Jpmorgan Insurance Trust N-CSR Certified 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 December 31, 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).

Annual Report

JPMorgan Insurance Trust

December 31, 2020

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	5
Financial Statements	35
Financial Highlights	38
Notes to Financial Statements	40
Report of Independent Registered Public Accounting Firm	49
Trustees	50
Officers	53
Schedule of Shareholder Expenses	54
Board Approval of Investment Advisory Agreement	55

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

February 4, 2021 (Unaudited)

Dear Shareholders,

The immense efforts of central banks, government and researchers in the public and private sectors appear to have shepherded the world through the most difficult days of a profound crisis caused by the pandemic. While the economic and health care challenges are not behind us, the uncertainty and turbulence of 2020 has abated.

  “We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.” — Andrea L. Lisher

The development of multiple vaccines against Covid-19 toward the end of 2020 provided hope that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. That optimism spread to global financial markets. While leading equity indexes fell by 20% or more in the first quarter of 2020, financial markets stabilized and equity markets largely rebounded — slowly at first and then rapidly the second half of the year. At the end of 2020, the S&P 500 Index had generated a total return of 18.10% for the full 12 months and 22.16% for the final six months of the year.

We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the

direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.

Certainly, enormous challenges remain in both the implementation of global vaccinations and in the rebuilding of economies at the local, national and international levels. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to better navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	7.84%
Bloomberg Barclays U.S. Aggregate Index	7.51%
Net Assets as of 12/31/2020 (In Thousands)	$531,776
Duration as of 12/31/2020	5.9 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?

Global financial markets generally recovered from a sharp sell-off in the first quarter of 2020, led by a rally in equity markets in the second half of the year. Investor demand for equity was largely fueled by continued support from central banks, relief spending by governments across the globe and the development and approvals of the first vaccines against Covid-19.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

At the start of the second half of the year, U.S. equity led a broad rebound in both developed markets and emerging markets equity. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

U.S. equity markets continued to outperformed bond markets in the final months of the year amid investor optimism following the U.S. Food and Drug Administration’s approval of the first vaccines against Covid-19. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

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

The Portfolio’s Class 1 shares outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”) for the twelve months ended December 31, 2020.

Relative to the Benchmark, the Portfolio’s overweight allocations to asset-backed securities and corporate credit were leading contributors to performance during the period. The Portfolio’s security selection in corporate credit also contributed to performance. The Portfolio’s slightly longer duration profile relative to the Benchmark, 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 also 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 overweight allocation to non- agency commercial mortgage-backed securities (CMBS) was the leading detractor from relative performance as CMBS generally underperformed other credit sectors during the year.

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.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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 securities, commercial mortgage-backed securities and mortgage-backed securities, which included 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 maintained a longer duration profile before finishing the year shorter in duration than the Benchmark.

PORTFOLIO COMPOSITION***
Corporate Bonds	28.1	%
Mortgage-Backed Securities	20.1
U.S. Treasury Obligations	18.3
Asset-Backed Securities	9.5
Collateralized Mortgage Obligations	6.3
Commercial Mortgage-Backed Securities	4.6
Others (each less than 1.0%)	0.7
Short-Term Investments	12.4

* 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 December 31, 2020. The Portfolio’s composition is subject to change.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997		7.84	%		4.30	%		3.86	%
CLASS 2 SHARES	August 16, 2006		7.68			4.04			3.61

TEN YEAR PERFORMANCE 12/31/10 TO 12/31/20

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 December 31, 2010 to December 31, 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.

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 30.6%
Aerospace & Defense — 0.8%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		32		34
Airbus SE (France) 3.15%, 4/10/2027 (a)		164		178
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024 (a)		45		50
BAE Systems plc (United Kingdom) 1.90%, 2/15/2031 (a)		200		202
5.80%, 10/11/2041 (a)		51		73
Boeing Co. (The) 4.51%, 5/1/2023		513		554
1.95%, 2/1/2024		185		191
4.88%, 5/1/2025		125		143
2.75%, 2/1/2026		180		189
2.70%, 2/1/2027		640		665
5.15%, 5/1/2030		190		230
5.71%, 5/1/2040		175		226
L3Harris Technologies, Inc. 3.83%, 4/27/2025		60		67
1.80%, 1/15/2031		220		224
Leidos, Inc. 2.30%, 2/15/2031 (a)		120		122
Lockheed Martin Corp. 4.50%, 5/15/2036		70		92
Northrop Grumman Corp. 3.20%, 2/1/2027		76		86
3.25%, 1/15/2028		50		56
5.15%, 5/1/2040		140		193
Precision Castparts Corp. 3.25%, 6/15/2025		30		33
Raytheon Technologies Corp. 3.20%, 3/15/2024		28		30
4.50%, 6/1/2042		80		104
4.15%, 5/15/2045		138		175
3.75%, 11/1/2046		80		95
4.35%, 4/15/2047		90		118
				4,130
Airlines — 0.0% (b)
Continental Airlines Pass-Through Trust
Series 2012-2, Class A Shares, 4.00%, 10/29/2024		16		16
Automobiles — 0.3%
BMW US Capital LLC (Germany) 2.25%, 9/15/2023 (a)		45		47
General Motors Co. 6.13%, 10/1/2025		130		158
Hyundai Capital America 1.15%, 11/10/2022 (a)		394		396
1.80%, 10/15/2025 (a)		140		143
2.38%, 10/15/2027 (a)		130		134

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Automobiles — continued
Nissan Motor Co. Ltd. (Japan) 3.52%, 9/17/2025 (a)		481		515
4.35%, 9/17/2027 (a)		200		221
Volkswagen Group of America Finance LLC (Germany) 1.63%, 11/24/2027 (a)		200		202
				1,816
Banks — 5.4%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		200		230
AIB Group plc (Ireland)
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a) (c)		250		273
ANZ New Zealand Int’l Ltd. (New Zealand) 3.45%, 1/21/2028 (a)		200		229
2.55%, 2/13/2030 (a)		200		218
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (a)		230		248
Banco Nacional de Panama (Panama) 2.50%, 8/11/2030 (a)		300		300
Banco Santander SA (Spain) 2.75%, 5/28/2025		200		214
2.75%, 12/3/2030		200		206
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		100		103
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		26		27
4.00%, 1/22/2025		114		128
Series L, 3.95%, 4/21/2025		92		104
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (c)		100		110
4.45%, 3/3/2026		69		81
3.25%, 10/21/2027		514		575
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		260		296
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		408		461
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (c)		280		326
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (c)		525		557
(SOFR + 2.15%), 2.59%, 4/29/2031 (c)		313		335
(SOFR + 1.53%), 1.90%, 7/23/2031 (c)		150		152
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		1,158		1,205
Bank of Montreal (Canada) 1.85%, 5/1/2025		200		210

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
(USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032 (c)		47		53
Bank of Nova Scotia (The) (Canada) 1.63%, 5/1/2023		680		700
4.50%, 12/16/2025		25		29
Banque Federative du Credit Mutuel SA (France) 2.38%, 11/21/2024 (a)		254		269
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (c)		369		372
3.65%, 3/16/2025		200		220
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 2.64%, 6/24/2031 (c)		440		458
BBVA USA 2.50%, 8/27/2024		250		265
BNP Paribas SA (France)
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c)		525		549
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (c)		320		349
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022 (a)		250		257
Citigroup, Inc. 2.90%, 12/8/2021		100		102
2.75%, 4/25/2022		200		206
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		74		76
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (c)		90		98
4.40%, 6/10/2025		78		89
(SOFR + 2.75%), 3.11%, 4/8/2026 (c)		380		415
3.40%, 5/1/2026		75		85
4.45%, 9/29/2027		210		248
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		250		283
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		220		259
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)		50		59
8.13%, 7/15/2039		56		100
Citizens Financial Group, Inc. 2.38%, 7/28/2021		24		24
2.85%, 7/27/2026		200		223
Comerica, Inc. 4.00%, 2/1/2029		150		179
Commonwealth Bank of Australia (Australia) 2.85%, 5/18/2026 (a)		80		89
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026		450		509

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Credit Agricole SA (France) (SOFR + 1.68%), 1.91%, 6/16/2026 (a) (c)		650		674
Danske Bank A/S (Denmark) 2.00%, 9/8/2021 (a)		200		202
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.03%), 1.17%, 12/8/2023 (a) (c)		480		482
Fifth Third Bancorp
3.65%, 1/25/2024		90		98
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		229		247
4.38%, 11/23/2026		200		231
(SOFR + 1.95%), 2.36%, 8/18/2031 (c)		300		310
6.50%, 9/15/2037		250		365
6.10%, 1/14/2042		120		182
Huntington Bancshares, Inc. 2.55%, 2/4/2030		315		338
ING Groep NV (Netherlands) 4.10%, 10/2/2023		200		220
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (c)		210		214
3.95%, 3/29/2027		200		231
KeyCorp 4.15%, 10/29/2025		65		76
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		202
4.50%, 11/4/2024		220		246
4.58%, 12/10/2025		200		229
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.00%, 2/22/2022		38		39
2.67%, 7/25/2022		80		83
3.76%, 7/26/2023		172		187
3.41%, 3/7/2024		170		185
2.19%, 2/25/2025		200		211
2.05%, 7/17/2030		340		355
3.75%, 7/18/2039		515		626
Mizuho Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030 (c)		220		239
National Australia Bank Ltd. (Australia) 3.38%, 1/14/2026		300		337
2.33%, 8/21/2030 (a)		250		254
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (c)		440		494

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Natwest Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028 (c)		440		477
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (c)		200		213
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (c)		200		238
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (a)		315		332
Regions Financial Corp. 3.80%, 8/14/2023		27		29
Royal Bank of Canada (Canada) 2.75%, 2/1/2022		66		68
3.70%, 10/5/2023		300		327
4.65%, 1/27/2026		30		35
Societe Generale SA (France) 3.88%, 3/28/2024 (a)		380		414
2.63%, 10/16/2024 (a)		200		212
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (c)		260		262
3.00%, 1/22/2030 (a)		331		353
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (c)		220		228
(ICE LIBOR USD 3 Month + 1.91%), 4.30%, 5/21/2030 (a) (c)		200		234
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.44%, 10/19/2021		45		46
2.85%, 1/11/2022		130		133
2.78%, 10/18/2022		82		85
3.10%, 1/17/2023		55		58
3.94%, 10/16/2023		300		329
3.01%, 10/19/2026		25		28
3.04%, 7/16/2029		345		382
Toronto-Dominion Bank (The) (Canada) 3.25%, 3/11/2024		140		152
Truist Financial Corp. 2.70%, 1/27/2022		91		93
1.95%, 6/5/2030		140		145
US Bancorp 3.38%, 2/5/2024		120		131
7.50%, 6/1/2026		100		132
Wells Fargo & Co. 3.07%, 1/24/2023		245		252
3.75%, 1/24/2024		105		115

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
3.30%, 9/9/2024		80		88
3.00%, 4/22/2026		284		312
4.10%, 6/3/2026		24		27
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		470		521
(SOFR + 2.10%), 2.39%, 6/2/2028 (c)		400		426
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		255		277
5.38%, 11/2/2043		200		278
4.40%, 6/14/2046		47		59
4.75%, 12/7/2046		53		69
Westpac Banking Corp. (Australia)
2.85%, 5/13/2026		100		111
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (c)		140		160
4.42%, 7/24/2039		100		127
				28,668
Beverages — 0.9%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036		571		724
4.90%, 2/1/2046		260		339
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.70%, 2/1/2036		120		151
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.38%, 4/15/2038		150		185
4.35%, 6/1/2040		225		276
4.44%, 10/6/2048		130		162
4.50%, 6/1/2050		295		371
4.75%, 4/15/2058		95		124
4.60%, 6/1/2060		105		134
Coca-Cola Femsa SAB de CV (Mexico) 2.75%, 1/22/2030		155		167
1.85%, 9/1/2032		215		214
Constellation Brands, Inc. 4.40%, 11/15/2025		50		58
2.88%, 5/1/2030		420		460
5.25%, 11/15/2048		25		35
Diageo Capital plc (United Kingdom) 1.38%, 9/29/2025		350		360
2.00%, 4/29/2030		350		365
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		260		288
Keurig Dr Pepper, Inc. 3.13%, 12/15/2023		100		108
4.42%, 5/25/2025		30		35
3.43%, 6/15/2027		20		23

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Beverages — continued
4.99%, 5/25/2038		43		57
4.42%, 12/15/2046		64		81
5.09%, 5/25/2048		60		84
				4,801
Biotechnology — 0.7%
AbbVie, Inc. 3.45%, 3/15/2022		52		54
2.80%, 3/15/2023		100		105
3.85%, 6/15/2024		42		46
3.20%, 11/21/2029		516		578
4.50%, 5/14/2035		100		126
4.05%, 11/21/2039		510		615
4.40%, 11/6/2042		370		464
4.85%, 6/15/2044		200		264
Amgen, Inc. 2.20%, 2/21/2027		120		129
Baxalta, Inc. 3.60%, 6/23/2022		7		7
5.25%, 6/23/2045		3		4
Biogen, Inc.
2.25%, 5/1/2030		289		302
3.15%, 5/1/2050		75		77
Gilead Sciences, Inc. 2.60%, 10/1/2040		310		312
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		460		453
				3,536
Building Products — 0.1%
Lennox International, Inc. 1.35%, 8/1/2025		540		552
Masco Corp. 2.00%, 10/1/2030		90		92
6.50%, 8/15/2032		80		107
				751
Capital Markets — 2.3%
Bank of New York Mellon Corp. (The) 3.25%, 9/11/2024		100		110
BlackRock, Inc. 1.90%, 1/28/2031		189		198
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		21		27
Brookfield Finance, Inc. (Canada) 3.90%, 1/25/2028		55		63
4.85%, 3/29/2029		54		66
4.70%, 9/20/2047		44		56
Charles Schwab Corp. (The) 0.90%, 3/11/2026		75		76
3.20%, 3/2/2027		100		112

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (c) (d) (e)		190		200
CME Group, Inc. 3.00%, 3/15/2025		97		106
Credit Suisse Group AG (Switzerland) 3.80%, 6/9/2023		350		377
3.75%, 3/26/2025		250		278
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c)		250		263
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)		250		261
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (a)		49		51
Deutsche Bank AG (Germany) 4.25%, 10/14/2021		100		102
3.30%, 11/16/2022		100		104
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)		380		391
(SOFR + 1.87%), 2.13%, 11/24/2026 (c)		205		210
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		100		102
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		598		619
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		213		221
3.50%, 1/23/2025		100		110
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		137		150
4.25%, 10/21/2025		105		121
3.50%, 11/16/2026		142		160
3.85%, 1/26/2027		45		51
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		209		241
2.60%, 2/7/2030		400		430
6.75%, 10/1/2037		80		122
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (c)		215		275
4.75%, 10/21/2045		400		556
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		59		65
Invesco Finance plc 4.00%, 1/30/2024		29		32
3.75%, 1/15/2026		36		40
Jefferies Group LLC 6.45%, 6/8/2027		81		103
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		100		114
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (c)		145		161

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)		220		266
Morgan Stanley 5.50%, 7/28/2021		35		36
2.63%, 11/17/2021		170		173
3.75%, 2/25/2023		142		152
4.10%, 5/22/2023		100		109
3.70%, 10/23/2024		69		77
4.00%, 7/23/2025		276		316
5.00%, 11/24/2025		70		84
3.88%, 1/27/2026		341		391
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		980		1,035
4.35%, 9/8/2026		20		24
3.63%, 1/20/2027		159		182
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (c)		222		253
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (c)		96		111
(SOFR + 1.03%), 1.79%, 2/13/2032 (c)		280		282
4.30%, 1/27/2045		85		113
Nomura Holdings, Inc. (Japan) 2.65%, 1/16/2025		212		226
2.68%, 7/16/2030		200		212
Northern Trust Corp. 1.95%, 5/1/2030		375		390
(ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (c)		29		32
Nuveen LLC 4.00%, 11/1/2028 (a)		160		191
S&P Global, Inc. 3.25%, 12/1/2049		150		175
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		17		17
UBS AG (Switzerland) 1.75%, 4/21/2022 (a)		200		203
UBS Group AG (Switzerland) 4.13%, 9/24/2025 (a)		200		229
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (c)		200		202
				12,205
Chemicals — 0.8%
Air Products and Chemicals, Inc. 1.85%, 5/15/2027		310		328
Albemarle Corp. 5.45%, 12/1/2044		50		60
Celanese US Holdings LLC 3.50%, 5/8/2024		151		163
Chevron Phillips Chemical Co. LLC 5.13%, 4/1/2025 (a)		485		569
Dow Chemical Co. (The) 4.55%, 11/30/2025		200		234

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals — continued
3.60%, 11/15/2050		245		275
DuPont de Nemours, Inc. 5.32%, 11/15/2038		595		805
Eastman Chemical Co. 4.50%, 12/1/2028		220		265
Ecolab, Inc. 3.25%, 1/14/2023		90		95
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		45		53
5.00%, 9/26/2048		52		70
LYB International Finance III LLC 1.25%, 10/1/2025		80		82
3.38%, 5/1/2030		235		263
Nutrien Ltd. (Canada) 4.00%, 12/15/2026		70		82
4.20%, 4/1/2029		25		30
4.13%, 3/15/2035		90		107
5.00%, 4/1/2049		40		55
Nutrition & Biosciences, Inc. 1.83%, 10/15/2027 (a)		190		196
3.27%, 11/15/2040 (a)		110		118
3.47%, 12/1/2050 (a)		85		92
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		29		31
Union Carbide Corp. 7.75%, 10/1/2096		80		123
				4,096
Commercial Services & Supplies — 0.1%
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a)		70		79
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070		90		96
Republic Services, Inc. 1.45%, 2/15/2031		230		225
				400
Construction & Engineering — 0.1%
Quanta Services, Inc. 2.90%, 10/1/2030		360		386
Construction Materials — 0.0% (b)
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		52		58
3.50%, 12/15/2027		100		114
				172
Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland) 4.45%, 12/16/2021		150		154
4.13%, 7/3/2023		150		161
4.50%, 9/15/2023		600		651
3.15%, 2/15/2024		650		681
2.88%, 8/14/2024		150		156
American Express Co. 4.20%, 11/6/2025		150		174

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
American Express Credit Corp. 2.25%, 5/5/2021		73		73
American Honda Finance Corp. 2.30%, 9/9/2026		17		19
Avolon Holdings Funding Ltd. (Ireland) 5.50%, 1/15/2023 (a)		195		207
2.88%, 2/15/2025 (a)		194		198
5.50%, 1/15/2026 (a)		395		447
4.25%, 4/15/2026 (a)		245		264
4.38%, 5/1/2026 (a)		150		163
Capital One Financial Corp. 3.75%, 4/24/2024		130		142
4.20%, 10/29/2025		40		46
3.75%, 7/28/2026		196		222
John Deere Capital Corp. 2.25%, 9/14/2026		125		135
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022 (a)		995		1,044
4.50%, 3/15/2023 (a)		475		498
5.50%, 2/15/2024 (a)		160		174
				5,609
Containers & Packaging — 0.1%
Packaging Corp. of America 4.05%, 12/15/2049		155		192
WRKCo, Inc. 3.00%, 9/15/2024		80		86
3.90%, 6/1/2028		35		41
				319
Diversified Consumer Services — 0.1%
Emory University Series 2020, 2.14%, 9/1/2030		240		252
Pepperdine University Series 2020, 3.30%, 12/1/2059		110		117
University of Southern California Series A, 3.23%, 10/1/2120		110		110
				479
Diversified Financial Services — 0.4%
AIG Global Funding 1.90%, 10/6/2021 (a)		100		101
Blackstone Secured Lending Fund 3.65%, 7/14/2023 (a)		200		208
CK Hutchison International 16 Ltd. (United Kingdom) 1.88%, 10/3/2021 (a)		200		202
GE Capital Funding LLC 4.40%, 5/15/2030 (a)		445		524
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		600		715
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		67		72

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Financial Services — continued
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (a)		200		206
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		44		47
ORIX Corp. (Japan) 2.90%, 7/18/2022		40		42
3.25%, 12/4/2024		100		109
3.70%, 7/18/2027		100		114
				2,340
Diversified Telecommunication Services — 0.9%
AT&T, Inc. 2.30%, 6/1/2027		520		554
1.65%, 2/1/2028		255		260
4.30%, 2/15/2030		178		213
2.25%, 2/1/2032		430		436
3.50%, 6/1/2041		154		166
3.10%, 2/1/2043		645		652
3.50%, 9/15/2053 (a)		436		434
Deutsche Telekom International Finance BV (Germany) 4.88%, 3/6/2042 (a)		150		199
Telefonica Emisiones SA (Spain) 5.46%, 2/16/2021		19		19
Verizon Communications, Inc. 2.63%, 8/15/2026		12		13
3.88%, 2/8/2029		75		88
3.15%, 3/22/2030		40		45
4.50%, 8/10/2033		125		158
4.40%, 11/1/2034		209		261
4.27%, 1/15/2036		85		105
2.65%, 11/20/2040		260		263
4.86%, 8/21/2046		134		181
4.67%, 3/15/2055		340		456
2.99%, 10/30/2056 (a)		82		82
				4,585
Electric Utilities — 1.6%
AEP Transmission Co. LLC 3.15%, 9/15/2049		35		39
Alabama Power Co. 6.13%, 5/15/2038		62		92
Avangrid, Inc. 3.15%, 12/1/2024		72		78
Baltimore Gas and Electric Co. 3.50%, 8/15/2046		47		55
2.90%, 6/15/2050		110		118
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		10		12
Series AD, 2.90%, 7/1/2050		200		217
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		200		220

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Cleveland Electric Illuminating Co. (The) 3.50%, 4/1/2028 (a)		95		101
4.55%, 11/15/2030 (a)		65		75
Commonwealth Edison Co. 3.65%, 6/15/2046		30		36
Duke Energy Corp. 2.65%, 9/1/2026		100		109
3.40%, 6/15/2029		61		69
Duke Energy Indiana LLC 3.75%, 5/15/2046		60		72
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		46		54
Duke Energy Progress LLC 3.70%, 10/15/2046		54		65
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a)		160		177
2.53%, 10/1/2030 (a)		210		217
Edison International 3.55%, 11/15/2024		284		306
4.13%, 3/15/2028		100		111
Emera US Finance LP (Canada) 4.75%, 6/15/2046		130		166
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (a)		220		250
Entergy Arkansas LLC 3.50%, 4/1/2026		22		25
Entergy Corp. 2.95%, 9/1/2026		21		23
Entergy Louisiana LLC 2.40%, 10/1/2026		59		64
3.05%, 6/1/2031		38		43
4.00%, 3/15/2033		40		50
2.90%, 3/15/2051		130		138
Entergy Mississippi LLC 3.85%, 6/1/2049		135		164
Evergy Metro, Inc. 3.15%, 3/15/2023		24		25
5.30%, 10/1/2041		50		68
4.20%, 3/15/2048		50		65
Evergy, Inc. 2.90%, 9/15/2029		170		186
Florida Power & Light Co. 5.40%, 9/1/2035		50		71
Fortis, Inc. (Canada) 3.06%, 10/4/2026		124		136
Hydro-Quebec (Canada) Series IO, 8.05%, 7/7/2024		100		125
Interstate Power and Light Co. 2.30%, 6/1/2030		315		333
ITC Holdings Corp.
2.70%, 11/15/2022		100		104
2.95%, 5/14/2030 (a)		100		109
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a)		40		45
6.15%, 6/1/2037		30		38
Massachusetts Electric Co. 4.00%, 8/15/2046 (a)		56		68
MidAmerican Energy Co. 3.50%, 10/15/2024		59		65

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)		40		45
Nevada Power Co. Series CC, 3.70%, 5/1/2029		100		117
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (a)		45		53
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		27		31
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (a)		19		21
1.96%, 6/27/2030 (a)		250		257
NRG Energy, Inc. 2.00%, 12/2/2025 (a)		185		192
2.45%, 12/2/2027 (a)		210		221
4.45%, 6/15/2029 (a)		110		127
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		25		33
3.10%, 9/15/2049		215		247
Pacific Gas and Electric Co. (ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021 (c)		330		330
1.75%, 6/16/2022		320		321
3.45%, 7/1/2025		145		157
2.95%, 3/1/2026		90		95
3.75%, 8/15/2042 (f)		33		33
4.30%, 3/15/2045		55		59
4.00%, 12/1/2046		230		238
PECO Energy Co. 2.80%, 6/15/2050		100		106
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		19		20
Potomac Electric Power Co. 6.50%, 11/15/2037		75		114
PPL Capital Funding, Inc. 3.40%, 6/1/2023		30		32
4.00%, 9/15/2047		20		23
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		175		257
Public Service Electric and Gas Co. 3.00%, 5/15/2025		83		91
5.38%, 11/1/2039		28		39
Southern California Edison Co.
Series C, 3.50%, 10/1/2023		53		57
Series B, 3.65%, 3/1/2028		80		90
Series 05-B, 5.55%, 1/15/2036		80		102
4.05%, 3/15/2042		100		114
Tampa Electric Co. 4.45%, 6/15/2049		100		131
Toledo Edison Co. (The) 6.15%, 5/15/2037		50		68
Union Electric Co. 2.95%, 6/15/2027		36		40
Virginia Electric and Power Co. 6.35%, 11/30/2037		70		106
				8,551

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 4.50%, 3/1/2023		8		8
3.25%, 9/8/2024		44		48
3.88%, 1/12/2028		22		25
Corning, Inc. 5.35%, 11/15/2048		110		155
3.90%, 11/15/2049		174		213
				449
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 3.14%, 11/7/2029		180		198
4.49%, 5/1/2030		115		138
Baker Hughes Holdings LLC 5.13%, 9/15/2040		40		53
Halliburton Co. 3.80%, 11/15/2025		4		4
4.85%, 11/15/2035		30		35
6.70%, 9/15/2038		60		80
National Oilwell Varco, Inc. 3.60%, 12/1/2029		200		209
Schlumberger Finance Canada Ltd. 1.40%, 9/17/2025		300		308
Schlumberger Holdings Corp. 3.75%, 5/1/2024 (a)		55		60
3.90%, 5/17/2028 (a)		62		70
				1,155
Entertainment — 0.1%
NBCUniversal Media LLC 5.95%, 4/1/2041		75		114
Walt Disney Co. (The) 7.30%, 4/30/2028		150		207
				321
Equity Real Estate Investment Trusts (REITs) — 1.7%
Alexandria Real Estate Equities, Inc. 3.80%, 4/15/2026		23		26
1.88%, 2/1/2033		140		140
4.00%, 2/1/2050		125		155
American Campus Communities Operating Partnership LP 3.63%, 11/15/2027		100		110
2.85%, 2/1/2030		190		199
American Tower Corp. 5.00%, 2/15/2024		71		80
3.38%, 10/15/2026		44		49
1.50%, 1/31/2028		325		327
2.90%, 1/15/2030		30		33
2.10%, 6/15/2030		150		154
1.88%, 10/15/2030		275		277
3.70%, 10/15/2049		230		261
2.95%, 1/15/2051		215		215

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Boston Properties LP 3.13%, 9/1/2023		30		32
3.20%, 1/15/2025		61		67
3.65%, 2/1/2026		67		76
Brixmor Operating Partnership LP 3.65%, 6/15/2024		50		54
3.85%, 2/1/2025		50		55
Corporate Office Properties LP 2.25%, 3/15/2026		470		490
Crown Castle International Corp. 5.25%, 1/15/2023		60		66
4.00%, 3/1/2027		24		27
2.25%, 1/15/2031		295		306
Digital Realty Trust LP 3.70%, 8/15/2027		31		36
Duke Realty LP 3.25%, 6/30/2026		18		20
2.88%, 11/15/2029		95		105
Equinix, Inc. 1.55%, 3/15/2028		285		290
Essex Portfolio LP 1.65%, 1/15/2031		200		199
2.65%, 3/15/2032		145		155
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (a)		79		85
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		43		47
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		310		338
2.00%, 3/15/2031		160		160
Healthpeak Properties, Inc. 3.88%, 8/15/2024		115		127
3.50%, 7/15/2029		132		150
3.00%, 1/15/2030		90		98
Kimco Realty Corp. 2.70%, 10/1/2030		320		344
Life Storage LP 4.00%, 6/15/2029		150		175
2.20%, 10/15/2030		300		306
Mid-America Apartments LP 1.70%, 2/15/2031		150		149
National Retail Properties, Inc. 3.60%, 12/15/2026		58		64
4.30%, 10/15/2028		150		174
Office Properties Income Trust 4.00%, 7/15/2022		78		80
Prologis LP 3.25%, 10/1/2026		19		22
1.25%, 10/15/2030		165		163
2.13%, 10/15/2050		150		139

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
Realty Income Corp. 3.88%, 7/15/2024		20		22
3.88%, 4/15/2025		60		67
3.25%, 1/15/2031		170		193
4.65%, 3/15/2047		38		52
Regency Centers LP 2.95%, 9/15/2029		215		230
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		170		182
SITE Centers Corp. 3.63%, 2/1/2025		61		63
UDR, Inc. 2.95%, 9/1/2026		28		31
3.20%, 1/15/2030		150		167
3.00%, 8/15/2031		25		27
2.10%, 8/1/2032		160		163
1.90%, 3/15/2033		240		240
Ventas Realty LP 4.13%, 1/15/2026		34		39
3.85%, 4/1/2027		49		55
Vornado Realty LP 3.50%, 1/15/2025		60		63
Welltower, Inc. 2.70%, 2/15/2027		63		69
3.10%, 1/15/2030		85		93
6.50%, 3/15/2041		125		175
WP Carey, Inc. 4.25%, 10/1/2026		245		282
				8,838
Food & Staples Retailing — 0.3%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (a)		90		98
3.80%, 1/25/2050 (a)		230		272
Costco Wholesale Corp. 2.75%, 5/18/2024		21		23
1.38%, 6/20/2027		450		463
CVS Pass-Through Trust 7.51%, 1/10/2032 (a)		68		84
5.93%, 1/10/2034 (a)		74		90
Series 2013, 4.70%, 1/10/2036 (a)		158		178
Kroger Co. (The) 2.20%, 5/1/2030		500		525
5.40%, 7/15/2040		18		25
				1,758
Food Products — 0.5%
Campbell Soup Co. 3.13%, 4/24/2050		47		50
Cargill, Inc. 3.25%, 3/1/2023 (a)		25		26
2.13%, 4/23/2030 (a)		291		306

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food Products — continued
Conagra Brands, Inc. 5.30%, 11/1/2038		35		47
5.40%, 11/1/2048		105		149
General Mills, Inc. 4.00%, 4/17/2025		60		68
4.15%, 2/15/2043		100		125
Kellogg Co. 2.10%, 6/1/2030		140		147
Mars, Inc. 1.63%, 7/16/2032 (a)		390		387
McCormick & Co., Inc. 2.50%, 4/15/2030		342		366
Mead Johnson Nutrition Co. (United Kingdom)
4.13%, 11/15/2025		27		31
Mondelez International, Inc. 1.50%, 5/4/2025		80		83
Smithfield Foods, Inc. 5.20%, 4/1/2029 (a)		160		190
3.00%, 10/15/2030 (a)		380		402
Tyson Foods, Inc. 4.88%, 8/15/2034		20		26
5.15%, 8/15/2044		90		124
4.55%, 6/2/2047		100		133
				2,660
Gas Utilities — 0.3%
Atmos Energy Corp. 4.13%, 10/15/2044		50		63
4.13%, 3/15/2049		155		200
Boston Gas Co. 4.49%, 2/15/2042 (a)		22		28
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (a)		80		102
Eastern Energy Gas Holdings LLC Series C, 3.90%, 11/15/2049		137		161
ONE Gas, Inc. 2.00%, 5/15/2030		200		209
Piedmont Natural Gas Co., Inc. 3.50%, 6/1/2029		200		229
Southern California Gas Co. Series XX, 2.55%, 2/1/2030		195		211
Southern Natural Gas Co. LLC 8.00%, 3/1/2032		53		76
4.80%, 3/15/2047 (a)		26		30
Southwest Gas Corp. 3.80%, 9/29/2046		44		51
				1,360
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories 1.15%, 1/30/2028		170		172
4.75%, 11/30/2036		130		179
Becton Dickinson and Co. 4.67%, 6/6/2047		160		210
Boston Scientific Corp. 4.00%, 3/1/2029		101		119

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Equipment & Supplies — continued
4.55%, 3/1/2039		100		128
DH Europe Finance II SARL 3.25%, 11/15/2039		184		209
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		27		29
				1,046
Health Care Providers & Services — 1.0%
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030		130		135
Anthem, Inc. 3.30%, 1/15/2023		18		19
3.35%, 12/1/2024		70		77
4.10%, 3/1/2028		55		65
4.65%, 1/15/2043		18		24
4.65%, 8/15/2044		65		85
Ascension Health Series B, 2.53%, 11/15/2029		190		208
Children’s Hospital Series 2020, 2.93%, 7/15/2050		180		180
Cigna Corp. 4.50%, 2/25/2026		127		149
CommonSpirit Health 1.55%, 10/1/2025		145		149
2.78%, 10/1/2030		145		153
3.91%, 10/1/2050		140		156
CVS Health Corp. 4.30%, 3/25/2028		54		64
3.25%, 8/15/2029		155		175
1.88%, 2/28/2031		312		315
2.70%, 8/21/2040		130		132
5.05%, 3/25/2048		323		437
Hackensack Meridian Health, Inc. Series 2020, 2.88%, 9/1/2050		230		237
HCA, Inc. 5.25%, 6/15/2026		340		402
5.13%, 6/15/2039		125		160
5.50%, 6/15/2047		245		327
Memorial Health Services 3.45%, 11/1/2049		245		262
MidMichigan Health Series 2020, 3.41%, 6/1/2050		80		89
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		83		94
MultiCare Health System 2.80%, 8/15/2050		120		124
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		36		39
Quest Diagnostics, Inc. 3.45%, 6/1/2026		17		19
2.80%, 6/30/2031		95		104
Rush Obligated Group Series 2020, 3.92%, 11/15/2029		233		275

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
Texas Health Resources 2.33%, 11/15/2050		140		132
UnitedHealth Group, Inc. 4.63%, 7/15/2035		34		46
3.50%, 8/15/2039		160		190
Universal Health Services, Inc. 2.65%, 10/15/2030 (a)		170		177
Yale-New Haven Health Services Corp. Series 2020, 2.50%, 7/1/2050		200		195
				5,395
Hotels, Restaurants & Leisure — 0.0% (b)
McDonald’s Corp. 4.70%, 12/9/2035		60		77
Starbucks Corp. 2.55%, 11/15/2030		170		184
				261
Household Products — 0.0% (b)
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		6		6
Independent Power and Renewable Electricity Producers — 0.2%
Alexander Funding Trust 1.84%, 11/15/2023 (a)		200		202
Exelon Generation Co. LLC
3.40%, 3/15/2022		50		52
4.25%, 6/15/2022		38		40
3.25%, 6/1/2025		250		273
6.25%, 10/1/2039		100		120
5.75%, 10/1/2041		29		33
PSEG Power LLC 4.15%, 9/15/2021		37		38
Southern Power Co. 5.15%, 9/15/2041		50		61
Tri-State Generation and Transmission Association, Inc. 4.25%, 6/1/2046		25		29
				848
Industrial Conglomerates — 0.3%
General Electric Co.
3.45%, 5/1/2027		105		119
3.63%, 5/1/2030		160		183
5.88%, 1/14/2038		100		135
Honeywell International, Inc.
1.35%, 6/1/2025		400		414
2.50%, 11/1/2026		150		165
Roper Technologies, Inc.
1.40%, 9/15/2027		350		354
2.00%, 6/30/2030		160		164
				1,534

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — 0.9%
AIA Group Ltd. (Hong Kong)
3.20%, 3/11/2025 (a)		200		215
3.90%, 4/6/2028 (a)		210		239
3.60%, 4/9/2029 (a)		200		225
American Financial Group, Inc. 3.50%, 8/15/2026		100		109
American International Group, Inc. 3.88%, 1/15/2035		180		216
Assurant, Inc. 4.20%, 9/27/2023		85		93
Athene Global Funding
2.75%, 6/25/2024 (a)		155		164
2.95%, 11/12/2026 (a)		410		440
Berkshire Hathaway Finance Corp. 4.30%, 5/15/2043		62		82
Brown & Brown, Inc. 2.38%, 3/15/2031		460		481
Chubb INA Holdings, Inc.
2.88%, 11/3/2022		42		44
2.70%, 3/13/2023		120		126
CNA Financial Corp. 3.95%, 5/15/2024		44		49
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		221
Guardian Life Insurance Co. of America (The)
4.85%, 1/24/2077 (a)		21		29
Hanover Insurance Group, Inc. (The) 2.50%, 9/1/2030		120		125
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		70		88
Intact US Holdings, Inc. 4.60%, 11/9/2022		100		106
Jackson National Life Global Funding
3.88%, 6/11/2025 (a)		87		98
3.05%, 4/29/2026 (a)		104		116
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (a)		27		33
3.95%, 10/15/2050 (a)		207		248
Lincoln National Corp.
4.20%, 3/15/2022		20		21
4.00%, 9/1/2023		50		54
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (c)		100		109
Markel Corp. 3.63%, 3/30/2023		40		43
MetLife, Inc. 4.13%, 8/13/2042		28		35
New York Life Global Funding
2.00%, 4/13/2021 (a)		29		29
2.35%, 7/14/2026 (a)		65		70
New York Life Insurance Co. 4.45%, 5/15/2069 (a)		105		141

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — continued
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		134		152
Principal Financial Group, Inc.
3.13%, 5/15/2023		30		32
3.70%, 5/15/2029		30		35
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (c) (d) (e)		50		52
Prudential Financial, Inc. 3.91%, 12/7/2047		61		73
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		194
Reliance Standard Life Global Funding II 3.85%, 9/19/2023 (a)		105		113
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)		50		62
				4,762
Internet & Direct Marketing Retail — 0.0% (b)
Amazon.com, Inc. 3.88%, 8/22/2037		80		100
IT Services — 0.3%
DXC Technology Co. 4.25%, 4/15/2024		34		37
Fiserv, Inc.
3.20%, 7/1/2026		70		78
4.40%, 7/1/2049		65		87
Global Payments, Inc. 4.15%, 8/15/2049		140		173
International Business Machines Corp.
3.30%, 5/15/2026		260		294
1.70%, 5/15/2027		535		555
6.22%, 8/1/2027		50		66
Western Union Co. (The) 3.60%, 3/15/2022		100		103
				1,393
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029		332		376
Life Sciences Tools & Services — 0.0% (b)
Thermo Fisher Scientific, Inc. 2.95%, 9/19/2026		30		33
Machinery — 0.1%
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		75		81
Otis Worldwide Corp. 2.57%, 2/15/2030		280		301
Parker-Hannifin Corp.
4.45%, 11/21/2044		30		38
4.10%, 3/1/2047		21		26
Xylem, Inc. 2.25%, 1/30/2031		110		116
				562

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — 0.9%
Charter Communications Operating LLC
3.75%, 2/15/2028		245		275
5.38%, 4/1/2038		38		48
4.80%, 3/1/2050		240		286
3.70%, 4/1/2051		120		124
Comcast Cable Holdings LLC 10.13%, 4/15/2022		75		84
Comcast Corp.
3.95%, 10/15/2025		119		137
3.15%, 3/1/2026		127		142
3.55%, 5/1/2028		66		76
1.95%, 1/15/2031		170		175
1.50%, 2/15/2031		300		298
4.25%, 1/15/2033		167		210
4.20%, 8/15/2034		89		111
3.90%, 3/1/2038		32		39
4.60%, 10/15/2038		145		191
3.25%, 11/1/2039		130		147
3.75%, 4/1/2040		160		192
4.00%, 11/1/2049		52		65
3.45%, 2/1/2050		246		289
4.95%, 10/15/2058		180		273
Cox Communications, Inc.
3.35%, 9/15/2026 (a)		67		75
1.80%, 10/1/2030 (a)		235		235
4.60%, 8/15/2047 (a)		39		50
2.95%, 10/1/2050 (a)		180		184
Discovery Communications LLC
5.20%, 9/20/2047		80		104
4.00%, 9/15/2055 (a)		124		139
Fox Corp. 5.58%, 1/25/2049		170		248
Time Warner Cable LLC
6.55%, 5/1/2037		50		69
7.30%, 7/1/2038		50		74
5.50%, 9/1/2041		100		128
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		90		139
ViacomCBS, Inc.
3.70%, 8/15/2024		99		109
4.00%, 1/15/2026		42		48
				4,764
Metals & Mining — 0.6%
Anglo American Capital plc (South Africa)
4.00%, 9/11/2027 (a)		200		230

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Metals & Mining — continued
2.63%, 9/10/2030 (a)		200		209
Glencore Funding LLC (Australia)
4.13%, 5/30/2023 (a)		112		121
1.63%, 9/1/2025 (a)		705		725
2.50%, 9/1/2030 (a)		750		765
Nucor Corp. 2.98%, 12/15/2055 (a)		30		31
Reliance Steel & Aluminum Co. 1.30%, 8/15/2025		600		609
Steel Dynamics, Inc.
1.65%, 10/15/2027		126		130
3.45%, 4/15/2030		177		200
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		130		144
				3,164
Multiline Retail — 0.0% (b)
Dollar General Corp. 4.13%, 5/1/2028		55		65
Multi-Utilities — 0.3%
Ameren Illinois Co. 3.25%, 3/15/2050		185		216
CMS Energy Corp.
3.88%, 3/1/2024		110		120
2.95%, 2/15/2027		47		51
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		38		53
4.50%, 5/15/2058		54		71
Consumers Energy Co. 3.25%, 8/15/2046		19		22
Delmarva Power & Light Co. 4.15%, 5/15/2045		50		62
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		60		62
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (a)		50		56
NiSource, Inc. 2.95%, 9/1/2029		85		93
1.70%, 2/15/2031		190		189
San Diego Gas & Electric Co. 5.35%, 5/15/2035		70		91
Sempra Energy 4.05%, 12/1/2023		62		68
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		37		38
2.45%, 10/1/2023		19		20
3.25%, 6/15/2026		17		19
5.88%, 3/15/2041		96		140
4.40%, 6/1/2043		42		51
3.95%, 10/1/2046		21		25
WEC Energy Group, Inc. 3.55%, 6/15/2025		37		41
				1,488

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — 2.9%
APT Pipelines Ltd. (Australia) 4.20%, 3/23/2025 (a)		120		132
4.25%, 7/15/2027 (a)		73		83
Boardwalk Pipelines LP 4.80%, 5/3/2029		70		80
3.40%, 2/15/2031		170		177
BP Capital Markets America, Inc. 3.02%, 1/16/2027		35		39
1.75%, 8/10/2030		205		206
2.77%, 11/10/2050		130		128
2.94%, 6/4/2051		205		209
BP Capital Markets plc (United Kingdom) 3.51%, 3/17/2025		15		17
3.28%, 9/19/2027		259		290
Buckeye Partners LP 5.85%, 11/15/2043		100		98
Cameron LNG LLC 3.70%, 1/15/2039 (a)		188		212
Chevron Corp. 2.41%, 3/3/2022		150		153
2.57%, 5/16/2023		200		210
2.24%, 5/11/2030		125		134
Cimarex Energy Co. 3.90%, 5/15/2027		235		259
Concho Resources, Inc. 3.75%, 10/1/2027		135		154
2.40%, 2/15/2031		130		136
Diamondback Energy, Inc. 4.75%, 5/31/2025		550		619
3.25%, 12/1/2026		145		155
Ecopetrol SA (Colombia) 5.88%, 9/18/2023		28		31
4.13%, 1/16/2025		33		36
5.38%, 6/26/2026		39		45
Enable Midstream Partners LP 4.95%, 5/15/2028		40		41
4.15%, 9/15/2029		102		102
Enbridge, Inc. (Canada) 3.70%, 7/15/2027		27		31
4.50%, 6/10/2044		75		87
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (c)		60		66
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (c)		175		197
Energy Transfer Operating LP 4.75%, 1/15/2026		242		274
6.05%, 6/1/2041		100		117
6.00%, 6/15/2048		235		279
5.00%, 5/15/2050		815		881

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Eni USA, Inc. (Italy) 7.30%, 11/15/2027		50		68
Enterprise Products Operating LLC 3.90%, 2/15/2024		25		27
3.70%, 2/15/2026		38		43
7.55%, 4/15/2038		86		131
4.45%, 2/15/2043		87		105
5.10%, 2/15/2045		16		21
3.20%, 2/15/2052		50		51
4.95%, 10/15/2054		6		8
EQM Midstream Partners LP 5.50%, 7/15/2028		130		142
EQT Corp. 3.90%, 10/1/2027		60		60
Equinor ASA (Norway) 3.25%, 11/10/2024		23		25
2.88%, 4/6/2025		145		159
Exxon Mobil Corp. 2.99%, 3/19/2025		290		317
2.61%, 10/15/2030		270		295
3.00%, 8/16/2039		405		438
Gray Oak Pipeline LLC 2.00%, 9/15/2023 (a)		135		137
2.60%, 10/15/2025 (a)		165		170
Hess Corp. 6.00%, 1/15/2040		67		83
HollyFrontier Corp. 2.63%, 10/1/2023		255		261
Kinder Morgan, Inc. 2.00%, 2/15/2031		140		142
3.25%, 8/1/2050		170		170
Magellan Midstream Partners LP 3.20%, 3/15/2025		14		15
6.40%, 5/1/2037		70		92
4.20%, 12/1/2042		27		30
Marathon Petroleum Corp. 4.50%, 5/1/2023		213		231
3.63%, 9/15/2024		29		32
4.70%, 5/1/2025		127		145
MPLX LP 4.50%, 7/15/2023		213		232
5.25%, 1/15/2025		45		46
4.00%, 2/15/2025		235		262
4.13%, 3/1/2027		52		60
4.80%, 2/15/2029		261		315
2.65%, 8/15/2030		210		220
4.50%, 4/15/2038		140		160
4.70%, 4/15/2048		10		12
5.50%, 2/15/2049		85		112
Noble Energy, Inc.
3.25%, 10/15/2029		110		126
6.00%, 3/1/2041		114		173

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
ONEOK Partners LP 3.38%, 10/1/2022		8		8
5.00%, 9/15/2023		72		79
6.65%, 10/1/2036		15		19
ONEOK, Inc. 2.20%, 9/15/2025		250		261
3.40%, 9/1/2029		60		64
4.45%, 9/1/2049		220		231
Ovintiv, Inc. 7.20%, 11/1/2031		80		95
Phillips 66 Partners LP 3.15%, 12/15/2029		95		99
4.90%, 10/1/2046		37		41
Pioneer Natural Resources Co. 1.90%, 8/15/2030		270		267
Plains All American Pipeline LP 4.65%, 10/15/2025		235		263
3.80%, 9/15/2030		120		129
4.30%, 1/31/2043		30		29
4.70%, 6/15/2044		110		114
Sabine Pass Liquefaction LLC 5.75%, 5/15/2024		235		269
5.00%, 3/15/2027		450		530
Spectra Energy Partners LP 3.50%, 3/15/2025		19		21
5.95%, 9/25/2043		25		32
4.50%, 3/15/2045		7		8
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034		60		78
6.80%, 5/15/2038		145		203
Sunoco Logistics Partners Operations LP 3.90%, 7/15/2026		24		26
6.10%, 2/15/2042		60		70
TC PipeLines LP 3.90%, 5/25/2027		26		29
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (a)		120		128
Texas Eastern Transmission LP 3.50%, 1/15/2028 (a)		15		16
Total Capital International SA (France) 2.99%, 6/29/2041		350		382
3.46%, 7/12/2049		145		169
3.13%, 5/29/2050		260		281
TransCanada PipeLines Ltd. (Canada) 6.20%, 10/15/2037		70		97
4.75%, 5/15/2038		80		100
Valero Energy Corp. 2.70%, 4/15/2023		155		162
1.20%, 3/15/2024		230		232

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
2.15%, 9/15/2027		210		214
7.50%, 4/15/2032		14		20
Williams Cos., Inc. (The) 3.90%, 1/15/2025		25		28
4.85%, 3/1/2048		53		65
				15,653
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030		404		443
3.13%, 12/1/2049		150		174
				617
Pharmaceuticals — 1.0%
AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030		130		129
6.45%, 9/15/2037		50		77
4.00%, 9/18/2042		40		49
2.13%, 8/6/2050		140		130
Bristol-Myers Squibb Co. 3.20%, 6/15/2026		187		210
1.13%, 11/13/2027		375		379
3.90%, 2/20/2028		100		118
4.13%, 6/15/2039		114		145
5.70%, 10/15/2040		53		77
2.35%, 11/13/2040		175		180
5.00%, 8/15/2045		165		239
4.55%, 2/20/2048		60		84
Mylan, Inc. 3.13%, 1/15/2023 (a)		25		26
5.40%, 11/29/2043		21		28
Pfizer, Inc. 3.90%, 3/15/2039		150		188
Royalty Pharma plc 0.75%, 9/2/2023 (a)		240		241
1.20%, 9/2/2025 (a)		235		238
1.75%, 9/2/2027 (a)		235		242
3.30%, 9/2/2040 (a)		195		205
3.55%, 9/2/2050 (a)		200		213
Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		83		88
3.20%, 9/23/2026		234		262
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		230		242
3.18%, 7/9/2050		225		240
3.38%, 7/9/2060		200		221
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		210		240
Viatris, Inc. 2.30%, 6/22/2027 (a)		589		627

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Pharmaceuticals — continued
Zoetis, Inc. 2.00%, 5/15/2030		170		176
3.00%, 5/15/2050		60		66
				5,360
Real Estate Management & Development — 0.0% (b)
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (a)		200		206
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC 5.75%, 5/1/2040		85		126
5.40%, 6/1/2041		126		183
4.38%, 9/1/2042		25		33
5.15%, 9/1/2043		77		111
4.70%, 9/1/2045		35		49
CSX Corp. 5.50%, 4/15/2041		50		70
4.75%, 11/15/2048		108		148
3.35%, 9/15/2049		10		11
ERAC USA Finance LLC 4.50%, 8/16/2021 (a)		45		46
2.60%, 12/1/2021 (a)		50		51
7.00%, 10/15/2037 (a)		160		248
5.63%, 3/15/2042 (a)		12		17
JB Hunt Transport Services, Inc. 3.85%, 3/15/2024		70		76
3.88%, 3/1/2026		85		98
Norfolk Southern Corp. 3.95%, 10/1/2042		70		85
4.05%, 8/15/2052		40		51
Penske Truck Leasing Co. LP 3.95%, 3/10/2025 (a)		25		28
3.40%, 11/15/2026 (a)		25		28
4.20%, 4/1/2027 (a)		75		86
Union Pacific Corp. 4.10%, 9/15/2067		150		188
				1,733
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc. 4.50%, 12/5/2036		64		77
Broadcom Corp. 3.88%, 1/15/2027		100		112
Broadcom, Inc. 4.25%, 4/15/2026		250		287
4.11%, 9/15/2028		126		144
4.75%, 4/15/2029		370		442
Intel Corp. 3.10%, 2/15/2060		50		55
Microchip Technology, Inc. 0.97%, 2/15/2024 (a)		330		331
				1,448

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Software — 0.3%
Microsoft Corp. 2.65%, 11/3/2022		160		166
2.00%, 8/8/2023		125		130
3.50%, 2/12/2035		68		84
3.45%, 8/8/2036		125		154
3.95%, 8/8/2056		40		55
Oracle Corp. 2.50%, 5/15/2022		52		53
2.40%, 9/15/2023		101		106
4.30%, 7/8/2034		23		29
3.90%, 5/15/2035		93		114
3.85%, 7/15/2036		107		129
3.60%, 4/1/2040		450		527
4.00%, 7/15/2046		110		135
VMware, Inc. 2.95%, 8/21/2022		101		105
				1,787
Specialty Retail — 0.2%
AutoZone, Inc. 1.65%, 1/15/2031		180		179
Home Depot, Inc. (The) 3.90%, 12/6/2028		110		132
Lowe’s Cos., Inc. 1.30%, 4/15/2028		432		436
3.65%, 4/5/2029		141		164
O’Reilly Automotive, Inc. 3.55%, 3/15/2026		80		90
3.60%, 9/1/2027		49		56
1.75%, 3/15/2031		85		85
				1,142
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc. 3.20%, 5/13/2025		32		36
2.45%, 8/4/2026		74		81
3.20%, 5/11/2027		57		64
3.00%, 6/20/2027		56		63
1.65%, 5/11/2030		285		294
3.45%, 2/9/2045		82		99
3.85%, 8/4/2046		117		150
3.75%, 9/12/2047		140		175
Dell International LLC 5.45%, 6/15/2023 (a)		120		133
6.02%, 6/15/2026 (a)		345		421
Hewlett Packard Enterprise Co. 1.45%, 4/1/2024		270		277
HP, Inc. 3.00%, 6/17/2027		160		176
				1,969

