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, 2021 through December 31, 2021

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, 2021

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	48
Trustees	49
Officers	52
Schedule of Shareholder Expenses	53
Board Approval of Investment Advisory Agreement	54
Tax Letter	57
Special Shareholder Meeting Results	58

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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation has carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	(1.35)%
Bloomberg U.S. Aggregate Index	(1.54)%
Net Assets as of 12/31/2021 (In Thousands)	$523,009
Duration as of 12/31/2021	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?

Equity markets outperformed fixed income markets throughout 2021, driven by the global economic rebound that followed the development of vaccines and unprecedented monetary and fiscal support. Within fixed income markets, historically low interest rates on U.S. Treasury securities pushed investors to seek higher yielding assets in corporate and other credit markets. While high yield bonds (also known as “junk bonds”) provided positive but narrow returns for the year, while investment grade corporate credit performance was mixed and U.S. Treasury bonds underperformed other fixed income sectors.

The general resumption of economic activity in 2021 led to a surge in global demand for commodities and finished goods. The strain on global supply chains created bottlenecks that added to accelerating inflationary pressures and focused investor concerns on U.S. Federal Reserve interest rate policy.

The final months of 2021 were marked by the emergence of the omicron variant of the coronavirus and the reimposition of some pandemic restrictions at the regional, national and local levels. While investor uncertainty led to a global increase in financial market volatility, U.S. equity prices remained buoyed by record high corporate earnings and a general boom in U.S. household wealth.

The Fed declined to raise interest rates in 2021 but in the final months it began to reduce the size of monthly asset purchases under its quantitative easing program and in December decided to accelerate the pace of tapering.

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, 2021.

Relative to the Benchmark, the Portfolio’s overweight allocations to commercial mortgage-backed securities, non-agency mortgage-backed securities and corporate credit, and its underweight in U.S. Treasury securities, were leading contributors to performance during the period. The Portfolio’s security selection in agency mortgage-backed securities and corporate credit, its shorter duration relative to the Benchmark, and its underweight position in the 20-year-plus portion of the yield curve also contributed to relative performance. Generally, bonds of shorter duration will experience a smaller decrease in price as interest rates rise versus bonds of longer 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 allocation to short-term debt securities, through investments in JPMorgan money market funds, detracted from relative performance but the impact was not significant. The money market funds were used to manage day-to-day operations of the Portfolio and were not part of a strategic decision by the Portfolio’s managers. Additionally, the Portfolio’s overweight position in the 5-10 year portion of the yield curve relative to the Benchmark detracted from performance.

HOW WAS THE PORTFOLIO POSITIONED?

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

Relative to the Benchmark, the Portfolio ended the reporting period with an underweight position in U.S. Treasury securities and agency mortgage-backed securities, and an overweight position in corporate credit and securitized debt sectors, including asset-backed securities, commercial mortgage-backed securities and non-agency mortgage-backed securities. The Portfolio was overweight in the intermediate part of the yield curve, underweight in the long end of the yield curve and maintained a shorter duration profile than the Benchmark at the end of the period.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds		29.7	%
U.S. Treasury Obligations		21.8
Mortgage-Backed Securities		17.1
Asset-Backed Securities		10.6
Collateralized Mortgage Obligations		6.5
Commercial Mortgage-Backed Securities		4.6
Others (each less than 1.0%)		0.6
Short-Term Investments		9.1

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

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997		(1.35	)%		3.58	%		2.98	%
CLASS 2 SHARES	August 16, 2006		(1.66	)		3.32			2.72

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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 U.S. Aggregate Index from December 31, 2011 to December 31, 2021. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 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 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, 2021

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 30.9%
Aerospace & Defense — 0.8%
Airbus SE (France) 3.15%, 4/10/2027 (a)		164		174
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024 (a)		45		48
BAE Systems plc (United Kingdom)
1.90%, 2/15/2031 (a)		200		190
5.80%, 10/11/2041 (a)		51		69
Boeing Co. (The)
1.17%, 2/4/2023		160		160
1.95%, 2/1/2024		185		187
1.43%, 2/4/2024		325		324
4.88%, 5/1/2025		125		137
2.75%, 2/1/2026		180		185
2.20%, 2/4/2026		200		200
2.70%, 2/1/2027		640		650
3.25%, 3/1/2028		224		232
5.15%, 5/1/2030		190		221
5.71%, 5/1/2040		175		225
L3Harris Technologies, Inc. 1.80%, 1/15/2031		220		210
Leidos, Inc. 2.30%, 2/15/2031		120		116
Northrop Grumman Corp.
3.20%, 2/1/2027		76		81
3.25%, 1/15/2028		50		54
5.15%, 5/1/2040		140		181
Raytheon Technologies Corp.
3.20%, 3/15/2024		28		29
4.50%, 6/1/2042		80		99
4.15%, 5/15/2045		138		161
3.75%, 11/1/2046		80		89
4.35%, 4/15/2047		90		109
				4,131
Airlines — 0.0% (b)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		15		16
Auto Components — 0.0% (b)
Lear Corp. 2.60%, 1/15/2032		110		108
Automobiles — 0.6%
BMW US Capital LLC (Germany) 2.25%, 9/15/2023 (a)		45		46
General Motors Co. 6.13%, 10/1/2025		130		149
Hyundai Capital America
1.15%, 11/10/2022 (a)		394		394
1.80%, 10/15/2025 (a)		140		139
1.30%, 1/8/2026 (a)		115		112

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Automobiles — continued
1.50%, 6/15/2026 (a)		45		44
3.00%, 2/10/2027 (a)		200		207
2.38%, 10/15/2027 (a)		130		129
1.80%, 1/10/2028 (a)		215		208
Nissan Motor Co. Ltd. (Japan)
3.52%, 9/17/2025 (a)		481		504
4.35%, 9/17/2027 (a)		673		727
Stellantis Finance US, Inc. 2.69%, 9/15/2031 (a)		200		197
Volkswagen Group of America Finance LLC (Germany)
1.63%, 11/24/2027 (a)		200		194
				3,050
Banks — 5.6%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		200		218
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%, 12/13/2029 (a) (c)		300		300
AIB Group plc (Ireland) (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a) (c)		250		263
ANZ New Zealand Int’l Ltd. (New Zealand)
3.45%, 1/21/2028 (a)		200		217
2.55%, 2/13/2030 (a)		200		206
Banco Nacional de Panama (Panama) 2.50%, 8/11/2030 (a)		300		281
Banco Santander SA (Spain)
2.75%, 5/28/2025		200		207
1.85%, 3/25/2026		400		398
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (c)		200		196
2.75%, 12/3/2030		200		196
Bank of America Corp.
4.00%, 1/22/2025		114		122
Series L, 3.95%, 4/21/2025		92		98
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (c)		100		105
4.45%, 3/3/2026		69		76
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c)		100		99
3.25%, 10/21/2027		236		251
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		260		282
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		646		690
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (c)		76		83
(SOFR + 1.06%), 2.09%, 6/14/2029 (c)		204		203

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (c)		525		526
(SOFR + 2.15%), 2.59%, 4/29/2031 (c)		313		316
(SOFR + 1.53%), 1.90%, 7/23/2031 (c)		150		144
(SOFR + 1.21%), 2.57%, 10/20/2032 (c)		330		332
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		1,158		1,116
Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (a) (c)		206		202
Bank of Montreal (Canada)
1.85%, 5/1/2025		200		203
(USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032 (c)		47		50
Banque Federative du Credit Mutuel SA (France)
2.38%, 11/21/2024 (a)		254		260
1.60%, 10/4/2026 (a)		245		242
Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (c)		369		367
3.65%, 3/16/2025		200		211
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032 (c)		200		201
BNP Paribas SA (France)
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c)		293		296
(SOFR + 1.00%), 1.32%, 1/13/2027 (a) (c)		232		226
(SOFR + 1.22%), 2.16%, 9/15/2029 (a) (c)		349		341
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (c)		320		329
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 2.59%, 8/12/2035 (a) (c)		320		307
BNZ International Funding Ltd. (New Zealand)
2.90%, 2/21/2022 (a)		250		251
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.90%),
3.35%, 4/24/2025 (c)		90		94
4.40%, 6/10/2025		78		85
(SOFR + 2.84%), 3.11%, 4/8/2026 (c)		380		398
4.45%, 9/29/2027		210		234
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (c)		200		217
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		605		653
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (c)		75		80
(ICE LIBOR USD 3 Month + 1.19%), 4.07%, 4/23/2029 (c)		74		82

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		220		243
(SOFR + 1.17%), 2.56%, 5/1/2032 (c)		625		628
(SOFR + 1.18%), 2.52%, 11/3/2032 (c)		110		110
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)		50		57
8.13%, 7/15/2039		56		95
Citizens Financial Group, Inc. 2.85%, 7/27/2026		200		208
Comerica, Inc. 4.00%, 2/1/2029		150		168
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026		450		485
Credit Agricole SA (France)
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (c)		650		651
(SOFR + 0.89%), 1.25%, 1/26/2027 (a) (c)		400		389
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.03%), 1.17%, 12/8/2023 (a) (c)		480		480
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.60%, 3/30/2028 (a) (c)		325		317
Fifth Third Bancorp 3.65%, 1/25/2024		90		94
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.99%),
3.95%, 5/18/2024 (c)		229		237
4.38%, 11/23/2026		200		219
(SOFR + 1.29%), 2.21%, 8/17/2029 (c)		200		196
(SOFR + 1.95%), 2.36%, 8/18/2031 (c)		300		293
6.50%, 9/15/2037		250		347
6.10%, 1/14/2042		120		172
ING Groep NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (c)		210		208
3.95%, 3/29/2027		200		218
KeyCorp 4.15%, 10/29/2025		65		71
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		200
4.50%, 11/4/2024		220		237
4.58%, 12/10/2025		200		218
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (c)		245		242
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		38		38
2.67%, 7/25/2022		80		81
2.05%, 7/17/2030		340		330
3.75%, 7/18/2039		515		584

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Mizuho Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (c)		255		247
(SOFR + 1.57%), 2.87%, 9/13/2030 (c)		220		227
National Australia Bank Ltd. (Australia)
2.33%, 8/21/2030 (a)		250		239
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (c)		440		467
NatWest Group plc (United Kingdom)
4.80%, 4/5/2026		283		315
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028 (c)		440		457
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (c)		200		209
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (c)		200		225
Nordea Bank Abp (Finland) 1.50%, 9/30/2026 (a)		200		197
PNC Bank NA 2.50%, 8/27/2024		250		258
Royal Bank of Canada (Canada)
2.75%, 2/1/2022		66		66
3.70%, 10/5/2023		300		315
4.65%, 1/27/2026		30		33
Santander UK Group Holdings plc (United Kingdom) (SOFR + 0.99%), 1.67%, 6/14/2027 (c)		220		215
Societe Generale SA (France)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (c)		260		253
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (c)		215		210
3.00%, 1/22/2030 (a)		331		342
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (a) (c)		500		499
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (c)		220		220
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (c)		245		238
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.10%, 1/17/2023		55		56
1.47%, 7/8/2025		212		211

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
3.01%, 10/19/2026		25		26
3.04%, 7/16/2029		345		360
Sumitomo Mitsui Trust Bank Ltd. (Japan)
1.55%, 3/25/2026 (a)		403		400
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (c)		200		195
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c)		200		219
US Bancorp
3.38%, 2/5/2024		120		126
7.50%, 6/1/2026		100		124
Wells Fargo & Co.
4.10%, 6/3/2026		24		26
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		900		949
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		308		316
5.38%, 11/2/2043		200		264
4.40%, 6/14/2046		47		56
Westpac Banking Corp. (Australia)
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (c)		140		151
4.42%, 7/24/2039		100		117
3.13%, 11/18/2041		221		219
				29,117
Beverages — 0.6%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036		571		689
Anheuser-Busch InBev Finance, Inc. (Belgium)
4.70%, 2/1/2036		120		143
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.38%, 4/15/2038		150		176
4.44%, 10/6/2048		130		155
4.75%, 4/15/2058		95		117
4.60%, 6/1/2060		105		130
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		155		158
1.85%, 9/1/2032		215		203
Constellation Brands, Inc.
4.40%, 11/15/2025		50		55
2.88%, 5/1/2030		420		431
5.25%, 11/15/2048		25		33
Diageo Capital plc (United Kingdom) 1.38%, 9/29/2025		350		348

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Beverages — continued
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		260		271
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		30		33
3.43%, 6/15/2027		20		21
4.99%, 5/25/2038		43		53
4.42%, 12/15/2046		64		76
5.09%, 5/25/2048		60		78
			��	3,170
Biotechnology — 0.6%
AbbVie, Inc.
3.45%, 3/15/2022		52		52
2.80%, 3/15/2023		100		102
3.85%, 6/15/2024		42		44
3.20%, 11/21/2029		516		552
4.50%, 5/14/2035		100		120
4.05%, 11/21/2039		510		584
4.40%, 11/6/2042		370		441
4.85%, 6/15/2044		200		251
Amgen, Inc. 2.20%, 2/21/2027		120		123
Baxalta, Inc.
3.60%, 6/23/2022		7		7
5.25%, 6/23/2045		3		4
Biogen, Inc.
2.25%, 5/1/2030		289		285
3.15%, 5/1/2050		75		72
Gilead Sciences, Inc. 2.60%, 10/1/2040		310		299
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		460		435
				3,371
Building Products — 0.1%
Lennox International, Inc. 1.35%, 8/1/2025		540		533
Masco Corp.
2.00%, 10/1/2030		90		86
6.50%, 8/15/2032		80		106
				725
Capital Markets — 2.1%
Bank of New York Mellon Corp. (The) 3.30%, 8/23/2029		38		41
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		21		26
Blackstone Secured Lending Fund 3.65%, 7/14/2023		200		206

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		55		60
4.85%, 3/29/2029		54		63
4.70%, 9/20/2047		44		54
Charles Schwab Corp. (The) 3.20%, 3/2/2027		100		107
Credit Suisse Group AG (Switzerland)
3.80%, 6/9/2023		350		363
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c)		250		255
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)		250		251
(SOFR + 0.98%), 1.31%, 2/2/2027 (a) (c)		510		493
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (a)		49		49
Deutsche Bank AG (Germany)
3.30%, 11/16/2022		100		102
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)		380		385
(SOFR + 1.87%), 2.13%, 11/24/2026 (c)		205		205
Goldman Sachs Group, Inc. (The)
3.50%, 1/23/2025		100		105
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		137		144
4.25%, 10/21/2025		105		115
3.50%, 11/16/2026		142		151
3.85%, 1/26/2027		45		48
(SOFR + 0.91%), 1.95%, 10/21/2027 (c)		195		194
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		742		800
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (c)		100		111
2.60%, 2/7/2030		400		407
(SOFR + 1.25%), 2.38%, 7/21/2032 (c)		95		94
6.75%, 10/1/2037		80		113
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (c)		400		457
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (c)		215		257
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		59		62
Jefferies Group LLC 6.45%, 6/8/2027		81		99
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		100		108
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.05%, 3/3/2036 (a) (c)		200		197
Macquarie Group Ltd. (Australia) (SOFR + 1.07%), 1.34%, 1/12/2027 (a) (c)		210		204
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)		220		254

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
Morgan Stanley
4.10%, 5/22/2023		100		104
3.70%, 10/23/2024		69		73
5.00%, 11/24/2025		70		78
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		980		1,000
4.35%, 9/8/2026		20		22
3.63%, 1/20/2027		140		152
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (c)		222		239
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (c)		96		104
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030 (c)		159		181
(SOFR + 1.03%), 1.79%, 2/13/2032 (c)		280		265
(SOFR + 1.49%), 3.22%, 4/22/2042 (c)		265		278
4.30%, 1/27/2045		85		105
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025		212		218
2.68%, 7/16/2030		200		199
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (c)		29		31
Nuveen LLC 4.00%, 11/1/2028 (a)		160		177
S&P Global, Inc. 3.25%, 12/1/2049		150		163
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		17		17
UBS Group AG (Switzerland)
4.13%, 9/24/2025 (a)		400		432
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (c)		200		195
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (a) (c)		250		242
				10,855
Chemicals — 0.6%
Air Products and Chemicals, Inc. 1.85%, 5/15/2027		310		314
Albemarle Corp. 5.45%, 12/1/2044		50		65
Celanese US Holdings LLC 3.50%, 5/8/2024		151		158
Chevron Phillips Chemical Co. LLC 5.13%, 4/1/2025 (a)		485		538
Dow Chemical Co. (The) 4.55%, 11/30/2025		14		15
DuPont de Nemours, Inc. 5.32%, 11/15/2038		595		768
Eastman Chemical Co. 4.50%, 12/1/2028		220		250
International Flavors & Fragrances, Inc.
1.83%, 10/15/2027 (a)		190		186
3.27%, 11/15/2040 (a)		110		112

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals — continued
5.00%, 9/26/2048		52		67
3.47%, 12/1/2050 (a)		85		89
LYB International Finance III LLC
1.25%, 10/1/2025		79		78
3.63%, 4/1/2051		245		259
Nutrien Ltd. (Canada)
4.00%, 12/15/2026		70		77
4.20%, 4/1/2029		25		28
4.13%, 3/15/2035		90		102
5.00%, 4/1/2049		40		54
Union Carbide Corp. 7.75%, 10/1/2096		75		132
				3,292
Commercial Services & Supplies — 0.1%
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a)		70		76
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070		90		93
Republic Services, Inc. 1.45%, 2/15/2031		230		213
				382
Construction & Engineering — 0.1%
Quanta Services, Inc.
2.90%, 10/1/2030		360		366
2.35%, 1/15/2032		270		262
				628
Construction Materials — 0.0% (b)
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		52		55
3.50%, 12/15/2027		100		108
				163
Consumer Finance — 1.3%
AerCap Ireland Capital DAC (Ireland)
4.50%, 9/15/2023		600		629
2.88%, 8/14/2024		150		154
1.75%, 1/30/2026		150		147
2.45%, 10/29/2026		170		171
3.00%, 10/29/2028		210		213
3.30%, 1/30/2032		195		199
American Express Co. 4.20%, 11/6/2025		150		165
American Honda Finance Corp. 2.30%, 9/9/2026		17		18
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (a)		155		156
2.88%, 2/15/2025 (a)		275		281
5.50%, 1/15/2026 (a)		395		436

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
2.13%, 2/21/2026 (a)		160		157
4.25%, 4/15/2026 (a)		245		260
4.38%, 5/1/2026 (a)		150		161
2.53%, 11/18/2027 (a)		1,301		1,263
Capital One Financial Corp.
4.20%, 10/29/2025		40		44
3.75%, 7/28/2026		196		210
(SOFR + 1.27%), 2.62%, 11/2/2032 (c)		235		234
General Motors Financial Co., Inc.
1.20%, 10/15/2024		110		109
1.25%, 1/8/2026		467		458
4.35%, 1/17/2027		113		124
2.35%, 1/8/2031		312		304
2.70%, 6/10/2031		205		204
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023 (a)		475		490
5.50%, 2/15/2024 (a)		23		25
				6,612
Containers & Packaging — 0.1%
Graphic Packaging International LLC 1.51%, 4/15/2026 (a)		284		278
Packaging Corp. of America 4.05%, 12/15/2049		155		181
WRKCo, Inc.
3.00%, 9/15/2024		80		84
3.90%, 6/1/2028		35		38
				581
Diversified Consumer Services — 0.0% (b)
Pepperdine University Series 2020, 3.30%, 12/1/2059		110		117
University of Southern California Series A, 3.23%, 10/1/2120		110		112
				229
Diversified Financial Services — 0.2%
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		67		70
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (a)		475		469
Mitsubishi HC Capital, Inc. (Japan) 2.65%, 9/19/2022 (a)		200		202
ORIX Corp. (Japan)
2.90%, 7/18/2022		40		40
3.25%, 12/4/2024		100		105
3.70%, 7/18/2027		100		109
				995

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — 0.7%
AT&T, Inc.
2.30%, 6/1/2027		520		529
1.65%, 2/1/2028		55		54
2.25%, 2/1/2032		430		416
3.50%, 6/1/2041		154		158
3.10%, 2/1/2043		645		627
3.50%, 9/15/2053		381		384
3.55%, 9/15/2055		126		126
Deutsche Telekom International Finance BV (Germany)
4.88%, 3/6/2042 (a)		150		187
Verizon Communications, Inc.
2.10%, 3/22/2028		405		406
3.15%, 3/22/2030		40		42
1.68%, 10/30/2030		75		71
2.36%, 3/15/2032 (a)		12		12
4.50%, 8/10/2033		125		147
4.40%, 11/1/2034		209		243
4.27%, 1/15/2036		85		100
2.65%, 11/20/2040		260		247
2.99%, 10/30/2056		82		78
				3,827
Electric Utilities — 1.5%
AEP Transmission Co. LLC 3.15%, 9/15/2049		35		36
Alabama Power Co. 6.13%, 5/15/2038		62		85
Avangrid, Inc. 3.15%, 12/1/2024		72		75
Baltimore Gas and Electric Co.
3.50%, 8/15/2046		47		51
2.90%, 6/15/2050		110		109
CenterPoint Energy Houston Electric LLC
3.95%, 3/1/2048		10		12
Series AD, 2.90%, 7/1/2050		200		201
China Southern Power Grid International Finance BVI Co. Ltd. (China)
3.50%, 5/8/2027 (a)		200		214
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		33
Duke Energy Corp.
2.65%, 9/1/2026		100		103
3.40%, 6/15/2029		61		65
Duke Energy Indiana LLC 3.75%, 5/15/2046		60		67
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		46		51

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Duke Energy Progress LLC 3.70%, 10/15/2046		54		60
Duquesne Light Holdings, Inc.
3.62%, 8/1/2027 (a)		160		169
2.53%, 10/1/2030 (a)		210		205
Edison International 3.55%, 11/15/2024		284		297
Emera US Finance LP (Canada) 4.75%, 6/15/2046		130		153
Entergy Arkansas LLC 3.50%, 4/1/2026		22		24
Entergy Corp. 2.95%, 9/1/2026		21		22
Entergy Louisiana LLC
2.40%, 10/1/2026		59		60
3.05%, 6/1/2031		38		40
4.00%, 3/15/2033		40		45
2.90%, 3/15/2051		130		128
Entergy Mississippi LLC 3.85%, 6/1/2049		135		155
Evergy Metro, Inc.
3.15%, 3/15/2023		24		24
5.30%, 10/1/2041		50		65
4.20%, 3/15/2048		50		60
Evergy, Inc. 2.90%, 9/15/2029		170		174
Florida Power & Light Co. 5.40%, 9/1/2035		50		65
Fortis, Inc. (Canada) 3.06%, 10/4/2026		124		129
Hydro-Quebec (Canada) Series IO, 8.05%, 7/7/2024		100		117
ITC Holdings Corp.
2.70%, 11/15/2022		100		102
2.95%, 5/14/2030 (a)		100		102
Jersey Central Power & Light Co.
4.30%, 1/15/2026 (a)		40		43
6.15%, 6/1/2037		30		40
Massachusetts Electric Co. 4.00%, 8/15/2046 (a)		56		61
MidAmerican Energy Co. 3.50%, 10/15/2024		59		62
Mid-Atlantic Interstate Transmission LLC
4.10%, 5/15/2028 (a)		40		44
Nevada Power Co. Series CC, 3.70%, 5/1/2029		100		109
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (a)		45		49
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		27		29
Niagara Mohawk Power Corp.
3.51%, 10/1/2024 (a)		19		20
1.96%, 6/27/2030 (a)		250		239
NRG Energy, Inc.
2.00%, 12/2/2025 (a)		185		186

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
2.45%, 12/2/2027 (a)		210		208
4.45%, 6/15/2029 (a)		110		120
OGE Energy Corp. 0.70%, 5/26/2023		135		134
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		165		164
Oncor Electric Delivery Co. LLC
5.75%, 3/15/2029		25		31
3.10%, 9/15/2049		215		224
Pacific Gas and Electric Co.
1.75%, 6/16/2022		320		319
1.37%, 3/10/2023		305		303
1.70%, 11/15/2023		175		175
3.45%, 7/1/2025		145		150
2.95%, 3/1/2026		90		92
3.75%, 8/15/2042 (d)		33		31
4.30%, 3/15/2045		55		56
4.00%, 12/1/2046		230		223
PECO Energy Co. 2.80%, 6/15/2050		100		98
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		19		20
Potomac Electric Power Co. 6.50%, 11/15/2037		75		108
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		175		246
Public Service Electric and Gas Co.
3.00%, 5/15/2025		83		87
5.38%, 11/1/2039		28		37
Southern California Edison Co.
Series C, 3.50%, 10/1/2023		53		55
Series B, 3.65%, 3/1/2028		80		86
Series 05-B, 5.55%, 1/15/2036		80		98
4.05%, 3/15/2042		100		109
Tampa Electric Co. 4.45%, 6/15/2049		100		126
Toledo Edison Co. (The) 6.15%, 5/15/2037		50		68
Union Electric Co. 2.95%, 6/15/2027		36		38
Virginia Electric and Power Co. 6.35%, 11/30/2037		70		100
				7,862
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		8		8
3.25%, 9/8/2024		44		46
3.88%, 1/12/2028		22		24
Corning, Inc.
5.35%, 11/15/2048		110		152
3.90%, 11/15/2049		174		195
				425

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Energy Equipment & Services — 0.2%
Baker Hughes Holdings LLC
3.14%, 11/7/2029		180		189
4.49%, 5/1/2030		115		131
5.13%, 9/15/2040		40		50
Halliburton Co.
3.80%, 11/15/2025		4		4
4.85%, 11/15/2035		30		35
6.70%, 9/15/2038		60		83
NOV, Inc. 3.60%, 12/1/2029		200		207
Schlumberger Finance Canada Ltd. 1.40%, 9/17/2025		300		299
Schlumberger Holdings Corp.
3.75%, 5/1/2024 (a)		55		58
3.90%, 5/17/2028 (a)		62		67
				1,123
Entertainment — 0.1%
Activision Blizzard, Inc. 1.35%, 9/15/2030		241		222
Walt Disney Co. (The) 7.30%, 4/30/2028		150		197
				419
Equity Real Estate Investment Trusts (REITs) — 2.2%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		23		25
2.00%, 5/18/2032		240		228
1.88%, 2/1/2033		140		132
4.00%, 2/1/2050		125		146
American Campus Communities Operating Partnership LP
3.63%, 11/15/2027		100		107
2.85%, 2/1/2030		190		194
American Tower Corp.
5.00%, 2/15/2024		71		76
3.38%, 10/15/2026		44		47
1.50%, 1/31/2028		325		311
2.10%, 6/15/2030		150		144
1.88%, 10/15/2030		275		260
3.70%, 10/15/2049		230		245
3.10%, 6/15/2050		130		126
2.95%, 1/15/2051		85		81
Boston Properties LP
3.13%, 9/1/2023		30		31
3.20%, 1/15/2025		61		64
3.65%, 2/1/2026		67		72

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Brixmor Operating Partnership LP
3.65%, 6/15/2024		50		52
3.85%, 2/1/2025		50		53
2.25%, 4/1/2028		200		199
2.50%, 8/16/2031		105		103
Corporate Office Properties LP
2.25%, 3/15/2026		470		475
2.75%, 4/15/2031		326		324
Crown Castle International Corp.
4.00%, 3/1/2027		24		26
2.25%, 1/15/2031		295		287
Digital Realty Trust LP 3.70%, 8/15/2027		31		34
Duke Realty LP
3.25%, 6/30/2026		18		19
2.88%, 11/15/2029		95		99
Equinix, Inc.
2.90%, 11/18/2026		285		295
2.00%, 5/15/2028		463		455
Essex Portfolio LP
1.65%, 1/15/2031		200		187
2.65%, 3/15/2032		145		145
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (a)		79		84
Goodman US Finance Three LLC (Australia)
3.70%, 3/15/2028 (a)		43		46
Healthcare Trust of America Holdings LP
3.10%, 2/15/2030		310		320
2.00%, 3/15/2031		160		151
Healthpeak Properties, Inc.
2.13%, 12/1/2028		330		331
3.50%, 7/15/2029		132		143
3.00%, 1/15/2030		90		94
Life Storage LP
4.00%, 6/15/2029		150		166
2.20%, 10/15/2030		300		295
2.40%, 10/15/2031		125		123
Mid-America Apartments LP
3.95%, 3/15/2029		230		257
1.70%, 2/15/2031		150		143
National Retail Properties, Inc.
3.60%, 12/15/2026		58		62
4.30%, 10/15/2028		150		168
Office Properties Income Trust
4.00%, 7/15/2022		78		79

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
2.40%, 2/1/2027		255		247
3.45%, 10/15/2031		130		126
Physicians Realty LP 2.63%, 11/1/2031		130		130
Prologis LP
2.25%, 4/15/2030		20		20
2.13%, 10/15/2050		150		129
Public Storage
1.95%, 11/9/2028		156		155
2.25%, 11/9/2031		131		132
Realty Income Corp.
3.88%, 7/15/2024		20		21
3.88%, 4/15/2025		60		65
3.25%, 1/15/2031		170		183
Regency Centers LP 2.95%, 9/15/2029		215		223
Sabra Health Care LP 3.20%, 12/1/2031		210		205
Safehold Operating Partnership LP 2.85%, 1/15/2032		400		392
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		170		179
SITE Centers Corp. 3.63%, 2/1/2025		61		64
UDR, Inc.
2.95%, 9/1/2026		28		29
3.20%, 1/15/2030		150		158
3.00%, 8/15/2031		25		26
2.10%, 8/1/2032		160		152
1.90%, 3/15/2033		240		221
Ventas Realty LP
4.13%, 1/15/2026		9		10
3.25%, 10/15/2026		25		26
3.85%, 4/1/2027		49		54
Vornado Realty LP 3.50%, 1/15/2025		60		63
Welltower, Inc.
2.70%, 2/15/2027		63		66
3.10%, 1/15/2030		85		89
6.50%, 3/15/2041		125		181
WP Carey, Inc.
4.25%, 10/1/2026		245		268
2.25%, 4/1/2033		180		171
				11,289
Food & Staples Retailing — 0.4%
7-Eleven, Inc.
0.95%, 2/10/2026 (a)		170		165
1.30%, 2/10/2028 (a)		137		130
2.50%, 2/10/2041 (a)		139		128

