co. Ltd.		200		3,933
Kansai Electric Power Co., Inc. (The)		3,800		36,822
KDDI Corp.		700		20,886
Kenedix Office Investment Corp., REIT		10		55,876
Kenedix Retail REIT Corp., REIT		29		54,297
Kyushu Electric Power Co., Inc.		1,600		13,410
Lawson, Inc.		300		15,090
Matsui Securities Co. Ltd.		1,600		12,376
Mitsubishi Chemical Holdings Corp.		700		4,082
Mitsubishi Logistics Corp.		200		5,162
Mitsui Fudosan Logistics Park, Inc., REIT		11		49,182
Nippon Accommodations Fund, Inc., REIT		12		69,392
Nippon Prologis REIT, Inc., REIT		26		79,004
Nippon Telegraph & Telephone Corp.		5,700		132,807
Nissan Motor Co. Ltd.		3,800		14,092
NTT DOCOMO, Inc.		800		21,238
Orix JREIT, Inc., REIT		24		31,635
Otsuka Corp.		900		47,534
Shikoku Electric Power Co., Inc.		600		4,415
Sumitomo Chemical Co. Ltd.		1,600		4,814
Takeda Pharmaceutical Co. Ltd.		300		10,778
Tohoku Electric Power Co., Inc.		2,900		27,549
Tokio Marine Holdings, Inc.		1,600		70,037
Tokyo Electron Ltd.		100		24,674
Toyota Motor Corp.		1,300		81,749
				1,168,691
Macau — 0.1%
Sands China Ltd.		17,600		69,331
Mexico — 0.2%
Bolsa Mexicana de Valores SAB de CV		8,039		15,064
Grupo Financiero Banorte SAB de CV, Class O *		7,167		24,799
Kimberly-Clark de Mexico SAB de CV, Class A		29,055		45,293

INVESTMENTS	SHARES		VALUE($)
Mexico — continued
Wal-Mart de Mexico SAB de CV		41,181		98,489
				183,645
Netherlands — 0.2%
ABN AMRO Bank NV, CVA (i)		860		7,401
Akzo Nobel NV		655		58,846
Eurocommercial Properties NV, REIT, CVA		1,848		23,834
ING Groep NV		1,918		13,370
Koninklijke Ahold Delhaize NV		473		12,891
Koninklijke KPN NV		3,011		8,009
NN Group NV		237		7,965
Randstad NV *		141		6,305
Royal Dutch Shell plc, Class A		840		13,449
Royal Dutch Shell plc, Class B		1,951		29,578
				181,648
New Zealand — 0.0% (f)
Contact Energy Ltd.		3,337		13,561
Spark New Zealand Ltd.		6,041		17,873
				31,434
Norway — 0.1%
Aker BP ASA		782		14,472
DNB ASA		617		8,235
Gjensidige Forsikring ASA *		308		5,691
Telenor ASA		1,427		20,835
Yara International ASA		197		6,868
				56,101
Peru — 0.0% (f)
Southern Copper Corp.		508		20,203
Portugal — 0.0% (f)
EDP — Energias de Portugal SA		6,846		32,678
Galp Energia SGPS SA		526		6,101
				38,779
Russia — 0.5%
Alrosa PJSC		32,559		29,606
Evraz plc		4,170		14,775
LUKOIL PJSC, ADR		728		54,115
Moscow Exchange MICEX-RTS PJSC		65,692		104,796
Sberbank of Russia PJSC		52,493		150,074
Sberbank of Russia PJSC		4,460		12,751
Severstal PAO, GDR (i)		1,528		18,491
Severstal PAO, GDR (i)		1,066		12,929
				397,537

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Saudi Arabia — 0.1%
Al Rajhi Bank		5,304		80,199
Singapore — 0.2%
Ascendas, REIT		41,420		95,035
Mapletree Logistics Trust, REIT		40,500		56,858
SATS Ltd.		2,000		4,146
Singapore Telecommunications Ltd.		6,700		11,919
StarHub Ltd.		6,900		6,464
				174,422
South Africa — 0.2%
Absa Group Ltd.		2,064		10,190
Anglo American plc		572		13,186
AVI Ltd.		4,727		19,216
Bid Corp. Ltd.		2,066		33,925
FirstRand Ltd.		8,402		18,477
SPAR Group Ltd. (The)		1,880		18,600
Vodacom Group Ltd.		5,269		37,387
				150,981
South Korea — 0.4%
KT&G Corp.		911		59,494
Samsung Electronics Co. Ltd.		5,459		241,657
SK Telecom Co. Ltd., ADR		1,063		20,537
				321,688
Spain — 0.7%
Acciona SA		85		8,362
ACS Actividades de Construccion y Servicios SA		266		6,836
Aena SME SA * (i)		134		17,921
Atlantica Sustainable Infrastructure plc		255		7,421
Banco de Sabadell SA		7,260		2,551
CaixaBank SA		3,734		7,988
Enagas SA		1,161		28,402
Endesa SA		1,226		30,412
Iberdrola SA		21,940		256,143
Industria de Diseno Textil SA		3,421		90,771
Inmobiliaria Colonial Socimi SA, REIT *		4,194		37,083
Naturgy Energy Group SA		1,716		32,036
Red Electrica Corp. SA		1,591		29,767
Repsol SA		958		8,465
Telefonica SA		3,751		17,940
				582,098
Sweden — 0.2%
Autoliv, Inc.		192		12,386
Skandinaviska Enskilda Banken AB, Class A *		943		8,186

INVESTMENTS	SHARES		VALUE($)
Sweden — continued
Skanska AB, Class B *		363		7,411
SKF AB, Class B		2,703		50,528
Svenska Handelsbanken AB, Class A *		1,035		9,828
Swedbank AB, Class A *		1,360		17,463
Swedish Match AB		168		11,853
Tele2 AB, Class B		529		7,042
Telia Co. AB		5,778		21,617
Volvo AB, Class B *		2,018		31,753
				178,067
Switzerland — 1.0%
ABB Ltd. (Registered)		690		15,651
Credit Suisse Group AG (Registered)		1,015		10,561
Flughafen Zurich AG (Registered) *		88		11,493
Julius Baer Group Ltd. *		163		6,846
LafargeHolcim Ltd. (Registered) *		231		10,177
Nestle SA (Registered)		672		74,505
Novartis AG (Registered)		1,796		156,470
OC Oerlikon Corp. AG (Registered)		1,620		13,289
Roche Holding AG		1,156		400,496
Swiss Life Holding AG (Registered)		20		7,440
Swisscom AG (Registered)		14		7,342
UBS Group AG (Registered)		1,301		15,025
Zurich Insurance Group AG		461		163,346
				892,641
Taiwan — 1.5%
Accton Technology Corp.		4,000		31,062
Asustek Computer, Inc.		6,000		44,084
Catcher Technology Co. Ltd.		8,000		60,625
Chicony Electronics Co. Ltd.		4,035		11,696
Delta Electronics, Inc.		12,000		68,477
MediaTek, Inc.		6,000		118,624
Mega Financial Holding Co. Ltd.		54,000		56,762
Novatek Microelectronics Corp.		3,000		23,315
President Chain Store Corp.		4,000		40,239
Quanta Computer, Inc.		31,000		75,003
Taiwan Mobile Co. Ltd.		7,000		26,251
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		11,736		666,253
Vanguard International Semiconductor Corp.		25,000		66,474
				1,288,865
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		4,500		53,829

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — 1.8%
3i Group plc		756		7,784
Admiral Group plc		217		6,154
AstraZeneca plc		332		34,553
Aviva plc		2,643		8,958
BAE Systems plc		1,517		9,071
Barclays plc		7,102		10,019
Barratt Developments plc		3,578		21,991
Berkeley Group Holdings plc		837		43,106
BP plc		27,552		105,553
British American Tobacco plc		649		24,891
BT Group plc		9,627		13,615
Centrica plc		44,874		21,322
Diageo plc		1,256		41,746
Direct Line Insurance Group plc		4,716		15,813
Drax Group plc		1,297		4,139
easyJet plc (k)		1,308		11,043
Fiat Chrysler Automobiles NV *		757		7,659
GlaxoSmithKline plc		2,375		47,974
Imperial Brands plc		1,406		26,766
InterContinental Hotels Group plc		591		26,090
J Sainsbury plc		2,541		6,576
John Wood Group plc		4,125		9,891
Legal & General Group plc		3,364		9,171
Linde plc		727		154,204
Lloyds Banking Group plc		23,940		9,235
M&G plc		4,153		8,623
Micro Focus International plc		1,836		9,795
National Grid plc		3,135		38,248
NewRiver REIT plc, REIT		39,608		30,852
Pennon Group plc		814		11,272
Persimmon plc		869		24,594
Prudential plc		717		10,804
RELX plc		667		15,438
RSA Insurance Group plc		1,139		5,768
Safestore Holdings plc, REIT		4,872		43,914
Schroders plc		116		4,234
Segro plc, REIT		9,480		104,849
Severn Trent plc		911		27,880
Signature Aviation plc		1,870		5,346
Smiths Group plc		164		2,867
SSE plc		3,048		51,612
Standard Chartered plc		1,000		5,421
Standard Life Aberdeen plc		2,391		7,923
Taylor Wimpey plc		44,426		78,412
Tesco plc		3,792		10,666

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Tritax Big Box REIT plc, REIT		27,110		48,704
Tritax EuroBox plc (i)		20,503		24,542
Unilever NV		351		18,715
Unilever plc		2,976		160,529
UNITE Group plc (The), REIT		4,972		57,896
United Utilities Group plc		2,449		27,519
Vodafone Group plc		17,163		27,285
Workspace Group plc, REIT		4,689		38,036
WPP plc		1,263		9,847
				1,588,915
United States — 11.6%
3M Co.		117		18,251
AbbVie, Inc.		3,501		343,728
AES Corp. (The)		1,052		15,243
AGNC Investment Corp., REIT		1,182		15,248
ALLETE, Inc.		197		10,758
Altria Group, Inc.		4,046		158,805
Ameren Corp.		266		18,716
American Electric Power Co., Inc.		226		17,999
American States Water Co.		98		7,706
American Tower Corp., REIT		400		103,416
Americold Realty Trust, REIT		3,406		123,638
Amgen, Inc.		105		24,765
Analog Devices, Inc.		803		98,480
Annaly Capital Management, Inc., REIT		2,164		14,196
AT&T, Inc.		606		18,319
Automatic Data Processing, Inc.		934		139,063
AvalonBay Communities, Inc., REIT		1,139		176,135
Avangrid, Inc.		802		33,668
Avaya Holdings Corp. *		1,659		20,505
Avista Corp.		384		13,974
Best Buy Co., Inc.		761		66,412
Black Hills Corp.		255		14,448
BlackRock, Inc.		224		121,876
Brandywine Realty Trust, REIT		5,482		59,699
Bristol-Myers Squibb Co.		5,027		295,588
Broadcom, Inc.		74		23,355
Bunge Ltd.		370		15,218
Cardinal Health, Inc.		390		20,354
Carnival Corp.		520		8,538
CenterPoint Energy, Inc.		1,778		33,195
CenturyLink, Inc.		1,638		16,429
CF Industries Holdings, Inc.		423		11,903
Chevron Corp.		1,544		137,771

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
Chubb Ltd.		542		68,628
Citigroup, Inc.		2,138		109,252
Clear Channel Outdoor Holdings, Inc. *		4,888		5,084
Clearway Energy, Inc., Class C		455		10,492
CME Group, Inc.		435		70,705
CNA Financial Corp.		418		13,439
Coca-Cola Co. (The)		8,414		375,938
Comcast Corp., Class A		3,231		125,944
ConocoPhillips		1,954		82,107
Consolidated Edison, Inc.		485		34,886
Coty, Inc., Class A		1,900		8,493
Deere & Co.		499		78,418
Digital Realty Trust, Inc., REIT		1,078		153,195
Dominion Energy, Inc.		539		43,756
Douglas Emmett, Inc., REIT		2,754		84,438
DTE Energy Co.		319		34,292
Duke Energy Corp.		461		36,829
DuPont de Nemours, Inc.		260		13,814
Eastman Chemical Co.		1,427		99,376
Eaton Corp. plc		1,182		103,401
Edison International		589		31,989
Eli Lilly and Co.		376		61,732
Emerson Electric Co.		193		11,972
Entergy Corp.		82		7,692
Equinix, Inc., REIT		150		105,345
Equity LifeStyle Properties, Inc., REIT		2,384		148,952
Essex Property Trust, Inc., REIT		664		152,169
Evergy, Inc.		317		18,795
Exelon Corp.		476		17,274
Exxon Mobil Corp.		343		15,339
Federal Realty Investment Trust, REIT		766		65,271
FirstEnergy Corp.		871		33,777
Ford Motor Co.		2,500		15,200
Gap, Inc. (The)		1,225		15,459
General Motors Co.		571		14,446
Gilead Sciences, Inc.		294		22,620
Hanesbrands, Inc.		1,312		14,812
Harley-Davidson, Inc.		598		14,214
Hawaiian Electric Industries, Inc.		299		10,782
Healthcare Trust of America, Inc., Class A, REIT		3,196		84,758
Healthpeak Properties, Inc., REIT		4,815		132,701
Honeywell International, Inc.		781		112,925
HP, Inc.		907		15,809
IDACORP, Inc.		186		16,251
iHeartMedia, Inc., Class A *		144		1,202

INVESTMENTS	SHARES		VALUE($)
United States — continued
International Business Machines Corp.		143		17,270
International Flavors & Fragrances, Inc.		47		5,756
International Paper Co.		446		15,704
Interpublic Group of Cos., Inc. (The)		681		11,686
Invesco Ltd.		1,252		13,472
Invitation Homes, Inc., REIT		6,410		176,467
Iron Mountain, Inc., REIT		2,506		65,407
Johnson Controls International plc		336		11,471
Kellogg Co.		343		22,659
Kilroy Realty Corp., REIT		1,404		82,415
Kimco Realty Corp., REIT		1,051		13,495
Kohl’s Corp.		469		9,741
Kraft Heinz Co. (The)		734		23,407
Las Vegas Sands Corp.		321		14,618
Leggett & Platt, Inc.		169		5,940
Leidos Holdings, Inc.		600		56,202
Lowe’s Cos., Inc.		643		86,882
LyondellBasell Industries NV, Class A		229		15,050
Macquarie Infrastructure Corp.		511		15,683
Macy’s, Inc.		1,315		9,047
Marsh & McLennan Cos., Inc.		418		44,881
Maxim Integrated Products, Inc.		2,393		145,040
MDU Resources Group, Inc.		1,414		31,363
Merck & Co., Inc.		4,092		316,434
Morgan Stanley		1,857		89,693
National Fuel Gas Co.		582		24,403
National Retail Properties, Inc., REIT		2,408		85,436
New Jersey Resources Corp.		420		13,713
Newell Brands, Inc.		1,132		17,976
Newmont Corp.		246		15,188
NextEra Energy, Inc.		552		132,574
Nielsen Holdings plc		1,000		14,860
Nordstrom, Inc.		494		7,652
Norfolk Southern Corp.		643		112,892
Northwest Natural Holding Co.		107		5,970
NorthWestern Corp.		263		14,339
NRG Energy, Inc.		494		16,085
Nucor Corp.		336		13,914
Occidental Petroleum Corp.		385		7,045
OGE Energy Corp.		560		17,002
Old Republic International Corp.		749		12,216
ONE Gas, Inc.		188		14,485
ONEOK, Inc.		264		8,770
PACCAR, Inc.		201		15,045
Packaging Corp. of America		204		20,359

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
Park Hotels & Resorts, Inc., REIT		6,682		66,085
Pfizer, Inc.		549		17,952
Philip Morris International, Inc.		1,105		77,416
Pinnacle West Capital Corp.		260		19,055
PNM Resources, Inc.		245		9,418
Portland General Electric Co.		349		14,592
PPL Corp.		1,381		35,685
Procter & Gamble Co. (The)		2,128		254,445
Prologis, Inc., REIT		5,337		498,102
Public Service Enterprise Group, Inc.		712		35,002
Public Storage, REIT		1,112		213,382
QUALCOMM, Inc.		118		10,763
Rexford Industrial Realty, Inc., REIT		1,469		60,861
Schlumberger Ltd.		643		11,825
Seagate Technology plc		412		19,945
Simon Property Group, Inc., REIT		147		10,052
South Jersey Industries, Inc.		473		11,820
Southern Co. (The)		700		36,295
Southwest Gas Holdings, Inc.		254		17,539
Spire, Inc.		195		12,813
Stanley Black & Decker, Inc.		363		50,595
State Street Corp.		806		51,221
Steel Dynamics, Inc.		608		15,863
Tapestry, Inc.		775		10,292
Targa Resources Corp.		559		11,219
TerraForm Power, Inc., Class A		622		11,470
Texas Instruments, Inc.		1,591		202,009
Trane Technologies plc		713		63,443
UGI Corp.		453		14,405
United Parcel Service, Inc., Class B		202		22,458
UnitedHealth Group, Inc.		440		129,778
Ventas, Inc., REIT		5,059		185,261
VEREIT, Inc., REIT		16,540		106,352
Verizon Communications, Inc.		6,674		367,938
VICI Properties, Inc., REIT		5,262		106,240
Vornado Realty Trust, REIT		1,772		67,708
WEC Energy Group, Inc.		232		20,335
Weingarten Realty Investors, REIT		2,930		55,465
Westrock Co.		529		14,950
Williams Cos., Inc. (The)		913		17,365
Xcel Energy, Inc.		3,807		237,938
Zimmer Biomet Holdings, Inc.		674		80,449
				10,036,880
Total Common Stocks (Cost $23,778,920)				23,689,036

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 8.4%
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (l)		231,993		1,772,430
JPMorgan Equity Income Fund Class R6 Shares (l)		264,844		4,375,231
JPMorgan Floating Rate Income Fund Class R6 Shares (l)		103,349		871,231
JPMorgan Managed Income Fund Class L Shares (l)		24,676		247,989
Total Investment Companies (Cost $7,188,205)				7,266,881
	PRINCIPAL AMOUNT($)
Collateralized Mortgage Obligations — 5.3%
United States — 5.3%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 2.58%, 6/25/2045 (m)		23,702		23,613
Banc of America Funding Trust Series 2006-A, Class 1A1, 4.22%, 2/20/2036 (m)		16,332		15,344
Banc of America Mortgage Trust Series 2005-A, Class 2A2, 3.71%, 2/25/2035 (m)		10,541		10,215
Bear Stearns ALT-A Trust Series 2005-4, Class 23A2, 3.77%, 5/25/2035 (m)		33,055		32,130
Bear Stearns ARM Trust
Series 2004-9, Class 22A1, 4.33%, 11/25/2034 (m)		78,828		74,738
Series 2006-1, Class A1, 3.84%, 2/25/2036 (m)		13,379		13,226
Citigroup Mortgage Loan Trust, Inc. Series 2005-6, Class A1, 3.84%, 9/25/2035 (m)		33,318		33,630
COLT Mortgage Loan Trust
Series 2018-2, Class A1, 3.47%, 7/27/2048 (c) (m)		45,318		45,732
Series 2019-1, Class A1, 3.71%, 3/25/2049 (c) (m)		114,967		116,133
Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2, 2.28%, 9/25/2039 (c) (m)		150,000		145,489
Deephaven Residential Mortgage Trust
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (c) (m)		250,000		233,232
Series 2020-1, Class A3, 2.65%, 1/25/2060 (c) (m)		404,360		402,050
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 2.48%, 9/25/2030 (m)		200,375		197,458

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
United States — continued
FHLMC, REMIC
Series 4703, Class SA, IF, IO, 5.97%, 7/15/2047 (m)		374,785		81,234
Series 4937, Class MS, IF, IO, 5.87%, 12/25/2049 (m)		267,412		51,666
Series 4839, Class WS, IF, IO, 5.92%, 8/15/2056 (m)		202,460		51,605
FHLMC, STRIPS
Series 316, Class S7, IF, IO, 5.92%, 11/15/2043 (m)		375,874		84,994
Series 356, Class S5, IF, IO, 5.82%, 9/15/2047 (m)		416,106		84,373
FNMA, Connecticut Avenue Securities
Series 2017-C07, Class 2M2, 2.68%, 5/25/2030 (m)		149,936		147,438
Series 2018-C02, Class 2M2, 2.38%, 8/25/2030 (m)		233,641		228,377
Series 2018-C04, Class 2M2, 2.73%, 12/25/2030 (m)		213,513		210,110
FNMA, REMIC
Series 2012-75, Class DS, IF, IO, 5.77%, 7/25/2042 (m)		318,089		64,110
Series 2016-1, Class SJ, IF, IO, 5.97%, 2/25/2046 (m)		223,487		40,505
Series 2018-67, Class SN, IF, IO, 6.02%, 9/25/2048 (m)		521,621		104,159
Series 2018-73, Class SC, IF, IO, 6.02%, 10/25/2048 (m)		371,236		74,090
GNMA
Series 2017-67, Class ST, IF, IO, 6.01%, 5/20/2047 (m)		241,320		58,162
Series 2017-112, Class S, IF, IO, 6.01%, 7/20/2047 (m)		265,456		56,022
Series 2018-36, Class SG, IF, IO, 6.01%, 3/20/2048 (m)		119,566		25,823
Series 2019-22, Class SM, IF, IO, 5.86%, 2/20/2049 (m)		339,711		66,842
Series 2019-42, Class SJ, IF, IO, 5.86%, 4/20/2049 (m)		383,287		58,340
GSR Mortgage Loan Trust Series 2005-AR3, Class 1A1, 0.62%, 5/25/2035 (m)		39,464		35,716
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (c) (m)		95,643		97,474
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (c) (m)		250,000		240,686

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Impac CMB Trust
Series 2004-6, Class 1A2, 0.96%, 10/25/2034 (m)		38,943		37,979
Series 2004-7, Class 1A2, 1.10%, 11/25/2034 (m)		65,245		63,522
Series 2005-4, Class 1A1A, 0.72%, 5/25/2035 (m)		151,402		146,733
Series 2005-8, Class 1AM, 0.88%, 2/25/2036 (m)		118,351		110,467
Lehman Mortgage Trust Series 2005-3, Class 2A3, 5.50%, 1/25/2036		7,362		7,584
LHOME Mortgage Trust Series 2019-RTL1, Class A1, 4.58%, 10/25/2023 (c) (h)		100,000		99,668
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.33%, 4/21/2034 (m)		14,618		14,369
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 4.23%, 1/25/2037 (m)		7,724		7,265
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 3.68%, 7/25/2034 (m)		20,403		19,938
Series 2005-5AR, Class 1M1, 0.93%, 9/25/2035 ‡ (m)		38,723		38,616
New Residential Mortgage Loan Trust
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (c) (m)		75,204		75,475
Series 2019-NQM4, Class M1, 2.99%, 9/25/2059 ‡ (c) (m)		239,000		218,487
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1APT, 0.46%, 12/25/2035 (m)		42,804		39,017
RALI Trust Series 2006-QA3, Class A1, 0.38%, 4/25/2036 (m)		71,232		70,486
Residential Asset Securitization Trust Series 2004-A6, Class A1, 5.00%, 8/25/2019		494		493
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 2.01%, 10/25/2037 (m)		295,542		267,477
Toorak Mortgage Corp. Ltd. Series 2019-1, Class A1, 4.46%, 3/25/2022 (c) (h)		100,000		100,248
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.62%, 3/25/2035 (m)		13,948		13,422