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) 4.63%, 7/11/2024 (a)		200		223
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (c)		250		256
Nationwide Building Society (United Kingdom) 1.00%, 8/28/2025 (a)		200		200
				679
Tobacco — 0.1%
BAT Capital Corp. (United Kingdom) 2.26%, 3/25/2028		210		218
3.73%, 9/25/2040		140		146
4.54%, 8/15/2047		60		66
3.98%, 9/25/2050		220		229
BAT International Finance plc (United Kingdom) 1.67%, 3/25/2026		160		164
				823
Trading Companies & Distributors — 0.4%
Air Lease Corp. 2.30%, 2/1/2025		245		254
3.25%, 3/1/2025		48		51
3.38%, 7/1/2025		378		407
2.88%, 1/15/2026		160		169
3.25%, 10/1/2029		220		232
Aviation Capital Group LLC 2.88%, 1/20/2022 (a)		100		101
5.50%, 12/15/2024 (a)		174		193
BOC Aviation Ltd. (Singapore)
2.38%, 9/15/2021 (a)		200		201
International Lease Finance Corp. 8.63%, 1/15/2022		70		76
5.88%, 8/15/2022		150		162
WW Grainger, Inc. 4.60%, 6/15/2045		77		103
				1,949
Transportation Infrastructure — 0.1%
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.38%, 4/30/2025 (a)		360		388
Transurban Finance Co. Pty. Ltd. (Australia) 2.45%, 3/16/2031 (a)		140		147
				535
Water Utilities — 0.1%
American Water Capital Corp. 3.45%, 6/1/2029		35		40
4.00%, 12/1/2046		52		65
3.45%, 5/1/2050		225		266
				371

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wireless Telecommunication Services — 0.6%
America Movil SAB de CV (Mexico) 3.63%, 4/22/2029		200		227
4.38%, 4/22/2049		200		257
Rogers Communications, Inc. (Canada) 4.35%, 5/1/2049		100		129
T-Mobile USA, Inc. 1.50%, 2/15/2026 (a)		280		287
3.75%, 4/15/2027 (a)		460		524
2.05%, 2/15/2028 (a)		370		385
3.88%, 4/15/2030 (a)		850		984
Vodafone Group plc (United Kingdom) 5.25%, 5/30/2048		64		89
4.88%, 6/19/2049		255		340
				3,222
Total Corporate Bonds (Cost $149,289)				162,692
Mortgage-Backed Securities — 21.9%
FHLMC
Pool # 611141, ARM, 2.72%, 1/1/2027 (g)		13		13
Pool # 846812, ARM, 2.86%, 4/1/2030 (g)		3		3
Pool # 1B1665, ARM, 3.64%, 4/1/2034 (g)		16		16
Pool # 1B2844, ARM, 3.58%, 3/1/2035 (g)		29		29
Pool # 1B3209, ARM, 2.82%, 1/1/2037 (g)		10		10
FHLMC Gold Pools, 30 Year
Pool # G00981, 8.50%, 7/1/2028		1		1
Pool # C00785, 6.50%, 6/1/2029		7		8
Pool # C01292, 6.00%, 2/1/2032		5		5
Pool # A13625, 5.50%, 10/1/2033		29		35
Pool # A28796, 6.50%, 11/1/2034		7		9
Pool # A46417, 7.00%, 4/1/2035		33		40
Pool # V83115, 4.50%, 3/1/2047		1,053		1,152
Pool # Q48338, 4.50%, 5/1/2047		124		136
Pool # G61060, 4.50%, 6/1/2047		1,352		1,480
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		31		34
Pool # U80265, 3.50%, 4/1/2033		354		381
Pool # U90690, 3.50%, 6/1/2042		357		390
Pool # U90975, 4.00%, 6/1/2042		143		156
Pool # U99134, 4.00%, 1/1/2046		220		242
FHLMC UMBS, 20 Year
Pool # RB5085, 2.00%, 11/1/2040		1,289		1,342
FHLMC UMBS, 30 Year
Pool # RA2008, 4.00%, 1/1/2050		716		784
Pool # QB1284, 3.50%, 7/1/2050		961		1,017

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # QB1248, 4.00%, 7/1/2050		1,036			1,142
FNMA
Pool # 303532, ARM, 3.94%, 3/1/2029 (g)		1			1
Pool # BS0448, 1.27%, 12/1/2029 (h)		1,300			1,300
Pool # BL9645, 1.50%, 1/1/2031 (h)		1,100			1,123
Pool # 745446, ARM, 3.03%, 4/1/2033 (g)		17			18
Pool # 722985, ARM, 2.53%, 7/1/2033 (g)		14			14
Pool # 766610, ARM, 2.22%, 1/1/2034 (g)		30			31
Pool # 735332, ARM, 2.88%, 8/1/2034 (g)		30			31
Pool # 735740, ARM, 2.79%, 10/1/2034 (g)		18			18
Pool # 810896, ARM, 1.77%, 1/1/2035 (g)		63			65
Pool # 823660, ARM, 2.88%, 5/1/2035 (g)		27			27
FNMA UMBS, 15 Year
Pool # 840495, 5.50%, 4/1/2022		2			2
Pool # 899316, 5.50%, 4/1/2022		—	(i)		—	(i)
Pool # 928637, 6.00%, 9/1/2022		1			1
Pool # 949415, 4.50%, 3/1/2023		3			3
Pool # 962871, 4.50%, 5/1/2023		4			4
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		1			2
Pool # 555791, 6.50%, 12/1/2022		1			1
Pool # 762498, 5.00%, 11/1/2023		42			47
Pool # 255609, 4.50%, 1/1/2025		6			6
Pool # FM1345, 4.50%, 11/1/2038		922			1,018
FNMA UMBS, 30 Year
Pool # 250375, 6.50%, 9/1/2025		1			1
Pool # 338417, 6.50%, 5/1/2026		—	(i)		—	(i)
Pool # 689977, 8.00%, 3/1/2027		9			10
Pool # 755973, 8.00%, 11/1/2028		20			23
Pool # 252211, 6.00%, 1/1/2029		1			1
Pool # 524949, 7.50%, 3/1/2030		6			6
Pool # 622534, 3.00%, 9/1/2031		104			109
Pool # 788150, 6.00%, 3/1/2032		16			18
Pool # 545639, 6.50%, 4/1/2032		32			37
Pool # 674349, 6.00%, 3/1/2033		5			6
Pool # AD0755, 7.00%, 6/1/2035		421			495
Pool # 833039, 5.00%, 9/1/2035		21			25
Pool # 745932, 6.50%, 11/1/2036		42			49
Pool # 944831, 5.50%, 2/1/2038		4			5
Pool # 961799, 5.50%, 3/1/2038		2			3
Pool # 976582, 4.50%, 4/1/2038		2			2
Pool # 985558, 5.50%, 6/1/2038		1			1
Pool # AL3438, 6.50%, 10/1/2038		409			466
Pool # AA4236, 4.50%, 4/1/2039		144			161
Pool # 935241, 4.50%, 5/1/2039		5			6
Pool # MA2535, 4.50%, 2/1/2046		345			381

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # BH4683, 4.00%, 6/1/2047		385		424
Pool # BH4684, 4.00%, 6/1/2047		371		407
Pool # BH4685, 4.00%, 6/1/2047		361		400
Pool # BK9030, 5.00%, 10/1/2048		1,074		1,189
Pool # BM5430, 5.00%, 1/1/2049		597		681
Pool # BN5899, 5.00%, 2/1/2049		187		206
Pool # BK8745, 4.50%, 4/1/2049		696		754
Pool # BN4707, 5.00%, 4/1/2049		1,049		1,178
Pool # FM1939, 4.50%, 5/1/2049		600		649
Pool # CA3713, 5.00%, 6/1/2049		683		755
Pool # BN6475, 4.00%, 7/1/2049		446		477
Pool # BO2170, 4.00%, 7/1/2049		709		758
Pool # BO2305, 4.00%, 7/1/2049		169		180
Pool # BK8758, 4.50%, 7/1/2049		664		727
Pool # BO5625, 3.50%, 8/1/2049		1,024		1,102
Pool # BP4357, 3.00%, 2/1/2050		1,099		1,183
FNMA, 30 Year
Pool # 506427, 9.00%, 4/1/2025		8		8
Pool # 535442, 8.50%, 6/1/2030		2		2
FNMA, Other
Pool # AM0806, 2.45%, 11/1/2022		489		502
Pool # AM1619, 2.34%, 12/1/2022		257		263
Pool # AM2747, 2.50%, 4/1/2023		500		518
Pool # AM3244, 2.52%, 5/1/2023		1,000		1,037
Pool # AM3851, 3.02%, 7/1/2023		1,000		1,056
Pool # AN0029, 3.10%, 9/1/2025		966		1,065
Pool # AM4660, 3.77%, 12/1/2025		291		326
Pool # AN0890, 2.63%, 3/1/2026		475		516
Pool # AM6381, 3.29%, 8/1/2026		994		1,109
Pool # BL0044, 3.71%, 8/1/2026		788		888
Pool # AM7321, 3.12%, 11/1/2026		948		1,057
Pool # AM7515, 3.34%, 2/1/2027		1,000		1,124
Pool # AN1600, 2.59%, 6/1/2028		860		946
Pool # AN9686, 3.52%, 6/1/2028		500		578
Pool # 109452, 3.64%, 8/1/2028		970		1,117
Pool # 405220, 6.00%, 9/1/2028		8		9
Pool # BL5798, 2.47%, 12/1/2028		1,260		1,372
Pool # BL1040, 3.81%, 12/1/2028		300		352
Pool # AN4559, 3.28%, 2/1/2029		1,482		1,688
Pool # AN5672, 3.20%, 6/1/2029		1,465		1,662
Pool # BL4435, 2.42%, 10/1/2029		700		767
Pool # AN6846, 2.93%, 10/1/2029		1,100		1,242
Pool # BL4333, 2.52%, 11/1/2029		1,098		1,209
Pool # AN9976, 3.96%, 2/1/2030		1,200		1,431
Pool # BL6267, 2.01%, 4/1/2030		1,350		1,422

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AM8692, 3.03%, 4/1/2030		650			733
Pool # AM8544, 3.08%, 4/1/2030		476			540
Pool # BL6386, 2.02%, 8/1/2030		1,059			1,122
Pool # BL9627, 1.56%, 1/1/2031		1,300			1,334
Pool # 754922, 5.50%, 9/1/2033		28			33
Pool # BL4886, 2.84%, 11/1/2034		797			892
Pool # 847108, 6.50%, 10/1/2035		73			83
Pool # AL9678, 4.00%, 2/1/2036		951			1,021
Pool # AN1330, 3.19%, 3/1/2036		1,045			1,187
Pool # 257172, 5.50%, 4/1/2038		4			4
Pool # AO9352, 4.00%, 7/1/2042		189			208
Pool # MA1125, 4.00%, 7/1/2042		255			277
Pool # MA1178, 4.00%, 9/1/2042		133			145
Pool # MA1437, 3.50%, 5/1/2043		405			442
Pool # AL6167, 3.50%, 1/1/2044		431			471
Pool # MA2545, 3.50%, 2/1/2046		837			915
Pool # MA2793, 3.50%, 10/1/2046		282			306
Pool # BF0464, 3.50%, 3/1/2060		1,188			1,312
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 1/25/2051 (h)		42,390			44,028
GNMA I, 30 Year
Pool # 326977, 7.50%, 5/15/2023		1			1
Pool # 359588, 7.50%, 6/15/2023		—	(i)		—	(i)
Pool # 782507, 9.50%, 10/15/2024		—	(i)		—	(i)
Pool # 780029, 9.00%, 11/15/2024		—	(i)		—	(i)
Pool # 405535, 7.00%, 12/15/2025		1			1
Pool # 412336, 8.00%, 10/15/2027		1			2
Pool # 451507, 8.00%, 10/15/2027		2			2
Pool # 412369, 7.00%, 11/15/2027		1			1
Pool # 467705, 6.50%, 3/15/2028		1			1
Pool # 472679, 7.00%, 6/15/2028		3			3
Pool # 486537, 7.50%, 9/15/2028		2			2
Pool # 781614, 7.00%, 6/15/2033		5			6
Pool # 617653, 6.00%, 5/15/2037		29			32
Pool # 678574, 5.50%, 6/15/2038		667			787
Pool # 681554, 5.50%, 7/15/2038		573			675
Pool # 678169, 5.50%, 9/15/2038		348			411
Pool # 681568, 5.50%, 9/15/2038		605			712
Pool # 694458, 6.00%, 10/15/2038		6			8
Pool # 782510, 6.50%, 12/15/2038		17			20
GNMA II
Pool # 81074, ARM, 2.75%, 9/20/2034 (g)		70			71
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		1			1
Pool # 2324, 8.00%, 11/20/2026		14			16

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 2341, 7.50%, 12/20/2026		1		1
Pool # 2362, 8.00%, 1/20/2027		2		2
Pool # BJ9823, 3.75%, 4/20/2048		1,515		1,695
Pool # BP4337, 4.50%, 9/20/2049		759		839
Pool # BP5551, 4.50%, 9/20/2049		931		1,030
Pool # BR0553, 4.50%, 2/20/2050		693		779
Pool # BS7393, 4.00%, 3/20/2050		995		1,086
Pool # BT8093, 3.50%, 4/20/2050		1,183		1,280
Pool # BS7411, 4.00%, 4/20/2050		1,817		1,984
Pool # BT4341, 3.00%, 7/20/2050		1,390		1,486
GNMA II, Other
Pool # AD0018, 3.75%, 12/20/2032		115		122
Total Mortgage-Backed Securities (Cost $112,555)				116,387
U.S. Treasury Obligations — 20.0%
U.S. Treasury Bonds 8.00%, 11/15/2021		338		361
5.38%, 2/15/2031		5		6
4.25%, 5/15/2039		105		156
1.13%, 5/15/2040		285		270
3.88%, 8/15/2040		100		143
3.13%, 11/15/2041		950		1,240
3.13%, 2/15/2043		500		655
2.88%, 5/15/2043		2,420		3,054
3.63%, 8/15/2043		2,350		3,313
3.75%, 11/15/2043		1,952		2,805
3.63%, 2/15/2044		2,345		3,315
3.38%, 5/15/2044		1,000		1,365
3.00%, 11/15/2044		663		857
2.50%, 2/15/2045		2,000		2,381
2.88%, 8/15/2045		500		635
3.00%, 11/15/2045		1,000		1,299
2.25%, 8/15/2046		3,704		4,219
3.00%, 2/15/2048		90		118
3.13%, 5/15/2048		176		236
2.88%, 5/15/2049		160		206
2.25%, 8/15/2049		1,095		1,251
2.38%, 11/15/2049		265		311
2.00%, 2/15/2050		3,045		3,300
1.25%, 5/15/2050		2,380		2,154
1.38%, 8/15/2050		140		131
1.63%, 11/15/2050		2,000		1,988
U.S. Treasury Inflation Indexed Bonds 3.63%, 4/15/2028		300		664
2.50%, 1/15/2029		100		159

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
U.S. Treasury Notes 3.63%, 2/15/2021		4,900		4,919
2.25%, 4/30/2021		115		116
2.63%, 5/15/2021		155		156
3.13%, 5/15/2021		600		607
2.00%, 5/31/2021		300		302
2.13%, 8/15/2021		500		506
1.25%, 10/31/2021		3,500		3,533
2.00%, 10/31/2021		100		102
1.88%, 11/30/2021		950		965
1.38%, 1/31/2022		9,000		9,121
1.75%, 2/28/2022		3,300		3,362
1.63%, 8/31/2022		1,000		1,025
1.75%, 9/30/2022		150		154
1.50%, 2/28/2023		525		540
1.75%, 5/15/2023		3,079		3,196
2.75%, 5/31/2023		46		49
2.50%, 8/15/2023		600		637
1.38%, 8/31/2023		700		723
1.63%, 10/31/2023		2,000		2,083
2.13%, 2/29/2024		94		100
2.50%, 5/15/2024		30		32
2.00%, 6/30/2024		10		11
2.25%, 11/15/2024		112		121
1.75%, 12/31/2024		2,621		2,776
2.00%, 2/15/2025		1,000		1,070
2.88%, 4/30/2025		146		162
2.13%, 5/15/2025		500		540
2.88%, 5/31/2025		318		354
2.00%, 8/15/2025		729		785
2.25%, 11/15/2025		610		666
1.63%, 2/15/2026		59		63
1.50%, 8/15/2026		28		30
2.00%, 11/15/2026		84		91
1.75%, 12/31/2026		2,282		2,452
2.25%, 2/15/2027		108		119
0.38%, 9/30/2027		1,160		1,142
2.75%, 2/15/2028		65		74
2.88%, 5/15/2028		991		1,147
1.63%, 8/15/2029		135		144
1.75%, 11/15/2029		265		286
1.50%, 2/15/2030		129		136
0.63%, 8/15/2030		435		424

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury STRIPS Bonds 2.43%, 2/15/2021 (j)		910		910
2.09%, 5/15/2021 (j)		1,590		1,589
2.21%, 8/15/2021 (j)		1,800		1,799
3.32%, 11/15/2021 (j)		675		674
2.96%, 2/15/2022 (j)		720		719
2.81%, 5/15/2022 (j)		760		759
3.24%, 8/15/2022 (j)		75		75
1.91%, 11/15/2022 (j)		750		748
3.08%, 2/15/2023 (j)		2,690		2,682
2.75%, 5/15/2023 (j)		2,420		2,412
2.28%, 8/15/2023 (j)		1,890		1,880
2.77%, 11/15/2023 (j)		173		172
1.72%, 2/15/2024 (j)		327		325
3.43%, 11/15/2024 (j)		110		109
3.87%, 2/15/2025 (j)		50		49
5.34%, 5/15/2026 (j)		100		97
3.62%, 8/15/2026 (j)		23		22
3.79%, 11/15/2026 (j)		250		241
4.32%, 2/15/2027 (j)		300		289
3.84%, 5/15/2027 (j)		725		695
3.41%, 8/15/2027 (j)		250		239
4.21%, 11/15/2027 (j)		710		672
3.17%, 2/15/2028 (j)		27		26
3.06%, 5/15/2028 (j)		140		132
7.80%, 8/15/2028 (j)		50		47
4.29%, 2/15/2029 (j)		658		611
4.11%, 11/15/2029 (j)		200		183
5.05%, 5/15/2030 (j)		300		272
4.13%, 8/15/2030 (j)		300		271
3.77%, 11/15/2030 (j)		500		448
4.73%, 2/15/2031 (j)		350		313
4.13%, 5/15/2031 (j)		275		245
3.45%, 11/15/2031 (j)		760		669
3.92%, 2/15/2032 (j)		350		307
4.47%, 11/15/2032 (j)		800		691
3.95%, 2/15/2033 (j)		400		343
4.12%, 5/15/2033 (j)		1,175		1,005
6.68%, 8/15/2033 (j)		100		85
4.62%, 11/15/2033 (j)		1,025		868
4.07%, 2/15/2034 (j)		775		652
3.49%, 11/15/2034 (j)		50		41
3.39%, 2/15/2035 (j)		65		54
3.75%, 5/15/2035 (j)		250		205

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
2.43%, 11/15/2041 (j)		100		72
Total U.S. Treasury Obligations (Cost $97,135)				106,110
Asset-Backed Securities — 10.3%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		203		204
Air Canada Pass-Through Trust (Canada) Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		101		97
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)		77		76
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		233		228
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		166		145
American Airlines Pass-Through Trust Series 2011-1, Class A, 5.25%, 1/31/2021		9		9
Series 2014-1, Class A, 3.70%, 10/1/2026		34		32
Series 2016-3, Class AA, 3.00%, 10/15/2028		195		191
Series 2017-1, Class AA, 3.65%, 2/15/2029		133		134
American Homes 4 Rent Series 2015-SFR1, Class D, 4.41%, 4/17/2052 ‡ (a)		380		407
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		100		111
American Homes 4 Rent Trust Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (a)		402		434
Series 2014-SFR2, Class C, 4.71%, 10/17/2036 ‡ (a)		200		217
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		223		241
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		200		224
Series 2015-SFR2, Class C, 4.69%, 10/17/2052 ‡ (a)		200		220
American Tower Trust #1 3.07%, 3/15/2023 (a)		80		81
3.65%, 3/23/2028 (a)		160		176
AMSR Trust Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)		850		868
Series 2020-SFR2, Class C, 2.53%, 7/17/2037 ‡ (a)		1,000		1,025
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 ‡ (a)		750		755
Series 2020-SFR4, Class C, 1.86%, 11/17/2037 ‡ (a)		1,000		1,003

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		75		75
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		100		97
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		148		148
Business Jet Securities LLC Series 2018-2, Class A, 4.45%, 6/15/2033 (a)		248		253
Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		573		585
Series 2020-1A, Class A, 2.98%, 11/15/2035 (a)		1,107		1,122
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		359		358
Cars Net Lease Mortgage Notes Series 2020-1A, Class A3, 3.10%, 12/15/2050 (a)		160		160
Carvana Auto Receivables Trust Series 2019-2A, Class C, 3.00%, 6/17/2024 (a)		675		693
Series 2019-3A, Class C, 2.71%, 10/15/2024 (a)		875		900
Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)		940		974
Series 2020-N1A, Class D, 3.43%, 1/15/2026 (a)		1,000		1,041
CIG Auto Receivables Trust Series 2020-1A, Class C, 1.75%, 1/12/2026 (a)		1,000		1,004
Continental Airlines Pass-Through Trust Series 2012-1, Class A, 4.15%, 4/11/2024		126		127
CoreVest American Finance Trust Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (a)		500		545
Series 2019-3, Class B, 3.16%, 10/15/2052 ‡ (a)		700		726
Series 2020-3, Class B, 2.20%, 8/15/2053 ‡ (a)		810		812
CPS Auto Receivables Trust Series 2015-C, Class D, 4.63%, 8/16/2021 (a)		4		4
CPS Auto Trust Series 2018-C, Class C, 3.68%, 6/17/2024 (a)		1,537		1,554
Credit Acceptance Auto Loan Trust Series 2018-1A, Class A, 3.01%, 2/16/2027 (a)		15		15
Series 2020-1A, Class B, 2.39%, 4/16/2029 (a)		645		660
Credit Suisse ABS Trust Series 2020-AT1, Class A, 2.63%, 10/15/2026 (a)		870		871

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Asset-Backed Securities — continued
Crown Castle Towers LLC 3.22%, 5/15/2022 (a)		42			42
3.66%, 5/15/2025 (a)		60			65
CWABS Revolving Home Equity Loan Trust Series 2004-K, Class 2A, 0.46%, 2/15/2034 ‡ (g)		1			1
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M1, 0.90%, 3/25/2034 ‡ (g)		14			14
Series 2004-1, Class M2, 0.97%, 3/25/2034 ‡ (g)		6			5
Series 2004-1, Class 3A, 0.71%, 4/25/2034 ‡ (g)		1			1
Delta Air Lines Pass-Through Trust Series 2015-1, Class AA, 3.63%, 7/30/2027		313			322
Drive Auto Receivables Trust Series 2017-1, Class D, 3.84%, 3/15/2023		99			100
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		290			294
Series 2016-CA, Class D, 4.18%, 3/15/2024 (a)		106			108
Series 2017-AA, Class D, 4.16%, 5/15/2024 (a)		69			70
Series 2019-4, Class C, 2.51%, 11/17/2025		375			383
Series 2019-1, Class D, 4.09%, 6/15/2026		170			178
Series 2020-2, Class D, 3.05%, 5/15/2028		1,000			1,055
DT Auto Owner Trust Series 2017-1A, Class D, 3.55%, 11/15/2022 (a)		—	(i)		—	(i)
Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		30			30
Series 2019-4A, Class C, 2.73%, 7/15/2025 (a)		604			619
Series 2020-2A, Class B, 2.08%, 3/16/2026 (a)		850			867
Exeter Automobile Receivables Trust Series 2017-1A, Class C, 3.95%, 12/15/2022 (a)		16			16
Series 2018-1A, Class C, 3.03%, 1/17/2023 (a)		36			36
Series 2019-4A, Class C, 2.44%, 9/16/2024 (a)		415			424
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		590			610
Series 2019-4A, Class D, 2.58%, 9/15/2025 (a)		1,315			1,352
FirstKey Homes Trust Series 2020-SFR1, Class D, 2.24%, 9/17/2025 ‡ (a)		800			799
Series 2020-SFR1, Class E, 2.79%, 8/17/2037 ‡ (a)		500			510

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2020-SFR2, Class E, 2.67%, 10/19/2037 ‡ (a)		850		848
Flagship Credit Auto Trust Series 2016-1, Class C, 6.22%, 6/15/2022 (a)		88		89
Series 2016-4, Class C, 2.71%, 11/15/2022 (a)		40		40
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		428		473
FORT CRE LLC Series 2018-1A, Class C, 2.98%, 11/16/2035 ‡ (a) (g)		760		739
Foundation Finance Trust Series 2020-1A, Class A, 3.54%, 7/16/2040 (a)		718		743
FREED ABS Trust Series 2018-2, Class A, 3.99%, 10/20/2025 (a)		22		22
Series 2019-2, Class A, 2.62%, 11/18/2026 (a)		121		121
Series 2020-FP1, Class B, 3.06%, 3/18/2027 ‡ (a)		800		813
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		10		10
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		53		56
Series 2017-2A, Class A, 3.26%, 10/15/2053 (a)		217		226
Series 2019-2A, Class A, 2.76%, 10/15/2054 (a)		390		403
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (a)		87		83
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		172		181
HERO Funding Trust (Cayman Islands) Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		44		45
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		125		134
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (a)		76		77
LL ABS Trust Series 2019-1A, Class A, 2.87%, 3/15/2027 (a)		125		126
Long Beach Mortgage Loan Trust Series 2003-4, Class M1, 1.17%, 8/25/2033 ‡ (g)		16		16
Series 2004-1, Class M1, 0.90%, 2/25/2034 ‡ (g)		42		41
Series 2004-1, Class M2, 0.97%, 2/25/2034 ‡ (g)		6		6

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Mariner Finance Issuance Trust Series 2019-AA, Class A, 2.96%, 7/20/2032 (a)		925		946
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		634		645
MVW Owner Trust Series 2019-1A, Class A, 2.89%, 11/20/2036 (a)		155		161
New Century Home Equity Loan Trust Series 2005-1, Class M1, 0.82%, 3/25/2035 ‡ (g)		72		72
NMEF Funding LLC Series 2019-A, Class B, 3.06%, 8/17/2026 ‡ (a)		870		884
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (a)		1,100		1,100
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (a)		270		276
Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (a)		1,156		1,159
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (a)		253		253
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (a)		801		814
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (a)		560		568
Pretium Mortgage Credit Partners I LLC Series 2020-CFL1, Class A1, 3.10%, 2/27/2060 (a) (f)		666		667
Series 2020-NPL3, Class A1, 3.10%, 6/27/2060 ‡ (a) (f)		719		721
Progress Residential Trust Series 2019-SFR4, Class D, 3.14%, 10/17/2036 ‡ (a)		800		825
Prosper Marketplace Issuance Trust Series 2019-3A, Class A, 3.19%, 7/15/2025 (a)		24		24
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		54		56
Santander Drive Auto Receivables Trust Series 2018-1, Class D, 3.32%, 3/15/2024		346		354
Series 2019-2, Class C, 2.90%, 10/15/2024		190		194
Sierra Timeshare Receivables Funding LLC Series 2019-3A, Class C, 3.00%, 8/20/2036 ‡ (a)		515		520
Series 2020-2A, Class A, 1.33%, 7/20/2037 (a)		647		651
Small Business Lending Trust Series 2020-A, Class B, 3.20%, 12/15/2026 ‡ (a)		2,300		2,215
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		53		51
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (a)		9		9
Synchrony Card Funding LLC Series 2019-A1, Class A, 2.95%, 3/15/2025		809		835
Series 2019-A2, Class A, 2.34%, 6/15/2025		850		875

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		370		378
Tricolor Auto Securitization Trust Series 2020-1A, Class A, 4.88%, 11/15/2026 (a)		955		957
United Airlines Pass-Through Trust Series 2013-1, Class A, 4.30%, 8/15/2025		141		142
Series 2016-1, Class B, 3.65%, 1/7/2026		49		48
Series 2018-1, Class B, 4.60%, 3/1/2026		33		33
Series 2014-1, Class A, 4.00%, 4/11/2026		52		53
Series 2016-2, Class AA, 2.88%, 10/7/2028		84		84
Series 2019-1, Class AA, 4.15%, 8/25/2031		242		253
Series 2019-2, Class AA, 2.70%, 5/1/2032		215		208
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022 (a)		550		558
Series 2018-1A, Class A, 5.50%, 7/15/2023 (a)		99		102
Vericrest Opportunity Loan Trust Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (a) (f)		135		135
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 ‡ (a) (f)		329		329
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (a) (f)		426		427
Series 2020-NPL6, Class A1A, 3.97%, 4/25/2050 ‡ (a) (f)		575		578
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		312		316
VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049 ‡ (a) (f)		715		715
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 ‡ (a) (f)		357		358
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 (a) (f)		428		428
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (a)		57		57
Series 2020-1A, Class B, 3.96%, 3/20/2034 ‡ (a)		615		635
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		375		387
Total Asset-Backed Securities (Cost $54,053)				54,851
Collateralized Mortgage Obligations — 6.8%
Acre Series 2017-A, 6.25%, 12/22/2021‡		500		495
Alternative Loan Trust Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		661		669

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-22T1, Class A2, IF, IO, 4.92%, 6/25/2035 ‡ (g)		344			58
Series 2005-20CB, Class 3A8, IF, IO, 4.60%, 7/25/2035 ‡ (g)		198			29
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		268			265
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		102			98
Banc of America Alternative Loan Trust Series 2004-6, Class 15, PO, 7/25/2019 ‡		2			1
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034 ‡		13			11
Series 2005-E, Class 4A1, 3.05%, 3/20/2035 (g)		3			3
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		69			67
Series 2005-7, Class 30, PO, 11/25/2035 ‡		11			10
Bayview Financing Trust Series 2020-3F, Class A, 3.15%, 11/10/2022 ‡ (a) (g)		1,300			1,300
Bear Stearns ARM Trust Series 2003-7, Class 3A, 2.60%, 10/25/2033 (g)		12			11
Series 2006-1, Class A1, 2.37%, 2/25/2036 (g)		52			53
CHL Mortgage Pass-Through Trust Series 2004-HYB1, Class 2A, 2.84%, 5/20/2034 (g)		9			9
Series 2004-HYB3, Class 2A, 3.00%, 6/20/2034 (g)		18			18
Series 2004-7, Class 2A1, 3.58%, 6/25/2034 (g)		18			18
Series 2005-16, Class A23, 5.50%, 9/25/2035		37			33
Series 2005-22, Class 2A1, 2.71%, 11/25/2035 (g)		87			81
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP2, Class 1, PO, 6/25/2033 ‡		—	(i)		—	(i)
Series 2003-HYB1, Class A, 2.60%, 9/25/2033 (g)		8			9
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033		1			1
Series 2005-1, Class 2A1A, 2.35%, 2/25/2035 (g)		43			39
CVS Pass-Through Trust Series 2009, 8.35%, 7/10/2031 (a)		69			91
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		11			11

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
FHLMC, REMIC Series 1065, Class J, 9.00%, 4/15/2021		—	(i)		—	(i)
Series 1250, Class J, 7.00%, 5/15/2022		—	(i)		—	(i)
Series 1316, Class Z, 8.00%, 6/15/2022		1			1
Series 1324, Class Z, 7.00%, 7/15/2022		1			1
Series 1343, Class LB, 7.50%, 8/15/2022		1			1
Series 1343, Class LA, 8.00%, 8/15/2022		5			5
Series 1395, Class G, 6.00%, 10/15/2022		1			1
Series 1394, Class ID, IF, 9.57%, 10/15/2022 (g)		1			1
Series 2535, Class BK, 5.50%, 12/15/2022		6			6
Series 1798, Class F, 5.00%, 5/15/2023		3			3
Series 1505, Class Q, 7.00%, 5/15/2023		1			1
Series 1518, Class G, IF, 8.82%, 5/15/2023 (g)		1			1
Series 1541, Class O, 0.12%, 7/15/2023 (g)		1			1
Series 2638, Class DS, IF, 8.44%, 7/15/2023 (g)		9			9
Series 1577, Class PV, 6.50%, 9/15/2023		42			45
Series 1584, Class L, 6.50%, 9/15/2023		24			25
Series 1633, Class Z, 6.50%, 12/15/2023		25			27
Series 1638, Class H, 6.50%, 12/15/2023		33			35
Series 2283, Class K, 6.50%, 12/15/2023		3			3
Series 1700, Class GA, PO, 2/15/2024		—	(i)		—	(i)
Series 1865, Class D, PO, 2/15/2024		3			3
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (g)		2			2
Series 1694, Class PK, 6.50%, 3/15/2024		3			3
Series 2033, Class SN, HB, IF, 29.17%, 3/15/2024 (g)		1			—	(i)
Series 2306, Class K, PO, 5/15/2024		1			1
Series 2306, Class SE, IF, IO, 9.73%, 5/15/2024 (g)		3			—	(i)
Series 1863, Class Z, 6.50%, 7/15/2026		8			8
Series 1981, Class Z, 6.00%, 5/15/2027		5			5
Series 1987, Class PE, 7.50%, 9/15/2027		6			8
Series 1999, Class PU, 7.00%, 10/15/2027		19			21
Series 2031, Class PG, 7.00%, 2/15/2028		39			45
Series 2035, Class PC, 6.95%, 3/15/2028		40			45
Series 2038, Class PN, IO, 7.00%, 3/15/2028		3			—	(i)
Series 2057, Class PE, 6.75%, 5/15/2028		52			60
Series 2054, Class PV, 7.50%, 5/15/2028		7			9
Series 2064, Class TE, 7.00%, 6/15/2028		9			11
Series 2075, Class PH, 6.50%, 8/15/2028		8			10
Series 2095, Class PE, 6.00%, 11/15/2028		27			30
Series 2132, Class SB, HB, IF, 29.88%, 3/15/2029 (g)		2			3

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2178, Class PB, 7.00%, 8/15/2029		15			18
Series 2182, Class ZB, 8.00%, 9/15/2029		26			31
Series 2204, Class GB, 8.00%, 12/20/2029 ‡ (g)		—	(i)		—	(i)
Series 2247, Class Z, 7.50%, 8/15/2030		5			6
Series 2259, Class ZC, 7.35%, 10/15/2030		107			130
Series 2325, Class PM, 7.00%, 6/15/2031		4			5
Series 2359, Class ZB, 8.50%, 6/15/2031		18			22
Series 2344, Class ZD, 6.50%, 8/15/2031		33			38
Series 2344, Class ZJ, 6.50%, 8/15/2031		6			7
Series 2345, Class NE, 6.50%, 8/15/2031		3			3
Series 2367, Class ME, 6.50%, 10/15/2031		53			60
Series 2390, Class DO, PO, 12/15/2031		5			5
Series 2410, Class OE, 6.38%, 2/15/2032		7			7
Series 2410, Class QX, IF, IO, 8.49%, 2/15/2032 (g)		10			2
Series 2412, Class SP, IF, 15.78%, 2/15/2032 (g)		10			13
Series 2410, Class QS, IF, 19.09%, 2/15/2032 (g)		8			12
Series 2423, Class MC, 7.00%, 3/15/2032		19			23
Series 2423, Class MT, 7.00%, 3/15/2032		29			35
Series 2444, Class ES, IF, IO, 7.79%, 3/15/2032 (g)		12			2
Series 2450, Class SW, IF, IO, 7.84%, 3/15/2032 (g)		8			2
Series 2647, Class A, 3.25%, 4/15/2032		35			38
Series 2435, Class CJ, 6.50%, 4/15/2032		66			77
Series 2455, Class GK, 6.50%, 5/15/2032		20			23
Series 2484, Class LZ, 6.50%, 7/15/2032		14			17
Series 2500, Class MC, 6.00%, 9/15/2032		42			49
Series 2543, Class YX, 6.00%, 12/15/2032		607			698
Series 2544, Class HC, 6.00%, 12/15/2032		44			52
Series 2574, Class PE, 5.50%, 2/15/2033		200			233
Series 2575, Class ME, 6.00%, 2/15/2033		86			100
Series 2586, Class WI, IO, 6.50%, 3/15/2033		6			1
Series 4189, Class MI, IO, 3.00%, 6/15/2033		1,189			10
Series 2764, Class UG, 5.00%, 3/15/2034		168			187
Series 2949, Class GE, 5.50%, 3/15/2035		218			254
Series 3047, Class OD, 5.50%, 10/15/2035		270			302
Series 3085, Class VS, HB, IF, 28.09%, 12/15/2035 (g)		50			85
Series 3098, Class KG, 5.50%, 1/15/2036		175			203
Series 3117, Class EO, PO, 2/15/2036		16			15
Series 3260, Class CS, IF, IO, 5.98%, 1/15/2037 (g)		16			3

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 3380, Class SI, IF, IO, 6.21%, 10/15/2037 (g)		924			213
Series 3385, Class SN, IF, IO, 5.84%, 11/15/2037 (g)		10			2
Series 3387, Class SA, IF, IO, 6.26%, 11/15/2037 (g)		36			7
Series 3423, Class PB, 5.50%, 3/15/2038		189			220
Series 3451, Class SA, IF, IO, 5.89%, 5/15/2038 (g)		12			1
Series 3455, Class SE, IF, IO, 6.04%, 6/15/2038 (g)		117			20
Series 3786, Class PD, 4.50%, 1/15/2041		407			487
Series 4029, Class MU, 3.50%, 4/15/2042		427			437
FHLMC, STRIPS
Series 233, Class 11, IO, 5.00%, 9/15/2035		30			6
Series 239, Class S30, IF, IO, 7.54%, 8/15/2036 (g)		33			8
Series 262, Class 35, 3.50%, 7/15/2042		171			188
Series 299, Class 300, 3.00%, 1/15/2043		137			144
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.21%, 7/25/2032 (g)		8			9
Series T-54, Class 2A, 6.50%, 2/25/2043		59			72
Series T-54, Class 3A, 7.00%, 2/25/2043		25			31
Series T-56, Class A, PO, 5/25/2043		146			143
Series T-58, Class A, PO, 9/25/2043		11			10
First Horizon Alternative Mortgage Securities Trust Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		78			59
FMC GMSR Issuer Trust Series 2020-GT1, Class A, 4.45%, 1/25/2026 (a) (g)		1,500			1,499
Fn feb30 0.00%, 2/1/2030 (h)		1,200			1,200
FNMA Trust, Whole Loan Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		12			14
FNMA, REMIC
Series 2001-4, Class PC, 7.00%, 3/25/2021		—	(i)		—	(i)
Series 2002-1, Class HC, 6.50%, 2/25/2022		1			1
Series 1992-101, Class J, 7.50%, 6/25/2022		3			3
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(i)		—	(i)
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(i)		—	(i)
Series 1996-59, Class J, 6.50%, 8/25/2022		—	(i)		—	(i)
Series 1992-143, Class MA, 5.50%, 9/25/2022		—	(i)		—	(i)
Series G92-54, Class ZQ, 7.50%, 9/25/2022		1			1
Series G92-59, Class F, 1.20%, 10/25/2022 (g)		—	(i)		—	(i)

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series G92-61, Class Z, 7.00%, 10/25/2022		—	(i)		—	(i)
Series G92-66, Class KA, 6.00%, 12/25/2022		1			1
Series G92-66, Class KB, 7.00%, 12/25/2022		4			4
Series G93-1, Class KA, 7.90%, 1/25/2023		1			1
Series 1997-61, Class ZC, 7.00%, 2/25/2023		10			10
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (g)		1			2
Series 1998-43, Class SA, HB, IF, 20.81%, 4/25/2023 (g)		4			1
Series 1993-146, Class E, PO, 5/25/2023		3			3
Series 1993-84, Class M, 7.50%, 6/25/2023		182			191
Series 1993-205, Class H, PO, 9/25/2023		1			1
Series 1993-155, Class PJ, 7.00%, 9/25/2023		9			10
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (g)		1			2
Series 1993-165, Class SD, IF, 13.79%, 9/25/2023 (g)		—	(i)		—	(i)
Series 1993-203, Class PL, 6.50%, 10/25/2023		13			13
Series 1995-19, Class Z, 6.50%, 11/25/2023		15			16
Series 1993-230, Class FA, 0.75%, 12/25/2023 (g)		—	(i)		—	(i)
Series 1993-223, Class PZ, 6.50%, 12/25/2023		27			28
Series 1993-225, Class UB, 6.50%, 12/25/2023		13			14
Series 2003-128, Class DY, 4.50%, 1/25/2024		144			149
Series 1994-37, Class L, 6.50%, 3/25/2024		27			28
Series 1994-72, Class K, 6.00%, 4/25/2024		237			250
Series 1995-2, Class Z, 8.50%, 1/25/2025		3			3
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (g)		11			—	(i)
Series 1997-39, Class PD, 7.50%, 5/20/2027		4			5
Series 1997-46, Class PL, 6.00%, 7/18/2027		8			8
Series 1998-36, Class ZB, 6.00%, 7/18/2028		3			3
Series 1998-46, Class GZ, 6.50%, 8/18/2028		10			11
Series 1998-58, Class PC, 6.50%, 10/25/2028		23			26
Series 2014-15, Class JI, IO, 3.50%, 4/25/2029		4,510			383
Series 1999-39, Class JH, IO, 6.50%, 8/25/2029		47			4
Series 2000-52, IO, 8.50%, 1/25/2031		2			—	(i)
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		62			9

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2001-30, Class PM, 7.00%, 7/25/2031		17		20
Series 2001-36, Class DE, 7.00%, 8/25/2031		28		34
Series 2001-44, Class PD, 7.00%, 9/25/2031		3		4
Series 2001-61, Class Z, 7.00%, 11/25/2031		48		58
Series 2002-1, Class SA, HB, IF, 24.71%, 2/25/2032 (g)		1		1
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (g)		48		2
Series 2002-15, PO, 4/25/2032		40		39
Series 2002-28, Class PK, 6.50%, 5/25/2032		19		22
Series 2002-68, Class SH, IF, IO, 7.84%, 10/18/2032 (g)		41		7
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (g)		22		27
Series 2002-77, Class S, IF, 14.21%, 12/25/2032 (g)		4		5
Series 2003-22, Class UD, 4.00%, 4/25/2033		96		107
Series 2003-47, Class PE, 5.75%, 6/25/2033		17		19
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		23		5
Series 2004-4, Class QM, IF, 13.90%, 6/25/2033 (g)		12		13
Series 2003-64, Class SX, IF, 13.36%, 7/25/2033 (g)		4		5
Series 2003-132, Class OA, PO, 8/25/2033		4		4
Series 2003-71, Class DS, IF, 7.26%, 8/25/2033 (g)		25		29
Series 2003-91, Class SD, IF, 12.25%, 9/25/2033 (g)		6		7
Series 2003-116, Class SB, IF, IO, 7.45%, 11/25/2033 (g)		56		12
Series 2003-131, Class CH, 5.50%, 1/25/2034		72		82
Series 2003-130, Class SX, IF, 11.30%, 1/25/2034 (g)		1		1
Series 2004-35, Class AZ, 4.50%, 5/25/2034		87		96
Series 2004-46, Class SK, IF, 16.09%, 5/25/2034 (g)		18		25
Series 2004-36, Class SA, IF, 19.12%, 5/25/2034 (g)		42		64
Series 2004-51, Class SY, IF, 13.94%, 7/25/2034 (g)		4		4
Series 2004-79, Class ZE, 5.50%, 11/25/2034		469		554
Series 2004-91, Class HC, 6.00%, 12/25/2034		688		794
Series 2005-45, Class DC, HB, IF, 23.77%, 6/25/2035 (g)		62		95

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-84, Class XM, 5.75%, 10/25/2035		40		45
Series 2006-22, Class AO, PO, 4/25/2036		26		25
Series 2006-46, Class SW, HB, IF, 23.66%, 6/25/2036 (g)		8		13
Series 2007-7, Class SG, IF, IO, 6.35%, 8/25/2036 (g)		42		14
Series 2006-110, PO, 11/25/2036		23		21
Series 2006-117, Class GS, IF, IO, 6.50%, 12/25/2036 (g)		30		5
Series 2007-53, Class SH, IF, IO, 5.95%, 6/25/2037 (g)		42		7
Series 2007-88, Class VI, IF, IO, 6.39%, 9/25/2037 (g)		69		15
Series 2007-100, Class SM, IF, IO, 6.30%, 10/25/2037 (g)		38		8
Series 2008-1, Class BI, IF, IO, 5.76%, 2/25/2038 (g)		37		7
Series 2008-16, Class IS, IF, IO, 6.05%, 3/25/2038 (g)		9		2
Series 2008-46, Class HI, IO, 2.07%, 6/25/2038 (g)		36		2
Series 2008-53, Class CI, IF, IO, 7.05%, 7/25/2038 (g)		18		3
Series 2009-112, Class ST, IF, IO, 6.10%, 1/25/2040 (g)		36		8
Series 2010-35, Class SB, IF, IO, 6.27%, 4/25/2040 (g)		16		3
Series 2010-80, Class PZ, 5.00%, 7/25/2040		338		415
Series 2010-102, Class PN, 5.00%, 9/25/2040		580		674
Series 2010-134, Class KZ, 4.50%, 12/25/2040		910		975
Series 2012-30, Class DZ, 4.00%, 4/25/2042		284		314
Series 2013-67, Class KZ, 2.50%, 4/25/2043		844		874
Series 2013-128, PO, 12/25/2043		150		138
Series 2014-38, Class QI, IO, 5.50%, 12/25/2043		523		87
Series 2014-19, Class Z, 4.50%, 4/25/2044		501		590
Series 2016-38, Class NA, 3.00%, 1/25/2046		132		141
FNMA, REMIC Trust, Whole Loan
Series 1999-W1, PO, 2/25/2029		15		13
Series 1999-W4, Class A9, 6.25%, 2/25/2029		61		68
Series 2002-W7, Class A4, 6.00%, 6/25/2029		150		174
Series 2003-W1, Class 1A1, 5.18%, 12/25/2042 (g)		158		174

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-W1, Class 2A, 5.66%, 12/25/2042 (g)		22		25
FNMA, REMIC, Whole Loan Series 2003-7, Class A1, 6.50%, 12/25/2042		120		138
FNMA, STRIPS
Series 329, Class 1, PO, 1/25/2033		3		3
Series 365, Class 8, IO, 5.50%, 5/25/2036		13		3
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.50%, 6/19/2035 (g)		68		65
GNMA
Series 2001-10, Class PE, 6.50%, 3/16/2031		297		296
Series 2003-24, PO, 3/16/2033		2		2
Series 2004-28, Class S, IF, 19.24%, 4/16/2034 (g)		14		20
Series 2006-38, Class OH, 6.50%, 8/20/2036		500		610
Series 2007-45, Class QA, IF, IO, 6.49%, 7/20/2037 (g)		54		8
Series 2009-79, Class OK, PO, 11/16/2037		30		29
Series 2007-76, Class SA, IF, IO, 6.38%, 11/20/2037 (g)		43		6
Series 2008-2, Class MS, IF, IO, 7.01%, 1/16/2038 (g)		40		8
Series 2015-137, Class WA, 5.52%, 1/20/2038 (g)		236		278
Series 2009-106, Class ST, IF, IO, 5.85%, 2/20/2038 (g)		141		25
Series 2008-55, Class SA, IF, IO, 6.05%, 6/20/2038 (g)		25		4
Series 2009-6, Class SA, IF, IO, 5.95%, 2/16/2039 (g)		15		2
Series 2009-6, Class SH, IF, IO, 5.89%, 2/20/2039 (g)		53		9
Series 2009-31, Class TS, IF, IO, 6.15%, 3/20/2039 (g)		53		4
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		40		7
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		30		6
Series 2009-22, Class SA, IF, IO, 6.12%, 4/20/2039 (g)		73		12
Series 2009-64, Class SN, IF, IO, 5.95%, 7/16/2039 (g)		60		9
Series 2009-104, Class KB, 5.50%, 11/16/2039		236		304
Series 2010-130, Class CP, 7.00%, 10/16/2040		45		54
Series 2011-75, Class SM, IF, IO, 6.45%, 5/20/2041 (g)		82		12

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2013-69, Class MA, 1.50%, 8/20/2042		322		325
Series 2016-135, Class Z, 3.00%, 10/20/2046		227		240
Series 2020-30, Class PT, 4.75%, 3/20/2048 (g)		1,060		1,206
Series 2011-H19, Class FA, 0.61%, 8/20/2061 (g)		426		426
Series 2012-H23, Class SA, 0.67%, 10/20/2062 (g)		515		516
Series 2013-H08, Class FC, 0.59%, 2/20/2063 (g)		437		438
Series 2013-H09, Class HA, 1.65%, 4/20/2063		45		45
Series 2014-H17, Class FC, 0.64%, 7/20/2064 (g)		244		245
Series 2015-H16, Class FG, 0.58%, 7/20/2065 (g)		536		536
Series 2015-H30, Class FE, 0.74%, 11/20/2065 (g)		704		709
Series 2016-H11, Class FD, 1.40%, 5/20/2066 (g)		180		180
Series 2016-H26, Class FC, 1.14%, 12/20/2066 (g)		138		141
Series 2017-H14, Class FV, 0.64%, 6/20/2067 (g)		352		353
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051 ‡		300		291
GSR Mortgage Loan Trust
Series 2004-6F, Class 1A2, 5.00%, 5/25/2034		40		39
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		100		107
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		29		31
Headlands Residential LLC
Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (a) (f)		675		678
Series 2017-RPL1, Class A, 3.88%, 11/25/2024 (a) (f)		390		393
Impac Secured Assets Trust Series 2006-1, Class 2A1, 0.50%, 5/25/2036 (g)		18		17
JPMorgan Mortgage Trust Series 2006-A2, Class 5A3, 2.53%, 11/25/2033 (g)		18		19
LHOME Mortgage Trust Series 2019-RTL3, Class A1, 3.87%, 7/25/2024 (a)		730		738
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 3.11%, 4/21/2034 (g)		11		11

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		2			2
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		—	(i)		—	(i)
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		32			33
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		45			47
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		79			84
Series 2004-7, Class 30, PO, 8/25/2034 ‡		6			5
MASTR Asset Securitization Trust
Series 2003-12, Class 15, PO, 12/25/2018 ‡		—	(i)		—	(i)
Series 2004-6, Class 15, PO, 7/25/2019 ‡		—	(i)		—	(i)
Series 2003-11, Class 9A6, 5.25%, 12/25/2033		67			69
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		11			9
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (g)		24			24
PHH Alternative Mortgage Trust Series 2007-2, Class 2X, IO, 6.00%, 5/25/2037 ‡		112			25
PRPM LLC Series 2020-5, Class A1, 3.10%, 11/25/2025 (a) (f)		979			985
RALI Trust
Series 2003-QS9, Class A3, IF, IO, 7.40%, 5/25/2018 ‡ (g)		—	(i)		—
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		1			1
RCO V Mortgage LLC Series 2020-1, Class A1, 3.10%, 9/25/2025 (a) (f)		946			948
RFMSI Trust Series 2005-SA4, Class 1A1, 2.90%, 9/25/2035 (g)		22			20
RMIP 5.60%, 8/25/2021 ‡		485			476
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (a)		2			2
SART 4.75%, 7/15/2024		379			383
4.76%, 6/15/2025		463			471
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		644			703
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		295			343
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022 (f)		495			502
TVC Mortgage Trust Series 2020-RTL1, Class A1, 3.47%, 9/25/2024 (a)		980			990

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.24%, 2/15/2024 (g)		11		11
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		145		155
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		40		45
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		21		24
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		86		98
Series 1998-1, Class 2E, 7.00%, 3/15/2028		24		26
vMobo, Inc. 7.50%, 5/31/2024		570		561
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR8, Class A, 2.90%, 8/25/2033 (g)		4		5
Series 2003-AR9, Class 1A6, 2.78%, 9/25/2033 (g)		22		22
Series 2004-AR3, Class A2, 3.66%, 6/25/2034 (g)		7		7
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 4.85%, 4/25/2035 ‡ (g)		156		25
Series 2005-2, Class 1A4, IF, IO, 4.90%, 4/25/2035 ‡ (g)		444		65
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		130		22
Series 2005-4, Class CB7, 5.50%, 6/25/2035		114		109
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		29		28
Total Collateralized Mortgage Obligations (Cost $34,868)				36,427
Commercial Mortgage-Backed Securities — 5.0%
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		300		312
BXMT Ltd. Series 2017-FL1, Class C, 2.10%, 6/15/2035 ‡ (a) (g)		300		298
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.38%, 12/11/2049 ‡ (a) (g)		7		–	(i)
Citigroup Commercial Mortgage Trust Series 2020-GC46, Class A5, 2.72%, 2/15/2053		1,100		1,206
Commercial Mortgage Trust
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (a) (g)		125		125
Series 2020-CBM, Class A2, 2.90%, 2/10/2037 (a)		750		748
Series 2020-CBM, Class C, 3.40%, 2/10/2037 ‡ (a)		500		494
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		200		221
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		156		175

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (a)		885		896
Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (a)		100		83
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KF12, Class A, 0.85%, 9/25/2022 (g)		5		5
Series KJ09, Class A2, 2.84%, 9/25/2022		82		84
Series KJ11, Class A2, 2.93%, 1/25/2023		172		180
Series K038, Class A2, 3.39%, 3/25/2024		229		249
Series KJ14, Class A2, 2.81%, 9/25/2024		591		630
Series KPLB, Class A, 2.77%, 5/25/2025		250		270
Series K065, Class A2, 3.24%, 4/25/2027		215		245
Series K065, Class AM, 3.33%, 5/25/2027		115		132
Series K066, Class A2, 3.12%, 6/25/2027		267		303
Series K070, Class A2, 3.30%, 11/25/2027 (g)		208		240
Series K072, Class AM, 3.50%, 12/25/2027 (g)		1,000		1,163
Series K073, Class A2, 3.35%, 1/25/2028		346		400
Series K079, Class AM, 3.93%, 6/25/2028		588		702
Series K081, Class A2, 3.90%, 8/25/2028 (g)		395		473
Series K082, Class A2, 3.92%, 9/25/2028 (g)		1,054		1,268
Series KL06, Class XFX, IO, 1.36%, 12/25/2029		4,215		399
Series Q013, Class APT2, 1.29%, 5/25/2050 (g)		1,123		1,133
FNMA ACES
Series 2015-M17, Class FA, 1.08%, 11/25/2022 (g)		73		73
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		295		303
Series 2014-M3, Class A2, 3.49%, 1/25/2024 (g)		671		724
Series 2015-M3, Class A2, 2.72%, 10/25/2024		917		980
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (g)		803		897
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (g)		389		435
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (g)		335		376
Series 2017-M12, Class A2, 3.08%, 6/25/2027 (g)		381		429
Series 2018-M10, Class A2, 3.37%, 7/25/2028 (g)		460		534