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food & Staples Retailing — continued
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (a)		90		93
3.44%, 5/13/2041 (a)		250		257
3.80%, 1/25/2050 (a)		230		249
3.63%, 5/13/2051 (a)		280		295
CVS Pass-Through Trust
7.51%, 1/10/2032 (a)		64		79
5.93%, 1/10/2034 (a)		70		83
Series 2013, 4.70%, 1/10/2036 (a)		150		169
Kroger Co. (The)
2.20%, 5/1/2030		500		498
5.40%, 7/15/2040		18		24
				2,170
Food Products — 0.4%
Bimbo Bakeries USA, Inc. (Mexico) 4.00%, 5/17/2051 (a)		290		315
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		400		406
Campbell Soup Co. 3.13%, 4/24/2050		47		46
Cargill, Inc. 3.25%, 3/1/2023 (a)		25		26
Conagra Brands, Inc.
5.30%, 11/1/2038		35		44
5.40%, 11/1/2048		105		142
General Mills, Inc. 3.00%, 2/1/2051		100		100
McCormick & Co., Inc. 2.50%, 4/15/2030		342		346
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		27		29
Smithfield Foods, Inc.
5.20%, 4/1/2029 (a)		160		183
3.00%, 10/15/2030 (a)		380		378
Tyson Foods, Inc.
4.88%, 8/15/2034		20		24
5.15%, 8/15/2044		90		116
4.55%, 6/2/2047		100		125
				2,280
Gas Utilities — 0.2%
Atmos Energy Corp.
0.63%, 3/9/2023		105		105
4.13%, 10/15/2044		50		58
4.13%, 3/15/2049		155		183
Boston Gas Co. 4.49%, 2/15/2042 (a)		22		25
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (a)		80		91
ONE Gas, Inc. 2.00%, 5/15/2030		200		195

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Gas Utilities — continued
Piedmont Natural Gas Co., Inc. 3.50%, 6/1/2029		200		214
Southern California Gas Co. Series XX, 2.55%, 2/1/2030		195		200
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		53		74
4.80%, 3/15/2047 (a)		26		31
Southwest Gas Corp. 3.80%, 9/29/2046		44		48
				1,224
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories 4.75%, 11/30/2036		130		166
Becton Dickinson and Co. 4.67%, 6/6/2047		160		202
Boston Scientific Corp.
4.00%, 3/1/2029		101		112
4.55%, 3/1/2039		100		120
DH Europe Finance II SARL 3.25%, 11/15/2039		184		196
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		283		284
				1,080
Health Care Providers & Services — 1.0%
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030		130		130
Anthem, Inc.
3.30%, 1/15/2023		18		18
3.35%, 12/1/2024		70		74
4.10%, 3/1/2028		55		61
4.65%, 1/15/2043		18		22
4.65%, 8/15/2044		65		82
Ascension Health Series B, 2.53%, 11/15/2029		190		197
Children’s Hospital Series 2020, 2.93%, 7/15/2050		180		177
Cigna Corp. 4.50%, 2/25/2026		127		140
CommonSpirit Health
1.55%, 10/1/2025		145		144
2.78%, 10/1/2030		145		148
3.91%, 10/1/2050		140		156
CVS Health Corp.
4.30%, 3/25/2028		21		24
5.05%, 3/25/2048		323		422
Hackensack Meridian Health, Inc.
Series 2020, 2.68%, 9/1/2041		390		381
Series 2020, 2.88%, 9/1/2050		230		230
HCA, Inc.
5.25%, 6/15/2026		340		383
5.13%, 6/15/2039		125		154
5.50%, 6/15/2047		245		321

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
Memorial Health Services 3.45%, 11/1/2049		245		270
MidMichigan Health Series 2020, 3.41%, 6/1/2050		80		85
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		83		96
MultiCare Health System 2.80%, 8/15/2050		120		116
Providence St. Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		36		38
Quest Diagnostics, Inc.
3.45%, 6/1/2026		17		18
2.80%, 6/30/2031		95		98
Texas Health Resources 2.33%, 11/15/2050		140		126
UnitedHealth Group, Inc.
4.63%, 7/15/2035		34		42
3.50%, 8/15/2039		160		178
3.25%, 5/15/2051		140		151
Universal Health Services, Inc.
2.65%, 10/15/2030 (a)		170		169
2.65%, 1/15/2032 (a)		210		206
Yale-New Haven Health Services Corp.
Series 2020, 2.50%, 7/1/2050		200		185
				5,042
Hotels, Restaurants & Leisure — 0.0% (b)
McDonald’s Corp. 4.70%, 12/9/2035		60		73
Starbucks Corp. 2.55%, 11/15/2030		170		173
				246
Household Durables — 0.0% (b)
Lennar Corp. 4.50%, 4/30/2024		95		101
Independent Power and Renewable Electricity Producers — 0.2%
Alexander Funding Trust 1.84%, 11/15/2023 (a)		200		201
Exelon Generation Co. LLC
3.40%, 3/15/2022		50		50
4.25%, 6/15/2022		38		38
3.25%, 6/1/2025		250		263
6.25%, 10/1/2039		100		125
5.75%, 10/1/2041		144		171
Southern Power Co. 5.15%, 9/15/2041		50		61
Tri-State Generation and Transmission Association, Inc. 4.25%, 6/1/2046		25		28
				937

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Industrial Conglomerates — 0.2%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		325		388
Honeywell International, Inc. 2.50%, 11/1/2026		150		157
Roper Technologies, Inc.
1.40%, 9/15/2027		350		339
2.00%, 6/30/2030		160		154
				1,038
Insurance — 1.1%
AIA Group Ltd. (Hong Kong)
3.20%, 3/11/2025 (a)		200		208
3.90%, 4/6/2028 (a)		210		232
3.60%, 4/9/2029 (a)		200		218
American Financial Group, Inc. 3.50%, 8/15/2026		100		107
American International Group, Inc. 3.88%, 1/15/2035		180		199
Assurant, Inc. 4.20%, 9/27/2023		85		89
Athene Global Funding
0.95%, 1/8/2024 (a)		363		361
2.75%, 6/25/2024 (a)		155		160
2.50%, 1/14/2025 (a)		103		106
1.45%, 1/8/2026 (a)		370		363
2.95%, 11/12/2026 (a)		410		428
Berkshire Hathaway Finance Corp. 4.30%, 5/15/2043		62		74
Brown & Brown, Inc. 2.38%, 3/15/2031		460		448
Chubb INA Holdings, Inc.
2.88%, 11/3/2022		42		43
2.70%, 3/13/2023		120		123
CNA Financial Corp. 3.95%, 5/15/2024		44		46
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (a) (c) (e) (f)		200		213
F&G Global Funding 1.75%, 6/30/2026 (a)		185		184
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		21		27
Hanover Insurance Group, Inc. (The) 2.50%, 9/1/2030		120		119
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		70		82
Intact US Holdings, Inc. 4.60%, 11/9/2022		100		103
Jackson National Life Global Funding
3.88%, 6/11/2025 (a)		87		94
3.05%, 4/29/2026 (a)		104		109

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — continued
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (a)		27		31
3.95%, 10/15/2050 (a)		207		229
Lincoln National Corp.
4.20%, 3/15/2022		20		20
4.00%, 9/1/2023		50		53
Markel Corp. 3.63%, 3/30/2023		40		41
MetLife, Inc. 4.13%, 8/13/2042		28		33
New York Life Global Funding 2.35%, 7/14/2026 (a)		65		67
New York Life Insurance Co. 4.45%, 5/15/2069 (a)		105		134
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (a)		195		193
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		134		154
Principal Financial Group, Inc.
3.13%, 5/15/2023		30		31
3.70%, 5/15/2029		30		33
Prudential Financial, Inc. 3.91%, 12/7/2047		61		71
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		182
Reliance Standard Life Global Funding II 3.85%, 9/19/2023 (a)		105		110
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)		50		60
				5,578
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc. 3.88%, 8/22/2037		80		94
eBay, Inc. 2.60%, 5/10/2031		830		838
				932
IT Services — 0.2%
CGI, Inc. (Canada) 2.30%, 9/14/2031 (a)		370		356
Fiserv, Inc.
3.20%, 7/1/2026		70		74
4.40%, 7/1/2049		65		77
Global Payments, Inc.
3.20%, 8/15/2029		236		246
4.15%, 8/15/2049		140		160
				913
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029		332		366

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		330		325
Machinery — 0.1%
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		75		83
Otis Worldwide Corp. 2.57%, 2/15/2030		280		285
Parker-Hannifin Corp.
4.45%, 11/21/2044		30		36
4.10%, 3/1/2047		21		24
Xylem, Inc. 2.25%, 1/30/2031		110		109
				537
Media — 0.8%
Charter Communications Operating LLC
3.75%, 2/15/2028		123		132
2.25%, 1/15/2029		317		309
5.38%, 4/1/2038		38		45
3.50%, 3/1/2042		195		189
4.80%, 3/1/2050		240		269
3.70%, 4/1/2051		445		431
Comcast Cable Holdings LLC 10.13%, 4/15/2022		75		77
Comcast Corp.
3.55%, 5/1/2028		66		72
4.25%, 1/15/2033		167		195
4.20%, 8/15/2034		89		105
3.90%, 3/1/2038		32		36
3.25%, 11/1/2039		130		137
3.75%, 4/1/2040		160		179
4.00%, 11/1/2049		52		60
2.89%, 11/1/2051 (a)		186		180
2.94%, 11/1/2056 (a)		101		96
2.99%, 11/1/2063 (a)		263		251
Cox Communications, Inc.
3.35%, 9/15/2026 (a)		67		71
1.80%, 10/1/2030 (a)		235		222
2.95%, 10/1/2050 (a)		180		168
Discovery Communications LLC
5.20%, 9/20/2047		80		99
4.00%, 9/15/2055		124		131
Time Warner Cable LLC
6.55%, 5/1/2037		50		65
7.30%, 7/1/2038		50		71
5.50%, 9/1/2041		100		121

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		90		131
ViacomCBS, Inc.
3.70%, 8/15/2024		46		49
4.00%, 1/15/2026		42		45
2.90%, 1/15/2027		53		55
5.85%, 9/1/2043		110		148
				4,139
Metals & Mining — 0.5%
Anglo American Capital plc (South Africa)
4.00%, 9/11/2027 (a)		200		215
Glencore Funding LLC (Australia)
4.13%, 5/30/2023 (a)		112		116
2.50%, 9/1/2030 (a)		750		727
2.63%, 9/23/2031 (a)		130		127
Nucor Corp. 2.98%, 12/15/2055		30		29
Reliance Steel & Aluminum Co. 1.30%, 8/15/2025		600		590
Steel Dynamics, Inc.
1.65%, 10/15/2027		126		123
3.45%, 4/15/2030		177		189
Teck Resources Ltd. (Canada) 6.25%, 7/15/2041		210		279
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		130		134
				2,529
Multiline Retail — 0.1%
Dollar General Corp. 4.13%, 5/1/2028		55		61
Kohl’s Corp. 3.38%, 5/1/2031		402		409
Nordstrom, Inc. 4.25%, 8/1/2031		300		295
				765
Multi-Utilities — 0.3%
Ameren Illinois Co. 3.25%, 3/15/2050		185		197
CenterPoint Energy, Inc. 1.45%, 6/1/2026		230		226
CMS Energy Corp.
3.88%, 3/1/2024		110		115
2.95%, 2/15/2027		47		49
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		38		51
4.50%, 5/15/2058		54		66
Consumers Energy Co. 3.25%, 8/15/2046		19		20
Delmarva Power & Light Co. 4.15%, 5/15/2045		50		59
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		60		61

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Multi-Utilities — continued
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (a)		50		53
NiSource, Inc.
2.95%, 9/1/2029		85		88
1.70%, 2/15/2031		190		176
San Diego Gas & Electric Co. 5.35%, 5/15/2035		70		90
Southern Co. Gas Capital Corp.
2.45%, 10/1/2023		19		19
3.25%, 6/15/2026		17		18
5.88%, 3/15/2041		96		130
4.40%, 6/1/2043		42		48
3.95%, 10/1/2046		21		23
WEC Energy Group, Inc. 3.55%, 6/15/2025		11		12
				1,501
Oil, Gas & Consumable Fuels — 2.5%
APT Pipelines Ltd. (Australia)
4.20%, 3/23/2025 (a)		120		129
4.25%, 7/15/2027 (a)		73		80
Boardwalk Pipelines LP
4.80%, 5/3/2029		70		78
3.40%, 2/15/2031		170		176
BP Capital Markets America, Inc.
3.02%, 1/16/2027		35		37
2.77%, 11/10/2050		130		122
2.94%, 6/4/2051		205		197
3.00%, 3/17/2052		135		132
BP Capital Markets plc (United Kingdom)
3.51%, 3/17/2025		15		16
3.28%, 9/19/2027		259		278
Buckeye Partners LP 5.85%, 11/15/2043		100		98
Cameron LNG LLC 3.70%, 1/15/2039 (a)		188		202
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/2029		200		214
Chevron Corp.
2.41%, 3/3/2022		150		150
2.57%, 5/16/2023		200		205
Chevron USA, Inc. 3.25%, 10/15/2029		110		119
ConocoPhillips
3.75%, 10/1/2027 (a)		135		148
2.40%, 2/15/2031 (a)		130		130
Coterra Energy, Inc. 3.90%, 5/15/2027 (a)		235		253
Diamondback Energy, Inc.
4.75%, 5/31/2025		550		602
3.25%, 12/1/2026		145		153

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Eastern Gas Transmission & Storage, Inc. 3.90%, 11/15/2049 (a)		137		152
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		28		30
4.13%, 1/16/2025		33		34
5.38%, 6/26/2026		39		40
Enable Midstream Partners LP
4.95%, 5/15/2028		40		44
4.15%, 9/15/2029		102		109
Energy Transfer LP
4.75%, 1/15/2026		242		265
3.90%, 7/15/2026		24		26
5.50%, 6/1/2027		90		103
6.05%, 6/1/2041		100		122
6.10%, 2/15/2042		60		73
6.00%, 6/15/2048		235		292
Eni USA, Inc. (Italy) 7.30%, 11/15/2027		50		63
Enterprise Products Operating LLC
3.90%, 2/15/2024		25		26
3.70%, 2/15/2026		38		41
7.55%, 4/15/2038		86		128
4.45%, 2/15/2043		87		99
5.10%, 2/15/2045		16		20
3.20%, 2/15/2052		50		49
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		64
Equinor ASA (Norway)
3.25%, 11/10/2024		23		24
2.88%, 4/6/2025		145		152
Exxon Mobil Corp. 3.00%, 8/16/2039		405		410
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (a)		355		356
4.32%, 12/30/2039 (a)		130		134
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (a)		250		249
Gray Oak Pipeline LLC
2.00%, 9/15/2023 (a)		135		136
2.60%, 10/15/2025 (a)		165		165
3.45%, 10/15/2027 (a)		372		389
Hess Corp. 6.00%, 1/15/2040		67		85
HollyFrontier Corp.
2.63%, 10/1/2023		255		260
5.88%, 4/1/2026		138		155

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Lundin Energy Finance BV (Netherlands)
2.00%, 7/15/2026 (a)		200		199
3.10%, 7/15/2031 (a)		200		201
Magellan Midstream Partners LP
3.20%, 3/15/2025		14		14
6.40%, 5/1/2037		70		91
Marathon Petroleum Corp. 4.70%, 5/1/2025		156		170
MPLX LP
4.50%, 7/15/2023		213		222
4.80%, 2/15/2029		261		298
NGPL PipeCo LLC 3.25%, 7/15/2031 (a)		215		218
ONEOK Partners LP
3.38%, 10/1/2022		8		8
5.00%, 9/15/2023		72		76
6.65%, 10/1/2036		15		20
ONEOK, Inc. 2.20%, 9/15/2025		250		253
Phillips 66 Partners LP
3.15%, 12/15/2029		95		99
4.90%, 10/1/2046		37		45
Pioneer Natural Resources Co. 1.90%, 8/15/2030		270		256
Plains All American Pipeline LP
4.65%, 10/15/2025		235		256
5.15%, 6/1/2042		120		132
4.30%, 1/31/2043		30		30
4.70%, 6/15/2044		110		117
Sabine Pass Liquefaction LLC
5.63%, 3/1/2025		235		261
5.00%, 3/15/2027		450		505
Spectra Energy Partners LP 4.50%, 3/15/2045		25		29
Suncor Energy, Inc. (Canada)
5.95%, 12/1/2034		60		77
6.80%, 5/15/2038		145		202
Texas Eastern Transmission LP 3.50%, 1/15/2028 (a)		15		16
TotalEnergies Capital International SA (France)
2.99%, 6/29/2041		350		354
3.46%, 7/12/2049		145		157
3.13%, 5/29/2050		260		267
TransCanada PipeLines Ltd. (Canada)
6.20%, 10/15/2037		70		95
4.75%, 5/15/2038		80		96
Valero Energy Corp.
2.15%, 9/15/2027		210		210
7.50%, 4/15/2032		14		19
				12,957

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The)
2.60%, 4/15/2030		404		419
3.13%, 12/1/2049		150		164
				583
Pharmaceuticals — 0.8%
AstraZeneca plc (United Kingdom)
6.45%, 9/15/2037		50		74
4.00%, 9/18/2042		40		48
2.13%, 8/6/2050		140		123
Bristol-Myers Squibb Co.
3.90%, 2/20/2028		100		111
4.13%, 6/15/2039		114		135
2.35%, 11/13/2040		175		166
5.00%, 8/15/2045		126		167
4.55%, 2/20/2048		60		77
Mylan, Inc.
3.13%, 1/15/2023 (a)		25		26
5.40%, 11/29/2043		21		25
Royalty Pharma plc
0.75%, 9/2/2023		240		239
1.20%, 9/2/2025		98		96
1.75%, 9/2/2027		135		133
2.15%, 9/2/2031		58		55
3.30%, 9/2/2040		195		194
3.55%, 9/2/2050		200		199
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		83		85
3.20%, 9/23/2026		234		249
Takeda Pharmaceutical Co. Ltd. (Japan)
3.03%, 7/9/2040		545		554
3.18%, 7/9/2050		225		227
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		210		226
Viatris, Inc. 2.30%, 6/22/2027		589		592
Zoetis, Inc. 2.00%, 5/15/2030		170		168
				3,969
Professional Services — 0.1%
IHS Markit Ltd. 4.25%, 5/1/2029		346		394
Real Estate Management & Development — 0.0% (b)
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (a)		200		201

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		85		118
5.40%, 6/1/2041		126		170
4.38%, 9/1/2042		25		30
5.15%, 9/1/2043		77		103
4.70%, 9/1/2045		35		45
CSX Corp.
5.50%, 4/15/2041		50		67
4.75%, 11/15/2048		108		138
3.35%, 9/15/2049		10		11
ERAC USA Finance LLC
7.00%, 10/15/2037 (a)		160		236
5.63%, 3/15/2042 (a)		12		16
JB Hunt Transport Services, Inc.
3.85%, 3/15/2024		70		73
3.88%, 3/1/2026		85		93
Kansas City Southern 4.70%, 5/1/2048		197		245
Norfolk Southern Corp.
3.95%, 10/1/2042		70		80
4.05%, 8/15/2052		40		48
Penske Truck Leasing Co. LP
3.95%, 3/10/2025 (a)		25		27
3.40%, 11/15/2026 (a)		25		26
4.20%, 4/1/2027 (a)		75		83
Triton Container International Ltd. (Bermuda)
1.15%, 6/7/2024 (a)		270		267
Union Pacific Corp. 4.10%, 9/15/2067		150		182
				2,058
Semiconductors & Semiconductor Equipment — 0.8%
Analog Devices, Inc. 2.80%, 10/1/2041		227		230
Broadcom, Inc.
1.95%, 2/15/2028 (a)		592		586
4.11%, 9/15/2028		98		107
3.14%, 11/15/2035 (a)		378		381
3.19%, 11/15/2036 (a)		370		369
Intel Corp. 3.10%, 2/15/2060		50		50
KLA Corp. 3.30%, 3/1/2050		150		160
Microchip Technology, Inc.
0.97%, 2/15/2024		330		327
0.98%, 9/1/2024 (a)		370		363
NXP BV (China)
2.50%, 5/11/2031 (a)		360		360
3.25%, 5/11/2041 (a)		370		378

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
Xilinx, Inc. 2.38%, 6/1/2030		623		631
				3,942
Software — 0.6%
Citrix Systems, Inc. 1.25%, 3/1/2026		95		93
Microsoft Corp.
2.65%, 11/3/2022		160		162
2.00%, 8/8/2023		125		127
3.50%, 2/12/2035		68		78
3.45%, 8/8/2036		60		69
2.92%, 3/17/2052		65		69
3.04%, 3/17/2062		40		43
Oracle Corp.
2.50%, 5/15/2022		52		52
2.40%, 9/15/2023		101		103
2.30%, 3/25/2028		370		369
4.30%, 7/8/2034		23		25
3.90%, 5/15/2035		93		100
3.85%, 7/15/2036		107		113
3.60%, 4/1/2040		450		452
3.65%, 3/25/2041		300		303
4.00%, 7/15/2046		110		114
VMware, Inc.
2.95%, 8/21/2022		101		102
1.40%, 8/15/2026		404		397
4.65%, 5/15/2027		135		152
				2,923
Specialty Retail — 0.2%
AutoZone, Inc. 1.65%, 1/15/2031		180		169
Home Depot, Inc. (The) 3.90%, 12/6/2028		110		124
Lowe’s Cos., Inc.
1.70%, 10/15/2030		430		409
2.63%, 4/1/2031		105		107
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		80		86
3.60%, 9/1/2027		49		53
				948
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.
2.45%, 8/4/2026		74		77
3.45%, 2/9/2045		82		92
3.85%, 8/4/2046		117		139
3.75%, 9/12/2047		140		163

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — continued
Dell International LLC
5.45%, 6/15/2023		32		34
6.02%, 6/15/2026		522		603
HP, Inc. 3.00%, 6/17/2027		160		168
				1,276
Thrifts & Mortgage Finance — 0.2%
BPCE SA (France)
4.63%, 7/11/2024 (a)		200		214
1.00%, 1/20/2026 (a)		305		294
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (c)		250		247
(SOFR + 1.31%), 2.28%, 1/20/2032 (a) (c)		250		241
Nationwide Building Society (United Kingdom) 1.00%, 8/28/2025 (a)		200		195
				1,191
Tobacco — 0.3%
Altria Group, Inc. 2.45%, 2/4/2032		410		389
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		210		205
4.39%, 8/15/2037		250		264
3.73%, 9/25/2040		140		134
4.54%, 8/15/2047		60		63
3.98%, 9/25/2050		220		211
BAT International Finance plc (United Kingdom) 1.67%, 3/25/2026		160		157
				1,423
Trading Companies & Distributors — 0.3%
Air Lease Corp.
2.30%, 2/1/2025		245		248
3.25%, 3/1/2025		48		50
3.38%, 7/1/2025		378		394
2.88%, 1/15/2026		160		165
3.25%, 10/1/2029		220		225
Aviation Capital Group LLC
3.88%, 5/1/2023 (a)		100		103
5.50%, 12/15/2024 (a)		174		190
International Lease Finance Corp.
8.63%, 1/15/2022		70		70
5.88%, 8/15/2022		150		155
WW Grainger, Inc. 4.60%, 6/15/2045		77		99
				1,699
Transportation Infrastructure — 0.1%
Sydney Airport Finance Co. Pty. Ltd. (Australia)
3.38%, 4/30/2025 (a)		360		377

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water Utilities — 0.1%
American Water Capital Corp.
3.45%, 6/1/2029		35		38
4.00%, 12/1/2046		52		60
3.45%, 5/1/2050		225		239
				337
Wireless Telecommunication Services — 0.5%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		200		216
4.38%, 4/22/2049		200		243
T-Mobile USA, Inc.
3.75%, 4/15/2027		460		498
2.05%, 2/15/2028		370		367
3.88%, 4/15/2030		850		930
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		64		83
4.88%, 6/19/2049		255		322
				2,659
Total Corporate Bonds (Cost $156,265)				161,010
U.S. Treasury Obligations — 22.6%
U.S. Treasury Bonds
3.50%, 2/15/2039		900		1,129
4.25%, 5/15/2039		945		1,296
1.13%, 5/15/2040		1,220		1,069
3.88%, 8/15/2040		1,975		2,603
1.88%, 2/15/2041		1,110		1,099
2.25%, 5/15/2041		3,485		3,660
2.00%, 11/15/2041		205		207
3.13%, 11/15/2041		950		1,142
2.75%, 8/15/2042		1,800		2,051
2.75%, 11/15/2042		2,345		2,673
3.13%, 2/15/2043		500		603
2.88%, 5/15/2043		1,590		1,848
3.63%, 8/15/2043		350		454
3.75%, 11/15/2043		514		680
3.63%, 2/15/2044		645		839
3.38%, 5/15/2044		1,000		1,259
3.00%, 11/15/2044		663		791
2.50%, 2/15/2045		2,000		2,199
2.88%, 8/15/2045		570		669
3.00%, 11/15/2045		1,000		1,201
2.25%, 8/15/2046		3,104		3,282
3.00%, 2/15/2048		90		110
3.13%, 5/15/2048		176		220
2.88%, 5/15/2049		160		193

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
2.25%, 8/15/2049		1,095		1,172
2.38%, 11/15/2049		1,365		1,499
2.00%, 2/15/2050		645		655
1.25%, 5/15/2050		180		153
1.38%, 8/15/2050		140		123
1.63%, 11/15/2050		2,240		2,087
1.88%, 2/15/2051		3,795		3,754
2.38%, 5/15/2051		1,100		1,215
1.88%, 11/15/2051		1,520		1,508
U.S. Treasury Inflation Indexed Bonds
3.63%, 4/15/2028		300		681
2.50%, 1/15/2029		100		165
U.S. Treasury Notes
1.38%, 1/31/2022		9,000		9,010
1.75%, 2/28/2022		3,300		3,309
1.63%, 8/31/2022		1,000		1,009
1.75%, 9/30/2022		150		152
1.50%, 2/28/2023		525		531
1.75%, 5/15/2023		3,079		3,130
2.75%, 5/31/2023		46		47
2.50%, 8/15/2023		600		618
1.38%, 8/31/2023		700		708
1.63%, 10/31/2023		2,000		2,034
2.13%, 2/29/2024		94		97
2.50%, 5/15/2024		30		31
2.00%, 6/30/2024		10		10
2.25%, 11/15/2024		112		116
1.75%, 12/31/2024		2,766		2,829
2.00%, 2/15/2025		1,000		1,030
2.88%, 4/30/2025		146		155
2.13%, 5/15/2025		575		595
2.88%, 5/31/2025		318		337
2.00%, 8/15/2025		729		751
2.25%, 11/15/2025		610		635
0.38%, 1/31/2026		650		629
1.63%, 2/15/2026		59		60
0.50%, 2/28/2026		4,645		4,513
2.50%, 2/28/2026		160		168
0.75%, 4/30/2026		100		98
0.88%, 6/30/2026		3,965		3,902
1.50%, 8/15/2026		28		28
2.00%, 11/15/2026		84		87
1.75%, 12/31/2026		2,082		2,131
2.25%, 2/15/2027		293		307
0.38%, 9/30/2027		1,160		1,098

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
2.75%, 2/15/2028		65		70
1.25%, 3/31/2028		2,475		2,453
2.88%, 5/15/2028		991		1,079
1.25%, 6/30/2028		2,205		2,182
1.00%, 7/31/2028		3,000		2,921
1.75%, 11/15/2029		265		272
1.50%, 2/15/2030		129		130
0.63%, 8/15/2030		280		261
0.88%, 11/15/2030		2,050		1,949
1.63%, 5/15/2031		175		177
1.38%, 11/15/2031		105		104
U.S. Treasury STRIPS Bonds
3.03%, 2/15/2022 (g)		720		720
2.86%, 5/15/2022 (g)		760		760
3.32%, 8/15/2022 (g)		75		75
1.95%, 11/15/2022 (g)		750		748
3.15%, 2/15/2023 (g)		2,690		2,676
2.81%, 5/15/2023 (g)		2,420		2,403
2.32%, 8/15/2023 (g)		1,890		1,872
2.83%, 11/15/2023 (g)		173		171
1.74%, 2/15/2024 (g)		327		322
3.53%, 11/15/2024 (g)		110		107
3.99%, 2/15/2025 (g)		50		48
5.52%, 5/15/2026 (g)		100		95
3.71%, 8/15/2026 (g)		23		22
3.89%, 11/15/2026 (g)		250		235
4.45%, 2/15/2027 (g)		300		280
3.96%, 5/15/2027 (g)		725		674
3.50%, 8/15/2027 (g)		250		231
4.33%, 11/15/2027 (g)		710		653
3.24%, 2/15/2028 (g)		27		25
3.14%, 5/15/2028 (g)		140		128
8.17%, 8/15/2028 (g)		50		45
4.43%, 2/15/2029 (g)		658		590
1.60%, 8/15/2029 (g)		3,400		3,020
4.23%, 11/15/2029 (g)		200		177
5.23%, 5/15/2030 (g)		300		263
4.26%, 8/15/2030 (g)		300		262
3.88%, 11/15/2030 (g)		500		434
4.89%, 2/15/2031 (g)		350		302
4.25%, 5/15/2031 (g)		275		236
3.54%, 11/15/2031 (g)		760		646
4.04%, 2/15/2032 (g)		350		296
4.61%, 11/15/2032 (g)		800		664
4.07%, 2/15/2033 (g)		400		330