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-AR5, Class A6, 3.64%, 5/25/2035 (m)		22,135		21,907
Total Collateralized Mortgage Obligations (Cost $4,551,618)				4,557,869
Asset-Backed Securities — 3.2%
United States — 3.2%
ABFC Trust Series 2003-OPT1, Class M1, 1.22%, 2/25/2033 ‡ (m)		154,297		151,699
ACC Trust Series 2019-1, Class B, 4.47%, 10/20/2022 (c)		100,000		96,338
Accredited Mortgage Loan Trust Series 2005-4, Class A2D, 0.50%, 12/25/2035 ‡ (m)		27,824		27,785
ACE Securities Corp. Home Equity Loan Trust Series 2003-HE1, Class M1, 1.16%, 11/25/2033 (m)		84,765		82,166
American Credit Acceptance Receivables Trust Series 2019-1, Class E, 4.84%, 4/14/2025 (c)		100,000		100,824
AmeriCredit Automobile Receivables Trust
Series 2019-1, Class C, 3.36%, 2/18/2025		15,000		15,588
Series 2019-1, Class D, 3.62%, 3/18/2025		15,000		15,384
AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1997-1, Class A7, 7.61%, 3/25/2027 ‡		6,511		6,514
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2003-HE6, Class M2, 2.66%, 11/25/2033 ‡ (m)		64,872		64,289
Bear Stearns Asset-Backed Securities Trust Series 2004-HE5, Class M2, 2.06%, 7/25/2034 ‡ (m)		11,854		11,783
Conn’s Receivables Funding LLC
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (c)		13,456		13,216
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (c)		78,478		76,677
Series 2019-A, Class C, 5.29%, 10/16/2023 (c)		78,478		73,743
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 0.93%, 5/25/2034 ‡ (m)		13,093		12,959
Series 2006-19, Class 2A2, 0.34%, 3/25/2037 ‡ (m)		61,753		60,741
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 2.51%, 5/25/2034 (m)		26,312		25,763

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2004-5, Class M3, 1.91%, 7/25/2034 ‡ (m)		55,067		54,342
Drive Auto Receivables Trust
Series 2019-1, Class D, 4.09%, 6/15/2026		35,000		35,680
Series 2019-3, Class D, 3.18%, 10/15/2026		50,000		50,755
Driven Brands Funding LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049 (c)		49,375		52,238
DT Auto Owner Trust Series 2017-4A, Class E, 5.15%, 11/15/2024 (c)		100,000		102,764
Exeter Automobile Receivables Trust
Series 2018-3A, Class E, 5.43%, 8/15/2024 (c)		10,000		9,943
Series 2018-4A, Class D, 4.35%, 9/16/2024 (c)		20,000		20,822
Series 2019-1A, Class D, 4.13%, 12/16/2024 (c)		45,000		46,505
Series 2018-2A, Class E, 5.33%, 5/15/2025 (c)		120,000		122,050
Series 2018-4A, Class E, 5.38%, 7/15/2025 (c)		10,000		10,139
FREED ABS Trust Series 2019-1, Class A, 3.42%, 6/18/2026 (c)		17,150		17,182
Fremont Home Loan Trust Series 2003-A, Class M1, 1.16%, 8/25/2033 ‡ (m)		63,553		61,325
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023 (c)		21,009		21,244
Series 2019-4A, Class B, 2.78%, 9/16/2024 (c)		30,000		30,399
Series 2019-1A, Class C, 3.87%, 12/16/2024 (c)		15,000		15,318
Series 2019-4A, Class C, 3.06%, 8/15/2025 (c)		40,000		40,381
GSAMP Trust Series 2003-SEA, Class A1, 0.58%, 2/25/2033 ‡ (m)		125,791		122,392
Long Beach Mortgage Loan Trust Series 2004-6, Class A3, 1.48%, 11/25/2034 ‡ (m)		60,157		60,064
MASTR Asset-Backed Securities Trust Series 2004-OPT2, Class M1, 1.08%, 9/25/2034 ‡ (m)		15,679		15,011
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 2.43%, 3/25/2033 ‡ (m)		145,303		135,081
Series 2003-NC10, Class M1, 1.20%, 10/25/2033 ‡ (m)		20,617		20,244

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
United States — continued
Series 2004-HE3, Class M1, 1.04%, 3/25/2034 ‡ (m)		56,786		54,814
Series 2004-NC7, Class M2, 1.11%, 7/25/2034 ‡ (m)		15,906		15,207
Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (c)		10,000		10,184
RAMP Trust
Series 2005-RS6, Class M4, 1.16%, 6/25/2035 ‡ (m)		250,000		245,324
Series 2006-RZ3, Class M1, 0.53%, 8/25/2036 ‡ (m)		200,000		189,256
Santander Drive Auto Receivables Trust Series 2019-1, Class C, 3.42%, 4/15/2025		17,000		17,337
Securitized Asset-Backed Receivables LLC Trust Series 2004-OP2, Class M3, 2.21%, 8/25/2034 ‡ (m)		89,715		88,396
Sonic Capital LLC
Series 2020-1A, Class A2I, 3.85%, 1/20/2050 (c)		49,833		52,231
Series 2020-1A, Class A2II, 4.34%, 1/20/2050 (c)		49,833		52,010
Structured Asset Investment Loan Trust Series 2003-BC11, Class M1, 1.16%, 10/25/2033 ‡ (m)		9,457		9,391
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC6, Class A4, 0.35%, 1/25/2037 (m)		72,133		70,257
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 0.33%, 1/25/2037 ‡ (m)		14,077		14,061
Westlake Automobile Receivables Trust
Series 2019-1A, Class D, 3.67%, 3/15/2024 (c)		60,000		61,766
Series 2019-1A, Class E, 4.49%, 7/15/2024 (c)		50,000		51,553
Total Asset-Backed Securities (Cost $2,790,803)				2,811,135
Commercial Mortgage-Backed Securities — 2.7%
Cayman Islands — 0.3%
GPMT Ltd. Series 2018-FL1, Class AS, 1.39%, 11/21/2035 ‡ (c) (m)		250,000		228,650
United States — 2.4%
BANK Series 2017-BNK7, Class D, 2.71%, 9/15/2060 ‡ (c)		100,000		69,501
Benchmark Mortgage Trust Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (c)		100,000		76,377

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D, 5.04%, 9/10/2045 ‡ (c) (m)		100,000		80,921
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (c)		20,000		13,413
Series 2017-P7, Class D, 3.25%, 4/14/2050 ‡ (c)		23,000		17,064
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		10,000		10,049
Commercial Mortgage Trust Series 2016-CR28, Class C, 4.80%, 2/10/2049 ‡ (m)		100,000		91,519
CSAIL Commercial Mortgage Trust Series 2019-C15, Class C, 5.15%, 3/15/2052 ‡ (m)		100,000		92,607
DBGS Mortgage Trust Series 2018-5BP, Class B, 1.01%, 6/15/2033 ‡ (c) (m)		100,000		95,336
FHLMC Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029 (m)		160,000		24,368
FHLMC, Multifamily Structured Pass-Through Certificates Series K108, Class X3, IO, 3.61%, 4/25/2048 (m)		400,000		101,513
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.24%, 7/25/2026 (m)		120,000		12,524
Series K716, Class X3, IO, 1.86%, 8/25/2042 (m)		105,785		1,892
Series K726, Class X3, IO, 2.21%, 7/25/2044 (m)		151,020		10,503
Series K729, Class X3, IO, 2.04%, 11/25/2044 (m)		1,211,852		89,926
Series K728, Class X3, IO, 2.02%, 11/25/2045 (m)		100,000		7,041
Series K071, Class X3, IO, 2.08%, 11/25/2045 (m)		700,000		84,860
Series K088, Class X3, IO, 2.42%, 2/25/2047 (m)		555,000		89,682
FNMA ACES Series 2016-M4, Class X2, IO, 2.71%, 1/25/2039 (m)		166,254		11,448
FREMF Series 2018-KF46, Class B, 2.13%, 3/25/2028 (c) (m)		6,507		6,311
FREMF Mortgage Trust
Series 2015-KF09, Class B, 5.53%, 5/25/2022 (c) (m)		1,508		1,498
Series 2015-KF10, Class B, 6.28%, 7/25/2022 (c) (m)		3,121		3,100

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2017-KF31, Class B, 3.08%, 4/25/2024 (c) (m)		3,821		3,720
Series 2017-KF32, Class B, 2.73%, 5/25/2024 (c) (m)		42,658		41,382
Series 2018-KF45, Class B, 2.13%, 3/25/2025 (c) (m)		11,359		10,732
Series 2018-KF47, Class B, 2.18%, 5/25/2025 (c) (m)		76,052		71,345
Series 2018-KC02, Class B, 4.22%, 7/25/2025 (c) (m)		25,000		25,069
Series 2018-KF53, Class B, 2.23%, 10/25/2025 (m)		75,692		70,238
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (c) (m)		25,000		25,556
Series 2019-KF62, Class B, 2.23%, 4/25/2026 (c) (m)		23,757		22,322
Series 2019-K736, Class C, 3.88%, 7/25/2026 (c) (m)		25,000		25,391
Series 2018-KF43, Class B, 2.33%, 1/25/2028 (c) (m)		44,711		42,640
Series 2018-KF50, Class B, 2.08%, 7/25/2028 (c) (m)		8,094		7,359
Series 2018-K82, Class B, 4.27%, 9/25/2028 (c) (m)		50,000		55,057
Series 2019-KF63, Class B, 2.53%, 5/25/2029 (c) (m)		20,000		18,522
Series 2012-K19, Class C, 4.16%, 5/25/2045 (c) (m)		10,000		10,227
Series 2017-K67, Class C, 4.08%, 9/25/2049 (c) (m)		5,000		4,929
Series 2017-K65, Class B, 4.21%, 7/25/2050 (c) (m)		75,000		81,855
Series 2019-K87, Class C, 4.47%, 1/25/2051 (c) (m)		100,000		103,027
Series 2018-K75, Class B, 4.11%, 4/25/2051 (c) (m)		10,000		10,958
Series 2019-K103, Class C, 3.57%, 12/25/2051 (c) (m)		25,000		24,502
Series 2020-K737, Class B, 3.41%, 1/25/2053 (c) (m)		100,000		103,881
Series 2020-K737, Class C, 3.41%, 1/25/2053 (c) (m)		145,000		141,886
GNMA
Series 2012-44, IO, 0.23%, 3/16/2049 (m)		173,065		964
Series 2014-186, IO, 0.70%, 8/16/2054 (m)		261,337		9,451

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2013-178, IO, 0.56%, 6/16/2055 (m)		64,710		1,472
Series 2016-71, Class QI, IO, 0.96%, 11/16/2057 (m)		272,072		16,298
Series 2017-86, IO, 0.78%, 5/16/2059 (m)		119,347		6,721
Series 2017-148, IO, 0.65%, 7/16/2059 (m)		108,256		5,332
Series 2020-28, IO, 0.86%, 11/16/2061 (m)		148,975		11,246
Series 2020-14, IO, 0.76%, 2/16/2062 (m)		974,552		71,332
Series 2020-23, IO, 0.79%, 4/16/2062 (m)		239,018		17,472
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class E, 4.39%, 1/15/2049 ‡ (c) (m)		100,000		68,049
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		35,448		20,509
Morgan Stanley Capital I Trust Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (c) (m)		10,000		8,632
				2,129,529
Total Commercial Mortgage-Backed Securities (Cost $2,554,907)				2,358,179
Equity-Linked Notes — 2.1%
GS Finance Corp., ELN, 9.00%, 7/8/2020, (linked to Russell 2000 Index) (c) (Cost $1,699,432)		1,336		1,843,542
Convertible Bonds — 2.1%
United States — 2.1%
ELN, Inc.
7.50%, 9/16/2020		1,268		1,808,332
Liberty Interactive LLC
4.00%, 11/15/2029		3,000		2,051
3.75%, 2/15/2030		2,000		1,360
Whiting Petroleum Corp.
1.25%, 4/1/2020 (j)		12,000		1,650
Total Convertible Bonds (Cost $1,762,300)				1,813,393

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE($)
Preferred Stocks — 0.6%
United States — 0.6%
Allstate Corp. (The), Series H, 5.10%, 10/15/2024 ($25 par value) (n)		300		7,608
Bank of America Corp.,
Series CC, 6.20%, 1/29/2021 ($25 par value) (n)		25		640
Series GG, 6.00%, 5/16/2023 ($25 par value) (n)		725		19,756
Series HH, 5.88%, 7/24/2023 ($25 par value) (n)		700		18,410
Series KK, 5.38%, 6/25/2024 ($25 par value) (n)		300		7,710
Series LL, 5.00%, 9/17/2024 ($25 par value) (n)		275		6,947
Citigroup, Inc., Series S, 6.30%, 2/12/2021 ($25 par value) (n)		400		10,244
Dominion Energy, Inc., Series A, 5.25%, 7/30/2076 ($25 par value)		1,825		46,446
Energy Transfer Operating LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 ($25 par value) (b) (n)		1,625		33,410
Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 5/10/2023 ($25 par value) (b) (n)		750		19,050
MetLife, Inc., Series F, 4.75%, 3/15/2025 ($25 par value) (n)		625		15,356
Morgan Stanley, Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (b) (n)		2,482		63,887
MYT Holding Co., 10.00%, 6/7/2029 (c)		8,455		6,121
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		625		16,731
Northern Trust Corp., Series E, 4.70%, 1/1/2025 ($25 par value) (n)		425		10,761
Public Storage, Series L, , REIT4.63%, 6/17/2025 ($25 par value) (n)		525		13,346
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (b) (n)		300		7,401
SCE Trust II, 5.10%, 5/5/2020 ($25 par value) (n)		925		21,062
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (n)		1,975		43,588
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		100		2,557
Southern Co. (The), Series 2020, 4.95%, 1/30/2080 ($25 par value)		1,000		25,100
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (b) (n)		375		9,825

INVESTMENTS	SHARES		VALUE($)
United States — continued
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (n)		925		24,143
Wells Fargo & Co.,
Series X, 5.50%, 9/15/2021 ($25 par value) (n)		125		3,141
Series Y, 5.63%, 6/15/2022 ($25 par value) (n)		875		22,190
Series Z, 4.75%, 3/15/2025 ($25 par value) (n)		4,150		96,446
Total Preferred Stocks (Cost $567,616)				551,876
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 0.6%
U.S. Treasury Notes 2.50%, 1/31/2021 (o)(Cost $520,772)		516,000		523,014
Loan Assignments — 0.6% (p)
United States — 0.6%
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (b)		8,006		7,586
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 2.06%, 6/1/2024 (b)		21,621		20,662
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.43%, 3/15/2027 (b)		7,767		7,305
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (b)		24,861		24,537
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024 (b)		20,314		19,704
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 2 Month + 2.50%), 3.25%, 10/4/2023 (b)		48,882		38,617
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.00%), 3.07%, 5/1/2026 (b)		33,180		31,618
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (b)		98,000		92,977
Navistar, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.70%, 11/6/2024 (b)		41,239		38,953
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.92%, 9/18/2026 (b)		48,031		45,587

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Loan Assignments — continued
United States — continued
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026 (b)		43,300		41,279
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.19%, 6/2/2025 (b)		83,324		80,856
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 2.30%, 11/1/2023 (b)		50,000		48,514
Total Loan Assignments (Cost $525,966)				498,195
Mortgage-Backed Securities — 0.5%
United States — 0.5%
FNMA UMBS, 30 Year
Pool # MA4047, 2.00%, 6/1/2050		259,463		264,477
Pool # MA4055, 2.50%, 6/1/2050		119,741		124,745
Total Mortgage-Backed Securities (Cost $387,886)				389,222
	NO. OF WARRANTS
Warrants — 0.0% (f)
United States — 0.0% (f)
iHeartMedia Capital I LLC
expiring 5/2/2039, price 1.00 USD * ‡ (Cost $19,404)		1,084		8,130
	NO. OF RIGHTS
Rights — 0.0% (f)
Spain — 0.0% (f)
ACS Actividades de Construccion y Servicios SA, expiring 7/7/2020 *		266		415
Repsol SA, expiring 7/6/2020 *		958		467
Telefonica SA, expiring 7/1/2020 *		2,182		429
Total Rights (Cost $1,392)				1,311
	SHARES
Short-Term Investments — 7.0%
Investment Companies — 6.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40% (l) (q)		4,967,441		4,971,912
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (l) (q)		259,415		259,648
Total Investment Companies (Cost $5,228,100)				5,231,560

INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (l) (q) (Cost $798,057)		798,057		798,057
Total Short-Term Investments (Cost $6,026,157)				6,029,617
Total Investments — 98.7% (Cost $86,577,459)				85,387,159
Other Assets Less Liabilities — 1.3%				1,155,666
NET ASSETS — 100.0%				86,542,825

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2020

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

PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Equity Real Estate Investment Trusts (REITs)		6.4	%
Collateralized Mortgage Obligations		5.3
Equity Funds		5.1
Banks		4.6
Diversified Telecommunication Services		4.1
Oil, Gas & Consumable Fuels		3.4
Investment Companies		3.4
Media		3.3
Asset-Backed Securities		3.3
Electric Utilities		3.2
Pharmaceuticals		3.2
Commercial Mortgage-Backed Securities		2.8
Health Care Providers & Services		2.7
Capital Markets		2.7
Hotels, Restaurants & Leisure		2.3
Diversified Consumer Services		2.2
Convertible Bonds		2.2
Semiconductors & Semiconductor Equipment		2.0
Insurance		1.8
Wireless Telecommunication Services		1.5
Food Products		1.3
Chemicals		1.2
Beverages		1.1
Aerospace & Defense		1.0
Consumer Finance		1.0
Technology Hardware, Storage & Peripherals		1.0
Multi-Utilities		1.0
Metals & Mining		1.0
Others (each less than 1.0%)		18.8
Short-Term Investments		7.1

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2020

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
CVA	Dutch Certification
ELN	Equity-Linked Note
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of June 30, 2020. 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
RTS	Russian Trading System
SCA	Limited partnership with share capital
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
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, 2020.

(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2020.
(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)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is $700,597.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(h)	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, 2020.
(i)	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.
(j)	Defaulted security.
(k)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(l)	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.
(m)	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, 2020.
(n)	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, 2020.
(o)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(p)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(q)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 33

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		25			09/2020		EUR		907,795			39,256
U.S. Treasury 10 Year Note		90			09/2020		USD		12,522,656			35,687
												74,943
Short Contracts
Foreign Exchange GBP/USD		(16	)		09/2020		USD		(1,239,400	)		20,969
												20,969
												95,912

Abbreviations
EUR	Euro
GBP	British Pound
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2020

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Income Builder Portfolio
ASSETS:
Investments in non-affiliates, at value	$	72,090,661
Investments in affiliates, at value		12,498,441
Investment of cash collateral received from securities loaned, at value (See Note 2.D.)		798,057
Cash		66,419
Foreign currency, at value		57,605
Deposits at broker for futures contracts		7,000
Receivables:
Investment securities sold		1,331,347
Portfolio shares sold		4,672
Interest and dividends from non-affiliates		583,602
Dividends from affiliates		1,977
Tax reclaims		39,773
Securities lending income (See Note 2.D.)		66
Variation margin on futures contracts		107,871
Total Assets		87,587,491
LIABILITIES:
Payables:
Investment securities purchased		127,688
Investment securities purchased — delayed delivery securities		1,930
Collateral received on securities loaned (See Note 2.D.)		798,057
Portfolio shares redeemed		7,386
Accrued liabilities:
Investment advisory fees		2,379
Distribution fees		14,987
Custodian and accounting fees		31,917
Trustees’ and Chief Compliance Officer’s fees		492
Audit fees		54,163
Other		5,667
Total Liabilities		1,044,666
Net Assets	$	86,542,825
NET ASSETS:
Paid-in-Capital	$	88,102,737
Total distributable earnings (loss)		(1,559,912	)
Total Net Assets	$	86,542,825
Net Assets:
Class 1	$	13,656,582
Class 2		72,886,243
Total	$	86,542,825
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class 1		1,354,645
Class 2		7,248,468
Net Asset Value, offering and redemption price per share (a):
Class 1	$	10.08
Class 2		10.06
Cost of investments in non-affiliates	$	73,363,097
Cost of investments in affiliates		12,416,305
Cost of foreign currency		59,949
Investment securities on loan, at value (See Note 2.D.)		700,597
Cost of investment of cash collateral (See Note 2.D.)		798,057

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 35

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Income Builder Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	1,151,257
Interest income from affiliates		45
Dividend income from non-affiliates		491,883
Dividend income from affiliates		164,510
Income from securities lending (net) (See Note 2.D.)		2,493
Foreign taxes withheld (net)		(30,218	)
Total investment income		1,779,970
EXPENSES:
Investment advisory fees		180,789
Administration fees		32,284
Distribution fees — Class 2		90,665
Custodian and accounting fees		81,694
Interest expense to affiliates		60
Professional fees		52,567
Trustees’ and Chief Compliance Officer’s fees		13,047
Printing and mailing costs		7,789
Transfer agency fees — Class 1		27
Transfer agency fees — Class 2		8,050
Other		4,888
Total expenses		471,860
Less fees waived		(87,906	)
Less expense reimbursements		(50,370	)
Net expenses		333,584
Net investment income (loss)		1,446,386
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,546,112	)
Investments in affiliates		(499,249	)
Futures contracts		916,253
Foreign currency transactions		(31,847	)
Net realized gain (loss)		(1,160,955	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(5,693,673	)
Investments in affiliates		(900,441	)
Futures contracts		161,382
Foreign currency translations		(1,351	)
Change in net unrealized appreciation/depreciation		(6,434,083	)
Net realized/unrealized gains (losses)		(7,595,038	)
Change in net assets resulting from operations	$	(6,148,652	)

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Income Builder Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,446,386		$	2,829,105
Net realized gain (loss)		(1,160,955	)		(96,698	)
Distributions of capital gains received from investment company affiliates		—			59,787
Change in net unrealized appreciation/depreciation		(6,434,083	)		7,480,663
Change in net assets resulting from operations		(6,148,652	)		10,272,857
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(494,829	)		(498,861	)
Class 2		(2,484,684	)		(2,194,838	)
Total distributions to shareholders		(2,979,513	)		(2,693,699	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,080,895			16,580,061
NET ASSETS:
Change in net assets		(4,047,270	)		24,159,219
Beginning of period		90,590,095			66,430,876
End of period	$	86,542,825		$	90,590,095
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	388		$	4,350,849
Distributions reinvested		494,829			498,861
Cost of shares redeemed		(52,269	)		(2,505,609	)
Change in net assets resulting from Class 1 capital transactions	$	442,948		$	2,344,101
Class 2
Proceeds from shares issued	$	9,373,010		$	19,866,640
Distributions reinvested		2,484,684			2,194,838
Cost of shares redeemed		(7,219,747	)		(7,825,518	)
Change in net assets resulting from Class 2 capital transactions	$	4,637,947		$	14,235,960
Total change in net assets resulting from capital transactions	$	5,080,895		$	16,580,061
SHARE TRANSACTIONS:
Class 1
Issued		39			403,891
Reinvested		50,390			47,647
Redeemed		(4,839	)		(224,987	)
Change in Class 1 Shares		45,590			226,551
Class 2
Issued		889,161			1,849,778
Reinvested		253,539			210,233
Redeemed		(728,129	)		(729,199	)
Change in Class 2 Shares		414,571			1,330,812

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 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)(c)		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, 2020 (Unaudited)	$	11.16	$	0.18	$	(0.88	)	$	(0.70	)	$	(0.38	)	$	—		$	—		$	(0.38	)
Year Ended December 31, 2019		10.11		0.40		1.05			1.45			(0.37	)		(0.03	)		—			(0.40	)
Year Ended December 31, 2018		10.62		0.42		(0.91	)		(0.49	)		—			(0.02	)		—			(0.02	)
Year Ended December 31, 2017		9.93		0.37		0.81			1.18			(0.39	)		(0.10	)		—			(0.49	)
Year Ended December 31, 2016		9.63		0.37		0.26			0.63			(0.32	)		—			(0.01	)		(0.33	)
Year Ended December 31, 2015		9.95		0.36		(0.40	)		(0.04	)		(0.27	)		(0.01	)		—			(0.28	)
Class 2
Six Months Ended June 30, 2020 (Unaudited)		11.12		0.17		(0.87	)		(0.70	)		(0.36	)		—			—			(0.36	)
Year Ended December 31, 2019		10.08		0.37		1.04			1.41			(0.34	)		(0.03	)		—			(0.37	)
Year Ended December 31, 2018		10.62		0.39		(0.91	)		(0.52	)		—			(0.02	)		—			(0.02	)
Year Ended December 31, 2017		9.92		0.35		0.81			1.16			(0.36	)		(0.10	)		—			(0.46	)
Year Ended December 31, 2016		9.63		0.35		0.25			0.60			(0.30	)		—			(0.01	)		(0.31	)
Year Ended December 31, 2015		9.95		0.33		(0.39	)		(0.06	)		(0.25	)		(0.01	)		—			(0.26	)

(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) Calculated based upon average shares outstanding.