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2017-M5, Class A2, 3.17%, 4/25/2029 (g)		305		351
Series 2018-M3, Class A2, 3.09%, 2/25/2030 (g)		185		211
Series 2020-M50, Class A1, 0.67%, 10/25/2030		1,305		1,295
Series 2020-M50, Class A2, 1.20%, 10/25/2030		330		335
Series 2020-M50, Class X1, IO, 1.94%, 10/25/2030 (g)		5,910		687
FREMF Mortgage Trust
Series 2014-K40, Class C, 4.07%, 11/25/2047 (a) (g)		168		183
Series 2015-K44, Class B, 3.68%, 1/25/2048 (a) (g)		640		695
Series 2015-K45, Class B, 3.59%, 4/25/2048 (a) (g)		500		542
Series 2016-K722, Class B, 3.85%, 7/25/2049 (a) (g)		110		117
Series 2016-K59, Class B, 3.58%, 11/25/2049 (a) (g)		180		196
Series 2018-K730, Class B, 3.80%, 2/25/2050 (a) (g)		551		599
Series 2019-K102, Class B, 3.53%, 12/25/2051 (a) (g)		750		823
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.29%, 12/15/2043 ‡ (a) (g)		31		—	(i)
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		740		778
Series 2019-PARK, Class D, 2.72%, 12/15/2036 ‡ (a)		987		984
SBALR Commercial Mortgage Trust
Series 2020-RR1, Class A3, 2.83%, 2/13/2053 (a)		975		1,002
UBS-BAMLL Trust
Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		116		117
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class A4, 3.53%, 5/10/2063		104		107
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (a)		84		84
Total Commercial Mortgage-Backed Securities (Cost $24,663)				26,291
Foreign Government Securities — 0.4%
Republic of Colombia (Colombia) 3.13%, 4/15/2031		395		419

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
7.38%, 9/18/2037		100		146
United Mexican States (Mexico) 3.60%, 1/30/2025		200		222
4.13%, 1/21/2026		200		230
3.75%, 1/11/2028		280		316
2.66%, 5/24/2031		283		291
4.75%, 3/8/2044		50		60
4.35%, 1/15/2047		58		66
4.50%, 1/31/2050		315		368
3.77%, 5/24/2061		211		219
Total Foreign Government Securities (Cost $2,150)				2,337
U.S. Government Agency Securities — 0.2%
FNMA, STRIPS 17.76%, 3/23/2028 (j)		630		587
Tennessee Valley Authority 5.88%, 4/1/2036		140		216
4.63%, 9/15/2060		93		146
4.25%, 9/15/2065		101		152
Total U.S. Government Agency Securities (Cost $786)				1,101
Municipal Bonds — 0.1% (k)
New York — 0.1%
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2010-D, Rev., 5.60%, 3/15/2040		30		42
Port Authority of New York and New Jersey, Consolidated Series 164, Rev., 5.65%, 11/1/2040		130		186
Total New York				228
Ohio — 0.0% (b)
Ohio State University (The), General Receipts Series 2011-A, Rev., 4.80%, 6/1/2111		98		143
Total Municipal Bonds (Cost $256)				371
	SHARES (000)
Short-Term Investments — 13.5%
Investment Companies — 13.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (l) (m) (Cost $71,867)		71,838		71,874
Total Investments — 108.8% (Cost $547,622)				578,441
Liabilities in Excess of Other Assets — (8.8)%				(46,665	)
NET ASSETS — 100.0%				531,776

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 33

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

Abbreviations

ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of December 31, 2020.
CSMC	Credit Suisse Mortgage Trust
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 December 31, 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 December 31, 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 December 31, 2020.
(e)	Security is an interest bearing note with preferred security characteristics.
(f)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2020.
(g)	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 December 31, 2020.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	Amount rounds to less than one thousand.
(j)	The rate shown is the effective yield as of December 31, 2020.
(k)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(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)	The rate shown is the current yield as of December 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	506,567
Investments in affiliates, at value		71,874
Cash		1
Receivables:
Investment securities sold		7
Portfolio shares sold		298
Interest from non-affiliates		2,196
Dividends from affiliates		5
Total Assets		580,948
LIABILITIES:
Payables:
Investment securities purchased		1,315
Investment securities purchased — delayed delivery securities		47,432
Portfolio shares redeemed		49
Accrued liabilities:
Investment advisory fees		168
Administration fees		33
Distribution fees		71
Custodian and accounting fees		17
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		87
Total Liabilities		49,172
Net Assets	$	531,776
NET ASSETS:
Paid-in-Capital	$	485,622
Total distributable earnings (loss)		46,154
Total Net Assets	$	531,776
Net Assets:
Class 1	$	190,891
Class 2		340,885
Total	$	531,776
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		16,072
Class 2		29,097
Net Asset Value (b):
Class 1 — Offering and redemption price per share	$	11.88
Class 2 — Offering and redemption price per share		11.72
Cost of investments in non-affiliates	$	475,755
Cost of investments in affiliates		71,867

(a) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 35

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2020

(Amounts in thousands)

	JPMorgan Insurance Trust Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	11,845
Interest income from affiliates		—	(a)
Dividend income from affiliates		170
Income from securities lending (net) (See Note 2.D.)		—	(a)
Total investment income		12,015
EXPENSES:
Investment advisory fees		1,844
Administration fees		346
Distribution fees:
Class 2		709
Custodian and accounting fees		92
Interest expense to affiliates		—	(a)
Professional fees		99
Trustees’ and Chief Compliance Officer’s fees		26
Printing and mailing costs		70
Transfer agency fees (See Note 2.G.)		5
Other		30
Total expenses		3,221
Less fees waived		(75	)
Net expenses		3,146
Net investment income (loss)		8,869
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,159
Investments in affiliates		(16	)
Net realized gain (loss)		7,143
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		16,628
Investments in affiliates		6
Change in net unrealized appreciation/depreciation		16,634
Net realized/unrealized gains (losses)		23,777
Change in net assets resulting from operations	$	32,646

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust Core Bond Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,869		$	8,730
Net realized gain (loss)		7,143			616
Change in net unrealized appreciation/depreciation		16,634			16,188
Change in net assets resulting from operations		32,646			25,534
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(3,683	)		(3,946	)
Class 2		(5,095	)		(4,092	)
Total distributions to shareholders		(8,778	)		(8,038	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		127,448			54,641
NET ASSETS:
Change in net assets		151,316			72,137
Beginning of period		380,460			308,323
End of period	$	531,776		$	380,460
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	96,027		$	25,620
Distributions reinvested		3,683			3,946
Cost of shares redeemed		(80,449	)		(34,012	)
Change in net assets resulting from Class 1 capital transactions		19,261			(4,446	)
Class 2
Proceeds from shares issued		154,155			77,161
Distributions reinvested		5,095			4,092
Cost of shares redeemed		(51,063	)		(22,166	)
Change in net assets resulting from Class 2 capital transactions		108,187			59,087
Total change in net assets resulting from capital transactions	$	127,448		$	54,641
SHARE TRANSACTIONS:
Class 1
Issued		8,234			2,328
Reinvested		321			366
Redeemed		(6,919	)		(3,102	)
Change in Class 1 Shares		1,636			(408	)
Class 2
Issued		13,429			7,067
Reinvested		450			384
Redeemed		(4,456	)		(2,037	)
Change in Class 2 Shares		9,423			5,414

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 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) (a)		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
Year Ended December 31, 2020	$	11.24	$	0.24	$	0.63		$	0.87		$	(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	)		—	(e)		(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	)
Class 2
Year Ended December 31, 2020		11.09		0.21		0.63			0.84			(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	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) 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.

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

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (b) (c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	11.88		7.84	%	$	190,891		0.53	%		2.09	%		0.55	%		92	%
	11.24		8.18			162,192		0.58			2.70			0.58			20
	10.66		0.05			158,167		0.56			2.76			0.61			20
	10.94		3.57			171,382		0.57			2.66			0.63			21
	10.84		2.12			176,566		0.59			2.73			0.64			29
	11.72		7.68			340,885		0.78			1.82			0.79			92
	11.09		7.87			218,268		0.83			2.45			0.83			20
	10.53		(0.23	)		150,156		0.81			2.51			0.85			20
	10.82		3.30			123,282		0.82			2.41			0.87			21
	10.73		1.84			73,940		0.84			2.47			0.89			29

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020

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 December 31, 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.

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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") (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	35,596	$	19,255	$	54,851
Collateralized Mortgage Obligations		—		32,559		3,868		36,427
Commercial Mortgage-Backed Securities		—		24,432		1,859		26,291
Corporate Bonds		—		162,692		—		162,692
Foreign Government Securities		—		2,337		—		2,337
Mortgage-Backed Securities		—		116,387		—		116,387
Municipal Bonds		—		371		—		371
U.S. Government Agency Securities		—		1,101		—		1,101
U.S. Treasury Obligations		—		106,110		—		106,110
Short-Term Investments
Investment Companies		71,874		—		—		71,874
Total Investments in Securities	$	71,874	$	481,585	$	24,982	$	578,441

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

	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 December 31, 2020
Investments in Securities:
Asset-Backed Securities	$	10,225	$	—	(a)	$	130		$	(1	)	$	12,253	$	(4,775	)	$	1,423	$	—	$	19,255
Collateralized Mortgage Obligations		2,959		—	(a)		39			(68	)		1,371		(1,349	)		916		—		3,868
Commercial Mortgage-Backed Securities		397		—			(5	)		—	(a)		997		—	(a)		470		—		1,859
Total	$	13,581	$	—	(a)	$	164		$	(69	)	$	14,621	$	(6,124	)	$	2,809	$	—	$	24,982

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

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

^(a)  Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2020, which were valued using significant unobservable inputs (level 3) amounted to approximately $166,000. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the year ended December 31, 2020.

The significant unobservable inputs used in the fair value measurement of the Portfolio’s investments are listed below. 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 enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at December 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	16,724	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (7.37%)
				Constant Default Rate		0.00% - 4.00% (0.03%)
				Yield (Discount Rate of Cash Flows)		1.27% - 5.62% (2.84%)
Asset-Backed Securities		16,724
		1,793	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (59.65%)
				Constant Default Rate		0.00% - 4.60% (0.25%)
				Yield (Discount Rate of Cash Flows)		0.95% - 21.42% (4.53%)
Collateralized Mortgage Obligations		1,793
		1,561	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.00%)
				Yield (Discount Rate of Cash Flows)		2.77% - 9.04% (3.41%)
Commercial Mortgage-Backed Securities		1,561
Total	$	20,078

# The table above does not include certain Level 3 investments that are valued by brokers and Pricing Services. At December 31, 2020, the value of these investments was approximately $4,904,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

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 NAVs of the Portfolio.

As of December 31, 2020, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A and/or Regulation S under the Securities Act.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Portfolio purchased when-issued securities, including To Be Announced (“TBA”) 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 forward commitments and delayed delivery securities outstanding as of December 31, 2020, which are shown as a Payable for Investment securities purchased — delayed delivery securities on the Statement of Assets and Liabilities. The values of these securities held at December 31, 2020 are detailed on the SOI.

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 DECEMBER 31, 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 year ended December 31, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

$ — (a) 

(a) Amount rounds to less than one thousand.

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 December 31, 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. Amounts in the table below are in thousands.

For the year ended December 31, 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 December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (a) (b)	$	17,076	$	240,519	$	185,711	$	(16	)	$	6	$	71,874		71,838	$	170		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		52		346		398		—			—		—		—		—	*(c)		—
Total	$	17,128	$	240,865	$	186,109	$	(16	)	$	6	$	71,874			$	170		$	—

(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 December 31, 2020.

(c) Amount rounds to less than one thousand.

* 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.

The Portfolio invests in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as increases or decreases to interest income on the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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

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.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Portfolio for the year ended December 31, 2020 are as follows (amounts in thousands):

	Class 1		Class 2		Total
Transfer agency fees	$	3	$	2	$	5

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 December 31, 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.

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.

The following amounts were reclassified within the capital accounts (amounts in thousands):

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	(57	)	$	42	$	15

The reclassifications for the Portfolio relate primarily to callable bonds.

J. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Portfolio’s financial statements of applying ASU 2020-04.

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 at an annual rate of 0.40% 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 year ended December 31, 2020, the effective rate was 0.075% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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. 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 year ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2021.

For the year ended December 31, 2020, the Portfolio’s service providers did not waive fees and/or reimburse expenses 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 expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended December 31, 2020 was approximately $75,000.

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 year ended December 31, 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
	$485,345	$	367,460	$	36,134	$	36,925

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
	$547,691	$	31,517	$	767	$	30,750

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to callable bonds.

The tax character of distributions paid during the year ended December 31, 2020 was as follows (amounts in thousands):

Ordinary Income*		Total Distributions Paid
$	8,778	$	8,778

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended December 31, 2019 was as follows (amounts in thousands):

Ordinary Income*		Total Distributions Paid
$	8,038	$	8,038

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	9,648	$	5,796	$	30,750

The cumulative timing differences primarily consist of callable bonds.

During the year ended December 31, 2020, the Portfolio utilized capital loss carryforwards as follows (amounts in thousands):

Capital Loss Utilized
Short-Term		Long-Term
$	141	$	16

As of December 31, 2020, 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 year ended December 31, 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 1, 2021.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2020.

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 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 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 year ended December 31, 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 December 31, 2020, the Portfolio had two individual shareholder and/or non-affiliated omnibus accounts, which owned 57.9% 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, 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, pre-payments, 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 to be representative of its value, the value of the Portfolio’s net assets could be adversely affected.

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 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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 47

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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. 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.

8. Subsequent Event

On February 10, 2021, the contractual expense limitations of Class 1 Shares and Class 2 Shares were extended until at least April 30, 2022.

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and Shareholders of JPMorgan Insurance Trust Core Bond Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Core Bond Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 12, 2021

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 49

TRUSTEES

(Unaudited)

The Portfolio’s Statement of Additional Information includes additional information about the Portfolio’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	128	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985. (3)	Self-employed business consultant (2002-present).	128	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	128	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	128	None
Mitchell M. Merin (1953); Trustee of Trust since 2013. (4)	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member, Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	128	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	128	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 51

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	128	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (128 funds).

⁽³⁾  Mr. Marshall retired from the Board of Trustees effective the close of business on December 31, 2020.

⁽⁴⁾  Mr. Merin retired from the Board of Trustees effective the close of business on January 31, 2021.

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Portfolio’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Portfolio’s financial statements and do not provide other services to the Portfolio. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

52 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.). Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 53

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, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 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 July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	1,021.50	$	2.59		0.51	%
Hypothetical		1,000.00		1,022.57		2.59		0.51
Class 2
Actual		1,000.00		1,020.00		3.86		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76

* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

54 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Portfolio received from the Adviser. This information includes the Portfolio’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Portfolio throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Portfolio and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Portfolio under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Portfolio by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Portfolio and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Portfolio during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Portfolio and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Portfolio. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Portfolio gained from their experience as Trustees of the

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Portfolio, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Portfolio.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Portfolio by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Portfolio. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Portfolio, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Portfolio.

The Trustees also considered that the Adviser earns fees from the Portfolio for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, an affiliate of the Adviser, which also acts as the Portfolio’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Portfolio, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Portfolio’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Portfolio’s shareholders to share potential economies of scale from its inception and that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Portfolio of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services, and the ability to negotiate competitive fees for the Portfolio. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Portfolio, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Portfolio, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels, was reasonable. The Trustees concluded that the Portfolio’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Portfolio and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Portfolio.

56 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Portfolio had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Portfolio. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Portfolio. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Portfolio within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to a representative class to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Portfolio’s performance against its benchmark and considered the

performance information provided for the Portfolio at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Portfolio’s performance are summarized below:

The Trustees noted that the Portfolio’s performance for Class 1 shares was in the fourth, third and fourth quintiles, based upon the Peer Group, and in the fourth, third and third quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and various other factors, concluded that the Portfolio’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Portfolio. The Trustees recognized that Broadridge reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

The Trustees noted that the Portfolio’s net advisory fee for Class 1 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class 1 shares were in the fourth quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Portfolio.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 57

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. December 2020. AN-JPMITCBP-1220

Annual Report

JPMorgan Insurance Trust

December 31, 2020

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
Report of Independent Registered Public Accounting Firm	20
Trustees	21
Officers	24
Schedule of Shareholder Expenses	25
Board Approval of Investment Advisory Agreement	26
Tax Letter	29

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

February 4, 2021 (Unaudited)

Dear Shareholders,

The immense efforts of central banks, government and researchers in the public and private sectors appear to have shepherded the world through the most difficult days of a profound crisis caused by the pandemic. While the economic and health care challenges are not behind us, the uncertainty and turbulence of 2020 has abated.

  “We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.” — Andrea L. Lisher

The development of multiple vaccines against Covid-19 toward the end of 2020 provided hope that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. That optimism spread to global financial markets. While leading equity indexes fell by 20% or more in the first quarter of 2020, financial markets stabilized and equity markets largely rebounded — slowly at first and then rapidly the second half of the year. At the end of 2020, the S&P 500 Index had generated a total return of 18.10% for the full 12 months and 22.16% for the final six months of the year.

We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the

direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.

Certainly, enormous challenges remain in both the implementation of global vaccinations and in the rebuilding of economies at the local, national and international levels. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to better navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		0.37%
Russell Midcap Value Index		4.96%
Net Assets as of 12/31/2020 (In Thousands)	$	447,529

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?

Global financial markets generally recovered from a sharp sell-off in the first quarter of 2020, led by a rally in equity markets in the second half of the year. Investor demand for equity was largely fueled by continued support from central banks, relief spending by governments across the globe and the development and approvals of the first vaccines against Covid-19.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

At the start of the second half of the year, U.S. equity led a broad rebound in both developed markets and emerging markets equity. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the

U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the re-opening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

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 twelve months ended December 31, 2020. The Portfolio’s security selection in the real estate and health care sectors was a leading detractor

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

to performance relative to the Benchmark, while the Portfolio’s security selection in the energy and financials 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 PVH Corp. 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 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 pandemic. Shares of PVH, a brand-name apparel and accessories company, fell early in the period after the company reported lower-than-expected earnings and revenue for its fiscal first quarter 2020.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Synopsys Inc., Williams Cos. and T. Rowe Price Group Inc. 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 fourth quarter. Shares of Williams Cos., a natural gas and petroleum producer, rose amid investor expectations for growth in natural gas demand and a broader rebound in energy prices. 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 third quarter of 2021.

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 real estate sectors, while maintaining underweight positions in the industrials and materials sectors.

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

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.0	%
Industrials	12.7
Real Estate	10.6
Consumer Discretionary	10.4
Information Technology	9.0
Utilities	8.1
Health Care	7.3
Materials	5.8
Consumer Staples	4.7
Communication Services	4.3
Energy	3.7
Short-Term Investments	1.4

* 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 December 31, 2020. The Portfolio’s composition is subject to change.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		September 28, 2001		0.37	%		7.92	%		10.31	%

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

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 December 31, 2010 to December 31, 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 DECEMBER 31, 2020

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.1%
Airlines — 0.7%
Southwest Airlines Co.		64		2,998
Auto Components — 0.4%
BorgWarner, Inc.		45		1,744
Banks — 8.4%
Citizens Financial Group, Inc.		156		5,589
Fifth Third Bancorp		234		6,454
First Republic Bank		23		3,322
Huntington Bancshares, Inc.		311		3,934
M&T Bank Corp.		52		6,635
Regions Financial Corp.		314		5,058
TCF Financial Corp.		100		3,717
Zions Bancorp NA		71		3,065
				37,774
Beverages — 1.7%
Constellation Brands, Inc., Class A		22		4,898
Keurig Dr Pepper, Inc.		77		2,469
				7,367
Building Products — 1.1%
Fortune Brands Home & Security, Inc.		55		4,755
Capital Markets — 5.8%
Ameriprise Financial, Inc.		40		7,839
Northern Trust Corp.		55		5,164
Raymond James Financial, Inc.		64		6,078
T. Rowe Price Group, Inc.		46		6,897
				25,978
Chemicals — 1.9%
Celanese Corp.		27		3,472
Sherwin-Williams Co. (The)		7		4,897
				8,369
Communications Equipment — 1.7%
CommScope Holding Co., Inc. *		123		1,647
Motorola Solutions, Inc.		34		5,823
				7,470
Construction Materials — 1.2%
Martin Marietta Materials, Inc.		20		5,546
Consumer Finance — 0.9%
Discover Financial Services		45		4,113
Containers & Packaging — 2.7%
Ball Corp.		39		3,629
Packaging Corp. of America		25		3,393

INVESTMENTS	SHARES (000)		VALUE ($000)
Containers & Packaging — continued
Pactiv Evergreen, Inc. *		57		1,031
Silgan Holdings, Inc.		110		4,072
				12,125
Distributors — 0.9%
Genuine Parts Co.		27		2,756
LKQ Corp. *		30		1,067
				3,823
Diversified Financial Services — 0.2%
Voya Financial, Inc.		18		1,054
Electric Utilities — 4.1%
Edison International		85		5,339
Entergy Corp.		57		5,661
Xcel Energy, Inc.		108		7,189
				18,189
Electrical Equipment — 3.4%
Acuity Brands, Inc.		35		4,187
AMETEK, Inc.		49		5,920
Hubbell, Inc.		34		5,254
				15,361
Electronic Equipment, Instruments & Components — 4.0%
Amphenol Corp., Class A		44		5,740
CDW Corp.		33		4,304
Keysight Technologies, Inc. *		31		4,063
SYNNEX Corp.		44		3,570
				17,677
Equity Real Estate Investment Trusts (REITs) — 9.1%
American Campus Communities, Inc.		39		1,658
American Homes 4 Rent, Class A		119		3,570
AvalonBay Communities, Inc.		29		4,680
Boston Properties, Inc.		43		4,088
Brixmor Property Group, Inc.		137		2,262
Essex Property Trust, Inc.		10		2,284
Federal Realty Investment Trust		25		2,090
Host Hotels & Resorts, Inc.		60		878
JBG SMITH Properties		55		1,717
Kimco Realty Corp.		164		2,463
Outfront Media, Inc.		68		1,323
Rayonier, Inc.		124		3,639
Regency Centers Corp.		38		1,723
Ventas, Inc.		39		1,895
Weyerhaeuser Co.		125		4,204
WP Carey, Inc.		31		2,161
				40,635

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 1.4%
Kroger Co. (The)		121		3,834
US Foods Holding Corp. *		75		2,514
				6,348
Food Products — 0.9%
Post Holdings, Inc. *		42		4,198
Gas Utilities — 1.0%
National Fuel Gas Co.		108		4,457
Health Care Equipment & Supplies — 1.5%
Zimmer Biomet Holdings, Inc.		44		6,806
Health Care Providers & Services — 5.8%
AmerisourceBergen Corp.		47		4,565
Cigna Corp.		21		4,436
Henry Schein, Inc. *		50		3,358
Humana, Inc.		4		1,818
Laboratory Corp. of America Holdings *		31		6,282
Universal Health Services, Inc., Class B		41		5,665
				26,124
Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc.		15		1,830
Household Durables — 2.2%
Mohawk Industries, Inc. *		36		5,139
Newell Brands, Inc.		228		4,846
				9,985
Household Products — 0.7%
Energizer Holdings, Inc.		76		3,187
Industrial Conglomerates — 1.4%
Carlisle Cos., Inc.		39		6,125
Insurance — 6.7%
Alleghany Corp.		5		2,951
Hartford Financial Services Group, Inc. (The)		111		5,428
Lincoln National Corp.		61		3,068
Loews Corp.		176		7,926
Marsh & McLennan Cos., Inc.		31		3,653
Progressive Corp. (The)		39		3,827
WR Berkley Corp.		49		3,287
				30,140
Interactive Media & Services — 0.6%
InterActiveCorp. *		15		2,797
Internet & Direct Marketing Retail — 0.5%
Expedia Group, Inc.		18		2,437

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — 1.3%
Concentrix Corp. *		24		2,417
Jack Henry & Associates, Inc.		10		1,557
Leidos Holdings, Inc.		19		2,015
				5,989
Machinery — 6.2%
IDEX Corp.		26		5,122
ITT, Inc.		83		6,400
Lincoln Electric Holdings, Inc.		48		5,589
Middleby Corp. (The) *		41		5,332
Snap-on, Inc.		25		4,327
Timken Co. (The)		12		932
				27,702
Media — 3.7%
Discovery, Inc., Class C *		192		5,034
Liberty Broadband Corp., Class C *		32		5,095
Liberty Media Corp. — Liberty SiriusXM, Class C *		143		6,209
				16,338
Multiline Retail — 1.0%
Kohl’s Corp.		66		2,692
Nordstrom, Inc. (a)		54		1,682
				4,374
Multi-Utilities — 3.1%
CMS Energy Corp.		94		5,718
Sempra Energy		13		1,644
WEC Energy Group, Inc.		71		6,528
				13,890
Oil, Gas & Consumable Fuels — 3.7%
Cabot Oil & Gas Corp.		166		2,707
Diamondback Energy, Inc.		140		6,798
EQT Corp.		145		1,838
Equitrans Midstream Corp.		176		1,417
Williams Cos., Inc. (The)		185		3,703
				16,463
Real Estate Management & Development — 1.6%
CBRE Group, Inc., Class A *		92		5,774
Cushman & Wakefield plc *		95		1,410
				7,184
Semiconductors & Semiconductor Equipment — 1.2%
Analog Devices, Inc.		35		5,196

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 0.9%
Synopsys, Inc. *		16		4,210
Specialty Retail — 3.4%
AutoZone, Inc. *		5		6,174
Best Buy Co., Inc.		56		5,573
Gap, Inc. (The)		165		3,337
				15,084
Textiles, Apparel & Luxury Goods — 1.7%
Carter’s, Inc.		32		3,000
Ralph Lauren Corp.		43		4,489
				7,489
Total Common Stocks (Cost $275,108)				443,331
Short-Term Investments — 1.4%
Investment Companies — 1.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (b) (c) (Cost $4,891)		4,891		4,891

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		400		400
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		987		987
Total Investment of Cash Collateral from Securities Loaned (Cost $1,387)				1,387
Total Short-Term Investments (Cost $6,278)				6,278
Total Investments — 100.5% (Cost $281,386)				449,609
Liabilities in Excess of Other Assets — (0.5)%				(2,080	)
NET ASSETS — 100.0%				447,529

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $1,342,000.
(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 December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	443,331
Investments in affiliates, at value		4,891
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		1,387
Receivables:
Investment securities sold		69
Portfolio shares sold		258
Dividends from non-affiliates		776
Dividends from affiliates		—	(a)
Securities lending income (See Note 2.B.)		1
Total Assets		450,713
LIABILITIES:
Payables:
Collateral received on securities loaned (See Note 2.B.)		1,387
Portfolio shares redeemed		1,468
Accrued liabilities:
Investment advisory fees		244
Administration fees		28
Custodian and accounting fees		5
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		52
Total Liabilities		3,184
Net Assets	$	447,529
NET ASSETS:
Paid-in-Capital	$	251,453
Total distributable earnings (loss)		196,076
Total Net Assets	$	447,529
Net Assets:
Class 1	$	447,529
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		41,083
Net Asset Value (b):
Class 1 — Offering and redemption price per share	$	10.89
Cost of investments in non-affiliates	$	275,108
Cost of investments in affiliates		4,891
Investment securities on loan, at value (See Note 2.B.)		1,342
Cost of investment of cash collateral (See Note 2.B.)		1,387

(a) Amount rounds to less than one thousand.

(b) 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 DECEMBER 31, 2020

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2020

(Amounts in thousands)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)
Dividend income from non-affiliates		8,004
Dividend income from affiliates		28
Income from securities lending (net) (See Note 2.B.)		18
Total investment income		8,050
EXPENSES:
Investment advisory fees		2,671
Administration fees		308
Custodian and accounting fees		28
Interest expense to affiliates		—	(a)
Professional fees		60
Trustees’ and Chief Compliance Officer’s fees		27
Printing and mailing costs		18
Transfer agency fees		5
Other		35
Total expenses		3,152
Less fees waived		(18	)
Net expenses		3,134
Net investment income (loss)		4,916
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		24,855
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(30,483	)
Investments in affiliates		—	(a)
Change in net unrealized appreciation/depreciation		(30,483	)
Net realized/unrealized gains (losses)		(5,628	)
Change in net assets resulting from operations	$	(712	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,916		$	6,316
Net realized gain (loss)		24,855			26,401
Change in net unrealized appreciation/depreciation		(30,483	)		80,490
Change in net assets resulting from operations		(712	)		113,207
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(31,576	)		(40,131	)
Total distributions to shareholders		(31,576	)		(40,131	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(14,480	)		(24,742	)
NET ASSETS:
Change in net assets		(46,768	)		48,334
Beginning of period		494,297			445,963
End of period	$	447,529		$	494,297
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	72,722		$	35,724
Distributions reinvested		31,576			40,131
Cost of shares redeemed		(118,778	)		(100,597	)
Change in net assets resulting from Class 1 capital transactions	$	(14,480	)	$	(24,742	)
SHARE TRANSACTIONS:
Class 1
Issued		8,067			3,180
Reinvested		3,680			3,737
Redeemed		(12,503	)		(8,985	)
Change in Class 1 Shares		(756	)		(2,068	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 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) (a)		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
Class 1
Year Ended December 31, 2020	$	11.81	$	0.12	$	(0.28	)	$	(0.16	)	$	(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	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) 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.

(d) 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 DECEMBER 31, 2020

	Ratios/Supplemental data
						Ratios to average net assets
Net asset value, end of period	Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$10.89		0.37	%	$	447,529		0.76	%		1.20	%		0.77	%		20	%
11.81		26.76			494,297		0.76			1.31			0.77			10
10.16		(11.84	)		445,963		0.76			1.43			0.77			13
11.83		13.76			572,520		0.77			0.95			0.78			14
10.98		14.69			544,170		0.77			0.95			0.78			28

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020

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.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	449,609	$	–	$	–	$	449,609

(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 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 December 31, 2020 (amounts in thousands).

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)
$1,342	$	(1,342	)	$	—

* 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 year ended December 31, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

$2

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).

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (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. Amounts in the table below are in thousands.

For the year ended December 31, 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 December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)	$	—	$	11,400	$	11,000	$	—	*(c)	$	—	(c)	$	400		400	$	8	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		80,935		79,948		—			—			987		987		7	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)		9,286		72,282		76,677		—			—			4,891		4,891		28			—
Total	$	9,286	$	164,617	$	167,625	$	—	(c)	$	—	(c)	$	6,278			$	43		$	—

(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 December 31, 2020.

(c) Amount rounds to less than one thousand.

* 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 December 31, 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, if any, are generally declared and paid at least annually. 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.

H. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Portfolio’s financial statements of applying ASU 2020-04.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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 at an annual rate of 0.65% 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 year ended December 31, 2020, the effective rate was 0.075% 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 year ended December 31, 2020 and the contractual expense limitation percentage is in place until at least April 30, 2021.

For the year ended December 31, 2020, the Portfolio’s service providers did not waive fees and/or reimburse expenses 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 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 expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended December 31, 2020 was approximately $18,000.

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 year ended December 31, 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

4. Investment Transactions

During the year ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	80,794	$	114,900

During the year ended December 31, 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 December 31, 2020 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	283,435	$	178,803	$	12,629	$	166,174

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2020 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	6,105	$	25,471	$	31,576

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended December 31, 2019 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	9,269	$	30,862	$	40,131

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	5,355	$	24,528	$	166,174

The cumulative timing differences primarily consist of wash sale loss deferrals.

As of December 31, 2020, 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 year ended December 31, 2020.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 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 1, 2021.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 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 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 year ended December 31, 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 December 31, 2020, the Portfolio had two individual shareholder and/or non-affiliated omnibus accounts, which owned 76.4% of the Portfolio’s outstanding shares.

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Portfolio’s original investment. Many derivatives create leverage thereby causing the Portfolio to be more volatile than 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.

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. 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.

8. Subsequent Event

On February 10, 2021, the contractual expense limitation for Class 1 Shares was extended until at least April 30, 2022.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and Shareholders of JPMorgan Insurance Trust Mid Cap Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Mid Cap Value Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 12, 2021

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

TRUSTEES

(Unaudited)

The Portfolio’s Statement of Additional Information includes additional information about the Portfolio’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 21

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	128	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985. (3)	Self-employed business consultant (2002-present).	128	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	128	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	128	None
Mitchell M. Merin (1953); Trustee of Trust since 2013. (4)	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member, Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	128	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	128	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	128	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (128 funds).

⁽³⁾  Mr. Marshall retired from the Board of Trustees effective the close of business on December 31, 2020.

⁽⁴⁾  Mr. Merin retired from the Board of Trustees effective the close of business on January 31, 2021.

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Portfolio’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Portfolio’s financial statements and do not provide other services to the Portfolio. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 23

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.). Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 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 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, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 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 July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	1,248.90	$	4.35		0.77	%
Hypothetical		1,000.00		1,021.27		3.91		0.77

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Portfolio received from the Adviser. This information includes the Portfolio’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Portfolio throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Portfolio and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Portfolio under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Portfolio by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Portfolio and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Portfolio during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Portfolio and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Portfolio. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Portfolio gained from their experience as Trustees of the

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Portfolio, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Portfolio.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Portfolio by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Portfolio. The Trustees reviewed and discussed this information. The Trustees recognized that this information

is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Portfolio, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Portfolio.

The Trustees also considered that the Adviser earns fees from the Portfolio for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The

Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Portfolio’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Portfolio’s shareholders to share potential economies of scale from its inception and that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Portfolio of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services, and the ability to negotiate competitive fees for the Portfolio. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Portfolio, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Portfolio, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels, was reasonable. The Trustees concluded that the Portfolio’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Portfolio and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Portfolio.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Portfolio had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 27

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Portfolio. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Portfolio. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Portfolio within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to a representative class to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Portfolio’s performance against its benchmark and considered the performance information provided for the Portfolio at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data

noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Portfolio’s performance are summarized below:

The Trustees noted that the Portfolio’s performance for Class 1 shares was in the fourth, fourth and second quintiles, based upon the Peer Group, and in the fourth, fourth and third quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and various other factors, concluded that the Portfolio’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Portfolio. The Trustees recognized that Broadridge reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

The Trustees noted that the Portfolio’s net advisory fee and actual total expenses for Class 1 shares were both in the second quintile based upon the Peer Group and were both in the third quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Portfolio.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 100.00%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2020.

Long Term Capital Gain

The Portfolio distributed approximately $25,471,000, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2020.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 29

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. December 2020. AN-JPMITMCVP-1220

Annual Report

JPMorgan Insurance Trust

December 31, 2020

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	13
Financial Highlights	16
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	26
Trustees	27
Officers	30
Schedule of Shareholder Expenses	31
Board Approval of Investment Advisory Agreement	32
Tax Letter	35

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

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

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

Prospective investors should refer to the Portfolio’s 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

February 4, 2021 (Unaudited)

Dear Shareholders,

The immense efforts of central banks, government and researchers in the public and private sectors appear to have shepherded the world through the most difficult days of a profound crisis caused by the pandemic. While the economic and health care challenges are not behind us, the uncertainty and turbulence of 2020 has abated.

  “We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.” — Andrea L. Lisher

The development of multiple vaccines against Covid-19 toward the end of 2020 provided hope that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. That optimism spread to global financial markets. While leading equity indexes fell by 20% or more in the first quarter of 2020, financial markets stabilized and equity markets largely rebounded — slowly at first and then rapidly the second half of the year. At the end of 2020, the S&P 500 Index had generated a total return of 18.10% for the full 12 months and 22.16% for the final six months of the year.

We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the

direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.

Certainly, enormous challenges remain in both the implementation of global vaccinations and in the rebuilding of economies at the local, national and international levels. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to better navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		13.69%
Russell 2000 Index		19.96%
Net Assets as of 12/31/2020 (In Thousands)	$	202,939

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Global financial markets generally recovered from a sharp sell-off in the first quarter of 2020, led by a rally in equity markets in the second half of the year. Investor demand for equity was largely fueled by continued support from central banks, relief spending by governments across the globe and the development and approvals of the first vaccines against Covid-19.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

At the start of the second half of the year, U.S. equity led a broad rebound in both developed markets and emerging markets equity. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being

developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the re-opening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

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 twelve months ended December 31, 2020. The Portfolio’s security selection in the industrials and information technology sectors was a leading detractor from performance relative to the Benchmark, while

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

the Portfolio’s security selection in the utilities sector and its overweight position and security selection in the energy sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Portfolio’s underweight positions in Teladoc Health Inc. and Plug Power Inc., and its overweight position in Tivity Health Inc. Shares of Teladoc Health, a provider of online health care services, rose amid increased consumer demand for its services during the pandemic. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Portfolio, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of Tivity Health, a provider of weight loss and fitness products, fell after a run-up in the stock price early in the period.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Immunomedics Inc., Owens & Minor Inc. and Stamps.com Inc. Shares of Immunomedics, a drug development company, rose ahead of its $21 billion acquisition by Gilead Sciences Inc. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020. Shares of Stamps.com, an internet provider of postal services, rose after the company reported consecutive quarters of better-than-expected earnings and revenue.

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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Deckers Outdoor Corp.	1.1	%
	2.	WESCO International, Inc.	0.9
	3.	ArcBest Corp.	0.8
	4.	AdaptHealth Corp.	0.8
	5.	MicroStrategy, Inc. Class A	0.7
	6.	Renewable Energy Group, Inc.	0.7
	7.	Cornerstone OnDemand, Inc.	0.7
	8.	TTEC Holdings, Inc.	0.7
	9.	Korn Ferry	0.7
	10.	Horizon Therapeutics plc	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	18.5	%
Industrials	14.9
Financials	14.2
Information Technology	12.2
Consumer Discretionary	9.9
Real Estate	5.5
Materials	5.4
Communication Services	4.3
Energy	2.6
Utilities	2.3
Consumer Staples	1.9
Short-Term Investments	8.3

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

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

*** Percentages indicated are based on total investments as of December 31, 2020. The Portfolio’s composition is subject to change.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		13.69	%		11.56	%		11.27	%
CLASS 2 SHARES	April 24, 2009		13.34			11.25			10.97

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

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 December 31, 2010 to December 31, 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 DECEMBER 31, 2020

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 1.0%
AAR Corp.		18		648
Aerojet Rocketdyne Holdings, Inc. *		2		106
Astronics Corp. *		17		225
Ducommun, Inc. *		5		263
Moog, Inc., Class A		2		151
Park Aerospace Corp.		4		49
Triumph Group, Inc.		6		78
Vectrus, Inc. *		8		403
				1,923
Air Freight & Logistics — 0.6%
Atlas Air Worldwide Holdings, Inc. *		1		33
Echo Global Logistics, Inc. *		4		107
Hub Group, Inc., Class A *		18		1,003
				1,143
Airlines — 0.5%
Alaska Air Group, Inc.		5		276
Allegiant Travel Co.		4		662
				938
Auto Components — 1.5%
Adient plc *		25		869
American Axle & Manufacturing Holdings, Inc. *		50		418
Cooper Tire & Rubber Co.		16		632
Dana, Inc.		59		1,152
				3,071
Banks — 6.9%
Ameris Bancorp		6		230
Associated Banc-Corp.		9		157
Bancorp, Inc. (The) *		26		359
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		26		798
Bar Harbor Bankshares		4		90
Business First Bancshares, Inc.		5		108
California BanCorp *		2		26
Capital Bancorp, Inc. *		2		28
Capstar Financial Holdings, Inc.		4		65
Cathay General Bancorp		4		142
CB Financial Services, Inc.		1		20
Community Trust Bancorp, Inc.		1		32
ConnectOne Bancorp, Inc.		43		843
Customers Bancorp, Inc. *		20		356
Enterprise Financial Services Corp.		1		31
Financial Institutions, Inc.		10		225
First BanCorp (Puerto Rico)		98		901
First Bank		3		23

INVESTMENTS	SHARES (000)			VALUE ($000)
Banks — continued
First Business Financial Services, Inc.		3			46
First Choice Bancorp		1			15
First Community Bankshares, Inc.		2			41
First Horizon National Corp.		25			315
First Internet Bancorp		3			89
Great Southern Bancorp, Inc.		4			176
Hancock Whitney Corp.		13			449
Hanmi Financial Corp.		19			210
HBT Financial, Inc.		7			98
Hilltop Holdings, Inc.		15			413
Investar Holding Corp.		5			81
Investors Bancorp, Inc.		119			1,255
Meridian Corp.		2			33
Metropolitan Bank Holding Corp. *		2			73
Mid Penn Bancorp, Inc.		2			37
Northeast Bank		2			50
OceanFirst Financial Corp.		45			844
PacWest Bancorp		13			341
Peapack-Gladstone Financial Corp.		4			96
Popular, Inc. (Puerto Rico)		17			946
RBB Bancorp		3			40
Select Bancorp, Inc. *		20			190
Shore Bancshares, Inc.		3			48
Sierra Bancorp		2			39
Signature Bank		6			785
Sterling Bancorp		14			252
Synovus Financial Corp.		12			401
Umpqua Holdings Corp.		43			653
United Community Banks, Inc.		10			276
Wintrust Financial Corp.		4			269
Zions Bancorp NA		23			986
					13,981
Beverages — 0.1%
Coca-Cola Consolidated, Inc.		—	(a)		120
Biotechnology — 7.5%
Akebia Therapeutics, Inc. *		18			50
Alector, Inc. *		15			227
Allogene Therapeutics, Inc. * (b)		14			363
Amicus Therapeutics, Inc. *		30			695
AnaptysBio, Inc. *		26			553
Arrowhead Pharmaceuticals, Inc. *		16			1,220
Assembly Biosciences, Inc. *		14			83
Atara Biotherapeutics, Inc. *		3			53
Bluebird Bio, Inc. *		2			95

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Blueprint Medicines Corp. *		6		718
Bridgebio Pharma, Inc. * (b)		8		540
CareDx, Inc. *		9		630
Catalyst Pharmaceuticals, Inc. * (b)		63		211
Chinook Therapeutics, Inc. *		19		305
Coherus Biosciences, Inc. * (b)		19		337
Concert Pharmaceuticals, Inc. *		10		125
Dicerna Pharmaceuticals, Inc. *		22		494
Esperion Therapeutics, Inc. * (b)		8		195
FibroGen, Inc. *		6		237
Gritstone Oncology, Inc. *		4		17
Heron Therapeutics, Inc. *		32		675
Homology Medicines, Inc. *		12		131
Insmed, Inc. *		14		453
Jounce Therapeutics, Inc. *		12		85
Kronos Bio, Inc. *(b)		21		624
Kura Oncology, Inc. *		2		62
MeiraGTx Holdings plc *		10		157
Mustang Bio, Inc. * (b)		182		687
Natera, Inc. *		7		717
Radius Health, Inc. *		2		29
REVOLUTION Medicines, Inc. *		5		186
Rhythm Pharmaceuticals, Inc. *		8		229
Sage Therapeutics, Inc. *		6		554
Sarepta Therapeutics, Inc. *		3		494
Spruce Biosciences, Inc. *		19		450
Sutro Biopharma, Inc. *		4		76
Syros Pharmaceuticals, Inc. *		74		800
TCR2 Therapeutics, Inc. *		7		226
Translate Bio, Inc. *		29		529
Viela Bio, Inc. * (b)		9		331
Vir Biotechnology, Inc. * (b)		10		268
Xencor, Inc. *		6		253
Y-mAbs Therapeutics, Inc. *		1		54
				15,218
Building Products — 1.1%
Advanced Drainage Systems, Inc.		2		200
Builders FirstSource, Inc. *		28		1,139
Cornerstone Building Brands, Inc. *		23		212
Gibraltar Industries, Inc. *		4		273
Quanex Building Products Corp.		11		242
UFP Industries, Inc.		3		167
				2,233
Capital Markets — 2.0%
Artisan Partners Asset Management, Inc., Class A		2		121

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
Blucora, Inc. *		37		592
Brightsphere Investment Group, Inc.		5		102
Cohen & Steers, Inc.		2		149
Cowen, Inc., Class A (b)		14		359
Federated Hermes, Inc.		27		786
Focus Financial Partners, Inc., Class A *		9		409
Piper Sandler Cos.		3		262
Stifel Financial Corp.		16		785
Virtus Investment Partners, Inc.		2		477
				4,042
Chemicals — 1.9%
Avient Corp.		21		850
FutureFuel Corp.		10		126
Ingevity Corp. *		6		462
Koppers Holdings, Inc. *		22		695
Kraton Corp. *		2		64
Minerals Technologies, Inc.		4		248
Orion Engineered Carbons SA (Germany)		16		271
PQ Group Holdings, Inc.		9		128
Trinseo SA		8		394
Tronox Holdings plc, Class A		46		667
				3,905
Commercial Services & Supplies — 1.8%
ABM Industries, Inc.		26		995
ACCO Brands Corp. (b)		40		342
Brink’s Co. (The)		5		374
Herman Miller, Inc.		9		301
HNI Corp.		8		286
KAR Auction Services, Inc.		9		164
Knoll, Inc.		33		478
Quad/Graphics, Inc.		35		135
Steelcase, Inc., Class A		32		434
Team, Inc. *		7		80
				3,589
Communications Equipment — 0.4%
Ciena Corp. *		3		172
Extreme Networks, Inc. *		79		544
PCTEL, Inc. *		20		134
				850
Construction & Engineering — 2.8%
Argan, Inc.		30		1,344
Comfort Systems USA, Inc.		13		706
EMCOR Group, Inc.		9		784

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Construction & Engineering — continued
Great Lakes Dredge & Dock Corp. *		42		558
MasTec, Inc. * (b)		16		1,064
Primoris Services Corp.		20		541
Sterling Construction Co., Inc. *		27		495
Tutor Perini Corp. *		18		230
				5,722
Construction Materials — 0.2%
Summit Materials, Inc., Class A *		5		100
US Concrete, Inc. *		10		392
				492
Consumer Finance — 1.0%
Enova International, Inc. *		6		158
Green Dot Corp., Class A *		12		642
Nelnet, Inc., Class A		7		484
Oportun Financial Corp. *		10		192
PROG Holdings Inc.		10		512
				1,988
Containers & Packaging — 0.3%
Myers Industries, Inc.		7		137
O-I Glass, Inc.		29		344
Pactiv Evergreen, Inc. *		6		100
				581
Distributors — 0.3%
Core-Mark Holding Co., Inc.		20		596
Diversified Consumer Services — 0.4%
American Public Education, Inc. *		4		131
Houghton Mifflin Harcourt Co. *		139		464
WW International, Inc. *		9		224
				819
Diversified Telecommunication Services — 1.3%
ATN International, Inc.		2		71
Cogent Communications Holdings, Inc.		15		922
IDT Corp., Class B *		68		837
Liberty Latin America Ltd., Class A (Chile) *		30		328
Liberty Latin America Ltd., Class C (Chile) *		27		297
Ooma, Inc. *		17		240
				2,695
Electric Utilities—0.9%
ALLETE, Inc. (b)		7		440
Genie Energy Ltd., Class B		4		27
IDACORP, Inc.		3		288
Portland General Electric Co.		12		534

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — continued
Spark Energy, Inc., Class A (b)		47		445
				1,734
Electrical Equipment — 0.8%
Atkore International Group, Inc. *		30		1,221
Generac Holdings, Inc. *		2		398
Powell Industries, Inc.		3		85
				1,704
Electronic Equipment, Instruments & Components — 2.9%
Bel Fuse, Inc., Class B		19		284
Benchmark Electronics, Inc.		42		1,142
Fabrinet (Thailand) *		10		737
Itron, Inc. * (b)		2		221
Kimball Electronics, Inc. *		3		55
Methode Electronics, Inc.		15		563
Sanmina Corp. *		45		1,425
ScanSource, Inc. *		21		562
Vishay Intertechnology, Inc.		23		474
Vishay Precision Group, Inc. *		16		501
				5,964
Energy Equipment & Services — 0.7%
Cactus, Inc., Class A		13		329
ChampionX Corp. * (b)		3		47
Helix Energy Solutions Group, Inc. *		9		38
National Energy Services Reunited Corp. *		12		119
NexTier Oilfield Solutions, Inc. *		33		114
Oil States International, Inc. *		22		112
Patterson-UTI Energy, Inc.		19		100
Select Energy Services, Inc., Class A *		63		259
Solaris Oilfield Infrastructure, Inc., Class A		27		221
				1,339
Entertainment — 0.7%
Cinemark Holdings, Inc. (b)		79		1,374
Equity Real Estate Investment Trusts (REITs) — 5.4%
Acadia Realty Trust		7		96
Agree Realty Corp. (b)		2		113
Alexander & Baldwin, Inc.		11		191
American Assets Trust, Inc.		3		98
American Finance Trust, Inc.		20		145
Armada Hoffler Properties, Inc.		38		422
Broadstone Net Lease, Inc., Class A (b)		17		333
BRT Apartments Corp.		3		43
CareTrust REIT, Inc.		3		71
CatchMark Timber Trust, Inc., Class A		24		226
Centerspace		3		233

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Chatham Lodging Trust		3		37
City Office REIT, Inc.		40		386
Columbia Property Trust, Inc.		9		125
Community Healthcare Trust, Inc.		1		38
CorePoint Lodging, Inc.		3		22
Cousins Properties, Inc.		10		334
DiamondRock Hospitality Co.*		25		205
Essential Properties Realty Trust, Inc.		12		248
First Industrial Realty Trust, Inc.		10		430
Four Corners Property Trust, Inc.		6		179
Getty Realty Corp.		2		55
Gladstone Commercial Corp.		21		383
Global Medical REIT, Inc.		2		31
Global Net Lease, Inc.		40		689
Healthcare Realty Trust, Inc.		16		459
Highwoods Properties, Inc.		2		59
Hudson Pacific Properties, Inc.		6		139
Innovative Industrial Properties, Inc. (b)		1		92
Kite Realty Group Trust		4		55
Monmouth Real Estate Investment Corp.		7		126
National Health Investors, Inc.		1		41
New Senior Investment Group, Inc.		40		205
Physicians Realty Trust		15		265
Piedmont Office Realty Trust, Inc., Class A		10		161
Plymouth Industrial REIT, Inc.		10		153
PotlatchDeltic Corp.		11		525
QTS Realty Trust, Inc., Class A (b)		4		217
Retail Properties of America, Inc., Class A		41		354
Retail Value, Inc.		6		89
Ryman Hospitality Properties, Inc.		1		75
Sabra Health Care REIT, Inc.		22		377
Service Properties Trust		6		68
SITE Centers Corp.		13		126
STAG Industrial, Inc.		25		786
Summit Hotel Properties, Inc.		7		60
Sunstone Hotel Investors, Inc.		54		612
Urban Edge Properties		14		184
Xenia Hotels & Resorts, Inc.		41		623
				10,984
Food & Staples Retailing — 0.9%
Andersons, Inc. (The)		2		41
BJ’s Wholesale Club Holdings, Inc. *		9		332
Performance Food Group Co. *		21		981
PriceSmart, Inc.		5		483
				1,837

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — 0.3%
Bunge Ltd.		5		302
Sanderson Farms, Inc.(b)		1		172
Seneca Foods Corp., Class A *		3		135
				609
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		3		335
New Jersey Resources Corp.		6		228
Northwest Natural Holding Co.		4		166
Southwest Gas Holdings, Inc.		7		419
Spire, Inc.		5		339
				1,487
Health Care Equipment & Supplies — 3.2%
Accuray, Inc. *		99		412
Alphatec Holdings, Inc. *		40		575
Apyx Medical Corp. *		44		318
Axogen, Inc. *		23		417
CONMED Corp.		1		67
Cutera, Inc. *		24		586
Inogen, Inc. *		13		567
Integer Holdings Corp. *		2		195
Invacare Corp.		45		404
Natus Medical, Inc. *		12		233
NuVasive, Inc. *		6		349
Orthofix Medical, Inc. *		25		1,079
Outset Medical, Inc. *		7		387
SI-BONE, Inc. *		19		562
Sientra, Inc. * (b)		28		107
Utah Medical Products, Inc.		2		186
				6,444
Health Care Providers & Services — 4.6%
AdaptHealth Corp. *		44		1,649
American Renal Associates Holdings, Inc. *		31		351
AMN Healthcare Services, Inc. *		9		642
Apollo Medical Holdings, Inc. * (b)		12		212
Cross Country Healthcare, Inc. *		47		420
Hanger, Inc. *		14		308
LHC Group, Inc. *		2		320
Magellan Health, Inc. *		11		903
MEDNAX, Inc. *		6		147
National HealthCare Corp.		13		883
Owens & Minor, Inc.		33		901
Providence Service Corp. (The) *		3		388
Select Medical Holdings Corp. *		36		1,007