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
U.S. Treasury Obligations — continued
4.25%, 5/15/2033 (g)		1,175			964
6.96%, 8/15/2033 (g)		100			82
4.77%, 11/15/2033 (g)		1,025			831
4.21%, 2/15/2034 (g)		775			625
3.59%, 11/15/2034 (g)		50			40
3.47%, 2/15/2035 (g)		65			51
3.85%, 5/15/2035 (g)		250			196
2.48%, 11/15/2041 (g)		100			66
Total U.S. Treasury Obligations (Cost $114,827)					118,407
Mortgage-Backed Securities — 17.7%
FHLMC
Pool # 611141, ARM, 2.23%, 1/1/2027 (h)		10			10
Pool # 846812, ARM, 2.37%, 4/1/2030 (h)		2			2
Pool # 1B1665, ARM, 2.07%, 4/1/2034 (h)		11			12
Pool # 1B2844, ARM, 1.96%, 3/1/2035 (h)		18			18
Pool # 1B3209, ARM, 2.08%, 1/1/2037 (h)		9			9
FHLMC Gold Pools, 30 Year
Pool # G00981, 8.50%, 7/1/2028		1			1
Pool # C00785, 6.50%, 6/1/2029		6			7
Pool # C01292, 6.00%, 2/1/2032		4			4
Pool # A13625, 5.50%, 10/1/2033		23			26
Pool # A28796, 6.50%, 11/1/2034		7			8
Pool # A46417, 7.00%, 4/1/2035		31			36
Pool # V83115, 4.50%, 3/1/2047		564			610
Pool # Q48338, 4.50%, 5/1/2047		41			45
Pool # G61060, 4.50%, 6/1/2047		840			908
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		28			30
Pool # U80265, 3.50%, 4/1/2033		251			268
Pool # U90690, 3.50%, 6/1/2042		228			245
Pool # U90975, 4.00%, 6/1/2042		98			106
Pool # U99134, 4.00%, 1/1/2046		168			183
FHLMC UMBS, 30 Year
Pool # RA2008, 4.00%, 1/1/2050		375			404
Pool # QB1284, 3.50%, 7/1/2050		689			725
Pool # QB1248, 4.00%, 7/1/2050		706			763
FNMA
Pool # 303532, ARM, 3.85%, 3/1/2029 (h)		—	(i)		—	(i)
Pool # 745446, ARM, 2.39%, 4/1/2033 (h)		12			12
Pool # 722985, ARM, 2.15%, 7/1/2033 (h)		13			13
Pool # 766610, ARM, 1.96%, 1/1/2034 (h)		11			11
Pool # 735332, ARM, 2.27%, 8/1/2034 (h)		26			27
Pool # 735740, ARM, 1.80%, 10/1/2034 (h)		16			16

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 810896, ARM, 1.68%, 1/1/2035 (h)		44			45
Pool # 823660, ARM, 1.97%, 5/1/2035 (h)		22			23
FNMA UMBS, 15 Year
Pool # 899316, 5.50%, 4/1/2022		—	(i)		—	(i)
Pool # 928637, 6.00%, 9/1/2022		—	(i)		—	(i)
Pool # 949415, 4.50%, 3/1/2023		1			1
Pool # 962871, 4.50%, 5/1/2023		2			2
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		—	(i)		–	(i)
Pool # 555791, 6.50%, 12/1/2022		—	(i)		–	(i)
Pool # 762498, 5.00%, 11/1/2023		23			25
Pool # 255609, 4.50%, 1/1/2025		4			4
Pool # FM1345, 4.50%, 11/1/2038		662			715
FNMA UMBS, 30 Year
Pool # 250375, 6.50%, 9/1/2025		1			1
Pool # 689977, 8.00%, 3/1/2027		8			8
Pool # 755973, 8.00%, 11/1/2028		15			16
Pool # 252211, 6.00%, 1/1/2029		1			1
Pool # 524949, 7.50%, 3/1/2030		5			5
Pool # 622534, 3.00%, 9/1/2031		93			96
Pool # 788150, 6.00%, 3/1/2032		13			14
Pool # 545639, 6.50%, 4/1/2032		26			30
Pool # 674349, 6.00%, 3/1/2033		5			5
Pool # AD0755, 7.00%, 6/1/2035		346			403
Pool # 833039, 5.00%, 9/1/2035		15			17
Pool # 745932, 6.50%, 11/1/2036		32			36
Pool # 944831, 5.50%, 2/1/2038		4			5
Pool # 961799, 5.50%, 3/1/2038		2			2
Pool # 985558, 5.50%, 6/1/2038		1			1
Pool # AL3438, 6.50%, 10/1/2038		306			341
Pool # AA4236, 4.50%, 4/1/2039		116			127
Pool # 935241, 4.50%, 5/1/2039		4			4
Pool # MA2535, 4.50%, 2/1/2046		190			206
Pool # BH4683, 4.00%, 6/1/2047		281			306
Pool # BH4684, 4.00%, 6/1/2047		240			259
Pool # BH4685, 4.00%, 6/1/2047		238			259
Pool # BK9030, 5.00%, 10/1/2048		504			550
Pool # BM5430, 5.00%, 1/1/2049		423			474
Pool # BN5899, 5.00%, 2/1/2049		80			87
Pool # BK8745, 4.50%, 4/1/2049		305			327
Pool # BN4707, 5.00%, 4/1/2049		366			404
Pool # FM1939, 4.50%, 5/1/2049		255			273
Pool # CA3713, 5.00%, 6/1/2049		251			274
Pool # BN6475, 4.00%, 7/1/2049		121			129
Pool # BO2170, 4.00%, 7/1/2049		217			231
Pool # BO2305, 4.00%, 7/1/2049		79			84

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BK8758, 4.50%, 7/1/2049		378		412
Pool # BO5625, 3.50%, 8/1/2049		675		727
Pool # BP4357, 3.00%, 2/1/2050		877		938
Pool # BU1805, 2.50%, 12/1/2051		1,540		1,579
FNMA, 30 Year
Pool # 506427, 9.00%, 4/1/2025		6		6
Pool # 535442, 8.50%, 6/1/2030		1		1
FNMA, Other
Pool # AM1619, 2.34%, 12/1/2022		232		234
Pool # AM2747, 2.50%, 4/1/2023		500		507
Pool # AM3244, 2.52%, 5/1/2023		1,000		1,016
Pool # AM3851, 3.02%, 7/1/2023		1,000		1,023
Pool # AN0029, 3.10%, 9/1/2025		950		1,005
Pool # AM4660, 3.77%, 12/1/2025		285		309
Pool # AN0890, 2.63%, 3/1/2026		466		485
Pool # AM6381, 3.29%, 8/1/2026		977		1,045
Pool # AM7321, 3.12%, 11/1/2026		930		992
Pool # AM7515, 3.34%, 2/1/2027		1,000		1,078
Pool # AN1600, 2.59%, 6/1/2028		843		885
Pool # AN9686, 3.52%, 6/1/2028		500		557
Pool # 109452, 3.64%, 8/1/2028		955		959
Pool # 405220, 6.00%, 9/1/2028		3		4
Pool # BL5798, 2.47%, 12/1/2028		1,241		1,294
Pool # BL1040, 3.81%, 12/1/2028		300		340
Pool # BL4435, 2.42%, 10/1/2029		700		732
Pool # AN6846, 2.93%, 10/1/2029		1,100		1,188
Pool # BL4333, 2.52%, 11/1/2029		1,079		1,135
Pool # BS0448, 1.27%, 12/1/2029		1,281		1,236
Pool # AN9976, 3.96%, 2/1/2030		1,200		1,382
Pool # BL6267, 2.01%, 4/1/2030		1,350		1,367
Pool # AM8692, 3.03%, 4/1/2030		650		704
Pool # AM8544, 3.08%, 4/1/2030		467		507
Pool # BL6386, 2.02%, 8/1/2030		1,059		1,075
Pool # BL9251, 1.45%, 10/1/2030		1,200		1,166
Pool # BL9645, 1.50%, 1/1/2031		1,100		1,072
Pool # BL9627, 1.56%, 1/1/2031		1,300		1,274
Pool # BS4313, IO, 1.98%, 1/1/2032 (j)		1,985		2,005
Pool # 754922, 5.50%, 9/1/2033		23		25
Pool # 847108, 6.50%, 10/1/2035		54		58
Pool # AL9678, 4.00%, 2/1/2036		670		719
Pool # AN1330, 3.19%, 3/1/2036		996		1,085
Pool # 257172, 5.50%, 4/1/2038		3		3
Pool # AO9352, 4.00%, 7/1/2042		147		161
Pool # MA1125, 4.00%, 7/1/2042		157		171
Pool # MA1178, 4.00%, 9/1/2042		83		90
Pool # MA1437, 3.50%, 5/1/2043		271		291
Pool # AL6167, 3.50%, 1/1/2044		295		317

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # MA2545, 3.50%, 2/1/2046		541			580
Pool # MA2793, 3.50%, 10/1/2046		210			227
Pool # BF0230, 5.50%, 1/1/2058		1,515			1,783
Pool # BF0464, 3.50%, 3/1/2060		988			1,069
Pool # BF0497, 3.00%, 7/1/2060		831			876
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 2/25/2052 (j)		19,405			19,748
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 # 405535, 7.00%, 12/15/2025		—	(i)		—	(i)
Pool # 412336, 8.00%, 10/15/2027		1			1
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		2			2
Pool # 486537, 7.50%, 9/15/2028		2			2
Pool # 781614, 7.00%, 6/15/2033		4			5
Pool # 617653, 6.00%, 5/15/2037		28			31
Pool # 678574, 5.50%, 6/15/2038		569			658
Pool # 681554, 5.50%, 7/15/2038		530			614
Pool # 678169, 5.50%, 9/15/2038		337			390
Pool # 681568, 5.50%, 9/15/2038		557			646
Pool # 694458, 6.00%, 10/15/2038		5			6
Pool # 782510, 6.50%, 12/15/2038		15			17
GNMA II Pool # CE5524, ARM, 1.98%, 8/20/2071 (h)		1,047			1,137
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		—	(i)		—	(i)
Pool # 2324, 8.00%, 11/20/2026		11			12
Pool # 2341, 7.50%, 12/20/2026		1			1
Pool # 2362, 8.00%, 1/20/2027		1			1
Pool # BJ9823, 3.75%, 4/20/2048		1,481			1,611
Pool # BP4337, 4.50%, 9/20/2049		614			669
Pool # BP5551, 4.50%, 9/20/2049		640			697
Pool # BR0553, 4.50%, 2/20/2050		495			544
Pool # BS7393, 4.00%, 3/20/2050		596			636
Pool # BT8093, 3.50%, 4/20/2050		1,083			1,155
Pool # BS7411, 4.00%, 4/20/2050		1,154			1,236
Pool # BT4341, 3.00%, 7/20/2050		1,363			1,438
Pool # MA7534, 2.50%, 8/20/2051		10,592			10,861
Pool # MA7649, 2.50%, 10/20/2051		2,541			2,605
GNMA II, Other Pool # AD0018, 3.75%, 12/20/2032		95			102
Total Mortgage-Backed Securities (Cost $91,740)					92,813

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — 11.0%
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		93		96
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)		72		72
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		220		223
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		157		153
American Airlines Pass-Through Trust
Series 2014-1, Class A, 3.70%, 10/1/2026		31		32
Series 2016-3, Class AA, 3.00%, 10/15/2028		183		182
Series 2017-1, Class AA, 3.65%, 2/15/2029		126		131
American Homes 4 Rent
Series 2015-SFR1, Class D, 4.41%, 4/17/2052 ‡ (a)		380		395
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		100		107
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (a)		393		408
Series 2014-SFR2, Class C, 4.71%, 10/17/2036 ‡ (a)		200		210
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		218		228
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		200		216
Series 2015-SFR2, Class C, 4.69%, 10/17/2052 ‡ (a)		200		214
American Tower Trust #1
REIT, 3.07%, 3/15/2023 (a)		80		80
REIT, 3.65%, 3/23/2028 (a)		160		168
AMSR Trust
Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)		850		854
Series 2020-SFR2, Class C, 2.53%, 7/17/2037 ‡ (a)		1,000		1,000
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (a)		750		745
Series 2020-SFR4, Class C, 1.86%, 11/17/2037 ‡ (a)		1,000		978
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		68		71
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		92		93
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		141		145

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Business Jet Securities LLC
Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		350		352
Series 2020-1A, Class A, 2.98%, 11/15/2035 (a)		792		790
Series 2021-1A, Class A, 2.16%, 4/15/2036 (a)		817		803
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		353		362
Cars Net Lease Mortgage Notes Series 2020-1A, Class A3, 3.10%, 12/15/2050 (a)		159		160
Carvana Auto Receivables Trust
Series 2019-2A, Class C, 3.00%, 6/17/2024 (a)		675		680
Series 2019-3A, Class C, 2.71%, 10/15/2024 (a)		875		883
Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)		940		962
Series 2020-N1A, Class D, 3.43%, 1/15/2026 (a)		1,000		1,025
CIG Auto Receivables Trust Series 2020-1A, Class C, 1.75%, 1/12/2026 (a)		1,000		1,004
Consumer Receivables Asset Investment Trust Series 2021-1, Class A1X, 3.22%, 3/24/2023 (a) (h)		1,670		1,665
CoreVest American Finance Trust
Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (a)		500		523
Series 2019-3, Class B, 3.16%, 10/15/2052 ‡ (a)		700		727
Series 2020-3, Class B, 2.20%, 8/15/2053 ‡ (a)		810		769
Credit Acceptance Auto Loan Trust Series 2020-1A, Class B, 2.39%, 4/16/2029 (a)		645		654
Credit Suisse ABS Trust Series 2020-AT1, Class A, 2.61%, 10/15/2026 (a)		486		491
Crown Castle Towers LLC 3.66%, 5/15/2025 (a)		60		62
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 0.85%, 3/25/2034 ‡ (h)		6		6
Series 2004-1, Class M2, 0.93%, 3/25/2034 ‡ (h)		5		5
Series 2004-1, Class 3A, 0.66%, 4/25/2034 ‡ (h)		1		1
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (a)		650		637
Delta Air Lines Pass-Through Trust Series 2015-1, Class AA, 3.63%, 7/30/2027		296		311

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Drive Auto Receivables Trust
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		17		17
Series 2019-4, Class C, 2.51%, 11/17/2025		293		295
Series 2019-1, Class D, 4.09%, 6/15/2026		170		174
Series 2020-2, Class D, 3.05%, 5/15/2028		1,000		1,026
DT Auto Owner Trust
Series 2019-4A, Class C, 2.73%, 7/15/2025 (a)		604		609
Series 2020-2A, Class B, 2.08%, 3/16/2026 (a)		850		855
Exeter Automobile Receivables Trust
Series 2019-4A, Class C, 2.44%, 9/16/2024 (a)		312		313
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		590		603
Series 2019-4A, Class D, 2.58%, 9/15/2025 (a)		1,315		1,337
FirstKey Homes Trust
Series 2020-SFR1, Class D, 2.24%, 8/17/2037 ‡ (a)		800		790
Series 2020-SFR1, Class E, 2.79%, 8/17/2037 ‡ (a)		500		500
Series 2020-SFR2, Class E, 2.67%, 10/19/2037 ‡ (a)		850		846
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		427		451
Foundation Finance Trust Series 2020-1A, Class A, 3.54%, 7/16/2040 (a)		473		486
FREED ABS Trust Series 2020-FP1, Class B, 3.06%, 3/18/2027 ‡ (a)		698		701
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		5		5
Goodgreen Series 2019-2A, Class A, 2.76%, 4/15/2055 (a)		309		311
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		42		43
Series 2017-2A, Class A, 3.26%, 10/15/2053 (a)		172		175
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (a)		19		18
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		124		128
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		30		30
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		91		95

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (a)		50			51
Lakeview CDO LLC 1.83%, 11/10/2032 ‡ (h)		24			24
Long Beach Mortgage Loan Trust
Series 2003-4, Class M1, 1.12%, 8/25/2033 ‡ (h)		10			10
Series 2004-1, Class M1, 0.85%, 2/25/2034 ‡ (h)		34			34
Series 2004-1, Class M2, 0.93%, 2/25/2034 ‡ (h)		—	(i)		—	(i)
Mariner Finance Issuance Trust Series 2019-AA, Class A, 2.96%, 7/20/2032 (a)		925			936
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (a)		560			559
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		393			396
MVW Owner Trust Series 2019-1A, Class A, 2.89%, 11/20/2036 (a)		96			97
New Century Home Equity Loan Trust Series 2005-1, Class M1, 0.78%, 3/25/2035 ‡ (h)		44			44
NMEF Funding LLC Series 2019-A, Class B, 3.06%, 8/17/2026 ‡ (a)		870			875
NRZ Excess Spread-Collateralized Notes
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (a)		780			783
Series 2021-FHT1, Class A, 3.10%, 7/25/2026 (a)		1,599			1,595
Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)		1,007			1,006
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (a)		270			271
Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (a)		155			155
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (a)		560			566
Pagaya AI Debt Selection Trust Series 2021-1, Class A, 1.18%, 11/15/2027 (a)		1,426			1,423
PRET LLC
Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 (a) (d)		1,050			1,048
Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (a) (h)		1,764			1,756
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a) (d)		1,042			1,033

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Progress Residential Trust
Series 2019-SFR4, Class D, 3.14%, 10/17/2036 ‡ (a)		800		806
Series 2020-SFR1, Class E, 3.03%, 4/17/2037 (a)		900		907
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		41		42
Santander Drive Auto Receivables Trust
Series 2018-1, Class D, 3.32%, 3/15/2024		132		133
Series 2019-2, Class C, 2.90%, 10/15/2024		96		96
Sierra Timeshare Receivables Funding LLC
Series 2019-3A, Class C, 3.00%, 8/20/2036 ‡ (a)		315		316
Series 2020-2A, Class A, 1.33%, 7/20/2037 (a)		387		386
Small Business Lending Trust Series 2020-A, Class B, 3.20%, 12/15/2026 ‡ (a)		2,300		2,308
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		49		50
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		809		813
Series 2019-A2, Class A, 2.34%, 6/15/2025		850		858
Tricolor Auto Securitization Trust Series 2020-1A, Class A, 4.88%, 11/15/2026 (a)		319		321
United Airlines Pass-Through Trust
Series 2012-1, Class A, 4.15%, 4/11/2024		116		121
Series 2013-1, Class A, 4.30%, 8/15/2025		131		137
Series 2016-1, Class B, 3.65%, 1/7/2026		43		43
Series 2018-1, Class B, 4.60%, 3/1/2026		29		30
Series 2014-1, Class A, 4.00%, 4/11/2026		48		50
Series 2016-2, Class AA, 2.88%, 10/7/2028		79		80
Series 2016-2, Class A, 3.10%, 10/7/2028		252		250
Series 2018-1, Class A, 3.70%, 3/1/2030		348		351
Series 2019-1, Class AA, 4.15%, 8/25/2031		229		250
Series 2019-2, Class AA, 2.70%, 5/1/2032		208		206
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022 (a)		21		21
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		1		1
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 (a) (d)		620		617
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (a) (d)		382		379
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (d)		1,377		1,366
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (d)		954		948

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a) (d)		500		498
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 ‡ (a) (d)		663		658
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (d)		770		767
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (d)		799		794
Westgate Resorts LLC Series 2020-1A, Class B, 3.96%, 3/20/2034 ‡ (a)		408		418
World Financial Network Credit Card Master Trust
Series 2019-A, Class A, 3.14%, 12/15/2025		375		376
Total Asset-Backed Securities (Cost $57,292)				57,540
Collateralized Mortgage Obligations —6.8%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		504		516
Series 2005-22T1, Class A2, IF, IO, 4.97%, 6/25/2035 ‡ (h)		299		44
Series 2005-20CB, Class 3A8, IF, IO, 4.65%, 7/25/2035 ‡ (h)		154		19
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		210		211
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		78		72
Banc of America Alternative Loan Trust Series 2004-6, Class 15, PO, 7/25/2019 ‡		1		1
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		9		7
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		58		59
Series 2005-7, Class 30, PO, 11/25/2035 ‡		9		9
Bayview Financing Trust Series 2020-3F, Class A, 3.08%, 11/10/2022 ‡ (a) (h)	��	595		593
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 2.48%, 10/25/2033 (h)		5		5
Series 2006-1, Class A1, 2.40%, 2/25/2036 (h)		32		33
CHL Mortgage Pass-Through Trust
Series 2004-HYB1, Class 2A, 2.67%, 5/20/2034 (h)		7		8
Series 2004-HYB3, Class 2A, 1.98%, 6/20/2034 (h)		12		12
Series 2004-7, Class 2A1, 2.50%, 6/25/2034 (h)		14		14

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-16, Class A23, 5.50%, 9/25/2035		29			25
Series 2005-22, Class 2A1, 2.48%, 11/25/2035 (h)		67			63
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 12/25/2018 ‡		—	(i)		–	(i)
Series 2003-HYB1, Class A, 2.24%, 9/25/2033 (h)		4			4
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		1			1
Series 2005-1, Class 2A1A, 2.22%, 2/25/2035 (h)		36			35
CSMC Trust Series 2021-RPL1, Class A1, 1.67%, 9/27/2060 (a) (h)		1,647			1,633
CVS Pass-Through Trust Series 2009, 8.35%, 7/10/2031 (a)		65			82
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		3			3
FHLMC, REMIC
Series 1250, Class J, 7.00%, 5/15/2022		—	(i)		—	(i)
Series 1316, Class Z, 8.00%, 6/15/2022		—	(i)		—	(i)
Series 1324, Class Z, 7.00%, 7/15/2022		—	(i)		—	(i)
Series 1343, Class LB, 7.50%, 8/15/2022		—	(i)		—	(i)
Series 1343, Class LA, 8.00%, 8/15/2022		1			1
Series 1395, Class G, 6.00%, 10/15/2022		—	(i)		—	(i)
Series 1394, Class ID, IF, 9.57%, 10/15/2022 (h)		—	(i)		—	(i)
Series 2535, Class BK, 5.50%, 12/15/2022		1			1
Series 1798, Class F, 5.00%, 5/15/2023		1			2
Series 1505, Class Q, 7.00%, 5/15/2023		—	(i)		—	(i)
Series 1518, Class G, IF, 8.84%, 5/15/2023 (h)		1			1
Series 1541, Class O, 0.89%, 7/15/2023 (h)		1			1
Series 2638, Class DS, IF, 8.49%, 7/15/2023 (h)		4			4
Series 1577, Class PV, 6.50%, 9/15/2023		20			21
Series 1584, Class L, 6.50%, 9/15/2023		11			12
Series 1633, Class Z, 6.50%, 12/15/2023		13			14
Series 1638, Class H, 6.50%, 12/15/2023		19			20
Series 2283, Class K, 6.50%, 12/15/2023		2			2
Series 1700, Class GA, PO, 2/15/2024		—	(i)		—	(i)
Series 1865, Class D, PO, 2/15/2024		2			2
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		1			1
Series 1694, Class PK, 6.50%, 3/15/2024		1			1

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2033, Class SN, HB, IF, 30.42%, 3/15/2024 (h)		—	(i)		—	(i)
Series 2306, Class K, PO, 5/15/2024		1			1
Series 2306, Class SE, IF, IO, 9.00%, 5/15/2024 (h)		2			—	(i)
Series 1863, Class Z, 6.50%, 7/15/2026		4			4
Series 1981, Class Z, 6.00%, 5/15/2027		3			3
Series 1987, Class PE, 7.50%, 9/15/2027		5			6
Series 1999, Class PU, 7.00%, 10/15/2027		14			15
Series 2031, Class PG, 7.00%, 2/15/2028		31			34
Series 2035, Class PC, 6.95%, 3/15/2028		31			34
Series 2038, Class PN, IO, 7.00%, 3/15/2028		2			—	(i)
Series 2057, Class PE, 6.75%, 5/15/2028		41			46
Series 2054, Class PV, 7.50%, 5/15/2028		6			6
Series 2064, Class TE, 7.00%, 6/15/2028		7			8
Series 2075, Class PH, 6.50%, 8/15/2028		7			7
Series 2095, Class PE, 6.00%, 11/15/2028		19			21
Series 2132, Class SB, HB, IF, 30.12%, 3/15/2029 (h)		1			2
Series 2178, Class PB, 7.00%, 8/15/2029		11			12
Series 2182, Class ZB, 8.00%, 9/15/2029		20			23
Series 2204, Class GB, 8.00%, 12/20/2029 (h)		—	(i)		—	(i)
Series 2247, Class Z, 7.50%, 8/15/2030		5			5
Series 2259, Class ZC, 7.35%, 10/15/2030		97			115
Series 2325, Class PM, 7.00%, 6/15/2031		3			3
Series 2359, Class ZB, 8.50%, 6/15/2031		14			16
Series 2344, Class ZD, 6.50%, 8/15/2031		25			29
Series 2344, Class ZJ, 6.50%, 8/15/2031		5			5
Series 2345, Class NE, 6.50%, 8/15/2031		2			3
Series 2367, Class ME, 6.50%, 10/15/2031		42			46
Series 2390, Class DO, PO, 12/15/2031		4			4
Series 2410, Class OE, 6.38%, 2/15/2032		4			4
Series 2410, Class QX, IF, IO, 8.54%, 2/15/2032 (h)		7			1
Series 2412, Class SP, IF, 15.88%, 2/15/2032 (h)		7			9
Series 2410, Class QS, IF, 19.21%, 2/15/2032 (h)		7			9
Series 2423, Class MC, 7.00%, 3/15/2032		15			18
Series 2423, Class MT, 7.00%, 3/15/2032		24			28
Series 2444, Class ES, IF, IO, 7.84%, 3/15/2032 (h)		9			1
Series 2450, Class SW, IF, IO, 7.89%, 3/15/2032 (h)		6			1
Series 2647, Class A, 3.25%, 4/15/2032		27			28

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2435, Class CJ, 6.50%, 4/15/2032		49		56
Series 2455, Class GK, 6.50%, 5/15/2032		16		18
Series 2484, Class LZ, 6.50%, 7/15/2032		11		13
Series 2500, Class MC, 6.00%, 9/15/2032		37		42
Series 2543, Class YX, 6.00%, 12/15/2032		464		526
Series 2544, Class HC, 6.00%, 12/15/2032		26		30
Series 2574, Class PE, 5.50%, 2/15/2033		152		172
Series 2575, Class ME, 6.00%, 2/15/2033		70		79
Series 2586, Class WI, IO, 6.50%, 3/15/2033		5		1
Series 2764, Class UG, 5.00%, 3/15/2034		134		148
Series 2949, Class GE, 5.50%, 3/15/2035		158		180
Series 3047, Class OD, 5.50%, 10/15/2035		193		213
Series 3085, Class VS, HB, IF, 28.28%, 12/15/2035 (h)		41		62
Series 3098, Class KG, 5.50%, 1/15/2036		135		152
Series 3117, Class EO, PO, 2/15/2036		13		12
Series 3260, Class CS, IF, IO, 6.03%, 1/15/2037 (h)		12		2
Series 3380, Class SI, IF, IO, 6.26%, 10/15/2037 (h)		720		154
Series 3385, Class SN, IF, IO, 5.89%, 11/15/2037 (h)		8		1
Series 3387, Class SA, IF, IO, 6.31%, 11/15/2037 (h)		30		5
Series 3423, Class PB, 5.50%, 3/15/2038		152		174
Series 3451, Class SA, IF, IO, 5.94%, 5/15/2038 (h)		6		1
Series 3455, Class SE, IF, IO, 6.09%, 6/15/2038 (h)		94		14
Series 3786, Class PD, 4.50%, 1/15/2041		407		468
FHLMC, STRIPS
Series 233, Class 11, IO, 5.00%, 9/15/2035		23		4
Series 239, Class S30, IF, IO, 7.59%, 8/15/2036 (h)		25		7
Series 262, Class 35, 3.50%, 7/15/2042		119		128
Series 299, Class 300, 3.00%, 1/15/2043		82		84
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 4.72%, 7/25/2032 (h)		7		8
Series T-54, Class 2A, 6.50%, 2/25/2043		54		63
Series T-54, Class 3A, 7.00%, 2/25/2043		23		27
Series T-56, Class A, PO, 5/25/2043		140		140
Series T-58, Class A, PO, 9/25/2043		10		8
First Horizon Alternative Mortgage Securities Trust Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		61		42

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
FMC GMSR Issuer Trust 3.69%, 2/25/2024 (a)		1,765			1,767
Series 2020-GT1, Class A, 4.45%, 1/25/2026 (a) (h)		1,500			1,503
Series 2021-GT1, Class A, 3.62%, 7/25/2026 (a) (h)		1,000			992
Series 2021-GT2, Class A, 3.85%, 10/25/2026 (a) (h)		850			843
FNMA Trust, Whole Loan Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		10			11
FNMA, REMIC
Series 2002-1, Class HC, 6.50%, 2/25/2022		—	(i)		—	(i)
Series 1992-101, Class J, 7.50%, 6/25/2022		1			1
Series G92-42, Class Z, 7.00%, 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		—	(i)		—	(i)
Series G92-59, Class F, 0.92%, 10/25/2022 (h)		—	(i)		—	(i)
Series G92-61, Class Z, 7.00%, 10/25/2022		—	(i)		—	(i)
Series G92-66, Class KA, 6.00%, 12/25/2022		—	(i)		—	(i)
Series G92-66, Class KB, 7.00%, 12/25/2022		1			1
Series G93-1, Class KA, 7.90%, 1/25/2023		—	(i)		—	(i)
Series 1997-61, Class ZC, 7.00%, 2/25/2023		3			3
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		—	(i)		—	(i)
Series 1998-43, Class SA, IF, IO, 18.73%, 4/25/2023 (h)		1			—	(i)
Series 1993-146, Class E, PO, 5/25/2023		1			1
Series 1993-84, Class M, 7.50%, 6/25/2023		71			73
Series 1993-205, Class H, PO, 9/25/2023		1			1
Series 1993-155, Class PJ, 7.00%, 9/25/2023		4			5
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		1			1
Series 1993-165, Class SD, IF, 14.38%, 9/25/2023 (h)		—	(i)		—	(i)
Series 1993-203, Class PL, 6.50%, 10/25/2023		6			7
Series 1995-19, Class Z, 6.50%, 11/25/2023		7			8
Series 1993-230, Class FA, 0.69%, 12/25/2023 (h)		—	(i)		—	(i)
Series 1993-223, Class PZ, 6.50%, 12/25/2023		13			14
Series 1993-225, Class UB, 6.50%, 12/25/2023		7			7