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

(e) 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.

(f) 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.

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

(h) Does not include expenses of Underlying Funds.

(i) Certain non-recurring expenses incurred by the Portfolio were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSURANCE TRUST JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (d)(e)(f)			Net assets, end of period		Net expenses (g)(h)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (h)			Portfolio turnover rate (d)
$	10.08		(6.19	)%	$	13,656,582		0.56	%		3.57	%		0.87	%		37	%
	11.16		14.56			14,606,803		0.60			3.71			0.95			51
	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
	10.06		(6.25	)		72,886,243		0.81			3.32			1.14			37
	11.12		14.27			75,983,292		0.85			3.49			1.21			51
	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

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 39

SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Insurance Trust Income Builder Portfolio	Class 1 and Class 2	Diversified

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

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Portfolio’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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 foreign equity reference obligations are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

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

40 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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, 2020.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	1,300,564	$	1,510,571	$	2,811,135
Collateralized Mortgage Obligations
United States		—		3,826,848		731,021		4,557,869
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		228,650		228,650
United States		—		1,485,552		643,977		2,129,529
Total Commercial Mortgage-Backed Securities		—		1,485,552		872,627		2,358,179
Common Stocks
Australia		—		748,568		—		748,568
Austria		—		29,395		—		29,395
Belgium		—		143,244		—		143,244
Brazil		149,645		—		—		149,645
Canada		637,640		—		—		637,640
Chile		16,187		—		—		16,187
China		—		1,330,213		—		1,330,213
Czech Republic		—		20,364		—		20,364
Denmark		—		87,266		—		87,266
Finland		—		128,553		—		128,553
France		—		861,257		—		861,257
Germany		—		779,759		—		779,759
Hong Kong		—		494,772		—		494,772
India		256,231		—		—		256,231
Indonesia		111,413		69,924		—		181,337
Ireland		—		19,210		—		19,210
Italy		—		309,441		—		309,441
Japan		—		1,168,691		—		1,168,691
Macau		—		69,331		—		69,331
Mexico		183,645		—		—		183,645
Netherlands		—		181,648		—		181,648
New Zealand		—		31,434		—		31,434
Norway		—		56,101		—		56,101
Peru		20,203		—		—		20,203
Portugal		—		38,779		—		38,779
Russia		147,153		250,384		—		397,537

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Saudi Arabia	$	—	$	80,199	$	—	$	80,199
Singapore		—		174,422		—		174,422
South Africa		19,216		131,765		—		150,981
South Korea		20,537		301,151		—		321,688
Spain		7,421		574,677		—		582,098
Sweden		12,386		165,681		—		178,067
Switzerland		—		892,641		—		892,641
Taiwan		666,253		622,612		—		1,288,865
Thailand		—		53,829		—		53,829
United Kingdom		154,204		1,434,711		—		1,588,915
United States		10,036,880		—		—		10,036,880
Total Common Stocks		12,439,014		11,250,022		—		23,689,036
Convertible Bonds		—		1,813,393		—		1,813,393
Corporate Bonds		—		33,045,759		—		33,045,759
Equity-Linked Notes		—		1,843,542		—		1,843,542
Investment Companies		7,266,881		—		—		7,266,881
Loan Assignments		—		498,195		—		498,195
Mortgage-Backed Securities		—		389,222		—		389,222
Preferred Stocks
United States		545,755		6,121		—		551,876
Rights		1,311		—		—		1,311
U.S. Treasury Obligations		—		523,014		—		523,014
Warrants		—		—		8,130		8,130
Short-Term Investments
Investment Companies		5,231,560		—		—		5,231,560
Investment of cash collateral from securities loaned		798,057		—		—		798,057
Total Short-Term Investments		6,029,617		—		—		6,029,617
Total Investments in Securities	$	26,282,578	$	55,982,232	$	3,122,349	$	85,387,159
Appreciation in Other Financial Instruments
Futures Contracts	$	56,656	$	39,256	$	—	$	95,912

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, 2019			Realized gain (loss)			Change in net unrealized appreciation (depreciation)		Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2020
Investments in Securities
Asset-Backed Securities — United States	$	1,851,992		$	(1,234	)	$	1,515	$	(37,406	)	$	—	$	(303,444	)	$	100,097	$	(100,949	)	$	1,510,571
Collateralized Mortgage Obligations — United States		978,427			—			1		(45,412	)		—		(50,580	)		—		(151,415	)		731,021
Commercial Mortgage-Backed Securities — Cayman Islands		249,361			—			—		(20,711	)		—		—			—		—			228,650
Commercial Mortgage-Backed Securities — United States		1,150,350			(63,859	)		307		(141,028	)		—		(411,227	)		109,434		—			643,977
Corporate Bonds — United States		—	(a)		1,573			—		—			—		(1,573	)		—		—			—
Warrants — United States		16,802			—			—		(8,672	)		—		—			—		—			8,130
Total	$	4,246,932		$	(63,520	)	$	1,823	$	(253,229	)	$	—	$	(766,824	)	$	209,531	$	(252,364	)	$	3,122,349

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.

42 JPMORGAN INSURANCE TRUST JUNE 30, 2020

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2020, which were valued using significant unobservable inputs (level 3) amounted to $(234,031). 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 or out of level 3 for the six months ended June 30, 2020.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at June 30, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	1,510,571	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (6.27%)
				Constant Default Rate		0.00% - 5.43% (3.21%)
				Yield (Discount Rate of Cash Flows)		0.59% - 13.67% (3.11%)
Asset-Backed Securities		1,510,571
		643,977	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.88% - 199.00% (14.17%)
Commercial Mortgage-Backed Securities		643,977
		731,021	Discounted Cash Flow	Constant Prepayment Rate		10.54% - 25.00% (21.10%)
				Constant Default Rate		0.00% - 1.43% (0.11%)
				Yield (Discount Rate of Cash Flows)		1.66% - 5.09% (4.45%)
Collateralized Mortgage Obligations		731,021
Total	$	2,885,569

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At June 30, 2020, the value of these investments was $236,780. 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) Unobservable inputs were weighted by the relative fair value of the instruments.

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. 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 the 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”). The Portfolio may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, the 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, the 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.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Portfolio purchased when-issued securities and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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, 2020, which are shown as a Payable for Investment securities purchased – delayed delivery securities on the Statement of Assets and Liabilities.

D. Securities Lending — The Portfolio is 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 Class IM Shares of the 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 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 certain de 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.

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, 2020.

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)
$	700,597	$	(700,597	)	$	—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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 0.15% to 0.06%. For the six months ended June 30, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 292

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).

E. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. 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

44 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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, 2020
Security Description	Value at December 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)	$	2,555,439	$	1,130,568	$	1,494,859	$	(282,489	)	$	(136,229	)	$	1,772,430		231,993	$	58,098		$	—
JPMorgan Equity Income Fund Class R6 Shares (a)		5,484,864		1,099,511		1,289,940		(227,864	)		(691,340	)		4,375,231		264,844		62,693			—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		918,000		20,547		—		—			(67,316	)		871,231		103,349		20,547			—
JPMorgan Managed Income Fund Class L Shares (a)		2,477,922		6,216		2,238,411		11,247			(8,985	)		247,989		24,676		6,341			—
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b)		331,348		442,639		514,503		32			132			259,648		259,415		1,317			—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40% (a) (b)		2,270,181		21,836,134		19,137,525		(175	)		3,297			4,971,912		4,967,441		15,514			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		286,003		6,646,682		6,134,628		—			—			798,057		798,057		2,073	*		—
Total	$	14,323,757	$	31,182,297	$	30,809,866	$	(499,249	)	$	(900,441	)	$	13,296,498			$	166,583		$	—

(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, 2020.

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

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

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

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

G. 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.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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, 2020:

Futures Contracts — Equity:
Average Notional Balance Long	$	1,426,342
Average Notional Balance Short		2,016,847	(a)
Ending Notional Balance Long		907,795
Futures Contracts — Foreign Exchange:
Average Notional Balance Short		1,272,929
Ending Notional Balance Short		1,239,400
Futures Contracts — Interest Rate:
Average Notional Balance Long		9,748,618
Ending Notional Balance Long		12,522,656

(a) For the period January 1, 2020 through April 30, 2020.

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).

H. Summary of Derivatives Information — The following table presents the value of derivatives held as of June 30, 2020, 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	$	39,256
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		20,969
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		35,687
		$	95,912

(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, 2020, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	281,751
Foreign exchange contracts		63,666
Interest rate contracts		570,836
Total	$	916,253

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	20,892
Foreign exchange contracts		26,512
Interest rate contracts		113,978
Total	$	161,382

The Portfolio’s derivatives contracts held at June 30, 2020 are not accounted for as hedging instruments under GAAP.

46 JPMORGAN INSURANCE TRUST JUNE 30, 2020

I. Equity-Linked Notes — The Portfolio invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statement of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statement of Operations. The Portfolio realizes a gain or loss when an ELN is sold or matures which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statement of Operations.

As of June 30, 2020, the Portfolio had outstanding ELNs as listed on the SOI.

J. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when the Portfolio first learns of the dividend. Certain Portfolios may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Portfolio. These amounts are included in Interest income from non-affiliates on the Statement of Operations.

K. Allocation of Income and Expenses — Expenses directly attributable to the Portfolio are charged directly to the Portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the applicable portfolios. 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 invested in Underlying Funds and, as a result, bear 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.

L. 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, 2020, 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.

M. 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.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Portfolio and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.42%. Prior to September 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.45% of the Portfolio’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% 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, 2020, 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.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 47

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’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 pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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, 2020 and is in place until at least April 30, 2021.

For the six months ended June 30, 2020, the Portfolio’s service providers waived fees and/or reimbursed expenses for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
$	31,244	$	32,284	$	63,528	$	50,370

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (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. None of these parties expects the Portfolio to repay any such waived fees and reimbursed expenses in future years.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2020 was $3,201.

The Underlying Funds may impose separate advisory fees. The Adviser has agreed to voluntarily waive the Portfolio’s investment advisory fees in the weighted average pro-rata amount of the advisory fees charged by the affiliated Underlying Funds. During the six months ended June 30, 2020, the Adviser waived $21,177. 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 Rule 38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2020, 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.

48 JPMORGAN INSURANCE TRUST JUNE 30, 2020

4. Investment Transactions

During the six months ended June 30, 2020, 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
$	29,988,528	$	29,665,281	$	376,498	$	477,815

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, 2020 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	86,577,459	$	3,899,427	$	4,993,815	$	(1,094,388	)

As of December 31, 2019, the Portfolio had the following net capital loss carryforwards:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	39,413	$	155,457

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 Portfolio had no borrowings outstanding from another fund during the six months ended June 30, 2020.

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 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2020.

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.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 49

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

As of June 30, 2020, the Portfolio had four individual shareholder and/or non-affiliated omnibus accounts, which owned 78.4% 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. During periods when interest rates are low or there are negative interest rates, the Portfolio’s yield (and total return) also may be low or the Portfolio may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Portfolio’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

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 contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

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

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Portfolio and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Portfolio is subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Portfolio’s investments, increase the Portfolio’s volatility, exacerbate other pre-existing political, social and economic risks to the Portfolio and negatively impact broad segments of businesses and populations. The Portfolio’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Portfolio’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

50 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

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 titled “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, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Income Builder Portfolio
Class 1
Actual	$	1,000.00	$	938.10	$	2.70		0.56	%
Hypothetical		1,000.00		1,022.08		2.82		0.56
Class 2
Actual		1,000.00		937.50		3.90		0.81
Hypothetical		1,000.00		1,020.84		4.07		0.81

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

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 51

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Portfolio has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Portfolio’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a portfolio could not meet requests to redeem shares issued by the portfolio without significant dilution of remaining investors’ interests in the portfolio. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Portfolio. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Portfolio’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether the Portfolio invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Portfolio (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Portfolio has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether the Portfolio invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Portfolio liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Portfolio’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Portfolio during the Program Reporting Period.

52 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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 as an exhibit to its report on Form N-PORT. The Portfolio’s Form N-PORT reports 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., 2020.  All rights reserved. June 2020. SAN-JPMITIBP-620

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2020 (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	32
Financial Highlights	36
Notes to Financial Statements	38
Schedule of Shareholder Expenses	51
Liquidity Risk Management Program	52

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectuses for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.” — Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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, Client

J.P. Morgan Asset Management

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*	(3.84)%
MSCI World Index (net of foreign withholding taxes)	(5.77)%
Global Allocation Composite Benchmark	(1.58)%
Net Assets as of 6/30/2020	$98,447,235

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the U.S. Federal Reserve’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose.

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

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

underperformed the Global Allocation Composite Benchmark (the “Composite”), which consists of 60% MSCI World Index and 40% Bloomberg Barclays Global Aggregate Index, for the six months ended June 30, 2020.

Amid volatile markets for global equity during the reporting period, the Portfolio’s allocation to fixed income securities, particularly global developed markets government bonds, contributed to performance relative to the Benchmark, which is an all-equity index.

Relative to the Composite, the Portfolio’s allocations to shorter duration corporate and non-corporate credit detracted from performance as interest rates declined. Generally, bonds of shorter duration will experience a smaller increase in price as interest rates fall, compared with bonds of longer duration. The Portfolio’s allocations to global equity and investment grade corporate bonds contributed to relative performance when asset prices rebounded in May and June of 2020.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to maximize total return while managing risk. Early in 2020, the portfolio managers sought to lower the risk profile of the Portfolio by reducing its overall government bond duration by one year and reducing allocations to both U.S. high yield bonds and overall equity. In the second half of March 2020, as the Fed took steps to support the corporate bond market, the portfolio managers added investment grade corporate bonds and increased the Portfolio’s allocation to U.S. high yield bonds. In the final months of the reporting period, the portfolio managers increased the Portfolio’s allocation to non-US equity.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2020

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	JPMorgan High Yield Fund, Class R6 Shares	8.4	%
	2.	JPMorgan Emerging Markets Equity Fund, Class R6 Shares	7.6
	3.	U.S. Treasury Notes, 2.50%, 1/31/21	2.3
	4.	Microsoft Corp.	1.1
	5.	Amazon.com, Inc.	1.0
	6.	Nestle SA (Registered) (Switzerland)	0.8
	7.	Apple, Inc.	0.7
	8.	ASML Holding NV (Netherlands)	0.6
	9.	Alphabet, Inc., Class C	0.6
	10.	UnitedHealth Group, Inc.	0.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Legg Mason, Inc.	26.9	%
	2.	Coca-Cola Co. (The)	11.9
	3.	Vornado Realty Trust, REIT	11.9
	4.	Motorola Solutions, Inc.	9.3
	5.	Molson Coors Beverage Co., Class B	7.6
	6.	Sirius XM Holdings, Inc.	6.9
	7.	Colgate-Palmolive Co.	5.4
	8.	Acacia Communications, Inc.	5.4
	9.	Mondelez International, Inc., Class A	5.3
	10.	CME Group, Inc.	3.8

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	43.2	%
Investment Companies	16.0
Corporate Bonds	15.4
Foreign Government Securities	7.1
Collateralized Mortgage Obligations	3.7
Asset-Backed Securities	2.4
U.S. Treasury Obligation	2.3
Commercial Mortgage-Backed Securities	2.1
Others (each less than 1.0%)	0.4
Short-Term Investments	7.4

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, 2020. The Portfolio’s composition is subject to change.

**** Percentages indicated are based on total short investments as of June 30, 2020. The Portfolio’s composition is subject to change.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS 1 SHARES	December 9, 2014		(3.76	)%		1.72	%		4.89	%		4.78	%
CLASS 2 SHARES	December 9, 2014		(3.84	)		1.47			4.63			4.52

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 6/30/20)

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

The Portfolio commenced operations on December 9, 2014.

The graph illustrates comparative performance for $10,000 invested in Class 2 Shares of the JPMorgan Insurance Trust Global Allocation Portfolio, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index — Unhedged USD and the Global Allocation Composite Benchmark from December 9, 2014 to June 30, 2020. 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 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%). 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, 2020

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited)

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

INVESTMENTS	SHARES		VALUE
Long Positions — 100.1%
Common Stocks — 43.2%
Australia — 1.0%
AGL Energy Ltd.		311		3,679
Ampol Ltd.		223		4,544
APA Group		853		6,596
Aristocrat Leisure Ltd.		201		3,599
Aurizon Holdings Ltd.		1,983		6,748
Australia & New Zealand Banking Group Ltd.		2,149		27,884
BHP Group Ltd.		1,927		47,978
BHP Group plc		10,945		223,968
Brambles Ltd.		927		7,029
Coca-Cola Amatil Ltd.		630		3,795
Cochlear Ltd.		55		7,221
Coles Group Ltd.		675		8,024
Commonwealth Bank of Australia		915		44,189
Computershare Ltd.		548		5,074
CSL Ltd.		271		53,899
Fortescue Metals Group Ltd.		483		4,696
Goodman Group, REIT		1,272		13,125
GPT Group (The), REIT		4,086		11,870
Insurance Australia Group Ltd.		1,020		4,094
Lendlease Group		345		2,982
Macquarie Group Ltd.		208		17,262
Mirvac Group, REIT		8,414		12,710
National Australia Bank Ltd.		1,320		16,728
Newcrest Mining Ltd.		416		9,224
Oil Search Ltd.		894		1,981
Orica Ltd.		329		3,805
Origin Energy Ltd.		943		3,837
QBE Insurance Group Ltd.		1,414		8,726
Ramsay Health Care Ltd.		103		4,757
REA Group Ltd.		67		5,049
Rio Tinto Ltd.		307		21,021
Rio Tinto plc		5,281		297,196
Santos Ltd.		820		3,048
Sonic Healthcare Ltd.		163		3,442
South32 Ltd.		3,731		5,282
Stockland, REIT		1,658		3,845
Suncorp Group Ltd.		1,338		8,598
Sydney Airport		986		3,891
Tabcorp Holdings Ltd.		1,537		3,625
Telstra Corp. Ltd.		986		2,140
TPG Telecom Ltd. *		554		3,403
Transurban Group		1,467		14,386
Treasury Wine Estates Ltd.		321		2,336

INVESTMENTS	SHARES		VALUE
Australia — continued
Tuas Ltd. *		277		129
Wesfarmers Ltd.		656		20,396
Westpac Banking Corp.		2,294		28,752
Woodside Petroleum Ltd.		446		6,740
Woolworths Group Ltd.		905		23,328
				1,026,631
Austria — 0.1%
Erste Group Bank AG		4,957		117,073
Belgium — 0.1%
Anheuser-Busch InBev SA/NV		287		14,148
KBC Group NV		2,005		115,190
				129,338
Canada — 0.6%
Alimentation Couche-Tard, Inc., Class B		4,147		130,037
Canadian National Railway Co.		1,598		141,379
Canadian Pacific Railway Ltd.		584		148,546
Canadian Pacific Railway Ltd.		140		35,747
Fairfax Financial Holdings Ltd.		126		38,914
Toronto-Dominion Bank (The)		2,794		124,697
				619,320
China — 1.0%
Alibaba Group Holding Ltd., ADR *		1,650		355,905
BOC Hong Kong Holdings Ltd.		4,000		12,808
Ping An Insurance Group Co. of China Ltd., Class H		21,500		214,333
Prosus NV *		415		38,578
Tencent Holdings Ltd.		4,700		301,166
Wilmar International Ltd.		1,800		5,324
Yangzijiang Shipbuilding Holdings Ltd.		1,200		808
				928,922
Denmark — 0.7%
Carlsberg A/S, Class B		1,085		143,880
Novo Nordisk A/S, Class B		6,541		426,131
Novozymes A/S, Class B		647		37,511
Orsted A/S (a)		827		95,437
				702,959
Finland — 0.2%
Elisa OYJ		349		21,237
Kone OYJ, Class B		1,807		124,628
UPM-Kymmene OYJ		1,630		47,212
				193,077

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE
Long Positions — continued
Common Stocks — continued
France — 2.5%
Accor SA *		859		23,443
Air Liquide SA		413		59,714
Airbus SE *		1,875		134,351
Alstom SA		2,120		98,794
Arkema SA		344		33,067
AXA SA		2,487		52,334
BioMerieux		141		19,364
BNP Paribas SA *		1,509		60,291
Capgemini SE		1,283		148,060
Danone SA		394		27,349
Dassault Systemes SE		261		45,308
Eiffage SA *		180		16,500
EssilorLuxottica SA *		111		14,275
Kering SA		89		48,658
L’Oreal SA		150		48,412
LVMH Moet Hennessy Louis Vuitton SE		1,048		462,687
Orange SA		3,359		40,167
Peugeot SA *		980		16,071
Safran SA *		3,079		309,721
Sanofi		709		72,307
Schneider Electric SE		4,199		467,083
Thales SA (b)		490		39,658
TOTAL SA (b)		1,998		77,040
Vinci SA		1,602		148,543
Vivendi SA		294		7,597
				2,470,794
Germany — 2.2%
adidas AG *		651		171,637
Allianz SE (Registered)		2,083		425,645
BASF SE		420		23,591
Bayer AG (Registered)		709		52,553
Beiersdorf AG		161		18,308
Daimler AG (Registered)		987		40,155
Delivery Hero SE * (a)		1,574		161,756
Deutsche Boerse AG		1,032		186,768
Deutsche Post AG (Registered)		1,797		65,986
Deutsche Telekom AG (Registered)		4,377		73,443
Infineon Technologies AG		2,422		56,753
Merck KGaA		338		39,359
MTU Aero Engines AG		48		8,357
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		187		48,694
RWE AG		882		30,876