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Surgery Partners, Inc. *		19		557
Tivity Health, Inc. *		30		582
				9,270
Health Care Technology — 0.6%
NextGen Healthcare, Inc. *		22		401
Omnicell, Inc. *		2		240
Schrodinger, Inc. *		8		610
				1,251
Hotels, Restaurants & Leisure — 2.5%
Bloomin’ Brands, Inc.		27		518
Boyd Gaming Corp. *		5		202
Brinker International, Inc. (b)		13		735
Caesars Entertainment, Inc. * (b)		16		1,196
Dine Brands Global, Inc.		6		348
Marriott Vacations Worldwide Corp.		6		810
Penn National Gaming, Inc. *		12		1,014
Scientific Games Corp. *		7		290
				5,113
Household Durables — 1.7%
Helen of Troy Ltd. *		2		422
Hooker Furniture Corp.		11		368
KB Home		12		412
Lifetime Brands, Inc.		30		449
Meritage Homes Corp. *		7		547
Taylor Morrison Home Corp. *		22		572
Tupperware Brands Corp. *		8		262
Universal Electronics, Inc. *		9		493
				3,525
Household Products — 0.3%
Central Garden & Pet Co., Class A *		18		647
Independent Power and Renewable Electricity Producers — 0.8%
Atlantic Power Corp. *		25		53
Clearway Energy, Inc.		25		730
Clearway Energy, Inc., Class C		22		705
Vistra Corp.		5		103
				1,591
Insurance — 0.9%
Ambac Financial Group, Inc. *		8		123
American Equity Investment Life Holding Co.		10		271
Argo Group International Holdings Ltd.		6		249
CNO Financial Group, Inc.		20		442
FedNat Holding Co.		5		29

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
Heritage Insurance Holdings, Inc.		2		24
Horace Mann Educators Corp.		1		55
James River Group Holdings Ltd.		2		118
ProAssurance Corp.		8		139
ProSight Global, Inc. * (b)		11		140
Selective Insurance Group, Inc.		2		121
Stewart Information Services Corp.		2		97
United Insurance Holdings Corp.		14		82
				1,890
Interactive Media & Services — 1.2%
Cars.com, Inc. *		25		280
Liberty TripAdvisor Holdings, Inc., Class A *		326		1,416
Yelp, Inc. *		21		696
				2,392
Internet & Direct Marketing Retail — 0.3%
Groupon, Inc. * (b)		9		347
Overstock.com, Inc. * (b)		4		177
				524
IT Services — 2.6%
Evo Payments, Inc., Class A *		20		540
KBR, Inc.		36		1,107
NIC, Inc.		14		362
Perspecta, Inc.		17		410
Science Applications International Corp.		7		700
StarTek, Inc. *		80		600
TTEC Holdings, Inc. (b)		21		1,532
				5,251
Life Sciences Tools & Services — 1.2%
Adaptive Biotechnologies Corp. *		5		308
Berkeley Lights, Inc. * (b)		7		581
Personalis, Inc. *		28		1,029
Seer, Inc. *		10		570
				2,488
Machinery — 1.7%
Albany International Corp., Class A		1		81
Altra Industrial Motion Corp.		4		194
Barnes Group, Inc.		7		340
CIRCOR International, Inc. *		2		77
Columbus McKinnon Corp.		11		404
Gencor Industries, Inc. *		3		38
Manitowoc Co., Inc. (The) *		15		203
Meritor, Inc. *		15		410

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Mueller Industries, Inc.		4		147
Park-Ohio Holdings Corp.		2		68
Terex Corp.		37		1,298
Welbilt, Inc. *		12		154
				3,414
Marine — 0.2%
Costamare, Inc. (Monaco)		49		403
Media — 1.3%
Cardlytics, Inc. * (b)		2		328
EW Scripps Co. (The), Class A		27		407
Fluent, Inc. *		39		204
Gray Television, Inc. *		21		372
Meredith Corp.		41		778
Sinclair Broadcast Group, Inc., Class A (b)		16		503
				2,592
Metals & Mining — 1.9%
Alcoa Corp. *		10		240
Allegheny Technologies, Inc. *		22		367
Arconic Corp. *		11		331
Carpenter Technology Corp.		4		108
Cleveland-Cliffs, Inc.		38		559
Commercial Metals Co.		50		1,019
Kaiser Aluminum Corp.		2		207
SunCoke Energy, Inc.		68		297
Warrior Met Coal, Inc.		25		531
Worthington Industries, Inc.		3		149
				3,808
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Apollo Commercial Real Estate Finance, Inc. (b)		11		124
Ares Commercial Real Estate Corp.		10		113
Blackstone Mortgage Trust, Inc., Class A		8		215
Colony Credit Real Estate, Inc.		6		45
Ellington Financial, Inc.		1		16
Granite Point Mortgage Trust, Inc.		5		46
Great Ajax Corp.		1		15
KKR Real Estate Finance Trust, Inc.		3		45
Ladder Capital Corp.		41		402
New York Mortgage Trust, Inc. (b)		5		20
PennyMac Mortgage Investment Trust		33		573
Redwood Trust, Inc. (b)		39		340
TPG RE Finance Trust, Inc. (b)		14		153
Two Harbors Investment Corp. (b)		21		134
				2,241

INVESTMENTS	SHARES (000)			VALUE ($000)
Multiline Retail — 0.4%
Big Lots, Inc. (b)		8			339
Dillard��s, Inc., Class A (b)		3			189
Macy’s, Inc.		19			210
					738
Multi-Utilities — 0.1%
Black Hills Corp.		4			264
Oil, Gas & Consumable Fuels — 2.1%
Arch Resources, Inc. *		7			293
Berry Corp.		43			156
Bonanza Creek Energy, Inc. *		4			83
CNX Resources Corp. *		13			135
CVR Energy, Inc.		11			165
Dorian LPG Ltd. *		21			261
Falcon Minerals Corp.		42			133
Green Plains, Inc. * (b)		9			119
Magnolia Oil & Gas Corp., Class A * (b)		49			346
Matador Resources Co. *		24			294
Par Pacific Holdings, Inc. *		16			227
PDC Energy, Inc. *		20			413
Renewable Energy Group, Inc. *		22			1,586
REX American Resources Corp. *		1			73
Talos Energy, Inc. *		4			30
					4,314
Paper & Forest Products — 1.5%
Boise Cascade Co.		9			445
Domtar Corp.		10			326
Glatfelter Corp.		3			56
Louisiana-Pacific Corp.		17			628
Neenah, Inc.		3			188
Schweitzer-Mauduit International, Inc.		28			1,130
Verso Corp., Class A		16			192
					2,965
Personal Products — 0.5%
Edgewell Personal Care Co.		18			615
Medifast, Inc.		2			393
					1,008
Pharmaceuticals — 2.8%
Arvinas, Inc. * (b)		—	(a)		34
Cara Therapeutics, Inc. *		9			132
Endo International plc *		148			1,060
Horizon Therapeutics plc *		20			1,470
Intersect ENT, Inc. *		29			653
Lannett Co., Inc. * (b)		114			745

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — continued
NGM Biopharmaceuticals, Inc. *		20		606
Phibro Animal Health Corp., Class A		5		101
Revance Therapeutics, Inc. *		3		77
TherapeuticsMD, Inc. * (b)		51		61
VYNE Therapeutics, Inc. * (b)		27		42
WaVe Life Sciences Ltd. *		49		386
Zogenix, Inc. * (b)		12		242
Zynerba Pharmaceuticals, Inc. * (b)		22		71
				5,680
Professional Services — 2.5%
Barrett Business Services, Inc.		14		955
CBIZ, Inc. *		11		279
Heidrick & Struggles International, Inc.		13		370
Insperity, Inc.		3		261
Kelly Services, Inc., Class A		16		319
Kforce, Inc.		9		379
Korn Ferry		35		1,522
TriNet Group, Inc. *		9		685
TrueBlue, Inc. *		20		372
				5,142
Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc. *		1		136
Realogy Holdings Corp. *		58		762
RMR Group, Inc. (The), Class A		2		74
				972
Road & Rail — 0.9%
ArcBest Corp.		43		1,839
Semiconductors & Semiconductor Equipment — 2.0%
Advanced Energy Industries, Inc. *		5		485
Alpha & Omega Semiconductor Ltd. *		26		609
Amkor Technology, Inc.		27		409
GSI Technology, Inc. *		25		184
Ichor Holdings Ltd. *		11		316
NVE Corp.		3		152
PDF Solutions, Inc. *		8		171
Photronics, Inc. *		64		712
Rambus, Inc. *		6		108
SMART Global Holdings, Inc. * (b)		17		632
Ultra Clean Holdings, Inc. *		12		377
				4,155
Software — 5.0%
ACI Worldwide, Inc. *		3		100
American Software, Inc., Class A		15		261

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Appian Corp. * (b)		3		470
Asana, Inc., Class A *		10		301
Avaya Holdings Corp. *		38		722
Cerence, Inc. *		5		492
Cornerstone OnDemand, Inc. *		35		1,541
Digital Turbine, Inc. *		10		583
eGain Corp. *		77		914
Envestnet, Inc. *		3		222
j2 Global, Inc. * (b)		10		977
JFrog Ltd. (Israel) *		3		201
MicroStrategy, Inc., Class A * (b)		4		1,632
Model N, Inc. * (b)		3		104
PubMatic, Inc., Class A * (b)		10		276
Rimini Street, Inc. *		34		152
Verint Systems, Inc. *		12		779
Zuora, Inc., Class A *		24		336
				10,063
Specialty Retail — 2.3%
Aaron’s Co., Inc. (The) *		5		90
Bed Bath & Beyond, Inc. (b)		10		179
Genesco, Inc. *		10		289
Guess?, Inc.		27		599
Hibbett Sports, Inc. *		15		707
MarineMax, Inc. *		9		315
ODP Corp. (The) *		16		456
Rent-A-Center, Inc.		30		1,164
Signet Jewelers Ltd. (b)		18		502
Zumiez, Inc. *		12		430
				4,731
Technology Hardware, Storage & Peripherals — 0.2%
Diebold Nixdorf, Inc. *		39		417
Textiles, Apparel & Luxury Goods — 1.3%
Deckers Outdoor Corp. *		8		2,316
Movado Group, Inc. *		16		271
				2,587
Thrifts & Mortgage Finance — 3.4%
ESSA Bancorp, Inc.		1		19
Essent Group Ltd.		20		860
Flagstar Bancorp, Inc.		25		1,007
FS Bancorp, Inc.		1		49
HomeStreet, Inc.		5		176
Kearny Financial Corp.		18		189
Luther Burbank Corp.		7		66
MGIC Investment Corp.		30		371

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Thrifts & Mortgage Finance — continued
MMA Capital Holdings, Inc. *		1		22
Mr. Cooper Group, Inc. *		23		707
NMI Holdings, Inc., Class A *		7		147
OP Bancorp		8		58
PennyMac Financial Services, Inc.		8		492
Provident Bancorp, Inc.		14		169
Provident Financial Services, Inc.		43		774
Radian Group, Inc.		34		689
Standard AVB Financial Corp.		1		33
Walker & Dunlop, Inc.		12		1,141
				6,969
Trading Companies & Distributors — 2.2%
Applied Industrial Technologies, Inc.		6		437
Beacon Roofing Supply, Inc. *		10		386
BMC Stock Holdings, Inc. *		9		494
GMS, Inc. *		23		686
NOW, Inc. *		42		301
Veritiv Corp. *		7		143
WESCO International, Inc. *		26		2,056
				4,503
Water Utilities — 0.0% (c)
Consolidated Water Co. Ltd. (Cayman Islands)		1		14
Wireless Telecommunication Services — 0.1%
Spok Holdings, Inc.		26		294
Total Common Stocks (Cost $147,224)				200,437
	No. of Rights (000)
Rights — 0.0% (c)
Biotechnology — 0.0% (c)
Contra Aduro Biotech I * ‡ (Cost $63)		21		—	(a)
	SHARES (000)
Short-Term Investments — 8.9%
Investment Companies — 1.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (d) (e) (Cost $3,240)		3,240		3,240

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 7.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		8,497		8,498
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		6,291		6,291
Total Investment of Cash Collateral from Securities Loaned (Cost $14,790)				14,789
Total Short-Term Investments (Cost $18,030)				18,029
Total Investments — 107.7% (Cost $165,317)				218,466
Liabilities in Excess of Other Assets — (7.7)%				(15,527	)
NET ASSETS — 100.0%				202,939

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust
(a)	Amount rounds to less than one thousand.
(b)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $14,230,000.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	200,437
Investments in affiliates, at value		3,240
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		14,789
Cash		2
Deposits at broker for futures contracts		156
Receivables:
Investment securities sold		313
Portfolio shares sold		34
Dividends from non-affiliates		195
Dividends from affiliates		—	(a)
Securities lending income (See Note 2.B.)		6
Total Assets		219,172
LIABILITIES:
Payables:
Investment securities purchased		600
Collateral received on securities loaned (See Note 2.B.)		14,789
Portfolio shares redeemed		648
Accrued liabilities:
Investment advisory fees		111
Administration fees		13
Distribution fees		—	(a)
Custodian and accounting fees		10
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		62
Total Liabilities		16,233
Net Assets	$	202,939
NET ASSETS:
Paid-in-Capital	$	146,839
Total distributable earnings (loss)		56,100
Total Net Assets	$	202,939
Net Assets:
Class 1	$	201,489
Class 2		1,450
Total	$	202,939
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		8,357
Class 2		61
Net Asset Value (b):
Class 1 — Offering and redemption price per share	$	24.11
Class 2 — Offering and redemption price per share		23.85
Cost of investments in non-affiliates	$	147,287
Cost of investments in affiliates		3,240
Investment securities on loan, at value (See Note 2.B.)		14,230
Cost of investment of cash collateral (See Note 2.B.)		14,790

(a) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 13

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2020

(Amounts in thousands)

	JPMorgan Insurance Trust Small Cap Core Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	1
Dividend income from non-affiliates		2,539
Dividend income from affiliates		13
Income from securities lending (net) (See Note 2.B.)		135
Total investment income		2,688
EXPENSES:
Investment advisory fees		1,095
Administration fees		126
Distribution fees:
Class 2		3
Custodian and accounting fees		59
Interest expense to affiliates		—	(a)
Professional fees		57
Trustees’ and Chief Compliance Officer’s fees		26
Printing and mailing costs		31
Transfer agency fees (See Note 2.F.)		5
Other		16
Total expenses		1,418
Less fees waived		(7	)
Net expenses		1,411
Net investment income (loss)		1,277
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,454
Futures contracts		604
Net realized gain (loss)		3,058
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		19,708
Investments in affiliates		(1	)
Futures contracts		(55	)
Change in net unrealized appreciation/depreciation		19,652
Net realized/unrealized gains (losses)		22,710
Change in net assets resulting from operations	$	23,987

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust Small Cap Core Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,277		$	1,213
Net realized gain (loss)		3,058			10,680
Change in net unrealized appreciation/depreciation		19,652			26,485
Change in net assets resulting from operations		23,987			38,378
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(12,432	)		(22,648	)
Class 2		(89	)		(169	)
Total distributions to shareholders		(12,521	)		(22,817	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(8,855	)		30,307
NET ASSETS:
Change in net assets		2,611			45,868
Beginning of period		200,328			154,460
End of period	$	202,939		$	200,328
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	20,155		$	42,367
Distributions reinvested		12,432			22,648
Cost of shares redeemed		(41,101	)		(35,352	)
Change in net assets resulting from Class 1 capital transactions		(8,514	)		29,663
Class 2
Proceeds from shares issued		409			625
Distributions reinvested		89			169
Cost of shares redeemed		(839	)		(150	)
Change in net assets resulting from Class 2 capital transactions	$	(341	)	$	644
Total change in net assets resulting from capital transactions	$	(8,855	)	$	30,307
SHARE TRANSACTIONS:
Class 1
Issued		1,135			1,809
Reinvested		735			1,100
Redeemed		(2,131	)		(1,561	)
Change in Class 1 Shares		(261	)		1,348
Class 2
Issued		25			28
Reinvested		5			8
Redeemed		(47	)		(7	)
Change in Class 2 Shares		(17	)		29

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 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) (a)		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
Year Ended December 31, 2020	$	23.04	$	0.15	$	2.38		$	2.53		$	(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	)
Class 2
Year Ended December 31, 2020		22.79		0.09		2.37			2.46			(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	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) 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.

(d) 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 DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	24.11		13.69	%	$	201,489		0.84	%		0.76	%		0.84	%		95	%
	23.04		24.58			198,542		0.83			0.66			0.84			83
	21.10		(11.93	)		153,429		0.82			0.47			0.83			59
	25.64		15.23			189,186		0.83			0.40			0.83			51
	22.49		20.21			161,501		0.87			0.46			0.87			55
	23.85		13.38			1,450		1.12			0.46			1.12			95
	22.79		24.20			1,786		1.11			0.39			1.11			83
	20.91		(12.15	)		1,031		1.09			0.20			1.10			59
	25.41		14.93			1,111		1.09			0.10			1.10			51
	22.30		19.88			1,570		1.12			0.20			1.13			55

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020

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.

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.

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.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

• 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”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	200,437	$	—	$	—		$	200,437
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		3,240		—		—			3,240
Investment of cash collateral from securities loaned		14,789		—		—			14,789
Total Short-Term Investments		18,029		—		—			18,029
Total Investments in Securities	$	218,466	$	—	$	—	(a)	$	218,466

(a) Amount rounds to less than one thousand.

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 December 31, 2020 (amounts in thousands).

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)
$	14,230	$	(14,230	)	$	—

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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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

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 year ended December 31, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

$ 3

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 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. Amounts in the table below are in thousands.

For the year ended December 31, 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 December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)	$	2,000	$	22,000	$	15,500	$	(1	)*	$	(1	)	$	8,498		8,497	$	25	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,474		75,713		71,896		—			—			6,291		6,291		17	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)		4,966		65,236		66,962		—			—			3,240		3,240		13			—
Total	$	9,440	$	162,949	$	154,358	$	(1	)	$	(1	)	$	18,029			$	55		$	—

(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 December 31, 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 futures contracts 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.

20 JPMORGAN INSURANCE TRUST DECEMBER 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).

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2020 (amounts in thousands):

Futures Contracts — Equity:
Average Notional Balance Long	$	2,613

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 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.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Portfolio for the year ended December 31, 2020 are as follows (amounts in thousands):

	Class 1		Class 2		Total
Transfer agency fees	$	4	$	1	$	5

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 December 31, 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.

The following amounts were reclassified within the capital accounts (amounts in thousands):

Paid-in-Capital	Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$—	$	629	$	(629	)

The reclassifications for the Portfolio relate primarily to investments in passive foreign investment companies (“PFICs”).

I. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Portfolio’s financial statements of applying ASU 2020-04.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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 at an annual rate of 0.65% 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 year ended December 31, 2020, the effective rate was 0.075% 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. 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
	1.03	%		1.28	%

The expense limitation agreement was in effect for the year ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2021.

For the year ended December 31, 2020, the Portfolio’s service providers did not waive fees and/or reimburse expenses 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 expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended December 31, 2020 was approximately $7,000.

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.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

During the year ended December 31, 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	157,507	$	174,402

During the year ended December 31, 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 December 31, 2020 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	169,038	$	55,495	$	6,067	$	49,428

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2020 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	1,647	$	10,874	$	12,521

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended December 31, 2019 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,769	$	20,048	$	22,817

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	2,219	$	4,466	$	49,428

The cumulative timing differences primarily consist of wash sale loss deferrals.

As of December 31, 2020, 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).

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 23

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

The Portfolio had no borrowings outstanding from another fund during the year ended December 31, 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 1, 2021.

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Portfolio’s original investment. Many derivatives create leverage thereby causing the Portfolio to be more volatile than 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.

The Portfolio invests in companies with relatively small market capitalizations. Investments in companies with relatively small market capitalizations may involve greater risk than is usually associated with stocks of larger companies. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger capitalizations.

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.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

The Portfolio is subject to infectious disease epidemics/pandemics risk. 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.

8. Subsequent Event

On February 10, 2021, the contractual expense limitations for Class 1 Shares and Class 2 Shares were extended until at least April 30, 2022.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 25

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and Shareholders of JPMorgan Insurance Trust Small Cap Core Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Small Cap Core Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 12, 2021

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

TRUSTEES

(Unaudited)

The Portfolio’s Statement of Additional Information includes additional information about the Portfolio’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 27

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	128	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985. (3)	Self-employed business consultant (2002-present).	128	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	128	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	128	None
Mitchell M. Merin (1953); Trustee of Trust since 2013. (4)	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member, Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	128	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	128	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	128	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

⁽¹⁾   The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (128 funds).

⁽³⁾  Mr. Marshall retired from the Board of Trustees effective the close of business on December 31, 2020.

⁽⁴⁾  Mr. Merin retired from the Board of Trustees effective the close of business on January 31, 2021.

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Portfolio’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Portfolio’s financial statements and do not provide other services to the Portfolio. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 29

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.). Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 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, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 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 July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	1,383.20	$	5.09		0.85	%
Hypothetical		1,000.00		1,020.86		4.32		0.85
Class 2
Actual		1,000.00		1,381.80		6.89		1.15
Hypothetical		1,000.00		1,019.36		5.84		1.15

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 31

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Portfolio received from the Adviser. This information includes the Portfolio’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Portfolio throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Portfolio and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Portfolio under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Portfolio by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Portfolio and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Portfolio during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Portfolio and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Portfolio. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Portfolio gained from their experience as Trustees of the

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Portfolio, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Portfolio.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Portfolio by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Portfolio. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Portfolio, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Portfolio.

The Trustees also considered that the Adviser earns fees from the Portfolio for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, an affiliate of the Adviser, which also acts as the Portfolio’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Portfolio, including financial intermediaries that are affiliates of the Adviser(although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Portfolio’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints. , but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Portfolio’s shareholders to share potential economies of scale from its inception and that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Portfolio of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services, and the ability to negotiate competitive fees for the Portfolio. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Portfolio, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Portfolio, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels, was reasonable. The Trustees concluded that the Portfolio’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Portfolio and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Portfolio.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 33

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Portfolio had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Portfolio. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Portfolio. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Portfolio within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to a representative class to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Portfolio’s

performance against its benchmark and considered the performance information provided for the Portfolio at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Portfolio’s performance are summarized below:

The Trustees noted that the Portfolio’s performance for Class 1 shares was in the second quintile, based upon the Peer Group, for each of the one-, three and five-year period ended December 2019, and in the third, second and third quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and various other factors, concluded that the Portfolio’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Portfolio. The Trustees recognized that Broadridge reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

The Trustees noted that the Portfolio’s net advisory fee and actual total expenses for Class 1 shares were both in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Portfolio.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 100.00%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2020.

Long Term Capital Gain

The Portfolio distributed approximately $10,874,000, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2020.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 35

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC 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. December 2020. AN-JPMITSCCP-1220

Annual Report

JPMorgan Insurance Trust

December 31, 2020

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
Report of Independent Registered Public Accounting Firm	21
Trustees	22
Officers	25
Schedule of Shareholder Expenses	26
Board Approval of Investment Advisory Agreement	27
Tax Letter	30

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

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

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

Prospective investors should refer to the Portfolio’s 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.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 1

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The immense efforts of central banks, government and researchers in the public and private sectors appear to have shepherded the world through the most difficult days of a profound crisis caused by the pandemic. While the economic and health care challenges are not behind us, the uncertainty and turbulence of 2020 has abated.

  “We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.” — Andrea L. Lisher

The development of multiple vaccines against Covid-19 toward the end of 2020 provided hope that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. That optimism spread to global financial markets. While leading equity indexes fell by 20% or more in the first quarter of 2020, financial markets stabilized and equity markets largely rebounded — slowly at first and then rapidly the second half of the year. At the end of 2020, the S&P 500 Index had generated a total return of 18.10% for the full 12 months and 22.16% for the final six months of the year.

We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the

direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.

Certainly, enormous challenges remain in both the implementation of global vaccinations and in the rebuilding of economies at the local, national and international levels. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to better navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

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

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	25.26%
S&P 500 Index**	18.40%
Net Assets as of 12/31/2020 (In Thousands)	$140,167

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?

Global financial markets generally recovered from a sharp sell-off in the first quarter of 2020, led by a rally in equity markets in the second half of the year. Investor demand for equity was largely fueled by continued support from central banks, relief spending by governments across the globe and the development and approvals of the first vaccines against Covid-19.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

At the start of the second half of the year, U.S. equity led a broad rebound in both developed markets and emerging markets equity. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations

at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the re-opening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

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 twelve months ended December 31, 2020. The Portfolio’s security selection and overweight position in the semiconductors & hardware sector and its underweight position and security selection in the big banks & brokers sector were leading contributors to performance relative to the Benchmark,

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

while the Portfolio’s security selection in the consumer cyclical and retail sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Tesla Inc. and Morgan Stanley, and its underweight position in Intel Corp. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was added to the S&P 500 Index. Shares of Morgan Stanley, a financial services and investment company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Royal Caribbean Cruises Ltd., Boston Scientific Corp. and Analog Devices Inc. Shares of Royal Caribbean Cruises, a cruise ship operator, fell as its business shut down in response to the pandemic. Shares of Boston Scientific, a medical devices manufacturer, fell after the company reported lower-than-expected earnings for the first quarter of 2020 and reported consecutive quarters of lower-than-expected revenue. Shares of Analog Devices, a maker of specialty semiconductors and software, underperformed the broader market after a run-up in the stock price early in the period.

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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	6.5	%
	2.	Amazon.com, Inc.	5.6
	3.	Apple, Inc.	5.3
	4.	Mastercard, Inc., Class A	3.8
	5.	Alphabet, Inc., Class A	2.9
	6.	NextEra Energy, Inc.	2.3
	7.	Norfolk Southern Corp.	2.2
	8.	Eaton Corp. plc	2.1
	9.	Analog Devices, Inc.	2.1
	10.	Coca-Cola Co. (The)	2.0

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	30.1	%
Consumer Discretionary	13.5
Health Care	12.4
Financials	9.5
Communication Services	9.4
Industrials	9.3
Consumer Staples	5.0
Utilities	4.1
Materials	2.9
Real Estate	2.4
Energy	1.2
Short-Term Investments	0.2

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

** “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 December 31, 2020. The Portfolio’s composition is subject to change.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	March 30, 1995		25.26	%		16.01	%		14.27	%
CLASS 2 SHARES	August 16, 2006		24.95			15.73			13.99

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

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 December 31, 2010 to December 31, 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 DECEMBER 31, 2020

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 99.1%
Aerospace & Defense — 1.5%
Northrop Grumman Corp.		6			1,699
Raytheon Technologies Corp.		6			394
					2,093
Air Freight & Logistics — 0.2%
FedEx Corp.		1			258
Airlines — 0.1%
Delta Air Lines, Inc.		3			131
Automobiles — 1.8%
Tesla, Inc. *		3			2,447
Banks — 4.6%
Bank of America Corp.		13			380
Huntington Bancshares, Inc.		35			438
KeyCorp		43			698
Regions Financial Corp.		42			671
Truist Financial Corp.		55			2,635
Wells Fargo & Co.		52			1,576
					6,398
Beverages — 3.5%
Coca-Cola Co. (The)		51			2,793
Constellation Brands, Inc., Class A		9			2,079
					4,872
Biotechnology — 2.7%
AbbVie, Inc.		25			2,694
Alexion Pharmaceuticals, Inc. *		2			330
Biogen, Inc. *		2			395
Regeneron Pharmaceuticals, Inc. *		—	(a)		152
Vertex Pharmaceuticals, Inc. *		1			233
					3,804
Building Products — 0.5%
Trane Technologies plc		5			716
Capital Markets — 2.6%
Ameriprise Financial, Inc.		5			994
Intercontinental Exchange, Inc.		2			179
Morgan Stanley		33			2,285
State Street Corp.		3			224
					3,682
Chemicals — 1.8%
DuPont de Nemours, Inc.		3			193
Eastman Chemical Co.		16			1,648
Linde plc (United Kingdom)		2			612
PPG Industries, Inc.		1			119
					2,572

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 0.4%
Capital One Financial Corp.		6		599
Containers & Packaging — 1.1%
Crown Holdings, Inc. *		15		1,506
Diversified Financial Services — 0.1%
Voya Financial, Inc.		2		108
Electric Utilities — 3.4%
NextEra Energy, Inc.		41		3,192
Xcel Energy, Inc.		24		1,609
				4,801
Electrical Equipment — 2.2%
AMETEK, Inc.		1		153
Eaton Corp. plc		25		2,948
				3,101
Entertainment — 1.6%
Netflix, Inc. *		4		2,304
Equity Real Estate Investment Trusts (REITs) — 2.4%
Prologis, Inc.		23		2,329
SBA Communications Corp.		1		257
Sun Communities, Inc.		2		251
Ventas, Inc.		9		453
				3,290
Food Products — 0.1%
Mondelez International, Inc., Class A		3		202
Health Care Equipment & Supplies — 2.6%
Boston Scientific Corp. *		49		1,763
Intuitive Surgical, Inc. *		1		803
Medtronic plc		5		536
Zimmer Biomet Holdings, Inc.		4		581
				3,683
Health Care Providers & Services — 2.8%
Cigna Corp.		12		2,425
McKesson Corp.		1		143
Quest Diagnostics, Inc.		3		414
UnitedHealth Group, Inc.		3		925
			��	3,907
Hotels, Restaurants & Leisure — 2.4%
Hilton Worldwide Holdings, Inc.		1		68
McDonald’s Corp.		7		1,528
Yum! Brands, Inc.		16		1,725
				3,321
Household Durables — 0.1%
KB Home		3		93

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Household Durables — continued
Toll Brothers, Inc.		2			95
					188
Household Products — 0.8%
Procter & Gamble Co. (The)		8			1,051
Industrial Conglomerates — 0.5%
Honeywell International, Inc.		3			713
Insurance — 1.7%
Chubb Ltd.		7			1,045
Hartford Financial Services Group, Inc. (The)		5			235
Progressive Corp. (The)		12			1,157
					2,437
Interactive Media & Services — 5.6%
Alphabet, Inc., Class A*		2			3,973
Alphabet, Inc., Class C*		1			2,435
Facebook, Inc., Class A*		5			1,470
					7,878
Internet & Direct Marketing Retail — 5.8%
Amazon.com, Inc. *		2			7,810
Booking Holdings, Inc. *		—	(a)		334
					8,144
IT Services — 7.5%
Booz Allen Hamilton Holding Corp.		5			463
FleetCor Technologies, Inc. *		6			1,706
Leidos Holdings, Inc.		18			1,931
Mastercard, Inc., Class A		15			5,338
Okta, Inc. *		1			147
PayPal Holdings, Inc. *		4			868
					10,453
Life Sciences Tools & Services — 0.5%
Thermo Fisher Scientific, Inc.		2			735
Machinery — 1.4%
Deere & Co.		2			478
Stanley Black & Decker, Inc.		9			1,544
					2,022
Media — 1.6%
Charter Communications, Inc., Class A*		2			1,631
Comcast Corp., Class A		13			659
					2,290
Multi-Utilities — 0.6%
Ameren Corp.		2			159

INVESTMENTS	SHARES (000)		VALUE ($000)
Multi-Utilities — continued
CMS Energy Corp.		12		703
				862
Oil, Gas & Consumable Fuels — 1.2%
Chevron Corp.		7		624
Diamondback Energy, Inc.		7		338
Pioneer Natural Resources Co.		6		631
Williams Cos., Inc. (The)		6		114
				1,707
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		1		360
Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co.		35		2,142
Elanco Animal Health, Inc. *		6		196
Eli Lilly and Co.		13		2,184
Johnson & Johnson		2		323
Merck & Co., Inc.		4		340
				5,185
Road & Rail — 2.8%
Lyft, Inc., Class A*		8		384
Norfolk Southern Corp.		13		3,050
Uber Technologies, Inc. *		4		198
Union Pacific Corp.		1		296
				3,928
Semiconductors & Semiconductor Equipment — 8.0%
Advanced Micro Devices, Inc. *		21		1,900
Analog Devices, Inc.		20		2,902
Applied Materials, Inc.		6		537
ASML Holding NV (Registered), NYRS (Netherlands)		2		975
Lam Research Corp.		3		1,273
NVIDIA Corp.		1		409
NXP Semiconductors NV (Netherlands)		17		2,627
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		5		560
				11,183
Software — 9.2%
Ceridian HCM Holding, Inc. *		6		662
Coupa Software, Inc. *		2		578
Intuit, Inc.		1		266
Microsoft Corp.		41		9,071
Paylocity Holding Corp. *		1		191
salesforce.com, Inc. *		6		1,422

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Software — continued
Workday, Inc., Class A*		3			681
					12,871
Specialty Retail — 3.1%
AutoZone, Inc. *		—	(a)		305
Best Buy Co., Inc.		1			89
Lowe’s Cos., Inc.		5			868
O’Reilly Automotive, Inc. *		4			1,788
Ross Stores, Inc.		7			800
TJX Cos., Inc. (The)		6			431
					4,281
Technology Hardware, Storage & Peripherals — 5.3%
Apple, Inc.		56			7,426
Textiles, Apparel & Luxury Goods — 0.3%
Carter’s, Inc.		1			68
NIKE, Inc., Class B		2			324
					392
Tobacco — 0.3%
Altria Group, Inc.		8			323
Philip Morris International, Inc.		1			99
					422
Wireless Telecommunication Services — 0.4%
T-Mobile US, Inc. *		4			541
Total Common Stocks (Cost $82,735)					138,864

INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $5)		2		1
	SHARES (000)
Short-Term Investments — 0.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (c) (d) (Cost $338)		338		338
Total Investments — 99.3% (Cost $83,078)				139,203
Other Assets Less Liabilities — 0.7%				964
NET ASSETS — 100.0%				140,167

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
CVR	Contingent Value Rights
NYRS	New York Registry Shares
(a)	Amount rounds to less than one thousand.
(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 December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		2		03/2021		USD		375		2

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	138,865
Investments in affiliates, at value		338
Cash		1
Deposits at broker for futures contracts		32
Receivables:
Investment securities sold		1,311
Portfolio shares sold		4
Dividends from non-affiliates		93
Dividends from affiliates		—	(a)
Securities lending income (See Note 2.B.)		—	(a)
Variation margin on futures contracts		2
Total Assets		140,646
LIABILITIES:
Payables:
Investment securities purchased		260
Portfolio shares redeemed		92
Accrued liabilities:
Investment advisory fees		63
Administration fees		9
Distribution fees		4
Custodian and accounting fees		8
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		43
Total Liabilities		479
Net Assets	$	140,167
NET ASSETS:
Paid-in-Capital	$	78,347
Total distributable earnings (loss)		61,820
Total Net Assets	$	140,167
Net Assets:
Class 1	$	121,611
Class 2		18,556
Total	$	140,167
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,252
Class 2		503
Net Asset Value (b):
Class 1 — Offering and redemption price per share	$	37.40
Class 2 — Offering and redemption price per share		36.85
Cost of investments in non-affiliates	$	82,740
Cost of investments in affiliates		338

(a) Amount rounds to less than one thousand.

(b) 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 DECEMBER 31, 2020

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2020

(Amounts in thousands)

	JPMorgan Insurance Trust U.S. Equity Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)
Dividend income from non-affiliates		2,010
Dividend income from affiliates		5
Income from securities lending (net) (See Note 2.B.)		1
Total investment income		2,016
EXPENSES:
Investment advisory fees		653
Administration fees		89
Distribution fees:
Class 2		42
Custodian and accounting fees		41
Professional fees		56
Trustees’ and Chief Compliance Officer’s fees		26
Printing and mailing costs		29
Transfer agency fees (See Note 2.F.)		2
Other		11
Total expenses		949
Less fees waived		(2	)
Net expenses		947
Net investment income (loss)		1,069
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		6,273
Futures contracts		12
Net realized gain (loss)		6,285
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		20,521
Futures contracts		(17	)
Change in net unrealized appreciation/depreciation		20,504
Net realized/unrealized gains (losses)		26,789
Change in net assets resulting from operations	$	27,858

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust U.S. Equity Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,069		$	933
Net realized gain (loss)		6,285			7,415
Change in net unrealized appreciation/depreciation		20,504			21,530
Change in net assets resulting from operations		27,858			29,878
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(7,167	)		(7,455	)
Class 2		(1,169	)		(1,192	)
Total distributions to shareholders		(8,336	)		(8,647	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,464			(875	)
NET ASSETS:
Change in net assets		21,986			20,356
Beginning of period		118,181			97,825
End of period	$	140,167		$	118,181
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	11,890		$	3,480
Distributions reinvested		7,167			7,455
Cost of shares redeemed		(15,387	)		(12,159	)
Change in net assets resulting from Class 1 capital transactions	$	3,670		$	(1,224	)
Class 2
Proceeds from shares issued	$	2,911		$	2,559
Distributions reinvested		1,169			1,192
Cost of shares redeemed		(5,286	)		(3,402	)
Change in net assets resulting from Class 2 capital transactions	$	(1,206	)	$	349
Total change in net assets resulting from capital transactions	$	2,464		$	(875	)
SHARE TRANSACTIONS:
Class 1
Issued		354			118
Reinvested		250			267
Redeemed		(486	)		(410	)
Change in Class 1 Shares		118			(25	)
Class 2
Issued		97			87
Reinvested		41			43
Redeemed		(171	)		(115	)
Change in Class 2 Shares		(33	)		15

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 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) (a)		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
Year Ended December 31, 2020	$	32.27	$	0.30	$	7.16		$	7.46		$	(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	)
Class 2
Year Ended December 31, 2020		31.83		0.22		7.05			7.27			(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	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) 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.

(d) 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 DECEMBER 31, 2020

		Ratios/Supplemental data
					Ratios to average net assets
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	37.40		25.26	%	$	121,611		0.76	%		0.94	%		0.76	%		66	%
	32.27		31.75			101,127		0.78			0.88			0.79			69
	26.63		(6.16	)		84,126		0.74			0.89			0.79			95
	32.43		22.28			97,287		0.75			0.89			0.79			91
	27.03		10.98			87,878		0.80			0.98			0.80			61
	36.85		24.95			18,556		1.01			0.69			1.01			66
	31.83		31.44			17,054		1.03			0.64			1.03			69
	26.29		(6.42	)		13,699		0.99			0.65			1.04			95
	32.08		22.04			14,274		1.00			0.65			1.03			91
	26.74		10.65			12,079		1.05			0.73			1.05			61

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020

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 DECEMBER 31, 2020

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	139,203	$	—	$	—	$	139,203
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	2	$	—	$	—	$	2

(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.

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 year ended December 31, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

$–(a)

(a) Amount rounds to less than one thousand.

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 December 31, 2020.

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. Amounts in the table below are in thousands.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

For the year ended December 31, 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 December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)	$	173	$	9,065	$	9,238	$	—	$	—	$	—		—	$	1	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)		1,568		22,610		23,840		—		—		338		338		5			—
Total	$	1,741	$	31,675	$	33,078	$	—	$	—	$	338			$	6		$	—

(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 December 31, 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 futures contracts 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 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).

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2020 (amounts in thousands):

Futures Contracts—Equity:
Average Notional Balance Long	$	630
Ending Notional Balance Long		375

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 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.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Portfolio for the year ended December 31, 2020 are as follows (amounts in thousands):

	Class 1		Class 2			Total
Transfer agency fees	$	2	$	–	(a)	$	2

(a) Amount rounds to less than one thousand.

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 December 31, 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.

The following amounts were reclassified within the capital accounts (amounts in thousands):

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	—	$	(4	)	$	4

The reclassifications for the Portfolio relate primarily to investments in real estate investment trusts.

I. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Portfolio’s financial statements of applying ASU 2020-04.

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 at an annual rate of 0.55% 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 year ended December 31, 2020, the effective rate was 0.075% 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. 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.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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

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
0.80%		1.05	%

The expense limitation agreement was in effect for the year ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2021.

For the year ended December 31, 2020, the Portfolio’s service providers did not waive fees and/or reimburse expenses 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 expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended December 31, 2020 was approximately $2,000.

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 year ended December 31, 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	77,236	$	82,047

During the year ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	84,985	$	54,501	$	281	$	54,220

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to non-taxable dividends and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2020 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	1,507	$	6,829	$	8,336

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended December 31, 2019 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,476	$	6,171	$	8,647

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	3,506	$	4,125	$	54,220

The cumulative timing differences primarily consist of non-taxable dividends and wash sale loss deferrals.

As of December 31, 2020, 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 year ended December 31, 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 1, 2021.

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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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 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 year ended December 31, 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 December 31, 2020, the Portfolio had three individual shareholder and/or non-affiliated omnibus accounts, which owned 64.6% of the Portfolio’s outstanding shares.

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ 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. Certain 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.

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. 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.

8. Subsequent Event

On February 10, 2021, the contractual expense limitations for Class 1 Shares and Class 2 Shares were extended until at least April 30, 2022.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and Shareholders of JPMorgan Insurance Trust U.S. Equity Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust U.S. Equity Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 12, 2021

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 21

TRUSTEES

(Unaudited)

The Portfolio’s Statement of Additional Information includes additional information about the Portfolio’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	128	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985. (3)	Self-employed business consultant (2002-present).	128	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	128	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	128	None
Mitchell M. Merin (1953); Trustee of Trust since 2013. (4)	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member, Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	128	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	128	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	128	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 23

TRUSTEES

(Unaudited) (continued)

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (128 funds).

⁽³⁾  Mr. Marshall retired from the Board of Trustees effective the close of business on December 31, 2020.

⁽⁴⁾  Mr. Merin retired from the Board of Trustees effective the close of business on January 31, 2021.

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Portfolio’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Portfolio’s financial statements and do not provide other services to the Portfolio. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.). Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 25

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, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 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 July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,245.00	$	4.35		0.77	%
Hypothetical		1,000.00		1,021.27		3.91		0.77
Class 2
Actual		1,000.00		1,243.70		5.70		1.01
Hypothetical		1,000.00		1,020.06		5.13		1.01

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Portfolio received from the Adviser. This information includes the Portfolio’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Portfolio throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Portfolio and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Portfolio under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Portfolio by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Portfolio and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Portfolio during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Portfolio and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Portfolio. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Portfolio gained from their experience as Trustees of the

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 27

J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Portfolio, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Portfolio.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Portfolio by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Portfolio. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Portfolio, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Portfolio.

The Trustees also considered that the Adviser earns fees from the Portfolio for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, an affiliate of the Adviser, which also acts as the Portfolio’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Portfolio, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Portfolio’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Portfolio’s shareholders to share potential economies of scale from its inception and that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Portfolio of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services, and the ability to negotiate competitive fees for the Portfolio. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Portfolio, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Portfolio, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels, was reasonable. The Trustees concluded that the Portfolio’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Portfolio and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Portfolio.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Portfolio had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Portfolio. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Portfolio. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Portfolio within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to a representative class to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Portfolio’s

performance against its benchmark and considered the performance information provided for the Portfolio at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Portfolio’s performance are summarized below:

The Trustees noted that the Portfolio’s performance for Class 1 shares was in the second quintile, based upon both the Peer Group and the Universe, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and various other factors, concluded that the Portfolio’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Portfolio. The Trustees recognized that Broadridge reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

The Trustees noted that the Portfolio’s net advisory fee for Class 1 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class 1 shares were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Portfolio.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 29

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 100.00%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2020.

Long Term Capital Gain

The Portfolio distributed approximately $6,829,000 or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2020.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 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. December 2020. AN-JPMITUSEP-1220

Annual Report

JPMorgan Insurance Trust

December 31, 2020

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	34
Financial Highlights	38
Notes to Financial Statements	40
Report of Independent Registered Public Accounting Firm	54
Trustees	55
Officers	58
Schedule of Shareholder Expenses	59
Board Approval of Investment Advisory Agreement	60
Tax Letter	63

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

February 4, 2021 (Unaudited)

Dear Shareholders,

The immense efforts of central banks, government and researchers in the public and private sectors appear to have shepherded the world through the most difficult days of a profound crisis caused by the pandemic. While the economic and health care challenges are not behind us, the uncertainty and turbulence of 2020 has abated.

  “We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.” — Andrea L. Lisher

The development of multiple vaccines against Covid-19 toward the end of 2020 provided hope that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. That optimism spread to global financial markets. While leading equity indexes fell by 20% or more in the first quarter of 2020, financial markets stabilized and equity markets largely rebounded — slowly at first and then rapidly the second half of the year. At the end of 2020, the S&P 500 Index had generated a total return of 18.10% for the full 12 months and 22.16% for the final six months of the year.

We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the

direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.

Certainly, enormous challenges remain in both the implementation of global vaccinations and in the rebuilding of economies at the local, national and international levels. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to better navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*	5.21%
MSCI World Index (net of foreign withholding taxes)	15.90%
Income Builder Composite Benchmark	13.31%
Net Assets as of 12/31/2020 (In Thousands)	$99,860

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Global financial markets generally recovered from a sharp sell-off in the first quarter of 2020, led by a rally in equity markets in the second half of the year. Investor demand for equity was largely fueled by continued support from central banks, relief spending by governments across the globe and the development and approvals of the first vaccines against Covid-19.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

At the start of the second half of the year, U.S. equity led a broad rebound in both developed markets and emerging markets equity. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for S&P 500 in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest

rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the re-opening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

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

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

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

and 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 twelve months ended December 31, 2020.

The Portfolio’s allocation real estate investment trusts detracted from performance relative to the Benchmark. The Portfolio’s allocation to fixed income also detracted from performance relative to the Benchmark, which is an all-equity index.

Relative to the Composite, the Portfolio’s allocations to global equity and investment grade corporate bonds contributed to relative performance, as those asset classes performed strongly toward the end of the year following the approvals of the first vaccines against Covid-19 and continued fiscal support from governments.

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. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. 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.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Equity Income Fund, Class R6 Shares	3.6	%
	2.	Merrill Lynch International & Co., ELN, 6.83%, 3/3/2021 (linked to Russell 2000 Index)	2.1
	3.	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares	2.0
	4.	Barclays Bank plc, ELN, 6.50%, 3/24/2021, (linked to Russell 2000 Index)	1.0
	5.	JPMorgan Floating Rate Income Fund, Class R6 Shares	0.9
	6.	Samsung Electronics Co. Ltd. (South Korea)	0.6
	7.	U.S. Treasury Notes, 2.50%, 1/31/2021	0.6
	8.	Prologis, Inc., REIT	0.6
	9.	Coca-Cola Co. (The)	0.6
	10.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR	0.5

PORTFOLIO COMPOSITION***
Corporate Bonds	40.8	%
Common Stocks	34.9
Investment Companies	6.7
Collateralized Mortgage Obligations	3.6
Equity-Linked Notes	3.1
Commercial Mortgage-Backed Securities	2.9
Asset-Backed Securities	1.6
Others (each less than 1.0%)	2.2
Short-Term Investments	4.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2020. The Portfolio’s composition is subject to change.