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-128, Class DY, 4.50%, 1/25/2024		70		72
Series 1994-37, Class L, 6.50%, 3/25/2024		15		15
Series 1994-72, Class K, 6.00%, 4/25/2024		122		127
Series 1995-2, Class Z, 8.50%, 1/25/2025		2		2
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (h)		5		—	(i)
Series 1997-39, Class PD, 7.50%, 5/20/2027		3		3
Series 1997-46, Class PL, 6.00%, 7/18/2027		6		6
Series 1998-36, Class ZB, 6.00%, 7/18/2028		2		2
Series 1998-46, Class GZ, 6.50%, 8/18/2028		8		9
Series 1998-58, Class PC, 6.50%, 10/25/2028		17		18
Series 2014-15, Class JI, IO, 3.50%, 4/25/2029		3,112		260
Series 1999-39, Class JH, IO, 6.50%, 8/25/2029		37		3
Series 2000-52, IO, 8.50%, 1/25/2031		2		—	(i)
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		48		6
Series 2001-30, Class PM, 7.00%, 7/25/2031		14		16
Series 2001-36, Class DE, 7.00%, 8/25/2031		23		26
Series 2001-44, Class PD, 7.00%, 9/25/2031		2		2
Series 2001-61, Class Z, 7.00%, 11/25/2031		38		44
Series 2002-1, Class SA, HB, IF, 24.86%, 2/25/2032 (h)		1		1
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		38		1
Series 2002-15, PO, 4/25/2032		32		31
Series 2002-28, Class PK, 6.50%, 5/25/2032		15		17
Series 2002-68, Class SH, IF, IO, 7.90%, 10/18/2032 (h)		32		4
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		18		20
Series 2002-77, Class S, IF, 14.30%, 12/25/2032 (h)		3		4
Series 2003-22, Class UD, 4.00%, 4/25/2033		79		85
Series 2003-47, Class PE, 5.75%, 6/25/2033		14		15
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		19		4
Series 2004-4, Class QM, IF, 14.00%, 6/25/2033 (h)		3		3
Series 2003-64, Class SX, IF, 13.50%, 7/25/2033 (h)		3		3
Series 2003-132, Class OA, PO, 8/25/2033		3		3
Series 2003-71, Class DS, IF, 7.33%, 8/25/2033 (h)		20		22

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-91, Class SD, IF, 12.33%, 9/25/2033 (h)		5		5
Series 2003-116, Class SB, IF, IO, 7.50%, 11/25/2033 (h)		44		8
Series 2003-131, Class CH, 5.50%, 1/25/2034		50		56
Series 2003-130, Class SX, IF, 11.37%, 1/25/2034 (h)		1		1
Series 2004-35, Class AZ, 4.50%, 5/25/2034		65		72
Series 2004-46, Class SK, IF, 16.22%, 5/25/2034 (h)		13		17
Series 2004-36, Class SA, IF, 19.24%, 5/25/2034 (h)		31		44
Series 2004-51, Class SY, IF, 14.04%, 7/25/2034 (h)		3		3
Series 2004-79, Class ZE, 5.50%, 11/25/2034		386		435
Series 2004-91, Class HC, 6.00%, 12/25/2034		638		706
Series 2005-45, Class DC, HB, IF, 23.94%, 6/25/2035 (h)		46		65
Series 2005-84, Class XM, 5.75%, 10/25/2035		30		33
Series 2006-22, Class AO, PO, 4/25/2036		20		19
Series 2006-46, Class SW, HB, IF, 23.83%, 6/25/2036 (h)		6		9
Series 2007-7, Class SG, IF, IO, 6.40%, 8/25/2036 (h)		42		10
Series 2006-110, PO, 11/25/2036		16		15
Series 2006-117, Class GS, IF, IO, 6.55%, 12/25/2036 (h)		23		3
Series 2007-53, Class SH, IF, IO, 6.00%, 6/25/2037 (h)		35		6
Series 2007-88, Class VI, IF, IO, 6.44%, 9/25/2037 (h)		56		11
Series 2007-100, Class SM, IF, IO, 6.35%, 10/25/2037 (h)		29		6
Series 2008-1, Class BI, IF, IO, 5.81%, 2/25/2038 (h)		30		5
Series 2008-16, Class IS, IF, IO, 6.10%, 3/25/2038 (h)		7		1
Series 2008-46, Class HI, IO, 1.61%, 6/25/2038 (h)		24		2
Series 2008-53, Class CI, IF, IO, 7.10%, 7/25/2038 (h)		14		2
Series 2009-112, Class ST, IF, IO, 6.15%, 1/25/2040 (h)		28		5
Series 2010-35, Class SB, IF, IO, 6.32%, 4/25/2040 (h)		13		2

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2010-80, Class PZ, 5.00%, 7/25/2040		355		408
Series 2010-102, Class PN, 5.00%, 9/25/2040		580		642
Series 2010-134, Class KZ, 4.50%, 12/25/2040		280		291
Series 2012-30, Class DZ, 4.00%, 4/25/2042		205		219
Series 2013-67, Class KZ, 2.50%, 4/25/2043		866		887
Series 2013-128, PO, 12/25/2043		101		93
Series 2014-38, Class QI, IO, 5.50%, 12/25/2043		382		61
Series 2014-19, Class Z, 4.50%, 4/25/2044		524		589
Series 2016-38, Class NA, 3.00%, 1/25/2046		109		115
FNMA, REMIC Trust, Whole Loan
Series 1999-W1, PO, 2/25/2029		13		11
Series 1999-W4, Class A9, 6.25%, 2/25/2029		48		53
Series 2002-W7, Class A4, 6.00%, 6/25/2029		122		137
Series 2003-W1, Class 1A1, 5.04%, 12/25/2042 (h)		135		145
Series 2003-W1, Class 2A, 5.46%, 12/25/2042 (h)		20		22
FNMA, REMIC, Whole Loan Series 2003-7, Class A1, 6.50%, 12/25/2042		95		107
FNMA, STRIPS
Series 329, Class 1, PO, 1/25/2033		2		2
Series 365, Class 8, IO, 5.50%, 5/25/2036		10		2
Freedom Series 2021-SAVF1, IO, 4.90%, 3/25/2022 (h)		1,200		1,200
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 2.93%, 6/19/2035 (h)		51		50
GNMA
Series 2001-10, Class PE, 6.50%, 3/16/2031		233		233
Series 2003-24, PO, 3/16/2033		1		1
Series 2004-28, Class S, IF, 19.37%, 4/16/2034 (h)		11		14
Series 2006-38, Class OH, 6.50%, 8/20/2036		500		567
Series 2007-45, Class QA, IF, IO, 6.54%, 7/20/2037 (h)		43		5
Series 2009-79, Class OK, PO, 11/16/2037		24		22
Series 2007-76, Class SA, IF, IO, 6.43%, 11/20/2037 (h)		34		4
Series 2008-2, Class MS, IF, IO, 7.05%, 1/16/2038 (h)		32		5
Series 2015-137, Class WA, 5.53%, 1/20/2038 (h)		192		221
Series 2009-106, Class ST, IF, IO, 5.90%, 2/20/2038 (h)		109		16

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2008-55, Class SA, IF, IO, 6.10%, 6/20/2038 (h)		20		2
Series 2009-6, Class SA, IF, IO, 5.99%, 2/16/2039 (h)		12		1
Series 2009-6, Class SH, IF, IO, 5.94%, 2/20/2039 (h)		40		4
Series 2009-31, Class TS, IF, IO, 6.20%, 3/20/2039 (h)		36		2
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		32		5
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		23		5
Series 2009-22, Class SA, IF, IO, 6.17%, 4/20/2039 (h)		55		7
Series 2009-64, Class SN, IF, IO, 5.99%, 7/16/2039 (h)		41		5
Series 2009-104, Class KB, 5.50%, 11/16/2039		236		284
Series 2010-130, Class CP, 7.00%, 10/16/2040		34		40
Series 2011-75, Class SM, IF, IO, 6.50%, 5/20/2041 (h)		68		9
Series 2013-69, Class MA, 1.50%, 8/20/2042		239		237
Series 2016-135, Class Z, 3.00%, 10/20/2046		233		242
Series 2020-30, Class PT, 4.77%, 3/20/2048 (h)		830		922
Series 2011-H19, Class FA, 0.55%, 8/20/2061 (h)		323		323
Series 2012-H23, Class SA, 0.61%, 10/20/2062 (h)		449		455
Series 2013-H08, Class FC, 0.53%, 2/20/2063 (h)		339		340
Series 2013-H09, Class HA, 1.65%, 4/20/2063		7		7
Series 2014-H17, Class FC, 0.58%, 7/20/2064 (h)		203		204
Series 2015-H16, Class FG, 0.52%, 7/20/2065 (h)		462		464
Series 2015-H30, Class FE, 0.68%, 11/20/2065 (h)		623		628
Series 2016-H11, Class FD, 0.68%, 5/20/2066 (h)		148		148
Series 2016-H26, Class FC, 1.08%, 12/20/2066 (h)		113		115
Series 2017-H14, Class FV, 0.58%, 6/20/2067 (h)		298		299
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051 ‡		196		181

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
GSR Mortgage Loan Trust
Series 2004-6F, Class 1A2, 5.00%, 5/25/2034		24			23
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		52			55
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		26			27
Headlands Residential LLC Series 2017-RPL1, Class A, 3.88%, 11/25/2024 (a) (d)		390			389
Impac Secured Assets Trust Series 2006-1, Class 2A1, 0.80%, 5/25/2036 (h)		6			6
JPMorgan Mortgage Trust Series 2006-A2, Class 5A3, 2.27%, 11/25/2033 (h)		11			11
LHOME Mortgage Trust
Series 2019-RTL3, Class A1, 3.87%, 7/25/2024 (a)		316			317
Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (a) (h)		510			508
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 2.62%, 4/21/2034 (h)		9			9
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		1			1
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		—	(i)		—	(i)
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		20			20
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		34			35
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		60			65
Series 2004-7, Class 30, PO, 8/25/2034 ‡		5			4
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		52			54
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		7			6
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (h)		20			19
PHH Alternative Mortgage Trust Series 2007-2, Class 2X, IO, 6.00%, 5/25/2037 ‡		89			19
RALI Trust
Series 2003-QS9, Class A3, IF, IO, 7.46%, 5/25/2018 ‡ (h)		—	(i)		—
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		1			—	(i)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
RFMSI Trust Series 2005-SA4, Class 1A1, 2.25%, 9/25/2035 (h)		8		7
RMIP Series 2019-1B, 4.71%, 8/25/2023 ‡		319		313
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (a)		1		1
SART Series 2017-1, 4.75%, 7/15/2024		209		209
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		519		548
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		295		329
Sonoran Auto Receivables Trust
Series 2018-1, 4.76%, 6/15/2025		258		258
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022 (d)		366		366
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (a) (h)		1,465		1,461
TVC Mortgage Trust Series 2020-RTL1, Class A1, 3.47%, 9/25/2024 (a)		980		983
Two Harbors Series 2021-FNTMSR1, Class A, IO, 4.00%, 3/25/2022 (h)		1,200		1,201
Vendee Mortgage Trust
Series 1994-1, Class 1, 4.99%, 2/15/2024 (h)		6		6
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		80		85
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		30		32
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		15		16
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		62		68
Series 1998-1, Class 2E, 7.00%, 3/15/2028		17		19
vMobo, Inc. 7.50%, 5/31/2024		571		571
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.67%, 8/25/2033 (h)		3		4
Series 2003-AR9, Class 1A6, 2.51%, 9/25/2033 (h)		18		17
Series 2004-AR3, Class A2, 2.59%, 6/25/2034 (h)		5		6
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 4.90%, 4/25/2035 ‡ (h)		109		14
Series 2005-2, Class 1A4, IF, IO, 4.95%, 4/25/2035 ‡ (h)		350		42
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		111		19
Series 2005-4, Class CB7, 5.50%, 6/25/2035		88		89
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		21		20

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
ZH Trust Series 2021-1, Class A, 2.25%, 2/18/2027 (a)		500		492
Zillow Cspa 0.00%, 7/15/2022		1,060		1,060
Total Collateralized Mortgage Obligations (Cost $34,788)				35,571
Commercial Mortgage-Backed Securities — 4.8%
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		300		311
Citigroup Commercial Mortgage Trust Series 2020-GC46, Class A5, 2.72%, 2/15/2053		1,100		1,142
COMM Mortgage Trust
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (a) (h)		125		127
Series 2020-CBM, Class A2, 2.90%, 2/10/2037 (a)		750		757
Series 2020-CBM, Class C, 3.40%, 2/10/2037 ‡ (a)		500		497
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		200		211
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		156		167
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (a)		885		931
Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (a)		100		93
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (a) (h)		1,526		1,498
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ09, Class A2, 2.84%, 9/25/2022		41		42
Series KJ11, Class A2, 2.93%, 1/25/2023		80		82
Series K038, Class A2, 3.39%, 3/25/2024		229		240
Series KJ14, Class A2, 2.81%, 9/25/2024		591		611
Series KPLB, Class A, 2.77%, 5/25/2025		250		262
Series K065, Class A2, 3.24%, 4/25/2027		215		233
Series K065, Class AM, 3.33%, 5/25/2027		115		125
Series K066, Class A2, 3.12%, 6/25/2027		267		288
Series K070, Class A2, 3.30%, 11/25/2027 (h)		208		227
Series K072, Class AM, 3.50%, 12/25/2027 (h)		1,000		1,103
Series K079, Class AM, 3.93%, 6/25/2028		588		667
Series K081, Class A2, 3.90%, 8/25/2028 (h)		395		449
Series KL06, Class XFX, IO, 1.36%, 12/25/2029		4,215		357

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series Q013, Class APT2, 1.25%, 5/25/2050 (h)		1,036		1,016
FNMA ACES
Series 2015-M17, Class FA, 1.02%, 11/25/2022 (h)		43		43
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		153		154
Series 2014-M3, Class A2, 3.49%, 1/25/2024 (h)		351		365
Series 2015-M3, Class A2, 2.72%, 10/25/2024		861		887
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (h)		803		851
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		383		410
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		334		358
Series 2017-M12, Class A2, 3.07%, 6/25/2027 (h)		320		343
Series 2018-M10, Class A2, 3.37%, 7/25/2028 (h)		460		504
Series 2017-M5, Class A2, 3.12%, 4/25/2029 (h)		287		313
Series 2018-M3, Class A2, 3.09%, 2/25/2030 (h)		185		202
Series 2020-M50, Class A1, 0.67%, 10/25/2030		729		708
Series 2020-M50, Class A2, 1.20%, 10/25/2030		330		321
Series 2020-M50, Class X1, IO, 1.91%, 10/25/2030 (h)		5,334		546
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		476		469
Series 2021-M3, Class X1, IO, 2.00%, 11/25/2033 (h)		2,751		353
FREMF Mortgage Trust
Series 2014-K40, Class C, 4.07%, 11/25/2047 (a) (h)		168		176
Series 2015-K44, Class B, 3.67%, 1/25/2048 (a) (h)		640		673
Series 2015-K45, Class B, 3.59%, 4/25/2048 (a) (h)		500		522
Series 2016-K722, Class B, 3.87%, 7/25/2049 (a) (h)		110		113
Series 2016-K59, Class B, 3.58%, 11/25/2049 (a) (h)		180		189
Series 2018-K730, Class B, 3.80%, 2/25/2050 (a) (h)		551		579

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2019-K102, Class B, 3.53%, 12/25/2051 (a) (h)		750		788
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		740		751
Series 2019-PARK, Class D, 2.72%, 12/15/2036 ‡ (a)		987		969
SBALR Commercial Mortgage Trust Series 2020-RR1, Class A3, 2.83%, 2/13/2053 (a)		975		993
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (a)		930		952
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		116		116
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class A4, 3.53%, 5/10/2063		104		104
Total Commercial Mortgage-Backed Securities (Cost $24,570)				25,188
Foreign Government Securities — 0.3%
Kingdom of Saudi Arabia (Saudi Arabia) 2.25%, 2/2/2033 (a)		200		195
Republic of Colombia (Colombia) 7.38%, 9/18/2037		100		116
United Mexican States (Mexico)
4.13%, 1/21/2026		200		220
3.75%, 1/11/2028		280		301
2.66%, 5/24/2031		283		276
4.75%, 3/8/2044		50		54
4.35%, 1/15/2047		58		60
4.50%, 1/31/2050		315		335
3.77%, 5/24/2061		211		194
Total Foreign Government Securities (Cost $1,752)				1,751
U.S. Government Agency Securities — 0.2%
FNMA, STRIPS 18.85%, 3/23/2028 (g)		630		571
Tennessee Valley Authority
5.88%, 4/1/2036		140		205
4.63%, 9/15/2060		93		142
4.25%, 9/15/2065		101		147
Total U.S. Government Agency Securities (Cost $810)				1,065

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 0.1% (k)
New York — 0.1%
New York State Dormitory Authority, State Personal Income Tax, Build America Bonds, General Purpose Series 2010-D, Rev., 5.60%, 3/15/2040		30		40
Port Authority of New York and New Jersey, Consolidated Series 164, Rev., 5.65%, 11/1/2040		130		183
Total New York				223
Ohio — 0.0% (b)
Ohio State University (The), General Receipts Series 2011-A, Rev., 4.80%, 6/1/2111		98		148
Total Municipal Bonds (Cost $256)				371
	SHARES (000)
Short-Term Investments — 9.4%
Investment Companies — 9.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (l) (m) (Cost $49,247)		49,236		49,256
Total Investments — 103.8% (Cost $531,547)				542,972
Liabilities in Excess of Other Assets — (3.8)%				(19,963	)
NET ASSETS — 100.0%				523,009

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of December 31, 2021.
CDO	Collateralized Debt Obligations
CSMC	Credit Suisse Mortgage Trust
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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 33

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

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, 2021. 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.
REIT	Real Estate Investment Trust
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, 2021.
(d)	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, 2021.
(e)	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, 2021.
(f)	Security is an interest bearing note with preferred security characteristics.
(g)	The rate shown is the effective yield as of December 31, 2021.
(h)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2021.
(i)	Amount rounds to less than one thousand.
(j)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(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, 2021.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	493,716
Investments in affiliates, at value		49,256
Receivables:
Investment securities sold		13
Investment securities sold — delayed delivery securities		1,568
Portfolio shares sold		130
Interest from non-affiliates		2,108
Dividends from affiliates		2
Total Assets		546,793
LIABILITIES:
Payables:
Due to custodian		72
Investment securities purchased — delayed delivery securities		23,311
Portfolio shares redeemed		16
Accrued liabilities:
Investment advisory fees		174
Administration fees		33
Distribution fees		74
Custodian and accounting fees		25
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		79
Total Liabilities		23,784
Net Assets	$	523,009
NET ASSETS:
Paid-in-Capital	$	501,242
Total distributable earnings (loss)		21,767
Total Net Assets	$	523,009
Net Assets:
Class 1	$	172,023
Class 2		350,986
Total	$	523,009
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		15,176
Class 2		31,420
Net Asset Value (b):
Class 1 — Offering and redemption price per share	$	11.34
Class 2 — Offering and redemption price per share		11.17
Cost of investments in non-affiliates	$	482,300
Cost of investments in affiliates		49,247

(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, 2021 JPMORGAN INSURANCE TRUST 35

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Amounts in thousands)

	JPMorgan Insurance Trust Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	12,015
Dividend income from affiliates		30
Total investment income		12,045
EXPENSES:
Investment advisory fees		2,083
Administration fees		391
Distribution fees:
Class 2		859
Custodian and accounting fees		108
Interest expense to affiliates		—	(a)
Professional fees		93
Trustees’ and Chief Compliance Officer’s fees		27
Printing and mailing costs		47
Transfer agency fees (See Note 2.G.)		5
Other		43
Total expenses		3,656
Less fees waived		(56	)
Net expenses		3,600
Net investment income (loss)		8,445
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,434
Investments in affiliates		(6	)
Net realized gain (loss)		2,428
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(19,396	)
Investments in affiliates		2
Change in net unrealized appreciation/depreciation		(19,394	)
Net realized/unrealized gains (losses)		(16,966	)
Change in net assets resulting from operations	$	(8,521	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust Core Bond Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,445		$	8,869
Net realized gain (loss)		2,428			7,143
Change in net unrealized appreciation/depreciation		(19,394	)		16,634
Change in net assets resulting from operations		(8,521	)		32,646
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(5,146	)		(3,683	)
Class 2		(10,720	)		(5,095	)
Total distributions to shareholders		(15,866	)		(8,778	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,620			127,448
NET ASSETS:
Change in net assets		(8,767	)		151,316
Beginning of period		531,776			380,460
End of period	$	523,009		$	531,776
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	50,627		$	96,027
Distributions reinvested		5,146			3,683
Cost of shares redeemed		(66,565	)		(80,449	)
Change in net assets resulting from Class 1 capital transactions		(10,792	)		19,261
Class 2
Proceeds from shares issued		80,420			154,155
Distributions reinvested		10,720			5,095
Cost of shares redeemed		(64,728	)		(51,063	)
Change in net assets resulting from Class 2 capital transactions		26,412			108,187
Total change in net assets resulting from capital transactions	$	15,620		$	127,448
SHARE TRANSACTIONS:
Class 1
Issued		4,407			8,234
Reinvested		457			321
Redeemed		(5,760	)		(6,919	)
Change in Class 1 Shares		(896	)		1,636
Class 2
Issued		7,088			13,429
Reinvested		963			450
Redeemed		(5,728	)		(4,456	)
Change in Class 2 Shares		2,323			9,423

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021	$	11.88	$	0.21	$	(0.37	)	$	(0.16	)	$	(0.22	)	$	(0.16	)	$	(0.38	)
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	)
Class 2
Year Ended December 31, 2021		11.72		0.17		(0.37	)		(0.20	)		(0.19	)		(0.16	)		(0.35	)
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	)

(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, 2021

		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
$	11.34		(1.35	)%	$	172,023		0.53	%		1.79	%		0.54	%		93	%
	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
	11.17		(1.66	)		350,986		0.78			1.54			0.79			93
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

(Dollar values in thousands)

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, 2021.

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	43,301	$	14,239	$	57,540
Collateralized Mortgage Obligations		—		33,423		2,148		35,571
Commercial Mortgage-Backed Securities		—		23,629		1,559		25,188
Corporate Bonds		—		161,010		—		161,010
Foreign Government Securities		—		1,751		—		1,751
Mortgage-Backed Securities		—		92,813		—		92,813
Municipal Bonds		—		371		—		371
U.S. Government Agency Securities		—		1,065		—		1,065
U.S. Treasury Obligations		—		118,407		—		118,407
Short-Term Investments
Investment Companies		49,256		—		—		49,256
Total Investments in Securities	$	49,256	$	475,770	$	17,946	$	542,972

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

	Balance as of December 31, 2020		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, 2021
Investments in Securities:
Asset-Backed Securities	$	19,255	$	—	$	(118	)	$	(1	)	$	1,801		$	(5,943	)	$	—	$	(755	)	$	14,239
Collateralized Mortgage Obligations		3,868		—		(108	)		(60	)		112			(1,664	)		—		—			2,148
Commercial Mortgage-Backed Securities		1,859		—		(1	)		1			—	(a)		(300	)		—		—			1,559
Total	$	24,982	$	—	$	(227	)	$	(60	)	$	1,913		$	(7,907	)	$	—	$	(755	)	$	17,946

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, 2021, which were valued using significant unobservable inputs (level 3) amounted to $(248). 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, 2021.

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(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 #

	Fair Value at December 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	13,853	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (6.60%)
				Constant Default Rate		0.00% - 3.01% (0.02%)
				Yield (Discount Rate of Cash Flows)		1.03% - 3.51% (2.57%)
Asset-Backed Securities		13,853
		1,056	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (85.46%)
				Constant Default Rate		0.00% - 3.90% (0.31%)
				Yield (Discount Rate of Cash Flows)		1.12% - 19.40% (4.65%)
Collateralized Mortgage Obligations		1,056
		1,559	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.36% - 6.39% (3.61%)
Commercial Mortgage-Backed Securities		1,559
Total	$	16,468

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At December 31, 2021, the value of these investments was $1,478. The inputs for these investments 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. 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, 2021, 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 may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an “MSFTA”). The collateral requirements are generally calculated by netting the mark-to-market amount for a Portfolio’s transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a portfolio and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Portfolio is held in a segregated account at the Portfolio’s custodian bank and is included on the Statement of Assets and Liabilities as Restricted cash. Collateral received by the Portfolio is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Portfolio’s Statement of Assets and Liabilities.

The Portfolio had when-issued securities, delayed delivery securities or forward commitments outstanding as of December 31, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statement of Assets and Liabilities. The values of these securities held at December 31, 2021 are detailed on the SOI.

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 an affiliated money market fund. The Portfolio retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the 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.

The Portfolio did not lend out any securities during the year ended December 31, 2021.

E. Investment Transactions with Affiliates — The Portfolio invested in an Underlying Fund, which is 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 issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amount in the table below.

For the year ended December 31, 2021
Security Description	Value at December 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)	$	71,874	$	154,188	$	176,802	$	(6	)	$	2	$	49,256		49,236	$	30	$	—

(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, 2021.

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.

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.

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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

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, 2021 are as follows:

	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, 2021, 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:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	—	$	(2	)	$	2

The reclassifications for the Portfolio relate primarily to investments in perpetual bonds.

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, 2021, 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.

JPMCB 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.

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2022.

For the year ended December 31, 2021, 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, 2021 was $56.

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, 2021, 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, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	415,084	$	429,555	$	57,315	$	36,285

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, 2021 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	531,650	$	14,918	$	3,596	$	11,322

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	10,070	$	5,796	$	15,866

* 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, 2020 was as follows:

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

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

As of December 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	8,054	$	2,434	$	11,322

The cumulative timing differences primarily consist of callable bond adjustments.

As of December 31, 2021, 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, 2021.

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 October 31, 2022.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 10,

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2021.

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, 2021, the Portfolio had two individual shareholder and/or non-affiliated omnibus accounts, which owned 59.2% 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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of the Portfolio’s loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s investments 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.

DECEMBER 31, 2021 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 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, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 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, 2021 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 14, 2022

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, 2021

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 the 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).	169	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the 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).	169	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Gary L. French (1951); Trustee of the Trust since 2022. †	Real Estate Investor (2011-present); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017).	169	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	169	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Robert J. Grassi (1957); Trustee of the Trust since 2022. †	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).	169	None
Frankie D. Hughes (1952); Trustee of the 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).	169	None

DECEMBER 31, 2021 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 the Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	169	Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (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).
Thomas P. Lemke (1954); Trustee of the Trust since 2022. †	Retired since 2013.	169	(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018).
Lawrence R. Maffia (1950); Trustee of the Trust since 2022. †	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).	169	Director, ICI Mutual Insurance Company (1999-2013).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the 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).	169	None
Marilyn McCoy (1948); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	169	None

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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)
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	169	Trustee, The Coldwater Conservation Fund; Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020).
Marian U. Pardo* (1946); Trustee of the 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).	169	Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Emily A. Youssouf (1951); Trustee of the Trust since 2022. †	Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013-present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation.	169	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustees
Robert E. Deutsch** (1957); Trustee of the Trust since 2022. †	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).	169	Treasurer and Director of the JUST Capital Foundation (2017-present).
Nina O. Shenker** (1957) Trustee of the Trust since 2022. †	Vice Chair (2017-Present), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management.	169	Director and Member of Executive Committee and Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-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 nine registered investment companies (169 J.P. Morgan Funds).

  * 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.

** Considered an interested trustee based on prior employment by JPM Asset Management or an affiliate of JPMorgan Asset Management.

  ^† Trustee of the Trust effective January 1, 2022.

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

DECEMBER 31, 2021 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. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing 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.
Kiesha Astwood-Smith, (1973) Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to 2021.
Matthew Beck (1988), Assistant Secretary (2021)***	Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from 2018 to 2021; General Counsel, Nottingham Company from 2014 to 2018.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
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.
Max Vogel (1990), Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP from 2017 to 2021; Associate, Stroock & Stroock & Lavan LLP from 2015 to 2017.
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. 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. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment 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. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment 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, 2021

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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	998.20	$	2.67		0.53	%
Hypothetical		1,000.00		1,022.53		2.70		0.53
Class 2
Actual		1,000.00		996.40		3.92		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78

* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 53

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

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 2021, 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, 2021.

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 investment 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 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 J.P. Morgan Funds. In addition, they considered the overall

54 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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.

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(continued)

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 fee structure and 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 third, third and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the third quintile based upon the Universe for each of the one-, three- and five-year

periods ended December 31, 2020. The Trustees noted that the Portfolio’s performance for Class 2 shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class 1 shares were in the fourth quintile based upon both the Peer Group and Universe. The Trustees noted that the Portfolio’s net advisory fee for Class 2 shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class 2 shares were in the second 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.

56 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Long Term Capital Gain

The Portfolio distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2021:

Long-Term Capital Gain Distribution
$	5,796

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 57

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Insurance Trust (the “Trust)” held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of the Trust, including the Portfolio. The results of the voting were as follows:

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		102,380
Withheld		2,850
Steven P. Fisher
In Favor		102,570
Withheld		2,660
Gary L. French
In Favor		102,531
Withheld		2,699
Kathleen M. Gallagher
In Favor		102,646
Withheld		2,584
Robert J. Grassi
In Favor		102,662
Withheld		2,568
Frankie D. Hughes
In Favor		102,570
Withheld		2,660
Raymond Kanner
In Favor		102,705
Withheld		2,525

	Votes Received (Amounts in thousands)
Thomas P. Lemke
In Favor		102,473
Withheld		2,757
Lawrence R. Maffia
In Favor		102,473
Withheld		2,757
Mary E. Martinez
In Favor		102,559
Withheld		2,671
Marilyn McCoy
In Favor		102,367
Withheld		2,863
Dr. Robert A. Oden, Jr.
In Favor		102,270
Withheld		2,960
Marian U. Pardo
In Favor		102,755
Withheld		2,475
Emily A. Youssouf
In Favor		102,573
Withheld		2,657
Interested Nominee
Robert F. Deutsch
In Favor		102,568
Withheld		2,662
Nina O. Shenker
In Favor		102,505
Withheld		2,725

58 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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., 2021.  All rights reserved. December 2021. AN-JPMITCBP-1221

Annual Report

JPMorgan Insurance Trust

December 31, 2021

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	11
Notes to Financial Statements	13
Report of Independent Registered Public Accounting Firm	19
Trustees	20
Officers	23
Schedule of Shareholder Expenses	24
Board Approval of Investment Advisory Agreement	25
Tax Letter	28
Special Shareholder Meeting Results	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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation has carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		29.88%
Russell Midcap Value Index		28.34%
Net Assets as of 12/31/2021	$	529,038

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Equity markets outperformed fixed income markets throughout 2021, driven by the global economic rebound that followed the development of vaccines and unprecedented monetary and fiscal support. U.S. equity markets largely led global equity markets throughout the year despite historically high valuations for U.S. equity. Emerging markets equity generally slumped in the second half of the year as inflationary pressures accelerated and investor demand for Chinese equity receded.