INVESTMENTS	SHARES		VALUE
Germany — continued
SAP SE		2,448		342,205
Siemens AG (Registered)		793		93,524
Volkswagen AG (Preference)		1,212		184,224
Vonovia SE		2,484		151,830
				2,175,664
Hong Kong — 0.5%
AIA Group Ltd.		34,400		321,902
ASM Pacific Technology Ltd.		200		2,114
CK Asset Holdings Ltd.		1,552		9,307
CK Infrastructure Holdings Ltd.		1,000		5,169
CLP Holdings Ltd.		1,000		9,821
Hang Seng Bank Ltd.		500		8,421
Henderson Land Development Co. Ltd.		1,000		3,814
HKT Trust & HKT Ltd.		2,000		2,935
Hong Kong & China Gas Co. Ltd.		5,250		8,159
Hong Kong Exchanges & Clearing Ltd.		1,100		46,851
Hongkong Land Holdings Ltd.		800		3,328
Jardine Matheson Holdings Ltd.		100		4,181
Kerry Properties Ltd.		1,000		2,598
Link, REIT		1,000		8,210
MTR Corp. Ltd.		500		2,600
New World Development Co. Ltd.		500		2,374
NWS Holdings Ltd.		1,000		870
Power Assets Holdings Ltd.		1,000		5,464
Sino Land Co. Ltd.		4,000		5,061
Sun Hung Kai Properties Ltd.		1,000		12,775
Swire Pacific Ltd., Class A		500		2,657
Techtronic Industries Co. Ltd.		500		4,947
WH Group Ltd. (a)		3,000		2,593
Wharf Real Estate Investment Co. Ltd. (b)		1,000		4,801
Wheelock & Co. Ltd. ‡		1,000		8,395
				489,347
India — 0.3%
HDFC Bank Ltd., ADR		5,336		242,575
Indonesia — 0.1%
Bank Central Asia Tbk. PT		61,400		122,849
Ireland — 0.1%
CRH plc		1,253		43,128
Kerry Group plc, Class A		228		28,324
Kerry Group plc, Class A		50		6,184
Kingspan Group plc		437		28,211

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE
Long Positions — continued
Common Stocks — continued
Ireland — continued
Kingspan Group plc		96		6,130
Ryanair Holdings plc, ADR *		316		20,963
				132,940
Italy — 0.3%
Davide Campari-Milano SpA (b)		1,658		14,022
Enel SpA		13,165		113,857
FinecoBank Banca Fineco SpA *		2,931		39,668
Snam SpA		7,229		35,242
UniCredit SpA *		4,192		38,689
				241,478
Japan — 3.2%
Advantest Corp.		100		5,707
Aeon Co. Ltd.		200		4,653
Alfresa Holdings Corp.		100		2,096
Amada Co. Ltd.		800		6,550
Asahi Group Holdings Ltd.		500		17,561
Asahi Intecc Co. Ltd.		100		2,854
Asahi Kasei Corp.		2,200		18,009
Astellas Pharma, Inc.		1,300		21,709
Bandai Namco Holdings, Inc.		100		5,264
Bridgestone Corp.		200		6,455
Canon, Inc.		500		9,974
Casio Computer Co. Ltd.		300		5,234
Central Japan Railway Co.		200		30,932
Chubu Electric Power Co., Inc.		700		8,779
Chugai Pharmaceutical Co. Ltd.		300		16,062
CyberAgent, Inc.		100		4,915
Dai Nippon Printing Co. Ltd.		100		2,299
Daicel Corp.		600		4,650
Dai-ichi Life Holdings, Inc.		600		7,182
Daiichi Sankyo Co. Ltd.		500		40,896
Daikin Industries Ltd.		200		32,360
Daiwa House Industry Co. Ltd.		700		16,530
Daiwa House REIT Investment Corp., REIT		1		2,353
Denso Corp.		600		23,530
Dentsu Group, Inc.		300		7,116
East Japan Railway Co.		200		13,859
Eisai Co. Ltd.		200		15,890
Electric Power Development Co. Ltd.		500		9,478
ENEOS Holdings, Inc.		4,400		15,684
FANUC Corp.		100		17,927
Fast Retailing Co. Ltd.		100		57,477

INVESTMENTS	SHARES		VALUE
Japan — continued
FUJIFILM Holdings Corp.		400		17,121
Fujitsu Ltd.		200		23,417
Fukuoka Financial Group, Inc.		500		7,905
GLP J-REIT, REIT		2		2,890
Hankyu Hanshin Holdings, Inc.		200		6,756
Hitachi Ltd.		1,100		34,963
Honda Motor Co. Ltd.		1,500		38,391
Hoya Corp.		400		38,304
Inpex Corp.		200		1,249
Isuzu Motors Ltd.		1,000		9,087
ITOCHU Corp.		1,500		32,457
Japan Airlines Co. Ltd.		400		7,218
Japan Exchange Group, Inc.		300		6,948
Japan Post Holdings Co. Ltd.		300		2,141
Japan Prime Realty Investment Corp., REIT		1		2,934
Japan Real Estate Investment Corp., REIT		1		5,132
Japan Retail Fund Investment Corp., REIT		2		2,502
Japan Tobacco, Inc.		900		16,715
JTEKT Corp.		200		1,562
Kajima Corp.		1,200		14,348
Kansai Paint Co. Ltd.		100		2,113
Kao Corp.		500		39,679
KDDI Corp.		1,500		44,756
Keikyu Corp.		100		1,530
Keyence Corp.		400		167,625
Kikkoman Corp.		200		9,660
Kintetsu Group Holdings Co. Ltd.		100		4,487
Kirin Holdings Co. Ltd.		900		18,972
Komatsu Ltd.		900		18,432
Konami Holdings Corp.		300		10,011
Kubota Corp.		1,500		22,438
Kuraray Co. Ltd.		700		7,325
Kurita Water Industries Ltd.		100		2,782
Kyocera Corp.		300		16,375
Kyowa Kirin Co. Ltd.		600		15,795
M3, Inc.		400		16,992
Marui Group Co. Ltd.		500		9,045
MINEBEA MITSUMI, Inc.		500		9,114
MISUMI Group, Inc.		100		2,511
Mitsubishi Corp.		1,500		31,698
Mitsubishi Electric Corp.		1,300		16,980
Mitsubishi Estate Co. Ltd.		1,300		19,372

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE
Long Positions — continued
Common Stocks — continued
Japan — continued
Mitsubishi Heavy Industries Ltd.		100		2,361
Mitsubishi UFJ Financial Group, Inc.		11,600		45,652
Mitsui & Co. Ltd.		1,000		14,817
Mitsui Chemicals, Inc.		600		12,550
Mitsui Fudosan Co. Ltd.		1,100		19,541
Mizuho Financial Group, Inc.		11,300		13,899
MS&AD Insurance Group Holdings, Inc.		100		2,754
Murata Manufacturing Co. Ltd.		600		35,369
Nabtesco Corp.		400		12,379
Nexon Co. Ltd.		300		6,767
NGK Spark Plug Co. Ltd.		400		5,749
NH Foods Ltd.		200		8,048
Nidec Corp.		500		33,684
Nihon M&A Center, Inc.		100		4,548
Nintendo Co. Ltd.		100		44,707
Nippon Building Fund, Inc., REIT		1		5,695
Nippon Express Co. Ltd.		200		10,371
Nippon Prologis REIT, Inc., REIT		2		6,077
Nippon Steel Corp.		1,000		9,449
Nippon Telegraph & Telephone Corp.		4,700		109,507
Nippon Yusen KK		300		4,246
Nissan Motor Co. Ltd.		1,500		5,563
Nissin Foods Holdings Co. Ltd.		100		8,860
Nitori Holdings Co. Ltd.		100		19,607
Nomura Holdings, Inc.		1,000		4,494
Nomura Real Estate Master Fund, Inc., REIT		2		2,395
Nomura Research Institute Ltd.		700		19,119
NTT DOCOMO, Inc.		800		21,238
Olympus Corp.		1,200		23,103
Omron Corp.		100		6,698
Ono Pharmaceutical Co. Ltd.		600		17,512
Oriental Land Co. Ltd.		100		13,215
ORIX Corp.		1,600		19,868
Orix JREIT, Inc., REIT		1		1,318
Otsuka Corp.		300		15,845
Otsuka Holdings Co. Ltd.		500		21,791
Pan Pacific International Holdings Corp.		400		8,807
Panasonic Corp.		900		7,892
Rakuten, Inc.		300		2,650
Recruit Holdings Co. Ltd.		1,100		37,829
Resona Holdings, Inc.		3,400		11,634
Rinnai Corp.		100		8,374
Rohm Co. Ltd.		200		13,298

INVESTMENTS	SHARES		VALUE
Japan — continued
Ryohin Keikaku Co. Ltd.		500		7,112
Santen Pharmaceutical Co. Ltd.		200		3,682
SBI Holdings, Inc.		400		8,680
SCSK Corp.		100		4,892
Secom Co. Ltd.		100		8,774
Sega Sammy Holdings, Inc.		400		4,795
Seibu Holdings, Inc.		700		7,625
Sekisui House Ltd.		200		3,818
Seven & i Holdings Co. Ltd.		500		16,357
Shimadzu Corp.		400		10,679
Shin-Etsu Chemical Co. Ltd.		300		35,208
Shionogi & Co. Ltd.		100		6,273
Shiseido Co. Ltd.		400		25,488
SMC Corp.		400		205,568
Softbank Corp.		800		10,197
SoftBank Group Corp.		1,200		60,513
Sompo Holdings, Inc.		200		6,885
Sony Corp.		3,400		234,703
Square Enix Holdings Co. Ltd.		200		10,133
Stanley Electric Co. Ltd.		100		2,421
Subaru Corp.		200		4,188
Sumitomo Electric Industries Ltd.		800		9,229
Sumitomo Metal Mining Co. Ltd.		200		5,634
Sumitomo Mitsui Financial Group, Inc.		1,400		39,511
Sumitomo Mitsui Trust Holdings, Inc.		300		8,454
Sumitomo Realty & Development Co. Ltd.		400		11,041
Sundrug Co. Ltd.		200		6,619
Suntory Beverage & Food Ltd.		100		3,902
Suzuken Co. Ltd.		100		3,736
Suzuki Motor Corp.		400		13,658
Sysmex Corp.		100		7,676
T&D Holdings, Inc.		1,300		11,166
Taiheiyo Cement Corp.		400		9,294
Taisei Corp.		300		10,934
Takeda Pharmaceutical Co. Ltd.		1,200		43,114
Terumo Corp.		600		22,838
Tohoku Electric Power Co., Inc.		400		3,800
Tokio Marine Holdings, Inc.		800		35,018
Tokyo Electric Power Co. Holdings, Inc. *		400		1,230
Tokyo Electron Ltd.		200		49,349
Tokyo Gas Co. Ltd.		600		14,367
Tokyu Corp.		1,000		14,078
Toppan Printing Co. Ltd.		200		3,344

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE
Long Positions — continued
Common Stocks — continued
Japan — continued
Toray Industries, Inc.		400		1,888
Toshiba Corp.		300		9,624
Toyota Motor Corp.		2,700		169,787
Toyota Tsusho Corp.		100		2,550
Unicharm Corp.		200		8,203
United Urban Investment Corp., REIT		2		2,154
Yamaha Corp.		100		4,717
Yamato Holdings Co. Ltd.		300		6,512
Yaskawa Electric Corp.		100		3,476
Z Holdings Corp.		2,300		11,288
				3,119,179
Macau — 0.0% (c)
Galaxy Entertainment Group Ltd.		2,000		13,719
Sands China Ltd.		2,000		7,878
Wynn Macau Ltd.		800		1,388
				22,985
Netherlands — 1.4%
Akzo Nobel NV		1,610		144,643
ASML Holding NV		1,650		603,592
Heineken NV		438		40,381
ING Groep NV		6,884		47,988
Koninklijke Ahold Delhaize NV (b)		1,846		50,311
Koninklijke KPN NV		10,673		28,389
Koninklijke Philips NV *		631		29,435
NN Group NV		1,001		33,641
NXP Semiconductors NV		1,804		205,728
Randstad NV *		459		20,524
Royal Dutch Shell plc, Class A		3,802		60,875
Royal Dutch Shell plc, Class B		2,475		37,522
Wolters Kluwer NV		511		39,912
				1,342,941
New Zealand — 0.0% (c)
Auckland International Airport Ltd.		928		3,947
Ryman Healthcare Ltd.		382		3,241
Spark New Zealand Ltd.		1,689		4,997
				12,185
Norway — 0.0% (c)
Telenor ASA		2,146		31,333
Peru — 0.1%
Credicorp Ltd.		448		59,884
Portugal — 0.0% (c)
Galp Energia SGPS SA		493		5,719

INVESTMENTS	SHARES			VALUE
Singapore — 0.1%
Ascendas, REIT		1,500			3,442
CapitaLand Ltd. *		2,600			5,493
CapitaLand Mall Trust, REIT		1,300			1,844
DBS Group Holdings Ltd.		1,600			24,075
Genting Singapore Ltd.		2,600			1,430
Keppel Corp. Ltd.		1,400			6,030
Oversea-Chinese Banking Corp. Ltd.		3,300			21,509
Singapore Airlines Ltd.		400			1,080
Singapore Telecommunications Ltd.		7,600			13,520
United Overseas Bank Ltd.		300			4,383
					82,806
South Korea — 0.3%
Samsung Electronics Co. Ltd.		6,952			307,749
Spain — 0.5%
Banco Santander SA		12,703			31,077
Endesa SA		784			19,448
Iberdrola SA		25,674			299,736
Industria de Diseno Textil SA		3,234			85,809
Naturgy Energy Group SA		798			14,898
					450,968
Sweden — 0.6%
Alfa Laval AB *		1,193			26,318
Atlas Copco AB, Class A		3,151			134,187
Boliden AB		956			21,927
Essity AB, Class B *		431			13,974
Lundin Energy AB (b)		515			12,569
Sandvik AB *		1,948			36,673
SKF AB, Class B		7,273			135,958
Svenska Handelsbanken AB, Class A *		17,032			161,724
Volvo AB, Class B *		2,235			35,167
					578,497
Switzerland — 2.1%
ABB Ltd. (Registered)		922			20,914
Adecco Group AG (Registered)		253			11,925
Credit Suisse Group AG (Registered)		3,458	��		35,980
Givaudan SA (Registered)		2			7,476
LafargeHolcim Ltd. (Registered) *		4,587			202,085
Lonza Group AG (Registered)		141			74,687
Nestle SA (Registered)		7,224			800,930
Novartis AG (Registered)		2,083			181,473
Roche Holding AG		1,247			432,023
SGS SA (Registered)		49			120,033

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE
Long Positions — continued
Common Stocks — continued
Switzerland — continued
Swiss Re AG		238		18,453
UBS Group AG (Registered)		2,783		32,141
Zurich Insurance Group AG		388		137,480
				2,075,600
Taiwan — 0.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,044		399,888
United Kingdom — 3.1%
3i Group plc		3,494		35,978
AstraZeneca plc		994		103,450
Barclays plc		24,053		33,934
Beazley plc		5,665		28,720
BP plc		50,423		193,173
British American Tobacco plc		2,265		86,869
Burberry Group plc		6,098		120,497
CK Hutchison Holdings Ltd.		2,552		16,526
Compass Group plc		1,399		19,248
DCC plc		108		9,012
Diageo plc		8,159		271,183
GlaxoSmithKline plc		12,607		254,657
HSBC Holdings plc		9,751		45,319
InterContinental Hotels Group plc		2,773		122,414
Intertek Group plc		452		30,443
ITV plc		9,094		8,405
Legal & General Group plc		49,582		135,173
Linde plc		491		104,146
Linde plc		797		168,800
Lloyds Banking Group plc		94,073		36,290
London Stock Exchange Group plc		1,569		163,168
M&G plc		10,554		21,915
Next plc		137		8,295
Persimmon plc		5,156		145,923
Prudential plc		3,064		46,169
Reckitt Benckiser Group plc		749		68,907
RELX plc		2,501		57,888
RELX plc		4,871		112,735
Severn Trent plc		458		14,016
Smith & Nephew plc		6,911		128,777
Standard Chartered plc		6,714		36,395
Taylor Wimpey plc		66,619		117,583
Tesco plc		12,682		35,670
Unilever NV		4,032		214,977
Unilever plc		1,298		70,015
Vodafone Group plc		4,970		7,901
				3,074,571

INVESTMENTS	SHARES		VALUE
United States — 21.7%
AbbVie, Inc.		2,732		268,228
Advanced Micro Devices, Inc. *		1,339		70,445
AdvanSix, Inc. *		234		2,747
Air Products and Chemicals, Inc.		153		36,943
Alexion Pharmaceuticals, Inc. *		805		90,353
Alleghany Corp.		62		30,327
Alnylam Pharmaceuticals, Inc. *		189		27,993
Alphabet, Inc., Class A *		25		35,451
Alphabet, Inc., Class C * (d)		398		562,617
Altice USA, Inc., Class A *		233		5,252
Altria Group, Inc.		1,086		42,625
Amazon.com, Inc. * (d)		340		937,999
American Electric Power Co., Inc.		1,182		94,134
American Express Co.		1,504		143,181
American Homes 4 Rent, Class A, REIT		1,701		45,757
American International Group, Inc.		1,085		33,830
AmerisourceBergen Corp.		519		52,300
AMETEK, Inc.		399		35,659
Amgen, Inc.		592		139,629
Amphenol Corp., Class A		318		30,468
Analog Devices, Inc.		623		76,405
Apple, Inc. (d)		1,974		720,115
Arista Networks, Inc. *		120		25,204
Arrow Electronics, Inc. *		522		35,856
Automatic Data Processing, Inc.		538		80,103
AutoZone, Inc. *		72		81,225
AvalonBay Communities, Inc., REIT		25		3,866
Ball Corp.		1,330		92,422
Bank of America Corp.		10,184		241,870
Berkshire Hathaway, Inc., Class B *		814		145,307
Best Buy Co., Inc.		1,757		153,333
Beyond Meat, Inc. * (b)		412		55,200
BlackRock, Inc.		386		210,019
Blackstone Group, Inc. (The), Class A		397		22,494
Booking Holdings, Inc. *		121		192,673
Booz Allen Hamilton Holding Corp.		589		45,818
Boston Properties, Inc., REIT		199		17,986
Boston Scientific Corp. *		5,019		176,217
Bristol-Myers Squibb Co.		5,437		319,696
Brixmor Property Group, Inc., REIT		2,859		36,652
Cabot Oil & Gas Corp.		1,459		25,066
Cadence Design Systems, Inc. *		358		34,354
Capital One Financial Corp.		1,662		104,025
Carlisle Cos., Inc. (d)		290		34,704

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE
Long Positions — continued
Common Stocks — continued
United States — continued
CarMax, Inc. * (b)		437		39,133
Catalent, Inc. *		645		47,278
CBRE Group, Inc., Class A *		1,213		54,852
Ceridian HCM Holding, Inc. *		400		31,708
Charles Schwab Corp. (The)		3,400		114,716
Charter Communications, Inc., Class A *		461		235,128
Chevron Corp.		3,047		271,884
Chubb Ltd.		1,214		153,717
Cigna Corp.		1,541		289,169
Cisco Systems, Inc.		1,220		56,901
Citigroup, Inc.		5,589		285,598
Citizens Financial Group, Inc.		2,541		64,135
CNA Financial Corp.		252		8,102
Coca-Cola Co. (The)		4,109		183,590
Columbia Sportswear Co. (b)		497		40,048
Comcast Corp., Class A		3,674		143,212
CommScope Holding Co., Inc. *		3,757		31,296
ConocoPhillips		1,883		79,124
Constellation Brands, Inc., Class A		531		92,898
Copart, Inc. *		396		32,975
Coty, Inc., Class A		3,758		16,798
Crowdstrike Holdings, Inc., Class A *		392		39,314
DexCom, Inc. *		127		51,486
Diamondback Energy, Inc.		575		24,046
Discovery, Inc., Class A * (b)		3,365		71,001
Discovery, Inc., Class C *		1,716		33,050
DISH Network Corp., Class A *		1,462		50,454
Dover Corp.		832		80,338
Duke Energy Corp.		538		42,981
East West Bancorp, Inc.		443		16,054
EastGroup Properties, Inc., REIT		217		25,738
Eastman Chemical Co.		843		58,706
Edison International		646		35,084
Eli Lilly and Co.		698		114,598
Energizer Holdings, Inc. (b)		1,311		62,259
Enphase Energy, Inc. *		932		44,335
Entegris, Inc.		633		37,379
Entergy Corp.		374		35,085
EQT Corp.		2,234		26,585
Equitrans Midstream Corp.		4,022		33,423
Exact Sciences Corp. *		430		37,384
Exelixis, Inc. *		1,566		37,177
Facebook, Inc., Class A *		342		77,658
Federal Realty Investment Trust, REIT		373		31,783

INVESTMENTS	SHARES		VALUE
United States — continued
Ferguson plc		1,671		136,632
Fidelity National Information Services, Inc.		269		36,070
Fifth Third Bancorp		1,596		30,771
First Republic Bank		679		71,967
Fiserv, Inc. *		1,196		116,753
Fortune Brands Home & Security, Inc.		588		37,591
FTI Consulting, Inc. *		413		47,309
Garmin Ltd. (b)		694		67,665
Generac Holdings, Inc. *		474		57,795
General Dynamics Corp.		278		41,550
Global Payments, Inc.		414		70,223
Graphic Packaging Holding Co.		3,502		48,993
Hartford Financial Services Group, Inc. (The)		1,207		46,530
HCA Healthcare, Inc.		250		24,265
Home Depot, Inc. (The)		681		170,597
Honeywell International, Inc.		1,386		200,402
IHS Markit Ltd.		430		32,465
Illinois Tool Works, Inc.		258		45,111
Illumina, Inc. *		110		40,738
Ingersoll Rand, Inc. * (b)		719		20,218
Intercept Pharmaceuticals, Inc. *		165		7,905
Intercontinental Exchange, Inc.		1,033		94,623
Intuit, Inc.		181		53,610
Intuitive Surgical, Inc. *		85		48,436
Invesco Ltd.		1,526		16,420
ITT, Inc.		561		32,953
James Hardie Industries plc, CHDI		359		6,917
Jazz Pharmaceuticals plc *		250		27,585
Johnson & Johnson		892		125,442
Keurig Dr Pepper, Inc.		1,188		33,739
KeyCorp		4,698		57,222
Keysight Technologies, Inc. *		364		36,684
Kimco Realty Corp., REIT		2,098		26,938
Kinder Morgan, Inc.		3,658		55,492
Kohl’s Corp.		1,318		27,375
Lam Research Corp.		172		55,635
Las Vegas Sands Corp.		1,312		59,748
Liberty Media Corp.-Liberty SiriusXM, Class A *		100		3,452
Liberty Media Corp.-Liberty SiriusXM, Class C *		500		17,225
Loews Corp. (d)		3,782		129,685