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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS 1 SHARES	December 9, 2014		5.45	%		6.55	%		5.29	%
CLASS 2 SHARES	December 9, 2014		5.21			6.28			5.04

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 12/31/20)

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 December 31, 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 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 DECEMBER 31, 2020

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020

(Amounts in thousands)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 41.0%
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		233
FMG Resources August 2006 Pty. Ltd. 4.75%, 5/15/2022 (c)		21		22
5.13%, 5/15/2024 (c)		12		13
Newcrest Finance Pty. Ltd. 3.25%, 5/13/2030 (c)		10		11
4.20%, 5/13/2050 (c)		5		6
				285
Belgium — 0.1%
Anheuser-Busch Cos. LLC 4.90%, 2/1/2046		15		20
Anheuser-Busch InBev Worldwide, Inc. 4.38%, 4/15/2038		15		18
4.60%, 4/15/2048		30		38
5.55%, 1/23/2049		10		14
4.50%, 6/1/2050		30		38
				128
Canada — 1.7%
1011778 BC ULC 4.25%, 5/15/2024 (c)		87		89
3.88%, 1/15/2028 (c)		17		17
Advanz Pharma Corp. Ltd. 8.00%, 9/6/2024		80		81
Alimentation Couche-Tard, Inc. 4.50%, 7/26/2047 (c)		8		10
3.80%, 1/25/2050 (c)		5		6
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (c)		20		20
Bank of Nova Scotia (The)
(ICE LIBOR USD 3 Month + 2.65%), 4.65%, 10/12/2022 (a) (b) (d)		13		13
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (a) (b) (d)		15		16
Bell Canada 4.30%, 7/29/2049		30		39
Bombardier, Inc. 6.00%, 10/15/2022 (c)		50		49
6.13%, 1/15/2023 (c)		40		39
7.50%, 12/1/2024 (c)		45		43
7.50%, 3/15/2025 (c)		38		36
Cenovus Energy, Inc. 5.38%, 7/15/2025 (e)		130		147
Emera, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (b)		185		216

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Canada — continued
Enbridge, Inc.
4.50%, 6/10/2044		5		6
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (b)		10		11
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (b)		45		49
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (b)		117		131
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		65		61
MEG Energy Corp. 6.50%, 1/15/2025 (c)		45		46
NOVA Chemicals Corp. 5.00%, 5/1/2025 (c)		34		35
5.25%, 6/1/2027 (c)		26		28
Open Text Corp. 5.88%, 6/1/2026 (c)		57		59
Precision Drilling Corp. 5.25%, 11/15/2024		3		3
7.13%, 1/15/2026 (c)		23		20
Quebecor Media, Inc. 5.75%, 1/15/2023		130		141
Rogers Communications, Inc. 4.35%, 5/1/2049		25		32
3.70%, 11/15/2049		15		18
Stars Group Holdings BV 7.00%, 7/15/2026 (c)		24		25
TransCanada PipeLines Ltd. 4.75%, 5/15/2038		10		13
5.10%, 3/15/2049		10		13
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (b)		33		37
(ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079 (b)		72		79
Videotron Ltd. 5.00%, 7/15/2022		38		40
5.13%, 4/15/2027 (c)		32		34
				1,702
Cayman Islands — 0.0% (f)
Global Aircraft Leasing Co. Ltd. 13.75% (Blend (cash 6.50% + PIK 7.25%)), 9/15/2024 (c) (g)		31		27
Finland — 0.1%
Nokia OYJ 4.38%, 6/12/2027		12		13
6.63%, 5/15/2039		33		42
				55

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

(Amounts in thousands)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
France — 0.8%
Altice France SA
8.13%, 2/1/2027 (c)		200		220
Credit Agricole SA
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (b) (c) (d)		200		243
Societe Generale SA
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (a) (b) (c) (d)		200		235
Total Capital International SA
2.99%, 6/29/2041		20		22
3.13%, 5/29/2050		25		27
3.39%, 6/29/2060		5		6
				753
Germany — 0.1%
Deutsche Telekom International Finance BV
8.75%, 6/15/2030 (h)		85		134
Ireland — 0.1%
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (c)		9		10
5.13%, 10/1/2023 (c)		33		35
5.25%, 5/15/2024 (c)		21		23
Park Aerospace Holdings Ltd.
4.50%, 3/15/2023 (c)		16		17
5.50%, 2/15/2024 (c)		37		40
				125
Italy — 0.1%
Telecom Italia Capital SA
6.38%, 11/15/2033		20		25
6.00%, 9/30/2034		32		39
				64
Luxembourg — 0.2%
Intelsat Jackson Holdings SA
5.50%, 8/1/2023 (i)		100		68
8.00%, 2/15/2024 (c) (h) (i)		77		79
8.50%, 10/15/2024 (c) (i)		110		78
9.75%, 7/15/2025 (c) (i)		35		25
				250
Mexico — 0.2%
Cemex SAB de CV
5.70%, 1/11/2025 (c) (e)		200		204
Netherlands — 0.1%
Shell International Finance BV
4.00%, 5/10/2046		25		32
3.25%, 4/6/2050		40		45
				77

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Norway — 0.0% (f)
Equinor ASA
2.38%, 5/22/2030		20		21
Peru — 0.0% (f)
Hudbay Minerals, Inc.
7.63%, 1/15/2025 (c)		10		10
Switzerland — 0.7%
Credit Suisse Group AG
(USD Swap Semi 5 Year + 5.11%), 7.13%, 7/29/2022 (a) (b) (d) (j)		200		211
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (a) (b) (c) (d)		200		219
UBS Group AG
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (b) (d) (j)		200		227
				657
United Arab Emirates — 0.1%
DAE Funding LLC
4.50%, 8/1/2022 (c)		10		10
5.00%, 8/1/2024 (c)		45		46
Shelf Drilling Holdings Ltd.
8.25%, 2/15/2025 (c)		69		30
				86
United Kingdom — 0.7%
AstraZeneca plc
2.13%, 8/6/2050		65		61
BAT Capital Corp.
4.39%, 8/15/2037		32		36
4.76%, 9/6/2049		45		52
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)		26		28
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (a) (b) (d)		121		135
Natwest Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (a) (b) (d)		200		219
Vodafone Group plc
5.00%, 5/30/2038		15		20
5.25%, 5/30/2048		40		55
4.25%, 9/17/2050		30		37
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (b)		57		71
				714

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — 35.7%
Abbott Laboratories
4.75%, 11/30/2036		70		96
4.90%, 11/30/2046		25		37
AbbVie, Inc.
4.05%, 11/21/2039		30		36
4.45%, 5/14/2046		25		32
4.25%, 11/21/2049		40		50
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		20		20
6.50%, 3/1/2024		55		56
ACCO Brands Corp.
5.25%, 12/15/2024 (c)		12		12
Adient US LLC
7.00%, 5/15/2026 (c)		120		131
ADT Security Corp. (The)
4.13%, 6/15/2023		95		101
4.88%, 7/15/2032 (c)		45		49
Advanced Drainage Systems, Inc.
5.00%, 9/30/2027 (c)		10		11
AECOM
5.88%, 10/15/2024		5		6
5.13%, 3/15/2027		53		59
AEP Texas, Inc.
Series H, 3.45%,
1/15/2050		10		11
AEP Transmission Co. LLC
Series M, 3.65%, 4/1/2050		10		12
Aetna, Inc.
4.75%, 3/15/2044		14		18
3.88%, 8/15/2047		25		30
Air Lease Corp.
3.38%, 7/1/2025		10		11
3.75%, 6/1/2026		10		11
Albertsons Cos., Inc.
5.75%, 3/15/2025		21		22
7.50%, 3/15/2026 (c)		80		90
5.88%, 2/15/2028 (c)		38		41
Alcoa Nederland Holding BV
6.13%, 5/15/2028 (c)		200		218
Allegheny Technologies, Inc.
7.88%, 8/15/2023 (h)		10		11
Allied Universal Holdco LLC
6.63%, 7/15/2026 (c)		13		14
9.75%, 7/15/2027 (c)		13		14

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Allison Transmission, Inc.
4.75%, 10/1/2027 (c)		65		68
5.88%, 6/1/2029 (c)		70		78
Allstate Corp. (The)
Series B, (ICE LIBOR USD 3 Month + 2.94%),
5.75%, 8/15/2053 (b)		33		35
Ally Financial, Inc.
5.75%, 11/20/2025		110		128
8.00%, 11/1/2031		39		57
Alphabet, Inc.
2.05%, 8/15/2050		25		24
2.25%, 8/15/2060		15		14
Altria Group, Inc.
3.88%, 9/16/2046		40		42
5.95%, 2/14/2049		10		14
4.45%, 5/6/2050		10		12
Amazon.com, Inc.
4.95%, 12/5/2044		10		15
2.50%, 6/3/2050		10		10
2.70%, 6/3/2060		25		27
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026 (c) (e)		26		18
12.00% (PIK), 6/15/2026 (c) (g)		76		16
AMC Networks, Inc.
4.75%, 12/15/2022		27		27
Ameren Corp.
3.50%, 1/15/2031		15		17
American Airlines Group, Inc.
5.00%, 6/1/2022 (c)		21		19
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		87		90
6.25%, 3/15/2026		52		54
6.50%, 4/1/2027		53		56
American Express Co.
Series B, (ICE LIBOR USD 3 Month + 3.43%), 3.65%, 2/15/2021 (a) (b) (d)		18		18
Series C, (ICE LIBOR USD 3 Month + 3.29%), 3.50%, 3/15/2021 (a) (b) (d)		21		20
American International Group, Inc.
3.88%, 1/15/2035		23		28
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (b)		29		33

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

(Amounts in thousands)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
American Tower Corp.
REIT, 3.70%, 10/15/2049		10		11
REIT, 3.10%, 6/15/2050		55		57
American Water Capital Corp.
3.45%, 5/1/2050		10		12
AmeriGas Partners LP
5.63%, 5/20/2024		25		27
5.75%, 5/20/2027		35		40
Amgen, Inc.
3.15%, 2/21/2040		20		22
3.38%, 2/21/2050		35		39
Amkor Technology, Inc.
6.63%, 9/15/2027 (c) (e)		62		67
Amsted Industries, Inc.
5.63%, 7/1/2027 (c)		21		22
Antero Midstream Partners LP
5.38%, 9/15/2024		10		10
Antero Resources Corp.
5.13%, 12/1/2022 (e)		11		11
5.63%, 6/1/2023		14		14
Anthem, Inc.
3.13%, 5/15/2050		25		27
Apple, Inc.
4.50%, 2/23/2036		35		47
3.85%, 5/4/2043		25		32
4.65%, 2/23/2046		5		7
2.65%, 5/11/2050		30		32
2.55%, 8/20/2060		5		5
Archrock Partners LP
6.88%, 4/1/2027 (c)		7		8
Arconic Corp.
6.00%, 5/15/2025 (c)		110		117
Ardagh Packaging Finance plc
4.13%, 8/15/2026 (c)		200		209
AT&T, Inc.
3.50%, 6/1/2041		35		38
4.50%, 3/9/2048		26		31
3.65%, 6/1/2051		15		15
3.30%, 2/1/2052		10		10
3.50%, 9/15/2053 (c)		12		12
3.55%, 9/15/2055 (c)		15		15
3.65%, 9/15/2059 (c)		4		4
3.85%, 6/1/2060		25		26
3.50%, 2/1/2061		15		15

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (c)		100		102
5.25%, 3/15/2025 (c)		50		50
5.75%, 7/15/2027 (c) (e)		24		24
B&G Foods, Inc.
5.25%, 4/1/2025		146		151
Baker Hughes a GE Co. LLC
4.08%, 12/15/2047		15		17
Baltimore Gas and Electric Co.
2.90%, 6/15/2050		5		5
Bank of America Corp.
Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 6/1/2023 (a) (b) (d)		56		58
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024 (a) (b) (d)		24		25
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (a) (b) (d)		146		162
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (a) (b) (d)		53		61
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (a) (b) (d)		33		37
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (a) (b) (d) (e)		20		23
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (a) (b) (d) (e)		120		140
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (a) (b) (d)		133		150
(SOFR + 1.93%), 2.68%, 6/19/2041 (b)		75		78
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (b)		40		51
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 3.66%, 3/20/2021 (a) (b) (d)		22		22
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (a) (b) (d)		51		52
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025 (a) (b) (d)		13		14
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 3.70%, 3/20/2026 (a) (b) (d)		20		21
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (a) (b) (d)		100		106
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (c)		26		29

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Bausch Health Cos., Inc.
7.00%, 3/15/2024 (c)		69		71
6.13%, 4/15/2025 (c)		95		98
5.50%, 11/1/2025 (c)		121		125
9.00%, 12/15/2025 (c)		68		75
5.75%, 8/15/2027 (c)		12		13
7.00%, 1/15/2028 (c)		20		22
5.00%, 1/30/2028 (c)		340		350
7.25%, 5/30/2029 (c)		22		25
Baxter International, Inc.
3.50%, 8/15/2046		15		17
Berkshire Hathaway Energy Co.
4.25%, 10/15/2050 (c)		15		19
2.85%, 5/15/2051 (c)		20		21
Berkshire Hathaway Finance Corp.
4.25%, 1/15/2049		10		13
2.85%, 10/15/2050		10		11
Berry Global, Inc.
5.13%, 7/15/2023 (e)		5		5
4.88%, 7/15/2026 (c)		84		90
5.63%, 7/15/2027 (c)		20		22
Biogen, Inc.
3.15%, 5/1/2050		55		57
Boston Scientific Corp.
4.00%, 3/1/2029		20		23
2.65%, 6/1/2030		55		59
4.55%, 3/1/2039		10		13
Boyd Gaming Corp.
6.38%, 4/1/2026		4		4
6.00%, 8/15/2026		34		35
Boyne USA, Inc.
7.25%, 5/1/2025 (c)		41		43
BP Capital Markets America, Inc.
3.00%, 2/24/2050		30		31
2.77%, 11/10/2050		30		30
2.94%, 6/4/2051		15		15
Brink’s Co. (The)
4.63%, 10/15/2027 (c)		75		78
Bristol-Myers Squibb Co.
4.13%, 6/15/2039		30		38
2.35%, 11/13/2040		25		26
4.25%, 10/26/2049		15		20
2.55%, 11/13/2050		25		26
Broadcom, Inc.
4.15%, 11/15/2030		15		17
4.30%, 11/15/2032		15		18

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Brookfield Property REIT, Inc.
REIT, 5.75%, 5/15/2026 (c)		59		58
Buckeye Partners LP
3.95%, 12/1/2026		60		61
Burlington Northern Santa Fe LLC
5.15%, 9/1/2043		5		7
3.05%, 2/15/2051		55		62
Callon Petroleum Co.
6.25%, 4/15/2023		66		42
6.13%, 10/1/2024		8		5
6.38%, 7/1/2026		6		3
Calpine Corp.
5.25%, 6/1/2026 (c)		61		63
Cameron LNG LLC
2.90%, 7/15/2031 (c)		10		11
3.30%, 1/15/2035 (c)		5		6
Capital One Financial Corp.
Series E, (ICE LIBOR USD 3 Month + 3.80%), 4.03%, 3/1/2021 (a) (b) (d)		30		30
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (c)		44		45
5.00%, 7/15/2027 (c)		29		31
CCO Holdings LLC 5.75%, 2/15/2026 (c)		85		88
5.50%, 5/1/2026 (c)		130		135
5.13%, 5/1/2027 (c)		158		168
5.88%, 5/1/2027 (c)		35		36
5.00%, 2/1/2028 (c)		23		24
4.75%, 3/1/2030 (c)		404		436
CDK Global, Inc. 5.25%, 5/15/2029 (c)		99		110
CDW LLC 4.25%, 4/1/2028		40		42
Cedar Fair LP 5.38%, 4/15/2027		3		3
5.25%, 7/15/2029		6		6
Centene Corp. 4.75%, 1/15/2025		30		31
3.38%, 2/15/2030		330		347
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048 (e)		10		13
CenterPoint Energy, Inc.
Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (a) (b) (d)		46		48
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		30		31
Series W, 6.75%, 12/1/2023		28		31
Series Y, 7.50%, 4/1/2024 (e)		2		2
5.63%, 4/1/2025		57		62
Series G, 6.88%, 1/15/2028 (e)		160		186

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Charles Schwab Corp. (The)
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (a) (b) (d) (e)		40		44
Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (a) (b) (d)		99		106
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (a) (b) (d)		70		74
Chemours Co. (The) 7.00%, 5/15/2025 (e)		82		85
5.38%, 5/15/2027 (e)		55		59
Cheniere Energy Partners LP 5.25%, 10/1/2025		18		18
5.63%, 10/1/2026		14		15
4.50%, 10/1/2029		120		127
Chesapeake Energy Corp.
11.50%, 1/1/2025 (c) (i)		45		8
Chevron Corp. 2.98%, 5/11/2040		10		11
Chevron USA, Inc. 2.34%, 8/12/2050		5		5
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (c)		45		47
8.00%, 10/15/2025 (c)		15		16
Cinemark USA, Inc. 4.88%, 6/1/2023		25		24
CIT Group, Inc. 4.75%, 2/16/2024		22		24
5.25%, 3/7/2025		45		51
6.13%, 3/9/2028		21		26
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 4.70%, 2/15/2021 (a) (b) (d)		45		45
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (a) (b) (d)		139		146
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (a) (b) (d)		30		32
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (a) (b) (d)		158		171
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (a) (b) (d)		141		147
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (a) (b) (d)		124		127
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (a) (b) (d)		103		113
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (a) (b) (d)		80		82
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (a) (b) (d)		98		112
(SOFR + 2.11%), 2.57%, 6/3/2031 (b)		25		27
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (b)		10		12

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
(SOFR + 4.55%), 5.32%, 3/26/2041 (b)		35		49
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048 (b)		21		27
Citizens Financial Group, Inc.
Series A, (ICE LIBOR USD 3 Month + 3.96%), 4.19%, 4/6/2021 (a) (b) (d)		27		27
Series B, (ICE LIBOR USD 3 Month + 3.00%), 6.00%, 7/6/2023 (a) (b) (d)		23		23
Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (a) (b) (d)		35		36
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		170		172
5.13%, 8/15/2027 (c)		35		35
Clearway Energy Operating LLC 5.75%, 10/15/2025		20		21
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030 (c)		15		17
CMS Energy Corp.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (b)		20		23
Coca-Cola Co. (The) 2.60%, 6/1/2050		50		53
Colfax Corp.
6.00%, 2/15/2024 (c)		33		34
6.38%, 2/15/2026 (c)		5		6
Comcast Corp.
3.20%, 7/15/2036		20		23
3.75%, 4/1/2040		20		24
3.45%, 2/1/2050		25		29
4.05%, 11/1/2052		55		70
2.65%, 8/15/2062		15		15
Commercial Metals Co.
4.88%, 5/15/2023		19		20
5.38%, 7/15/2027		61		64
CommScope Technologies LLC
6.00%, 6/15/2025 (c)		97		99
5.00%, 3/15/2027 (c)		15		15
CommScope, Inc.
5.50%, 3/1/2024 (c)		31		32
6.00%, 3/1/2026 (c)		35		37
8.25%, 3/1/2027 (c) (e)		75		80
Community Health Systems, Inc.
8.63%, 1/15/2024 (c)		37		38
8.00%, 3/15/2026 (c)		11		12

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Constellation Brands, Inc.
4.50%, 5/9/2047		20		25
5.25%, 11/15/2048		15		21
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (c)		32		30
Corning, Inc. 5.35%, 11/15/2048		5		7
Covanta Holding Corp. 5.88%, 7/1/2025		19		20
Cox Communications, Inc.
4.80%, 2/1/2035 (c)		5		7
2.95%, 10/1/2050 (c)		15		15
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (h)		10		10
5.75%, 4/1/2025		29		29
5.63%, 5/1/2027 (c)		10		10
Crown Americas LLC
4.50%, 1/15/2023		27		28
4.75%, 2/1/2026		26		27
Crown Castle International Corp.
REIT, 5.20%, 2/15/2049		5		7
REIT, 4.15%, 7/1/2050		28		34
REIT, 3.25%, 1/15/2051		15		16
CSC Holdings LLC
6.75%, 11/15/2021		27		28
5.88%, 9/15/2022		15		16
5.25%, 6/1/2024		157		170
5.75%, 1/15/2030 (c)		200		219
CSX Corp. 4.75%, 11/15/2048		29		40
Cummins, Inc. 2.60%, 9/1/2050		20		20
Curo Group Holdings Corp. 8.25%, 9/1/2025 (c)		71		67
CVR Partners LP 9.25%, 6/15/2023 (c)		164		164
CVS Health Corp.
4.78%, 3/25/2038		15		19
4.13%, 4/1/2040		10		12
2.70%, 8/21/2040		20		20
5.30%, 12/5/2043		30		41
5.05%, 3/25/2048		10		13
Dana, Inc. 5.38%, 11/15/2027		115		122
Darling Ingredients, Inc. 5.25%, 4/15/2027 (c)		12		13
DCP Midstream Operating LP
4.95%, 4/1/2022		5		5
3.88%, 3/15/2023		38		39
5.38%, 7/15/2025		14		15
6.75%, 9/15/2037 (c)		20		22

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Deere & Co. 3.75%, 4/15/2050		30		39
Delek Logistics Partners LP 6.75%, 5/15/2025		48		47
Dell International LLC
7.13%, 6/15/2024 (c)		65		68
6.02%, 6/15/2026 (c)		10		12
4.90%, 10/1/2026 (c)		5		6
DH Europe Finance II SARL 3.25%, 11/15/2039		20		23
Diamond Sports Group LLC 5.38%, 8/15/2026 (c)		53		43
Discovery Communications LLC
5.30%, 5/15/2049		20		26
4.65%, 5/15/2050		20		25
DISH DBS Corp.
6.75%, 6/1/2021		105		107
5.88%, 7/15/2022		24		25
5.00%, 3/15/2023		223		231
5.88%, 11/15/2024		25		26
7.75%, 7/1/2026		125		140
Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		50		51
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		25
(ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (b)		10		11
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		87		88
Duke Energy Corp.
3.75%, 9/1/2046		15		18
3.95%, 8/15/2047		10		12
Duke Energy Progress LLC 4.10%, 3/15/2043 (e)		20		25
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (c)		27		29
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (c)		2		2
Eli Lilly and Co. 2.25%, 5/15/2050		66		65
Embarq Corp. 8.00%, 6/1/2036		124		153
EMC Corp. 3.38%, 6/1/2023		26		27
Energy Transfer Operating LP
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (a) (b) (d)		65		55
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (a) (b) (d)		30		28

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (a) (b) (d)		30		17
4.40%, 4/1/2024		19		19
4.15%, 6/1/2025		23		23
4.85%, 7/15/2026		58		56
5.60%, 4/1/2044		5		4
Entegris, Inc. 4.63%, 2/10/2026 (c)		49		51
Entercom Media Corp. 7.25%, 11/1/2024 (c) (e)		35		35
6.50%, 5/1/2027 (c)		41		42
Entergy Texas, Inc. 3.55%, 9/30/2049		15		17
Enterprise Development Authority (The) 12.00%, 7/15/2024 (c)		82		92
Enterprise Products Operating LLC 4.80%, 2/1/2049		10		13
4.20%, 1/31/2050		25		29
3.70%, 1/31/2051		5		6
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (b)		25		25
Envision Healthcare Corp. 8.75%, 10/15/2026 (c)		20		13
EOG Resources, Inc. 5.10%, 1/15/2036		10		12
EQT Corp. 7.88%, 2/1/2025 (h)		105		120
Equitable Holdings, Inc.
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (a) (b) (d)		5		5
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (c)		30		31
REIT, 4.63%, 10/1/2027 (c)		30		30
Essex Portfolio LP REIT, 2.65%, 9/1/2050		10		10
Evergy, Inc. 2.90%, 9/15/2029		20		22
Exela Intermediate LLC 10.00%, 7/15/2023 (c)		94		29
Exxon Mobil Corp. 4.23%, 3/19/2040		10		12
4.33%, 3/19/2050		15		20
3.45%, 4/15/2051		35		40
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (c)		15		17
Florida Power & Light Co. 4.05%, 6/1/2042		15		19
Ford Motor Credit Co. LLC 4.39%, 1/8/2026		200		210
4.54%, 8/1/2026		200		214
5.11%, 5/3/2029		275		306

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Fox Corp. 5.58%, 1/25/2049		5		7
Freeport-McMoRan, Inc. 5.00%, 9/1/2027		140		149
5.45%, 3/15/2043		75		93
Frontier Communications Corp. 7.63%, 4/15/2024 (i)		11		5
6.88%, 1/15/2025 (i)		24		12
11.00%, 9/15/2025 (i)		31		16
General Electric Co.
Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 3/15/2021 (a) (b) (d)		236		219
3.63%, 5/1/2030		20		23
Genesis Energy LP 6.50%, 10/1/2025		5		5
6.25%, 5/15/2026		15		14
Gilead Sciences, Inc. 2.60%, 10/1/2040		20		20
4.15%, 3/1/2047 (e)		15		18
2.80%, 10/1/2050		35		35
Global Payments, Inc. 4.15%, 8/15/2049		5		6
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (c)		50		53
Goldman Sachs Capital II
(ICE LIBOR USD 3 Month + 0.77%, 4.00% Floor), 4.00%, 2/8/2021 (a) (b) (d)		22		22
Goldman Sachs Group, Inc. (The)
Series M, (ICE LIBOR USD 3 Month + 3.92%), 4.13%, 2/8/2021 (a) (b) (d)		134		134
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (a) (b) (d)		11		11
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (a) (b) (d)		24		25
3.80%, 3/15/2030		25		30
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (b)		15		18
4.80%, 7/8/2044		25		35
Goodyear Tire & Rubber Co. (The) 5.13%, 11/15/2023		28		28
5.00%, 5/31/2026		47		48
4.88%, 3/15/2027		10		10
Gray Television, Inc. 5.88%, 7/15/2026 (c)		20		21
7.00%, 5/15/2027 (c)		45		49
Greif, Inc. 6.50%, 3/1/2027 (c)		36		38

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Guardian Life Insurance Co. of America (The) 4.88%, 6/19/2064 (c)		5		7
3.70%, 1/22/2070 (c)		5		5
Hanesbrands, Inc. 4.88%, 5/15/2026 (c)		60		65
Harsco Corp. 5.75%, 7/31/2027 (c)		9		10
HAT Holdings I LLC REIT, 5.25%, 7/15/2024 (c)		13		14
HCA, Inc. 5.38%, 2/1/2025		146		164
5.88%, 2/15/2026		285		328
5.63%, 9/1/2028		274		324
Healthpeak Properties, Inc.
REIT, 3.00%, 1/15/2030		10		11
REIT, 2.88%, 1/15/2031		10		11
Herc Holdings, Inc. 5.50%, 7/15/2027 (c)		28		30
Hertz Corp. (The) 7.63%, 6/1/2022 (c) (i)		8		8
5.50%, 10/15/2024 (c) (i)		70		38
7.13%, 8/1/2026 (c) (i)		75		40
Hilcorp Energy I LP 5.00%, 12/1/2024 (c)		90		89
5.75%, 10/1/2025 (c)		4		4
6.25%, 11/1/2028 (c)		39		40
Hill-Rom Holdings, Inc. 5.00%, 2/15/2025 (c)		15		16
4.38%, 9/15/2027 (c)		75		79
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		12		13
4.88%, 1/15/2030		24		26
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		28		29
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		32		34
Hologic, Inc. 4.63%, 2/1/2028 (c)		25		27
Home Depot, Inc. (The) 4.25%, 4/1/2046		15		20
Honeywell International, Inc. 2.80%, 6/1/2050		10		11
Howmet Aerospace, Inc. 5.13%, 10/1/2024		107		118
5.90%, 2/1/2027		8		9
5.95%, 2/1/2037		34		41
Hughes Satellite Systems Corp. 5.25%, 8/1/2026		125		138
6.63%, 8/1/2026		20		23
Huntington Bancshares, Inc.
Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (a) (b) (d)		23		23
Icahn Enterprises LP 6.25%, 2/1/2022		43		43
4.75%, 9/15/2024		70		73
6.38%, 12/15/2025		22		23
iHeartCommunications, Inc. 6.38%, 5/1/2026		57		61
8.38%, 5/1/2027		98		104

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
5.25%, 8/15/2027 (c)		18		19
ILFC E-Capital Trust I
(USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 3.23%, 12/21/2065 (b) (c)		100		67
Intel Corp. 4.10%, 5/19/2046		35		44
3.10%, 2/15/2060		5		6
International Game Technology plc 6.50%, 2/15/2025 (c)		200		224
IQVIA, Inc. 5.00%, 5/15/2027 (c)		200		213
IRB Holding Corp. 6.75%, 2/15/2026 (c)		56		58
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (c)		84		88
REIT, 5.25%, 3/15/2028 (c)		48		50
ITC Holdings Corp. 2.95%, 5/14/2030 (c)		10		11
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c)		31		33
JBS USA LUX SA 5.75%, 6/15/2025 (c)		96		99
6.50%, 4/15/2029 (c)		63		74
5.50%, 1/15/2030 (c)		42		48
Johnson & Johnson 2.25%, 9/1/2050		15		15
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (c)		80		83
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		11		11
Keurig Dr Pepper, Inc. 4.42%, 12/15/2046		30		38
3.80%, 5/1/2050 (e)		25		30
Kinder Morgan Energy Partners LP 4.70%, 11/1/2042		10		11
Kinder Morgan, Inc. 3.25%, 8/1/2050		15		15
Kraft Heinz Foods Co. 4.63%, 1/30/2029		175		200
Kroger Co. (The) 3.88%, 10/15/2046		38		44
LABL Escrow Issuer LLC 6.75%, 7/15/2026 (c)		100		108
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (c)		48		48
Lamar Media Corp. 5.75%, 2/1/2026		20		21
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (c)		89		93
Leidos, Inc. 4.38%, 5/15/2030 (c)		10		12
Lennar Corp.
4.50%, 4/30/2024		15		16
5.88%, 11/15/2024		45		52
4.75%, 5/30/2025		5		6
5.25%, 6/1/2026		14		17
5.00%, 6/15/2027		20		23
Level 3 Financing, Inc.
5.38%, 1/15/2024		10		10
5.38%, 5/1/2025		91		93
5.25%, 3/15/2026		54		56

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Liberty Interactive LLC 8.25%, 2/1/2030		35		39
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (c)		33		34
6.50%, 5/15/2027 (c)		165		184
Lockheed Martin Corp. 2.80%, 6/15/2050		35		38
Lowe’s Cos., Inc. 3.70%, 4/15/2046		10		12
LPL Holdings, Inc. 5.75%, 9/15/2025 (c)		50		52
Macy’s, Inc. 8.38%, 6/15/2025 (c)		90		100
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		50		52
Mastercard, Inc. 3.85%, 3/26/2050		15		19
Matador Resources Co. 5.88%, 9/15/2026		55		54
Mattel, Inc.
3.15%, 3/15/2023 (e)		37		38
6.75%, 12/31/2025 (c)		150		158
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (c)		227		231
McDonald’s Corp.
3.70%, 2/15/2042		10		11
3.63%, 9/1/2049		10		12
Mellon Capital IV
Series 1, (ICE LIBOR USD 3 Month + 0.57%, 4.00% Floor), 4.00%, 2/8/2021 (a) (b) (d)		8		8
Merck & Co., Inc.
2.35%, 6/24/2040		5		5
4.00%, 3/7/2049		15		20
Meredith Corp. 6.88%, 2/1/2026 (e)		185		180
MetLife Capital Trust IV 7.88%, 12/15/2037 (c)		100		141
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 3.79%, 2/8/2021 (a) (b) (d)		23		23
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 3.85%, 9/15/2025 (a) (b) (d)		70		74
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (a) (b) (d)		82		94
6.40%, 12/15/2036		108		139

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
MGM Growth Properties Operating Partnership LP
REIT, 5.75%, 2/1/2027		23		26
MGM Resorts International 4.63%, 9/1/2026		200		212
Microsoft Corp.
3.45%, 8/8/2036		50		62
4.10%, 2/6/2037		16		21
2.68%, 6/1/2060		15		16
MidAmerican Energy Co. 4.25%, 5/1/2046		15		19
Midcontinent Communications 5.38%, 8/15/2027 (c)		17		18
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042		15		18
Moody’s Corp. 2.55%, 8/18/2060		20		19
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 3.85%, 4/15/2021 (a) (b) (d)		249		247
Series J, (ICE LIBOR USD 3 Month + 3.81%), 4.05%, 4/15/2021 (a) (b) (d) (e)		159		158
Series J, (ICE LIBOR USD 3 Month + 3.81%), 4.05%, 4/15/2021 (a) (b) (d)		14		14
Series N, (ICE LIBOR USD 3 Month + 3.16%), 5.30%, 12/15/2025 (a) (b) (d)		8		8
Series M, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026 (a) (b) (d)		18		20
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030 (b)		20		24
(SOFR + 1.14%), 2.70%, 1/22/2031 (b)		25		27
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (b)		25		33
MPLX LP
2.65%, 8/15/2030		15		15
4.50%, 4/15/2038		5		6
MSCI, Inc. 5.38%, 5/15/2027 (c)		69		74
MTS Systems Corp. 5.75%, 8/15/2027 (c)		24		26
MYT Holding LLC 7.50% (PIK), 9/25/2025 (c) (g)		10		10
National Rural Utilities Cooperative Finance Corp.
(ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (b)		20		22

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
NCR Corp.
5.75%, 9/1/2027 (c)		25		26
6.13%, 9/1/2029 (c)		25		28
Netflix, Inc.
5.88%, 2/15/2025		100		115
4.88%, 4/15/2028		15		17
5.88%, 11/15/2028		60		72
5.38%, 11/15/2029 (c)		15		18
4.88%, 6/15/2030 (c)		15		17
New Albertsons LP
7.75%, 6/15/2026		5		6
6.63%, 6/1/2028		15		17
7.45%, 8/1/2029		21		25
8.00%, 5/1/2031		80		100
New York Life Insurance Co. 3.75%, 5/15/2050 (c)		10		12
Newell Brands, Inc.
4.70%, 4/1/2026 (h)		150		165
Nexstar Broadcasting, Inc. 5.63%, 7/15/2027 (c)		43		46
NextEra Energy Capital Holdings, Inc.
2.75%, 11/1/2029		5		6
2.25%, 6/1/2030		50		52
(ICE LIBOR USD 3 Month + 2.07%), 2.29%, 10/1/2066 (b)		39		34
(ICE LIBOR USD 3 Month + 2.13%), 2.34%, 6/15/2067 (b)		22		19
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (b)		28		33
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (c)		23		25
4.25%, 9/15/2024 (c)		4		4
4.50%, 9/15/2027 (c)		8		9
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c)		10		10
Nielsen Finance LLC 5.00%, 4/15/2022 (c)		39		39
NIKE, Inc.
3.25%, 3/27/2040		5		6
3.88%, 11/1/2045		15		19
3.38%, 3/27/2050		5		6
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (a) (b) (d)		30		31

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
4.80%, 2/15/2044		4		5
Norfolk Southern Corp.
3.95%, 10/1/2042		10		12
3.05%, 5/15/2050		40		44
Northern States Power Co. 3.40%, 8/15/2042		20		23
Northrop Grumman Corp. 5.15%, 5/1/2040		20		28
3.85%, 4/15/2045		55		67
Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047 (c)		2		2
Novelis Corp. 5.88%, 9/30/2026 (c)		25		26
NRG Energy, Inc.
7.25%, 5/15/2026		40		42
6.63%, 1/15/2027		15		16
5.75%, 1/15/2028		12		13
5.25%, 6/15/2029 (c)		26		29
Nuance Communications, Inc. 5.63%, 12/15/2026		59		62
NuStar Logistics LP
6.00%, 6/1/2026		12		13
5.63%, 4/28/2027		30		32
Occidental Petroleum Corp.
2.90%, 8/15/2024		205		197
8.88%, 7/15/2030		115		135
Oceaneering International, Inc. 6.00%, 2/1/2028		14		13
Oncor Electric Delivery Co. LLC 4.10%, 11/15/2048		10		13
OneMain Finance Corp. 7.75%, 10/1/2021		40		42
6.13%, 5/15/2022		5		5
5.63%, 3/15/2023		27		29
6.13%, 3/15/2024		20		22
6.88%, 3/15/2025		45		52
7.13%, 3/15/2026		52		62
6.63%, 1/15/2028		33		39
ONEOK, Inc. 3.40%, 9/1/2029		5		5
Oracle Corp. 3.90%, 5/15/2035		26		32
3.85%, 7/15/2036		4		5
3.60%, 4/1/2040		35		41

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
3.60%, 4/1/2050		55		64
Otis Worldwide Corp. 3.36%, 2/15/2050		5		6
Outfront Media Capital LLC 5.63%, 2/15/2024		25		26
5.00%, 8/15/2027 (c)		15		15
Pacific Gas and Electric Co. 4.00%, 12/1/2046		30		31
PacifiCorp 4.10%, 2/1/2042		18		22
3.30%, 3/15/2051		17		20
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c)		12		13
PBF Holding Co. LLC 7.25%, 6/15/2025		25		16
PBF Logistics LP 6.88%, 5/15/2023		25		24
PECO Energy Co. 2.80%, 6/15/2050		3		3
Penske Automotive Group, Inc. 5.50%, 5/15/2026		75		78
PepsiCo, Inc. 3.50%, 3/19/2040		20		24
Performance Food Group, Inc. 5.50%, 10/15/2027 (c)		20		21
PetSmart, Inc. 7.13%, 3/15/2023 (c)		70		70
5.88%, 6/1/2025 (c)		232		238
Pfizer, Inc. 2.55%, 5/28/2040		20		21
2.70%, 5/28/2050 (e)		50		54
Philip Morris International, Inc.
4.38%, 11/15/2041		25		31
4.13%, 3/4/2043		5		6
4.25%, 11/10/2044		20		25
Phillips 66 4.88%, 11/15/2044		15		19
Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050		15		17
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (c)		59		61
5.88%, 9/30/2027 (c)		39		42
Plains All American Pipeline LP
Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (a) (b) (d)		8		7
Plantronics, Inc. 5.50%, 5/31/2023 (c)		61		61
PNC Financial Services Group, Inc. (The)
Series O, (ICE LIBOR USD 3 Month + 3.68%), 6.75%, 8/1/2021 (a) (b) (d)		68		70
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (a) (b) (d)		64		67
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (a) (b) (d)		39		42

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Post Holdings, Inc. 5.00%, 8/15/2026 (c)		84		87
5.75%, 3/1/2027 (c)		20		21
5.50%, 12/15/2029 (c)		140		153
Prime Security Services Borrower LLC 5.25%, 4/15/2024 (c)		31		33
5.75%, 4/15/2026 (c)		50		55
Progressive Corp. (The)
Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (a) (b) (d)		75		78
Prologis LP REIT, 2.13%, 10/15/2050		35		32
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (b)		171		183
4.35%, 2/25/2050		10		13
Public Service Co. of Colorado
Series 36, 2.70%, 1/15/2051		5		5
Public Service Electric and Gas Co. 2.70%, 5/1/2050		10		11
QEP Resources, Inc. 5.38%, 10/1/2022		8		8
5.25%, 5/1/2023		75		79
QUALCOMM, Inc. 3.25%, 5/20/2050		30		35
Quicken Loans LLC 5.25%, 1/15/2028 (c)		20		21
Radian Group, Inc. 4.50%, 10/1/2024		40		42
4.88%, 3/15/2027		12		13
Raytheon Technologies Corp. 4.15%, 5/15/2045		40		51
3.13%, 7/1/2050		50		55
Refinitiv US Holdings, Inc. 6.25%, 5/15/2026 (c)		35		37
8.25%, 11/15/2026 (c)		29		32
Regeneron Pharmaceuticals, Inc. 2.80%, 9/15/2050		10		10
Reynolds Group Issuer, Inc. 5.13%, 7/15/2023 (c)		2		2
4.00%, 10/15/2027 (c)		200		205
RHP Hotel Properties LP
REIT, 4.75%, 10/15/2027		18		19
Roper Technologies, Inc. 2.00%, 6/30/2030		10		10
S&P Global, Inc. 2.30%, 8/15/2060		35		33
SBA Communications Corp.
REIT, 4.00%, 10/1/2022		23		23
Scientific Games International, Inc. 5.00%, 10/15/2025 (c)		156		161

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026		125		132
Sealed Air Corp. 5.13%, 12/1/2024 (c)		20		22
Sempra Energy
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (a) (b) (d)		65		69
Sensata Technologies BV 4.88%, 10/15/2023 (c)		15		16
5.63%, 11/1/2024 (c)		125		140
5.00%, 10/1/2025 (c)		30		33
Service Corp. International 4.63%, 12/15/2027		12		13
5.13%, 6/1/2029		5		5
Sherwin-Williams Co. (The) 4.55%, 8/1/2045		5		6
Sinclair Television Group, Inc. 5.88%, 3/15/2026 (c)		50		51
Sirius XM Radio, Inc. 5.38%, 7/15/2026 (c)		87		91
5.00%, 8/1/2027 (c)		53		56
5.50%, 7/1/2029 (c)		161		177
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (c)		12		12
5.50%, 4/15/2027 (c) (e)		102		105
SM Energy Co. 6.75%, 9/15/2026		12		9
6.63%, 1/15/2027		16		13
Southern California Edison Co.
Series E, (ICE LIBOR USD 3 Month + 4.20%), 6.25%, 2/1/2022 (a) (b) (d)		12		12
Series C, 4.13%, 3/1/2048		5		6
3.65%, 2/1/2050		20		23
Southwestern Public Service Co. 3.40%, 8/15/2046		5		6
Spectrum Brands, Inc. 6.13%, 12/15/2024		18		19
5.75%, 7/15/2025		133		137
5.00%, 10/1/2029 (c)		31		33
Sprint Capital Corp. 8.75%, 3/15/2032		197		312
Sprint Corp. 7.88%, 9/15/2023		227		263
7.13%, 6/15/2024		71		83
7.63%, 2/15/2025		194		232
7.63%, 3/1/2026		39		48
SS&C Technologies, Inc. 5.50%, 9/30/2027 (c)		93		99
Standard Industries, Inc. 5.00%, 2/15/2027 (c)		18		19
4.75%, 1/15/2028 (c)		77		81
Stanley Black & Decker, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (b)		10		11

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Staples, Inc. 7.50%, 4/15/2026 (c)		95		99
10.75%, 4/15/2027 (c)		85		85
Starbucks Corp. 3.75%, 12/1/2047		10		12
4.45%, 8/15/2049		20		26
3.35%, 3/12/2050		10		11
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 3.81%, 3/15/2021 (a) (b) (d)		73		72
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (a) (b) (d)		71		75
(SOFR + 2.65%), 3.15%, 3/30/2031 (b)		5		6
Station Casinos LLC 5.00%, 10/1/2025 (c)		36		36
Steel Dynamics, Inc. 5.00%, 12/15/2026		15		16
Stryker Corp. 2.90%, 6/15/2050		15		16
Summit Materials LLC 5.13%, 6/1/2025 (c)		35		35
6.50%, 3/15/2027 (c)		45		48
Summit Midstream Holdings LLC 5.75%, 4/15/2025		35		22
Sunoco Logistics Partners Operations LP 4.00%, 10/1/2027		10		11
Sunoco LP 4.88%, 1/15/2023		23		23
5.50%, 2/15/2026		13		14
6.00%, 4/15/2027		36		38
5.88%, 3/15/2028		3		3
Sysco Corp. 3.30%, 2/15/2050		5		5
Tallgrass Energy Partners LP 5.50%, 9/15/2024 (c)		25		26
5.50%, 1/15/2028 (c)		5		5
Targa Resources Partners LP 4.25%, 11/15/2023		15		15
5.13%, 2/1/2025		50		51
5.88%, 4/15/2026		82		87
6.50%, 7/15/2027		106		115
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (c)		55		60
Team Health Holdings, Inc. 6.38%, 2/1/2025 (c)		85		73
TEGNA, Inc. 5.50%, 9/15/2024 (c)		4		4
Tempur Sealy International, Inc. 5.63%, 10/15/2023		23		23
5.50%, 6/15/2026		64		67
Tenet Healthcare Corp. 4.63%, 7/15/2024		75		77
4.63%, 9/1/2024 (c)		11		11
5.13%, 5/1/2025		57		58
4.88%, 1/1/2026 (c)		78		82
6.25%, 2/1/2027 (c)		30		32
5.13%, 11/1/2027 (c)		189		200

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Tennant Co. 5.63%, 5/1/2025		60		62
TerraForm Power Operating LLC 4.25%, 1/31/2023 (c)		15		15
5.00%, 1/31/2028 (c)		29		33
T-Mobile USA, Inc. 5.13%, 4/15/2025		10		10
4.50%, 2/1/2026		99		101
4.75%, 2/1/2028		93		100
2.25%, 11/15/2031 (c)		10		10
4.38%, 4/15/2040 (c)		45		55
3.00%, 2/15/2041 (c)		10		10
4.50%, 4/15/2050 (c)		30		37
3.30%, 2/15/2051 (c)		15		16
Transcontinental Gas Pipe Line Co. LLC 3.95%, 5/15/2050		10		11
TransDigm, Inc. 6.25%, 3/15/2026 (c)		59		63
Transocean Pontus Ltd. 6.13%, 8/1/2025 (c)		37		35
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (c)		50		46
Transocean Proteus Ltd. 6.25%, 12/1/2024 (c)		20		19
Travelers Cos., Inc. (The) 3.75%, 5/15/2046		10		12
2.55%, 4/27/2050		10		11
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c)		52		53
Tronox, Inc. 6.50%, 4/15/2026 (c)		32		33
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		26
Series L, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 12/15/2024 (a) (b) (d)		34		35
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025 (a) (b) (d)		20		22
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (a) (b) (d)		40		43
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (a) (b) (d)		101		115
Tucson Electric Power Co. 4.00%, 6/15/2050		13		16
UDR, Inc.
REIT, 3.20%, 1/15/2030		5		6
REIT, 3.00%, 8/15/2031		10		11
Union Electric Co. 4.00%, 4/1/2048		13		16
Union Pacific Corp. 4.00%, 4/15/2047		11		14
3.25%, 2/5/2050		15		17
3.95%, 8/15/2059		10		12
United Airlines Holdings, Inc. 5.00%, 2/1/2024 (e)		33		33
4.88%, 1/15/2025 (e)		28		27

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
United Rentals North America, Inc. 5.88%, 9/15/2026		32		34
5.50%, 5/15/2027		10		11
4.88%, 1/15/2028		100		106
UnitedHealth Group, Inc. 4.25%, 4/15/2047		10		13
3.13%, 5/15/2060		30		35
US Bancorp
Series I, (ICE LIBOR USD 3 Month + 3.49%), 5.13%, 2/8/2021 (a) (b) (d)		30		30
Series J, (ICE LIBOR USD 3 Month + 2.91%), 5.30%, 4/15/2027 (a) (b) (d)		8		9
Verizon Communications, Inc. 4.40%, 11/1/2034		20		25
4.27%, 1/15/2036		25		31
3.85%, 11/1/2042		15		18
4.86%, 8/21/2046		40		54
4.52%, 9/15/2048		35		45
ViacomCBS, Inc. 5.90%, 10/15/2040		10		13
4.95%, 5/19/2050		45		58
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		39		41
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (b)		86		97
VICI Properties LP
REIT, 4.25%, 12/1/2026 (c)		75		78
Virginia Electric and Power Co. 2.45%, 12/15/2050		5		5
Visa, Inc.
2.00%, 8/15/2050		40		38
Vistra Operations Co. LLC 5.50%, 9/1/2026 (c)		20		21
W&T Offshore, Inc. 9.75%, 11/1/2023 (c)		55		39
Wachovia Capital Trust III
(ICE LIBOR USD 3 Month + 0.93%, 5.57% Floor), 5.57%, 2/8/2021 (a) (b) (d)		56		57
Walmart, Inc. 4.05%, 6/29/2048		20		27
2.95%, 9/24/2049		15		17
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (a) (b) (d)		43		46
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (a) (b) (d)		18		20
(SOFR + 2.53%), 3.07%, 4/30/2041 (b)		55		60
(ICE LIBOR USD 3 Month + 4.24%), 5.01%, 4/4/2051 (b)		25		35
Welltower, Inc.
REIT, 2.75%, 1/15/2031		20		21
WESCO Distribution, Inc. 5.38%, 6/15/2024		36		37
7.25%, 6/15/2028 (c)		125		142

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Western Digital Corp. 4.75%, 2/15/2026		74		82
William Carter Co. (The) 5.63%, 3/15/2027 (c)		73		77
Wisconsin Power and Light Co. 3.65%, 4/1/2050		10		12
WMG Acquisition Corp. 5.50%, 4/15/2026 (c)		57		59
WPX Energy, Inc. 5.75%, 6/1/2026		104		109
Wyndham Destinations, Inc. 4.25%, 3/1/2022		2		2
5.65%, 4/1/2024 (h)		17		18
6.60%, 10/1/2025 (h)		16		18
6.00%, 4/1/2027 (h)		25		28
Wynn Las Vegas LLC 5.50%, 3/1/2025 (c)		35		37
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (c)		224		235
Xcel Energy, Inc. 3.50%, 12/1/2049		10		12
Xerox Corp. 4.38%, 3/15/2023 (h)		45		47
XPO Logistics, Inc. 6.13%, 9/1/2023 (c)		40		41
6.75%, 8/15/2024 (c)		65		69
Yum! Brands, Inc. 4.75%, 1/15/2030 (c)		24		26
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (c)		140		140
Zoetis, Inc. 4.45%, 8/20/2048		40		54
3.00%, 5/15/2050		25		27
				35,634
Total Corporate Bonds (Cost $39,712)				40,926

	SHARES (000)
Common Stocks — 35.0%
Australia — 1.2%
Adbri Ltd.		8	21
AGL Energy Ltd.		7	66
Alumina Ltd.		21	30
APA Group		2	17
Atlas Arteria Ltd.		2	10
AusNet Services		7	9
Bendigo & Adelaide Bank Ltd.		5	37
BHP Group plc		4	118
Charter Hall Long Wale, REIT		20	72
CSR Ltd.		7	28
Dexus, REIT		11	82
Goodman Group, REIT		8	122
IOOF Holdings Ltd.		8	21
Mirvac Group, REIT		49	100
Rio Tinto plc		4	265
Sonic Healthcare Ltd.		1	32

INVESTMENTS	SHARES (000)			VALUE ($000)
Australia — continued
Spark Infrastructure Group		5			9
Sydney Airport *		5			23
Transurban Group		2			23
Wesfarmers Ltd.		1			51
Woodside Petroleum Ltd.		2			30
					1,166
Austria — 0.0% (f)
ANDRITZ AG		—	(k)		6
Erste Group Bank AG		—	(k)		9
OMV AG		—	(k)		10
Verbund AG		—	(k)		13
					38
Belgium — 0.2%
Ageas SA		—	(k)		13
KBC Group NV		—	(k)		12
Proximus SADP		1			21
Shurgard Self Storage SA		1			55
Solvay SA		—	(k)		9
Telenet Group Holding NV		—	(k)		8
Warehouses De Pauw CVA, REIT		2			78
					196
Brazil — 0.2%
Ambev SA *		23			69
BB Seguridade Participacoes SA		7			40
Itau Unibanco Holding SA (Preference)		13			77
Yara International ASA		—	(k)		7
					193
Canada — 1.3%
Algonquin Power & Utilities Corp.		1			24
Allied Properties, REIT		4			128
AltaGas Ltd.		1			16
Atco Ltd., Class I		—	(k)		7
BCE, Inc. (e)		1			45
Canadian Imperial Bank of Commerce		1			50
Canadian Tire Corp. Ltd., Class A		—	(k)		54
Canadian Utilities Ltd., Class A		2			56
Capital Power Corp.		—	(k)		11
Emera, Inc.		1			22
Enbridge, Inc.		1			44
Fortis, Inc.		2			69
Great-West Lifeco, Inc.		1			19
Hydro One Ltd. (j)		3			66

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Canada — continued
IGM Financial, Inc.		1		32
Magna International, Inc.		1		61
Northland Power, Inc.		1		19
Nutrien Ltd.		1		55
Pembina Pipeline Corp.		2		41
Power Corp. of Canada		2		52
Restaurant Brands International, Inc.		1		44
Rogers Communications, Inc., Class B (e)		1		34
Shaw Communications, Inc., Class B		3		44
Superior Plus Corp.		1		6
TC Energy Corp.		2		95
TELUS Corp.		3		51
Thomson Reuters Corp.		1		48
Toronto-Dominion Bank (The)		2		109
				1,302
Chile — 0.0% (f)
Banco Santander Chile, ADR		1		19
China — 1.9%
China Construction Bank Corp., Class H		158		119
China Construction Bank Corp., Class H		57		43
China Life Insurance Co. Ltd., Class H		28		62
China Merchants Bank Co. Ltd., Class H		25		158
China Pacific Insurance Group Co. Ltd., Class H		42		164
China Petroleum & Chemical Corp., Class H		114		51
China Resources Land Ltd.		14		58
Fuyao Glass Industry Group Co. Ltd., Class A		5		38
Guangdong Investment Ltd.		34		61
Haier Smart Home Co. Ltd., Class H *		22		81
Huayu Automotive Systems Co. Ltd., Class A		8		36
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		27		181
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2		80
Joyoung Co. Ltd., Class A		4		18
Midea Group Co. Ltd., Class A		15		221
NetEase, Inc.		3		50
Ping An Insurance Group Co. of China Ltd., Class H		21		256
Postal Savings Bank of China Co. Ltd., Class H (j)		145		82
Tingyi Cayman Islands Holding Corp.		42		72
Topsports International Holdings Ltd. (j)		23		34
Yum China Holdings, Inc.		1		49
				1,914
Czech Republic — 0.0% (f)
Komercni banka A/S *		1		19

INVESTMENTS	SHARES (000)			VALUE ($000)
Denmark — 0.2%
Carlsberg A/S, Class B		1			159
Tryg A/S		—	(k)		6
					165
Finland — 0.3%
Fortum OYJ		3			81
Kone OYJ, Class B		—	(k)		12
Neste OYJ		—	(k)		12
Nordea Bank Abp		5			42
Orion OYJ, Class B		1			45
Sampo OYJ, Class A		—	(k)		11
Stora Enso OYJ, Class R		—	(k)		8
UPM-Kymmene OYJ		—	(k)		10
Wartsila OYJ Abp (e)		5			47
					268
France — 1.1%
Aeroports de Paris		—	(k)		8
Amundi SA * (j)		—	(k)		9
Arkema SA		—	(k)		7
Atos SE *		1			49
AXA SA		1			18
BNP Paribas SA *		—	(k)		21
Bouygues SA		—	(k)		11
Casino Guichard Perrachon SA * (e)		—	(k)		11
Cie de Saint-Gobain		—	(k)		12
Cie Generale des Etablissements Michelin SCA		—	(k)		12
Covivio, REIT		1			100
Credit Agricole SA *		1			13
Electricite de France SA		1			24
Engie SA *		2			32
LVMH Moet Hennessy Louis Vuitton SE		—	(k)		56
Orange SA		1			12
Peugeot SA *		1			14
Publicis Groupe SA		—	(k)		12
Renault SA * (e)		1			27
Rexel SA *		1			8
Rubis SCA		—	(k)		10
Safran SA *		1			151
Sanofi		1			72
Schneider Electric SE		1			191
Societe Generale SA *		—	(k)		10
Suez SA		1			26
Thales SA		—	(k)		7
Total SE		1			28

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
France — continued
Veolia Environnement SA		1			31
Vinci SA		2			157
					1,139
Germany — 1.1%
adidas AG *		—	(k)		143
Allianz SE (Registered)		—	(k)		32
BASF SE		1			75
Bayerische Motoren Werke AG		—	(k)		17
Continental AG		—	(k)		9
Covestro AG (j)		—	(k)		9
Daimler AG (Registered)		—	(k)		22
Deutsche Post AG (Registered)		3			131
Deutsche Telekom AG (Registered)		5			96
E.ON SE		3			32
Evonik Industries AG		—	(k)		9
Hannover Rueck SE		—	(k)		8
HeidelbergCement AG		—	(k)		10
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		1			155
ProSiebenSat.1 Media SE *		1			14
Scout24 AG (e) (j)		—	(k)		7
Siemens AG (Registered)		—	(k)		29
Telefonica Deutschland Holding AG (e)		15			42
Uniper SE (e)		—	(k)		15
Volkswagen AG (Preference)		—	(k)		67
Vonovia SE		2			155
					1,077
Hong Kong — 0.6%
CK Asset Holdings Ltd.		11			54
CK Infrastructure Holdings Ltd.		3			13
CLP Holdings Ltd.		3			23
Hang Seng Bank Ltd.		5			79
HKT Trust & HKT Ltd.		42			55
Hong Kong & China Gas Co. Ltd.		15			22
Hong Kong Exchanges & Clearing Ltd.		3			148
Power Assets Holdings Ltd.		4			19
VTech Holdings Ltd.		4			28
WH Group Ltd. (j)		47			39
Wharf Real Estate Investment Co. Ltd.		7			36
Xinyi Glass Holdings Ltd.		14			39
Yue Yuen Industrial Holdings Ltd.		19			39
					594

INVESTMENTS	SHARES (000)			VALUE ($000)
India — 0.4%
Infosys Ltd., ADR		25			431
Indonesia — 0.3%
Bank Rakyat Indonesia Persero Tbk. PT		429			127
Telkom Indonesia Persero Tbk. PT, ADR		7			161
					288
Ireland — 0.0% (f)
CRH plc		—	(k)		18
Smurfit Kappa Group plc		—	(k)		11
					29
Italy — 0.4%
A2A SpA		33			53
Assicurazioni Generali SpA		1			9
Atlantia SpA *		1			12
Enel SpA		14			146
Eni SpA		1			12
ERG SpA		—	(k)		7
Hera SpA		3			12
Intesa Sanpaolo SpA *		24			56
Iren SpA		2			6
Italgas SpA		2			16
Mediobanca Banca di Credito Finanziario SpA *		1			9
Poste Italiane SpA (j)		1			8
Snam SpA		6			36
Telecom Italia SpA		17			9
Terna Rete Elettrica Nazionale SpA		4			33
					424
Japan — 1.8%
Aozora Bank Ltd.		3			46
Chubu Electric Power Co., Inc.		2			20
Chugoku Electric Power Co., Inc. (The)		1			13
Daiwa House REIT Investment Corp., REIT		—	(k)		52
Electric Power Development Co. Ltd.		1			12
ENEOS Holdings, Inc.		12			45
FANUC Corp.		—	(k)		49
H.U. Group Holdings, Inc.		—	(k)		11
Hokkaido Electric Power Co., Inc.		1			5
Idemitsu Kosan Co. Ltd.		2			33
Inpex Corp.		3			16
Japan Hotel REIT Investment Corp., REIT		—	(k)		68
Japan Post Holdings Co. Ltd.		3			25
Japan Retail Fund Investment Corp., REIT		—	(k)		93
Japan Tobacco, Inc.		2			43

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Japan — continued
JFE Holdings, Inc.		5			46
Kamigumi Co. Ltd.		1			9
Kansai Electric Power Co., Inc. (The)		7			64
KDDI Corp.		2			50
Kenedix Office Investment Corp., REIT		—	(k)		75
Kenedix Retail REIT Corp., REIT		—	(k)		78
Konica Minolta, Inc.		10			38
Kyushu Electric Power Co., Inc.		2			15
Lawson, Inc.		1			28
MCUBS MidCity Investment Corp., REIT		—	(k)		40
Mitsubishi Chemical Holdings Corp.		5			27
Mitsubishi Logistics Corp.		—	(k)		6
Mitsui Fudosan Logistics Park, Inc., REIT		—	(k)		66
Nippon Accommodations Fund, Inc., REIT		—	(k)		73
Nippon Prologis REIT, Inc., REIT *		—	(k)		91
Osaka Gas Co. Ltd.		—	(k)		4
Otsuka Corp.		1			58
Shikoku Electric Power Co., Inc.		1			5
Takeda Pharmaceutical Co. Ltd.		1			33
Tohoku Electric Power Co., Inc.		4			35
Tokio Marine Holdings, Inc.		3			139
Tokyo Electron Ltd.		—	(k)		75
Tokyo Gas Co. Ltd.		1			14
Toyota Motor Corp.		3			247
					1,847
Jordan — 0.0% (f)
Hikma Pharmaceuticals plc		—	(k)		6
Macau — 0.0% (f)
Sands China Ltd.		2			7
Mexico — 0.3%
Bolsa Mexicana de Valores SAB de CV (e)		8			19
Grupo Financiero Banorte SAB de CV, Class O *		7			41
Kimberly-Clark de Mexico SAB de CV, Class A		30			51
Wal-Mart de Mexico SAB de CV		77			216
					327
Netherlands — 0.3%
Akzo Nobel NV		1			73
Eurocommercial Properties NV, REIT, CVA *		2			38
ING Groep NV		7			63
Koninklijke Ahold Delhaize NV		—	(k)		14
Koninklijke KPN NV		2			7
NN Group NV		—	(k)		11