Within fixed income markets, low interest rates on sovereign debt pushed investors to seek higher yielding debt securities in corporate and other credit markets. Emerging markets debt fell during the year as central banks in select emerging markets began to raise interest rates in the second half. High yield bonds (also known as “junk bonds”) provided positive, while returns on investment grade corporate bonds were mixed.

The global equity rally appeared to pause in January 2021 and then equity prices surged higher from February through June. In the U.S., the distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package, and the prospect of additional federal government spending, helped push leading equity indexes higher. U.S. corporate earnings and cash flows reached record highs in the first and second quarters of 2021. Job growth, rising consumer spending, business investment and manufacturing data added further fuel to the rally in U.S. equity markets.

Historically high valuations for U.S. equity fueled increased investor demand for international developed and emerging markets equity midway through the year. However, mixed success against the pandemic in the developed markets and political developments — including unresolved disputes over Brexit — weighed on equity prices in the European Union and the U.K. Increased regulatory scrutiny of large technology companies in China and investor concerns about debt levels in the country’s real estate sector generally pulled emerging markets lower through the second half of the year.

The final months of 2021 were marked by the emergence of the omicron variant of the coronavirus and the reimposition of

some pandemic restrictions at the regional, national and local levels. While investor uncertainty led to a global increase in financial market volatility, U.S. equity prices remained buoyed by record high corporate earnings and a general boom in U.S. household wealth.

While neither the U.S. Federal Reserve (the “Fed”) nor the European Central Bank raised policy interest rates during the period, the Fed accelerated the reduction in its monthly asset purchases under its quantitative easing program and indicated it would raise rates in 2022 and 2023 as economic conditions warranted. By the end of the year, the European Central Bank said it was unlikely to raise interest rates in 2022, and other leading central banks appeared to take a similar position.

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

The Portfolio’s Class 1 Shares outperformed the Russell Midcap Value Index (the “Benchmark”) for the twelve months ended December 31, 2021.

The Portfolio’s security selection in the industrial and real estate sectors was a leading contributor to performance relative to the Benchmark, while the Portfolio’s security selection in the materials and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to performance included the Portfolio’s overweight positions in Diamondback Energy Inc., Discovery Inc. and AutoZone Inc. Shares of Diamondback Energy, an oil and gas extraction company, rose amid rising petroleum prices for much of the period and after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of Discovery, a media company, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period.

Leading individual detractors from relative performance included the Portfolio’s underweight position in Marvell Technology Inc. and its overweight positions in Zynga Inc. and Zimmer Biomet Holdings Inc. Shares of Marvell Technology, a semiconductor manufacturer not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 amid increased demand across the semiconductor industry. Shares of Zynga, a video

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

game developer, fell after the company issued a weaker-than-expected forecast amid slowing user growth. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may reduce demand for elective surgeries.

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 industrials sectors, while maintaining underweight positions in the materials and consumer discretionary sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Ameriprise Financial, Inc.		1.9	%
	2.	AutoZone, Inc.		1.6
	3.	Huntington Bancshares, Inc.		1.6
	4.	Motorola Solutions, Inc.		1.6
	5.	M&T Bank Corp.		1.6
	6.	Laboratory Corp. of America Holdings		1.5
	7.	Loews Corp.		1.5
	8.	Fortune Brands Home & Security, Inc.		1.5
	9.	Carlisle Cos., Inc.		1.5
	10.	Xcel Energy, Inc.		1.5

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		22.5	%
Industrials		14.0
Real Estate		12.0
Consumer Discretionary		11.1
Utilities		8.0
Information Technology		7.2
Health Care		6.8
Materials		4.8
Communication Services		4.1
Consumer Staples		4.1
Energy		3.9
Short-Term Investments		1.5

* 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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		September 28, 2001		29.88	%		10.63	%		12.99	%

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021

(Amounts in thousands)

Investments	Shares (000)		Value ($000)
COMMON STOCKS — 98.5%
Airlines — 0.5%
Southwest Airlines Co. *		56		2,411
Banks — 7.8%
Citizens Financial Group, Inc.		130		6,158
Fifth Third Bancorp		180		7,841
Huntington Bancshares, Inc.		543		8,379
M&T Bank Corp.		54		8,242
Regions Financial Corp.		297		6,470
Zions Bancorp NA		66		4,192
				41,282
Beverages — 1.4%
Constellation Brands, Inc., Class A		18		4,440
Keurig Dr Pepper, Inc.		83		3,076
				7,516
Building Products — 3.0%
Carlisle Cos., Inc.		32		7,855
Fortune Brands Home & Security, Inc.		75		7,977
				15,832
Capital Markets — 6.5%
Ameriprise Financial, Inc.		33		9,940
Northern Trust Corp.		53		6,295
Raymond James Financial, Inc.		66		6,643
State Street Corp.		67		6,239
T. Rowe Price Group, Inc.		27		5,406
				34,523
Chemicals — 1.4%
Celanese Corp.		29		4,809
RPM International, Inc.		25		2,567
				7,376
Communications Equipment — 1.6%
Motorola Solutions, Inc.		30		8,284
Construction Materials — 1.0%
Martin Marietta Materials, Inc.		12		5,255
Consumer Finance — 1.0%
Discover Financial Services		47		5,414
Containers & Packaging — 1.6%
Packaging Corp. of America		27		3,676
Silgan Holdings, Inc.		106		4,541
				8,217
Distributors — 1.9%
Genuine Parts Co.		24		3,335

Investments	Shares (000)		Value ($000)
Distributors — continued
LKQ Corp.		111		6,677
				10,012
Diversified Financial Services — 0.6%
Voya Financial, Inc.		44		2,915
Electric Utilities — 3.5%
Edison International		63		4,320
Entergy Corp.		55		6,195
Xcel Energy, Inc.		116		7,846
				18,361
Electrical Equipment — 3.7%
Acuity Brands, Inc.		33		6,940
AMETEK, Inc.		37		5,488
Hubbell, Inc.		35		7,197
				19,625
Electronic Equipment, Instruments & Components — 3.1%
Amphenol Corp., Class A		66		5,768
CDW Corp.		22		4,595
TD SYNNEX Corp.		53		6,081
				16,444
Entertainment — 0.8%
Zynga, Inc., Class A *		682		4,364
Equity Real Estate Investment Trusts (REITs) — 10.8%
American Homes 4 Rent, Class A		114		4,959
AvalonBay Communities, Inc.		20		4,943
Boston Properties, Inc.		38		4,328
Brixmor Property Group, Inc.		131		3,320
Essex Property Trust, Inc.		9		3,237
Federal Realty Investment Trust		19		2,586
Host Hotels & Resorts, Inc. *		95		1,644
JBG SMITH Properties		66		1,894
Kimco Realty Corp.		157		3,865
Mid-America Apartment Communities, Inc.		14		3,107
Rayonier, Inc.		120		4,824
Regency Centers Corp.		36		2,723
Rexford Industrial Realty, Inc.		37		3,022
Sun Communities, Inc.		13		2,742
Ventas, Inc.		37		1,909
Weyerhaeuser Co.		129		5,310
WP Carey, Inc.		41		3,376
				57,789
Food & Staples Retailing — 1.3%
Kroger Co. (The)		85		3,838

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

(Amounts in thousands)

Investments	Shares (000)		Value ($000)
COMMON STOCKS — continued
Food & Staples Retailing — continued
US Foods Holding Corp. *		90		3,134
				6,972
Food Products — 0.9%
Post Holdings, Inc. *		40		4,521
Gas Utilities — 1.4%
National Fuel Gas Co.		113		7,194
Health Care Equipment & Supplies — 1.0%
Zimmer Biomet Holdings, Inc.		42		5,397
Health Care Providers & Services — 5.2%
AmerisourceBergen Corp.		47		6,310
Henry Schein, Inc. *		60		4,661
Humana, Inc.		6		2,871
Laboratory Corp. of America Holdings *		26		8,079
Universal Health Services, Inc., Class B		42		5,478
				27,399
Hotels, Restaurants & Leisure — 1.0%
Darden Restaurants, Inc.		19		2,853
Expedia Group, Inc. *		13		2,393
				5,246
Household Durables — 2.0%
Mohawk Industries, Inc. *		27		4,992
Newell Brands, Inc.		250		5,460
				10,452
Household Products — 0.5%
Energizer Holdings, Inc.		61		2,447
Insurance — 6.2%
Alleghany Corp. *		4		2,689
Arch Capital Group Ltd. *		59		2,637
Hartford Financial Services Group, Inc. (The)		74		5,085
Lincoln National Corp.		59		4,029
Loews Corp.		140		8,059
Progressive Corp. (The)		33		3,410
RenaissanceRe Holdings Ltd. (Bermuda)		17		2,819
WR Berkley Corp.		48		3,935
				32,663
Interactive Media & Services — 0.9%
InterActiveCorp. *		37		4,810
IT Services — 1.0%
FleetCor Technologies, Inc. *		25		5,504
Machinery — 6.0%
IDEX Corp.		17		4,117

Investments	Shares (000)		Value ($000)
Machinery — continued
ITT, Inc.		63		6,456
Lincoln Electric Holdings, Inc.		40		5,513
Middleby Corp. (The) *		29		5,627
Snap-on, Inc.		26		5,699
Timken Co. (The)		62		4,262
				31,674
Media — 2.4%
Liberty Broadband Corp., Class C *		44		7,135
Liberty Media Corp.-Liberty SiriusXM, Class C *		105		5,333
				12,468
Metals & Mining — 0.9%
Freeport-McMoRan, Inc.		114		4,772
Multiline Retail — 0.7%
Kohl’s Corp.		79		3,883
Multi-Utilities — 3.2%
CMS Energy Corp.		108		7,017
Sempra Energy		21		2,730
WEC Energy Group, Inc.		73		7,054
				16,801
Oil, Gas & Consumable Fuels — 3.9%
Coterra Energy, Inc.		360		6,836
Diamondback Energy, Inc.		67		7,179
Williams Cos., Inc. (The)		259		6,756
				20,771
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals plc *		23		2,934
Professional Services — 0.8%
Leidos Holdings, Inc.		48		4,310
Real Estate Management & Development — 1.0%
CBRE Group, Inc., Class A *		51		5,511
Semiconductors & Semiconductor Equipment — 0.6%
Analog Devices, Inc.		18		3,167
Software — 0.9%
NortonLifeLock, Inc.		186		4,830
Specialty Retail — 3.1%
AutoZone, Inc. *		4		8,507
Best Buy Co., Inc.		46		4,699
Gap, Inc. (The)		183		3,238
				16,444

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

Investments	Shares (000)		Value ($000)
COMMON STOCKS — continued
Textiles, Apparel & Luxury Goods — 2.4%
Carter’s, Inc.		44		4,485
Ralph Lauren Corp.		38		4,511
Tapestry, Inc.		96		3,880
				12,876
Thrifts & Mortgage Finance — 0.4%
MGIC Investment Corp.		165		2,380
Total Common Stocks (Cost $297,119)				521,046
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b) (Cost $8,010)		8,010		8,010
Total Investments — 100.0% (Cost $305,129)				529,056
Liabilities in Excess of Other Assets — 0.0% (c)				(18	)
NET ASSETS — 100.0%				529,038

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2021.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 7

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	521,046
Investments in affiliates, at value		8,010
Receivables:
Portfolio shares sold		154
Dividends from non-affiliates		867
Dividends from affiliates		—	(a)
Total Assets		530,077
LIABILITIES:
Payables:
Due to custodian		—	(a)
Portfolio shares redeemed		662
Accrued liabilities:
Investment advisory fees		285
Administration fees		33
Custodian and accounting fees		12
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		47
Total Liabilities		1,039
Net Assets	$	529,038
NET ASSETS:
Paid-in-Capital	$	234,553
Total distributable earnings (loss)		294,485
Total Net Assets	$	529,038
Net Assets:
Class 1	$	529,038
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):		39,649
Net Asset Value (b):
Class 1 — Offering and redemption price per share	$	13.34
Cost of investments in non-affiliates	$	297,119
Cost of investments in affiliates		8,010

(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, 2021

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Amounts in thousands)

	JPMorgan Insurance Trust Mid Cap Value Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	8,230
Dividend income from affiliates		1
Income from securities lending (net) (See Note 2.B.)		1
Total investment income		8,232
EXPENSES:
Investment advisory fees		3,295
Administration fees		380
Custodian and accounting fees		29
Professional fees		54
Trustees’ and Chief Compliance Officer’s fees		26
Printing and mailing costs		39
Transfer agency fees		6
Other		33
Total expenses		3,862
Less fees waived		(5	)
Net expenses		3,857
Net investment income (loss)		4,375
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		68,328
Change in net unrealized appreciation/depreciation on investments in non-affiliates		55,704
Net realized/unrealized gains (losses)		124,032
Change in net assets resulting from operations	$	128,407

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021			Year Ended December 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,375		$	4,916
Net realized gain (loss)		68,328			24,855
Change in net unrealized appreciation/depreciation		55,704			(30,483	)
Change in net assets resulting from operations		128,407			(712	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(29,998	)		(31,576	)
Total distributions to shareholders		(29,998	)		(31,576	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(16,900	)		(14,480	)
NET ASSETS:
Change in net assets		81,509			(46,768	)
Beginning of period		447,529			494,297
End of period	$	529,038		$	447,529
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	75,936		$	72,722
Distributions reinvested		29,998			31,576
Cost of shares redeemed		(122,834	)		(118,778	)
Change in net assets resulting from Class 1 capital transactions	$	(16,900	)	$	(14,480	)
SHARE TRANSACTIONS:
Class 1
Issued		6,014			8,067
Reinvested		2,366			3,680
Redeemed		(9,814	)		(12,503	)
Change in Class 1 Shares		(1,434	)		(756	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021	$	10.89	$	0.11	$	3.11		$	3.22		$	(0.12	)	$	(0.65	)	$	(0.77	)
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	)

(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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 11

		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
$	13.34		29.88	%	$	529,038		0.76	%		0.86	%		0.76	%		22	%
	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

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

(Dollar values in thousands)

1. Organization

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

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

	Class Offered	Diversification Classification
JPMorgan Insurance Trust Mid Cap Value Portfolio	Class 1	Diversified

The investment objective of the Portfolio is to seek capital appreciation with the secondary goal of achieving current income by investing primarily in equity securities.

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

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Portfolio’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Portfolio is calculated on a valuation date.

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	529,056	$	—	$	—	$	529,056

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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 the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the 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 0.12% to 0.06%. For the year ended December 31, 2021, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ – (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, 2021.

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 such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

For the year ended December 31, 2021
Security Description	Value at December 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15%(a)(b)	$	400	$	1,000	$	1,400	$	—	*(c)	$	—	(c)	$	—		—	$	—	*(c)	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)(b)		987		3,185		4,172		—			—			—		—	$	—	*(c)		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)		4,891		86,203		83,084		—			—			8,010		8,010		1			—
Total	$	6,278	$	90,388	$	88,656	$	—	(c)	$	—	(c)	$	8,010			$	1		$	—

(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.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

(b) The rate shown is the current yield as of December 31, 2021.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statements 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, 2021, 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.

The following amounts were reclassified within the capital accounts:

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

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser 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, 2021, the effective rate was 0.075% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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, 2021 and the contractual expense limitation percentage is in place until at least April 30, 2022.

For the year ended December 31, 2021, 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, 2021 was $5.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles.

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

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

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended December 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	109,114	$	154,224

During the year ended December 31, 2021, 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, 2021 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	306,611	$	228,082	$	5,637	$	222,445

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	5,351	$	24,647	$	29,998

* 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, 2020 was as follows:

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.

As of December 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	11,367	$	60,713	$	222,445

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

As of December 31, 2021, 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, 2021.

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 October 31, 2022.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

one month London Interbank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2021.

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, 2021, the Portfolio had two individual shareholder and/or non-affiliated omnibus accounts, which owned 78.0% of the Portfolio’s outstanding shares.

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

Because the Portfolio invests in Real Estate Investment Trusts (“REITs”), the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any 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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of the Portfolio’s instruments or investments comprising some or all of the Portfolio’s investments 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.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 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, 2021 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 14, 2022

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 19

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 the 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).	169	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the 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).	169	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Gary L. French (1951); Trustee of the Trust since 2022. †	Real Estate Investor (2011-present); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017).	169	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	169	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Robert J. Grassi (1957); Trustee of the Trust since 2022. †	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).	169	None
Frankie D. Hughes (1952); Trustee of the 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).	169	None

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 the Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	169	Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (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).
Thomas P. Lemke (1954); Trustee of the Trust since 2022. †	Retired since 2013.	169	(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018).
Lawrence R. Maffia (1950); Trustee of the Trust since 2022. †	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).	169	Director, ICI Mutual Insurance Company (1999-2013).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the 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).	169	None
Marilyn McCoy (1948); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern of University (1985-present).	169	None
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	169	Trustee, The Coldwater Conservation Fund; Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020).

DECEMBER 31, 2021 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)
Marian U. Pardo* (1946); Trustee of the 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).	169	Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Emily A. Youssouf (1951); Trustee of the Trust since 2022. †	Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013-present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation.	169	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustees
Robert E. Deutsch** (1957); Trustee of the Trust since 2022. †	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).	169	Treasurer and Director of the JUST Capital Foundation (2017-present).
Nina O. Shenker** (1957) Trustee of the Trust since 2022. †	Vice Chair (2017-Present), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management.	169	Director and Member of Executive Committee and Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-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 nine registered investment companies (169 J.P. Morgan Funds).

  * 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.

** Considered an interested trustee based on prior employment by JPM Asset Management or an affiliate of JPMorgan Asset Management.

† Trustee of the Trust effective January 1, 2022.

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

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing 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.
Kiesha Astwood-Smith, (1973) Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to 2021.
Matthew Beck (1988), Assistant Secretary (2021)***	Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from 2018 to 2021; General Counsel, Nottingham Company from 2014 to 2018.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
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.
Max Vogel (1990), Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP from 2017 to 2021; Associate, Stroock & Stroock & Lavan LLP from 2015 to 2017.
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. 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. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment 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. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment 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, 2021 JPMORGAN INSURANCE TRUST 23

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees 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, 2021 and continued to hold your shares at the end of the reporting period, December 31, 2021.

Actual Expenses

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 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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	1,067.20	$	3.91		0.75	%
Hypothetical		1,000.00		1,021.42		3.82		0.75

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 2021, 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, 2021.

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 investment 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 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 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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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.

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 fee structure and 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 fifth, fourth and fifth quintiles based upon the Peer Group,

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

and in the fifth, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 third 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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 27

TAX LETTER

(Unaudited)

(Dollar values in thousands)

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, 2021.

Long Term Capital Gain

The Portfolio distributed $24,647, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2021.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Insurance Trust (the “Trust)” held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of the Trust, including the Portfolio. The results of the voting were as follows:

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		102,380
Withheld		2,850
Steven P. Fisher
In Favor		102,570
Withheld		2,660
Gary L. French
In Favor		102,531
Withheld		2,699
Kathleen M. Gallagher
In Favor		102,646
Withheld		2,584
Robert J. Grassi
In Favor		102,662
Withheld		2,568
Frankie D. Hughes
In Favor		102,570
Withheld		2,660
Raymond Kanner
In Favor		102,705
Withheld		2,525
Thomas P. Lemke
In Favor		102,473
Withheld		2,757

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		102,473
Withheld		2,757
Mary E. Martinez
In Favor		102,559
Withheld		2,671
Marilyn McCoy
In Favor		102,367
Withheld		2,863
Dr. Robert A. Oden, Jr.
In Favor		102,270
Withheld		2,960
Marian U. Pardo
In Favor		102,755
Withheld		2,475
Emily A. Youssouf
In Favor		102,573
Withheld		2,657
Interested Nominee
Robert F. Deutsch
In Favor		102,568
Withheld		2,662
Nina O. Shenker
In Favor		102,505
Withheld		2,725

DECEMBER 31, 2021 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., 2021.  All rights reserved. December 2021. AN-JPMITMCVP-1221

Annual Report

JPMorgan Insurance Trust

December 31, 2021

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
Special Shareholder Meeting Results	36

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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation has carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		21.38%
Russell 2000 Index		14.82%
Net Assets as of 12/31/2021 (In Thousands)	$	220,670

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Equity markets outperformed fixed income markets throughout 2021, driven by the global economic rebound that followed the development of vaccines and unprecedented monetary and fiscal support. U.S. equity markets largely led global equity markets throughout the year despite historically high valuations for U.S. equity. Emerging markets equity generally slumped in the second half of the year as inflationary pressures accelerated and investor demand for Chinese equity receded.

The global equity rally appeared to pause in January 2021 and then equity prices surged higher from February through June. In the U.S., the distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package, and the prospect of additional federal government spending, helped push leading equity indexes higher. U.S. corporate earnings and cash flows reached record highs in the first and second quarters of 2021. Job growth, rising consumer spending, business investment and manufacturing data added further fuel to the rally in U.S. equity markets.

Historically high valuations for U.S. equity fueled increased investor demand for international developed and emerging markets equity midway through the year. However, mixed success against the pandemic in the developed markets and political developments — including unresolved disputes over Brexit — weighed on equity prices in the European Union and the U.K. Increased regulatory scrutiny of large technology companies in China and investor concerns about debt levels in the country’s real estate sector generally pulled emerging markets lower through the second half of the year.

The final months of 2021 were marked by the emergence of the omicron variant of the coronavirus and the reimposition of some pandemic restrictions at the regional, national and local levels. While investor uncertainty led to a global increase in financial market volatility, U.S. equity prices remained buoyed by record high corporate earnings and a general boom in U.S. household wealth.

While neither the U.S. Federal Reserve (the “Fed”) nor the European Central Bank raised policy interest rates during the period, the Fed accelerated the reduction in its monthly asset purchases under its quantitative easing program and indicated

it would raise rates in 2022 and 2023 as economic conditions warranted. By the end of the year, the European Central Bank said it was unlikely to raise interest rates in 2022, and other leading central banks appeared to take a similar position.

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

The Portfolio’s Class 1 Shares outperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended December 31, 2021.

The Portfolio’s security selection in the industrials and financials sectors was a leading contributor to performance relative to the Benchmark, while the Portfolio’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in IDT Corp., ArcBest Corp. and Arena Pharmaceuticals Inc. Shares of IDT, a communications and payment services provider, rose after the company reported increased revenue and earnings during the period. Shares of ArcBest, a logistics and transport company, rose after the company reported better-than-expected earnings for consecutive quarters during 2021. Shares of Arena Pharmaceuticals, a biopharmaceuticals developer, rose after the company agreed to be acquired by Pfizer Inc. for an estimated $6.7 billion.

Leading individual detractors from relative performance included the Portfolio’s underweight positions in GameStop Corp. and Avis Budget Group Inc., and its overweight position in Liberty TripAdvisor Holdings Inc. Shares of GameStop, a consumer electronics retail chain not held in the Portfolio, rose in early 2021 when users of an Internet forum largely orchestrated a run up in the stock price in response to large short positions in the stock, while broad growth in video game sales bolstered the company’s shares in the second half of the year. Shares of Avis Budget Group, an auto rental chain not held in the Portfolio, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and indicated it would increase purchases of electric vehicles. Shares of Liberty TripAdvisor Holdings, an online advertising and hospitality commerce business, fell amid investor expectations a that a resurgence in the pandemic in late 2021 would curb consumer and business travel.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

HOW WAS THE PORTFOLIO POSITIONED?

In accordance with the Portfolio’s 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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Builders FirstSource, Inc.		1.0	%
	2.	WESCO International, Inc.		1.0
	3.	Ovintiv, Inc.		0.9
	4.	Herc Holdings, Inc.		0.9
	5.	Watts Water Technologies, Inc., Class A		0.8
	6.	Super Micro Computer, Inc.		0.8
	7.	Deckers Outdoor Corp.		0.8
	8.	ArcBest Corp.		0.7
	9.	Tenet Healthcare Corp.		0.7
	10.	Rush Enterprises, Inc., Class A		0.7

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		17.6	%
Health Care		17.6
Financials		16.0
Information Technology		11.6
Consumer Discretionary		7.8
Real Estate		6.3
Communication Services		3.9
Materials		3.8
Energy		3.6
Consumer Staples		2.3
Utilities		1.6
Short-Term Investments		7.9

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

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		21.38	%		11.77	%		14.01	%
CLASS 2 SHARES	April 24, 2009		21.06			11.46			13.70

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.7%
Aerospace & Defense — 0.2%
AAR Corp. *		4		137
Ducommun, Inc. *		3		159
Moog, Inc., Class A		1		113
Vectrus, Inc. *		1		32
				441
Air Freight & Logistics — 0.8%
Atlas Air Worldwide Holdings, Inc. *		5		424
Forward Air Corp.		2		254
Hub Group, Inc., Class A *		13		1,078
				1,756
Airlines — 0.6%
Alaska Air Group, Inc. *		5		276
Allegiant Travel Co. *		3		468
Spirit Airlines, Inc. *		25		550
				1,294
Auto Components — 0.8%
American Axle & Manufacturing Holdings, Inc. *		36		337
Goodyear Tire & Rubber Co. (The) *		28		589
Lear Corp.		2		366
Patrick Industries, Inc.		5		371
				1,663
Banks — 8.3%
Ameris Bancorp		4		215
Associated Banc-Corp.		7		149
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		19		705
Bar Harbor Bankshares		3		78
Business First Bancshares, Inc.		4		108
Capital Bancorp, Inc.		2		39
Capstar Financial Holdings, Inc.		6		126
Cathay General Bancorp		3		138
CIT Group, Inc.		1		62
Community Trust Bancorp, Inc.		1		29
ConnectOne Bancorp, Inc.		31		1,006
Customers Bancorp, Inc. *		14		896
Dime Community Bancshares, Inc.		3		88
Enterprise Financial Services Corp.		2		116
FB Financial Corp.		2		101
Financial Institutions, Inc. (a)		7		226
First BanCorp (Puerto Rico)		71		974
First Bank		2		28
First Commonwealth Financial Corp.		6		100
First Community Bankshares, Inc.		1		47
First Horizon Corp.		51		833

INVESTMENTS	SHARES (000)			VALUE ($000)
Banks — continued
First Internet Bancorp		2			99
FNB Corp.		30			359
Great Southern Bancorp, Inc.		3			148
Hancock Whitney Corp.		11			530
Hanmi Financial Corp.		13			318
HBT Financial, Inc.		7			137
Hilltop Holdings, Inc.		8			278
HomeStreet, Inc.		4			192
Investors Bancorp, Inc.		86			1,303
Meta Financial Group, Inc.		4			233
Metropolitan Bank Holding Corp. *		2			160
Mid Penn Bancorp, Inc.		1			41
MVB Financial Corp.		1			21
OceanFirst Financial Corp.		33			728
Old National Bancorp		12			223
Origin Bancorp, Inc.		2			69
PacWest Bancorp		10			440
Peapack-Gladstone Financial Corp.		3			103
Peoples Bancorp, Inc.		2			67
Popular, Inc. (Puerto Rico)		12			993
QCR Holdings, Inc.		1			73
RBB Bancorp		2			55
Republic Bancorp, Inc., Class A		1			41
Sierra Bancorp		1			34
Signature Bank		4			1,358
SmartFinancial, Inc.		5			123
Sterling Bancorp		10			260
Synovus Financial Corp.		9			431
Umpqua Holdings Corp.		31			600
United Community Banks, Inc.		7			252
Valley National Bancorp		29			397
Veritex Holdings, Inc.		9			354
Western Alliance Bancorp		4			420
Wintrust Financial Corp.		3			282
Zions Bancorp NA		16			1,035
					18,221
Beverages — 0.1%
Coca-Cola Consolidated, Inc.		—	(b)		279
Biotechnology — 8.8%
2seventy bio, Inc. *		—	(b)		7
Akebia Therapeutics, Inc. * (a)		147			333
Alector, Inc. *		11			221
Allogene Therapeutics, Inc. *		10			154
Amicus Therapeutics, Inc. *		99			1,145

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
AnaptysBio, Inc. *		28		970
Arena Pharmaceuticals, Inc. *		5		418
Arrowhead Pharmaceuticals, Inc. *		11		749
Atara Biotherapeutics, Inc. *		2		32
Bluebird Bio, Inc. *		1		8
Blueprint Medicines Corp. *		5		493
Bolt Biotherapeutics, Inc. * (a)		7		32
Bridgebio Pharma, Inc. * (a)		6		93
CareDx, Inc. *		3		146
Catalyst Pharmaceuticals, Inc. *		45		307
Chinook Therapeutics, Inc. *		14		226
Coherus Biosciences, Inc. * (a)		14		223
Decibel Therapeutics, Inc. * (a)		20		91
Eliem Therapeutics, Inc. * (a)		26		270
Fate Therapeutics, Inc. *		27		1,590
Frequency Therapeutics, Inc. *		47		243
Gritstone bio, Inc. * (a)		3		37
Inozyme Pharma, Inc. *		39		267
Intellia Therapeutics, Inc. *		9		1,076
Invitae Corp. * (a)		11		174
Jounce Therapeutics, Inc. *		9		71
Kronos Bio, Inc. * (a)		15		202
Kura Oncology, Inc. *		1		20
Kymera Therapeutics, Inc. *		14		895
MeiraGTx Holdings plc * (a)		7		176
Molecular Templates, Inc. * (a)		28		110
Mustang Bio, Inc. * (a)		72		119
Myriad Genetics, Inc. *		26		729
Natera, Inc. *		5		476
PMV Pharmaceuticals, Inc. * (a)		29		665
PTC Therapeutics, Inc. *		8		327
Radius Health, Inc. * (a)		1		8
Relay Therapeutics, Inc. *		21		643
REVOLUTION Medicines, Inc. * (a)		16		403
Sage Therapeutics, Inc. *		5		196
Sarepta Therapeutics, Inc. *		11		982
Sera Prognostics, Inc., Class A *		53		367
Spruce Biosciences, Inc. * (a)		14		63
Sutro Biopharma, Inc. *		3		37
TCR2 Therapeutics, Inc. *		5		23
Travere Therapeutics, Inc. *		32		978
Turning Point Therapeutics, Inc. *		6		291
Vericel Corp. * (a)		7		279
Vir Biotechnology, Inc. *		14		595