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES		VALUE
Long Positions — continued
Common Stocks — continued
United States — continued
Lowe’s Cos., Inc.		1,399		189,033
Lululemon Athletica, Inc. *		92		28,705
Lyft, Inc., Class A * (b)		2,635		86,981
M&T Bank Corp.		724		75,274
Marathon Petroleum Corp. (b)		1,304		48,744
Marsh & McLennan Cos., Inc.		465		49,927
Martin Marietta Materials, Inc.		386		79,736
Mastercard, Inc., Class A (d)		1,076		318,173
McKesson Corp.		546		83,767
Medallia, Inc. *		561		14,160
Medtronic plc		666		61,072
Merck & Co., Inc.		839		64,880
Mettler-Toledo International, Inc. *		41		33,028
Microchip Technology, Inc. (b)		263		27,697
Microsoft Corp. (d)		5,311		1,080,842
Mid-America Apartment Communities, Inc., REIT		512		58,711
Middleby Corp. (The) *		437		34,497
MongoDB, Inc. * (b)		152		34,404
Morgan Stanley		6,815		329,164
Murphy USA, Inc. *		340		38,281
Nasdaq, Inc.		328		39,186
National Vision Holdings, Inc. *		591		18,037
Netflix, Inc. *		505		229,795
New York Times Co. (The), Class A (b)		823		34,591
Newell Brands, Inc.		2,393		38,001
Nexstar Media Group, Inc., Class A		600		50,214
NextEra Energy, Inc.		1,071		257,222
Nordson Corp.		210		39,839
Nordstrom, Inc. (b)		1,496		23,173
Norfolk Southern Corp.		1,114		195,585
Northern Trust Corp.		570		45,224
NVIDIA Corp.		519		197,173
Old Dominion Freight Line, Inc.		267		45,281
O’Reilly Automotive, Inc. *		607		255,954
Otis Worldwide Corp.		345		19,617
Outfront Media, Inc., REIT		1,437		20,362
Packaging Corp. of America		585		58,383
PayPal Holdings, Inc. *		1,389		242,005
PBF Energy, Inc., Class A (b)		369		3,779
Pfizer, Inc.		2,877		94,078
Philip Morris International, Inc.		675		47,290
Phillips 66		738		53,062
Pioneer Natural Resources Co.		816		79,723

INVESTMENTS	SHARES		VALUE
United States — continued
PNC Financial Services Group, Inc. (The)		1,251		131,618
Polaris, Inc.		47		4,350
Post Holdings, Inc. *		668		58,530
Procter & Gamble Co. (The)		1,373		164,170
Progressive Corp. (The)		667		53,433
Prologis, Inc., REIT		2,050		191,326
Public Storage, REIT		352		67,545
QUALCOMM, Inc.		1,185		108,084
Ralph Lauren Corp.		360		26,107
Rayonier, Inc., REIT		1,924		47,696
Raytheon Technologies Corp.		1,059		65,256
Regeneron Pharmaceuticals, Inc. *		212		132,214
RingCentral, Inc., Class A *		356		101,464
Ross Stores, Inc.		477		40,659
Royalty Pharma plc, Class A *		800		38,840
S&P Global, Inc.		150		49,422
salesforce.com, Inc. *		890		166,724
ServiceNow, Inc. *		127		51,443
Sherwin-Williams Co. (The)		125		72,231
Southwest Airlines Co.		1,038		35,479
Splunk, Inc. *		278		55,239
Spotify Technology SA *		172		44,409
Stanley Black & Decker, Inc.		1,220		170,044
Synopsys, Inc. *		244		47,580
Sysco Corp.		283		15,469
T. Rowe Price Group, Inc.		692		85,462
Take-Two Interactive Software, Inc. *		261		36,428
Teladoc Health, Inc. *		272		51,908
Tesla, Inc. *		306		330,422
Texas Instruments, Inc. (d)		1,710		217,119
Thermo Fisher Scientific, Inc.		649		235,159
Thor Industries, Inc. (b)		361		38,457
T-Mobile US, Inc. *		485		50,513
Tractor Supply Co.		647		85,268
Trade Desk, Inc. (The), Class A * (b)		154		62,601
Trane Technologies plc		1,590		141,478
Travelers Cos., Inc. (The)		964		109,944
Truist Financial Corp.		2,251		84,525
Uber Technologies, Inc. *		576		17,902
Ulta Beauty, Inc. *		100		20,342
Union Pacific Corp.		674		113,953
UnitedHealth Group, Inc. (d)		1,781		525,306
US Bancorp		1,687		62,115
Verizon Communications, Inc.		2,246		123,822

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	SHARES		VALUE
Long Positions — continued
Common Stocks — continued
United States — continued
Vertex Pharmaceuticals, Inc. *		331		96,093
ViacomCBS, Inc. (b)		1,574		36,706
Visa, Inc., Class A		117		22,601
Walgreens Boots Alliance, Inc.		1,452		61,550
Waste Connections, Inc.		506		47,458
Wells Fargo & Co.		4,319		110,566
Westrock Co.		1,397		39,479
Weyerhaeuser Co., REIT (b)		1,705		38,294
Williams Cos., Inc. (The)		3,597		68,415
Xcel Energy, Inc. (b)		3,545		221,562
Zebra Technologies Corp., Class A *		196		50,166
Zillow Group, Inc., Class C * (b)		297		17,110
Zimmer Biomet Holdings, Inc.		1,237		147,648
Zscaler, Inc. *		416		45,552
				21,375,365
Total Common Stocks (Cost $35,498,641)				42,532,637
Investment Companies — 16.0%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (e)		235,278		7,463,008
JPMorgan High Yield Fund Class R6 Shares (e)		1,256,505		8,305,497
Total Investment Companies (Cost $14,323,339)				15,768,505
	PRINCIPAL AMOUNT
Corporate Bonds — 15.4%
Australia — 0.1%
Glencore Funding LLC 4.00%, 3/27/2027 (f)		20,000		21,432
Newcrest Finance Pty. Ltd. 3.25%, 5/13/2030 (f)		20,000		21,354
Scentre Group Trust 1 REIT, 3.25%, 10/28/2025 (f)		20,000		20,554
Westpac Banking Corp. 2.65%, 1/16/2030		40,000		43,879
				107,219
Belgium — 0.2%
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 4/15/2038		45,000		51,680
4.60%, 4/15/2048		25,000		29,185
4.44%, 10/6/2048		15,000		17,274
4.50%, 6/1/2050		70,000		83,467
				181,606

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Canada — 0.6%
Alimentation Couche-Tard, Inc. 2.95%, 1/25/2030 (f)		15,000		15,549
Bank of Montreal 1.85%, 5/1/2025		90,000		93,177
Bank of Nova Scotia (The) 0.80%, 6/15/2023		49,000		48,965
Bell Canada, Inc. 4.30%, 7/29/2049		10,000		12,264
Canadian Imperial Bank of Commerce (ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (g)		145,000		149,877
Emera US Finance LP
3.55%, 6/15/2026		20,000		22,444
4.75%, 6/15/2046		20,000		23,705
Enbridge, Inc. 3.13%, 11/15/2029 (b)		70,000		73,354
Rogers Communications, Inc. (ICE LIBOR USD 3 Month + 0.60%), 0.91%, 3/22/2022 (g)		21,000		21,098
3.70%, 11/15/2049		10,000		11,004
Suncor Energy, Inc.
3.60%, 12/1/2024		10,000		10,796
3.10%, 5/15/2025		30,000		32,042
Toronto-Dominion Bank (The) 0.75%, 6/12/2023		32,000		32,186
TransCanada PipeLines Ltd.
4.25%, 5/15/2028		30,000		34,510
4.10%, 4/15/2030		30,000		34,157
				615,128
China — 0.2%
China Development Bank 0.88%, 1/24/2024 (a)	EUR	200,000		227,649
France — 0.5%
Dexia Credit Local SA
0.75%, 1/25/2023 (a)	EUR	100,000		115,264
1.63%, 12/8/2023 (a)	GBP	100,000		128,975
Societe Generale SA 3.88%, 3/28/2024 (f)		200,000		213,686
Total Capital International SA
2.83%, 1/10/2030		40,000		43,496
2.99%, 6/29/2041		10,000		10,192
3.46%, 7/12/2049		10,000		10,795
3.13%, 5/29/2050		10,000		10,207
				532,615

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Corporate Bonds — continued
Germany — 0.4%
Daimler Finance North America LLC
(ICE LIBOR USD 3 Month + 0.45%), 0.81%, 2/22/2021 (f) (g)		150,000		149,377
3.35%, 2/22/2023 (f)		150,000		157,084
Kreditanstalt fuer Wiederaufbau 0.00%, 12/15/2022	EUR	80,000		91,090
				397,551
Ireland — 0.0% (c)
Avolon Holdings Funding Ltd.
2.88%, 2/15/2025 (f)		40,000		33,566
Japan — 0.3%
Mitsubishi UFJ Financial Group, Inc. 3.54%, 7/26/2021		40,000		41,274
Sumitomo Mitsui Financial Group, Inc. 2.70%, 7/16/2024		200,000		211,874
				253,148
Netherlands — 0.3%
BNG Bank NV
4.75%, 3/6/2023 (a)	AUD	15,000		11,476
1.90%, 11/26/2025 (a)	AUD	90,000		65,241
Shell International Finance BV
2.38%, 4/6/2025		90,000		95,536
2.75%, 4/6/2030		75,000		81,296
				253,549
Singapore — 0.2%
Temasek Financial I Ltd. 0.50%, 3/1/2022 (a)	EUR	150,000		169,317
South Korea — 0.2%
Korea Development Bank (The)
1.75%, 12/15/2022 (a)	GBP	100,000		126,698
0.63%, 7/17/2023 (a)	EUR	100,000		113,403
				240,101
Spain — 0.2%
Banco Santander SA 2.71%, 6/27/2024		200,000		210,213
Switzerland — 0.3%
Credit Suisse Group AG (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (f) (g)		250,000		268,716
Glencore Finance Canada Ltd. 5.55%, 10/25/2042 (f) (h)		10,000		10,979
Novartis Capital Corp. 2.75%, 8/14/2050		20,000		21,120
				300,815

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United Kingdom — 0.9%
BAT Capital Corp.
3.22%, 9/6/2026		20,000		21,469
3.56%, 8/15/2027		35,000		37,870
3.46%, 9/6/2029		15,000		15,956
4.91%, 4/2/2030		15,000		17,614
4.39%, 8/15/2037		35,000		38,178
4.54%, 8/15/2047		15,000		16,328
HSBC Holdings plc (ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025 (g)		200,000		207,392
Royal Bank of Scotland Group plc (ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (g)		200,000		207,648
Standard Chartered plc (ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (f) (g)		200,000		207,620
Vodafone Group plc
4.13%, 5/30/2025		20,000		22,710
5.00%, 5/30/2038		5,000		6,282
4.25%, 9/17/2050		65,000		76,153
				875,220
United States — 11.0%
Abbott Laboratories
1.40%, 6/30/2030		10,000		9,897
4.90%, 11/30/2046		20,000		28,711
AbbVie, Inc.
3.20%, 11/21/2029 (f)		135,000		150,133
4.50%, 5/14/2035		10,000		12,333
4.05%, 11/21/2039 (f)		15,000		17,397
4.45%, 5/14/2046		15,000		18,207
4.25%, 11/21/2049 (f)		25,000		29,968
AEP Transmission Co. LLC Series M, 3.65%, 4/1/2050		15,000		17,312
AES Corp. (The) 3.30%, 7/15/2025 (f)		30,000		30,894
Aetna, Inc.
4.13%, 11/15/2042		10,000		11,242
3.88%, 8/15/2047		15,000		16,915
Aflac, Inc.
3.60%, 4/1/2030		25,000		29,184
4.00%, 10/15/2046		5,000		5,757
Air Lease Corp.
3.25%, 3/1/2025		70,000		69,947
3.38%, 7/1/2025		10,000		9,998
Air Products and Chemicals, Inc.
2.80%, 5/15/2050		10,000		10,598

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Corporate Bonds — continued
United States — continued
Alexandria Real Estate Equities, Inc. REIT, 4.90%, 12/15/2030		25,000		31,130
Altria Group, Inc.
4.80%, 2/14/2029		55,000		64,113
3.88%, 9/16/2046		35,000		34,892
Amazon.com, Inc.
3.88%, 8/22/2037		30,000		37,135
2.50%, 6/3/2050		11,000		11,125
2.70%, 6/3/2060		30,000		30,452
Ameren Corp.
3.50%, 1/15/2031		5,000		5,589
American International Group, Inc.
3.40%, 6/30/2030		10,000		10,832
3.88%, 1/15/2035		20,000		22,917
American Tower Corp.
REIT, 3.38%, 10/15/2026		20,000		22,244
REIT, 2.75%, 1/15/2027		70,000		75,165
REIT, 3.95%, 3/15/2029		40,000		45,519
REIT, 2.10%, 6/15/2030		10,000		10,021
REIT, 3.10%, 6/15/2050		10,000		9,826
American Water Capital Corp. 3.45%, 5/1/2050		15,000		16,853
Amgen, Inc.
2.30%, 2/25/2031		25,000		26,155
3.15%, 2/21/2040		10,000		10,630
3.38%, 2/21/2050		20,000		21,898
Anthem, Inc.
2.88%, 9/15/2029		20,000		21,599
4.63%, 5/15/2042		5,000		6,221
Apple, Inc.
2.95%, 9/11/2049		60,000		65,809
2.65%, 5/11/2050		15,000		15,464
AT&T, Inc.
4.45%, 4/1/2024		85,000		95,227
3.80%, 2/15/2027		50,000		56,304
2.30%, 6/1/2027		10,000		10,325
2.75%, 6/1/2031		20,000		20,690
3.50%, 6/1/2041		40,000		42,007
4.55%, 3/9/2049		60,000		70,713
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (g)		180,000		204,714
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (g)		190,000		214,732
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030 (g)		35,000		37,864

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United States — continued
Becton Dickinson and Co.
3.36%, 6/6/2024		40,000		43,129
3.70%, 6/6/2027		20,000		22,376
2.82%, 5/20/2030		10,000		10,600
4.67%, 6/6/2047		5,000		6,189
3.79%, 5/20/2050		5,000		5,565
Berkshire Hathaway Energy Co.
4.05%, 4/15/2025 (f)		12,000		13,659
3.70%, 7/15/2030 (f)		65,000		76,030
Berkshire Hathaway Finance Corp.
4.20%, 8/15/2048		35,000		44,402
Biogen, Inc. 3.15%, 5/1/2050		15,000		14,442
Boeing Co. (The)
4.51%, 5/1/2023		20,000		21,118
4.88%, 5/1/2025		15,000		16,333
5.04%, 5/1/2027		20,000		22,053
5.15%, 5/1/2030		25,000		27,892
3.60%, 5/1/2034		10,000		9,450
3.25%, 2/1/2035		30,000		27,345
5.71%, 5/1/2040		35,000		39,582
Boston Scientific Corp. 4.55%, 3/1/2039		10,000		12,282
BP Capital Markets America, Inc.
3.54%, 4/6/2027		70,000		77,607
3.00%, 2/24/2050		20,000		19,692
Bristol-Myers Squibb Co. 3.45%, 11/15/2027 (f)		85,000		97,823
Broadcom, Inc.
3.15%, 11/15/2025 (f)		70,000		74,320
4.15%, 11/15/2030 (f)		30,000		32,641
Burlington Northern Santa Fe LLC 3.05%, 2/15/2051		50,000		54,269
Cameron LNG LLC 3.30%, 1/15/2035 (f)		10,000		11,022
Campbell Soup Co. 3.95%, 3/15/2025		20,000		22,484
Carrier Global Corp. 2.49%, 2/15/2027 (f)		20,000		20,370
CenterPoint Energy, Inc. 2.95%, 3/1/2030		4,000		4,248
Charter Communications Operating LLC
4.91%, 7/23/2025		25,000		28,668
5.13%, 7/1/2049		15,000		17,317
4.80%, 3/1/2050		50,000		56,670
3.70%, 4/1/2051		15,000		14,592

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Corporate Bonds — continued
United States — continued
Chevron Corp.
2.00%, 5/11/2027		20,000		20,941
2.98%, 5/11/2040		25,000		26,735
Cigna Corp.
3.05%, 10/15/2027 (f)		20,000		21,733
3.20%, 3/15/2040		10,000		10,590
3.40%, 3/15/2050		15,000		16,159
Citigroup, Inc.
2.70%, 3/30/2021		25,000		25,407
(SOFR + 2.75%), 3.11%, 4/8/2026 (g)		115,000		123,298
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (g)		160,000		176,295
(SOFR + 1.42%), 2.98%, 11/5/2030 (g)		80,000		85,117
Clorox Co. (The) 1.80%, 5/15/2030		10,000		10,086
Coca-Cola Co. (The)
2.50%, 6/1/2040		30,000		31,044
2.60%, 6/1/2050		35,000		35,362
Comcast Corp.
4.15%, 10/15/2028		45,000		54,137
3.40%, 4/1/2030		10,000		11,387
3.20%, 7/15/2036		45,000		50,020
3.75%, 4/1/2040		40,000		47,051
3.45%, 2/1/2050		40,000		45,337
Commonwealth Edison Co.
2.20%, 3/1/2030		10,000		10,527
Series 123, 3.75%, 8/15/2047		10,000		11,886
3.00%, 3/1/2050		10,000		10,540
Concho Resources, Inc. 3.75%, 10/1/2027		20,000		21,325
Constellation Brands, Inc.
3.15%, 8/1/2029		15,000		16,080
3.75%, 5/1/2050		15,000		16,292
Costco Wholesale Corp. 1.75%, 4/20/2032		20,000		20,304
Cox Communications, Inc. 4.80%, 2/1/2035 (f)		25,000		31,436
Crown Castle International Corp.
REIT, 3.30%, 7/1/2030		45,000		49,131
REIT, 2.25%, 1/15/2031		20,000		20,145
REIT, 4.15%, 7/1/2050		10,000		11,494
REIT, 3.25%, 1/15/2051		10,000		9,980
CSX Corp.
3.25%, 6/1/2027		15,000		16,818
3.80%, 4/15/2050		15,000		17,786

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United States — continued
CVS Health Corp.
3.25%, 8/15/2029		20,000		22,093
3.75%, 4/1/2030		45,000		51,745
4.13%, 4/1/2040		15,000		17,691
4.25%, 4/1/2050		20,000		24,057
Deere & Co. 3.10%, 4/15/2030		30,000		34,004
Dell International LLC
4.90%, 10/1/2026 (f)		30,000		33,032
6.10%, 7/15/2027 (f)		4,000		4,620
6.20%, 7/15/2030 (f)		15,000		17,471
Diamondback Energy, Inc. 4.75%, 5/31/2025		30,000		32,084
Discovery Communications LLC
3.63%, 5/15/2030		40,000		43,748
5.20%, 9/20/2047		5,000		5,815
Dominion Energy, Inc. Series D, 2.85%, 8/15/2026		6,000		6,438
Duke Energy Florida LLC 2.50%, 12/1/2029		60,000		64,882
Duke Energy Indiana LLC 2.75%, 4/1/2050		30,000		30,180
Duke Energy Ohio, Inc. 2.13%, 6/1/2030		10,000		10,355
Edison International 4.95%, 4/15/2025		50,000		54,944
Eli Lilly and Co. 2.25%, 5/15/2050		40,000		38,350
Energy Transfer Operating LP
2.90%, 5/15/2025		10,000		10,240
5.25%, 4/15/2029		20,000		21,825
3.75%, 5/15/2030		15,000		14,822
5.15%, 2/1/2043		10,000		9,371
5.15%, 3/15/2045		20,000		18,966
Entergy Corp. 3.75%, 6/15/2050		10,000		11,093
Entergy Louisiana LLC 2.90%, 3/15/2051		20,000		20,496
Entergy Texas, Inc. 3.55%, 9/30/2049		25,000		27,521
Enterprise Products Operating LLC
3.13%, 7/31/2029		15,000		16,052
2.80%, 1/31/2030		40,000		41,941
3.70%, 1/31/2051		30,000		31,190
Equitable Financial Life Global Funding 1.40%, 7/7/2025 (f)		20,000		19,963
Evergy Metro, Inc. Series 2020, 2.25%, 6/1/2030		37,000		38,756
Evergy, Inc. 2.90%, 9/15/2029		37,000		39,639
Exelon Corp. 4.70%, 4/15/2050		15,000		19,058
Exelon Generation Co. LLC 3.25%, 6/1/2025		6,000		6,468

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Corporate Bonds — continued
United States — continued
Exxon Mobil Corp.
2.99%, 3/19/2025		35,000		38,075
2.61%, 10/15/2030		70,000		74,626
3.00%, 8/16/2039 (b)		5,000		5,288
3.10%, 8/16/2049		10,000		10,430
Fidelity National Information Services, Inc. 3.00%, 8/15/2026		35,000		38,780
FirstEnergy Corp.
Series A, 1.60%, 1/15/2026		9,000		9,079
2.65%, 3/1/2030		100,000		104,353
Series B, 2.25%, 9/1/2030 (b)		5,000		5,010
Fiserv, Inc. 3.50%, 7/1/2029		10,000		11,229
Fox Corp. 5.58%, 1/25/2049		5,000		7,034
General Electric Co.
3.45%, 5/1/2027		15,000		15,386
3.63%, 5/1/2030		50,000		50,045
4.13%, 10/9/2042		25,000		23,745
General Motors Financial Co., Inc.
2.75%, 6/20/2025		50,000		49,274
5.25%, 3/1/2026		5,000		5,449
Gilead Sciences, Inc. 4.00%, 9/1/2036		35,000		43,444
Global Payments, Inc.
3.20%, 8/15/2029		24,000		25,704
2.90%, 5/15/2030		15,000		15,688
Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025		135,000		148,028
3.85%, 1/26/2027		40,000		45,121
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (g)		80,000		89,601
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (g)		35,000		39,558
3.80%, 3/15/2030		40,000		45,629
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (g)		15,000		17,524
HCA, Inc. 4.50%, 2/15/2027		95,000		105,906
Healthpeak Properties, Inc.
REIT, 3.00%, 1/15/2030		15,000		15,691
REIT, 2.88%, 1/15/2031		20,000		20,532
Hershey Co. (The) 2.65%, 6/1/2050		10,000		10,175
Home Depot, Inc. (The)
3.30%, 4/15/2040		30,000		34,016
3.13%, 12/15/2049		5,000		5,486
3.35%, 4/15/2050		20,000		22,809
Honeywell International, Inc. 2.80%, 6/1/2050		5,000		5,333