INVESTMENTS	SHARES (000)			VALUE ($000)
Netherlands — continued
Randstad NV *		—	(k)		10
Royal Dutch Shell plc, Class B		2			34
					250
New Zealand — 0.1%
Contact Energy Ltd.		7			43
Spark New Zealand Ltd.		15			50
					93
Norway — 0.1%
Aker BP ASA		1			18
DNB ASA		1			13
Equinor ASA		1			11
Gjensidige Forsikring ASA		—	(k)		9
Orkla ASA		1			8
Telenor ASA		2			39
					98
Portugal — 0.0% (f)
EDP — Energias de Portugal SA		6			41
Russia — 0.6%
Alrosa PJSC		34			45
Evraz plc		2			11
LUKOIL PJSC, ADR		2			107
Moscow Exchange MICEX-RTS PJSC		68			147
Sberbank of Russia PJSC		52			192
Sberbank of Russia PJSC		8			30
Severstal PAO, GDR (j)		2			36
Severstal PAO, GDR (j)		1			19
					587
Saudi Arabia — 0.1%
Al Rajhi Bank		5			108
Singapore — 0.2%
Ascendas, REIT		48			108
Mapletree Logistics Trust, REIT		45			68
Mapletree Logistics Trust Management Ltd., REIT *		1			2
SATS Ltd. *		4			13
StarHub Ltd.		15			15
					206
South Africa — 0.2%
Anglo American plc		1			19
AVI Ltd.		5			24
Bid Corp. Ltd.		2			39
FirstRand Ltd.		6			22
SPAR Group Ltd. (The)		2			25
Vodacom Group Ltd.		6			52
					181

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
South Korea — 0.8%
ESR Kendall Square REIT Co. Ltd., REIT *		7			30
KT&G Corp.		1			78
Samsung Electronics Co. Ltd.		8			613
SK Telecom Co. Ltd., ADR		1			33
					754
Spain — 1.0%
Acciona SA		—	(k)		8
ACS Actividades de Construccion y Servicios SA		—	(k)		10
Aena SME SA * (j)		—	(k)		24
Atlantica Sustainable Infrastructure plc		—	(k)		15
Banco Bilbao Vizcaya Argentaria SA		3			16
Bankinter SA		1			7
CaixaBank SA		4			10
Cellnex Telecom SA (j)		1			64
Enagas SA		1			20
Endesa SA		1			34
Iberdrola SA		25			365
Industria de Diseno Textil SA		5			150
Inmobiliaria Colonial Socimi SA, REIT		5			46
Naturgy Energy Group SA		3			72
Red Electrica Corp. SA		2			34
Repsol SA		7			66
Telefonica SA		13			52
Telefonica SA *		1			2
					995
Sweden — 0.4%
Autoliv, Inc.		—	(k)		27
Boliden AB		—	(k)		7
Electrolux AB, Series B		—	(k)		6
Lundin Energy AB		—	(k)		9
Sandvik AB *		1			13
Skandinaviska Enskilda Banken AB, Class A *		1			12
SKF AB, Class B		4			107
Svenska Handelsbanken AB, Class A *		1			11
Swedish Match AB		—	(k)		11
Telia Co. AB		11			46
Volvo AB, Class B *		7			176
					425
Switzerland — 1.3%
ABB Ltd. (Registered)		1			20
Adecco Group AG (Registered)		—	(k)		9
Baloise Holding AG (Registered)		—	(k)		7

INVESTMENTS	SHARES (000)			VALUE ($000)
Switzerland — continued
Credit Suisse Group AG (Registered)		1			12
Flughafen Zurich AG (Registered) *		—	(k)		6
Julius Baer Group Ltd.		—	(k)		10
LafargeHolcim Ltd. (Registered) *		—	(k)		14
Nestle SA (Registered)		2			248
Novartis AG (Registered)		2			174
OC Oerlikon Corp. AG (Registered)		4			44
Roche Holding AG		1			462
Swiss Life Holding AG (Registered) *		—	(k)		8
Swisscom AG (Registered)		—	(k)		8
UBS Group AG (Registered)		1			19
Zurich Insurance Group AG		1			268
					1,309
Taiwan — 1.5%
Accton Technology Corp.		8			90
Chicony Electronics Co. Ltd.		2			6
Delta Electronics, Inc.		16			150
MediaTek, Inc.		5			133
Mega Financial Holding Co. Ltd.		56			60
President Chain Store Corp.		8			76
Quanta Computer, Inc.		34			98
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		5			494
Taiwan Semiconductor Manufacturing Co. Ltd.		16			303
Vanguard International Semiconductor Corp.		23			95
					1,505
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		5			64
United Kingdom — 2.2%
3i Group plc		1			11
Admiral Group plc		—	(k)		9
Ashtead Group plc		—	(k)		13
AstraZeneca plc		—	(k)		34
Avast plc (j)		2			15
Aviva plc		3			13
BAE Systems plc		2			11
Barclays plc		8			15
Barratt Developments plc		6			58
Berkeley Group Holdings plc		1			69
BP plc		41			142
British American Tobacco plc		1			23
BT Group plc *		25			44
Centrica plc		88			56

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
United Kingdom — continued
DCC plc		—	(k)		6
Diageo plc		4			157
Direct Line Insurance Group plc		8			37
Drax Group plc		1			6
easyJet plc		5			53
GlaxoSmithKline plc		4			67
HSBC Holdings plc		6			29
Imperial Brands plc		2			49
InterContinental Hotels Group plc		1			40
J Sainsbury plc		3			8
Linde plc		—	(k)		51
M&G plc		4			12
Mondi plc		—	(k)		9
National Grid plc		3			37
NewRiver REIT plc, REIT *		37			43
Pearson plc		1			7
Pennon Group plc		1			14
Persimmon plc		2			72
Safestore Holdings plc, REIT		5			58
Sage Group plc (The)		6			44
Schroders plc		—	(k)		10
Segro plc, REIT		10			136
Severn Trent plc		1			30
Signature Aviation plc *		1			7
Smiths Group plc		1			10
SSE plc		4			91
St James’s Place plc		1			10
Standard Chartered plc		2			10
Standard Life Aberdeen plc		2			9
Taylor Wimpey plc		24			55
Tesco plc		4			14
Unilever plc		3			205
Unilever plc		—	(k)		23
UNITE Group plc (The), REIT		6			79
United Utilities Group plc		3			31
Vodafone Group plc		29			48
Wm Morrison Supermarkets plc		3			8
Workspace Group plc, REIT		5			55
WPP plc		4			48
					2,191
United States — 14.8%
3M Co.		—	(k)		49
AbbVie, Inc.		4			451

INVESTMENTS		SHARES (000)			VALUE ($000)
United States — continued
AES Corp. (The)			4			85
AGNC Investment Corp., REIT			3			46
Air Products and Chemicals, Inc.			—	(k)		41
ALLETE, Inc.			—	(k)		20
Altria Group, Inc.			3			110
Ameren Corp.			—	(k)		22
American Electric Power Co., Inc.			1			61
American Tower Corp., REIT			—	(k)		99
Americold Realty Trust, REIT			4			161
Amgen, Inc.			—	(k)		46
Analog Devices, Inc.			2			312
Annaly Capital Management, Inc., REIT			6			48
AT&T, Inc.			2			44
AvalonBay Communities, Inc., REIT			1			193
Avangrid, Inc.			1			63
Avista Corp.			—	(k)		19
Black Hills Corp.			—	(k)		20
Brandywine Realty Trust, REIT			11			130
Bristol-Myers Squibb Co.			6			364
Brixmor Property Group, Inc., REIT			5			89
Bunge Ltd.			1			57
Camden Property Trust, REIT			1			119
Cardinal Health, Inc.			1			46
CenterPoint Energy, Inc.			3			68
CenturyLink, Inc.			4			42
CF Industries Holdings, Inc.			1			51
Chubb Ltd.			1			132
Clear Channel Outdoor Holdings, Inc. *			5			8
Clearway Energy, Inc., Class C			1			17
CME Group, Inc.			1			171
CMS Energy Corp.			—	(k)		20
CNA Financial Corp.			1			47
Coca-Cola Co. (The)			10			548
Comcast Corp., Class A			4			226
Comerica, Inc.			1			57
ConocoPhillips			1			49
Consolidated Edison, Inc.			1			66
Dominion Energy, Inc.			1			62
Douglas Emmett, Inc., REIT			3			102
Dow, Inc.			1			52
DTE Energy Co.			1			70
Duke Energy Corp.	��		1			74
DuPont de Nemours, Inc.			—	(k)		23
Eastman Chemical Co.			2			202
Eaton Corp. plc			2			218

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
United States — continued
Edison International		1			70
Eli Lilly and Co.		1			204
Emerson Electric Co.		1			46
Entergy Corp.		1			59
EP Energy Corp. *		—	(k)		15
Equinix, Inc., REIT		—	(k)		84
Equity LifeStyle Properties, Inc., REIT		3			167
Essex Property Trust, Inc., REIT		1			129
Evergy, Inc.		—	(k)		24
Exelon Corp.		2			71
Exxon Mobil Corp.		1			44
Fastenal Co.		1			45
Federal Realty Investment Trust, REIT		1			92
Ferguson plc		—	(k)		10
FirstEnergy Corp.		2			71
General Dynamics Corp.		—	(k)		44
General Mills, Inc.		1			42
Genuine Parts Co.		—	(k)		45
Gilead Sciences, Inc.		1			42
Hasbro, Inc.		1			48
Hawaiian Electric Industries, Inc.		—	(k)		17
Healthcare Trust of America, Inc., Class A, REIT		4			97
Healthpeak Properties, Inc., REIT		6			192
Hewlett Packard Enterprise Co.		4			50
Honeywell International, Inc.		1			140
HP, Inc.		2			56
IDACORP, Inc.		—	(k)		21
iHeartMedia, Inc., Class A *		—	(k)		2
Ingredion, Inc.		1			45
International Business Machines Corp.		—	(k)		44
International Flavors & Fragrances, Inc.		—	(k)		42
International Paper Co.		1			51
Interpublic Group of Cos., Inc. (The)		2			54
Invitation Homes, Inc., REIT		7			211
Iron Mountain, Inc., REIT		4			107
JM Smucker Co. (The)		—	(k)		31
Johnson & Johnson		2			271
Johnson Controls International plc		1			41
Kellogg Co.		1			42
Kimco Realty Corp., REIT		2			25
Kinder Morgan, Inc.		3			41
Kraft Heinz Co. (The)		1			48
Las Vegas Sands Corp.		1			50

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Leidos Holdings, Inc.		1			66
LyondellBasell Industries NV, Class A		1			57
Macquarie Infrastructure Corp.		1			27
Maxim Integrated Products, Inc.		—	(k)		44
MDU Resources Group, Inc.		1			21
Medtronic plc		—	(k)		47
Merck & Co., Inc.		5			393
Morgan Stanley		1			102
National Fuel Gas Co.		1			21
National Retail Properties, Inc., REIT		3			109
NetApp, Inc.		1			63
New Jersey Resources Corp.		1			19
Newell Brands, Inc.		3			53
NextEra Energy, Inc.		2			134
Nielsen Holdings plc		2			34
NiSource, Inc.		3			59
NMG, Inc. * ‡		—	(k)		—	(k)
Norfolk Southern Corp.		1			131
Northwest Natural Holding Co.		—	(k)		8
NorthWestern Corp.		—	(k)		24
NortonLifeLock, Inc.		2			40
Nucor Corp.		1			45
Oasis Petroleum, Inc. *		1			30
Occidental Petroleum Corp.		1			17
OGE Energy Corp.		1			23
Omnicom Group, Inc.		2			139
ONE Gas, Inc.		—	(k)		16
ONEOK, Inc.		1			57
PACCAR, Inc.		1			43
Packaging Corp. of America		—	(k)		54
Park Hotels & Resorts, Inc., REIT		6			99
Philip Morris International, Inc.		1			123
Pinnacle West Capital Corp.		1			67
Portland General Electric Co.		1			24
PPL Corp.		3			71
Procter & Gamble Co. (The)		1			188
Prologis, Inc., REIT		6			558
Public Service Enterprise Group, Inc.		1			75
Public Storage, REIT		1			249
Quest Diagnostics, Inc.		—	(k)		29
Raytheon Technologies Corp.		1			45
Rexford Industrial Realty, Inc., REIT		2			80
Schlumberger NV		2			33
Seagate Technology plc		3			185

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
United States — continued
Simon Property Group, Inc., REIT		1			52
South Jersey Industries, Inc.		1			17
Southern Co. (The)		1			75
Southwest Gas Holdings, Inc.		—	(k)		18
Spire, Inc.		—	(k)		18
Stanley Black & Decker, Inc.		1			108
State Street Corp.		1			108
Steel Dynamics, Inc.		1			53
Sun Communities, Inc., REIT		—	(k)		56
Texas Instruments, Inc.		2			272
Trane Technologies plc		1			96
TransDigm Group, Inc. *		—	(k)		47
Truist Financial Corp.		2			107
UGI Corp.		1			21
United Parcel Service, Inc., Class B		—	(k)		48
UnitedHealth Group, Inc.		—	(k)		97
Valero Energy Corp.		1			46
Ventas, Inc., REIT		6			272
VEREIT, Inc., REIT		3			121
Verizon Communications, Inc.		4			216
VICI Properties, Inc., REIT		6			149
Vornado Realty Trust, REIT		2			88
Walgreens Boots Alliance, Inc.		1			43
WEC Energy Group, Inc.		—	(k)		21
Weingarten Realty Investors, REIT		5			110
Wells Fargo & Co.		4			110
Western Union Co. (The)		2			46
Whiting Petroleum Corp. *		2			48
Williams Cos., Inc. (The)		2			44
Xcel Energy, Inc.		4			241
Yum! Brands, Inc.		1			162
Zimmer Biomet Holdings, Inc.		1			102
					14,744
Total Common Stocks (Cost $30,354)					35,000
Investment Companies — 6.7%
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (l)		236			1,953
JPMorgan Equity Income Fund Class R6 Shares (l)		181			3,573
JPMorgan Floating Rate Income Fund Class R6 Shares (l)		105			931
JPMorgan Managed Income Fund Class L Shares (l)		25			249
Total Investment Companies (Cost $5,806)					6,706

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — 3.7%
United States — 3.7%
American Home Mortgage Investment Trust
Series 2005-1, Class 6A, 2.25%, 6/25/2045 (m)		20		20
Banc of America Funding Trust
Series 2006-A, Class 1A1, 2.83%, 2/20/2036 (m)		15		14
Banc of America Mortgage Trust
Series 2005-A, Class 2A2, 3.67%, 2/25/2035 (m)		9		9
Bear Stearns ALT-A Trust
Series 2005-4, Class 23A2, 3.37%, 5/25/2035 (m)		29		29
Bear Stearns ARM Trust
Series 2004-9, Class 22A1, 3.13%, 11/25/2034 (m)		62		60
Series 2006-1, Class A1, 2.37%, 2/25/2036 (m)		11		11
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A1, 2.22%, 9/25/2035 (m)		30		31
Connecticut Avenue Securities Trust
Series 2019-R06, Class 2M2, 2.25%, 9/25/2039 ‡ (c) (m)		116		116
Deephaven Residential Mortgage Trust
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (c) (m)		250		250
Series 2020-1, Class A3, 2.65%, 1/25/2060 (c) (m)		334		337
FHLMC Structured Agency Credit Risk Debt Notes
Series 2018-HQA1, Class M2, 2.45%, 9/25/2030 (m)		197		197
FHLMC, REMIC
Series 4703, Class SA, IF, IO, 5.99%, 7/15/2047 (m)		319		65
Series 4937, Class MS, IF, IO, 5.90%, 12/25/2049 (m)		228		43
Series 4839, Class WS, IF, IO, 5.94%, 8/15/2056 (m)		184		39
FHLMC, STRIPS
Series 316, Class S7, IF, IO, 5.94%, 11/15/2043 (m)		314		54
Series 356, Class S5, IF, IO, 5.84%, 9/15/2047 (m)		370		79
FNMA, Connecticut Avenue Securities
Series 2017-C07, Class 2M2, 2.65%, 5/25/2030 (m)		122		122

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2018-C02, Class 2M2, 2.35%, 8/25/2030 (m)		196		194
Series 2018-C04, Class 2M2, 2.70%, 12/25/2030 (m)		183		184
FNMA, REMIC
Series 2012-75, Class DS, IF, IO, 5.80%, 7/25/2042 (m)		268		48
Series 2016-1, Class SJ, IF, IO, 6.00%, 2/25/2046 (m)		175		32
Series 2018-67, Class SN, IF, IO, 6.05%, 9/25/2048 (m)		473		95
Series 2018-73, Class SC, IF, IO, 6.05%, 10/25/2048 (m)		320		64
GNMA
Series 2017-67, Class ST, IF, IO, 6.05%, 5/20/2047 (m)		213		46
Series 2017-112, Class S, IF, IO, 6.05%, 7/20/2047 (m)		221		40
Series 2018-36, Class SG, IF, IO, 6.05%, 3/20/2048 (m)		105		21
Series 2019-22, Class SM, IF, IO, 5.90%, 2/20/2049 (m)		298		58
Series 2019-42, Class SJ, IF, IO, 5.90%, 4/20/2049 (m)		320		48
GSR Mortgage Loan Trust
Series 2005-AR3, Class 1A1, 0.59%, 5/25/2035 (m)		32		31
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (c) (m)		74		74
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (c) (m)		250		255
Impac CMB Trust
Series 2004-6, Class 1A2, 0.93%, 10/25/2034 (m)		31		31
Series 2004-7, Class 1A2, 1.07%, 11/25/2034 (m)		59		60
Series 2005-4, Class 1A1A, 0.69%, 5/25/2035 (m)		137		138
Series 2005-8, Class 1AM, 0.85%, 2/25/2036 (m)		104		101
Lehman Mortgage Trust
Series 2005-3, Class 2A3, 5.50%, 1/25/2036		7		7
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 3.11%, 4/21/2034 (m)		13		13

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Merrill Lynch Mortgage Investors Trust
Series 2007-1, Class 4A3, 3.03%, 1/25/2037 (m)		7			7
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 3.31%, 7/25/2034 (m)		18			18
New Residential Mortgage Loan Trust
Series 2019-NQM4, Class M1, 2.99%, 9/25/2059 ‡ (c) (m)		239			241
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-5, Class 1APT, 0.71%, 12/25/2035 (m)		38			38
RALI Trust
Series 2006-QA3, Class A1, 0.55%, 4/25/2036 (m)		46			48
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		—	(k)		1
Structured Adjustable Rate Mortgage Loan Trust
Series 2007-9, Class 1A1, 1.76%, 10/25/2037 (m)		274			260
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.60%, 3/25/2035 (m)		12			12
Series 2005-AR5, Class A6, 3.63%, 5/25/2035 (m)		19			19
Total Collateralized Mortgage Obligations (Cost $3,609)					3,660
Equity-Linked Notes — 3.1%
Barclays Bank plc, ELN, 6.50%, 3/24/2021, (linked to Russell 2000 Index)(c)		1			1,015
Merrill Lynch International & Co., ELN, 6.83%, 3/3/2021 (linked to Russell 2000 Index) (j)		1			2,077
Total Equity-Linked Notes (Cost $3,038)					3,092
Commercial Mortgage-Backed Securities — 2.9%
Cayman Islands — 0.2%
GPMT Ltd.
Series 2018-FL1, Class AS, 1.35%, 11/21/2035 ‡ (c) (m)		250			248
United States — 2.7%
BANK
Series 2017-BNK7, Class D, 2.71%, 9/15/2060 ‡ (c)		100			82

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Benchmark Mortgage Trust
Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (c)		100		93
BX Commercial Mortgage Trust
Series 2020-VIV2, Class C, 3.54%, 3/9/2044 ‡ (c) (m)		106		110
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D, 4.88%, 9/10/2045 ‡ (c) (m)		100		86
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (c)		20		16
Series 2017-P7, Class D, 3.25%, 4/14/2050 ‡ (c)		23		19
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		10		11
Commercial Mortgage Trust
Series 2016-CR28, Class C, 4.64%, 2/10/2049 ‡ (m)		100		104
CSAIL Commercial Mortgage Trust
Series 2019-C15, Class C, 4.98%, 3/15/2052 ‡ (m)		100		104
DBGS Mortgage Trust
Series 2018-5BP, Class B, 0.99%, 6/15/2033 ‡ (c) (m)		100		99
FHLMC Multiclass Certificates
Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029		160		23
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.17%, 7/25/2026 (m)		120		12
Series Q012, Class X, IO, 4.23%, 9/25/2035 (m)		497		130
Series K716, Class X3, IO, 1.79%, 8/25/2042 (m)		106		1
Series K726, Class X3, IO, 2.13%, 7/25/2044 (m)		151		9
Series K729, Class X3, IO, 1.97%, 11/25/2044 (m)		1,212		81
Series K728, Class X3, IO, 1.95%, 11/25/2045 (m)		100		7
Series K071, Class X3, IO, 2.01%, 11/25/2045 (m)		700		82
Series K088, Class X3, IO, 2.35%, 2/25/2047 (m)		555		89
Series K108, Class X3, IO, 3.49%, 4/25/2048 (m)		400		102

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
FREMF
Series 2018-KF46, Class B, 2.10%, 3/25/2028 (c) (m)		6		6
FREMF Mortgage Trust
Series 2015-KF09, Class B, 5.50%, 5/25/2022 (c) (m)		2		1
Series 2015-KF10, Class B, 6.25%, 7/25/2022 (c) (m)		3		3
Series 2017-KF31, Class B, 3.05%, 4/25/2024 (c) (m)		4		4
Series 2017-KF32, Class B, 2.70%, 5/25/2024 (c) (m)		30		29
Series 2018-KF45, Class B, 2.10%, 3/25/2025 (c) (m)		10		10
Series 2018-KF47, Class B, 2.15%, 5/25/2025 (c) (m)		41		40
Series 2018-KC02, Class B, 4.09%, 7/25/2025 (c) (m)		25		25
Series 2018-KF53, Class B, 2.20%, 10/25/2025 (m)		60		58
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (c) (m)		25		26
Series 2019-KF62, Class B, 2.20%, 4/25/2026 (c) (m)		22		21
Series 2018-KF43, Class B, 2.30%, 1/25/2028 (c) (m)		45		44
Series 2018-KF50, Class B, 2.05%, 7/25/2028 (c) (m)		7		7
Series 2018-K82, Class B, 4.13%, 9/25/2028 (c) (m)		50		57
Series 2019-KF63, Class B, 2.50%, 5/25/2029 (c) (m)		19		18
Series 2012-K19, Class C, 4.02%, 5/25/2045 (c) (m)		10		10
Series 2017-K67, Class C, 3.94%, 9/25/2049 (c) (m)		5		5
Series 2017-K65, Class B, 4.07%, 7/25/2050 (c) (m)		75		84
Series 2019-K87, Class C, 4.32%, 1/25/2051 (c) (m)		100		109
Series 2018-K75, Class B, 3.97%, 4/25/2051 (c) (m)		10		11
Series 2019-K103, Class C, 3.45%, 12/25/2051 (c) (m)		25		25
Series 2020-K737, Class B, 3.30%, 1/25/2053 (c) (m)		100		109
Series 2020-K737, Class C, 3.30%, 1/25/2053 (c) (m)		145		149

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
GNMA
Series 2013-178, IO, 0.42%, 6/16/2055 (m)		52		1
Series 2016-71, Class QI, IO, 0.92%, 11/16/2057 (m)		235		13
Series 2020-28, IO, 0.86%, 11/16/2061 (m)		147		11
Series 2020-14, IO, 0.75%, 2/16/2062 (m)		923		67
Series 2020-23, IO, 0.76%, 4/16/2062 (m)		227		17
Jackson Park Trust
Series 2019-LIC, Class E, 3.24%, 10/14/2039 ‡ (c) (m)		100		91
Series 2019-LIC, Class F, 3.24%, 10/14/2039 ‡ (c) (m)		100		87
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class E, 4.22%, 1/15/2049 ‡ (c) (m)		100		79
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.49%, 9/15/2039 ‡ (m)		34		20
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C31, Class B, 3.88%, 11/15/2049 (m)		50		51
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (c) (m)		10		9
Series 2020-HR8, Class XA, IO, 1.85%, 7/15/2053 (m)		999		144
				2,701
Total Commercial Mortgage-Backed Securities (Cost $2,974)				2,949
Asset-Backed Securities — 1.6%
United States — 1.6%
ABFC Trust
Series 2003-OPT1, Class M1, 1.18%, 2/25/2033 ‡ (m)		99		98
ACE Securities Corp. Home Equity Loan Trust
Series 2003-HE1, Class M1, 1.12%, 11/25/2033 (m)		82		82
AMRESCO Residential Securities Corp. Mortgage Loan Trust
Series 1997-1, Class A7, 7.61%, 3/25/2027 ‡		4		4
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE6, Class M2, 2.62%, 11/25/2033 ‡ (m)		53		53
Bear Stearns Asset-Backed Securities Trust
Series 2004-HE5, Class M2, 2.02%, 7/25/2034 ‡ (m)		12		12

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Conn’s Receivables Funding LLC
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (c)		44		44
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 0.90%, 5/25/2034 ‡ (m)		10		10
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 2.47%, 5/25/2034 (m)		9		9
Series 2004-5, Class M3, 1.87%, 7/25/2034 ‡ (m)		54		54
Exeter Automobile Receivables Trust
Series 2018-2A, Class E, 5.33%, 5/15/2025 (c)		120		125
Series 2018-4A, Class E, 5.38%, 7/15/2025 (c)		10		11
Fremont Home Loan Trust
Series 2003-A, Class M1, 1.13%, 8/25/2033 ‡ (m)		57		55
GSAMP Trust
Series 2003-SEA, Class A1, 0.55%, 2/25/2033 ‡ (m)		116		110
Long Beach Mortgage Loan Trust
Series 2004-6, Class A3, 1.45%, 11/25/2034 ‡ (m)		30		30
MASTR Asset-Backed Securities Trust
Series 2004-OPT2, Class M1, 1.05%, 9/25/2034 ‡ (m)		12		12
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 2.40%, 3/25/2033 ‡ (m)		145		141
Series 2003-NC10, Class M1, 1.17%, 10/25/2033 ‡ (m)		19		19
Series 2004-HE3, Class M1, 1.00%, 3/25/2034 ‡ (m)		51		50
Series 2004-NC7, Class M2, 1.08%, 7/25/2034 ‡ (m)		15		14
Prestige Auto Receivables Trust
Series 2018-1A, Class D, 4.14%, 10/15/2024 (c)		10		11
RAMP Trust
Series 2005-RS6, Class M4, 1.12%, 6/25/2035 (m)		250		250
Series 2006-RZ3, Class M1, 0.50%, 8/25/2036 ‡ (m)		189		185
Securitized Asset-Backed Receivables LLC Trust
Series 2004-OP2, Class M3, 2.17%, 8/25/2034 ‡ (m)		86		86

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 1.12%, 10/25/2033 ‡ (m)		7			8
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 0.32%, 1/25/2037 (m)		65			64
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2006-3, Class A2, 0.30%, 1/25/2037 ‡ (m)		1			1
Westlake Automobile Receivables Trust
Series 2019-1A, Class E, 4.49%, 7/15/2024 (c)		50			52
Total Asset-Backed Securities (Cost $1,552)					1,590
U.S. Treasury Obligations — 0.6%
U.S. Treasury Notes 2.50%, 1/31/2021 (n) (Cost $604)		603			604
	SHARES (000)
Preferred Stocks — 0.6%
United States — 0.6%
Allstate Corp. (The), Series H, 5.10%, 10/15/2024 ($25 par value) (o)		—	(k)		8
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (o)		1			20
Series HH, 5.88%, 7/24/2023 ($25 par value) (o)		1			19
Series KK, 5.38%, 6/25/2024 ($25 par value) (o)		—	(k)		8
Series LL, 5.00%, 9/17/2024 ($25 par value) (o)		1			35
Energy Transfer Operating LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 ($25 par value) (b) (o)		2			37
MetLife, Inc., Series F, 4.75%, 3/15/2025 ($25 par value) (o)		1			17
Morgan Stanley, Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (b) (o)		2			72
MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡		8			10
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		1			18
Northern Trust Corp., Series E, 4.70%, 1/1/2025 ($25 par value) (o)		—	(k)		12
Public Storage, Series L, , REIT4.63%, 6/17/2025 ($25 par value) (o)		1			14

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (b) (o)		—	(k)		7
SCE Trust II, 5.10%, 5/5/2020 ($25 par value) (o)		1			13
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (o)		2			48
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		—	(k)		3
Southern Co. (The), Series 2020, 4.95%, 1/30/2080 ($25 par value)		1			27
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (b) (o)		—	(k)		11
Truist Financial Corp., Series R, 4.75%, 9/1/2025 ($25 par value) (o)		1			22
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (o)		1			18
Wells Fargo & Co.,
Series Y, 5.63%, 6/15/2022 ($25 par value) (o)		1			33
Series Z, 4.75%, 3/15/2025 ($25 par value) (o)		5			123
Total Preferred Stocks (Cost $539)					575
	PRINCIPAL AMOUNT ($000)
Mortgage-Backed Securities — 0.5%
United States — 0.5%
FNMA UMBS, 30 Year
Pool # MA4100, 2.00%, 8/1/2050		53			56
Pool # MA4119, 2.00%, 9/1/2050		20			20
Pool # MA4159, 2.50%, 10/1/2050		59			62
Pool # MA4208, 2.00%, 12/1/2050		269			280
GNMA II, 30 Year
Pool # MA7052, 2.50%, 12/20/2050		60			64
Total Mortgage-Backed Securities (Cost $479)					482
Loan Assignments — 0.5% (p)
United States — 0.5%
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (b) (q)		7			7
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 2.00%, 6/1/2024 (b)		21			21

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Loan Assignments — continued
United States — continued
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.40%, 3/15/2027 (b)		8			7
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (b)		25			25
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024 (b)		20			20
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Week + 2.50%; ICE LIBOR USD 2 Month + 2.50%), 3.37%, 10/4/2023 (b)		49			47
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 5/1/2026 (b)		33			33
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (b)		85			84
Navistar, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.66%, 11/6/2024 (b)		41			41
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.91%, 9/18/2026 (b)		43			43
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026 (b)		43			43
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 6/2/2025 (b)		79			78
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 2.27%, 11/1/2023 (b)		31			31
Total Loan Assignments (Cost $482)					480
	NO. OF WARRANTS (000)
Warrants — 0.0% (f)
United States — 0.0% (f)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡		1			13
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD * ‡		—	(k)		—	(k)
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD * ‡		—	(k)		—	(k)
Total Warrants (Cost $19)					13

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Convertible Bonds — 0.0% (f)
United States — 0.0% (f)
Liberty Interactive LLC 4.00%, 11/15/2029		3		2
3.75%, 2/15/2030		2		2
Total Convertible Bonds (Cost $3)				4
	NO. OF RIGHTS (000)
Rights — 0.0% (f)
Spain — 0.0% (f)
Repsol SA, expiring 1/8/2021 * (Cost $2)		5		2
	SHARES (000)
Short-Term Investments — 4.2%
Investment Companies — 2.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (l) (r)		2,629		2,630
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (l) (r)		209		209
Total Investment Companies (Cost $2,838)				2,839
Investment of Cash Collateral from Securities Loaned — 1.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (l) (r)		700		700
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (l) (r)		667		667
Total Investment of Cash Collateral From Securities Loaned (Cost $1,367)				1,367
Total Short-Term Investments (Cost $4,205)				4,206
Total Investments — 100.4% (Cost $93,378)				100,289
Liabilities in Excess of Other Assets — (0.4)%				(429	)
NET ASSETS — 100.0%				99,860

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

Summary of Investments by Industry, December 31, 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)		6.5	%
Banks		6.0
Oil, Gas & Consumable Fuels		4.5
Diversified Telecommunication Services		4.2
Collateralized Mortgage Obligations		3.6
Pharmaceuticals		3.6
Electric Utilities		3.6
U.S. Equity		3.6
Media		3.6
Capital Markets		3.1
Fixed Income		3.1
Convertible Bonds		3.1
Commercial Mortgage-Backed Securities		2.9
Insurance		2.6
Health Care Providers & Services		2.4

Hotels, Restaurants & Leisure	2.3
Food Products	2.0
Semiconductors & Semiconductor Equipment	2.0
Wireless Telecommunication Services	1.6
Asset-Backed Securities	1.6
Metals & Mining	1.6
Technology Hardware, Storage & Peripherals	1.5
Consumer Finance	1.4
Chemicals	1.4
Beverages	1.3
Multi-Utilities	1.3
Containers & Packaging	1.1
Auto Components	1.0
Household Durables	1.0
Others (each less than 1.0%)	18.3
Short-Term Investments	4.2

Abbreviations

ABS	Asset-Backed 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 December 31, 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
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

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

(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 December 31, 2020.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 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 December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $1,313,000.
(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 December 31, 2020.
(i)	Defaulted security.
(j)	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.
(k)	Amount rounds to less than one thousand.
(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 December 31, 2020.
(n)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(o)	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 December 31, 2020.
(p)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(q)	All or a portion of this security is unsettled as of December 31, 2020. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(r)	The rate shown is the current yield as of December 31, 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 each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		9			03/2021		EUR		390			5
U.S. Treasury 10 Year Note		96			03/2021		USD		13,251			9
												14
Short Contracts
Foreign Exchange GBP/USD		(16	)		03/2021		USD		(1,368	)		(38	)
S&P 500 E-Mini Index		(10	)		03/2021		USD		(1,872	)		(30	)
												(68	)
												(54	)

Abbreviations

EUR	Euro
GBP	British Pound
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 33

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Income Builder Portfolio
ASSETS:
Investments in non-affiliates, at value	$	89,377
Investments in affiliates, at value		9,545
Investment of cash collateral received from securities loaned, at value (See Note 2.E.)		1,367
Cash		76
Foreign currency, at value		132
Deposits at broker for futures contracts		12
Receivables:
Portfolio shares sold		5
Interest from non-affiliates		574
Dividends from non-affiliates		84
Dividends from affiliates		—	(a)
Tax reclaims		39
Securities lending income (See Note 2.E.)		—	(a)
Variation margin on futures contracts		172
Due from adviser		5
Total Assets		101,388
LIABILITIES:
Payables:
Investment securities purchased		—	(a)
Collateral received on securities loaned (See Note 2.E.)		1,367
Portfolio shares redeemed		32
Accrued liabilities:
Distribution fees		17
Custodian and accounting fees		36
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		76
Total Liabilities		1,528
Net Assets	$	99,860

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

	JPMorgan Insurance Trust Income Builder Portfolio
NET ASSETS:
Paid-in-Capital	$	90,612
Total distributable earnings (loss)		9,248
Total Net Assets	$	99,860
Net Assets:
Class 1	$	19,684
Class 2		80,176
Total	$	99,860
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		1,738
Class 2		7,105
Net Asset Value (b):
Class 1 — Offering and redemption price per share	$	11.33
Class 2 — Offering and redemption price per share		11.28
Cost of investments in non-affiliates	$	83,367
Cost of investments in affiliates		8,644
Cost of foreign currency		124
Investment securities on loan, at value (See Note 2.E.)		1,313
Cost of investment of cash collateral (See Note 2.E.)		1,367

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 35

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2020

(Amounts in thousands)

	JPMorgan Insurance Trust Income Builder Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	2,328
Interest income from affiliates		—	(a)
Dividend income from non-affiliates		962
Dividend income from affiliates		261
Income from securities lending (net) (See Note 2.E.)		5
Foreign taxes withheld (net)		(54	)
Total investment income		3,502
EXPENSES:
Investment advisory fees		376
Administration fees		67
Distribution fees:
Class 2		187
Custodian and accounting fees		215
Interest expense to affiliates		—	(a)
Professional fees		111
Trustees’ and Chief Compliance Officer’s fees		25
Printing and mailing costs		30
Transfer agency fees (See Note 2.L.)		15
Other		11
Total expenses		1,037
Less fees waived		(179	)
Less expense reimbursements		(171	)
Net expenses		687
Net investment income (loss)		2,815
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(337	)
Investments in affiliates		(356	)
Futures contracts		988
Foreign currency transactions		(26	)
Net realized gain (loss)		269
Distributions of capital gains received from investment company affiliates		—	(a)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,589
Investments in affiliates		(82	)
Futures contracts		11
Foreign currency translations		20
Change in net unrealized appreciation/depreciation		1,538
Net realized/unrealized gains (losses)		1,807
Change in net assets resulting from operations	$	4,622

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust Income Builder  Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,815		$	2,829
Net realized gain (loss)		269			(97	)
Distributions of capital gains received from investment company affiliates		—	(a)		60
Change in net unrealized appreciation/depreciation		1,538			7,481
Change in net assets resulting from operations		4,622			10,273
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(495	)		(499	)
Class 2		(2,485	)		(2,195	)
Total distributions to shareholders		(2,980	)		(2,694	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		7,628			16,580
NET ASSETS:
Change in net assets		9,270			24,159
Beginning of period		90,590			66,431
End of period	$	99,860		$	90,590
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	4,684		$	4,351
Distributions reinvested		495			499
Cost of shares redeemed		(630	)		(2,506	)
Change in net assets resulting from Class 1 capital transactions		4,549			2,344
Class 2
Proceeds from shares issued		13,471			19,866
Distributions reinvested		2,485			2,195
Cost of shares redeemed		(12,877	)		(7,825	)
Change in net assets resulting from Class 2 capital transactions		3,079			14,236
Total change in net assets resulting from capital transactions	$	7,628		$	16,580
SHARE TRANSACTIONS:
Class 1
Issued		436			404
Reinvested		50			48
Redeemed		(57	)		(225	)
Change in Class 1 Shares		429			227
Class 2
Issued		1,275			1,850
Reinvested		254			210
Redeemed		(1,258	)		(729	)
Change in Class 2 Shares		271			1,331

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 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) (a)(b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Insurance Trust Income Builder Portfolio
Class 1
Year Ended December 31, 2020	$	11.16	$	0.35	$	0.20		$	0.55		$	(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	)
Class 2
Year Ended December 31, 2020		11.12		0.33		0.19			0.52			(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	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Does not include expenses of Underlying Funds.

(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.

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

Ratios/Supplemental data
						Ratios to average net assets
Net asset value, end of period			Total return (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (a)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate
$	11.33			5.45	%	$	19,684		0.56	%		3.33	%		0.94	%		66	%
	11.16			14.56			14,607		0.60			3.71			0.95			51
	10.11			(4.63	)		10,947		0.59			4.02			1.14			68
	10.62			11.89			8,776		0.59			3.40			1.26			85
	9.93			6.53			106		0.60			3.72			1.27			46
	11.28			5.12			80,176		0.81			3.10			1.20			66
	11.12	��		14.27			75,983		0.85			3.49			1.21			51
	10.08			(4.92	)		55,484		0.84			3.76			1.39			68
	10.62			11.70			42,122		0.84			3.31			1.40			85
	9.92			6.21			48,465		0.85			3.47			1.49			46

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020

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 approved Pricing Services. 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 DECEMBER 31, 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 December 31, 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”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	604	$	986	$	1,590
Collateralized Mortgage Obligations
United States		—		2,798		862		3,660
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		248		248
United States		—		1,691		1,010		2,701
Total Commercial Mortgage-Backed Securities		—		1,691		1,258		2,949
Common Stocks
Australia		—		1,166		—		1,166
Austria		—		38		—		38
Belgium		—		196		—		196
Brazil		186		7		—		193
Canada		1,302		—		—		1,302
Chile		19		—		—		19
China		81		1,833		—		1,914
Czech Republic		—		19		—		19
Denmark		—		165		—		165
Finland		—		268		—		268
France		—		1,139		—		1,139
Germany		—		1,077		—		1,077
Hong Kong		—		594		—		594
India		431		—		—		431
Indonesia		161		127		—		288
Ireland		11		18		—		29
Italy		—		424		—		424
Japan		—		1,847		—		1,847
Jordan		—		6		—		6
Macau		—		7		—		7
Mexico		327		—		—		327
Netherlands		—		250		—		250
New Zealand		—		93		—		93
Norway		—		98		—		98
Portugal		—		41		—		41
Russia		222		365		—		587

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Saudi Arabia	$	108		$	—	$	—		$	108
Singapore		2			204		—			206
South Africa		52			129		—			181
South Korea		63			691		—			754
Spain		17			978		—			995
Sweden		27			398		—			425
Switzerland		—			1,309		—			1,309
Taiwan		494			1,011		—			1,505
Thailand		—			64		—			64
United Kingdom		172			2,019		—			2,191
United States		14,719			25		—	(a)		14,744
Total Common Stocks		18,394			16,606		—	(a)		35,000
Convertible Bonds		—			4		—			4
Corporate Bonds		—			40,926		—			40,926
Equity-Linked Notes		—			3,092		—			3,092
Investment Companies		6,706			—		—			6,706
Loan Assignments		—			480		—			480
Mortgage-Backed Securities		—			482		—			482
Preferred Stocks
United States		565			—		10			575
Rights		2			—		—			2
U.S. Treasury Obligations		—			604		—			604
Warrants		—			—		13			13
Short-Term Investments
Investment Companies		2,839			—		—			2,839
Investment of cash collateral from securities loaned		1,367			—		—			1,367
Total Short-Term Investments		4,206			—		—			4,206
Total Investments in Securities	$	29,873		$	67,287	$	3,129		$	100,289
Appreciation in Other Financial Instruments
Futures Contracts	$	14		$	—	$	—		$	14
Depreciation in Other Financial Instruments
Futures Contracts	$	(68	)	$	—	$	—		$	(68	)

(a) Amount rounds to less than one thousand.

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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

	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 December 31, 2020
Investments in Securities
Asset-Backed Securities — United States	$	1,852		$	(2	)	$	(19	)	$	3		$	—		$	(598	)	$	—	$	(250	)	$	986
Collateralized Mortgage Obligations — United States		979			—			6			—	(a)		—			(123	)		—		—			862
Commercial Mortgage-Backed Securities — Cayman Islands		249			—			(1	)		—			—			—			—		—			248
Commercial Mortgage-Backed Securities — United States		1,150			(64	)		(55	)		1			281			(412	)		109		—			1,010
Common Stocks — United States		—			—			—	(a)		—			—	(a)		—			—		—			—	(a)
Corporate Bonds — United States		—	(b)		2			—			—			—			(2	)		—		—			—
Preferred Stocks — United States		—			—			2			—			8			—			—		—			10
Warrants — United States		17			—			(4	)		—			—	(a)		—			—		—			13
Total	$	4,247		$	(64	)	$	(71	)	$	4		$	289		$	(1,135	)	$	109	$	(250	)	$	3,129

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

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

(a) Amount rounds to less than one thousand.

(b) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2020, which were valued using significant unobservable inputs (level 3) amounted to approximately $(49,000). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.

There were no significant transfers into or out of level 3 for the year ended December 31, 2020.

The significant unobservable inputs used in the fair value measurement of the Portfolio’s investments are listed below. 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 enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at December 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	986		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (5.89%)
					Constant Default Rate		0.00% - 5.80% (3.69%)
					Yield (Discount Rate of Cash Flows)		0.40% - 4.23% (2.54%)
Asset-Backed Securities		986
		900		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		1.53% - 199.00% (10.13%)
Commercial Mortgage-Backed Securities		900
		862		Discounted Cash Flow	Constant Prepayment Rate		10.00% - 25.00% (20.10%)
					Constant Default Rate		0.00% - 0.50% (0.15%)
					Yield (Discount Rate of Cash Flows)		2.32% - 4.01% (3.28%)
Collateralized Mortgage Obligations		862
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)		4.8x (4.8x)
		—	(b)	Pending Distribution Amount	Expected Recovery		0.01 ($0.01)
Warrants		—	(b)
Total	$	2,748

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

# The table above does not include certain Level 3 investments that are valued by brokers and Pricing Services. At December 31, 2020, the value of these investments was approximately $381,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Amount rounds to less than one thousand.

(c) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

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 NAVs of the Portfolio.

As of December 31, 2020, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A and/or Regulation S under the Securities Act.

C. Loan Assignments — The Portfolio invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Portfolio invests in loan assignments of all or a portion of the loans. When 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 it 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 its 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.

D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Portfolio purchased when-issued securities, including To Be Announced (“TBA”) 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.

E. 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.

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 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.

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 December 31, 2020 (amounts in thousands).

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)
$	1,313	$	(1,313	)	$	—

* 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 year ended December 31, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

$—  (a) 

(a) Amount rounds to less than one thousand.

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).

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

F. 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. Amounts in the table below are in thousands.

For the year ended December 31, 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 December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)	$	2,556	$	1,161	$	1,494	$	(283	)	$	13		$	1,953		236	$	89		$	—
JPMorgan Equity Income Fund Class R6 Shares (a)		5,485		1,285		3,049		(85	)		(63	)		3,573		181		107			—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		918		37		—		—			(24	)		931		105		36			—
JPMorgan Managed Income Fund Class L Shares (a)		2,478		7		2,239		12			(9	)		249		25		8			—	(b)
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a)(c)		331		2,735		2,857		—	(b)		—	(b)		209		209		2			—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (a)(c)		2,270		42,690		42,331		—	(b)		1			2,630		2,629		19			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(c)		—		700		—		—			—	(b)		700		700		1	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(c)		286		12,919		12,538		—			—			667		667		2	*		—
Total	$	14,324	$	61,534	$	64,508	$	(356	)	$	(82	)	$	10,912			$	264		$	—	(b)

(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) Amount rounds to less than one thousand.

(c) The rate shown is the current yield as of December 31, 2020.

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

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

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

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

H. Futures Contracts — The Portfolio used currency, index, 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

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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 futures contracts 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, foreign exchange 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).

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2020 (amounts in thousands):

Futures Contracts — Equity:
Average Notional Balance Long	$	1,225
Average Notional Balance Short		962
Ending Notional Balance Long		390
Ending Notional Balance Short		1,872
Futures Contracts — Foreign Exchange:
Average Notional Balance Long		204
Average Notional Balance Short		1,296
Ending Notional Balance Short		1,368
Futures Contracts — Interest Rate:
Average Notional Balance Long		11,015
Ending Notional Balance Long		13,251

I. Summary of Derivatives Information — The following table presents the value of derivatives held as of December 31, 2020 by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	5
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		9
		$	14
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(30	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		(38	)
		$	(68	)

(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 table presents the effect of derivatives on the Statement of Operations for the year ended December 31, 2020, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	442
Foreign exchange contracts		(10	)
Interest rate contracts		556
Total	$	988

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 47

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(43	)
Foreign exchange contracts		(33	)
Interest rate contracts		87
Total	$	11

The Portfolio’s derivatives contracts held at December 31, 2020 are not accounted for as hedging instruments under GAAP.

J. 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 December 31, 2020, the Portfolio had outstanding ELNs as listed on the SOI.

K. 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, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend. The Portfolio 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.

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.

L. 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.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Portfolio for the year ended December 31, 2020 are as follows (amounts in thousands):

	Class 1	Class 2		Total
Transfer agency fees	$—(a)	$	15	$	15

(a) Amount rounds to less than one thousand.

The Portfolio invests 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.

M. 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 December 31, 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.

N. 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 gains 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.

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

O. 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.

The following amounts were reclassified within the capital accounts (amounts in thousands):

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	(38	)	$	54	$	(16	)

The reclassifications for the Portfolio relate primarily to investments in passive foreign investment companies (“PFICs”).

P. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Portfolio’s financial statements of applying ASU 2020-04.

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 at an annual rate of 0.42% 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 year ended December 31, 2020, the effective rate was 0.075% 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. 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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 49

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (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
0.60%		0.85	%��

The expense limitation agreement was in effect for the year ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2021.

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 year ended December 31, 2020, the Adviser waived approximately $38,000. 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.

For the year ended December 31, 2020, the Portfolio’s service providers waived fees and/or reimbursed expenses for the Portfolio as follows (amounts in thousands). None of these parties expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
$	65	$	67	$	132	$	171

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 expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended December 31, 2020 was approximately $9,000.

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 year ended December 31, 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	62,952	$	55,007	$	376	$	478

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	94,073	$	8,160	$	1,998	$	6,162

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to callable bonds, investments in perpetual bonds, mark to market of futures contracts, wash sale loss deferrals and investments in PFICs.

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

The tax character of distributions paid during the year ended December 31, 2020 was as follows (amounts in thousands):

Ordinary Income*	Total Distributions Paid
$2,980	$	2,980

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended December 31, 2019 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,487	$	207	$	2,694

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	2,908	$	187	$	6,180

The cumulative timing differences primarily consist of investments in perpetual bonds, investments in PFICs, callable bonds, mark to market of futures contracts and wash sale loss deferrals.

During the year ended December 31, 2020, the Portfolio utilized capital loss carryforwards as follows (amounts in thousands):

Capital Loss Utilized
Short-Term		Long-Term
$	36	$	159

As of December 31, 2020, 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 year ended December 31, 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 1, 2021.

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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 51

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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 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 year ended December 31, 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 December 31, 2020, the Portfolio had four individual shareholder and/or non-affiliated omnibus accounts, which owned 79.5% 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, 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, pre-payments, 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 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.

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.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Portfolio’s original investment. Many derivatives create leverage thereby causing the Portfolio to be more volatile than 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.

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

52 JPMORGAN INSURANCE TRUST DECEMBER 31, 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. 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.

8. Subsequent Event

On February 10, 2021, the contractual expense limitations for Class 1 Shares and Class 2 Shares were extended until at least April 30, 2022.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 53

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and Shareholders of JPMorgan Insurance Trust Income Builder Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Income Builder Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent, agent banks and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 12, 2021

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

54 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

TRUSTEES

(Unaudited)

The Portfolio’s Statement of Additional Information includes additional information about the Portfolio’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 55

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	128	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985. (3)	Self-employed business consultant (2002-present).	128	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	128	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	128	None
Mitchell M. Merin (1953); Trustee of Trust since 2013. (4)	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member, Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	128	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	128	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	128	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

56 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

⁽¹⁾   The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (128 funds).

⁽³⁾  Mr. Marshall retired from the Board of Trustees effective the close of business on December 31, 2020.

⁽⁴⁾  Mr. Merin retired from the Board of Trustees effective the close of business on January 31, 2021.

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Portfolio’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Portfolio’s financial statements and do not provide other services to the Portfolio. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 57

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.). Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

58 JPMORGAN INSURANCE TRUST DECEMBER 31, 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, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 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 July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Income Builder Portfolio
Class 1
Actual	$	1,000.00	$	1,124.00	$	2.94		0.55	%
Hypothetical		1,000.00		1,022.37		2.80		0.55
Class 2
Actual		1,000.00		1,121.30		4.27		0.80
Hypothetical		1,000.00		1,021.11		4.06		0.80

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 59

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the Portfolio and the other J.P. Morgan Funds overseen by the Board in which the Portfolio may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Portfolio and Underlying Funds received from the Adviser. This information includes the Portfolio’s and Underlying Funds’ performance as compared to the performance of the Portfolio’s and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Portfolio’s and Underlying Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Portfolio and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge/”). The independent consultant also provided additional analysis of the performance of certain Underlying Funds in connection with the Trustees’ review of the Advisory Agreement. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a

memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Portfolio and Underlying Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Portfolio and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Portfolio under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Portfolio by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Portfolio and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Portfolio during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Portfolio and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Portfolio. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

60 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Portfolio and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Portfolio and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Portfolio and Underlying Funds.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Portfolio by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Portfolio and Underlying Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Portfolio, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Portfolio.

The Trustees also considered that the Adviser earns fees from the Portfolio and Underlying Funds for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, an affiliate of the Adviser, which also acts as the Portfolio’s distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Portfolio, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for the Portfolio and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including the benefits received by the Adviser and its affiliates in connection with the Portfolio’s investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Portfolio’s shareholders to share potential economies of scale from its inception and that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Portfolio of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services, and the ability to negotiate competitive fees for the Portfolio. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Portfolio, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Portfolio, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels, was reasonable. The Trustees concluded that the Portfolio’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Portfolio and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Portfolio.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 61

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Portfolio had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Portfolio. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Portfolio. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Portfolio within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three-and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to a representative class to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Portfolio’s performance against its benchmark and considered the performance information provided for the Portfolio at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve

performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Portfolio’s performance are summarized below:

The Trustees noted that the Portfolio’s performance for Class 2 shares was in the fifth quintile based upon both the Peer Group and the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and various other factors, concluded that the Portfolio’s performance was satisfactory under the circumstances. They requested however, that the Portfolio’s Adviser provide additional Portfolio performance information to be reviewed with the members of the Board’s money market and alternative products committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Portfolio. The Trustees recognized that Broadridge reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

The Trustees noted that the Portfolio’s net advisory fee for Class 2 shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class 2 shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Portfolio and that such fee would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreements of the Underlying Funds in which the Portfolio invests.