INVESTMENTS	SHARES (000)		VALUE ($000)
Biotechnology — continued
Xencor, Inc. *		39		1,544
Y-mAbs Therapeutics, Inc. *		1		15
				19,519
Building Products — 1.9%
Advanced Drainage Systems, Inc.		1		136
Apogee Enterprises, Inc.		4		197
Builders FirstSource, Inc. *		28		2,373
Cornerstone Building Brands, Inc. *		17		290
Masonite International Corp.*		2		201
Quanex Building Products Corp. (a)		10		250
Resideo Technologies, Inc. *		5		135
UFP Industries, Inc.		7		607
				4,189
Capital Markets — 1.9%
AssetMark Financial Holdings, Inc. *		2		45
Blucora, Inc. *		18		305
Brightsphere Investment Group, Inc.		14		350
Cohen & Steers, Inc. (a)		2		148
Cowen, Inc., Class A		10		373
Donnelley Financial Solutions, Inc. *		15		711
Federated Hermes, Inc.		4		147
Focus Financial Partners, Inc., Class A *		12		740
Piper Sandler Cos.		2		375
Stifel Financial Corp.		7		525
Virtus Investment Partners, Inc.		2		564
				4,283
Chemicals — 2.0%
AdvanSix, Inc.		2		85
Avient Corp.		15		850
Cabot Corp.		2		107
Ecovyst, Inc.		7		67
HB Fuller Co.		9		761
Ingevity Corp. *		6		459
Koppers Holdings, Inc. *		4		135
Minerals Technologies, Inc.		6		454
Orion Engineered Carbons SA (Germany) *		15		266
Sensient Technologies Corp.		2		160
Trinseo plc		5		236
Tronox Holdings plc, Class A		25		591
Zymergen, Inc. *		30		200
				4,371

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Commercial Services & Supplies — 1.8%
ABM Industries, Inc.		35		1,433
ACCO Brands Corp.		27		221
Brink’s Co. (The) (a)		4		243
HNI Corp.		6		248
KAR Auction Services, Inc. *		6		97
MillerKnoll, Inc.		17		670
SP Plus Corp. *		10		277
Steelcase, Inc., Class A		23		271
Tetra Tech, Inc.		3		492
				3,952
Construction & Engineering — 2.2%
Argan, Inc.		22		843
Comfort Systems USA, Inc.		10		970
EMCOR Group, Inc.		8		1,079
Great Lakes Dredge & Dock Corp. *		31		483
MasTec, Inc. *		11		1,024
Primoris Services Corp.		14		341
Sterling Construction Co., Inc. *		8		208
				4,948
Consumer Finance — 1.2%
Enova International, Inc. *		5		188
EZCORP, Inc., Class A * (a)		18		133
Green Dot Corp., Class A *		8		304
Navient Corp. (a)		37		778
Nelnet, Inc., Class A		5		479
Oportun Financial Corp. *		7		144
PROG Holdings, Inc. * (a)		14		623
				2,649
Containers & Packaging — 0.2%
Greif, Inc., Class A		7		398
Myers Industries, Inc.		4		88
				486
Diversified Consumer Services — 0.2%
Coursera, Inc. *		14		346
WW International, Inc. *		7		105
				451
Diversified Telecommunication Services — 0.9%
IDT Corp., Class B *		26		1,165
Liberty Latin America Ltd., Class A (Chile) *		21		250
Liberty Latin America Ltd., Class C (Chile) *		19		221
Ooma, Inc. *		12		247
				1,883

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — 0.5%
IDACORP, Inc.		2		238
Portland General Electric Co.		9		475
Via Renewables, Inc.(a)		34		384
				1,097
Electrical Equipment — 1.3%
Atkore, Inc. *		10		1,129
AZZ, Inc.		8		426
Bloom Energy Corp., Class A * (a)		14		311
Fluence Energy, Inc. *		24		864
Powell Industries, Inc.		2		62
				2,792
Electronic Equipment, Instruments & Components — 3.0%
Advanced Energy Industries, Inc.		6		510
Benchmark Electronics, Inc.		31		832
Fabrinet (Thailand) *		7		806
Itron, Inc. *		2		123
OSI Systems, Inc. *		6		541
Sanmina Corp. *		24		999
ScanSource, Inc. *		6		225
TTM Technologies, Inc. * (a)		108		1,613
Vishay Intertechnology, Inc.		25		549
Vishay Precision Group, Inc. *		11		419
				6,617
Energy Equipment & Services — 0.6%
ChampionX Corp. *		20		408
National Energy Services Reunited Corp. *		9		82
NexTier Oilfield Solutions, Inc. *		55		193
Oil States International, Inc. * (a)		16		80
Patterson-UTI Energy, Inc.		14		114
ProPetro Holding Corp. *		6		48
Select Energy Services, Inc., Class A *		46		284
Solaris Oilfield Infrastructure, Inc., Class A		20		128
				1,337
Entertainment — 1.1%
AMC Entertainment Holdings, Inc., Class A * (a)		28		770
Cinemark Holdings, Inc. * (a)		19		298
IMAX Corp. *		44		788
Lions Gate Entertainment Corp., Class A *		41		679
				2,535
Equity Real Estate Investment Trusts (REITs) — 5.9%
Agree Realty Corp.		1		86
Alexander & Baldwin, Inc.		10		241

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
American Assets Trust, Inc.		2		86
Apple Hospitality REIT, Inc.		29		462
Armada Hoffler Properties, Inc.		19		288
Broadstone Net Lease, Inc.		12		305
CareTrust REIT, Inc.		2		53
Centerspace		2		222
Chatham Lodging Trust *		2		32
City Office REIT, Inc.		20		390
Community Healthcare Trust, Inc.		2		80
Cousins Properties, Inc.		7		288
DiamondRock Hospitality Co. *		13		128
DigitalBridge Group, Inc. *		55		454
EastGroup Properties, Inc.		3		649
Essential Properties Realty Trust, Inc.		7		196
First Industrial Realty Trust, Inc.		7		483
Four Corners Property Trust, Inc.		11		324
Getty Realty Corp.		2		48
Gladstone Commercial Corp.		11		281
Global Medical REIT, Inc.		2		34
Healthcare Realty Trust, Inc.		5		165
Highwoods Properties, Inc.		1		49
Innovative Industrial Properties, Inc.		1		184
Kite Realty Group Trust		28		610
National Storage Affiliates Trust		17		1,169
NETSTREIT Corp.		3		60
Phillips Edison & Co., Inc. (a)		8		274
Physicians Realty Trust		13		247
Piedmont Office Realty Trust, Inc., Class A		7		130
Plymouth Industrial REIT, Inc.		13		416
PotlatchDeltic Corp.		14		831
Retail Opportunity Investments Corp.		19		380
RLJ Lodging Trust		4		61
Ryman Hospitality Properties, Inc. *		4		331
Sabra Health Care REIT, Inc.		8		108
SITE Centers Corp.		13		204
STAG Industrial, Inc.		20		940
Summit Hotel Properties, Inc. *		5		45
Sunstone Hotel Investors, Inc. *		34		396
Tanger Factory Outlet Centers, Inc. (a)		7		141
Terreno Realty Corp.		6		546
UMH Properties, Inc.		7		191
Xenia Hotels & Resorts, Inc. *		27		485
				13,093

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 0.6%
Andersons, Inc. (The)		6		213
BJ’s Wholesale Club Holdings, Inc. *		6		429
Performance Food Group Co. *		4		188
Rite Aid Corp. * (a)		40		583
				1,413
Food Products — 0.8%
Bunge Ltd.		2		196
Darling Ingredients, Inc. *		11		756
Sanderson Farms, Inc.		3		611
Seneca Foods Corp., Class A *		2		110
				1,673
Gas Utilities — 0.4%
Brookfield Infrastructure Corp., Class A (Canada)		6		424
Chesapeake Utilities Corp.		2		306
Southwest Gas Holdings, Inc.		3		175
				905
Health Care Equipment & Supplies — 3.2%
Alphatec Holdings, Inc. * (a)		15		166
Apyx Medical Corp. *		11		141
Cardiovascular Systems, Inc. *		14		259
Cutera, Inc. * (a)		19		789
Heska Corp. * (a)		3		529
Inogen, Inc. *		19		656
Intersect ENT, Inc. *		5		128
iRhythm Technologies, Inc. *		12		1,377
Lantheus Holdings, Inc. *		5		139
Natus Medical, Inc. *		9		202
NuVasive, Inc. *		24		1,265
Ortho Clinical Diagnostics Holdings plc *		19		414
Orthofix Medical, Inc. * (a)		18		544
Outset Medical, Inc. * (a)		4		166
SI-BONE, Inc. *		14		302
				7,077
Health Care Providers & Services — 3.6%
AdaptHealth Corp. *		56		1,370
AMN Healthcare Services, Inc. *		7		820
Cross Country Healthcare, Inc. *		11		314
Hanger, Inc. *		10		181
LHC Group, Inc. *		1		151
MEDNAX, Inc. *		4		120
ModivCare, Inc. *		5		667
National HealthCare Corp.		3		231
Option Care Health, Inc. *		32		899

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Owens & Minor, Inc.		13		570
Select Medical Holdings Corp.		26		776
Tenet Healthcare Corp. *		21		1,715
Tivity Health, Inc. * (a)		3		71
				7,885
Health Care Technology — 1.0%
Allscripts Healthcare Solutions, Inc. *		30		559
Inspire Medical Systems, Inc. *		2		460
NextGen Healthcare, Inc. *		25		448
Omnicell, Inc. *		2		271
Schrodinger, Inc. * (a)		11		390
				2,128
Hotels, Restaurants & Leisure — 1.3%
Bloomin’ Brands, Inc. *		23		480
Boyd Gaming Corp. *		3		216
Dine Brands Global, Inc.		4		334
Marriott Vacations Worldwide Corp.		4		745
Penn National Gaming, Inc. *		4		209
Portillo’s, Inc., Class A * (a)		11		411
RCI Hospitality Holdings, Inc.		2		132
Scientific Games Corp. *		5		341
				2,868
Household Durables — 1.1%
Helen of Troy Ltd. *		1		342
Hooker Furnishings Corp.		8		191
Lifetime Brands, Inc. (a)		21		340
Purple Innovation, Inc. * (a)		7		89
Sonos, Inc. *		14		429
Traeger, Inc. *		5		59
Tupperware Brands Corp. * (a)		6		87
Universal Electronics, Inc. *		7		273
Vizio Holding Corp., Class A *		28		548
				2,358
Household Products — 0.3%
Central Garden & Pet Co., Class A *		13		612
Independent Power and Renewable Electricity Producers — 0.7%
Clearway Energy, Inc.		12		405
Clearway Energy, Inc., Class C		32		1,164
Vistra Corp.		4		85
				1,654
Insurance — 1.1%
American Equity Investment Life Holding Co.		9		358

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
Argo Group International Holdings Ltd.		6		320
CNO Financial Group, Inc.		12		274
eHealth, Inc. *		5		135
Kinsale Capital Group, Inc.		1		190
Selective Insurance Group, Inc.		4		336
Stewart Information Services Corp.		12		917
				2,530
Interactive Media & Services — 1.3%
Cars.com, Inc. *		18		288
EverQuote, Inc., Class A * (a)		31		490
Liberty TripAdvisor Holdings, Inc., Class A *		360		781
Yelp, Inc. *		15		551
Ziff Davis, Inc. *		7		810
				2,920
Internet & Direct Marketing Retail — 0.4%
Overstock.com, Inc. *		2		124
Shutterstock, Inc.		6		665
Stitch Fix, Inc., Class A *		3		59
ThredUp, Inc., Class A * (a)		8		103
				951
IT Services — 1.6%
BigCommerce Holdings, Inc., Series 1 *		8		265
BM Technologies, Inc. * (a)		3		28
DigitalOcean Holdings, Inc. *		11		908
Maximus, Inc.		10		781
TTEC Holdings, Inc.		12		1,078
Unisys Corp. *		20		416
				3,476
Life Sciences Tools & Services — 0.6%
Adaptive Biotechnologies Corp. *		4		107
Berkeley Lights, Inc. * (a)		7		122
Pacific Biosciences of California, Inc. *		4		86
Personalis, Inc. *		29		415
Quanterix Corp. *		7		280
Rapid Micro Biosystems, Inc., Class A *		19		203
Seer, Inc. * (a)		7		165
				1,378
Machinery — 2.0%
Columbus McKinnon Corp.		8		347
Manitowoc Co., Inc. (The) *		14		253
Meritor, Inc. *		11		260
Mueller Industries, Inc.		3		178

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Terex Corp.		32		1,384
Wabash National Corp.		5		90
Watts Water Technologies, Inc., Class A		10		1,903
				4,415
Marine — 0.1%
Costamare, Inc. (Monaco)		23		295
Media — 0.8%
Fluent, Inc. *		27		55
Gray Television, Inc.		15		300
National CineMedia, Inc.		60		168
Sinclair Broadcast Group, Inc., Class A		11		301
TEGNA, Inc.		49		908
				1,732
Metals & Mining — 1.0%
Alcoa Corp.		8		495
Arconic Corp. *		7		244
Cleveland-Cliffs, Inc. * (a)		17		366
Commercial Metals Co.		14		522
Schnitzer Steel Industries, Inc., Class A		2		88
SunCoke Energy, Inc.		35		233
United States Steel Corp.		3		76
Warrior Met Coal, Inc.		6		144
Worthington Industries, Inc.		1		77
				2,245
Mortgage Real Estate Investment Trusts (REITs) — 1.5%
Ares Commercial Real Estate Corp.		15		220
Blackstone Mortgage Trust, Inc., Class A		15		453
Brightspire Capital, Inc.		4		45
Ellington Financial, Inc. (a)		22		369
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		7		393
KKR Real Estate Finance Trust, Inc.		17		344
Ladder Capital Corp.		25		301
MFA Financial, Inc.		53		241
Ready Capital Corp.		11		170
Redwood Trust, Inc.		38		499
TPG RE Finance Trust, Inc.		21		257
				3,292
Multiline Retail — 0.9%
Big Lots, Inc.		19		852
Dillard’s, Inc., Class A (a)		2		392
Macy’s, Inc.		25		641
				1,885

INVESTMENTS	SHARES (000)			VALUE ($000)
Oil, Gas & Consumable Fuels — 3.1%
Antero Resources Corp. *		45			791
Arch Resources, Inc.		5			429
Berry Corp.		31			258
CNX Resources Corp. *		9			124
CVR Energy, Inc.		8			134
Delek US Holdings, Inc. *		1			13
Green Plains, Inc. * (a)		12			410
Magnolia Oil & Gas Corp., Class A (a)		31			593
Matador Resources Co.		9			325
Oasis Petroleum, Inc.		2			290
Ovintiv, Inc.		65			2,173
PDC Energy, Inc.		15			712
Renewable Energy Group, Inc. *		2			89
REX American Resources Corp. *		1			67
SFL Corp. Ltd. (Norway)		12			100
Southwestern Energy Co. * (a)		88			410
					6,918
Paper & Forest Products — 0.8%
Clearwater Paper Corp. *		1			40
Glatfelter Corp.		16			270
Louisiana-Pacific Corp.		6			486
Neenah, Inc.		1			51
Schweitzer-Mauduit International, Inc.		20			607
Verso Corp., Class A		9			230
					1,684
Personal Products — 0.6%
Edgewell Personal Care Co.		13			585
elf Beauty, Inc. *		16			535
Medifast, Inc.		2			314
					1,434
Pharmaceuticals — 1.3%
Angion Biomedica Corp. * (a)		17			49
Arvinas, Inc. *		—	(b)		33
Axsome Therapeutics, Inc. * (a)		19			729
Cara Therapeutics, Inc. *		6			74
Durect Corp. *		339			334
Landos Biopharma, Inc. *		23			109
Lannett Co., Inc. * (a)		104			169
NGM Biopharmaceuticals, Inc. *		14			253
Phibro Animal Health Corp., Class A		4			78
Revance Therapeutics, Inc. *		49			801
Zogenix, Inc. * (a)		9			143
					2,772

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Professional Services — 2.6%
Barrett Business Services, Inc.		10		704
Heidrick & Struggles International, Inc.		9		394
HireRight Holdings Corp. *		29		470
KBR, Inc.		26		1,229
Kelly Services, Inc., Class A		4		74
Kforce, Inc.		6		481
Korn Ferry		18		1,371
TriNet Group, Inc. *		6		524
TrueBlue, Inc. *		14		398
				5,645
Real Estate Management & Development — 0.7%
Cushman & Wakefield plc *		16		358
Jones Lang LaSalle, Inc. *		1		194
Kennedy-Wilson Holdings, Inc.		8		198
Realogy Holdings Corp. *		39		658
RMR Group, Inc. (The), Class A		1		49
				1,457
Road & Rail — 0.8%
ArcBest Corp.		14		1,720
Semiconductors & Semiconductor Equipment — 2.5%
Alpha & Omega Semiconductor Ltd. *		15		907
Ambarella, Inc. *		2		426
Amkor Technology, Inc.		25		627
Diodes, Inc. *		3		351
Ichor Holdings Ltd. * (a)		8		345
PDF Solutions, Inc. * (a)		6		181
Power Integrations, Inc.		6		511
Rambus, Inc. *		5		132
Semtech Corp. *		6		534
SMART Global Holdings, Inc. *		12		859
Synaptics, Inc. *		1		145
Ultra Clean Holdings, Inc. *		9		505
				5,523
Software — 4.0%
8x8, Inc. *		2		32
ACI Worldwide, Inc. *		2		73
Asana, Inc., Class A *		13		984
Avaya Holdings Corp. *		27		539
Blackbaud, Inc. *		4		324
Blackline, Inc. *		3		259
Cerence, Inc. * (a)		7		536
Consensus Cloud Solutions, Inc. *		2		143
Digital Turbine, Inc. *		7		439

INVESTMENTS	SHARES (000)			VALUE ($000)
Software — continued
eGain Corp. *		56			558
JFrog Ltd. (Israel) *		2			62
Marathon Digital Holdings, Inc. * (a)		11			358
MicroStrategy, Inc., Class A * (a)		—	(b)		136
Mimecast Ltd. *		18			1,432
Model N, Inc. *		2			63
PagerDuty, Inc. *		10			344
Paycor HCM, Inc. * (a)		11			303
SailPoint Technologies Holding, Inc. *		6			276
SPS Commerce, Inc. *		1			71
Viant Technology, Inc., Class A *		6			55
Workiva, Inc. *		1			65
Xperi Holding Corp.		52			974
Zuora, Inc., Class A *		45			839
					8,865
Specialty Retail — 2.2%
Aaron’s Co., Inc. (The)		3			80
American Eagle Outfitters, Inc. (a)		12			314
Genesco, Inc. *		7			443
Guess?, Inc.		11			265
Hibbett, Inc.		8			539
ODP Corp. (The) *		3			120
Rent-A-Center, Inc.		25			1,202
RH *		1			442
Signet Jewelers Ltd.		12			1,044
Zumiez, Inc. *		9			413
					4,862
Technology Hardware, Storage & Peripherals — 1.0%
3D Systems Corp. * (a)		4			78
Avid Technology, Inc. *		11			368
Super Micro Computer, Inc. *		43			1,867
					2,313
Textiles, Apparel & Luxury Goods — 1.4%
Crocs, Inc. *		2			269
Deckers Outdoor Corp. *		5			1,749
G-III Apparel Group Ltd. *		3			77
Kontoor Brands, Inc.		7			364
Movado Group, Inc.		9			360
PLBY Group, Inc. *		8			216
					3,035
Thrifts & Mortgage Finance — 2.8%
Axos Financial, Inc. *		6			330
Essent Group Ltd.		17			779

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Thrifts & Mortgage Finance — continued
Flagstar Bancorp, Inc.		18		857
FS Bancorp, Inc.		1		47
Kearny Financial Corp.		13		170
Luther Burbank Corp.		5		67
Merchants Bancorp		1		24
MGIC Investment Corp.		21		309
Mr. Cooper Group, Inc. *		14		599
NMI Holdings, Inc., Class A *		14		315
Provident Bancorp, Inc.		10		188
Provident Financial Services, Inc.		31		756
Radian Group, Inc.		28		583
Walker & Dunlop, Inc.		8		1,176
				6,200
Trading Companies & Distributors — 4.3%
Applied Industrial Technologies, Inc.		3		257
Beacon Roofing Supply, Inc. * (a)		12		705
Boise Cascade Co.		4		263
GMS, Inc. *		16		980
Herc Holdings, Inc.		13		2,035
MRC Global, Inc. * (a)		7		46
NOW, Inc. *		50		429
Rush Enterprises, Inc., Class A		30		1,686
Veritiv Corp. *		6		784
WESCO International, Inc. *		17		2,251
				9,436
TOTAL COMMON STOCKS (Cost $157,623)				213,412
INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (c)
Biotechnology — 0.0% (c)
Contra Aduro Biotech I * ‡ (Cost $63)		21		—	(b)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 8.4%
Investment Companies — 3.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (d) (e) (Cost $6,890)		6,890		6,890
Investment of Cash Collateral From Securities Loaned — 5.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		9,195		9,193
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		2,374		2,374
Total Investment of Cash Collateral from Securities Loaned (Cost $11,568)				11,567
Total Short-Term Investments (Cost $18,458)				18,457
Total Investments — 105.1% (Cost $176,144)				231,869
Liabilities in Excess of Other Assets — (5.1)%				(11,199	)
NET ASSETS — 100.0%				220,670

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $11,085.
(b)	Amount rounds to less than one thousand.
(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, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		59		03/2022		USD		6,616		111

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	213,412
Investments in affiliates, at value		6,890
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		11,567
Cash		—	(a)
Deposits at broker for futures contracts		361
Receivables:
Investment securities sold		147
Portfolio shares sold		76
Dividends from non-affiliates		176
Dividends from affiliates		—	(a)
Securities lending income (See Note 2.B.)		2
Total Assets		232,631
LIABILITIES:
Payables:
Investment securities purchased		163
Collateral received on securities loaned (See Note 2.B.)		11,567
Portfolio shares redeemed		18
Variation margin on futures contracts		13
Accrued liabilities:
Investment advisory fees		118
Administration fees		14
Distribution fees		1
Custodian and accounting fees		21
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		46
Total Liabilities		11,961
Net Assets	$	220,670
NET ASSETS:
Paid-in-Capital	$	128,885
Total distributable earnings (loss)		91,785
Total Net Assets	$	220,670
Net Assets:
Class 1	$	218,952
Class 2		1,718
Total	$	220,670
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		7,710
Class 2		61
Net Asset Value (b):
Class 1 — Offering and redemption price per share	$	28.40
Class 2 — Offering and redemption price per share		28.06
Cost of investments in non-affiliates	$	157,686
Cost of investments in affiliates		6,890
Investment securities on loan, at value (See Note 2.B.)		11,085
Cost of investment of cash collateral (See Note 2.B.)		11,568

(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, 2021 JPMORGAN INSURANCE TRUST 13

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Amounts in thousands)

	JPMorgan Insurance Trust Small Cap Core Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,996
Dividend income from affiliates		—	(a)
Non-cash dividend income from non-affiliates		485
Income from securities lending (net) (See Note 2.B.)		57
Total investment income		2,538
EXPENSES:
Investment advisory fees		1,455
Administration fees		168
Distribution fees:
Class 2		4
Custodian and accounting fees		54
Interest expense to affiliates		—	(a)
Professional fees		51
Trustees’ and Chief Compliance Officer’s fees		25
Printing and mailing costs		23
Transfer agency fees (See Note 2.F.)		6
Other		18
Total expenses		1,804
Less fees waived		(3	)
Net expenses		1,801
Net investment income (loss)		737
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		38,508
Futures contracts		420
Net realized gain (loss)		38,928
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,576
Investments in affiliates		—	(a)
Futures contracts		111
Change in net unrealized appreciation/depreciation		2,687
Net realized/unrealized gains (losses)		41,615
Change in net assets resulting from operations	$	42,352

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust Small Cap Core Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	737		$	1,277
Net realized gain (loss)		38,928			3,058
Change in net unrealized appreciation/depreciation		2,687			19,652
Change in net assets resulting from operations		42,352			23,987
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(6,622	)		(12,432	)
Class 2		(45	)		(89	)
Total distributions to shareholders		(6,667	)		(12,521	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(17,954	)		(8,855	)
NET ASSETS:
Change in net assets		17,731			2,611
Beginning of period		202,939			200,328
End of period	$	220,670		$	202,939
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	32,845		$	20,155
Distributions reinvested		6,622			12,432
Cost of shares redeemed		(57,425	)		(41,101	)
Change in net assets resulting from Class 1 capital transactions		(17,958	)		(8,514	)
Class 2
Proceeds from shares issued		471			409
Distributions reinvested		45			89
Cost of shares redeemed		(512	)		(839	)
Change in net assets resulting from Class 2 capital transactions		4			(341	)
Total change in net assets resulting from capital transactions	$	(17,954	)	$	(8,855	)
SHARE TRANSACTIONS:
Class 1
Issued		1,186			1,135
Reinvested		240			735
Redeemed		(2,073	)		(2,131	)
Change in Class 1 Shares		(647	)		(261	)
Class 2
Issued		16			25
Reinvested		2			5
Redeemed		(18	)		(47	)
Change in Class 2 Shares		—	(a)		(17	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021	$	24.11	$	0.09	$	5.04		$	5.13		$	(0.14	)	$	(0.70	)	$	(0.84	)
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	)
Class 2
Year Ended December 31, 2021		23.85		0.01		4.98			4.99			(0.08	)		(0.70	)		(0.78	)
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	)

(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, 2021

	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
$28.40		21.38	%	$	218,952		0.80	%		0.33	%		0.80	%		67	%
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
28.06		21.01			1,718		1.09			0.05			1.09			67
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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

(Dollar values in thousands)

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.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	213,412	$	—	$	—		$	213,412
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		6,890		—		—			6,890
Investment of Cash Collateral from Securities Loaned		11,567		—		—			11,567
Total Short-Term Investments		18,457		—		—			18,457
Total Investments in Securities	$	231,869	$	—		$—(a)		$	231,869
Appreciation in Other Financial Instruments
Futures Contracts	$	111	$	—	$	—		$	111

(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 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 the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the 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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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, 2021.

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)
$	11,085	$	(11,085	)	$	—

* 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 0.12% to 0.06%. For the year ended December 31, 2021, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 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).

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 such Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

For the year ended December 31, 2021
Security Description	Value at December 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08%, 0.08% (a) (b)	$	8,498	$	72,000	$	71,300	$	(5	)*	$	—	(c)	$	9,193		9,195	$	16	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		6,291		76,566		80,483		—			—			2,374		2,374		1	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		3,240		77,859		74,209		—			—			6,890		6,890		—	(c)		—
Total	$	18,029	$	226,425	$	225,992	$	(5	)	$	—	(c)	$	18,457			$	17		$	—

(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, 2021.

(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. Futures Contracts — The Portfolio used currency, index, interest rate, treasury or other financial 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.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021:

Futures Contracts
Average Notional Balance Long	$	4,354
Ending Notional Balance Long		6,616

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, 2021 are as follows:

	Class 1	Class 2			Total
Transfer agency fees	$6	$	—	(a)	$	6

(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, 2021, 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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	—	$	(314	)	$	314

The reclassifications for the Portfolio relate primarily to investments in investments in Real Estate Investment Trusts (“REITs”).

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, 2021, 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, 2021 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2022.

For the year ended December 31, 2021, the Portfolio’s service providers did not waive fees and/or reimburse expenses for the Portfolio.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021 was $3.

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, 2021, 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, 2021, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	143,428	$	171,045

During the year ended December 31, 2021, 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, 2021 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	178,874	$	67,448	$	14,342	$	53,106

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

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,154	$	4,513	$	6,667

* 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, 2020 was as follows:

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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 23

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

As of December 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	13,113	$	25,600	$	53,106

The cumulative timing differences primarily consist of investments in futures contracts and wash sale loss deferrals.

At December 31, 2021, 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, 2021.

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 October 31, 2022.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2021.

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, 2021, the Portfolio had 3 individual shareholder and/or non-affiliated omnibus accounts, which owned 68.6% of the Portfolio’s outstanding shares.

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

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.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 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.

DECEMBER 31, 2021 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, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 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, 2021 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 14, 2022

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, 2021

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 the 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).	169	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the 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).	169	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Gary L. French (1951); Trustee of the Trust since 2022. †	Real Estate Investor (2011-present); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017).	169	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	169	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Porfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Robert J. Grassi (1957); Trustee of the Trust since 2022. †	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).	169	None
Frankie D. Hughes (1952); Trustee of the 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).	169	None

DECEMBER 31, 2021 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 the Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	169	Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (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).
Thomas P. Lemke (1954); Trustee of the Trust since 2022. †	Retired; since 2013.	169	(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018).
Lawrence R. Maffia (1950); Trustee of the Trust since 2022. †	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).	169	Director, ICI Mutual Insurance Company (1999-2013).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the 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).	169	None
Marilyn McCoy (1948); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	169	None
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	169	Trustee, The Coldwater Conservation Fund; Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020).

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 the 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).	169	Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Emily A. Youssouf (1951); Trustee of the Trust since 2022. †	Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013-present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation.	169	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustees
Robert E. Deutsch** (1957); Trustee of the Trust since 2022. †	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).	169	Treasurer and Director of the JUST Capital Foundation (2017-present).
Nina O. Shenker** (1957) Trustee of the Trust since 2022. †	Vice Chair (2017-Present), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management.	169	Director and Member of Executive Committee and Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-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 nine registered investment companies (169 J.P. Morgan Funds).

  * 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.

** Considered an interested trustee based on prior employment by JPM Asset Management or an affiliate of JPMorgan Asset Management.

† Trustee of the Trust effective January 1, 2022.