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United States — continued
Intel Corp. 3.90%, 3/25/2030		55,000		66,425
International Business Machines Corp.
1.70%, 5/15/2027		100,000		102,111
1.95%, 5/15/2030		100,000		102,259
Interstate Power and Light Co. 2.30%, 6/1/2030		10,000		10,210
ITC Holdings Corp.
3.35%, 11/15/2027		30,000		33,185
2.95%, 5/14/2030 (f)		45,000		47,755
John Deere Capital Corp. 0.55%, 7/5/2022		26,000		26,073
Johnson & Johnson 3.40%, 1/15/2038		15,000		17,714
Keurig Dr Pepper, Inc.
4.60%, 5/25/2028		45,000		53,965
4.42%, 12/15/2046		5,000		5,954
Kimberly-Clark Corp. 3.10%, 3/26/2030		15,000		17,074
Kroger Co. (The) 3.88%, 10/15/2046		25,000		27,996
L3Harris Technologies, Inc. 4.40%, 6/15/2028		40,000		47,307
Leidos, Inc.
2.95%, 5/15/2023 (f)		10,000		10,417
3.63%, 5/15/2025 (f)		10,000		10,898
4.38%, 5/15/2030 (f)		5,000		5,632
Lockheed Martin Corp.
1.85%, 6/15/2030		10,000		10,247
3.80%, 3/1/2045		20,000		24,276
2.80%, 6/15/2050		20,000		21,096
Lowe’s Cos., Inc.
4.50%, 4/15/2030		10,000		12,265
3.70%, 4/15/2046		40,000		44,725
Mastercard, Inc. 3.35%, 3/26/2030		25,000		28,921
McDonald’s Corp. 4.20%, 4/1/2050		25,000		30,282
Merck & Co., Inc.
2.35%, 6/24/2040		5,000		5,087
3.70%, 2/10/2045		15,000		17,986
2.45%, 6/24/2050		5,000		5,018
MetLife, Inc. 4.13%, 8/13/2042		5,000		5,949
Microsoft Corp.
3.50%, 2/12/2035		25,000		30,590
3.45%, 8/8/2036		30,000		36,172
3.70%, 8/8/2046		30,000		37,627
2.53%, 6/1/2050		15,000		15,521
Mondelez International, Inc. 0.63%, 7/1/2022		5,000		4,999

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Corporate Bonds — continued
United States — continued
Morgan Stanley
(SOFR + 1.15%), 2.72%, 7/22/2025 (g)		160,000		169,890
3.88%, 1/27/2026		40,000		45,248
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (g)		100,000		112,463
(SOFR + 1.14%), 2.70%, 1/22/2031 (g)		60,000		63,728
(SOFR + 3.12%), 3.62%, 4/1/2031 (g)		20,000		22,843
Mosaic Co. (The) 4.05%, 11/15/2027		15,000		15,927
MPLX LP
4.00%, 3/15/2028		25,000		26,340
4.50%, 4/15/2038		25,000		24,991
4.70%, 4/15/2048		10,000		10,252
Narragansett Electric Co. (The) 3.40%, 4/9/2030 (f)		10,000		11,261
NextEra Energy Capital Holdings, Inc.
2.75%, 11/1/2029		30,000		32,339
2.25%, 6/1/2030		55,000		56,500
NIKE, Inc.
3.25%, 3/27/2040		5,000		5,633
3.38%, 3/27/2050		5,000		5,733
Norfolk Southern Corp. 3.05%, 5/15/2050		37,000		38,078
Northrop Grumman Corp. 3.25%, 1/15/2028		90,000		100,554
Ohio Power Co. Series P, 2.60%, 4/1/2030		25,000		26,834
Oncor Electric Delivery Co. LLC 3.70%, 5/15/2050 (f)		5,000		6,059
ONE Gas, Inc. 2.00%, 5/15/2030		10,000		10,186
ONEOK, Inc. 3.40%, 9/1/2029		35,000		34,037
Oracle Corp.
2.80%, 4/1/2027		30,000		32,758
3.60%, 4/1/2040		60,000		68,104
3.60%, 4/1/2050		30,000		33,810
Otis Worldwide Corp. 2.57%, 2/15/2030 (f)		40,000		41,946
Pacific Gas & Electric Co. 4.45%, 4/15/2042		30,000		33,375
Pacific Gas and Electric Co.
3.85%, 11/15/2023		45,000		49,950
4.60%, 6/15/2043		19,000		21,422
4.00%, 12/1/2046		20,000		21,050

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United States — continued
PacifiCorp
2.70%, 9/15/2030		35,000		38,120
4.13%, 1/15/2049		20,000		24,746
3.30%, 3/15/2051		40,000		44,051
PECO Energy Co. 2.80%, 6/15/2050		8,000		8,255
PepsiCo, Inc. 3.50%, 3/19/2040		15,000		17,828
Pfizer, Inc.
1.70%, 5/28/2030		33,000		33,576
2.55%, 5/28/2040		35,000		36,325
2.70%, 5/28/2050		20,000		20,624
Philip Morris International, Inc.
1.50%, 5/1/2025		10,000		10,252
2.10%, 5/1/2030		50,000		51,506
3.88%, 8/21/2042		20,000		22,917
Phillips 66 2.15%, 12/15/2030		35,000		33,872
Phillips 66 Partners LP 3.15%, 12/15/2029		15,000		15,354
Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050		20,000		21,856
Plains All American Pipeline LP 3.80%, 9/15/2030		15,000		14,771
Prologis LP
REIT, 3.25%, 10/1/2026		20,000		22,433
REIT, 2.25%, 4/15/2030		10,000		10,528
Prudential Financial, Inc. 3.00%, 3/10/2040		10,000		10,183
Public Service Co. of Colorado
Series 35, 1.90%, 1/15/2031		20,000		20,398
Series 36, 2.70%, 1/15/2051		10,000		10,233
Public Service Electric and Gas Co. 2.70%, 5/1/2050		10,000		10,351
QUALCOMM, Inc.
2.15%, 5/20/2030		15,000		15,613
3.25%, 5/20/2050		10,000		10,933
Raytheon Technologies Corp.
4.13%, 11/16/2028		100,000		117,846
4.45%, 11/16/2038		10,000		12,230
Reliance Standard Life Global Funding II 2.15%, 1/21/2023 (f)		10,000		10,198
Republic Services, Inc. 2.30%, 3/1/2030		10,000		10,430
Roper Technologies, Inc.
2.95%, 9/15/2029		15,000		16,381
2.00%, 6/30/2030		10,000		10,005
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030 (f)		20,000		22,084

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Corporate Bonds — continued
United States — continued
San Diego Gas & Electric Co. 3.32%, 4/15/2050		20,000		21,725
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (b) (f)		15,000		16,185
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		90,000		99,829
Simon Property Group LP
REIT, 3.38%, 10/1/2024		25,000		26,894
REIT, 3.25%, 9/13/2049		10,000		9,320
Southern California Edison Co.
2.25%, 6/1/2030		35,000		35,541
3.65%, 2/1/2050		15,000		16,476
Southern Co. (The)
2.35%, 7/1/2021		26,000		26,442
4.40%, 7/1/2046		10,000		11,842
Southwest Gas Corp. 2.20%, 6/15/2030		20,000		20,524
Starbucks Corp.
2.55%, 11/15/2030		15,000		15,730
3.75%, 12/1/2047		5,000		5,374
3.35%, 3/12/2050		10,000		10,002
State Street Corp.
4.38%, 3/7/2021		37,000		38,010
(ICE LIBOR USD 3 Month + 1.03%), 4.14%, 12/3/2029 (g)		35,000		42,054
Stryker Corp.
1.95%, 6/15/2030		15,000		15,063
2.90%, 6/15/2050		5,000		5,011
Sunoco Logistics Partners Operations LP
5.30%, 4/1/2044		10,000		9,645
5.35%, 5/15/2045		10,000		9,663
Texas Instruments, Inc. 1.75%, 5/4/2030		20,000		20,291
Time Warner Cable LLC 4.50%, 9/15/2042		20,000		21,480
TJX Cos., Inc. (The) 3.50%, 4/15/2025		20,000		22,252
T-Mobile USA, Inc.
3.50%, 4/15/2025 (f)		25,000		27,251
3.75%, 4/15/2027 (f)		40,000		44,380
2.05%, 2/15/2028 (f)		45,000		45,021
3.88%, 4/15/2030 (f)		10,000		11,146
2.55%, 2/15/2031 (f)		20,000		20,070
4.38%, 4/15/2040 (f)		15,000		17,351
Transcontinental Gas Pipe Line Co. LLC 3.25%, 5/15/2030 (f)		45,000		48,056
Travelers Cos., Inc. (The) 2.55%, 4/27/2050		20,000		19,761

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United States — continued
Tucson Electric Power Co. 4.00%, 6/15/2050		20,000		23,405
Tyson Foods, Inc.
3.55%, 6/2/2027		30,000		33,219
4.55%, 6/2/2047		5,000		6,009
UDR, Inc. REIT, 3.20%, 1/15/2030		20,000		21,792
Union Electric Co. 2.95%, 3/15/2030		55,000		61,355
Union Pacific Corp.
3.55%, 8/15/2039		45,000		50,470
UnitedHealth Group, Inc.
2.88%, 8/15/2029		70,000		78,131
2.00%, 5/15/2030		25,000		26,166
3.50%, 8/15/2039		15,000		17,437
2.75%, 5/15/2040		7,000		7,423
Upjohn, Inc.
1.13%, 6/22/2022 (f)		30,000		30,161
1.65%, 6/22/2025 (f)		30,000		30,584
2.30%, 6/22/2027 (f)		20,000		20,647
2.70%, 6/22/2030 (f)		15,000		15,411
3.85%, 6/22/2040 (f)		10,000		10,725
4.00%, 6/22/2050 (f)		10,000		10,703
Verizon Communications, Inc.
4.33%, 9/21/2028		30,000		36,115
3.15%, 3/22/2030		30,000		33,910
4.27%, 1/15/2036		60,000		74,283
3.85%, 11/1/2042		20,000		24,411
4.00%, 3/22/2050		10,000		12,589
ViacomCBS, Inc.
4.75%, 5/15/2025		25,000		28,483
4.60%, 1/15/2045		15,000		15,876
4.95%, 5/19/2050		10,000		11,134
Visa, Inc. 2.70%, 4/15/2040		25,000		26,782
Walmart, Inc. 3.95%, 6/28/2038		20,000		25,448
Walt Disney Co. (The)
3.50%, 5/13/2040		15,000		16,345
2.75%, 9/1/2049		10,000		9,756
Waste Management, Inc. 4.00%, 7/15/2039		24,000		24,769
Wells Fargo & Co.
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (g)		100,000		104,100
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (g)		80,000		86,744
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (g)		60,000		66,590

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Corporate Bonds — continued
United States — continued
(SOFR + 2.10%), 2.39%, 6/2/2028 (g)		15,000		15,495
4.15%, 1/24/2029		50,000		58,664
(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031 (g)		25,000		26,152
(ICE LIBOR USD 3 Month + 3.77%), 4.48%, 4/4/2031 (g)		90,000		108,952
Welltower, Inc.
REIT, 4.00%, 6/1/2025		25,000		27,635
REIT, 3.10%, 1/15/2030		25,000		25,925
REIT, 2.75%, 1/15/2031		25,000		24,873
Xcel Energy, Inc.
2.60%, 12/1/2029		30,000		32,182
3.40%, 6/1/2030		45,000		51,691
Xylem, Inc. 1.95%, 1/30/2028		20,000		20,168
Zoetis, Inc.
3.90%, 8/20/2028		40,000		47,100
2.00%, 5/15/2030		20,000		20,397
3.00%, 5/15/2050		10,000		10,281
				10,776,052
Total Corporate Bonds (Cost $14,778,389)				15,173,749
Foreign Government Securities — 7.1%
Australia — 0.1%
Commonwealth of Australia
2.25%, 5/21/2028 (a)	AUD	44,000		33,926
2.75%, 11/21/2029 (a)	AUD	57,000		46,102
3.75%, 4/21/2037 (a)	AUD	36,000		33,707
2.75%, 5/21/2041 (a)	AUD	1,000		829
3.00%, 3/21/2047 (a)	AUD	8,000		7,026
				121,590
Austria — 0.0% (c)
Republic of Austria 0.85%, 6/30/2120 (a)	EUR	11,000		13,704
Belgium — 0.2%
Kingdom of Belgium
3.00%, 6/22/2034 (a)	EUR	31,000		48,890
1.90%, 6/22/2038 (a)	EUR	49,000		70,446
1.60%, 6/22/2047 (a)	EUR	1,000		1,413
1.70%, 6/22/2050 (a)	EUR	12,000		17,529
2.15%, 6/22/2066 (a)	EUR	7,000		12,350
				150,628

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Canada — 0.1%
Canada Government Bond
1.50%, 9/1/2024	CAD	2,000		1,544
1.25%, 3/1/2025	CAD	7,000		5,369
0.50%, 9/1/2025	CAD	12,000		8,901
1.00%, 6/1/2027	CAD	17,000		13,024
2.25%, 6/1/2029	CAD	33,000		28,043
5.00%, 6/1/2037	CAD	8,000		9,762
3.50%, 12/1/2045	CAD	9,000		10,382
2.75%, 12/1/2048	CAD	21,000		22,210
2.75%, 12/1/2064	CAD	3,000		3,601
				102,836
China — 0.2%
Export-Import Bank of China (The) 0.75%, 5/28/2023 (a)	EUR	200,000		225,543
Denmark — 0.1%
Kingdom of Denmark
3.00%, 11/15/2021	DKK	42,000		6,641
1.50%, 11/15/2023	DKK	36,000		5,809
1.75%, 11/15/2025	DKK	28,000		4,746
0.50%, 11/15/2027	DKK	10,000		1,612
0.50%, 11/15/2029 (a)	DKK	86,000		13,984
4.50%, 11/15/2039	DKK	78,000		22,198
				54,990
France — 0.7%
French Republic
1.75%, 11/25/2024 (a)	EUR	28,500		35,315
0.25%, 11/25/2026 (a)	EUR	119,000		139,475
0.10%, 3/1/2029 (a)	EUR	32,000		39,272
0.50%, 5/25/2029 (a)	EUR	94,500		113,207
0.00%, 11/25/2029 (a)	EUR	55,000		62,913
1.25%, 5/25/2034 (a)	EUR	104,030		135,859
3.25%, 5/25/2045 (a)	EUR	34,000		63,169
2.00%, 5/25/2048 (a)	EUR	17,000		26,427
1.50%, 5/25/2050 (a)	EUR	1,000		1,412
4.00%, 4/25/2055 (a)	EUR	12,000		27,834
4.00%, 4/25/2060 (a)	EUR	2,000		4,891
1.75%, 5/25/2066 (a)	EUR	23,000		36,815
				686,589
Germany — 0.1%
Bundesrepublik Deutschland 3.25%, 7/4/2042 (a)	EUR	32,000		63,356

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Foreign Government Securities — continued
Indonesia — 0.1%
Republic of Indonesia 2.15%, 7/18/2024 (a)	EUR	100,000		115,826
Italy — 1.3%
Buoni Poliennali del Tesoro
0.20%, 10/15/2020	EUR	167,000		187,824
0.45%, 6/1/2021 (a)	EUR	20,000		22,585
0.35%, 11/1/2021	EUR	102,000		115,252
5.00%, 3/1/2022	EUR	6,000		7,301
1.35%, 4/15/2022	EUR	33,000		37,908
1.45%, 9/15/2022	EUR	41,000		47,387
0.05%, 1/15/2023 (a)	EUR	82,000		91,808
1.85%, 5/15/2024	EUR	8,000		9,465
0.35%, 2/1/2025 (a)	EUR	63,000		69,995
1.45%, 5/15/2025 (a)	EUR	59,000		68,773
1.60%, 6/1/2026	EUR	117,000		137,483
2.80%, 12/1/2028 (a)	EUR	4,000		5,104
3.00%, 8/1/2029 (a)	EUR	55,000		71,524
1.35%, 4/1/2030 (a)	EUR	103,000		117,115
0.40%, 5/15/2030 (a)	EUR	30,000		32,412
1.65%, 3/1/2032 (a)	EUR	46,000		53,120
2.45%, 9/1/2033 (a)	EUR	17,000		21,158
2.25%, 9/1/2036 (a)	EUR	48,000		58,070
4.00%, 2/1/2037 (a)	EUR	19,000		28,030
4.75%, 9/1/2044 (a)	EUR	19,000		31,970
3.45%, 3/1/2048 (a)	EUR	30,000		42,559
3.85%, 9/1/2049 (a)	EUR	4,000		6,071
2.80%, 3/1/2067 (a)	EUR	5,000		6,248
				1,269,162
Japan — 2.6%
Japan Finance Organization for Municipalities 0.88%, 9/22/2021 (a)	EUR	100,000		113,906
Japan Government Bond
0.10%, 9/20/2021	JPY	36,650,000		340,520
0.10%, 12/20/2022	JPY	22,300,000		207,750
0.60%, 12/20/2023	JPY	17,200,000		163,333
0.10%, 9/20/2024	JPY	10,800,000		100,949
0.10%, 12/20/2024	JPY	14,800,000		138,378
0.10%, 3/20/2025	JPY	850,000		7,946
0.10%, 6/20/2029	JPY	3,900,000		36,479
0.10%, 9/20/2029	JPY	750,000		7,007
0.10%, 12/20/2029	JPY	17,950,000		167,496
0.10%, 3/20/2030	JPY	6,650,000		62,028
1.50%, 3/20/2034	JPY	42,450,000		461,554

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Japan — continued
0.60%, 12/20/2037	JPY	39,600,000		382,284
2.50%, 3/20/2038	JPY	500,000		6,327
0.30%, 12/20/2039	JPY	3,650,000		33,145
1.70%, 9/20/2044	JPY	50,000		589
1.40%, 12/20/2045	JPY	5,650,000		63,237
0.80%, 3/20/2047	JPY	9,000,000		88,556
0.40%, 9/20/2049	JPY	2,000,000		17,610
0.40%, 12/20/2049	JPY	2,250,000		19,789
0.90%, 3/20/2057	JPY	15,650,000		158,212
				2,577,095
Netherlands — 0.1%
Kingdom of Netherlands
0.25%, 7/15/2029 (a)	EUR	19,000		22,568
2.50%, 1/15/2033 (a)	EUR	26,000		39,389
0.50%, 1/15/2040 (a)	EUR	19,000		23,621
2.75%, 1/15/2047 (a)	EUR	10,000		19,412
				104,990
Qatar — 0.2%
State of Qatar 3.88%, 4/23/2023 (f)		200,000		214,750
South Korea — 0.1%
Export-Import Bank of Korea 0.38%, 3/26/2024 (a)	EUR	100,000		112,912
Spain — 0.6%
Bonos and Obligaciones del Estado
0.40%, 4/30/2022	EUR	27,000		30,786
1.60%, 4/30/2025 (a)	EUR	33,000		40,189
1.40%, 7/30/2028 (a)	EUR	4,000		4,914
1.45%, 4/30/2029 (a)	EUR	45,000		55,534
0.60%, 10/31/2029 (a)	EUR	52,000		59,752
0.50%, 4/30/2030 (a)	EUR	84,000		95,232
1.95%, 7/30/2030 (a)	EUR	37,000		47,814
1.25%, 10/31/2030 (a)	EUR	43,000		52,109
2.35%, 7/30/2033 (a)	EUR	15,000		20,404
1.85%, 7/30/2035 (a)	EUR	9,000		11,625
4.20%, 1/31/2037 (a)	EUR	31,000		52,947
1.20%, 10/31/2040 (a)	EUR	37,000		42,605
2.70%, 10/31/2048 (a)	EUR	30,000		45,480
3.45%, 7/30/2066 (a)	EUR	10,000		18,478
				577,869
Sweden — 0.0% (c)
Kingdom of Sweden
5.00%, 12/1/2020	SEK	55,000		6,029
3.50%, 6/1/2022	SEK	35,000		4,035

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Foreign Government Securities — continued
Sweden — continued
2.50%, 5/12/2025	SEK	90,000		10,990
0.75%, 11/12/2029 (a)	SEK	40,000		4,620
2.25%, 6/1/2032 (a)	SEK	15,000		2,006
3.50%, 3/30/2039	SEK	45,000		7,553
				35,233
United Kingdom — 0.6%
United Kingdom of Great Britain and Northern Ireland
0.63%, 6/7/2025 (a)	GBP	3,000		3,842
4.75%, 12/7/2038 (a)	GBP	60,000		129,428
3.50%, 1/22/2045 (a)	GBP	14,000		28,593
4.25%, 12/7/2046 (a)	GBP	50,000		116,303
1.75%, 1/22/2049 (a)	GBP	46,500		74,335
4.25%, 12/7/2055 (a)	GBP	14,500		38,893
2.50%, 7/22/2065 (a)	GBP	54,660		120,085
3.50%, 7/22/2068 (a)	GBP	10,000		27,867
				539,346
Total Foreign Government Securities (Cost $6,786,997)				6,966,419
Collateralized Mortgage Obligations — 3.7%
United States — 3.7%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 2.58%, 6/25/2045 (i)		23,702		23,613
Banc of America Funding Trust Series 2006-A, Class 1A1, 4.22%, 2/20/2036 (i)		16,332		15,344
Banc of America Mortgage Trust Series 2005-A, Class 2A2, 3.71%, 2/25/2035 (i)		17,649		17,104
Bear Stearns ALT-A Trust Series 2005-4, Class 23A2, 3.77%, 5/25/2035 (i)		33,055		32,130
COLT Mortgage Loan Trust Series 2019-1, Class A1, 3.71%, 3/25/2049 (f) (i)		114,967		116,132
Deephaven Residential Mortgage Trust
Series 2019-2A, Class M1, 3.92%, 4/25/2059 ‡ (f) (i)		175,000		169,900
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (f) (i)		140,000		130,610
Series 2020-1, Class A3, 2.65%, 1/25/2060 (f) (i)		359,431		357,378
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 0.93%, 10/25/2047 (i)		241,913		212,792

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United States — continued
FNMA, Connecticut Avenue Securities
Series 2014-C04, Class 2M2, 5.18%, 11/25/2024 (i)		51,451		52,855
Series 2017-C07, Class 2M2, 2.68%, 5/25/2030 (i)		393,581		387,024
Series 2018-C02, Class 2M2, 2.38%, 8/25/2030 (i)		389,401		380,629
Series 2018-C04, Class 2M2, 2.73%, 12/25/2030 (i)		98,216		96,651
GCAT Trust Series 2019-NQM2, Class A3, 3.16%, 9/25/2059 (f) (h)		251,581		257,582
GSR Mortgage Loan Trust Series 2005-AR3, Class 1A1, 0.62%, 5/25/2035 (i)		65,788		59,540
Homeward Opportunities Fund I Trust Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (f) (i)		250,000		240,686
Impac CMB Trust Series 2004-7, Class 1A2, 1.10%, 11/25/2034 (i)		65,245		63,522
JP Morgan Mortgage Trust Series 2005-A3, Class 4A1, 4.54%, 6/25/2035 (i)		5,761		5,797
Lehman Mortgage Trust Series 2005-3, Class 2A3, 5.50%, 1/25/2036		7,463		7,687
LHOME Mortgage Trust Series 2019-RTL1, Class A1, 4.58%, 10/25/2023 (f) (h)		100,000		99,668
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 4.23%, 1/25/2037 (i)		12,874		12,109
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 3.68%, 7/25/2034 (i)		15,080		14,737
Series 2005-5AR, Class 1M1, 0.93%, 9/25/2035 ‡ (i)		38,723		38,616
New Residential Mortgage Loan Trust Series 2019-NQM4, Class M1, 2.99%, 9/25/2059 ‡ (f) (i)		300,000		274,251
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1APT, 0.46%, 12/25/2035 (i)		42,803		39,017
Residential Asset Securitization Trust Series 2004-A6, Class A1, 5.00%, 8/25/2019		822		822
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 2.01%, 10/25/2037 (i)		295,542		267,477