62 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 8.65%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2020.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 63

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. December 2020. AN-JPMITIBP-1220

Annual Report

JPMorgan Insurance Trust

December 31, 2020

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	28
Financial Highlights	32
Notes to Financial Statements	34
Report of Independent Registered Public Accounting Firm	48
Trustees	49
Officers	52
Schedule of Shareholder Expenses	53
Board Approval of Investment Advisory Agreement	54
Tax Letter	57

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

February 4, 2021 (Unaudited)

Dear Shareholders,

The immense efforts of central banks, government and researchers in the public and private sectors appear to have shepherded the world through the most difficult days of a profound crisis caused by the pandemic. While the economic and health care challenges are not behind us, the uncertainty and turbulence of 2020 has abated.

  “We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.” — Andrea L. Lisher

The development of multiple vaccines against Covid-19 toward the end of 2020 provided hope that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. That optimism spread to global financial markets. While leading equity indexes fell by 20% or more in the first quarter of 2020, financial markets stabilized and equity markets largely rebounded — slowly at first and then rapidly the second half of the year. At the end of 2020, the S&P 500 Index had generated a total return of 18.10% for the full 12 months and 22.16% for the final six months of the year.

We believe the clear lesson is that investors who remained fully invested over the past year, in the face of uncertainty over the

direction of the pandemic and the unprecedented responses to it, were likely rewarded for their resolve.

Certainly, enormous challenges remain in both the implementation of global vaccinations and in the rebuilding of economies at the local, national and international levels. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to better navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

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

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		15.40%
MSCI All Country World Index USD (net for foreign withholding taxes)1		16.25%
MSCI World Index (net of foreign withholding taxes)		15.90%
Global Allocation Composite Benchmark		14.05%
Net Assets as of 12/31/2020 (In Thousands)	$	120,070

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Global financial markets generally recovered from a sharp sell-off in the first quarter of 2020, led by a rally in equity markets in the second half of the year. Investor demand for equity was largely fueled by continued support from central banks, relief spending by governments across the globe and the development and approvals of the first vaccines against Covid-19.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets across the globe. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices generally fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

At the start of the second half of the year, U.S. equity led a broad rebound in both developed markets and emerging markets equity. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for S&P 500 in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing

$2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the re-opening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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

The Portfolio’s Class 2 Shares underperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) and outperformed the Global Allocation Composite Benchmark (the “Composite”), which consists of 60% MSCI All Country World Index and 40% Bloomberg Barclays Global Aggregate Index, for the twelve months ended December 31, 2020.

The Portfolio’s allocation to fixed income securities, particularly global developed markets government bonds, detracted from performance relative to the Benchmark, which is an all-equity index.

Relative to the Composite, the Portfolio’s allocations to global equity and investment grade corporate bonds contributed to relative performance as both asset classes performed strongly toward the end of the year amid the approvals for the first Covid-19 vaccines and continued fiscal support from governments.

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 increasing 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 emerging markets equity and maintain their position in credit.

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	JPMorgan High Yield Fund Class R6 Shares	15.9	%
	2.	JPMorgan Emerging Markets Equity Fund Class R6 Shares	10.7
	3.	U.S. Treasury Notes, 2.50%, 1/31/2021	2.0
	4.	JPMorgan Mortgage-Backed Securities Fund Class R6 Shares	1.0
	5.	Microsoft Corp.	0.9
	6.	Amazon.com, Inc.	0.8
	7.	Apple, Inc.	0.8
	8.	Alphabet, Inc., Class C	0.6
	9.	Samsung Electronics Co. Ltd. (South Korea)	0.5
	10.	Nestle SA (Registered) (Switzerland)	0.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Acacia Communications, Inc.	17.6	%
	2.	Varian Medical Systems, Inc.	16.9
	3.	Sirius XM Holdings, Inc.	15.8
	4.	Tiffany & Co.	14.2
	5.	National General Holdings Corp.	13.9
	6.	Intel Corp.	5.5
	7.	Beyond Meat, Inc.	5.0
	8.	Kroger Co. (The)	3.8
	9.	Navistar International Corp.	2.9
	10.	Pinnacle West Capital Corp.	1.4

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	43.7	%
Investment Companies	27.5
Corporate Bonds	8.0
Foreign Government Securities	5.9
U.S. Treasury Obligations	2.0
Collateralized Mortgage Obligations	1.9
Commercial Mortgage-Backed Securities	1.5
Others (each less than 1.0%)	0.8
Short-Term Investments	8.7

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

¹  On November 30, 2020, the Portfolio’s benchmark index was changed to the MSCI All Country World Index from the MSCI World Index to better reflect, for comparison purposes, how the Portfolio is managed. The Portfolio’s composite benchmark was also changed to include the MSCI All Country World Index and exclude the MSCI World Index.

* 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 December 31, 2020. The Portfolio’s composition is subject to change.

**** Percentages indicated are based on total short investments as of December 31, 2020. The Portfolio’s composition is subject to change.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS 1 SHARES	December 9, 2014		15.69	%		9.56	%		7.59	%
CLASS 2 SHARES	December 9, 2014		15.40			9.28			7.32

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 12/31/20)

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 MSCI All Country 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 December 31, 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), MSCI All Country 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 MSCI All Country 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 and emerging markets. The Bloomberg Barclays Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. Since November 30, 2020, the Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged indices that includes the MSCI All Country World Index (net of foreign withholding taxes) (60%) and the Bloomberg Barclays Global Aggregate Bond Index (40%). Prior to November 30, 2020, the Global Allocation Composite Benchmark was a composite benchmark comprised of unmanaged indices that included 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 DECEMBER 31, 2020

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 100.4%
Common Stocks — 43.8%
Australia — 0.8%
AGL Energy Ltd.		—	(a)		2
Ampol Ltd.		—	(a)		4
APA Group		1			5
Aristocrat Leisure Ltd.		—	(a)		3
Aurizon Holdings Ltd.		1			4
Australia & New Zealand Banking Group Ltd.		2			28
BHP Group Ltd.		1			46
BHP Group plc		9			243
Brambles Ltd.		1			6
Cochlear Ltd.		—	(a)		6
Coles Group Ltd.		—	(a)		7
Commonwealth Bank of Australia		1			43
Computershare Ltd.		—	(a)		4
CSL Ltd.		—	(a)		43
Fortescue Metals Group Ltd.		—	(a)		6
Goodman Group, REIT		1			14
GPT Group (The), REIT		3			10
Insurance Australia Group Ltd.		1			3
LendLease Corp. Ltd.		—	(a)		3
Macquarie Group Ltd.		—	(a)		16
Mirvac Group, REIT		6			12
National Australia Bank Ltd.		1			17
Newcrest Mining Ltd.		—	(a)		6
Oil Search Ltd.		1			2
Orica Ltd.		—	(a)		3
Origin Energy Ltd.		1			2
QBE Insurance Group Ltd.		1			7
Ramsay Health Care Ltd.		—	(a)		4
REA Group Ltd.		—	(a)		6
Rio Tinto Ltd.		—	(a)		20
Rio Tinto plc		3			228
Santos Ltd.		1			3
Sonic Healthcare Ltd.		—	(a)		3
South32 Ltd.		3			5
Stockland, REIT		1			4
Suncorp Group Ltd.		1			7
Sydney Airport *		1			4
Tabcorp Holdings Ltd.		1			3
Telstra Corp. Ltd.		1			2
TPG Telecom Ltd. * (b)		—	(a)		2
Transurban Group		1			11
Treasury Wine Estates Ltd.		—	(a)		2
Wesfarmers Ltd.		—	(a)		19
Westpac Banking Corp.		2			25

INVESTMENTS	SHARES (000)			VALUE ($000)
Australia — continued
Woodside Petroleum Ltd.		—	(a)		6
Woolworths Group Ltd.		1			20
					919
Austria — 0.1%
Erste Group Bank AG		6			171
Belgium — 0.2%
Anheuser-Busch InBev SA/NV		—	(a)		9
KBC Group NV		3			203
					212
Canada — 0.5%
Alimentation Couche-Tard, Inc., Class B		4			130
Canadian National Railway Co.		2			194
Canadian Pacific Railway Ltd.		—	(a)		45
Fairfax Financial Holdings Ltd.		—	(a)		58
Shopify, Inc., Class A *		—	(a)		31
Toronto-Dominion Bank (The)		3			178
					636
China — 1.0%
Alibaba Group Holding Ltd. *		10			291
Alibaba Group Holding Ltd., ADR *		—	(a)		49
BOC Hong Kong Holdings Ltd.		3			9
Ping An Insurance Group Co. of China Ltd., Class H		31			371
Prosus NV *		1			57
Tencent Holdings Ltd.		5			367
Wilmar International Ltd.		1			5
					1,149
Denmark — 0.7%
Carlsberg A/S, Class B		1			206
Novo Nordisk A/S, Class B		6			437
Orsted A/S (c)		1			178
					821
Finland — 0.2%
Elisa OYJ		—	(a)		13
Kone OYJ, Class B		2			140
UPM-Kymmene OYJ		1			28
					181
France — 2.5%
Accor SA *		1			23
Air Liquide SA		—	(a)		45
Airbus SE * (b)		2			233
Alstom SA *		2			137

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
France — continued
Arkema SA		—	(a)		24
AXA SA		2			45
BioMerieux		—	(a)		17
BNP Paribas SA *		3			163
Capgemini SE		2			246
Dassault Systemes SE		—	(a)		39
Eiffage SA *		—	(a)		13
EssilorLuxottica SA		—	(a)		13
Kering SA		—	(a)		54
L’Oreal SA		—	(a)		54
LVMH Moet Hennessy Louis Vuitton SE		1			575
Orange SA		1			13
Pernod Ricard SA		—	(a)		11
Peugeot SA *		1			29
Safran SA *		2			262
Sanofi		—	(a)		44
Schneider Electric SE		3			484
Societe Generale SA *		1			11
Thales SA		—	(a)		20
TOTAL SE (b)		2			75
Veolia Environnement SA		1			34
Vinci SA		4			394
					3,058
Germany — 1.6%
adidas AG *		1			301
Allianz SE (Registered)		2			505
BASF SE		—	(a)		35
Bayer AG (Registered)		—	(a)		29
Daimler AG (Registered)		—	(a)		32
Delivery Hero SE * (b) (c)		1			186
Deutsche Boerse AG		—	(a)		13
Deutsche Post AG (Registered)		1			62
Deutsche Telekom AG (Registered)		4			67
Infineon Technologies AG		1			52
Merck KGaA		—	(a)		35
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		—	(a)		44
RWE AG (b)		3			144
SAP SE		1			75
Siemens AG (Registered)		—	(a)		46
Volkswagen AG (Preference)		1			149
Vonovia SE		2			162
					1,937

INVESTMENTS	SHARES (000)			VALUE ($000)
Hong Kong — 0.6%
AIA Group Ltd.		34			409
ASM Pacific Technology Ltd.		—	(a)		1
CK Asset Holdings Ltd.		1			5
CK Infrastructure Holdings Ltd.		1			3
CLP Holdings Ltd.		1			5
Hang Seng Bank Ltd.		—	(a)		7
Henderson Land Development Co. Ltd.		1			4
HKT Trust & HKT Ltd.		1			1
Hong Kong & China Gas Co. Ltd.		4			6
Hong Kong Exchanges & Clearing Ltd.		4			208
Hongkong Land Holdings Ltd.		1			3
Jardine Matheson Holdings Ltd.		—	(a)		6
Link, REIT		1			6
MTR Corp. Ltd.		1			3
New World Development Co. Ltd.		1			2
Power Assets Holdings Ltd.		1			3
Sino Land Co. Ltd.		2			3
Sun Hung Kai Properties Ltd.		1			6
Swire Pacific Ltd., Class A		1			3
Techtronic Industries Co. Ltd.		1			7
WH Group Ltd. (c)		2			2
Wharf Real Estate Investment Co. Ltd.		1			5
					698
India — 0.4%
HDFC Bank Ltd., ADR *		6			435
Indonesia — 0.1%
Bank Central Asia Tbk. PT		61			147
Ireland — 0.2%
CRH plc		1			45
Kingspan Group plc		—	(a)		12
Kingspan Group plc		—	(a)		5
Ryanair Holdings plc, ADR *		1			118
					180
Italy — 0.2%
Davide Campari-Milano NV (b)		1			14
Enel SpA		3			28
Ferrari NV		—	(a)		72
FinecoBank Banca Fineco SpA * (b)		2			28
Snam SpA		7			38
UniCredit SpA *		2			22
					202

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — 2.7%
Advantest Corp.		—	(a)		15
Aeon Co. Ltd.		—	(a)		3
Amada Co. Ltd.		1			9
Asahi Group Holdings Ltd.		—	(a)		16
Asahi Intecc Co. Ltd.		—	(a)		4
Asahi Kasei Corp.		2			16
Astellas Pharma, Inc.		1			8
Bandai Namco Holdings, Inc.		—	(a)		9
Bridgestone Corp.		—	(a)		10
Canon, Inc.		—	(a)		8
Casio Computer Co. Ltd.		—	(a)		4
Central Japan Railway Co.		—	(a)		14
Chubu Electric Power Co., Inc.		1			8
Chugai Pharmaceutical Co. Ltd.		—	(a)		16
Concordia Financial Group Ltd.		2			6
CyberAgent, Inc.		—	(a)		7
Dai Nippon Printing Co. Ltd.		—	(a)		2
Dai-ichi Life Holdings, Inc.		—	(a)		6
Daiichi Sankyo Co. Ltd.		1			38
Daikin Industries Ltd.		—	(a)		44
Daito Trust Construction Co. Ltd.		—	(a)		9
Daiwa House Industry Co. Ltd.		1			18
Daiwa House REIT Investment Corp., REIT		—	(a)		2
Denso Corp.		—	(a)		24
Dentsu Group, Inc.		—	(a)		6
East Japan Railway Co.		—	(a)		13
Eisai Co. Ltd.		—	(a)		7
ENEOS Holdings, Inc.		3			11
FANUC Corp.		—	(a)		25
Fast Retailing Co. Ltd.		—	(a)		90
FUJIFILM Holdings Corp.		—	(a)		16
Fujitsu Ltd.		—	(a)		14
Fukuoka Financial Group, Inc.		—	(a)		7
GLP J-REIT, REIT *		—	(a)		2
Hankyu Hanshin Holdings, Inc.		—	(a)		3
Hitachi Ltd.		1			35
Honda Motor Co. Ltd.		1			28
Hoya Corp.		—	(a)		42
Isuzu Motors Ltd.		1			7
ITOCHU Corp.		1			32
Japan Airlines Co. Ltd.		4			79
Japan Exchange Group, Inc.		—	(a)		10
Japan Post Holdings Co. Ltd.		—	(a)		2
Japan Real Estate Investment Corp., REIT		—	(a)		6

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Japan Retail Fund Investment Corp., REIT		—	(a)		4
Japan Tobacco, Inc.		1			14
Kajima Corp.		1			9
Kansai Electric Power Co., Inc. (The)		—	(a)		4
Kansai Paint Co. Ltd.		—	(a)		3
Kao Corp.		—	(a)		31
KDDI Corp.		1			30
Keikyu Corp.		—	(a)		2
Keyence Corp.		—	(a)		169
Kikkoman Corp.		—	(a)		7
Kintetsu Group Holdings Co. Ltd.		—	(a)		4
Kirin Holdings Co. Ltd.		—	(a)		9
Komatsu Ltd.		—	(a)		11
Konami Holdings Corp.		—	(a)		11
Kubota Corp.		1			24
Kuraray Co. Ltd.		1			7
Kurita Water Industries Ltd.		—	(a)		4
Kyocera Corp.		—	(a)		12
Kyowa Kirin Co. Ltd.		—	(a)		11
Kyushu Electric Power Co., Inc.		—	(a)		3
Lawson, Inc.		—	(a)		5
Lion Corp.		—	(a)		10
M3, Inc.		—	(a)		38
Makita Corp.		—	(a)		5
Marui Group Co. Ltd.		—	(a)		5
MINEBEA MITSUMI, Inc.		—	(a)		8
MISUMI Group, Inc.		—	(a)		10
Mitsubishi Corp.		1			27
Mitsubishi Electric Corp.		1			15
Mitsubishi Estate Co. Ltd.		—	(a)		6
Mitsubishi Heavy Industries Ltd.		—	(a)		3
Mitsubishi UFJ Financial Group, Inc.		8			35
Mitsui & Co. Ltd.		1			15
Mitsui Chemicals, Inc.		—	(a)		9
Mitsui Fudosan Co. Ltd.		4			77
Mizuho Financial Group, Inc.		1			10
MS&AD Insurance Group Holdings, Inc.		—	(a)		3
Murata Manufacturing Co. Ltd.		—	(a)		36
Nabtesco Corp.		—	(a)		13
NEC Corp.		—	(a)		5
Nexon Co. Ltd.		—	(a)		6
NGK Spark Plug Co. Ltd.		—	(a)		2
NH Foods Ltd.		—	(a)		9
Nidec Corp.		—	(a)		51

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Nihon M&A Center, Inc.		—	(a)		7
Nintendo Co. Ltd.		—	(a)		64
Nippon Building Fund, Inc., REIT		—	(a)		6
Nippon Express Co. Ltd.		—	(a)		13
Nippon Prologis REIT, Inc., REIT *		—	(a)		3
Nippon Steel Corp. *		1			9
Nippon Telegraph & Telephone Corp.		1			28
Nippon Yusen KK		—	(a)		5
Nissan Motor Co. Ltd.		1			6
Nissin Foods Holdings Co. Ltd.		—	(a)		9
Nitori Holdings Co. Ltd.		—	(a)		21
Nomura Holdings, Inc.		1			4
Nomura Real Estate Master Fund, Inc., REIT		—	(a)		1
Nomura Research Institute Ltd.		—	(a)		14
Odakyu Electric Railway Co. Ltd.		—	(a)		6
Olympus Corp.		—	(a)		9
Omron Corp.		—	(a)		9
Ono Pharmaceutical Co. Ltd.		—	(a)		12
Oriental Land Co. Ltd.		—	(a)		16
ORIX Corp.		1			17
Orix JREIT, Inc., REIT		—	(a)		2
Otsuka Corp.		—	(a)		11
Otsuka Holdings Co. Ltd.		—	(a)		9
Pan Pacific International Holdings Corp.		—	(a)		7
Panasonic Corp.		1			8
Rakuten, Inc.		1			9
Recruit Holdings Co. Ltd.		1			38
Resona Holdings, Inc.		3			9
Rinnai Corp.		—	(a)		12
Rohm Co. Ltd.		—	(a)		10
Ryohin Keikaku Co. Ltd.		—	(a)		8
Santen Pharmaceutical Co. Ltd.		—	(a)		2
SBI Holdings, Inc.		—	(a)		7
Secom Co. Ltd.		—	(a)		9
Sekisui House Ltd.		1			10
Seven & i Holdings Co. Ltd.		1			21
Shimadzu Corp.		—	(a)		12
Shin-Etsu Chemical Co. Ltd.		—	(a)		53
Shionogi & Co. Ltd.		—	(a)		16
Shiseido Co. Ltd.		—	(a)		14
SMC Corp.		—	(a)		122
SoftBank Corp.		1			13
SoftBank Group Corp.		1			62
Sompo Holdings, Inc.		—	(a)		8

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Sony Corp.		4			393
Square Enix Holdings Co. Ltd.		—	(a)		6
Stanley Electric Co. Ltd.		—	(a)		3
Sumitomo Electric Industries Ltd.		—	(a)		5
Sumitomo Metal Mining Co. Ltd.		—	(a)		13
Sumitomo Mitsui Financial Group, Inc.		1			31
Sumitomo Realty & Development Co. Ltd.		—	(a)		3
Sundrug Co. Ltd.		—	(a)		8
Suntory Beverage & Food Ltd.		—	(a)		4
Suzuki Motor Corp.		—	(a)		14
Sysmex Corp.		—	(a)		24
T&D Holdings, Inc.		1			11
Taiheiyo Cement Corp.		—	(a)		5
Taisei Corp.		—	(a)		10
Takeda Pharmaceutical Co. Ltd.		1			33
Terumo Corp.		—	(a)		17
Tohoku Electric Power Co., Inc.		—	(a)		2
Tokio Marine Holdings, Inc.		1			31
Tokyo Electric Power Co. Holdings, Inc. *		—	(a)		1
Tokyo Electron Ltd.		—	(a)		37
Tokyo Gas Co. Ltd.		—	(a)		9
Tokyu Corp.		1			9
Toppan Printing Co. Ltd.		—	(a)		1
Toshiba Corp.		—	(a)		6
Toyota Motor Corp.		3			255
Toyota Tsusho Corp.		—	(a)		4
Unicharm Corp.		—	(a)		5
United Urban Investment Corp., REIT		—	(a)		1
Yamaha Corp.		—	(a)		6
Yamaha Motor Co. Ltd.		—	(a)		4
Yamato Holdings Co. Ltd.		—	(a)		10
Yaskawa Electric Corp.		—	(a)		5
Z Holdings Corp.		1			8
					3,208
Macau — 0.0% (d)
Galaxy Entertainment Group Ltd.		1			8
Sands China Ltd.		2			7
Wynn Macau Ltd. *		—	(a)		—	(a)
					15
Netherlands — 1.3%
Adyen NV * (b) (c)		—	(a)		16
Akzo Nobel NV		2			215
ASML Holding NV		1			614

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Netherlands — continued
Heineken NV		—	(a)		22
ING Groep NV		14			129
Koninklijke Ahold Delhaize NV		1			39
Koninklijke DSM NV		—	(a)		19
Koninklijke KPN NV		11			32
Koninklijke Philips NV *		—	(a)		20
NN Group NV		1			35
NXP Semiconductors NV		2			385
Randstad NV *		—	(a)		16
Royal Dutch Shell plc, Class A		2			28
Royal Dutch Shell plc, Class B		1			22
Wolters Kluwer NV		—	(a)		26
					1,618
New Zealand — 0.0% (d)
Auckland International Airport Ltd.		1			4
Ryman Healthcare Ltd.		—	(a)		3
Spark New Zealand Ltd.		1			4
					11
Norway — 0.0% (d)
Telenor ASA		2			30
Peru — 0.0% (d)
Credicorp Ltd.		—	(a)		49
Portugal — 0.0% (d)
Galp Energia SGPS SA		—	(a)		4
Singapore — 0.1%
Ascendas, REIT		1			2
CapitaLand Integrated Commercial Trust, REIT		1			2
CapitaLand Ltd.		2			5
DBS Group Holdings Ltd.		1			23
Genting Singapore Ltd.		2			1
Keppel Corp. Ltd.		1			4
Oversea-Chinese Banking Corp. Ltd.		2			18
Singapore Telecommunications Ltd.		6			10
United Overseas Bank Ltd.		—	(a)		3
					68
South Africa — 0.1%
Anglo American plc		4			129
South Korea — 0.6%
LG Chem Ltd. *		—	(a)		131
Samsung Electronics Co. Ltd.		9			637
					768

INVESTMENTS	SHARES (000)			VALUE ($000)
Spain — 0.6%
Banco Bilbao Vizcaya Argentaria SA		7			32
Banco Santander SA		9			29
Cellnex Telecom SA (c)		2			119
Endesa SA		1			16
Grifols SA		1			22
Iberdrola SA		27			382
Industria de Diseno Textil SA		5			153
					753
Sweden — 0.7%
Alfa Laval AB *		1			15
Atlas Copco AB, Class A		4			189
Boliden AB		1			25
Lundin Energy AB (b)		1			19
Sandvik AB *		1			36
SKF AB, Class B		8			208
Svenska Handelsbanken AB, Class A *		17			171
Volvo AB, Class B *		9			209
					872
Switzerland — 1.7%
ABB Ltd. (Registered)		1			19
Adecco Group AG (Registered)		—	(a)		19
Cie Financiere Richemont SA (Registered)		—	(a)		13
Credit Suisse Group AG (Registered)		3			39
Givaudan SA (Registered)		—	(a)		9
LafargeHolcim Ltd. (Registered) *		4			236
Lonza Group AG (Registered)		—	(a)		200
Nestle SA (Registered)		5			615
Novartis AG (Registered)		2			155
Roche Holding AG		1			377
Schindler Holding AG		—	(a)		17
SGS SA (Registered)		—	(a)		169
UBS Group AG (Registered)		2			22
Zurich Insurance Group AG		—	(a)		205
					2,095
Taiwan — 0.5%
Sea Ltd., ADR *		1			153
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4			410
					563
United Kingdom — 2.8%
3i Group plc		3			41
AstraZeneca plc		1			69
BP plc		68			235

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United Kingdom — continued
British American Tobacco plc		2			63
CK Hutchison Holdings Ltd.		2			14
Compass Group plc		1			11
DCC plc		—	(a)		23
Diageo plc		12			487
GlaxoSmithKline plc		3			50
HSBC Holdings plc		9			48
InterContinental Hotels Group plc		3			212
Intertek Group plc		—	(a)		30
Legal & General Group plc		46			168
Linde plc		1			147
Linde plc		1			200
Lloyds Banking Group plc		85			42
London Stock Exchange Group plc		1			181
National Grid plc		1			8
Next plc *		—	(a)		10
Persimmon plc		5			186
Prudential plc		2			31
Reckitt Benckiser Group plc		3			252
RELX plc		7			159
RELX plc		2			61
Standard Chartered plc		5			32
Taylor Wimpey plc		63			143
Tesco plc		14			43
Unilever plc		5			329
Unilever plc		1			56
Vodafone Group plc		8			13
					3,344
United States — 23.6%
AbbVie, Inc.		3			371
Advanced Micro Devices, Inc. *		3			240
Airbnb, Inc., Class A *		—	(a)		25
Alexion Pharmaceuticals, Inc. *		1			137
Alleghany Corp.		—	(a)		59
Alnylam Pharmaceuticals, Inc. *		—	(a)		26
Alphabet, Inc., Class A *		—	(a)		2
Alphabet, Inc., Class C * (e)		—	(a)		732
Altice USA, Inc., Class A *		3			102
Amazon.com, Inc. * (e)		—	(a)		1,016
American Electric Power Co., Inc.		1			112
American Express Co.		1			90
American Homes 4 Rent, Class A, REIT		2			68
American International Group, Inc.		1			57

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
AmerisourceBergen Corp.		1			63
AMETEK, Inc.		—	(a)		48
Amgen, Inc.		1			119
Amphenol Corp., Class A		—	(a)		35
Analog Devices, Inc.		3			371
Apple, Inc.		7			923
Applied Materials, Inc.		2			163
Arrow Electronics, Inc. *		1			62
AutoZone, Inc. *		—	(a)		140
Ball Corp.		1			58
Bank of America Corp.		12			368
Berkshire Hathaway, Inc., Class B *		1			239
Best Buy Co., Inc.		1			129
Biogen, Inc. *		—	(a)		32
BlackRock, Inc.		—	(a)		52
Blackstone Group, Inc. (The), Class A		1			47
Booking Holdings, Inc. *		—	(a)		303
Booz Allen Hamilton Holding Corp.		1			57
Boston Scientific Corp. *		7			261
Bristol-Myers Squibb Co.		6			374
Brixmor Property Group, Inc., REIT		4			61
Cabot Oil & Gas Corp.		2			30
Cadence Design Systems, Inc. *		—	(a)		41
Capital One Financial Corp.		4			373
Carlisle Cos., Inc. (e)		—	(a)		64
CarMax, Inc. *		—	(a)		39
Catalent, Inc. *		1			59
CBRE Group, Inc., Class A *		1			89
Ceridian HCM Holding, Inc. *		1			60
Charles Schwab Corp. (The)		4			200
Charter Communications, Inc., Class A *		1			458
Chevron Corp.		2			172
Chubb Ltd.		1			220
Cigna Corp.		2			330
Cisco Systems, Inc.		2			68
Citigroup, Inc.		2			102
Citizens Financial Group, Inc.		3			115
CNA Financial Corp.		1			26
Coca-Cola Co. (The)		7			364
Columbia Sportswear Co.		1			57
Comcast Corp., Class A		5			283
CommScope Holding Co., Inc. *		5			72
ConocoPhillips		3			113
Constellation Brands, Inc., Class A		1			181

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Copart, Inc. *		—	(a)		49
Coty, Inc., Class A		4			30
Coupa Software, Inc. *		—	(a)		70
Crowdstrike Holdings, Inc., Class A *		—	(a)		61
CVS Health Corp.		1			48
DexCom, Inc. *		—	(a)		52
Diamondback Energy, Inc.		1			31
Discovery, Inc., Class A *		3			86
Discovery, Inc., Class C *		2			64
DISH Network Corp., Class A *		2			71
Dover Corp.		1			131
EastGroup Properties, Inc., REIT		—	(a)		43
Eastman Chemical Co.		2			191
Edison International		1			51
Eli Lilly and Co.		1			202
Energizer Holdings, Inc.		2			72
Enphase Energy, Inc. *		—	(a)		73
Entegris, Inc.		1			58
Entergy Corp.		—	(a)		47
EQT Corp.		3			33
Equitrans Midstream Corp.		5			41
Estee Lauder Cos., Inc. (The), Class A		—	(a)		67
Exact Sciences Corp. *		—	(a)		56
Exelixis, Inc. *		2			32
Facebook, Inc., Class A *		—	(a)		79
Federal Realty Investment Trust, REIT		1			49
Ferguson plc		2			195
Fifth Third Bancorp		1			25
First Republic Bank		1			78
Fiserv, Inc. *		1			152
Five9, Inc. *		—	(a)		29
FleetCor Technologies, Inc. *		—	(a)		119
Fortune Brands Home & Security, Inc.		1			52
Freeport-McMoRan, Inc.		1			33
FTI Consulting, Inc. *		—	(a)		37
Gap, Inc. (The)		—	(a)		8
Garmin Ltd.		—	(a)		58
Generac Holdings, Inc. *		—	(a)		69
General Dynamics Corp.		—	(a)		71
Global Payments, Inc.		—	(a)		82
Graphic Packaging Holding Co.		5			76
Hartford Financial Services Group, Inc. (The)		2			75
HCA Healthcare, Inc.		—	(a)		44
Home Depot, Inc. (The)		1			156

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Honeywell International, Inc.		1			235
Horizon Therapeutics plc *		1			38
HubSpot, Inc. *		—	(a)		39
IHS Markit Ltd.		—	(a)		41
Illinois Tool Works, Inc.		—	(a)		44
Ingersoll Rand, Inc. *		1			49
Insulet Corp. *		—	(a)		26
Intuitive Surgical, Inc. *		—	(a)		69
Invesco Ltd.		2			33
ITT, Inc.		1			67
James Hardie Industries plc, CHDI *		—	(a)		8
Jazz Pharmaceuticals plc *		—	(a)		41
Johnson & Johnson		1			169
KB Home		1			31
Keurig Dr Pepper, Inc.		2			54
Keysight Technologies, Inc. *		—	(a)		58
Kimco Realty Corp., REIT		4			63
Kinder Morgan, Inc.		6			81
Kohl’s Corp.		1			40
Kraft Heinz Co. (The)		1			49
Lam Research Corp.		—	(a)		82
Lamar Advertising Co., Class A, REIT		—	(a)		16
Las Vegas Sands Corp.		2			92
Liberty Media Corp.-Liberty SiriusXM, Class A *		1			63
Liberty Media Corp.-Liberty SiriusXM, Class C *		3			111
Loews Corp. (e)		5			205
Lowe’s Cos., Inc.		1			177
Lyft, Inc., Class A *		4			205
M&T Bank Corp.		1			121
Marathon Petroleum Corp.		2			83
Marsh & McLennan Cos., Inc.		—	(a)		42
Martin Marietta Materials, Inc.		—	(a)		120
Mastercard, Inc., Class A (e)		1			484
McKesson Corp.		—	(a)		41
Medtronic plc		1			99
Merck & Co., Inc.		1			64
Mettler-Toledo International, Inc. *		—	(a)		59
Microchip Technology, Inc.		—	(a)		44
Microsoft Corp. (e)		5			1,135
Mid-America Apartment Communities, Inc., REIT		1			82
Middleby Corp. (The) *		—	(a)		41
Mohawk Industries, Inc. *		1			84
MongoDB, Inc. *		—	(a)		46
Morgan Stanley		5			323

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Murphy USA, Inc.		—	(a)		59
National Vision Holdings, Inc. *		1			23
Netflix, Inc. *		1			300
Newell Brands, Inc.		3			65
Nexstar Media Group, Inc., Class A		1			83
NextEra Energy, Inc.		6			440
NIKE, Inc., Class B		1			91
Nordstrom, Inc.		1			25
Norfolk Southern Corp.		1			311
Northern Trust Corp.		1			67
Northrop Grumman Corp.		—	(a)		42
NVIDIA Corp. (e)		—	(a)		239
Old Dominion Freight Line, Inc.		—	(a)		44
O’Reilly Automotive, Inc. *		1			287
Otis Worldwide Corp.		—	(a)		25
Outfront Media, Inc., REIT		1			26
Packaging Corp. of America		1			89
Paylocity Holding Corp. *		—	(a)		37
PayPal Holdings, Inc. *		1			324
Pfizer, Inc.		2			68
Phillips 66		1			79
Pioneer Natural Resources Co.		1			144
PNC Financial Services Group, Inc. (The)		1			143
Post Holdings, Inc. *		1			97
Procter & Gamble Co. (The)		1			130
Progressive Corp. (The)		1			61
Prologis, Inc., REIT		2			161
Prudential Financial, Inc.		—	(a)		2
Public Storage, REIT		—	(a)		93
QUALCOMM, Inc.		1			126
Ralph Lauren Corp.		1			78
Rayonier, Inc., REIT		2			71
Raytheon Technologies Corp.		2			112
Regeneron Pharmaceuticals, Inc. *		—	(a)		119
RingCentral, Inc., Class A *		—	(a)		74
Royalty Pharma plc, Class A		1			48
S&P Global, Inc.		—	(a)		42
salesforce.com, Inc. *		1			118
ServiceNow, Inc. *		—	(a)		59
Sherwin-Williams Co. (The)		—	(a)		43
Snowflake, Inc., Class A * (b)		—	(a)		18
SolarEdge Technologies, Inc. *		—	(a)		57
Spotify Technology SA *		—	(a)		48
Stanley Black & Decker, Inc.		2			278

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
State Street Corp.		2			122
Sun Communities, Inc., REIT		—	(a)		68
Synopsys, Inc. *		—	(a)		53
Sysco Corp.		1			53
T. Rowe Price Group, Inc.		—	(a)		70
Take-Two Interactive Software, Inc. *		—	(a)		60
Teladoc Health, Inc. * (b)		—	(a)		35
Teradyne, Inc.		—	(a)		35
Tesla, Inc. *		1			490
Texas Instruments, Inc. (e)		1			127
Thermo Fisher Scientific, Inc.		—	(a)		216
Thor Industries, Inc.		—	(a)		28
T-Mobile US, Inc. *		1			79
Toll Brothers, Inc.		1			34
Tractor Supply Co.		—	(a)		65
Trade Desk, Inc. (The), Class A *		—	(a)		86
Trane Technologies plc		2			301
Travelers Cos., Inc. (The)		1			168
Truist Financial Corp.		5			240
Twilio, Inc., Class A *		—	(a)		100
Uber Technologies, Inc. *		2			121
UnitedHealth Group, Inc. (e)		2			551
US Bancorp		2			89
Verizon Communications, Inc.		3			180
Vertex Pharmaceuticals, Inc. *		—	(a)		85
ViacomCBS, Inc.		1			20
Viatris, Inc. *		2			29
Visa, Inc., Class A		—	(a)		56
Vornado Realty Trust, REIT		—	(a)		2
Wells Fargo & Co.		10			310
WestRock Co.		2			68
Weyerhaeuser Co., REIT		2			61
Williams Cos., Inc. (The)		3			61
Workday, Inc., Class A *		—	(a)		105
Xcel Energy, Inc.		2			103
Yum! Brands, Inc.		2			168
Zebra Technologies Corp., Class A *		—	(a)		66
Zillow Group, Inc., Class C *		—	(a)		40
Zimmer Biomet Holdings, Inc.		1			194
Zscaler, Inc. *		1			118
					28,361
Total Common Stocks (Cost $36,745)					52,634

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Investment Companies — 27.6%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (f)		292		12,847
JPMorgan High Yield Fund Class R6 Shares (f)		2,685		19,120
JPMorgan Mortgage-Backed Securities Fund Class R6 Shares (f)		103		1,187
Total Investment Companies (Cost $27,579)				33,154
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 8.1%
Australia — 0.1%
Glencore Funding LLC 2.50%, 9/1/2030 (g)		22		22
Macquarie Bank Ltd. 0.44%, 12/16/2022 (g)		20		20
Newcrest Finance Pty. Ltd. 5.75%, 11/15/2041 (g)		15		21
Westpac Banking Corp.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (h)		30		34
2.96%, 11/16/2040		10		11
				108
Belgium — 0.2%
Anheuser-Busch Cos. LLC 4.70%, 2/1/2036		5		6
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 4/15/2038		45		56
5.45%, 1/23/2039		15		20
4.60%, 4/15/2048		25		32
4.44%, 10/6/2048		25		31
4.50%, 6/1/2050		50		63
				208
Canada — 0.2%
Alimentation Couche-Tard, Inc. 3.80%, 1/25/2050 (g)		15		18
Bell Canada 4.30%, 7/29/2049		15		20
Emera US Finance LP 4.75%, 6/15/2046		20		25
Enbridge, Inc. 4.50%, 6/10/2044		15		17
Nutrien Ltd. 4.13%, 3/15/2035		20		24
Rogers Communications, Inc.
(ICE LIBOR USD 3 Month + 0.60%), 0.84%, 3/22/2022 (h)		21		21
4.35%, 5/1/2049		10		13
3.70%, 11/15/2049		20		24
Royal Bank of Canada (SOFR + 0.45%), 0.54%, 10/26/2023 (h)		21		21

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Canada — continued
Suncor Energy, Inc.
6.80%, 5/15/2038 (b)		15		21
6.50%, 6/15/2038 (b)		15		21
TransCanada PipeLines Ltd. 5.60%, 3/31/2034		25		33
Transcanada Trust Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (h)		10		11
				269
China — 0.2%
China Development Bank 0.88%, 1/24/2024 (c)	EUR	200		247
France — 0.3%
Dexia Credit Local SA
0.75%, 1/25/2023 (c)	EUR	100		125
1.63%, 12/8/2023 (c)	GBP	100		143
Total Capital International SA
2.99%, 6/29/2041		15		16
3.13%, 5/29/2050		10		11
				295
Germany — 0.3%
BMW US Capital LLC 2.70%, 4/6/2022 (g)		25		26
Daimler Finance North America LLC (ICE LIBOR USD 3 Month + 0.45%), 0.66%, 2/22/2021 (g) (h)		150		150
Deutsche Telekom International Finance BV 8.75%, 6/15/2030(i)		25		39
Kreditanstalt fuer Wiederaufbau 0.00%, 12/15/2022	EUR	80		99
				314
Japan — 0.0% (d)
Mitsubishi UFJ Financial Group, Inc. 3.54%, 7/26/2021		20		20
Sumitomo Mitsui Financial Group, Inc. 2.78%, 7/12/2022		25		26
				46
Netherlands — 0.1%
BNG Bank NV
4.75%, 3/6/2023 (c)	AUD	15		13
1.90%, 11/26/2025 (c)	AUD	90		73
Shell International Finance BV
3.13%, 11/7/2049		25		27
3.25%, 4/6/2050		20		23
				136

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Singapore — 0.2%
Temasek Financial I Ltd. 0.50%, 3/1/2022 (c)	EUR	150		185
South Korea — 0.2%
Korea Development Bank (The)
1.75%, 12/15/2022 (c)	GBP	100		141
0.63%, 7/17/2023 (c)	EUR	100		125
				266
Spain — 0.0% (d)
Telefonica Emisiones SA 7.05%, 6/20/2036		30		45
Switzerland—0.0% (d)
Glencore Finance Canada Ltd. 5.55%, 10/25/2042 (g) (i)		10		12
United Kingdom — 0.3%
AstraZeneca plc 2.13%, 8/6/2050		35		33
BAT Capital Corp.
4.91%, 4/2/2030		15		18
4.39%, 8/15/2037		35		39
4.54%, 8/15/2047		25		28
GlaxoSmithKline Capital, Inc. 6.38%, 5/15/2038		10		16
HSBC Holdings plc 6.80%, 6/1/2038		100		151
Vodafone Group plc
5.00%, 5/30/2038		5		6
4.38%, 2/19/2043		5		6
4.25%, 9/17/2050		40		50
				347
United States — 6.0%
Abbott Laboratories 4.90%, 11/30/2046		15		22
AbbVie, Inc.
3.45%, 3/15/2022		15		16
4.50%, 5/14/2035		20		25
4.05%, 11/21/2039		35		42
4.45%, 5/14/2046		35		44
4.25%, 11/21/2049		20		25
AEP Transmission Co. LLC Series M, 3.65%, 4/1/2050		15		18
Aetna, Inc.
4.13%, 11/15/2042		10		12
3.88%, 8/15/2047		25		30
Aflac, Inc. 4.00%, 10/15/2046		35		42
Air Products and Chemicals, Inc. 2.80%, 5/15/2050		10		11
Alabama Power Co. Series A, 4.30%, 7/15/2048		10		13

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Alexandria Real Estate Equities, Inc.
REIT, 4.90%, 12/15/2030		25		32
REIT, 1.88%, 2/1/2033		20		20
Alphabet, Inc. 2.25%, 8/15/2060		10		10
Altria Group, Inc.
4.25%, 8/9/2042		5		5
4.50%, 5/2/2043		20		23
3.88%, 9/16/2046		35		37
Amazon.com, Inc.
3.88%, 8/22/2037		40		50
2.70%, 6/3/2060		15		16
Ameren Corp. 3.50%, 1/15/2031		17		20
American Express Co. 4.05%, 12/3/2042		5		6
American Financial Group, Inc. 4.50%, 6/15/2047		5		6
American Honda Finance Corp. 0.40%, 10/21/2022		25		25
American International Group, Inc. 3.88%, 1/15/2035		65		78
American Tower Corp.
REIT, 3.70%, 10/15/2049		20		23
REIT, 3.10%, 6/15/2050		10		10
American Water Capital Corp. 3.45%, 5/1/2050		30		35
Amgen, Inc.
3.15%, 2/21/2040		20		22
3.38%, 2/21/2050		25		28
2.77%, 9/1/2053 (g)		20		20
Anthem, Inc.
4.63%, 5/15/2042		20		26
3.13%, 5/15/2050		10		11
Appalachian Power Co. Series Z, 3.70%, 5/1/2050		5		6
Apple, Inc.
2.95%, 9/11/2049		45		50
2.65%, 5/11/2050		15		16
2.55%, 8/20/2060		15		15
AT&T, Inc.
2.75%, 6/1/2031		20		21
2.25%, 2/1/2032		10		10
3.50%, 6/1/2041		40		43
3.10%, 2/1/2043		20		20
3.30%, 2/1/2052		15		15
3.55%, 9/15/2055 (g)		75		75
3.65%, 9/15/2059 (g)		69		69

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Baltimore Gas and Electric Co. 2.90%, 6/15/2050		5		5
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022 (h)		15		15
(SOFR + 1.93%), 2.68%, 6/19/2041 (h)		70		73
(SOFR + 1.88%), 2.83%, 10/24/2051 (h)		55		57
Becton Dickinson and Co.
4.69%, 12/15/2044		20		26
4.67%, 6/6/2047		5		6
3.79%, 5/20/2050		10		12
Berkshire Hathaway Energy Co.
4.50%, 2/1/2045		10		13
2.85%, 5/15/2051 (g)		10		10
Berkshire Hathaway Finance Corp.
4.20%, 8/15/2048		35		46
2.85%, 10/15/2050		20		22
Biogen, Inc. 3.15%, 5/1/2050		30		31
Boeing Co. (The)
5.04%, 5/1/2027		3		3
3.25%, 2/1/2028		10		11
3.63%, 2/1/2031		25		27
3.60%, 5/1/2034		10		11
3.25%, 2/1/2035		30		31
5.71%, 5/1/2040		35		45
Boston Scientific Corp. 4.55%, 3/1/2039		10		13
BP Capital Markets America, Inc.
3.25%, 5/6/2022		17		18
3.00%, 2/24/2050		20		20
2.77%, 11/10/2050		10		10
2.94%, 6/4/2051		5		5
Bristol-Myers Squibb Co.
2.35%, 11/13/2040		30		31
2.55%, 11/13/2050		35		36
Broadcom, Inc. 4.15%, 11/15/2030		30		35
Burlington Northern Santa Fe LLC
4.95%, 9/15/2041		4		5
3.05%, 2/15/2051		35		40
Cameron LNG LLC 3.30%, 1/15/2035 (g)		10		11
Capital One Financial Corp. 3.05%, 3/9/2022 (b)		15		15
Carrier Global Corp. 3.38%, 4/5/2040		15		16
Caterpillar, Inc.
3.25%, 9/19/2049		15		17
3.25%, 4/9/2050		5		6

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Charles Schwab Corp. (The) Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (h) (j) (k)		20		21
Charter Communications Operating LLC
5.38%, 5/1/2047		15		19
5.13%, 7/1/2049		15		18
4.80%, 3/1/2050		50		60
3.70%, 4/1/2051		15		15
Chevron Corp. 2.98%, 5/11/2040		10		11
Cigna Corp.
3.20%, 3/15/2040		20		22
3.40%, 3/15/2050		15		17
Citigroup, Inc.
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (h) (j) (k)		10		10
(SOFR + 4.55%), 5.32%, 3/26/2041 (h)		40		56
4.65%, 7/30/2045		10		14
4.75%, 5/18/2046		15		20
4.65%, 7/23/2048		15		21
Coca-Cola Co. (The) 2.50%, 6/1/2040		15		16
Comcast Corp.
3.20%, 7/15/2036		45		51
3.75%, 4/1/2040		60		72
2.45%, 8/15/2052		75		73
Commonwealth Edison Co.
Series 123, 3.75%, 8/15/2047		10		12
3.00%, 3/1/2050		10		11
Conagra Brands, Inc. 5.30%, 11/1/2038		20		27
Concho Resources, Inc. 4.88%, 10/1/2047		20		27
Connecticut Light and Power Co. (The) 4.30%, 4/15/2044		20		26
Consolidated Edison Co. of New York, Inc. Series 12-A, 4.20%, 3/15/2042		20		24
Constellation Brands, Inc.
4.50%, 5/9/2047		15		19
3.75%, 5/1/2050		15		18
Cox Communications, Inc. 4.80%, 2/1/2035 (g)		25		32
Crown Castle International Corp.
REIT, 4.15%, 7/1/2050		20		24
REIT, 3.25%, 1/15/2051		10		11
CSX Corp.
4.10%, 3/15/2044		15		19
4.75%, 11/15/2048		15		21
3.80%, 4/15/2050		15		18

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Cummins, Inc. 2.60%, 9/1/2050		10		10
CVS Health Corp.
2.70%, 8/21/2040		85		86
4.25%, 4/1/2050		20		25
Dell International LLC
6.20%, 7/15/2030 (g)		25		32
8.10%, 7/15/2036 (g)		10		15
8.35%, 7/15/2046 (g)		5		8
Discovery Communications LLC
5.20%, 9/20/2047		20		26
4.00%, 9/15/2055 (g)		25		28
Dow Chemical Co. (The)
2.10%, 11/15/2030		25		26
4.25%, 10/1/2034		20		24
Duke Energy Indiana LLC 2.75%, 4/1/2050		30		31
Duke Energy Progress LLC
4.20%, 8/15/2045		10		13
3.60%, 9/15/2047		10		12
2.50%, 8/15/2050		25		25
DuPont de Nemours, Inc. 5.32%, 11/15/2038		15		20
Eastern Energy Gas Holdings LLC 4.60%, 12/15/2044		10		13
Eli Lilly and Co. 2.25%, 5/15/2050		30		29
Energy Transfer Operating LP
4.90%, 3/15/2035		20		22
5.15%, 2/1/2043		10		11
5.15%, 3/15/2045		15		16
Entergy Louisiana LLC 2.90%, 3/15/2051		20		21
Entergy Texas, Inc. 3.55%, 9/30/2049		20		23
Enterprise Products Operating LLC
4.85%, 8/15/2042		10		13
4.45%, 2/15/2043		10		12
3.70%, 1/31/2051		30		33
3.20%, 2/15/2052		10		10
Equitable Financial Life Global Funding 0.50%, 11/17/2023 (g)		6		6
Essex Portfolio LP REIT, 2.65%, 9/1/2050		20		19
Evergy Metro, Inc. 4.20%, 3/15/2048		15		19
Exelon Corp. 4.70%, 4/15/2050		15		20
Exxon Mobil Corp.
3.00%, 8/16/2039		30		32
4.23%, 3/19/2040		10		12
3.10%, 8/16/2049		20		22

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
FedEx Corp. 4.40%, 1/15/2047		15		19
Florida Power & Light Co. 3.80%, 12/15/2042		15		19
Fox Corp. 5.58%, 1/25/2049		10		15
General Electric Co. 4.13%, 10/9/2042		95		111
General Motors Co. 5.20%, 4/1/2045		30		36
Gilead Sciences, Inc.
4.00%, 9/1/2036		35		42
2.60%, 10/1/2040		30		30
2.80%, 10/1/2050		20		20
Global Payments, Inc. 2.90%, 5/15/2030		15		16
Goldman Sachs Group, Inc. (The)
(SOFR + 0.54%), 0.63%, 11/17/2023 (h)		15		15
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (h)		50		61
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (h)		35		45
HCA, Inc.
5.13%, 6/15/2039		10		13
5.50%, 6/15/2047		20		27
5.25%, 6/15/2049		5		6
Healthcare Trust of America Holdings LP REIT, 2.00%, 3/15/2031		20		20
Healthpeak Properties, Inc. REIT, 2.88%, 1/15/2031		20		22
Hershey Co. (The) 2.65%, 6/1/2050		10		11
Home Depot, Inc. (The)
3.30%, 4/15/2040		30		35
4.40%, 3/15/2045		5		6
3.13%, 12/15/2049		5		6
3.35%, 4/15/2050		20		24
Hyundai Capital America 1.15%, 11/10/2022 (g)		14		14
Intel Corp. 3.25%, 11/15/2049		30		34
International Business Machines Corp. 4.00%, 6/20/2042		30		37
Johnson & Johnson 3.40%, 1/15/2038		15		18
Keurig Dr Pepper, Inc. 4.42%, 12/15/2046		15		19
Kinder Morgan, Inc.
2.00%, 2/15/2031		35		35
5.05%, 2/15/2046		20		25
3.25%, 8/1/2050		15		15
Kroger Co. (The) 3.88%, 10/15/2046		30		35
Leidos, Inc.
4.38%, 5/15/2030 (g)		5		6
2.30%, 2/15/2031 (g)		15		15

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Lockheed Martin Corp.
4.07%, 12/15/2042		10		13
3.80%, 3/1/2045		25		31
2.80%, 6/15/2050		15		16
Lowe’s Cos., Inc.
3.70%, 4/15/2046		40		47
3.00%, 10/15/2050		10		11
Marathon Petroleum Corp.
4.75%, 9/15/2044		10		12
4.50%, 4/1/2048		10		11
McDonald’s Corp.
3.63%, 9/1/2049		20		24
4.20%, 4/1/2050		25		32
Merck & Co., Inc. 2.35%, 6/24/2040		5		5
MetLife, Inc. 4.13%, 8/13/2042		20		25
Microsoft Corp.
3.45%, 8/8/2036		30		37
3.70%, 8/8/2046		20		25
2.53%, 6/1/2050		10		11
2.68%, 6/1/2060		15		16
Molson Coors Beverage Co. 4.20%, 7/15/2046		15		17
Mondelez International, Inc. 0.63%, 7/1/2022		5		5
Morgan Stanley
7.25%, 4/1/2032		30		46
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (h)		35		43
6.38%, 7/24/2042		25		41
MPLX LP
4.50%, 4/15/2038		25		28
4.70%, 4/15/2048		15		18
New York and Presbyterian Hospital (The) 2.26%, 8/1/2040		20		20
NIKE, Inc.
3.25%, 3/27/2040		30		35
3.38%, 3/27/2050		5		6
NiSource, Inc. 5.25%, 2/15/2043		20		27
Noble Energy, Inc.
5.05%, 11/15/2044		25		35
4.20%, 10/15/2049		5		7
Norfolk Southern Corp. 3.05%, 5/15/2050		47		51
Northrop Grumman Corp.
3.85%, 4/15/2045		25		30
4.03%, 10/15/2047		15		19

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Nutrition & Biosciences, Inc. 3.47%, 12/1/2050 (g)		10		11
NVIDIA Corp. 3.50%, 4/1/2050		10		12
Oncor Electric Delivery Co. LLC
3.80%, 9/30/2047		5		6
3.70%, 5/15/2050		20		25
Oracle Corp.
3.60%, 4/1/2040		70		82
3.60%, 4/1/2050		45		52
Otis Worldwide Corp. 3.11%, 2/15/2040		10		11
Pacific Gas and Electric Co.
4.45%, 4/15/2042		30		32
4.60%, 6/15/2043		19		21
4.00%, 12/1/2046		14		15
PacifiCorp
4.13%, 1/15/2049		20		25
3.30%, 3/15/2051		40		46
PECO Energy Co. 2.80%, 6/15/2050		8		9
Penske Truck Leasing Co. LP 3.38%, 2/1/2022 (g)		10		10
PepsiCo, Inc. 3.50%, 3/19/2040		30		36
Pfizer, Inc.
2.55%, 5/28/2040		35		37
4.20%, 9/15/2048		10		14
2.70%, 5/28/2050		10		11
Philip Morris International, Inc.
4.50%, 3/20/2042		5		6
3.88%, 8/21/2042		20		23
4.25%, 11/10/2044		10		13
Phillips 66 2.15%, 12/15/2030		40		41
Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050		5		6
Pioneer Natural Resources Co. 1.90%, 8/15/2030		15		15
Plains All American Pipeline LP
3.80%, 9/15/2030		15		16
5.15%, 6/1/2042		10		11
4.30%, 1/31/2043		15		15
PPL Electric Utilities Corp. (ICE LIBOR USD 3 Month + 0.25%), 0.50%, 9/28/2023 (h)		22		22
Prologis LP REIT, 2.13%, 10/15/2050		20		19
Prudential Financial, Inc.
3.00%, 3/10/2040		10		11
3.70%, 3/13/2051		15		18