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

DECEMBER 31, 2021 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. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing 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.
Kiesha Astwood-Smith, (1973) Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to 2021.
Matthew Beck (1988), Assistant Secretary (2021)***	Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from 2018 to 2021; General Counsel, Nottingham Company from 2014 to 2018.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
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.
Max Vogel (1990), Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP from 2017 to 2021; Associate, Stroock & Stroock & Lavan LLP from 2015 to 2017.
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. 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. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment 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. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment 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, 2021

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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	1,013.90	$	4.01		0.79	%
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class 2
Actual		1,000.00		1,012.60		5.48		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 31

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

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 2021, 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, 2021.

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 investment 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 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.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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, 2021 JPMORGAN INSURANCE TRUST 33

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(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 fee structure and 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, and in the third quintile based upon the Universe, for each of the one-, three and five-year periods ended December 2020. The Trustees noted that the Portfolio’s performance for Class 2 shares was in the third, second and third quintiles based upon the Peer Group, and in the third, third and fourth quintiles based upon the Universe, for the one-, three and five-year periods ended December 2020, 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. 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 third 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.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Dividends Received Deduction (DRD)

The Portfolio had 90.12%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2021.

Long Term Capital Gain

The Portfolio distributed approximately $4,513, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2021.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 35

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Insurance Trust (the “Trust)” held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of the Trust, including the Portfolio. The results of the voting were as follows:

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		102,380
Withheld		2,850
Steven P. Fisher
In Favor		102,570
Withheld		2,660
Gary L. French
In Favor		102,531
Withheld		2,699
Kathleen M. Gallagher
In Favor		102,646
Withheld		2,584
Robert J. Grassi
In Favor		102,662
Withheld		2,568
Frankie D. Hughes
In Favor		102,570
Withheld		2,660
Raymond Kanner
In Favor		102,705
Withheld		2,525

	Votes Received (Amounts in thousands)
Thomas P. Lemke
In Favor		102,473
Withheld		2,757
Lawrence R. Maffia
In Favor		102,473
Withheld		2,757
Mary E. Martinez
In Favor		102,559
Withheld		2,671
Marilyn McCoy
In Favor		102,367
Withheld		2,863
Dr. Robert A. Oden, Jr.
In Favor		102,270
Withheld		2,960
Marian U. Pardo
In Favor		102,755
Withheld		2,475
Emily A. Youssouf
In Favor		102,573
Withheld		2,657
Interested Nominee
Robert F. Deutsch
In Favor		102,568
Withheld		2,662
Nina O. Shenker
In Favor		102,505
Withheld		2,725

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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., 2021. All rights reserved. December 2021. AN-JPMITSCCP-1221

Annual Report

JPMorgan Insurance Trust

December 31, 2021

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
Special Shareholder Meeting results	31

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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation has carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		29.34%
S&P 500 Index**. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		28.71%
Net Assets as of 12/31/2021 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	160,274

INVESTMENT OBJECTIVE***

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

HOW DID THE MARKET PERFORM?

Equity markets outperformed fixed income markets throughout 2021, driven by the global economic rebound that followed the development of vaccines and unprecedented monetary and fiscal support. U.S. equity markets largely led global equity markets throughout the year despite historically high valuations for U.S. equity. Emerging markets equity generally slumped in the second half of the year as inflationary pressures accelerated and investor demand for Chinese equity receded.

The global equity rally appeared to pause in January 2021 and then equity prices surged higher from February through June. In the U.S., the distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package, and the prospect of additional federal government spending, helped push leading equity indexes higher. U.S. corporate earnings and cash flows reached record highs in the first and second quarters of 2021. Job growth, rising consumer spending, business investment and manufacturing data added further fuel to the rally in U.S. equity markets.

Historically high valuations for U.S. equity fueled increased investor demand for international developed and emerging markets equity midway through the year. However, mixed success against the pandemic in the developed markets and political developments — including unresolved disputes over Brexit — weighed on equity prices in the European Union and the U.K. Increased regulatory scrutiny of large technology companies in China and investor concerns about debt levels in the country’s real estate sector generally pulled emerging markets lower through the second half of the year.

The final months of 2021 were marked by the emergence of the omicron variant of the coronavirus and the reimposition of some pandemic restrictions at the regional, national and local levels. While investor uncertainty led to a global increase in financial market volatility, U.S. equity prices remained buoyed by record high corporate earnings and a general boom in U.S. household wealth.

While neither the U.S. Federal Reserve (the “Fed”) nor the European Central Bank raised policy interest rates during the period, the Fed accelerated the reduction in its monthly asset

purchases under its quantitative easing program and indicated it would raise rates in 2022 and 2023 as economic conditions warranted. By the end of the year, the European Central Bank said it was unlikely to raise interest rates in 2022, and other leading central banks appeared to take a similar position.

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, 2021.

The Portfolio’s security selection in the media and big banks & brokers sector was a leading contributor to performance relative to the Benchmark, while the Portfolio’s security selection in the health services & systems sector and its overweight position in the utilities sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Alphabet Inc., Eaton Corp. and Prologis Inc. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in quarterly earnings and investor demand for large technology companies during the period. Shares of Eaton, a provider of industrial power systems, fell after the company reported lower-than-expected revenue for the third quarter of 2021. Shares of Prologis, a real estate investment trust, rose after the company reported better-than-expected cash flow and revenue for the third quarter of 2021 and raised its forecast for the full year 2021.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Leidos Holdings Inc. and Norfolk Southern Corp. and its underweight position in Nvidia Inc. Shares of Leidos Holdings, a provider of engineering and technology to the aerospace and defense sectors, fell after the company reported lower-than-expected earning for the second quarter of 2021 and reported lower-than-expected revenue for the third quarter of 2021. Shares of Norfolk Southern, a freight railroad operator, fell as floods in British Columbia, Canada, reduced North American rail traffic and amid investor concerns that a resurgence in the pandemic late in the period may decrease demand. Shares of Nvidia, a semiconductor maker not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 amid growth in sales to the data center and gaming industries.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 be each company’s underlying value and potential for future earnings growth. As a result of the portfolio managers’ bottom-up fundamental approach to stock selection, the Portfolio’s largest overweight positions relative to the Benchmark were in the big banks & brokers and utilities sectors and its largest underweight positions were in the software & services and telecommunications sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		8.1	%
	2.	Amazon.com, Inc.		5.5
	3.	Apple, Inc.		5.4
	4.	Alphabet, Inc., Class A		4.2
	5.	Mastercard, Inc., Class A		3.1
	6.	NXP Semiconductors NV (China)		3.0
	7.	Prologis, Inc.		2.5
	8.	Eaton Corp. plc		2.3
	9.	NextEra Energy, Inc.		2.2
	10.	AbbVie, Inc.		2.2

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		27.2	%
Consumer Discretionary		16.6
Health Care		12.8
Industrials		11.1
Financials		10.3
Communication Services		8.1
Utilities		3.4
Materials		3.0
Real Estate		3.0
Consumer Staples		2.4
Energy		1.0
Short-Term Investments		1.1

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

** “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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		March 30, 1995		29.34	%		19.63	%		17.47	%
CLASS 2 SHARES		August 16, 2006		29.01			19.33			17.17

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.3%
Aerospace & Defense — 1.4%
Northrop Grumman Corp.		5		1,796
Raytheon Technologies Corp.		5		404
				2,200
Air Freight & Logistics — 0.4%
FedEx Corp.		1		307
United Parcel Service, Inc., Class B		1		275
				582
Automobiles — 2.2%
General Motors Co. *		3		184
Rivian Automotive, Inc., Class A * (a)		5		527
Tesla, Inc. *		3		2,766
				3,477
Banks — 5.8%
Bank of America Corp.		12		544
Fifth Third Bancorp		10		423
SVB Financial Group *		1		368
Truist Financial Corp.		47		2,741
US Bancorp		35		1,984
Wells Fargo & Co.		66		3,168
				9,228
Beverages — 1.4%
Coca-Cola Co. (The)		32		1,914
Constellation Brands, Inc., Class A		1		317
				2,231
Biotechnology — 4.4%
AbbVie, Inc.		27		3,596
Biogen, Inc. *		4		971
BioMarin Pharmaceutical, Inc. *		1		118
Neurocrine Biosciences, Inc. *		2		153
Regeneron Pharmaceuticals, Inc. *		3		1,928
Vertex Pharmaceuticals, Inc. *		1		220
				6,986
Building Products — 0.8%
Trane Technologies plc		6		1,251
Capital Markets — 3.5%
Ameriprise Financial, Inc.		5		1,383
Charles Schwab Corp. (The)		5		380
Intercontinental Exchange, Inc.		2		335
Morgan Stanley		11		1,127
S&P Global, Inc.		4		1,906
State Street Corp.		6		541
				5,672

INVESTMENTS	SHARES (000)			VALUE ($000)
Chemicals — 2.8%
DuPont de Nemours, Inc.		3			225
Eastman Chemical Co.		10			1,169
Linde plc (United Kingdom)		2			595
PPG Industries, Inc.		14			2,452
					4,441
					��
Construction Materials — 0.3%
Vulcan Materials Co.		2			450
Diversified Financial Services — 0.1%
Voya Financial, Inc.		2			124
Electric Utilities — 3.2%
Edison International		4			265
FirstEnergy Corp.		3			137
NextEra Energy, Inc.		39			3,621
Xcel Energy, Inc.		17			1,170
					5,193
Electrical Equipment — 2.4%
AMETEK, Inc.		1			145
Eaton Corp. plc		22			3,750
					3,895
Entertainment — 0.1%
Endeavor Group Holdings, Inc., Class A *		5			168
Equity Real Estate Investment Trusts (REITs)—3.0%
Host Hotels & Resorts, Inc. *		15			260
Prologis, Inc.		24			4,050
Sun Communities, Inc.		2			443
Ventas, Inc.		2			91
					4,844
Food Products — 0.2%
Mondelez International, Inc., Class A		4			277
Health Care Equipment & Supplies — 2.5%
Becton Dickinson and Co.		2			378
Boston Scientific Corp. *		51			2,174
Intuitive Surgical, Inc. *		3			1,156
Zimmer Biomet Holdings, Inc.		3			323
					4,031
Health Care Providers & Services — 2.0%
Centene Corp. *		25			2,046
UnitedHealth Group, Inc.		2			1,219
					3,265
Hotels, Restaurants & Leisure — 3.8%
Booking Holdings, Inc. *		—	(b)		276

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Expedia Group, Inc. *		1			126
Hilton Worldwide Holdings, Inc. *		1			117
Marriott International, Inc., Class A *		12			2,049
McDonald’s Corp.		9			2,540
Yum! Brands, Inc.		7			960
					6,068
Household Durables — 0.2%
KB Home		3			127
Toll Brothers, Inc.		2			176
					303
Household Products — 0.5%
Procter & Gamble Co. (The)		5			874
Insurance — 0.9%
Arthur J Gallagher & Co.		1			128
Chubb Ltd.		—	(b)		75
Hartford Financial Services Group, Inc. (The)		2			133
Progressive Corp. (The)		12			1,185
					1,521
Interactive Media & Services — 7.3%
Alphabet, Inc., Class A *		2			6,776
Alphabet, Inc., Class C *		1			2,677
Meta Platforms, Inc., Class A *		4			1,295
Snap, Inc., Class A *		18			828
ZoomInfo Technologies, Inc., Class A *		3			173
					11,749
Internet & Direct Marketing Retail — 5.6%
Amazon.com, Inc. *		3			8,916
IT Services — 4.8%
Affirm Holdings, Inc. *		3			348
FleetCor Technologies, Inc. *		4			827
International Business Machines Corp.		3			404
Mastercard, Inc., Class A		14			5,042
Shopify, Inc., Class A (Canada) *		1			1,142
					7,763
Life Sciences Tools & Services — 0.6%
Thermo Fisher Scientific, Inc.		1			934
Machinery — 3.2%
Deere & Co.		8			2,677
Dover Corp.		2			368
Ingersoll Rand, Inc.		9			582
Stanley Black & Decker, Inc.		8			1,488
					5,115

INVESTMENTS	SHARES (000)			VALUE ($000)
Media — 0.5%
Charter Communications, Inc., Class A *		1			604
Comcast Corp., Class A		4			208
					812
Multiline Retail — 0.2%
Dollar General Corp.		1			266
Multi-Utilities — 0.2%
CenterPoint Energy, Inc.		9			244
Oil, Gas & Consumable Fuels — 1.0%
Chevron Corp.		4			515
ConocoPhillips		7			498
Diamondback Energy, Inc.		2			197
Pioneer Natural Resources Co.		2			412
					1,622
Personal Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		1			309
Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.		39			2,428
Eli Lilly & Co.		9			2,422
Johnson & Johnson		2			353
Merck & Co., Inc.		1			95
Organon & Co.		3			90
					5,388
Professional Services — 0.7%
Booz Allen Hamilton Holding Corp.		1			86
Leidos Holdings, Inc.		13			1,113
					1,199
Road & Rail — 2.3%
Lyft, Inc., Class A *		10			409
Norfolk Southern Corp.		10			3,094
Union Pacific Corp.		—	(b)		117
					3,620
Semiconductors & Semiconductor Equipment — 7.6%
Advanced Micro Devices, Inc. *		19			2,766
Analog Devices, Inc.		17			2,919
Lam Research Corp.		1			427
NVIDIA Corp.		3			905
NXP Semiconductors NV (China)		21			4,785
Texas Instruments, Inc.		2			451
					12,253
Software — 9.3%
Ceridian HCM Holding, Inc. *		9			895

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
Intuit, Inc.		1		444
Microsoft Corp.		39		12,965
Workday, Inc., Class A *		2		472
				14,776
Specialty Retail — 3.5%
Best Buy Co., Inc.		1		54
Burlington Stores, Inc. *		1		318
Lowe’s Cos., Inc.		10		2,488
O’Reilly Automotive, Inc. *		2		1,672
Ross Stores, Inc.		10		1,120
				5,652
Technology Hardware, Storage & Peripherals — 5.5%
Apple, Inc.		49		8,622
Seagate Technology Holdings plc		2		260
				8,882
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		12		1,968
Tobacco — 0.1%
Philip Morris International, Inc.		2		224
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc. *		3		337
Total Common Stocks (Cost $85,491)				159,110

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.1%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $1,333)		1,333		1,333
Investment of Cash Collateral From Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $409)		409		409
Total Short-Term Investments (Cost $1,742)				1,742
Total Investments — 100.4% (Cost $87,233)				160,852
Liabilities in Excess of Other Assets — (0.4)%				(578	)
NET ASSETS — 100.0%				160,274

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $400.
(b)	Amount rounds to less than one thousand.
(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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		3		03/2022		USD		714		17

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	159,110
Investments in affiliates, at value		1,333
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		409
Deposits at broker for futures contracts		44
Receivables:
Investment securities sold		110
Portfolio shares sold		35
Dividends from non-affiliates		73
Dividends from affiliates		—	(a)
Securities lending income (See Note 2.B.)		—	(a)
Total Assets		161,114
LIABILITIES:
Payables:
Investment securities purchased		163
Collateral received on securities loaned (See Note 2.B.)		409
Portfolio shares redeemed		117
Variation margin on futures contracts		2
Accrued liabilities:
Investment advisory fees		74
Administration fees		10
Distribution fees		4
Custodian and accounting fees		17
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		44
Total Liabilities		840
Net Assets	$	160,274
NET ASSETS:
Paid-in-Capital	$	67,918
Total distributable earnings (loss)		92,356
Total Net Assets	$	160,274
Net Assets:
Class 1	$	143,135
Class 2		17,139
Total	$	160,274
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,121
Class 2		380
Net Asset Value (b):
Class 1 — Offering and redemption price per share	$	45.86
Class 2 — Offering and redemption price per share		45.14
Cost of investments in non-affiliates	$	85,491
Cost of investments in affiliates		1,333
Investment securities on loan, at value (See Note 2.B.)		400
Cost of investment of cash collateral (See Note 2.B.)		409

(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, 2021

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Amounts in thousands)

	JPMorgan Insurance Trust U.S. Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,822
Dividend income from affiliates		—	(a)
Income from securities lending (net) (See Note 2.B.)		1
Total investment income		1,823
EXPENSES:
Investment advisory fees		822
Administration fees		112
Distribution fees:
Class 2		45
Custodian and accounting fees		41
Professional fees		51
Trustees’ and Chief Compliance Officer’s fees		25
Printing and mailing costs		37
Transfer agency fees (See Note 2.F.)		2
Other		14
Total expenses		1,149
Less fees waived		(1	)
Net expenses		1,148
Net investment income (loss)		675
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		19,914
Futures contracts		122
Net realized gain (loss)		20,036
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		17,494
Futures contracts		15
Change in net unrealized appreciation/depreciation		17,509
Net realized/unrealized gains (losses)		37,545
Change in net assets resulting from operations	$	38,220

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021			Year Ended December 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	675		$	1,069
Net realized gain (loss)		20,036			6,285
Change in net unrealized appreciation/depreciation		17,509			20,504
Change in net assets resulting from operations		38,220			27,858
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(6,770	)		(7,167	)
Class 2		(914	)		(1,169	)
Total distributions to shareholders		(7,684	)		(8,336	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(10,429	)		2,464
NET ASSETS:
Change in net assets		20,107			21,986
Beginning of period		140,167			118,181
End of period	$	160,274		$	140,167
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	7,930		$	11,890
Distributions reinvested		6,769			7,167
Cost of shares redeemed		(20,119	)		(15,387	)
Change in net assets resulting from Class 1 capital transactions		(5,420	)		3,670
Class 2
Proceeds from shares issued		809			2,911
Distributions reinvested		914			1,169
Cost of shares redeemed		(6,732	)		(5,286	)
Change in net assets resulting from Class 2 capital transactions		(5,009	)		(1,206	)
Total change in net assets resulting from capital transactions	$	(10,429	)	$	2,464
SHARE TRANSACTIONS:
Class 1
Issued		192			354
Reinvested		170			250
Redeemed		(493	)		(486	)
Change in Class 1 Shares		(131	)		118
Class 2
Issued		21			97
Reinvested		23			41
Redeemed		(167	)		(171	)
Change in Class 2 Shares		(123	)		(33	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 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, 2021	$	37.40	$	0.20	$	10.44		$	10.64		$	(0.31	)	$	(1.87	)	$	(2.18	)
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	)
Class 2
Year Ended December 31, 2021		36.85		0.10		10.28			10.38			(0.22	)		(1.87	)		(2.09	)
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	)

(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, 2021

		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
$	45.86		29.34	%	$	143,135		0.74	%		0.48	%		0.74	%		48	%
	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
	45.14		29.01			17,139		0.99			0.23			0.99			48
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

(Dollar values in thousands)

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, 2021

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	160,852	$	—	$	—	$	160,852
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	17	$	—	$	—	$	17

(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 the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the 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, 2021.

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)
$	400	$	(400	)	$	—

* 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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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 0.12% to 0.06%. For the year ended December 31, 2021, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$—(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).

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 such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

For the year ended December 31, 2021
Security Description	Value at December 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	—	$	4,580	$	4,171	$	—	$	—	$	409		409	$	—	*(c)	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		338		27,238		26,243		—		—		1,333		1,333		—	(c)		—
Total	$	338	$	31,818	$	30,414	$	—	$	—	$	1,742			$	—	(c)	$	—

(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, 2021.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statements 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).

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2021:

Futures Contracts — Equity:
Average Notional Balance Long	$	512
Ending Notional Balance Long		714

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, 2021 are as follows:

	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, 2021, 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:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	—	$	(17	)	$	17

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

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, 2021 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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, 2021, 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
0.80%	1.05%

The expense limitation agreement was in effect for the year ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2022.

For the year ended December 31, 2021, 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, 2021 was $1.

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, 2021, 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.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

4. Investment Transactions

During the year ended December 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	70,457	$	87,616

During the year ended December 31, 2021, 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, 2021 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	88,354	$	72,988	$	473	$	72,515

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, 2021 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	3,548	$	4,136	$	7,684

* 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, 2020 was as follows:

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.

As of December 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	7,518	$	12,355	$	72,515

The cumulative timing differences primarily consist of investments in futures contracts and wash sale loss deferrals.

As of December 31, 2021, 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, 2021.

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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 October 31, 2022.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“LIBOR”) . The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2021.

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, 2021, the Portfolio had three individual shareholder and/or non-affiliated omnibus accounts, which owned 64.5% of the Portfolio’s outstanding shares.

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of the Portfolio’s loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s investments 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.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 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, 2021 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 14, 2022

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

DECEMBER 31, 2021 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 the 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).	169	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the 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).	169	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Gary L. French (1951); Trustee of the Trust since 2022 †.	Real Estate Investor (2011-present); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017).	169	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	169	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Robert J. Grassi (1957); Trustee of the Trust since 2022 †.	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).	169	None
Frankie D. Hughes (1952); Trustee of the 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).	169	None

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 the Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	169	Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (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).
Thomas P. Lemke (1954); Trustee of the Trust since 2022 †.	Retired since 2013.	169	(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018).
Lawrence R. Maffia (1950); Trustee of the Trust since 2022 †.	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).	169	Director, ICI Mutual Insurance Company (1999-2013).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the 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).	169	None
Marilyn McCoy (1948); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of, Administration and Planning, Northwestern University (1985-present).	169	None

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 23

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)
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	169	Trustee, The Coldwater Conservation Fund; Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020).
Marian U. Pardo* (1946); Trustee of the 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).	169	Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Emily A. Youssouf (1951); Trustee of the Trust since 2022.†	Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013-present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation.	169	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustees
Robert E. Deutsch** (1957); Trustee of the Trust since 2022.†	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).	169	Treasurer and Director of the JUST Capital Foundation (2017-present).
Nina O. Shenker** (1957) Trustee of the Trust since 2022.†	Vice Chair (2017-Present), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management.	169	Director and Member of Executive Committee and Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-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 nine registered investment companies (169 J.P. Morgan Funds).

  * 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.

** Considered an interested trustee based on prior employment by JPM Asset Management or an affiliate of JPMorgan Asset Management.

^† Trustee of the Trust effective January 1, 2022.

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

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing 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.
Kiesha Astwood-Smith, (1973) Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to 2021.
Matthew Beck (1988), Assistant Secretary (2021)***	Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from 2018 to 2021; General Counsel, Nottingham Company from 2014 to 2018.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
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.
Max Vogel (1990), Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP from 2017 to 2021; Associate, Stroock & Stoock & Lavan LLP from 2015 to 2017.
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. 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. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment 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. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment 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, 2021 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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,127.30	$	3.91		0.73	%
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class 2
Actual		1,000.00		1,126.00		5.25		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

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 2021, 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, 2021.

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 investment 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 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, 2021 JPMORGAN INSURANCE TRUST 27

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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, 2021

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 fee structure and 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 first quintile based upon both the Peer Group

and the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the Portfolio’s performance for Class 2 shares was in the first, second and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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. The Trustees noted that the Portfolio’s net advisory fee for Class 2 shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class 2 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, 2021 JPMORGAN INSURANCE TRUST 29

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Dividends Received Deduction (DRD)

The Portfolio had 46.51%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate rate shareholders for the fiscal year ended December 31, 2021.

Long Term Capital Gain

The Portfolio distributed $4,136, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2021.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Insurance Trust (the “Trust)” held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of the Trust, including the Portfolio. The results of the voting were as follows:

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		102,380
Withheld		2,850
Steven P. Fisher
In Favor		102,570
Withheld		2,660
Gary L. French
In Favor		102,531
Withheld		2,699
Kathleen M. Gallagher
In Favor		102,646
Withheld		2,584
Robert J. Grassi
In Favor		102,662
Withheld		2,568
Frankie D. Hughes
In Favor		102,570
Withheld		2,660
Raymond Kanner
In Favor		102,705
Withheld		2,525
Thomas P. Lemke
In Favor		102,473
Withheld		2,757

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		102,473
Withheld		2,757
Mary E. Martinez
In Favor		102,559
Withheld		2,671
Marilyn McCoy
In Favor		102,367
Withheld		2,863
Dr. Robert A. Oden, Jr.
In Favor		102,270
Withheld		2,960
Marian U. Pardo
In Favor		102,755
Withheld		2,475
Emily A. Youssouf
In Favor		102,573
Withheld		2,657
Interested Nominee
Robert F. Deutsch
In Favor		102,568
Withheld		2,662
Nina O. Shenker
In Favor		102,505
Withheld		2,725

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 31

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., 2021.  All rights reserved. December 2021. AN-JPMITUSEP-1221

Annual Report

JPMorgan Insurance Trust

December 31, 2021

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	30
Financial Highlights	34
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	49
Trustees	50
Officers	53
Schedule of Shareholder Expenses	54
Board Approval of Investment Advisory Agreement	55
Tax Letter	58
Special Shareholder Meeting Results	59

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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation has carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		8.22%
MSCI World Index (net of foreign withholding taxes)		21.82%
Income Builder Composite Benchmark		12.04%
Net Assets as of 12/31/2021 (In Thousands)	$	110,674

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Equity markets outperformed fixed income markets throughout 2021, driven by the global economic rebound that followed the development of vaccines and unprecedented monetary and fiscal support. U.S. equity markets largely led global equity markets throughout the year despite historically high valuations for U.S. equity. Emerging markets equity generally slumped in the second half of the year as inflationary pressures accelerated and investor demand for Chinese equity receded.

Within fixed income markets, low interest rates on sovereign debt pushed investors to seek higher yielding debt securities. Emerging markets debt fell during the year as central banks in select emerging markets began to raise interest rates in the second half. U.S. high yield bonds (also known as “junk bonds”) provided positive but narrow returns for the year, while returns on investment grade corporate credit were mixed.

The global equity rally appeared to pause in January 2021 and then equity prices surged higher from February through June. In the U.S., the distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package, and the prospect of additional federal government spending, helped push leading equity indexes higher. U.S. corporate earnings and cash flows reached record highs in the first and second quarters of 2021. Job growth, rising consumer spending, business investment and manufacturing data added further fuel to the rally in U.S. equity markets.

Historically high valuations for U.S. equity fueled increased investor demand for international developed and emerging markets equity midway through the year. However, mixed success against the pandemic in the developed markets and political developments – including unresolved disputes over Brexit — weighed on equity prices in the European Union and the U.K. Increased regulatory scrutiny of large technology companies in China and investor concerns about debt levels in the country’s real estate sector generally pulled emerging markets lower through the second half of the year.

The final months of 2021 were marked by the emergence of the omicron variant of the coronavirus and the reimposition of some pandemic restrictions at the regional, national and local

levels. While investor uncertainty led to a global increase in financial market volatility, U.S. equity prices remained buoyed by record high corporate earnings and a general boom in U.S. household wealth.

While neither the U.S. Federal Reserve (the “Fed”) nor the European Central Bank raised policy interest rates during the period, the Fed accelerated the reduction in its monthly asset purchases under its quantitative easing program and indicated it would raise rates in 2022 and 2023 as economic conditions warranted. By the end of the year, the European Central Bank said it was unlikely to raise interest rates in 2022, and other leading central banks appeared to take a similar position.

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

The Portfolio’s Class 2 Shares underperformed both the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and the Income Builder Composite Benchmark (the “Composite”), which is made up of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Index, for the twelve months ended December 31, 2021.

The Portfolio’s allocation to government bonds detracted from performance relative to the Benchmark, which is an all-equity index.

Relative to the Composite, the Portfolio’s lower overall allocation to equity and its allocation to government bonds were leading detractors from performance. The Portfolio’s overweight allocations to value stocks in the U.S. and international developed markets equities were leading contributors to relative performance, as those asset classes outperformed emerging markets equity and fixed income assets, including government bonds.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to tactically pursue income. During the majority of the reporting period, the portfolio managers added to the Portfolio’s overall equity allocation, specifically adding to international developed market equity funded from cash positions and via exiting some positions within non-agency securitized credit, and maintained their corporate credit allocation. The portfolio managers also increased their allocation to equity-linked notes, focusing on notes linked to a U.S. small cap index, and increased their allocation to preferred stocks.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	JPMorgan High Yield Research Enhanced ETF		4.1	%
	2.	Credit Suisse AG, ELN, 7.00%, 1/26/2022, (linked to Russell 2000 Index) (Switzerland)		2.1
	3.	JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares		2.0
	4.	JPMorgan Equity Income Fund Class R6 Shares		1.5
	5.	JPMorgan Equity Premium Income ETF		1.5
	6.	UBS AG, ELN, 7.50%, 5/4/2022, (linked to Russell 2000 Index) (Switzerland)		1.0
	7.	National Bank of Canada, ELN, 7.50%, 3/30/2022, (linked to Russell 2000 Index) (Canada)		1.0
	8.	Royal Bank of Canada, ELN, 7.50%, 4/20/2022, (linked to Russell 2000 Index) (Canada)		1.0
	9.	BNP Paribas, ELN, 7.00%, 2/3/2022, (linked to Russell 2000 Index) (France)		1.0
	10.	BNP Paribas, ELN, 6.00%, 1/26/2022, (linked to Russell 2000 Index) (France)		1.0

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		37.5	%
Corporate Bonds		34.5
Equity-Linked Notes		10.0
Exchange-Traded Funds		5.6
Investment Companies		4.5
Commercial Mortgage-Backed Securities		2.1
Collateralized Mortgage Obligations		1.2
Others (each less than 1.0%)		2.1
Short-Term Investments		2.5

* 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.