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Toorak Mortgage Corp. Ltd.
Series 2019-1, Class A1, 4.46%, 3/25/2022 (f) (h)		120,000		120,298
Series 2019-2, Class A1, 3.72%, 9/25/2022 (h)		110,000		109,732
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.62%, 3/25/2035 (i)		13,948		13,422
Series 2005-AR5, Class A6, 3.64%, 5/25/2035 (i)		22,135		21,907
Series 2005-AR10, Class 1A3, 4.12%, 9/25/2035 (i)		22,664		23,355
Total Collateralized Mortgage Obligations (Cost $3,767,083)				3,662,387
Asset-Backed Securities — 2.4%
United States — 2.4%
ACC Trust Series 2019-1, Class B, 4.47%, 10/20/2022 (f)		100,000		96,338
Accredited Mortgage Loan Trust Series 2005-4, Class A2D, 0.50%, 12/25/2035 ‡ (i)		45,863		45,800
American Credit Acceptance Receivables Trust
Series 2019-1, Class E, 4.84%, 4/14/2025 (f)		100,000		100,824
Series 2019-2, Class D, 3.41%, 6/12/2025 (f)		20,000		20,434
Series 2019-3, Class D, 2.89%, 9/12/2025 (f)		61,000		61,251
AmeriCredit Automobile Receivables Trust
Series 2019-1, Class C, 3.36%, 2/18/2025		15,000		15,588
Series 2019-1, Class D, 3.62%, 3/18/2025		20,000		20,512
AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1997-1, Class A7, 7.61%, 3/25/2027 ‡		10,851		10,856
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE6, Class M2, 2.66%, 11/25/2033 ‡ (i)		61,628		61,074
Series 2004-HE3, Class M2, 1.86%, 6/25/2034 ‡ (i)		61,781		60,320
Series 2005-HE6, Class M3, 0.98%, 7/25/2035 ‡ (i)		6,933		6,988

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United States — continued
Bear Stearns Asset-Backed Securities Trust
Series 2004-HE5, Class M2, 2.06%, 7/25/2034 ‡ (i)		11,854		11,783
Series 2003-2, Class M1, 1.98%, 3/25/2043 ‡ (i)		28,964		28,968
Conn’s Receivables Funding LLC
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (f)		13,456		13,217
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (f)		78,478		76,677
Series 2019-A, Class C, 5.29%, 10/16/2023 (f)		156,955		147,486
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 0.93%, 5/25/2034 ‡ (i)		21,821		21,598
Series 2006-19, Class 2A2, 0.34%, 3/25/2037 ‡ (i)		61,753		60,741
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 1.01%, 3/25/2034 ‡ (i)		41,596		40,923
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 2.51%, 5/25/2034 (i)		26,312		25,763
Series 2004-5, Class M3, 1.91%, 7/25/2034 ‡ (i)		55,067		54,342
Drive Auto Receivables Trust
Series 2019-1, Class D, 4.09%, 6/15/2026		65,000		66,262
Series 2019-3, Class D, 3.18%, 10/15/2026		70,000		71,057
Driven Brands Funding LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049 (f)		64,188		67,909
DT Auto Owner Trust
Series 2017-4A, Class E, 5.15%, 11/15/2024 (f)		110,000		113,040
Series 2019-1A, Class E, 4.94%, 2/17/2026 (f)		100,000		100,734
Series 2019-3A, Class E, 3.85%, 8/17/2026 (f)		100,000		98,011
Exeter Automobile Receivables Trust
Series 2018-3A, Class E, 5.43%, 8/15/2024 (f)		10,000		9,943
Series 2018-4A, Class D, 4.35%, 9/16/2024 (f)		40,000		41,644
Series 2019-1A, Class D, 4.13%, 12/16/2024 (f)		95,000		98,176

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series 2019-2A, Class D, 3.71%, 3/17/2025 (f)		20,000		20,438
Series 2018-4A, Class E, 5.38%, 7/15/2025 (f)		20,000		20,278
First Franklin Mortgage Loan Trust Series 2004-FFH3, Class M1, 1.05%, 10/25/2034 ‡ (i)		43,902		43,830
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023 (f)		28,012		28,325
Series 2019-4A, Class B, 2.78%, 9/16/2024 (f)		50,000		50,666
Series 2019-1A, Class C, 3.87%, 12/16/2024 (f)		30,000		30,636
Series 2019-4A, Class C, 3.06%, 8/15/2025 (f)		40,000		40,381
Long Beach Mortgage Loan Trust
Series 2004-4, Class M1, 1.08%, 10/25/2034 ‡ (i)		67,403		65,320
Series 2004-6, Class A3, 1.48%, 11/25/2034 ‡ (i)		21,657		21,623
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-NC10, Class M1, 1.20%, 10/25/2033 ‡ (i)		34,361		33,740
Santander Drive Auto Receivables Trust Series 2019-1, Class C, 3.42%, 4/15/2025		29,000		29,575
Saxon Asset Securities Trust Series 2003-3, Class M1, 1.16%, 12/25/2033 ‡ (i)		37,564		35,926
Structured Asset Investment Loan Trust Series 2003-BC11, Class M1, 1.16%, 10/25/2033 ‡ (i)		13,240		13,147
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 0.35%, 1/25/2037 (i)		72,133		70,257
Series 2007-WF2, Class A1, 1.18%, 8/25/2037 ‡ (i)		33,346		33,032
United Airlines Pass-Through Trust Series 2016-2, Class AA, 2.88%, 10/7/2028		26,035		24,312
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 0.33%, 1/25/2037 ‡ (i)		16,369		16,350
Westlake Automobile Receivables Trust
Series 2019-1A, Class D, 3.67%, 3/15/2024 (f)		75,000		77,208

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United States — continued
Series 2019-1A, Class E, 4.49%, 7/15/2024 (f)		60,000		61,863
Total Asset-Backed Securities (Cost $2,329,745)				2,365,166
U.S. Treasury Obligations — 2.3%
U.S. Treasury Notes 2.50%, 1/31/2021 (j) (Cost $2,213,153)		2,194,000		2,223,825
Commercial Mortgage-Backed Securities — 2.1%
United States — 2.1%
BANK Series 2017-BNK7, Class B, 3.95%, 9/15/2060		25,000		25,202
BX Commercial Mortgage Trust Series 2020-BXLP, Class F, 2.18%, 12/15/2036 ‡ (f) (i)		100,000		94,994
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class E, 2.33%, 12/15/2037 ‡ (f) (i)		100,000		95,394
Series 2019-LIFE, Class G, 3.43%, 12/15/2037 ‡ (f) (i)		100,000		93,769
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2036 ‡ (f) (i)		100,000		101,853
Series 2019-PRM, Class E, 4.89%, 5/10/2036 ‡ (f) (i)		100,000		97,720
Series 2012-GC8, Class D, 5.04%, 9/10/2045 ‡ (f) (i)		100,000		80,922
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (f)		20,000		13,413
Series 2017-P7, Class D, 3.25%, 4/14/2050 ‡ (f)		23,000		17,064
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (i)		15,000		15,073
Commercial Mortgage Trust Series 2016-CR28, Class C, 4.80%, 2/10/2049 ‡ (i)		100,000		91,519
DBGS Mortgage Trust Series 2018-5BP, Class B, 1.01%, 6/15/2033 ‡ (f) (i)		100,000		95,336
FHLMC Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029 (i)		250,000		38,075
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.24%, 7/25/2026 (i)		180,000		18,786
Series K083, Class X1, IO, 0.18%, 9/25/2028 (i)		14,571,086		88,563
Series K094, Class X1, IO, 1.02%, 6/25/2029 (i)		1,274,640		85,778
Series K723, Class X3, IO, 1.98%, 10/25/2034 (i)		119,125		6,488

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series K153, Class X3, IO, 3.90%, 4/25/2035 (i)		100,000		29,360
Series K716, Class X3, IO, 1.86%, 8/25/2042 (i)		317,355		5,675
Series K726, Class X3, IO, 2.21%, 7/25/2044 (i)		302,035		21,006
Series K728, Class X3, IO, 2.02%, 11/25/2045 (i)		151,300		10,654
Series K071, Class X3, IO, 2.08%, 11/25/2045 (i)		700,000		84,860
Series K092, Class X3, IO, 2.32%, 5/25/2047 (i)		100,000		15,742
Series K094, Class X3, IO, 2.20%, 7/25/2047 (i)		588,425		89,422
FNMA ACES Series 2016-M4, Class X2, IO, 2.71%, 1/25/2039 (i)		211,596		14,570
FREMF Series 2018-KF46, Class B, 2.13%, 3/25/2028 (f) (i)		6,507		6,311
FREMF Mortgage Trust
Series 2015-KF09, Class B, 5.53%, 5/25/2022 (f) (i)		2,262		2,247
Series 2015-KF10, Class B, 6.28%, 7/25/2022 (f) (i)		7,022		6,975
Series 2017-KF32, Class B, 2.73%, 5/25/2024 (f) (i)		9,120		8,847
Series 2017-KF38, Class B, 2.68%, 9/25/2024 (f) (i)		6,948		6,671
Series 2018-KF42, Class B, 2.38%, 12/25/2024 (f) (i)		8,033		7,740
Series 2018-KF45, Class B, 2.13%, 3/25/2025 (f) (i)		17,039		16,097
Series 2018-KF49, Class B, 2.08%, 6/25/2025 (f) (i)		7,851		7,402
Series 2018-KC02, Class B, 4.22%, 7/25/2025 (f) (i)		35,000		35,097
Series 2018-KF53, Class B, 2.23%, 10/25/2025 (i)		75,692		70,238
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (f) (i)		30,000		30,667
Series 2019-KF62, Class B, 2.23%, 4/25/2026 (f) (i)		23,757		22,322
Series 2018-KF50, Class B, 2.08%, 7/25/2028 (f) (i)		8,094		7,359
Series 2019-KF63, Class B, 2.53%, 5/25/2029 (f) (i)		59,000		54,641
Series 2012-K19, Class C, 4.16%, 5/25/2045 (f) (i)		10,000		10,227

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
United States — continued
Series 2017-K67, Class C, 4.08%, 9/25/2049 (f) (i)		15,000		14,788
Series 2019-K103, Class C, 3.57%, 12/25/2051 (f) (i)		25,000		24,502
Series 2020-K737, Class B, 3.41%, 1/25/2053 (f) (i)		100,000		103,881
Series 2019-K96, Class B, 3.94%, 8/25/2056 (f) (i)		30,000		32,174
GNMA
Series 2012-44, IO, 0.23%, 3/16/2049 (i)		220,697		1,230
Series 2013-80, IO, 0.90%, 3/16/2052 (i)		246,486		7,386
Series 2014-186, IO, 0.70%, 8/16/2054 (i)		338,602		12,245
Series 2013-178, IO, 0.56%, 6/16/2055 (i)		84,124		1,914
Series 2015-172, IO, 0.79%, 3/16/2057 (i)		151,830		6,575
Series 2016-40, IO, 0.70%, 7/16/2057 (i)		483,240		20,622
Series 2016-71, Class QI, IO, 0.96%, 11/16/2057 (i)		341,834		20,476
Series 2016-155, IO, 0.88%, 2/16/2058 (i)		425,963		26,964
Series 2017-86, IO, 0.78%, 5/16/2059 (i)		257,055		14,475
Series 2017-148, IO, 0.65%, 7/16/2059 (i)		135,321		6,666
Series 2017-69, IO, 0.81%, 7/16/2059 (i)		439,019		25,459
Series 2017-171, IO, 0.69%, 9/16/2059 (i)		92,809		5,350
Series 2018-119, IO, 0.65%, 5/16/2060 (i)		352,994		21,463
Series 2020-28, IO, 0.86%, 11/16/2061 (i)		238,361		17,993
Series 2020-23, IO, 0.79%, 4/16/2062 (i)		368,486		26,937
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044 (i)		4,377		4,323
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (i)		56,208		32,519

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (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
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (f) (i)		15,000		12,948
Total Commercial Mortgage-Backed Securities (Cost $2,222,797)				2,064,969
	NO. OF CONTRACTS
Options Purchased — 0.4%
Put Options Purchased — 0.4%
United States — 0.4%
S&P 500 Index 9/18/2020 at USD 2,875.00, European Style Notional Amount: USD 5,580,522 Exchange-Traded *		18		154,440
S&P 500 Index 9/18/2020 at USD 2,950.00, European Style Notional Amount: USD 3,720,348 Exchange-Traded *		12		123,000
S&P 500 Index 9/18/2020 at USD 2,725.00, European Style Notional Amount: USD 5,580,522 Exchange-Traded *		18		100,260
S&P 500 Index 7/31/2020 at USD 3,050.00, European Style Notional Amount: USD 310,029 Exchange-Traded *		1		7,225
Total Put Options Purchased				384,925
Total Options Purchased (Cost $756,391)				384,925
	PRINCIPAL AMOUNT
Supranational — 0.1%
Supranational — 0.1%
European Investment Bank
2.80%, 1/15/2021	AUD	33,000		23,070
2.25%, 7/30/2021 (f)	CAD	50,000		37,589
0.50%, 6/21/2023	AUD	30,000		20,568
Inter-American Development Bank
0.50%, 5/23/2023	CAD	63,000		46,185
4.40%, 1/26/2026	CAD	16,000		14,086
Total Supranational (Cost $144,758)				141,498

Investments	NO. OF RIGHTS			Value
Rights — 0.0% (c)
United States — 0.0% (c)
Media General, Inc., CVR * ‡		902			—
T-Mobile US, Inc., expiring 7/27/2020 *		216			36
Total Rights (Cost $1,037)					36
	PRINCIPAL AMOUNT
Short-Term Investments — 7.4%
Foreign Government Treasury Bills — 2.3%
Canadian Treasury Bills
0.33%, 3/4/2021 (k)	CAD	1,029,000			756,614
0.30%, 4/1/2021 (k)	CAD	1,043,000			766,731
0.32%, 4/29/2021 (k)	CAD	1,043,000			766,546
Total Foreign Government Treasury Bills (Cost $2,206,750)					2,289,891
	SHARES
Investment Companies — 4.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40% (e) (l) (Cost $4,030,565)		4,029,944			4,033,571
Investment Of Cash Collateral From Securities Loaned — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (e) (l) (Cost $888,960)		888,960			888,960
	PRINCIPAL AMOUNT
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills 0.10%, 9/17/2020 (k) (Cost $59,987)		60,000			59,982
Total Short-Term Investments (Cost $7,186,262)					7,272,404
Total Long Positions (Cost $90,008,592)					98,556,520
	SHARES
Short Positions — (0.3)%
Common Stocks — (0.3)%
United States — (0.3)%
Acacia Communications, Inc. *		(268	)		(18,007	)
CME Group, Inc.		(77	)		(12,515	)
Coca-Cola Co. (The)		(885	)		(39,542	)
Colgate-Palmolive Co.		(247	)		(18,095	)

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2020

Investments	SHARES			Value
Short Positions — continued
Common Stocks — continued
United States — continued
FirstEnergy Corp.		(155	)		(6,011	)
Legg Mason, Inc.		(1,800	)		(89,550	)
Molson Coors Beverage Co., Class B		(739	)		(25,393	)
Mondelez International, Inc., Class A		(343	)		(17,537	)
Motorola Solutions, Inc.		(220	)		(30,829	)
Roku, Inc. *		(67	)		(7,807	)
Simon Property Group, Inc., REIT		(70	)		(4,787	)
Sirius XM Holdings, Inc.		(3,900	)		(22,893	)
Vornado Realty Trust, REIT		(1,032	)		(39,433	)
Total Common Stocks (Proceeds $(335,275))					(332,399	)
Total Short Positions (Proceeds $(335,275))					(332,399	)
Total Investments — 99.8% (Cost $89,673,317)					98,224,121
Other Assets Less Liabilities — 0.2%					223,114
NET ASSETS — 100.0%					98,447,235

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2020

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

LONG PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Fixed Income Funds		8.4	%
International Equity Funds		7.6
Diversified Financial Services		7.4
Banks		6.9
Oil, Gas & Consumable Fuels		4.7
Collateralized Mortgage Obligations		3.7
Pharmaceuticals		3.2
Capital Markets		2.9
Electric Utilities		2.6
Software		2.5
Semiconductors & Semiconductor Equipment		2.4
Insurance		2.4
Asset-Backed Securities		2.4
U.S. Treasury Obligations		2.3
Commercial Mortgage-Backed Securities		2.1
Internet & Direct Marketing Retail		1.8
IT Services		1.6
Health Care Providers & Services		1.5
Machinery		1.5
Specialty Retail		1.4
Biotechnology		1.3
Equity Real Estate Investment Trusts (REITs)		1.2
Beverages		1.2
Technology Hardware, Storage & Peripherals		1.2
Media		1.2
Automobiles		1.2
Aerospace & Defense		1.1
Food Products		1.1
Road & Rail		1.1
Interactive Media & Services		1.0
Diversified Telecommunication Services		1.0
Others (each less than 1.0%)		13.1
Short-Term Investments		5.0

SHORT PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Capital Markets		30.8	%
Beverages		19.5
Communications Equipment		14.7
Equity Real Estate Investment Trusts (REITs)		13.3
Media		6.9
Household Products		5.4
Food Products		5.3
Entertainment		2.3
Electric Utilities		1.8

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVR	Contingent Value Rights
DKK	Danish Krone
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
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
LIBOR	London Interbank Offered Rate
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
SGPS	Holding company
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)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is $869,090.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $1,762,360 and $413,623 respectively.
(e)	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.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2020.
(h)	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, 2020.
(i)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of June 30, 2020.
(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the effective yield as of June 30, 2020.
(l)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

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

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2020

Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		41			09/2020		EUR		1,488,783			11,551
Euro-Bund		1			09/2020		EUR		197,927			750
Foreign Exchange EUR/USD		30			09/2020		USD		4,219,875			(25,121	)
Foreign Exchange JPY/USD		54			09/2020		USD		6,257,588			(38,278	)
FTSE 100 Index		1			09/2020		GBP		76,055			(341	)
Japan 10 Year Bond Mini		3			09/2020		JPY		422,042			(136	)
Long Gilt		1			09/2020		GBP		170,339			(79	)
MSCI EAFE E-Mini Index		2			09/2020		USD		177,830			3,237
Russell 2000 E-Mini Index		21			09/2020		USD		1,508,115			59,275
S&P 500 E-Mini Index		96			09/2020		USD		14,804,400			290,640
SPI 200 Index		2			09/2020		AUD		205,120			2,662
TOPIX Index		2			09/2020		JPY		288,400			(13,781	)
U.S. Treasury 2 Year Note		4			09/2020		USD		883,281			429
U.S. Treasury 5 Year Note		56			09/2020		USD		7,041,125			20,396
U.S. Treasury Long Bond		9			09/2020		USD		1,606,500			11,106
U.S. Treasury Ultra Bond		1			09/2020		USD		218,094			779
3 Month Sterling		5			09/2021		GBP		773,973			390
												323,479
Short Contracts
Euro-Bobl		(1	)		09/2020		EUR		(151,549	)		(270	)
Euro-Schatz		(3	)		09/2020		EUR		(377,917	)		(183	)
U.S. Treasury 2 Year Note		(1	)		09/2020		USD		(220,820	)		(158	)
U.S. Treasury 10 Year Note		(38	)		09/2020		USD		(5,287,344	)		(17,580	)
U.S. Treasury 10 Year Ultra Note		(16	)		09/2020		USD		(2,519,000	)		(12,080	)
3 Month Sterling		(5	)		03/2021		GBP		(773,741	)		(240	)
												(30,511	)
												292,968

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

Forward foreign currency exchange contracts outstanding as of June 30, 2020:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
AUD	392,921		USD	269,384	State Street Corp.		7/6/2020		1,778
DKK	338,313		USD	50,905	Merrill Lynch International		7/6/2020		107
EUR	13,015		GBP	11,680	Barclays Bank plc		7/6/2020		151
EUR	19,860		USD	22,261	Barclays Bank plc		7/6/2020		53
EUR	3,914,912		USD	4,384,886	BNP Paribas		7/6/2020		13,875
GBP	647,058		USD	794,655	State Street Corp.		7/6/2020		7,132
JPY	1,971,097		USD	18,025	BNP Paribas		7/6/2020		231

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
JPY	33,121,336		USD	302,952	State Street Corp.		7/6/2020		3,810
SEK	435,656		USD	46,589	State Street Corp.		7/6/2020		166
USD	14,690		EUR	13,012	Barclays Bank plc		7/6/2020		69
USD	37,369		EUR	33,097	Merrill Lynch International		7/6/2020		181
USD	14,500		GBP	11,480	Merrill Lynch International		7/6/2020		275
USD	60,970		GBP	48,611	State Street Corp.		7/6/2020		735
USD	2,777,458		JPY	297,790,433	Barclays Bank plc		7/6/2020		19,388
USD	15,041		JPY	1,618,797	BNP Paribas		7/6/2020		48
USD	51,064		JPY	5,473,544	Citibank, NA		7/6/2020		369
CAD	1,099,883		USD	783,506	Merrill Lynch International		7/17/2020		26,698
AUD	29,289		USD	20,139	State Street Corp.		8/5/2020		77
CAD	67,310		USD	49,372	State Street Corp.		8/5/2020		212
EUR	31,921		USD	35,862	Standard Chartered Bank		8/5/2020		29
USD	13,976		GBP	11,271	Merrill Lynch International		8/5/2020		6
USD	2,505,306		JPY	269,790,341	Merrill Lynch International		8/5/2020		5,552
Total unrealized appreciation									80,942
EUR	459,904		USD	518,874	State Street Corp.		7/6/2020		(2,129	)
GBP	12,080		EUR	13,339	Barclays Bank plc		7/6/2020		(18	)
GBP	16,457		USD	20,836	Barclays Bank plc		7/6/2020		(443	)
GBP	129,441		USD	163,650	State Street Corp.		7/6/2020		(3,257	)
JPY	269,790,341		USD	2,504,378	Merrill Lynch International		7/6/2020		(5,637	)
USD	261,444		AUD	392,921	Merrill Lynch International		7/6/2020		(9,718	)
USD	15,634		CAD	21,438	BNP Paribas		7/6/2020		(157	)
USD	215,088		CAD	296,007	State Street Corp.		7/6/2020		(2,952	)
USD	50,489		DKK	338,313	State Street Corp.		7/6/2020		(523	)
USD	24,332		EUR	21,830	BNP Paribas		7/6/2020		(197	)
USD	139,327		EUR	124,545	HSBC Bank, NA		7/6/2020		(611	)
USD	4,674,787		EUR	4,201,867	State Street Corp.		7/6/2020		(46,394	)
USD	78,123		GBP	63,529	Standard Chartered Bank		7/6/2020		(598	)
USD	826,679		GBP	669,736	State Street Corp.		7/6/2020		(3,210	)
USD	46,178		SEK	435,656	BNP Paribas		7/6/2020		(577	)
USD	1,252,812		CAD	1,740,590	HSBC Bank, NA		7/17/2020		(29,354	)
USD	1,744,391		CAD	2,446,262	Merrill Lynch International		7/17/2020		(57,593	)
EUR	145,149		USD	163,341	Standard Chartered Bank		8/5/2020		(139	)
JPY	11,798,125		USD	110,139	Standard Chartered Bank		8/5/2020		(823	)
USD	256,910		AUD	374,574	State Street Corp.		8/5/2020		(1,634	)
USD	232,125		CAD	317,445	Merrill Lynch International		8/5/2020		(1,724	)
USD	50,936		DKK	338,313	Merrill Lynch International		8/5/2020		(110	)
USD	4,387,695		EUR	3,914,912	BNP Paribas		8/5/2020		(14,149	)
USD	794,808		GBP	647,058	State Street Corp.		8/5/2020		(7,145	)
USD	46,606		SEK	435,656	State Street Corp.		8/5/2020		(168	)
Total unrealized depreciation									(189,260	)
Net unrealized depreciation									(108,318	)