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Public Service Co. of Colorado 4.05%, 9/15/2049		30		39
Public Service Electric and Gas Co.
3.15%, 1/1/2050		15		17
2.70%, 5/1/2050		10		11
QUALCOMM, Inc.
4.80%, 5/20/2045		10		14
3.25%, 5/20/2050		10		12
Raytheon Technologies Corp.
4.45%, 11/16/2038		10		13
4.50%, 6/1/2042		30		39
4.63%, 11/16/2048		15		20
3.13%, 7/1/2050		15		17
Regeneron Pharmaceuticals, Inc. 2.80%, 9/15/2050		20		19
Reliance Standard Life Global Funding II 2.15%, 1/21/2023 (g)		10		10
Republic Services, Inc. 3.05%, 3/1/2050		15		16
Royalty Pharma plc
3.30%, 9/2/2040 (g)		10		10
3.55%, 9/2/2050 (g)		10		11
S&P Global, Inc. 2.30%, 8/15/2060		15		14
San Diego Gas & Electric Co. Series UUU, 3.32%, 4/15/2050		20		23
Sherwin-Williams Co. (The) 3.30%, 5/15/2050		23		25
Simon Property Group LP REIT, 3.25%, 9/13/2049		10		10
Southern California Edison Co.
Series C, 4.13%, 3/1/2048		30		36
3.65%, 2/1/2050		20		22
Southern California Gas Co. Series VV, 4.30%, 1/15/2049		10		13
Southern Co. (The)
2.35%, 7/1/2021		26		26
4.40%, 7/1/2046		15		19
Southwestern Public Service Co. 3.40%, 8/15/2046		15		17
Starbucks Corp.
3.75%, 12/1/2047		20		24
3.35%, 3/12/2050		10		11
Sunoco Logistics Partners Operations LP 5.30%, 4/1/2044		10		11
Sysco Corp. 3.30%, 2/15/2050		40		42
Texas Eastern Transmission LP 4.15%, 1/15/2048 (g)		10		11

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Time Warner Cable LLC
7.30%, 7/1/2038		10		15
4.50%, 9/15/2042		25		29
T-Mobile USA, Inc.
4.38%, 4/15/2040 (g)		20		24
3.00%, 2/15/2041 (g)		25		26
3.30%, 2/15/2051 (g)		30		31
Travelers Cos., Inc. (The) 2.55%, 4/27/2050		20		21
Tucson Electric Power Co. 4.00%, 6/15/2050		20		24
Tyson Foods, Inc. 4.55%, 6/2/2047		5		7
Union Electric Co. 2.63%, 3/15/2051		10		10
Union Pacific Corp.
4.38%, 9/10/2038		15		19
3.55%, 8/15/2039		45		52
3.84%, 3/20/2060		10		12
UnitedHealth Group, Inc.
3.50%, 8/15/2039		15		18
2.75%, 5/15/2040		32		35
2.90%, 5/15/2050		30		33
Universal Health Services, Inc. 2.65%, 10/15/2030 (g)		30		31
Verizon Communications, Inc.
4.27%, 1/15/2036		45		56
2.65%, 11/20/2040		20		20
3.85%, 11/1/2042		30		36
4.86%, 8/21/2046		5		7
2.88%, 11/20/2050		20		20
2.99%, 10/30/2056 (g)		30		30
ViacomCBS, Inc.
4.20%, 5/19/2032		46		55
5.85%, 9/1/2043		10		14
4.60%, 1/15/2045		15		18
Viatris, Inc.
3.85%, 6/22/2040 (g)		10		11
4.00%, 6/22/2050 (g)		10		12
Virginia Electric and Power Co.
2.95%, 1/15/2022		13		13
Series B, 4.20%, 5/15/2045		15		19
2.45%, 12/15/2050		15		15
Visa, Inc. 2.70%, 4/15/2040		25		27
Walt Disney Co. (The)
3.50%, 5/13/2040		40		47
2.75%, 9/1/2049		10		11

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Wells Fargo & Co.
(SOFR + 2.53%), 3.07%, 4/30/2041 (h)		40		43
4.90%, 11/17/2045		20		27
4.40%, 6/14/2046		30		38
(ICE LIBOR USD 3 Month + 4.24%), 5.01%, 4/4/2051 (h)		20		28
Welltower, Inc. REIT, 2.75%, 1/15/2031		25		27
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		10		10
Whirlpool Corp. 4.60%, 5/15/2050		5		6
Williams Cos., Inc. (The) 5.75%, 6/24/2044		15		19
WP Carey, Inc. REIT, 2.40%, 2/1/2031		10		10
Zimmer Biomet Holdings, Inc. 4.45%, 8/15/2045		5		6
Zoetis, Inc. 3.00%, 5/15/2050		15		17
				7,232
Total Corporate Bonds (Cost $9,330)				9,710
Foreign Government Securities — 6.0%
Australia — 0.2%
Commonwealth of Australia
0.25%, 11/21/2025 (c)	AUD	43		33
1.00%, 12/21/2030 (c)	AUD	152		118
3.75%, 4/21/2037 (c)	AUD	36		37
2.75%, 5/21/2041 (c)	AUD	1		1
3.00%, 3/21/2047 (c)	AUD	14		13
				202
Austria — 0.0% (d)
Republic of Austria 0.85%, 6/30/2120 (c)	EUR	12		19
Belgium — 0.1%
Kingdom of Belgium
3.00%, 6/22/2034 (c)	EUR	29		51
1.90%, 6/22/2038 (c)	EUR	49		79
1.60%, 6/22/2047 (c)	EUR	1		2
1.70%, 6/22/2050 (c)	EUR	10		17
2.15%, 6/22/2066 (c)	EUR	7		14
				163
Canada — 0.1%
Canada Government Bond
2.00%, 9/1/2023	CAD	20		16
1.50%, 9/1/2024	CAD	2		2
1.25%, 3/1/2025	CAD	7		6

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Canada — continued
0.50%, 9/1/2025	CAD	27		21
1.00%, 6/1/2027	CAD	17		14
2.25%, 6/1/2029	CAD	59		53
5.00%, 6/1/2037	CAD	10		13
3.50%, 12/1/2045	CAD	9		11
2.75%, 12/1/2048	CAD	20		21
2.75%, 12/1/2064	CAD	3		3
				160
China — 0.2%
Export-Import Bank of China(The) 0.75%, 5/28/2023 (c)	EUR	200		248
Denmark — 0.1%
Kingdom of Denmark
1.50%, 11/15/2023	DKK	36		6
1.75%, 11/15/2025	DKK	28		5
0.50%, 11/15/2027	DKK	10		2
0.50%, 11/15/2029 (c)	DKK	86		15
4.50%, 11/15/2039	DKK	78		25
				53
France — 0.6%
French Republic
1.75%, 11/25/2024 (c)	EUR	39		51
0.25%, 11/25/2026 (c)	EUR	93		119
0.50%, 5/25/2029 (c)	EUR	15		19
0.00%, 11/25/2029 (c)	EUR	191		242
1.25%, 5/25/2034 (c)	EUR	99		144
3.25%, 5/25/2045 (c)	EUR	34		72
2.00%, 5/25/2048 (c)	EUR	5		9
1.50%, 5/25/2050 (c)	EUR	1		2
0.75%, 5/25/2052 (c)	EUR	8		11
4.00%, 4/25/2055 (c)	EUR	12		32
4.00%, 4/25/2060 (c)	EUR	2		6
1.75%, 5/25/2066 (c)	EUR	13		24
				731
Germany — 0.3%
Bundesobligation 0.00%, 10/10/2025 (c)	EUR	98		124
Bundesrepublik Deutschland
0.00%, 8/15/2030 (c)	EUR	111		143
2.50%, 7/4/2044 (c)	EUR	14		29
0.00%, 8/15/2050 (c)	EUR	11		14
				310

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Italy — 1.1%
Buoni Poliennali del Tesoro
1.35%, 4/15/2022	EUR	13		16
1.45%, 9/15/2022	EUR	41		52
0.05%, 1/15/2023 (c)	EUR	111		137
0.35%, 2/1/2025 (c)	EUR	145		181
1.45%, 5/15/2025 (c)	EUR	44		57
1.85%, 7/1/2025 (c)	EUR	92		122
0.50%, 2/1/2026 (c)	EUR	130		163
1.60%, 6/1/2026	EUR	112		149
2.80%, 12/1/2028 (c)	EUR	4		6
3.00%, 8/1/2029 (c)	EUR	24		36
1.35%, 4/1/2030 (c)	EUR	110		145
1.65%, 3/1/2032 (c)	EUR	39		53
2.45%, 9/1/2033 (c)	EUR	11		16
2.25%, 9/1/2036 (c)	EUR	56		81
4.00%, 2/1/2037 (c)	EUR	19		33
4.75%, 9/1/2044 (c)	EUR	19		40
3.45%, 3/1/2048 (c)	EUR	25		45
3.85%, 9/1/2049 (c)	EUR	4		8
2.80%, 3/1/2067 (c)	EUR	8		13
				1,353
Japan — 1.9%
Japan Government Bond
0.10%, 12/20/2022	JPY	28,500		277
0.60%, 12/20/2023	JPY	17,200		170
0.10%, 9/20/2024	JPY	10,800		106
0.10%, 12/20/2024	JPY	14,800		145
0.10%, 3/20/2025	JPY	3,500		34
0.30%, 12/20/2025	JPY	9,150		90
0.10%, 6/20/2029	JPY	2,900		28
0.10%, 9/20/2029	JPY	750		7
0.10%, 12/20/2029	JPY	16,100		158
0.10%, 3/20/2030	JPY	10,700		105
1.50%, 3/20/2034	JPY	33,650		382
0.60%, 12/20/2037	JPY	32,350		328
2.50%, 3/20/2038	JPY	500		7
0.30%, 12/20/2039	JPY	12,300		117
1.70%, 9/20/2044	JPY	50		1
1.40%, 12/20/2045	JPY	4,550		53
0.80%, 3/20/2047	JPY	9,000		92
0.40%, 9/20/2049	JPY	2,000		18
0.40%, 12/20/2049	JPY	2,250		21
0.90%, 3/20/2057	JPY	16,000		166
				2,305

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Netherlands — 0.1%
Kingdom of Netherlands
0.25%, 7/15/2029 (c)	EUR	11		14
0.00%, 1/15/2052 (c)	EUR	35		44
				58
Qatar — 0.2%
State of Qatar 3.88%, 4/23/2023 (g)		200		215
South Korea — 0.1%
Export-Import Bank of Korea 0.38%, 3/26/2024 (c)	EUR	100		124
Spain — 0.5%
Bonos and Obligaciones del Estado
0.00%, 4/30/2023	EUR	43		53
1.60%, 4/30/2025 (c)	EUR	92		123
1.40%, 7/30/2028 (c)	EUR	4		6
1.45%, 4/30/2029 (c)	EUR	35		48
0.60%, 10/31/2029 (c)	EUR	49		64
0.50%, 4/30/2030 (c)	EUR	44		56
1.95%, 7/30/2030 (c)	EUR	10		15
1.25%, 10/31/2030 (c)	EUR	14		19
2.35%, 7/30/2033 (c)	EUR	8		12
1.85%, 7/30/2035 (c)	EUR	9		13
4.20%, 1/31/2037 (c)	EUR	31		60
2.70%, 10/31/2048 (c)	EUR	30		54
3.45%, 7/30/2066 (c)	EUR	11		24
				547
Sweden — 0.0% (d)
Kingdom of Sweden
3.50%, 6/1/2022	SEK	35		5
2.50%, 5/12/2025	SEK	90		12
0.75%, 11/12/2029 (c)	SEK	40		5
2.25%, 6/1/2032 (c)	SEK	15		2
3.50%, 3/30/2039	SEK	45		9
				33
United Kingdom — 0.5%
United Kingdom of Great Britain and Northern Ireland
0.63%, 6/7/2025 (c)	GBP	18		25
6.00%, 12/7/2028 (c)	GBP	36		72
4.75%, 12/7/2038 (c)	GBP	41		96
3.50%, 1/22/2045 (c)	GBP	14		31
4.25%, 12/7/2046 (c)	GBP	50		125

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
United Kingdom — continued
1.75%, 1/22/2049 (c)	GBP	47		80
4.25%, 12/7/2055 (c)	GBP	15		42
2.50%, 7/22/2065 (c)	GBP	59		138
3.50%, 7/22/2068 (c)	GBP	8		24
				633
Total Foreign Government Securities (Cost $6,515)				7,154
U.S. Treasury Obligations — 2.0%
U.S. Treasury Notes 2.50%, 1/31/2021 (l) (Cost $2,401)		2,398		2,402
Collateralized Mortgage Obligations — 1.9%
United States — 1.9%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 2.25%, 6/25/2045 (m)		20		20
Banc of America Funding Trust Series 2006-A, Class 1A1, 2.83%, 2/20/2036 (m)		15		14
Banc of America Mortgage Trust Series 2005-A, Class 2A2, 3.67%, 2/25/2035 (m)		15		16
Bear Stearns ALT-A Trust Series 2005-4, Class 23A2, 3.37%, 5/25/2035 (m)		29		29
Deephaven Residential Mortgage Trust
Series 2019-2A, Class M1, 3.92%, 4/25/2059 ‡ (g) (m)		175		176
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (g) (m)		140		140
Series 2020-1, Class A3, 2.65%, 1/25/2060 (g) (m)		297		300
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 0.90%, 10/25/2047 (m)		229		209
FNMA, Connecticut Avenue Securities Series 2014-C04, Class 2M2, 5.15%, 11/25/2024 (m)		36		37
GCAT Trust Series 2019-NQM2, Class A3, 3.16%, 9/25/2059 (g) (i)		246		249
GSR Mortgage Loan Trust Series 2005-AR3, Class 1A1, 0.59%, 5/25/2035 (m)		54		51
Homeward Opportunities Fund I Trust Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (g) (m)		250		255
Impac CMB Trust Series 2004-7, Class 1A2, 1.07%, 11/25/2034 (m)		59		60
JPMorgan Mortgage Trust Series 2005-A3, Class 4A1, 3.07%, 6/25/2035 (m)		6		6

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Lehman Mortgage Trust Series 2005-3, Class 2A3, 5.50%, 1/25/2036		7		7
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 3.03%, 1/25/2037 (m)		12		12
Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 4A, 3.31%, 7/25/2034 (m)		13		13
New Residential Mortgage Loan Trust Series 2019-NQM4, Class M1, 2.99%, 9/25/2059 ‡ (g) (m)		300		302
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1APT, 0.71%, 12/25/2035 (m)		38		38
Residential Asset Securitization Trust Series 2004-A6, Class A1, 5.00%, 8/25/2019		1		1
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 1.76%, 10/25/2037 (m)		274		260
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.60%, 3/25/2035 (m)		12		12
Series 2005-AR5, Class A6, 3.63%, 5/25/2035 (m)		19		19
Series 2005-AR10, Class 1A3, 3.05%, 9/25/2035 (m)		20		20
Total Collateralized Mortgage Obligations (Cost $2,228)				2,246
Commercial Mortgage-Backed Securities — 1.5%
United States — 1.5%
BANK Series 2017-BNK7, Class B, 3.95%, 9/15/2060		25		28
BX Commercial Mortgage Trust Series 2020-BXLP, Class F, 2.16%, 12/15/2036 ‡ (g) (m)		100		98
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class E, 2.31%, 12/15/2037 ‡ (g) (m)		100		100
Series 2019-LIFE, Class G, 3.41%, 12/15/2037 ‡ (g) (m)		100		96
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.74%, 1/10/2036 ‡ (g) (m)		100		103
Series 2012-GC8, Class D, 4.88%, 9/10/2045 ‡ (g) (m)		100		86
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (g)		20		16
Series 2017-P7, Class D, 3.25%, 4/14/2050 ‡ (g)		23		19

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		15		17
Commercial Mortgage Trust Series 2016-CR28, Class C, 4.64%, 2/10/2049 ‡ (m)		100		104
DBGS Mortgage Trust Series 2018-5BP, Class B, 0.99%, 6/15/2033 ‡ (g) (m)		100		99
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.17%, 7/25/2026 (m)		180		18
Series K083, Class X1, IO, 0.03%, 9/25/2028 (m)		14,567		85
Series K094, Class X1, IO, 0.88%, 6/25/2029 (m)		1,274		84
Series K723, Class X3, IO, 1.92%, 10/25/2034 (m)		119		6
Series K153, Class X3, IO, 3.77%, 4/25/2035 (m)		100		30
Series K716, Class X3, IO, 1.79%, 8/25/2042 (m)		317		2
Series K726, Class X3, IO, 2.13%, 7/25/2044 (m)		302		19
Series K728, Class X3, IO, 1.95%, 11/25/2045 (m)		151		10
Series K071, Class X3, IO, 2.01%, 11/25/2045 (m)		700		82
Series K092, Class X3, IO, 2.25%, 5/25/2047 (m)		100		15
Series K094, Class X3, IO, 2.12%, 7/25/2047 (m)		588		88
FREMF Series 2018-KF46, Class B, 2.10%, 3/25/2028 (g) (m)		6		6
FREMF Mortgage Trust
Series 2015-KF09, Class B, 5.50%, 5/25/2022 (g) (m)		2		2
Series 2015-KF10, Class B, 6.25%, 7/25/2022 (g) (m)		7		7
Series 2017-KF32, Class B, 2.70%, 5/25/2024 (g) (m)		6		6
Series 2017-KF38, Class B, 2.65%, 9/25/2024 (g) (m)		7		7
Series 2018-KF42, Class B, 2.35%, 12/25/2024 (g) (m)		7		6
Series 2018-KF45, Class B, 2.10%, 3/25/2025 (g) (m)		15		14
Series 2018-KF49, Class B, 2.05%, 6/25/2025 (g) (m)		4		4

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2018-KC02, Class B, 4.09%, 7/25/2025 (g) (m)		35		36
Series 2018-KF53, Class B, 2.20%, 10/25/2025 (m)		60		58
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (g) (m)		30		31
Series 2019-KF62, Class B, 2.20%, 4/25/2026 (g) (m)		22		21
Series 2018-KF50, Class B, 2.05%, 7/25/2028 (g) (m)		7		7
Series 2019-KF63, Class B, 2.50%, 5/25/2029 (g) (m)		57		54
Series 2012-K19, Class C, 4.02%, 5/25/2045 (g) (m)		10		10
Series 2017-K67, Class C, 3.94%, 9/25/2049 (g) (m)		15		16
Series 2019-K103, Class C, 3.45%, 12/25/2051 (g) (m)		25		25
Series 2020-K737, Class B, 3.30%, 1/25/2053 (g) (m)		100		109
Series 2019-K96, Class B, 3.81%, 8/25/2056 (g) (m)		30		34
GNMA
Series 2013-178, IO, 0.42%, 6/16/2055 (m)		67		1
Series 2015-172, IO, 0.74%, 3/16/2057 (m)		121		5
Series 2016-40, IO, 0.67%, 7/16/2057 (m)		415		16
Series 2017-69, IO, 0.78%, 7/16/2059 (m)		344		19
Series 2018-119, IO, 0.70%, 5/16/2060 (m)		283		19
Series 2020-28, IO, 0.86%, 11/16/2061 (m)		235		17
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.91%, 7/15/2044 (m)		4		4
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.49%, 9/15/2039 ‡ (m)		54		31
Morgan Stanley Capital I Trust Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (g) (m)		15		13
Total Commercial Mortgage-Backed Securities (Cost $1,828)				1,783
Asset-Backed Securities — 0.5%
United States — 0.5%
AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1997-1, Class A7, 7.61%, 3/25/2027 ‡		6		6
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE6, Class M2, 2.62%, 11/25/2033 ‡ (m)		50		51

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series 2004-HE3, Class M2, 1.83%, 6/25/2034 ‡ (m)		60		60
Bear Stearns Asset-Backed Securities Trust
Series 2004-HE5, Class M2, 2.02%, 7/25/2034 ‡ (m)		12		12
Series 2003-2, Class M1, 1.95%, 3/25/2043 ‡ (m)		29		29
Countrywide Asset-Backed Certificates Series 2004-2, Class M1, 0.90%, 5/25/2034 ‡ (m)		16		16
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 0.97%, 3/25/2034 ‡ (m)		39		39
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 2.47%, 5/25/2034 (m)		9		9
Series 2004-5, Class M3, 1.87%, 7/25/2034 ‡ (m)		54		54
Exeter Automobile Receivables Trust Series 2018-4A, Class E, 5.38%, 7/15/2025 (g)		20		21
First Franklin Mortgage Loan Trust Series 2004-FFH3, Class M1, 1.02%, 10/25/2034 ‡ (m)		11		11
Long Beach Mortgage Loan Trust
Series 2004-4, Class M1, 1.05%, 10/25/2034 ‡ (m)		61		60
Series 2004-6, Class A3, 1.45%, 11/25/2034 ‡ (m)		11		11
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-NC10, Class M1, 1.17%, 10/25/2033 ‡ (m)		31		31
Saxon Asset Securities Trust Series 2003-3, Class M1, 1.12%, 12/25/2033 ‡ (m)		36		35
Structured Asset Investment Loan Trust Series 2003-BC11, Class M1, 1.12%, 10/25/2033 ‡ (m)		10		10
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 0.32%, 1/25/2037 (m)		65		64
Series 2007-WF2, Class A1, 1.15%, 8/25/2037 ‡ (m)		31		31
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 0.30%, 1/25/2037 ‡ (m)		1		2
Total Asset-Backed Securities (Cost $518)				552

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 0.2%
Call Options Purchased — 0.2%
United States — 0.2%
iShares Russell 2000 ETF 3/19/2021 at USD 200.00, American Style Notional Amount: USD 6,764 Exchange-Traded * (Cost $345)		345		269
	PRINCIPAL AMOUNT ($000)
Supranational — 0.1%
European Investment Bank
2.80%, 1/15/2021	AUD	33		26
0.50%, 6/21/2023	AUD	30		23
Inter-American Development Bank
0.50%, 5/23/2023	CAD	63		49
4.40%, 1/26/2026	CAD	16		15
Total Supranational (Cost $107)				113
	NO. OF RIGHTS (000)
Rights — 0.0%
United States — 0.0%
Media General, Inc., CVR * ‡ (Cost $—)		1		—
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 8.7%
Foreign Government Treasury Bills — 2.6%
Canadian Treasury Bills
0.31%, 3/4/2021 (n)	CAD	1,360		1,068
0.32%, 4/1/2021 (n)	CAD	1,360		1,068
0.34%, 4/29/2021 (n)	CAD	1,361		1,069
Total Foreign Government Treasury Bills (Cost $2,946)				3,205
	SHARES (000)
Investment Companies — 5.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (f) (o) (Cost $6,487)		6,486		6,489
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (f) (o)		600		600

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (f) (o)		133			133
Total Investment of Cash Collateral from Securities Loaned (Cost $733)					733
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills 0.10%, 3/11/2021 (l) (n) (Cost $87)		87			87
Total Short-Term Investments (Cost $10,253)					10,514
Total Long Positions (Cost $97,849)					120,531
	SHARES (000)
Short Positions — (0.6)%
Common Stocks — (0.6)%
United States — (0.6)%
Acacia Communications, Inc. *		(2	)		(129	)
Beyond Meat, Inc. *		—	(a)		(37	)
Intel Corp.		(1	)		(41	)
Kroger Co. (The)		(1	)		(28	)
National General Holdings Corp.		(3	)		(102	)
Navistar International Corp. *		—	(a)		(21	)
Pinnacle West Capital Corp.		—	(a)		(11	)
Sirius XM Holdings, Inc.		(18	)		(116	)
Tiffany & Co.		(1	)		(105	)
Varian Medical Systems, Inc. *		(1	)		(124	)
Walgreens Boots Alliance, Inc.		—	(a)		(11	)
Walmart, Inc.		—	(a)		(10	)
Total Common Stocks (Proceeds $(713))					(735	)
Total Short Positions (Proceeds $(713))					(735	)
Total Investments — 99.8% (Cost $97,136)					119,796
Other Assets Less Liabilities — 0.2%					274
NET ASSETS — 100.0%					120,070

Percentages indicated are based on net assets.

Summary of Investments by Industry, December 31, 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		16.8	%
International Equity		10.7
Foreign Government Securities		5.9
Banks		4.4
Semiconductors & Semiconductor Equipment		2.7
Foreign Government Treasury Bills		2.7
Insurance		2.6
Pharmaceuticals		2.3
Software		2.0
U.S. Treasury Notes		2.0
Collateralized Mortgage Obligations		1.9
Electric Utilities		1.8
Oil, Gas & Consumable Fuels		1.7
Capital Markets		1.7
Internet & Direct Marketing Retail		1.6
Media		1.6
Machinery		1.6
IT Services		1.5
Commercial Mortgage-Backed Securities		1.5
Technology Hardware, Storage & Peripherals		1.4
Beverages		1.4
Health Care Providers & Services		1.3
Specialty Retail		1.2
Biotechnology		1.2
Automobiles		1.1
Chemicals		1.1
Interactive Media & Services		1.0
Road & Rail		1.0
Textiles, Apparel & Luxury Goods		1.0
Equity Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		14.3
Short-Term Investments		6.0

SHORT PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Communications Equipment		17.6	%
Health Care Equipment & Supplies		16.9
Media		15.9
Specialty Retail		14.2
Insurance		13.9
Food & Staples Retailing		6.6
Semiconductors & Semiconductor Equipment		5.5
Food Products		5.0
Machinery		2.9
Electric Utilities		1.5

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

Abbreviations
ABS	Asset-backed 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
ETF	Exchange-Traded Fund
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GNMA	Government National Mortgage Association
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
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $693,000.
(c)	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.

(d)	Amount rounds to less than 0.1% of net assets.
(e)	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 approximately $1,791,000 and $728,000, respectively.
(f)	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.
(g)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(h)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 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 December 31, 2020.
(j)	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 December 31, 2020.
(k)	Security is an interest bearing note with preferred security characteristics.
(l)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(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 December 31, 2020.
(n)	The rate shown is the effective yield as of December 31, 2020.
(o)	The rate shown is the current yield as of December 31, 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 each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (continued)

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		6			03/2021		EUR		260			1
Euro-Bund		1			03/2021		EUR		217			1
Foreign Exchange AUD/USD		15			03/2021		USD		1,157			33
Foreign Exchange CAD/USD		35			03/2021		USD		2,751			10
Foreign Exchange EUR/USD		51			03/2021		USD		7,800			75
Foreign Exchange GBP/USD		10			03/2021		USD		855			22
Foreign Exchange JPY/USD		50			03/2021		USD		6,058			71
FTSE 100 Index		1			03/2021		GBP		88			(1	)
Japan 10 Year Bond Mini		3			03/2021		JPY		441			(1	)
Long Gilt		1			03/2021		GBP		185			2
MSCI EAFE E-Mini Index		4			03/2021		USD		427			5
Russell 2000 E-Mini Index		30			03/2021		USD		2,967			101
S&P 500 E-Mini Index		33			03/2021		USD		6,180			149
SPI 200 Index		2			03/2021		AUD		252			(1	)
U.S. Treasury 10 Year Note		110			03/2021		USD		15,183			7
U.S. Treasury Long Bond		5			03/2021		USD		865			(9	)
												465
Short Contracts
Euro-Bobl		(1	)		03/2021		EUR		(165	)		—	(a)
Euro-Schatz		(7	)		03/2021		EUR		(960	)		—	(a)
MSCI Emerging Markets E-Mini Index		(36	)		03/2021		USD		(2,318	)		(61	)
U.S. Treasury 2 Year Note		(1	)		03/2021		USD		(221	)		—	(a)
U.S. Treasury 10 Year Ultra Note		(2	)		03/2021		USD		(312	)		2
U.S. Treasury Long Bond		(22	)		03/2021		USD		(3,805	)		45
U.S. Treasury Ultra Bond		(1	)		03/2021		USD		(213	)		3
												(11	)
												454

Abbreviations
AUD	Australian Dollar
CAD	Canadian 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
USD	United States Dollar

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

Forward foreign currency exchange contracts outstanding as of December 31, 2020 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		Unrealized Appreciation (Depreciation) ($)
CAD	49		USD	38	State Street Corp.		1/5/2021		1
EUR	118		USD	141	TD Bank Financial Group		1/5/2021		3
GBP	14		USD	18	HSBC Bank, NA		1/5/2021		—	(a)
GBP	10		USD	14	State Street Corp.		1/5/2021		—	(a)
GBP	10		USD	13	TD Bank Financial Group		1/5/2021		—	(a)
JPY	10,850		USD	105	TD Bank Financial Group		1/5/2021		—	(a)
GBP	43		USD	57	State Street Corp.		1/29/2021		1
EUR	13		USD	15	Merrill Lynch International		2/3/2021		—	(a)
GBP	13		USD	18	TD Bank Financial Group		2/3/2021		—	(a)
USD	341		AUD	441	Merrill Lynch International		2/3/2021		1
USD	56		DKK	338	BNP Paribas		2/3/2021		—	(a)
USD	4,448		EUR	3,625	Goldman Sachs International		2/3/2021		17
USD	13		EUR	11	TD Bank Financial Group		2/3/2021		—	(a)
USD	2,329		JPY	239,925	Merrill Lynch International		2/3/2021		4
USD	42		SEK	344	Merrill Lynch International		2/3/2021		—	(a)
Total unrealized appreciation									27
USD	22		AUD	29	Standard Chartered Bank		1/5/2021		—	(a)
USD	304		AUD	412	State Street Corp.		1/5/2021		(14	)
USD	243		CAD	316	BNP Paribas		1/5/2021		(5	)
USD	13		CAD	16	State Street Corp.		1/5/2021		—	(a)
USD	55		DKK	338	TD Bank Financial Group		1/5/2021		(1	)
USD	4,357		EUR	3,631	Barclays Bank plc		1/5/2021		(79	)
USD	58		EUR	47	Citibank, NA		1/5/2021		—	(a)
USD	14		EUR	11	Merrill Lynch International		1/5/2021		—	(a)
USD	64		EUR	53	State Street Corp.		1/5/2021		—	(a)
USD	14		GBP	10	Barclays Bank plc		1/5/2021		—	(a)
USD	910		GBP	683	Merrill Lynch International		1/5/2021		(23	)
USD	33		GBP	25	State Street Corp.		1/5/2021		(1	)
USD	2,413		JPY	250,776	BNP Paribas		1/5/2021		(16	)
USD	41		SEK	344	State Street Corp.		1/5/2021		(1	)
USD	3,085		CAD	4,052	HSBC Bank, NA		1/19/2021		(99	)
AUD	567		GBP	323	State Street Corp.		1/29/2021		(5	)
JPY	35,366		GBP	257	State Street Corp.		1/29/2021		(9	)
USD	57		JPY	5,911	BNP Paribas		1/29/2021		—	(a)
USD	222		CAD	283	Merrill Lynch International		2/3/2021		—	(a)
USD	15		GBP	11	Barclays Bank plc		2/3/2021		—	(a)
USD	934		GBP	684	State Street Corp.		2/3/2021		(2	)
Total unrealized depreciation									(255	)
Net unrealized depreciation									(228	)

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 27

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Global Allocation Portfolio
ASSETS:
Investments in non-affiliates, at value	$	79,886
Investments in affiliates, at value		39,643
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		733
Options purchased, at value		269
Cash		209
Foreign currency, at value		92
Deposits at broker for futures contracts		121
Deposits at broker for securities sold short		728
Receivables:
Investment securities sold		161
Portfolio shares sold		—	(a)
Interest from non-affiliates		135
Dividends from non-affiliates		31
Dividends from affiliates		1
Tax reclaims		48
Securities lending income (See Note 2.C.)		—	(a)
Variation margin on futures contracts		7
Unrealized appreciation on forward foreign currency exchange contracts		27
Total Assets		122,091
LIABILITIES:
Payables:
Securities sold short, at value		735
Dividend expense to non-affiliates on securities sold short		—	(a)
Investment securities purchased		133
Interest expense to non-affiliates on securities sold short		—	(a)
Collateral received on securities loaned (See Note 2.C.)		733
Portfolio shares redeemed		28
Unrealized depreciation on forward foreign currency exchange contracts		255
Accrued liabilities:
Investment advisory fees		9
Distribution fees		14
Custodian and accounting fees		38
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		76
Total Liabilities		2,021
Net Assets	$	120,070

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

	JPMorgan Insurance Trust Global Allocation Portfolio
NET ASSETS:
Paid-in-Capital	$	94,374
Total distributable earnings (loss)		25,696
Total Net Assets	$	120,070
Net Assets:
Class 1	$	55,575
Class 2		64,495
Total	$	120,070
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		2,806
Class 2		3,268
Net Asset Value (a):
Class 1 — Offering and redemption price per share	$	19.81
Class 2 — Offering and redemption price per share		19.73
Cost of investments in non-affiliates	$	62,705
Cost of investments in affiliates		34,066
Cost of options purchased		345
Cost of foreign currency		91
Investment securities on loan, at value (See Note 2.C.)		693
Cost of investment of cash collateral (See Note 2.C.)		733
Proceeds from securities sold short		713

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 29

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2020

(Amounts in thousands)

	JPMorgan Insurance Trust Global Allocation Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	700
Interest income from affiliates		—	(a)
Dividend income from non-affiliates		895
Dividend income from affiliates		618
Income from securities lending (net) (See Note 2.C.)		3
Foreign taxes withheld (net)		(40	)
Total investment income		2,176
EXPENSES:
Investment advisory fees		558
Administration fees		76
Distribution fees:
Class 2		142
Custodian and accounting fees		181
Interest expense to affiliates		—	(a)
Professional fees		107
Trustees’ and Chief Compliance Officer’s fees		25
Printing and mailing costs		27
Transfer agency fees (See Note 2.I.)		12
Dividend expense to non-affiliates on securities sold short		8
Interest expense to non-affiliates on securities sold short		1
Other		11
Total expenses		1,148
Less fees waived		(204	)
Less expense reimbursements		(102	)
Net expenses		842
Net investment income (loss)		1,334
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		673
Investments in affiliates		(43	)
Options purchased		(981	)
Futures contracts		4,710
Securities sold short		(106	)
Foreign currency transactions		(47	)
Forward foreign currency exchange contracts		(437	)
Options written		4
Net realized gain (loss)		3,773
Distributions of capital gains received from investment company affiliates		10
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		7,665
Investments in affiliates		3,818
Options purchased		(183	)
Futures contracts		172
Securities sold short		(16	)
Foreign currency translations		(45	)
Forward foreign currency exchange contracts		9
Change in net unrealized appreciation/depreciation		11,420
Net realized/unrealized gains (losses)		15,203
Change in net assets resulting from operations	$	16,537

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust Global Allocation Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,334		$	1,617
Net realized gain (loss)		3,773			1,181
Distributions of capital gains received from investment company affiliates		10			—	(a)
Change in net unrealized appreciation/depreciation		11,420			10,731
Change in net assets resulting from operations		16,537			13,529
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(1,226	)		(810	)
Class 2		(1,437	)		(1,095	)
Total distributions to shareholders		(2,663	)		(1,905	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		7,095			8,282
NET ASSETS:
Change in net assets		20,969			19,906
Beginning of period		99,101			79,195
End of period	$	120,070		$	99,101
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	8,707		$	8,716
Distributions reinvested		1,226			810
Cost of shares redeemed		(2,183	)		(3,254	)
Change in net assets resulting from Class 1 capital transactions		7,750			6,272
Class 2
Proceeds from shares issued		8,940			12,007
Distributions reinvested		1,437			1,095
Cost of shares redeemed		(11,032	)		(11,092	)
Change in net assets resulting from Class 2 capital transactions		(655	)		2,010
Total change in net assets resulting from capital transactions	$	7,095		$	8,282
SHARE TRANSACTIONS:
Class 1
Issued		512			525
Reinvested		78			50
Redeemed		(125	)		(197	)
Change in Class 1 Shares		465			378
Class 2
Issued		536			721
Reinvested		91			68
Redeemed		(646	)		(671	)
Change in Class 2 Shares		(19	)		118

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)(b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Year Ended December 31, 2020	$	17.65	$	0.25	$	2.40		$	2.65		$	(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	)		—	(i)		(0.46	)
Class 2
Year Ended December 31, 2020		17.58		0.21		2.39			2.60			(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	)		—	(i)		(0.42	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Does not include expenses of Underlying Funds.

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

(g) The Portfolio presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short.

(h) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class 1 are 0.68% and 0.97% for the year ended December 31, 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 0.93% and 1.24% for the year ended December 31, 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.

(i) Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss) (a)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding securities sold short) (g)			Portfolio turnover rate (including securities sold short) (g)
$	19.81		15.69	%	$	55,575		0.69	%(h)		1.45	%		0.98	%(h)		113	%		123	%
	17.65		16.87			41,311		0.79	(h)		1.99			1.05	(h)		98			116
	15.47		(6.06	)		30,366		0.81	(h)		1.79			1.14	(h)		110			141
	16.57		17.11			14,308		0.79	(h)		1.76			1.14	(h)		80			92
	14.89		6.13			4,664		0.77	(j)		2.34			1.20	(j)		60			61
	19.73		15.40			64,495		0.94	(h)		1.21			1.25	(h)		113			123
	17.58		16.58			57,790		1.04	(h)		1.73			1.30	(h)		98			116
	15.41		(6.31	)		48,829		1.06	(h)		1.52			1.38	(h)		110			141
	16.55		16.85			48,470		1.04	(h)		1.59			1.35	(h)		80			92
	14.87		5.84			49,869		1.02	(j)		2.04			1.45	(j)		60			61

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020

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 approved Pricing Services. 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.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 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 December 31, 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”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	94	$	458	$	552
Collateralized Mortgage Obligations
United States		—		1,373		873		2,246
Commercial Mortgage-Backed Securities
United States		—		1,001		782		1,783
Common Stocks
Australia		—		919		—		919
Austria		—		171		—		171
Belgium		—		212		—		212
Canada		636		—		—		636
China		49		1,100		—		1,149
Denmark		—		821		—		821
Finland		—		181		—		181
France		—		3,058		—		3,058
Germany		—		1,937		—		1,937
Hong Kong		—		698		—		698
India		435		—		—		435
Indonesia		—		147		—		147
Ireland		130		50		—		180
Italy		72		130		—		202
Japan		—		3,208		—		3,208
Macau		—		15		—		15
Netherlands		433		1,185		—		1,618
New Zealand		—		11		—		11
Norway		—		30		—		30
Peru		49		—		—		49
Portugal		—		4		—		4
Singapore		—		68		—		68
South Africa		—		129		—		129
South Korea		—		768		—		768
Spain		—		753		—		753
Sweden		—		872		—		872

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Switzerland	$	—		$	2,095		$	—		$	2,095
Taiwan		563			—			—			563
United Kingdom		476			2,868			—			3,344
United States		28,158			203			—			28,361
Total Common Stocks		31,001			21,633			—			52,634
Corporate Bonds		—			9,710			—			9,710
Foreign Government Securities		—			7,154			—			7,154
Investment Companies		33,154			—			—			33,154
Options Purchased
Call Options Purchased		269			—			—			269
Rights		—			—			—	(a)		—	(a)
Supranational		—			113			—			113
U.S. Treasury Obligations		—			2,402			—			2,402
Short-Term Investments
Foreign Government Treasury Bills		—			3,205			—			3,205
Investment Companies		6,489			—			—			6,489
Investment of cash collateral from securities loaned		733			—			—			733
U.S. Treasury Obligations		—			87			—			87
Total Short-Term Investments		7,222			3,292			—			10,514
Total Investments in Securities	$	71,646		$	46,772		$	2,113		$	120,531
Liabilities
Common Stocks	$	(735	)	$	—		$	—		$	(735	)
Total Liabilities in Securities Sold Short	$	(735	)	$	—		$	—		$	(735	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	27		$	—		$	27
Futures Contracts		527			—			—			527
Total Appreciation in Other Financial Instruments	$	527		$	27		$	—		$	554
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(255	)	$	—		$	(255	)
Futures Contracts		(73	)		—			—			(73	)
Total Depreciation in Other Financial Instruments	$	(73	)	$	(255	)	$	—		$	(328	)

(a) Value is zero.

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

	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 December 31, 2020
Investments in Securities
Asset-Backed Securities — United States	$	1,407		$	(12	)	$	(14	)	$	2		$	—	$	(925	)	$	—	$	—	$	458
Collateralized Mortgage Obligations — United States		1,106			(3	)		7			—	(a)		—		(237	)		—		—		873
Commercial Mortgage-Backed Securities — United States		1,980			(211	)		(74	)		1			100		(1,034	)		20		—		782
Rights — United States		—	(b)		—			—			—			—		—			—		—		—	(b)
Total	$	4,493		$	(226	)	$	(81	)	$	3		$	100	$	(2,196	)	$	20	$	—	$	2,113

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

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

(a) Amount rounds to less than one thousand.

(b) Value is zero.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2020, which were valued using significant unobservable inputs (level 3) amounted to approximately $(29,000). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.

There were no significant transfers into or out of level 3 for the year ended December 31, 2020.

The significant unobservable inputs used in the fair value measurement of the Portfolio’s investments are listed below. 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 enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Quantitative Information about Level 3 Fair Value Measurements

(Amounts in thousands)

	Fair Value at December 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	458		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 9.63% (5.45%)
					Constant Default Rate		2.04% - 5.80% (3.72%)
					Yield (Discount Rate of Cash Flows)		0.40% - 4.23% (2.01%)
Asset-Backed Securities		458
		782		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		1.53% -199.00% (12.65%)
Commercial Mortgage-Backed Securities		782
		873		Discounted Cash Flow	Constant Prepayment Rate		20.00% -30.00% (22.82%)
					Constant Default Rate		0.00% - 0.50% (0.17%)
					Yield (Discount Rate of Cash Flows)		2.75% - 4.01% (3.35%)
Collateralized Mortgage Obligations		873
		—	(b)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Rights		—	(b)
Total	$	2,113

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Value is zero.

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 NAVs of the Portfolio.

As of December 31, 2020, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A and/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 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.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (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 December 31, 2020 (amounts in thousands).

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)
$	693	$	(693	)	$	—

* 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 year ended December 31, 2020, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

$ — (a) 

(a) Amount rounds to less than one thousand.

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. Amounts in the table below are in thousands.

For the year ended December 31, 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 December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Corporate Bond Fund Class R6 Shares (a)	$	—	$	10,446	$	10,700	$	254		$	—		$	—		—	$	—		$	—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		6,639		3,432		212		30			2,958			12,847		292		24			—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,962		21		1,682		(308	)		7			—		—		22			—
JPMorgan High Yield Fund Class R6 Shares (a)		9,769		17,909		9,401		(18	)		861			19,120		2,685		526			—
JPMorgan Mortgage-Backed Securities Fund Class R6 Shares (a)		—		1,196		—		—			(9	)		1,187		103		2			10
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (a) (b)		7,420		59,651		60,582		(1	)		1			6,489		6,486		44			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		—		1,100		500		—	*(c)		—	(c)		600		600		1	*		—

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

For the year ended December 31, 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 December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	23	$	11,059	$	10,949	$	—		$	—	$	133		133	$	1	*	$	—
Total	$	25,813	$	104,814	$	94,026	$	(43	)	$	3,818	$	40,376			$	620		$	10

(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 December 31, 2020.

(c) Amount rounds to less than one thousand.

* 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 in non-affiliates 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 options, futures contracts and forward foreign currency exchange contracts 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 gains to the Portfolio. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

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 its 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.

(1). Options — The Portfolio purchased and/or sold (“wrote”) put and call options on various instruments including currencies, futures, securities and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its 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.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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 offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

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

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

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

The Portfolio’s exchange-traded option 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).

(2). Futures Contracts — The Portfolio used index, treasury 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. 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 futures contracts 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, foreign exchange 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 the 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.

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

The Portfolio’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

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

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of December 31, 2020 by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Options (a)		Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	269	$	256		$	—		$	525
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		—		211			27			238
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		—		60			—			60
Total		$	269	$	527		$	27		$	823
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(63)		$	—		$	(63	)
Foreign exchange contracts	Payables		—		—			(255	)		(255	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		(10	)		—			(10	)
Total		$	—	$	(73	)	$	(255	)	$	(328	)

(a) The value of options is included on the Statement of Assets and Liabilities as Options purchased, at value.

(b) 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 table presents the effect of derivatives on the Statement of Operations for the year ended December 31, 2020, by primary underlying risk exposure (amounts in thousands):

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	$	(977	)	$	3,679	$	—		$	2,702
Foreign exchange contracts		—			459		(437	)		22
Interest rate contracts		—			572		—			572
Total	$	(977	)	$	4,710	$	(437	)	$	3,296

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	$	(183	)	$	(104	)	$	—	$	(287	)
Foreign exchange contracts		—			182			9		191
Interest rate contracts		—			94			—		94
Total	$	(183	)	$	172		$	9	$	(2	)

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

Derivatives Volume

The table below discloses the volume of the Portfolio’s options, futures contracts and forward foreign currency exchange contracts activity during the year ended December 31, 2020. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands):

Futures Contracts — Equity:
Average Notional Balance Long	$	15,919
Average Notional Balance Short		1,953
Ending Notional Balance Long		10,174
Ending Notional Balance Short		2,318
Futures Contracts — Foreign Exchange:
Average Notional Balance Long		12,140
Ending Notional Balance Long		18,621
Futures Contracts — Interest Rate:
Average Notional Balance Long		13,470
Average Notional Balance Short		6,071
Ending Notional Balance Long		16,891
Ending Notional Balance Short		5,676
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		3,616
Average Settlement Value Sold		18,056
Ending Settlement Value Purchased		1,214
Ending Settlement Value Sold		20,083
Exchange-Traded Options:
Average Number of Contracts Purchased		559
Ending Number of Contracts Purchased		345

The Portfolio’s derivatives contracts held at December 31, 2020 are not accounted for as hedging instruments under GAAP.

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 December 31, 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, dividend expense on securities sold short 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.

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 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.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Portfolio for the year ended December 31, 2020 are as follows (amounts in thousands):

	Class 1		Class 2		Total
Transfer agency fees	$	1	$	11	$	12

The Portfolio invests 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 December 31, 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 gains 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.

The following amounts were reclassified within the capital accounts (amounts in thousands):

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net  investment income			Accumulated net realized gains (losses)
$	(1	)	$	(804	)	$	805

The reclassifications for the Portfolio relate primarily to foreign currency gains or losses.

M. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Portfolio’s financial statements of applying ASU 2020-04.

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 at an annual rate of 0.55% 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%

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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 year ended December 31, 2020, the effective rate was 0.075% 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. 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
	0.78	%��		1.03	%

The expense limitation agreement was in effect for the year ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2021.

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 year ended December 31, 2020, the Adviser waived approximately $106,000. 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.

For the year ended December 31, 2020, the Portfolio’s service providers waived fees and/or reimbursed expenses for the Portfolio as follows (amounts in thousands). None of these parties expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees	Administration Fees		Total		Contractual Reimbursements
$9	$	76	$	85	$	102

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 expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended December 31, 2020 was approximately $13,000.

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.

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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 year ended December 31, 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

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
$	110,184	$	98,423	$	1,985	$	2,522	$	9,600	$	9,185

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	98,586	$	22,317	$	881	$	21,436

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

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of forward foreign currency contracts, mark to market of futures contracts and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2020 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,144	$	519	$	2,663

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended December 31, 2019 was as follows (amounts in thousands):

Ordinary Income*		Total Distributions Paid
$	1,905	$	1,905

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	3,943	$	2,263	$	19,515

The cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, mark to market of futures contracts, straddle loss deferrals and wash sale loss deferrals.

As of December 31, 2020, the Portfolio did not have any net capital loss carryforwards.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (continued)

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 year ended December 31, 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 1, 2021.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 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 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 year ended December 31, 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 December 31, 2020, the Portfolio had four individual shareholder and/or non-affiliated omnibus accounts, which owned 90.7% 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, 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, pre-payments, 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 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.

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

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 December 31, 2020, a significant portion of the Portfolio’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Portfolio’s original investment. Many derivatives create leverage thereby causing the Portfolio to be more volatile than 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.

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.

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.

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. 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.

8. Subsequent Event

On February 10, 2021, the contractual expense limitations for Class 1 Shares and Class 2 Shares were extended until at least April 30, 2022.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 47

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and Shareholders of JPMorgan Insurance Trust Global Allocation Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Global Allocation Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 12, 2021

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

TRUSTEES

(Unaudited)

The Portfolio’s Statement of Additional Information includes additional information about the Portfolio’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 49

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	128	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985. (3)	Self-employed business consultant (2002-present).	128	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	128	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	128	None
Mitchell M. Merin (1953); Trustee of Trust since 2013. (4)	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member, Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	128	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	128	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	128	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾ A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (128 funds).

⁽³⁾ Mr. Marshall retired from the Board of Trustees effective the close of business on December 31, 2020.

⁽⁴⁾ Mr. Merin retired from the Board of Trustees effective the close of business on January 31, 2021.

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Portfolio’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Portfolio’s financial statements and do not provide other services to the Portfolio. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 51

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.). Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

52 JPMORGAN INSURANCE TRUST DECEMBER 31, 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, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 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 July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Actual	$	1,000.00	$	1,202.10	$	3.72		0.67	%
Hypothetical		1,000.00		1,021.76		3.42		0.67
Class 2
Actual		1,000.00		1,200.10		5.04		0.91
Hypothetical		1,000.00		1,020.55		4.63		0.91

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 ( to reflect the one-half year period).

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 53

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the Portfolio and the other J.P. Morgan Funds overseen by the Board in which the Portfolio may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Portfolio and Underlying Funds received from the Adviser. This information includes the Portfolio’s and Underlying Funds’ performance as compared to the performance of the Portfolio’s and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Portfolio’s and Underlying Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Portfolio and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The independent consultant also provided additional analysis of the performance of certain Underlying Funds in connection with the Trustees’ review of the Advisory Agreement. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a

memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Portfolio and Underlying Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Portfolio and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Portfolio under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Portfolio by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Portfolio and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser��s business continuity plan and steps the Adviser was taking to provide ongoing services to the Portfolio during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Portfolio and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Portfolio. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of

54 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

the administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Portfolio and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Portfolio and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Portfolio and Underlying Funds.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Portfolio by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Portfolio and Underlying Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Portfolio, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Portfolio.

The Trustees also considered that the Adviser earns fees from the Portfolio and Underlying Funds for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, an affiliate of the Adviser, which also acts as the Portfolio’s distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Portfolio, including financial intermediaries that are

affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for the Portfolio and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including the benefits received by the Adviser and its affiliates in connection with the Portfolio’s investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allows the Portfolio’s shareholders to share potential economies of scale from its inception and that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Portfolio of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services, and the ability to negotiate competitive fees for the Portfolio. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Portfolio, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Portfolio, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels, was reasonable. The Trustees concluded that the Portfolio’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Portfolio and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Portfolio.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Portfolio had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Portfolio. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Portfolio. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Portfolio within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three-and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to a representative class to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Portfolio’s performance against its benchmark and considered the performance information provided for the Portfolio at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve

performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Portfolio’s performance are summarized below:

The Trustees noted that the Portfolio’s performance for Class 2 shares was in the fifth, second and first quintiles, based upon the Peer Group, and in the fourth, third and second quintiles, based upon the Universe, for the one-,three- and five year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and various other factors, concluded that the Portfolio’s performance was satisfactory under the circumstances. They requested however, that the Portfolio’s Adviser provide additional Portfolio performance information to be reviewed with the members of the Board’s money market and alternative products committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Portfolio. The Trustees recognized that Broadridge reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place, for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

The Trustees noted that the Portfolio’s net advisory fee for Class 2 shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class 2 shares were in the fourth and fifth quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Portfolio and that such fee would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreements of the Underlying Funds in which the Portfolio invests.

56 JPMORGAN INSURANCE TRUST DECEMBER 31, 2020

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 14.00%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2020.

Long Term Capital Gain

The Portfolio distributed approximately $519,000, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2020.

DECEMBER 31, 2020 JPMORGAN INSURANCE TRUST 57

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. December 2020. AN-JPMITGAP-1220

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.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the 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.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(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)).

The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(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.

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.

AUDIT FEES

2020 – $333,907

2019 – $345,852

(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.

AUDIT-RELATED FEES

2020 – $47,963

2019 – $51,850

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(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.

TAX FEES

2020 – $58,848

2019 – $63,495

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended December 31, 2020 and 2019, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(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.

ALL OTHER FEES

2020 – Not applicable

2019 – Not applicable

(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.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the

“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(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.

2020 – 0.0%

2019 – 0.0%

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

Not applicable - Less than 50%.

(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.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2020 - $28.0 million

2019 - $30.6 million

(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.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

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.

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.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(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
	February 19, 2021

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
	February 19, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	February 19, 2021