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.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2020

Written Put Options Contracts as of June 30, 2020:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

1

USD  310,029

USD  2,750.00

7/31/2020

(1,860

)

Total Written Options Contracts (Premiums Received $3,980)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 31

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Global Allocation Portfolio
ASSETS:
Investments in non-affiliates, at value	$	77,480,559
Investments in affiliates, at value		19,802,076
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		888,960
Options purchased, at value		384,925
Cash		275,986
Foreign currency, at value		194,631
Deposits at broker for futures contracts		108,000
Deposits at broker for securities sold short		413,623
Receivables:
Due from custodian		226,113
Investment securities sold		321,879
Portfolio shares sold		6,127
Interest and dividends from non-affiliates		215,235
Dividends from affiliates		1,475
Tax reclaims		48,508
Securities lending income (See Note 2.C.)		476
Variation margin on futures contracts		307,766
Unrealized appreciation on forward foreign currency exchange contracts		80,942
Total Assets		100,757,281
LIABILITIES:
Payables:
Securities sold short, at value		332,399
Dividend expense to non-affiliates on securities sold short		917
Investment securities purchased		732,664
Interest expense to non-affiliates on securities sold short		52
Collateral received on securities loaned (See Note 2.C.)		888,960
Portfolio shares redeemed		5,759
Unrealized depreciation on forward foreign currency exchange contracts		189,260
Outstanding options written, at fair value		1,860
Accrued liabilities:
Investment advisory fees		23,606
Distribution fees		11,161
Custodian and accounting fees		61,357
Other		62,051
Total Liabilities		2,310,046
Net Assets	$	98,447,235

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2020

	JPMorgan Insurance Trust Global Allocation Portfolio
NET ASSETS:
Paid-in-Capital	$	92,886,013
Total distributable earnings (loss)		5,561,222
Total Net Assets	$	98,447,235
Net Assets:
Class 1	$	43,353,421
Class 2		55,093,814
Total	$	98,447,235
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class 1		2,630,586
Class 2		3,351,695
Net Asset Value, offering and redemption price per share (a):
Class 1	$	16.48
Class 2		16.44
Cost of investments in non-affiliates	$	70,009,337
Cost of investments in affiliates		18,353,904
Cost of options purchased		756,391
Cost of foreign currency		193,999
Investment securities on loan, at value (See Note 2.C.)		869,090
Cost of investment of cash collateral (See Note 2.C.)		888,960
Proceeds from securities sold short		335,275
Premiums received from options written		3,980

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 33

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2020 (Unaudited)

	JPMorgan Insurance Trust Global Allocation Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	379,741
Interest income from affiliates		50
Interest income from non-affiliates on securities sold short		561
Dividend income from non-affiliates		528,017
Dividend income from affiliates		233,105
Income from securities lending (net) (See Note 2.C.)		1,348
Foreign taxes withheld (net)		(26,853	)
Total investment income		1,115,969
EXPENSES:
Investment advisory fees		257,028
Administration fees		35,050
Distribution fees — Class 2		66,730
Custodian and accounting fees		80,717
Interest expense to affiliates		169
Professional fees		52,643
Trustees’ and Chief Compliance Officer’s fees		12,186
Printing and mailing costs		8,391
Transfer agency fees — Class 1		225
Transfer agency fees — Class 2		5,963
Dividend expense to non-affiliates on securities sold short		4,909
Other		5,020
Total expenses		529,031
Less fees waived		(92,828	)
Less expense reimbursements		(32,774	)
Net expenses		403,429
Net investment income (loss)		712,540
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,580,902	)
Investments in affiliates		(141,104	)
Options purchased		(376,017	)
Futures contracts		401,578
Securities sold short		(19,735	)
Foreign currency transactions		(74,176	)
Forward foreign currency exchange contracts		192,615
Net realized gain (loss)		(1,597,741	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,044,268	)
Investments in affiliates		(310,895	)
Options purchased		(478,602	)
Futures contracts		11,149
Securities sold short		9,644
Foreign currency translations		(28,855	)
Forward foreign currency exchange contracts		128,880
Options written		2,120
Change in net unrealized appreciation/depreciation		(2,710,827	)
Net realized/unrealized gains (losses)		(4,308,568	)
Change in net assets resulting from operations	$	(3,596,028	)

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Global Allocation Portfolio
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	712,540		$	1,616,129
Net realized gain (loss)		(1,597,741	)		1,181,021
Distributions of capital gains received from investment company affiliates		—			195
Change in net unrealized appreciation/depreciation		(2,710,827	)		10,730,786
Change in net assets resulting from operations		(3,596,028	)		13,528,131
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(1,225,964	)		(809,646	)
Class 2		(1,437,102	)		(1,095,100	)
Total distributions to shareholders		(2,663,066	)		(1,904,746	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,605,798			8,281,858
NET ASSETS:
Change in net assets		(653,296	)		19,905,243
Beginning of period		99,100,531			79,195,288
End of period	$	98,447,235		$	99,100,531
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	4,248,557		$	8,715,992
Distributions reinvested		1,225,964			809,646
Cost of shares redeemed		(755,817	)		(3,254,037	)
Change in net assets resulting from Class 1 capital transactions	$	4,718,704		$	6,271,601
Class 2
Proceeds from shares issued	$	4,561,824		$	12,006,847
Distributions reinvested		1,437,102			1,095,100
Cost of shares redeemed		(5,111,832	)		(11,091,690	)
Change in net assets resulting from Class 2 capital transactions	$	887,094		$	2,010,257
Total change in net assets resulting from capital transactions	$	5,605,798		$	8,281,858
SHARE TRANSACTIONS:
Class 1
Issued		260,116			525,183
Reinvested		77,446			50,040
Redeemed		(47,787	)		(197,551	)
Change in Class 1 Shares		289,775			377,672
Class 2
Issued		288,932			721,402
Reinvested		91,013			67,850
Redeemed		(315,152	)		(670,860	)
Change in Class 2 Shares		64,793			118,392

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 35

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		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, 2020 (Unaudited)	$	17.65	$	0.14	$	(0.82	)	$	(0.68	)	$	(0.33	)	$	(0.16	)	$	(0.49	)
Year Ended December 31, 2019		15.47		0.33		2.24			2.57			(0.39	)		—			(0.39	)
Year Ended December 31, 2018		16.57		0.29		(1.29	)		(1.00	)		—			(0.10	)		(0.10	)
Year Ended December 31, 2017		14.89		0.29		2.25			2.54			(0.20	)		(0.66	)		(0.86	)
Year Ended December 31, 2016		14.46		0.35		0.54			0.89			(0.46	)		—	(k)		(0.46	)
Year Ended December 31, 2015		14.93		0.30		(0.46	)		(0.16	)		(0.23	)		(0.08	)		(0.31	)
Class 2
Six Months Ended June 30, 2020 (Unaudited)		17.58		0.12		(0.81	)		(0.69	)		(0.29	)		(0.16	)		(0.45	)
Year Ended December 31, 2019		15.41		0.29		2.23			2.52			(0.35	)		—			(0.35	)
Year Ended December 31, 2018		16.55		0.25		(1.29	)		(1.04	)		—			(0.10	)		(0.10	)
Year Ended December 31, 2017		14.87		0.26		2.24			2.50			(0.16	)		(0.66	)		(0.82	)
Year Ended December 31, 2016		14.45		0.30		0.54			0.84			(0.42	)		—	(k)		(0.42	)
Year Ended December 31, 2015		14.93		0.22		(0.42	)		(0.20	)		(0.20	)		(0.08	)		(0.28	)

(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) Calculated based upon average shares outstanding.

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

(e) 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.

(f) 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.

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

(h) Does not include expenses of Underlying Funds.

(i) 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.

(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 0.71% and 0.97% for the six months ended June 30, 2020, 0.77% and 1.03% for the year ended December 31, 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 0.96% and 1.24% for the six months ended June 30, 2020, 1.02% and 1.28% for the year ended December 31, 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) Certain non-recurring expenses incurred by the Portfolio were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (d)(e)(f)			Net assets, end of period		Net expenses (including dividend expense for securities sold short) (g)(h)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (including dividend expense for securities sold short) (h)			Portfolio turnover rate (excluding securities sold short) (d)(i)			Portfolio turnover rate (including securities sold short) (d)(i)
$	16.48		(3.76	)%	$	43,353,421		0.72	%(j)		1.67	%		0.98	%(j)		71	%		77	%
	17.65		16.87			41,311,047		0.79	(j)		1.99			1.05	(j)		98			116
	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			—
	16.44		(3.84	)		55,093,814		0.97	(j)		1.42			1.25	(j)		71			77
	17.58		16.58			57,789,484		1.04	(j)		1.73			1.30	(j)		98			116
	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			—

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Insurance Trust Global Allocation Portfolio	Class 1 and Class 2	Diversified

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

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Portfolio’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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 foreign 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.

38 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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

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, 2020.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	1,608,911	$	756,255	$	2,365,166
Collateralized Mortgage Obligations
United States		—		2,808,324		854,063		3,662,387
Commercial Mortgage-Backed Securities
United States		—		1,222,445		842,524		2,064,969
Common Stocks
Australia		3,532		1,023,099		—		1,026,631
Austria		—		117,073		—		117,073
Belgium		—		129,338		—		129,338
Canada		619,320		—		—		619,320
China		394,483		534,439		—		928,922
Denmark		95,437		607,522		—		702,959
Finland		—		193,077		—		193,077
France		—		2,470,794		—		2,470,794
Germany		—		2,175,664		—		2,175,664
Hong Kong		2,374		478,578		8,395		489,347
India		242,575		—		—		242,575
Indonesia		—		122,849		—		122,849
Ireland		20,963		111,977		—		132,940
Italy		—		241,478		—		241,478
Japan		—		3,119,179		—		3,119,179
Macau		—		22,985		—		22,985
Netherlands		315,456		1,027,485		—		1,342,941
New Zealand		—		12,185		—		12,185
Norway		—		31,333		—		31,333
Peru		59,884		—		—		59,884
Portugal		—		5,719		—		5,719
Singapore		—		82,806		—		82,806
South Korea		—		307,749		—		307,749
Spain		—		450,968		—		450,968
Sweden		—		578,497		—		578,497
Switzerland		—		2,075,600		—		2,075,600
Taiwan		399,888		—		—		399,888
United Kingdom		216,881		2,857,690		—		3,074,571
United States		21,231,816		143,549		—		21,375,365
Total Common Stocks		23,602,609		18,921,633		8,395		42,532,637

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Corporate Bonds	$	—		$	15,173,749		$	—		$	15,173,749
Foreign Government Securities		—			6,966,419			—			6,966,419
Investment Companies		15,768,505			—			—			15,768,505
Options Purchased		384,925			—			—			384,925
Rights
United States		36			—			—	(a)		36
Supranational		—			141,498			—			141,498
U.S. Treasury Obligations		—			2,223,825			—			2,223,825
Short-Term Investments
Foreign Government Treasury Bills		—			2,289,891			—			2,289,891
Investment Companies		4,033,571			—			—			4,033,571
Investment of cash collateral from securities loaned		888,960			—			—			888,960
U.S. Treasury Obligations		—			59,982			—			59,982
Total Short-Term Investments		4,922,531			2,349,873			—			7,272,404
Total Investments in Securities	$	44,678,606		$	51,416,677		$	2,461,237		$	98,556,520
Liabilities
Common Stocks	$	(332,399	)	$	—		$	—		$	(332,399	)
Total Liabilities in Securities Sold Short	$	(332,399	)	$	—		$	—		$	(332,399	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	80,942		$	—		$	80,942
Futures Contracts		387,002			14,213			—			401,215
Total Appreciation in Other Financial Instruments	$	387,002		$	95,155		$	—		$	482,157
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(189,260	)	$	—		$	(189,260	)
Futures Contracts		(107,906	)		(341	)		—			(108,247	)
Options Written
Put Options Written		(1,860	)		—			—			(1,860	)
Total Depreciation in Other Financial Instruments	$	(109,766	)	$	(189,601	)	$	—		$	(299,367	)

(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, 2019			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2020
Investments in Securities:
Asset-Backed Securities — United States	$	1,406,395		$	(10,188	)	$	(18,458	)	$	1,072	$	—	$	(585,664	)	$	164,996	$	(201,898	)	$	756,255
Collateralized Mortgage Obligations — United States		1,105,987			(3,340	)		(51,344	)		1		—		(197,241	)		—		—			854,063
Commercial Mortgage-Backed Securities —United States		1,980,375			(211,211	)		(117,091	)		772		100,000		(930,717	)		20,396		—			842,524
Common Stocks — Hong Kong		—			—			1,729			—		—		—			6,666		—			8,395
Rights — United States		—	(a)		—			—			—		—		—			—		—			—	(a)
Total	$	4,492,757		$	(224,739	)	$	(185,164	)	$	1,845	$	100,000	$	(1,713,622	)	$	192,058	$	(201,898	)	$	2,461,237

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.

40 JPMORGAN INSURANCE TRUST JUNE 30, 2020

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2020, which were valued using significant unobservable inputs (level 3) amounted to $(137,374). 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 or out of level 3 for the six months ended June 30, 2020.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at June 30, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	756,255		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (7.30%)
					Constant Default Rate		0.000% - 4.00% (2.60%)
					Yield (Discount Rate of Cash Flows)		0.59% - 13.67% (3.17%)
Asset-Backed Securities		756,255
		842,524		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.28% - 199.00% (13.22%)
Commercial Mortgage-Backed Securities		842,524
		854,063		Discounted Cash Flow	Constant Prepayment Rate		10.54% - 30.00% (22.33%)
					Constant Default Rate		0.00% - 1.43% (0.11%)
					Yield (Discount Rate of Cash Flows)		1.66% - 5.09% (4.41%)
Collateralized Mortgage Obligations		854,063
		—	(b)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Rights		—	(b)
Total	$	2,452,842

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At June 30, 2020, the value of these investments was $8,395. 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) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Value is zero.

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

B. Restricted Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Portfolio.

As of June 30, 2020, 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 — The Portfolio is 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 Class IM Shares of the 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, 2020 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (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 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 certain de 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.

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, 2020.

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)
$	869,090	$	(869,090	)	$	—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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 0.15% to 0.06%. For the six months ended June 30, 2020, JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$ 127

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. 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, 2020
Security Description	Value at December 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Corporate Bond Fund Class R6 Shares (a)	$	—	$	10,446,179	$	10,700,525	$	254,346		$	—		$	—		—	$	—	$	—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		6,639,362		890,000		—		—			(66,354	)		7,463,008		235,278		—		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,961,738		22,075		1,682,415		(308,238	)		6,840			—		—		22,074		—
JPMorgan High Yield Fund Class R6 Shares (a)		9,768,901		6,048,430		7,170,512		(87,219	)		(254,103	)		8,305,497		1,256,505		171,582		—

42 JPMORGAN INSURANCE TRUST JUNE 30, 2020

	For the six months ended June 30, 2020
Security Description	Value at December 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40% (a) (b)	$	7,420,105	$	35,953,084	$	39,342,347	$	7		$	2,722		$	4,033,571		4,029,944	$	39,449		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		22,900		4,916,305		4,050,245		—			—			888,960		888,960		663	*		—
Total	$	25,813,006	$	58,276,073	$	62,946,044	$	(141,104	)	$	(310,895	)	$	20,691,036			$	233,768		$	—

(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, 2020.

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

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

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

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

F. 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 potential lack of a liquid market for these contracts allowing the Portfolio to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Portfolio’s risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

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

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

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

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

(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 equity price and interest rate 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 is 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 the foreign currency.

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

The Portfolio’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Portfolio may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

44 JPMORGAN INSURANCE TRUST JUNE 30, 2020

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of June 30, 2020, 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	$	384,925	$	367,365		$	—		$	752,290
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		—		—			80,942			80,942
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		—		33,850			—			33,850
Total		$	384,925	$	401,215		$	80,942		$	867,082
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,860)	$	(14,122)		$	—		$	(15,982	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		—		(63,399	)		(189,260	)		(252,659	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		(30,726	)		—			(30,726	)
Total		$	(1,860)	$	(108,247	)	$	(189,260	)	$	(299,367	)

(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, 2020 by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(376,017	)	$	(167,613	)	$	—	$	(543,630	)
Foreign exchange contracts		—			(52,937	)		192,615		139,678
Interest rate contracts		—			622,128			—		622,128
Total	$	(376,017	)	$	401,578		$	192,615	$	218,176

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(476,482	)	$	56,450		$	—	$	(420,032	)
Foreign exchange contracts		—			(92,356	)		128,880		36,524
Interest rate contracts		—			47,055			—		47,055
Total	$	(476,482	)	$	11,149		$	128,880	$	(336,453	)

The Portfolio’s derivatives contracts held at June 30, 2020 are not accounted for as hedging instruments under GAAP.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

Derivatives Volume

The tables below disclose the volume of the Portfolio’s futures contracts, forward foreign currency exchange contracts and options activity during the six months ended June 30, 2020 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	$	14,156,529
Average Notional Balance Short		2,959,135	(a)
Ending Notional Balance Long		18,548,703
Futures Contracts — Foreign Exchange:
Average Notional Balance Long		8,311,456
Ending Notional Balance Long		10,477,463
Futures Contracts — Interest Rate:
Average Notional Balance Long		13,058,696
Average Notional Balance Short		5,883,887
Ending Notional Balance Long		11,313,281
Ending Notional Balance Short		9,330,371
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		5,123,893
Average Settlement Value Sold		19,220,212
Ending Settlement Value Purchased		10,289,214
Ending Settlement Value Sold		20,588,738
Exchange-Traded Options:
Average Number of Contracts Purchased		731
Average Number of Contracts Written		1	(b)
Ending Number of Contracts Purchased		49
Ending Number of Contracts Written		1

(a) For the period January 1, 2020 through May 31, 2020.

(b) For the period June 1, 2020 through June 30, 2020.

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

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

As of June 30, 2020, the Portfolio had outstanding short sales as listed on the SOI.

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 the ex-dividend date or when the Portfolio first learns of the dividend.

46 JPMORGAN INSURANCE TRUST JUNE 30, 2020

I. Allocation of Income and Expenses — Expenses directly attributable to the Portfolio are charged directly to the Portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the applicable portfolios. 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 invested in Underlying Funds and, as a result, bear 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, 2020, 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 Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Portfolio and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.55%. Prior to September 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.60% of the Portfolio’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% 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, 2020, the effective annualized rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’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 pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 47

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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
	0.78	%		1.03%

The expense limitation agreement was in effect for the six months ended June 30, 2020 and is in place until at least April 30, 2021.

For the six months ended June 30, 2020, the Portfolio’s service providers waived fees and/or reimbursed expenses for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
$	6,853	$	35,050	$	41,903	$	32,774

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (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. None of these parties expects the Portfolio to repay any such waived fees and reimbursed expenses in future years.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2020 was $7,117.

The Underlying Funds may impose separate advisory fees. The Adviser has agreed to voluntarily waive the Portfolio’s investment advisory fees in the weighted average pro-rata amount of the advisory fees charged by the affiliated Underlying Funds. During the six months ended June 30, 2020, the Adviser waived $43,808. 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 Rule 38a-1 under the 1940 Act. The Portfolio, along with affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2020, 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, 2020, 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
$	64,523,658	$	55,886,199	$	1,769,554	$	2,310,841	$	5,165,310	$	5,041,499

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, 2020 were as follows:

Aggregate Cost*		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	89,669,337	$	11,364,214	$	2,626,640	$	8,737,574

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

48 JPMORGAN INSURANCE TRUST JUNE 30, 2020

As of December 31, 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 Portfolio had no borrowings outstanding from another fund during the six months ended June 30, 2020.

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 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2020.

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, 2020, the Portfolio had four individual shareholder and/or non-affiliated omnibus accounts, which owned 90.8% of the Portfolio’s outstanding shares.

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

The Portfolio is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, 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. During periods when interest rates are low or there are negative interest rates, the Portfolio’s yield (and total return) also may be low or the Portfolio may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Portfolio’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 49

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (Unaudited) (continued)

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, 2020, 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.

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

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

As of June 30, 2020, the Portfolio pledged a 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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Portfolio and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Portfolio is subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Portfolio’s investments, increase the Portfolio’s volatility, exacerbate other pre-existing political, social and economic risks to the Portfolio and negatively impact broad segments of businesses and populations. The Portfolio’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Portfolio’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

50 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

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 titled “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, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Actual	$	1,000.00	$	962.40	$	3.51		0.72	%
Hypothetical		1,000.00		1,021.28		3.62		0.72
Class 2
Actual		1,000.00		961.60		4.73		0.97
Hypothetical		1,000.00		1,020.04		4.87		0.97

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

JUNE 30, 2020 JPMORGAN INSURANCE TRUST 51

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Portfolio has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Portfolio’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a portfolio could not meet requests to redeem shares issued by the portfolio without significant dilution of remaining investors’ interests in the portfolio. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Portfolio. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Portfolio’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether the Portfolio invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Portfolio (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Portfolio has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether the Portfolio invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Portfolio liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Portfolio’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Portfolio during the Program Reporting Period.

52 JPMORGAN INSURANCE TRUST JUNE 30, 2020

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 as an exhibit to its report on Form N-PORT. The Portfolio’s Form N-PORT reports 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., 2020.  All rights reserved. June 2020. SAN-JPMITGAP-620

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

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

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

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

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

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

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Insurance Trust

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	August 21, 2020

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 21, 2020

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	August 21, 2020