ELN	Equity-Linked Note
ETF	Exchange-Traded Fund

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS 1 SHARES	December 9, 2014		8.51	%		6.94	%		5.74	%
CLASS 2 SHARES	December 9, 2014		8.22			6.68			5.48

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 12/31/21)

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 U.S. Aggregate Index and the Income Builder Composite Benchmark from December 9, 2014 to December 31, 2021. 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 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 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 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, 2021

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 37.6%
Australia — 1.1%
Adbri Ltd.		7			14
AGL Energy Ltd.		17			76
Alumina Ltd.		31			42
APA Group		3			23
AusNet Services Ltd.		7			13
Bendigo & Adelaide Bank Ltd.		4			29
BHP Group plc		10			284
Charter Hall Long Wale, REIT		11			41
CSR Ltd.		8			34
Dexus, REIT		6			47
Glencore plc *		10			51
Goodman Group, REIT		4			75
Insignia Financial Ltd.		15			41
Mirvac Group, REIT		25			54
Rio Tinto plc		4			269
Sonic Healthcare Ltd.		1			42
Telstra Corp. Ltd.		8			26
Woodside Petroleum Ltd.		3			42
					1,203
Austria — 0.1%
ANDRITZ AG		—	(a)		16
Erste Group Bank AG		1			27
Mondi plc		1			31
OMV AG		1			30
					104
Belgium — 0.3%
Ageas SA		1			34
Cofinimmo SA, REIT		—	(a)		39
Euronav NV		2			20
KBC Group NV		—	(a)		36
Proximus SADP		2			40
Shurgard Self Storage SA		1			38
Telenet Group Holding NV		—	(a)		16
Warehouses De Pauw CVA, REIT		1			59
					282
Brazil — 0.1%
B3 SA — Brasil Bolsa Balcao		34			67
BB Seguridade Participacoes SA		5			21
Itau Unibanco Holding SA (Preference)		8			29
Yara International ASA		1			31
					148

INVESTMENTS	SHARES (000)			VALUE ($000)
Canada — 2.1%
Algonquin Power & Utilities Corp.		2			27
Allied Properties, REIT		2			79
AltaGas Ltd.		1			29
Atco Ltd., Class I		1			20
Bank of Nova Scotia (The)		1			60
Barrick Gold Corp.		3			63
BCE, Inc. (b)		2			102
Canadian Imperial Bank of Commerce		1			83
Canadian National Railway Co.		1			75
Canadian Tire Corp. Ltd., Class A		—	(a)		35
Canadian Utilities Ltd., Class A		3			96
Capital Power Corp.		1			22
Chartwell Retirement Residences		1			7
Emera, Inc.		1			29
Enbridge, Inc.		2			96
Fortis, Inc.		2			106
Gibson Energy, Inc.		1			22
Great-West Lifeco, Inc.		2			72
Hydro One Ltd. (c)		4			100
IGM Financial, Inc.		2			64
Keyera Corp.		1			27
Manulife Financial Corp.		4			71
Northland Power, Inc.		1			21
Nutrien Ltd.		1			88
Pembina Pipeline Corp.		3			94
Power Corp. of Canada		2			79
Restaurant Brands International, Inc.		1			73
Rogers Communications, Inc., Class B		1			71
Shaw Communications, Inc., Class B		3			82
Sienna Senior Living, Inc.		2			22
Superior Plus Corp.		2			21
TC Energy Corp.		5			237
TELUS Corp.		4			103
Thomson Reuters Corp.		—	(a)		21
Toronto-Dominion Bank (The)		2			120
TransAlta Renewables, Inc.		1			22
					2,339
Chile — 0.0% (d)
Banco Santander Chile, ADR		1			18
China — 1.6%
China Construction Bank Corp., Class H		160			110
China Construction Bank Corp., Class H		57			40
China Merchants Bank Co. Ltd., Class H		23			175

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — ontinued
China — continued
China Pacific Insurance Group Co. Ltd., Class H		34			93
China Petroleum & Chemical Corp., Class H		114			53
China Resources Land Ltd.		20			84
Fuyao Glass Industry Group Co. Ltd., Class A		3			21
Guangdong Investment Ltd.		32			41
Haier Smart Home Co. Ltd., Class H		30			127
Huayu Automotive Systems Co. Ltd., Class A		19			86
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		22			142
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1			16
Joyoung Co. Ltd., Class A		6			23
Midea Group Co. Ltd., Class A		11			130
NetEase, Inc.		6			129
Ping An Insurance Group Co. of China Ltd., Class H		16			112
Postal Savings Bank of China Co. Ltd., Class H (c)		90			63
Tingyi Cayman Islands Holding Corp.		50			103
Topsports International Holdings Ltd. (c)		36			36
Wilmar International Ltd.		14			42
Xinyi Solar Holdings Ltd.		28			48
Yum China Holdings, Inc.		1			44
Zhejiang Supor Co. Ltd., Class A		7			64
					1,782
Denmark — 0.5%
AP Moller — Maersk A/S, Class B		—	(a)		32
Carlsberg A/S, Class B		1			116
Novo Nordisk A/S, Class B		3			393
Pandora A/S		—	(a)		22
					563
Finland — 0.5%
Elisa OYJ		1			59
Fortum OYJ		1			29
Nordea Bank Abp		17			212
Orion OYJ, Class B		2			79
Sampo OYJ, Class A		1			31
UPM-Kymmene OYJ		1			37
Wartsila OYJ Abp		4			63
					510
France — 1.1%
Amundi SA (c)		—	(a)		22
Atos SE		—	(a)		14
AXA SA		2			55
BNP Paribas SA		1			53
Cie de Saint-Gobain		1			45
Covivio, REIT		1			42

INVESTMENTS	SHARES (000)			VALUE ($000)
France — continued
Credit Agricole SA		2			29
Danone SA		1			71
Engie SA		1			21
Eutelsat Communications SA		1			14
Gaztransport Et Technigaz SA		—	(a)		23
Klepierre SA, REIT *		2			55
L’Oreal SA		—	(a)		92
LVMH Moet Hennessy Louis Vuitton SE		—	(a)		137
Orange SA		2			22
Publicis Groupe SA		1			41
Rexel SA *		1			21
Rubis SCA		1			22
Safran SA		1			95
Societe Generale SA		1			42
TotalEnergies SE		2			92
Vinci SA		2			228
					1,236
Germany — 1.8%
adidas AG		—	(a)		130
Allianz SE (Registered)		1			295
Aroundtown SA		4			27
BASF SE		2			119
Bayerische Motoren Werke AG		—	(a)		46
Daimler AG (Registered)		1			53
Daimler Truck Holding AG *		—	(a)		14
Deutsche Boerse AG		—	(a)		68
Deutsche Post AG (Registered)		3			209
Deutsche Telekom AG (Registered)		8			148
E.ON SE		2			30
Evonik Industries AG		1			23
Freenet AG		2			52
LEG Immobilien SE		—	(a)		34
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		1			236
RWE AG		1			22
Schaeffler AG (Preference)		2			19
Siemens AG (Registered)		1			94
Telefonica Deutschland Holding AG		29			80
Uniper SE		1			26
Volkswagen AG (Preference)		—	(a)		69
Vonovia SE		3			188
					1,982
Hong Kong — 0.5%
CK Asset Holdings Ltd.		7			41

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Hong Kong — continued
CK Infrastructure Holdings Ltd.		4			22
CLP Holdings Ltd.		3			25
Hang Seng Bank Ltd.		3			61
HKBN Ltd.		17			20
HKT Trust & HKT Ltd.		49			66
Hong Kong Exchanges & Clearing Ltd.		2			140
New World Development Co. Ltd.		7			28
PCCW Ltd.		41			21
Power Assets Holdings Ltd.		4			25
VTech Holdings Ltd.		4			32
WH Group Ltd. (c)		28			18
Xinyi Glass Holdings Ltd.		17			43
Yue Yuen Industrial Holdings Ltd. *		16			27
					569
India — 0.3%
Infosys Ltd., ADR		15			376
Indonesia — 0.3%
Bank Rakyat Indonesia Persero Tbk. PT		581			168
Telkom Indonesia Persero Tbk. PT, ADR		6			169
					337
Ireland — 0.0% (d)
Glanbia plc		1			16
Smurfit Kappa Group plc		1			31
					47
Italy — 0.7%
A2A SpA		40			78
ACEA SpA		—	(a)		8
Assicurazioni Generali SpA		2			40
Azimut Holding SpA		1			33
Banca Generali SpA		—	(a)		16
Banca Mediolanum SpA		5			53
Enel SpA		9			73
Eni SpA		3			44
ERG SpA		—	(a)		8
Hera SpA		5			19
Intesa Sanpaolo SpA		43			112
Iren SpA		6			18
Italgas SpA		3			24
Mediobanca Banca di Credito Finanziario SpA		2			26
Poste Italiane SpA (c)		2			31
Snam SpA		5			28
Terna — Rete Elettrica Nazionale		4			29

INVESTMENTS	SHARES (000)			VALUE ($000)
Italy — continued
UniCredit SpA		6			92
Unipol Gruppo SpA		2			13
					745
Japan — 1.7%
Aozora Bank Ltd.		2			53
ARTERIA Networks Corp.		1			17
Bridgestone Corp.		1			52
Chubu Electric Power Co., Inc.		2			24
Chugoku Electric Power Co., Inc. (The)		2			14
Dai Nippon Printing Co. Ltd.		1			35
Daiwa House Industry Co. Ltd.		1			37
Daiwa House REIT Investment Corp., REIT		—	(a)		52
Electric Power Development Co. Ltd.		5			65
ENEOS Holdings, Inc.		9			33
FANUC Corp.		—	(a)		21
Frontier Real Estate Investment Corp., REIT		—	(a)		30
Hokkaido Electric Power Co., Inc.		3			12
Honda Motor Co. Ltd.		3			91
Idemitsu Kosan Co. Ltd.		2			38
Japan Metropolitan Fund Investment Corp., REIT		—	(a)		92
Japan Post Holdings Co. Ltd. *		8			60
Japan Tobacco, Inc.		2			32
Kansai Electric Power Co., Inc. (The)		7			66
KDDI Corp.		2			44
Konica Minolta, Inc.		11			51
Kyushu Railway Co.		2			44
Mitsubishi Chemical Holdings Corp.		9			69
Mitsui Fudosan Logistics Park, Inc., REIT		—	(a)		45
Nippon Accommodations Fund, Inc., REIT		—	(a)		63
Nippon Building Fund, Inc., REIT		—	(a)		58
Nippon Prologis REIT, Inc., REIT		—	(a)		64
Nippon Telegraph & Telephone Corp.		2			60
Okinawa Electric Power Co., Inc. (The)		1			9
Osaka Gas Co. Ltd.		—	(a)		7
Otsuka Corp.		1			52
Shikoku Electric Power Co., Inc.		1			6
SoftBank Corp.		7			90
Sumitomo Forestry Co. Ltd.		1			25
Takeda Pharmaceutical Co. Ltd.		2			57
Tohoku Electric Power Co., Inc.		9			63
Tokio Marine Holdings, Inc.		2			100
Tokyo Gas Co. Ltd.		1			14
Toyota Motor Corp.		6			104

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Japan — continued
United Urban Investment Corp., REIT		—	(a)		20
					1,869
Luxembourg — 0.0% (d)
APERAM SA		—	(a)		17
Mexico — 0.4%
Bolsa Mexicana de Valores SAB de CV (b)		6			12
Grupo Financiero Banorte SAB de CV, Class O		24			156
Kimberly-Clark de Mexico SAB de CV, Class A (b)		21			32
Wal-Mart de Mexico SAB de CV (b)		61			225
					425
Netherlands — 0.5%
ABN AMRO Bank NV, CVA (c)		2			25
ASML Holding NV		—	(a)		145
ASR Nederland NV		1			29
BE Semiconductor Industries NV		—	(a)		26
CTP NV (c)		2			48
Eurocommercial Properties NV, REIT		1			25
ING Groep NV		3			45
Koninklijke Ahold Delhaize NV		1			42
Koninklijke KPN NV		13			42
NN Group NV		1			38
PostNL NV		6			26
Randstad NV		—	(a)		31
					522
New Zealand — 0.1%
Contact Energy Ltd.		10			55
Spark New Zealand Ltd.		22			70
					125
Norway — 0.3%
Aker BP ASA		1			29
DNB Bank ASA		3			64
Equinor ASA		2			42
Fjordkraft Holding ASA (c)		2			13
Gjensidige Forsikring ASA		1			30
Norsk Hydro ASA		3			25
SFL Corp. Ltd.		3			21
Telenor ASA		6			92
					316
Portugal — 0.1%
EDP — Energias de Portugal SA		4			25
Galp Energia SGPS SA		2			23

INVESTMENTS	SHARES (000)			VALUE ($000)
Portugal — continued
NOS SGPS SA		6			22
Redes Energeticas Nacionais SGPS SA		2			6
					76
Russia — 0.3%
Alrosa PJSC		27			43
Evraz plc		4			34
LUKOIL PJSC, ADR		1			62
Moscow Exchange MICEX-RTS PJSC		41			84
Sberbank of Russia PJSC		19			75
Sberbank of Russia PJSC		1			3
Severstal PAO, GDR (c)		2			38
Severstal PAO, GDR (c)		1			23
					362
Saudi Arabia — 0.1%
Al Rajhi Bank		2			69
Singapore — 0.3%
Ascendas, REIT		14			30
BW LPG Ltd. (c)		4			25
CapitaLand Integrated Commercial Trust, REIT		32			48
DBS Group Holdings Ltd.		4			99
Keppel Infrastructure Trust		28			11
NetLink NBN Trust (c)		31			23
Singapore Telecommunications Ltd.		13			22
StarHub Ltd.		16			16
					274
South Africa — 0.1%
Anglo American plc		1			47
AVI Ltd.		4			18
Bid Corp. Ltd.		1			28
SPAR Group Ltd. (The)		1			12
Vodacom Group Ltd.		6			47
					152
South Korea — 0.5%
ESR Kendall Square REIT Co. Ltd., REIT		8			45
Korea Electric Power Corp.		1			21
NCSoft Corp. *		—	(a)		43
Samsung Electronics Co. Ltd.		7			464
SK Telecom Co. Ltd., ADR		1			19
					592
Spain — 0.9%
Acerinox SA		2			19

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Spain — continued
Atlantica Sustainable Infrastructure plc		1			22
Banco Bilbao Vizcaya Argentaria SA		7			39
Banco Santander SA		15			51
Cellnex Telecom SA (c)		1			61
Cia de Distribucion Integral Logista Holdings SA		1			19
Enagas SA		4			81
Endesa SA		4			100
Iberdrola SA		15			183
Industria de Diseno Textil SA		1			42
Naturgy Energy Group SA		5			162
Red Electrica Corp. SA		4			84
Repsol SA		6			74
Telefonica SA		21			91
					1,028
Sweden — 0.6%
Boliden AB		1			39
Lundin Energy AB		1			29
Skandinaviska Enskilda Banken AB, Class A		3			36
SKF AB, Class B		1			27
SSAB AB, Class B *		4			18
Svenska Handelsbanken AB, Class A		3			30
Tele2 AB, Class B		7			104
Telia Co. AB		24			94
Thule Group AB (c)		—	(a)		18
Volvo AB, Class B		11			261
					656
Switzerland — 1.6%
ABB Ltd. (Registered)		2			68
Cie Financiere Richemont SA (Registered)		1			75
Julius Baer Group Ltd.		—	(a)		28
Nestle SA (Registered)		4			526
Novartis AG (Registered)		1			77
OC Oerlikon Corp. AG (Registered)		6			58
Roche Holding AG		1			596
Swiss Life Holding AG (Registered)		—	(a)		18
Swisscom AG (Registered)		—	(a)		22
UBS Group AG (Registered)		3			60
Zurich Insurance Group AG		—	(a)		203
					1,731
Taiwan — 1.2%
Accton Technology Corp.		5			42
Chailease Holding Co. Ltd.		5			45
Chicony Electronics Co. Ltd.		2			6

INVESTMENTS	SHARES (000)			VALUE ($000)
Taiwan — continued
Delta Electronics, Inc.		8			81
MediaTek, Inc.		3			116
Mega Financial Holding Co. Ltd.		33			42
Novatek Microelectronics Corp.		5			94
President Chain Store Corp.		7			71
Quanta Computer, Inc.		26			89
Realtek Semiconductor Corp.		4			75
Taiwan Semiconductor Manufacturing Co. Ltd.		24			538
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		—	(a)		55
Vanguard International Semiconductor Corp.		11			64
Wiwynn Corp.		1			36
					1,354
Thailand — 0.0% (d)
Siam Cement PCL (The) (Registered)		4			46
United Kingdom — 2.4%
3i Group plc		2			42
Admiral Group plc		1			35
Ashtead Group plc		1			42
Aviva plc		7			38
Barclays plc		19			47
Barratt Developments plc		10			106
Berkeley Group Holdings plc		1			33
BP plc		31			137
Centrica plc *		23			22
Close Brothers Group plc		1			12
Diageo plc		2			97
Direct Line Insurance Group plc		20			77
Drax Group plc		3			27
Dunelm Group plc		1			18
GlaxoSmithKline plc		8			169
Hays plc		12			25
HSBC Holdings plc		13			81
IMI plc		1			26
Imperial Brands plc		3			75
InterContinental Hotels Group plc *		1			59
Intermediate Capital Group plc		1			21
J Sainsbury plc		7			25
Kingfisher plc		4			20
Legal & General Group plc		10			42
Lloyds Banking Group plc		72			47
LondonMetric Property plc, REIT		11			43
M&G plc		11			29
Man Group plc		12			37

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
United Kingdom — continued
National Grid plc		2			29
NatWest Group plc		10			32
Pennon Group plc		1			20
Persimmon plc		3			102
RELX plc		6			202
Safestore Holdings plc, REIT		3			53
Sage Group plc (The)		10			115
Schroders plc		1			27
Severn Trent plc		1			28
SSE plc		6			141
St. James’s Place plc		2			42
Taylor Wimpey plc		32			75
Tesco plc		8			33
Tritax EuroBox plc (c)		17			26
Unilever plc		—	(a)		14
UNITE Group plc (The), REIT		2			36
United Utilities Group plc		2			27
Vodafone Group plc		42			63
Workspace Group plc, REIT		3			30
WPP plc		6			85
					2,612
United States — 15.5%
3M Co.		—	(a)		70
AbbVie, Inc.		3			462
AGNC Investment Corp., REIT		4			67
Alliant Energy Corp.		1			79
American Electric Power Co., Inc.		1			74
American Tower Corp., REIT		—	(a)		133
Americold Realty Trust, REIT		3			84
Amgen, Inc.		—	(a)		64
Analog Devices, Inc.		1			196
Annaly Capital Management, Inc., REIT		8			65
AT&T, Inc.		4			93
AvalonBay Communities, Inc., REIT		—	(a)		117
Avangrid, Inc.		1			47
Avast plc (c)		1			12
Avista Corp.		1			24
Boston Properties, Inc., REIT		1			71
Brandywine Realty Trust, REIT		5			73
Bristol-Myers Squibb Co.		6			343
Brixmor Property Group, Inc., REIT		3			84
Bunge Ltd.		1			86
Camden Property Trust, REIT		1			109
Campbell Soup Co.		1			40

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Cardinal Health, Inc.		1			75
CenterPoint Energy, Inc.		5			139
CF Industries Holdings, Inc.		1			95
Chesapeake Energy Corp.		—	(a)		5
Chevron Corp.		1			154
Cisco Systems, Inc.		1			85
Clear Channel Outdoor Holdings, Inc. *		5			16
Clearway Energy, Inc., Class C		1			21
CME Group, Inc.		1			236
CMS Energy Corp.		—	(a)		14
Coca-Cola Co. (The)		10			568
Cogent Communications Holdings, Inc.		—	(a)		23
Comcast Corp., Class A		5			255
Comerica, Inc.		1			84
Conagra Brands, Inc.		1			48
Consolidated Edison, Inc.		1			81
Cummins, Inc.		—	(a)		26
DHT Holdings, Inc.		4			21
Dominion Energy, Inc.		1			102
Douglas Emmett, Inc., REIT		2			71
Dow, Inc.		1			73
DTE Energy Co.		1			73
Duke Energy Corp.		1			106
Eastman Chemical Co.		2			214
Eaton Corp. plc		1			194
Edison International		1			81
Eli Lilly & Co.		—	(a)		51
Emerson Electric Co.		1			72
Entergy Corp.		1			78
EP Energy Corp. *		—	(a)		34
Equinix, Inc., REIT		—	(a)		342
Equitrans Midstream Corp.		2			22
Equity LifeStyle Properties, Inc., REIT		1			99
Essex Property Trust, Inc., REIT		—	(a)		100
Evergy, Inc.		2			107
Exelon Corp.		1			72
Exxon Mobil Corp.		1			80
Fastenal Co.		1			80
Federal Realty Investment Trust, REIT		1			172
Ferguson plc		—	(a)		61
FirstEnergy Corp.		1			28
Frontier Communications Parent, Inc. *		1			43
General Dynamics Corp.		—	(a)		83
General Mills, Inc.		1			79

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
United States — continued
Genuine Parts Co.		1			85
Gilead Sciences, Inc.		1			77
Hasbro, Inc.		1			70
Hawaiian Electric Industries, Inc.		1			27
Healthcare Trust of America, Inc., Class A, REIT		2			76
Healthpeak Properties, Inc., REIT		5			194
Hewlett Packard Enterprise Co.		5			81
Host Hotels & Resorts, Inc., REIT *		8			134
HP, Inc.		2			80
iHeartMedia, Inc., Class A *		1			26
International Business Machines Corp.		1			72
International Flavors & Fragrances, Inc.		—	(a)		13
International Paper Co.		1			64
Interpublic Group of Cos., Inc. (The)		1			46
Invitation Homes, Inc., REIT		4			159
Iron Mountain, Inc., REIT		2			88
JM Smucker Co. (The)		—	(a)		49
Johnson & Johnson		4			603
Juniper Networks, Inc.		3			91
Kellogg Co.		1			71
Kimberly-Clark Corp.		1			77
Kimco Realty Corp., REIT		6			145
Kinder Morgan, Inc.		6			90
Kraft Heinz Co. (The)		2			73
Lumen Technologies, Inc.		7			93
LyondellBasell Industries NV, Class A		1			72
Marathon Petroleum Corp.		1			67
McDonald’s Corp.		1			275
Merck & Co., Inc.		4			311
Motorola Solutions, Inc.		—	(a)		67
National HealthCare Corp.		—	(a)		14
National Retail Properties, Inc., REIT		1			66
NetApp, Inc.		1			81
Newell Brands, Inc.		3			68
NextEra Energy, Inc.		2			211
NiSource, Inc.		3			80
NMG, Inc. *		—	(a)		—	(a)
Norfolk Southern Corp.		—	(a)		123
NorthWestern Corp.		—	(a)		26
NortonLifeLock, Inc.		2			52
NRG Energy, Inc.		1			26
Oasis Petroleum, Inc.		1			102
OGE Energy Corp.		1			29
Omnicom Group, Inc.		1			76

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
ONEOK, Inc.		2			98
PACCAR, Inc.		1			69
Park Hotels & Resorts, Inc., REIT *		3			57
PepsiCo, Inc.		1			151
Philip Morris International, Inc.		2			180
Phillips 66		1			77
Pinnacle West Capital Corp.		1			98
PPL Corp.		3			100
Procter & Gamble Co. (The)		3			541
Progressive Corp. (The)		3			266
Prologis, Inc., REIT		3			464
Public Service Enterprise Group, Inc.		2			107
Public Storage, REIT		1			212
Quest Diagnostics, Inc.		—	(a)		57
Raytheon Technologies Corp.		1			72
Realty Income Corp., REIT		1			75
Regency Centers Corp., REIT		1			54
Rexford Industrial Realty, Inc., REIT		1			66
Schneider Electric SE		—	(a)		89
Seagate Technology Holdings plc		2			271
Sempra Energy		1			73
Shenandoah Telecommunications Co.		1			21
Simon Property Group, Inc., REIT		1			85
Southern Co. (The)		2			106
Spire, Inc.		—	(a)		23
State Street Corp.		2			160
Steel Dynamics, Inc.		1			81
Stellantis NV		1			17
Stellantis NV		4			78
Sun Communities, Inc., REIT		1			176
Texas Instruments, Inc.		2			309
Trane Technologies plc		1			166
Truist Financial Corp.		3			195
UGI Corp.		1			26
UnitedHealth Group, Inc.		—	(a)		78
Valero Energy Corp.		1			80
Ventas, Inc., REIT		4			195
Verizon Communications, Inc.		4			232
VICI Properties, Inc., REIT (b)		3			99
Vornado Realty Trust, REIT		1			60
Walgreens Boots Alliance, Inc.		1			76
WEC Energy Group, Inc.		1			74
Wells Fargo & Co.		2			110
Welltower, Inc., REIT		1			52

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Western Union Co. (The)		4		70
Whiting Petroleum Corp. *		1		57
Williams Cos., Inc. (The)		4		98
WP Carey, Inc., REIT		1		75
				17,162
Total Common Stocks (Cost $34,317)				41,629
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 34.5%
Australia — 0.2%
Australia & New Zealand Banking Group Ltd. (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (e) (f)(g) (h)		200		227
FMG Resources August 2006 Pty. Ltd. 4.50%, 9/15/2027 (g)		12		13
Glencore Funding LLC 2.50%, 9/1/2030 (g)		6		6
				246
Belgium — 0.0% (d)
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 6/1/2030		19		21
4.38%, 4/15/2038		6		7
				28
Canada — 1.3%
1011778 BC ULC 3.88%, 1/15/2028 (g)		17		17
Bank of Nova Scotia (The)
(ICE LIBOR USD 3 Month + 2.65%), 4.65%, 10/12/2022 (e) (f) (h)		13		13
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (e) (f) (h)		28		30
1.30%, 9/15/2026		5		5
Bell Canada (The) Series US-5, 2.15%, 2/15/2032		6		6
Bombardier, Inc.
7.50%, 12/1/2024 (g)		45		47
7.50%, 3/15/2025 (g)		38		39
Cenovus Energy, Inc. 5.38%, 7/15/2025		72		80
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (f)		240		276

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Canada — continued
Enbridge, Inc.
4.50%, 6/10/2044		3		3
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (f)		10		11
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (f)		45		49
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (f)		117		130
GFL Environmental, Inc. 3.50%, 9/1/2028 (g)		190		187
MEG Energy Corp. 6.50%, 1/15/2025 (g)		15		15
NOVA Chemicals Corp.
5.00%, 5/1/2025 (g)		89		93
5.25%, 6/1/2027 (g)		26		28
4.25%, 5/15/2029 (g)		40		40
Precision Drilling Corp. 7.13%, 1/15/2026 (g)		23		23
Quebecor Media, Inc. 5.75%, 1/15/2023		130		135
Rogers Communications, Inc.
4.35%, 5/1/2049		3		4
3.70%, 11/15/2049		3		3
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (f)		33		36
(ICE LIBOR USD 3 Month + 3.21%), 5.30%, 3/15/2077 (f)		10		10
(SOFR + 4.42%), 5.50%, 9/15/2079 (f)		72		77
Videotron Ltd. 5.13%, 4/15/2027 (g)		32		33
				1,390
Cayman Islands — 0.0% (d)
Global Aircraft Leasing Co. Ltd. 6.50% (cash), 9/15/2024 (g) (i)		32		31
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		12		13
6.63%, 5/15/2039		33		46
				59
France — 0.6%
Altice France SA 8.13%, 2/1/2027 (g)		200		214
Credit Agricole SA (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (f) (g) (h)		200		237
Societe Generale SA (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (e) (f) (g) (h)		200		231
				682

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Germany — 0.0% (d)
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (j)		16		23
Ireland — 0.3%
AerCap Holdings NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079 (f)		150		155
Avolon Holdings Funding Ltd.
5.25%, 5/15/2024 (g)		21		23
2.53%, 11/18/2027 (g)		71		69
Park Aerospace Holdings Ltd.
4.50%, 3/15/2023 (g)		16		16
5.50%, 2/15/2024 (g)		11		12
				275
Italy — 0.1%
Telecom Italia Capital SA
6.38%, 11/15/2033		20		22
6.00%, 9/30/2034		112		118
				140
Luxembourg — 0.1%
Intelsat Jackson Holdings SA
8.00%, 2/15/2024 (g) (j) (k)		77		78
9.75%, 7/15/2025 (g) (k)		35		16
				94
Netherlands — 0.2%
Trivium Packaging Finance BV 5.50%, 8/15/2026 (g) (j)		200		208
Sweden — 0.2%
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (c) (e) (f) (h)		200		207
Switzerland — 0.8%
Cloverie plc for Zurich Insurance Co. Ltd. (ICE LIBOR USD 3 Month + 4.92%), 5.63%, 6/24/2046 (c) (f)		200		223
Credit Suisse Group AG
(USD Swap Semi 5 Year + 5.11%), 7.13%, 7/29/2022 (c) (e) (f) (h)		200		205
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (e) (f) (g) (h)		200		213
UBS Group AG (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (c) (e) (f) (h)		200		223
				864
United Kingdom — 0.9%
BAT Capital Corp. 4.39%, 8/15/2037		8		8

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United Kingdom — continued
BP Capital Markets plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (e) (f) (h)		26		27
(EUR Swap Annual 5 Year + 4.12%), 3.63%, 3/22/2029 (c) (e) (f) (h)	EUR	100		122
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030(e) (f) (h)		142		154
Nationwide Building Society (U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027 (c) (e) (f) (h)	GBP	250		365
NatWest Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (e) (f) (h)		200		219
Vodafone Group plc
5.00%, 5/30/2038		10		13
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (f)		57		69
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 3.25%, 6/4/2081 (f)		5		5
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.12%, 6/4/2081 (f)		65		64
				1,046
United States — 29.7%
7-Eleven, Inc. 1.80%, 2/10/2031 (g)		6		6
AbbVie, Inc. 3.20%, 11/21/2029		26		28
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (g)		95		100
ACCO Brands Corp. 4.25%, 3/15/2029 (g)		105		104
Activision Blizzard, Inc. 1.35%, 9/15/2030		10		9
ADT Security Corp. (The)
4.13%, 6/15/2023		82		85
4.88%, 7/15/2032 (g)		45		46
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (g)		10		10
AECOM 5.13%, 3/15/2027		53		58
Aetna, Inc. 3.88%, 8/15/2047		10		11
Air Lease Corp. 3.75%, 6/1/2026		5		5
Albertsons Cos., Inc.
7.50%, 3/15/2026 (g)		80		86
5.88%, 2/15/2028 (g)		38		40
Alcoa Nederland Holding BV 6.13%, 5/15/2028 (g)		200		215
Alexandria Real Estate Equities, Inc. REIT, 2.75%, 12/15/2029		5		5

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Allegheny Technologies, Inc. 5.88%, 12/1/2027		10		10
Allied Universal Holdco LLC
6.63%, 7/15/2026 (g)		13		14
9.75%, 7/15/2027 (g)		13		14
Allison Transmission, Inc.
4.75%, 10/1/2027 (g)		65		68
5.88%, 6/1/2029 (g)		70		76
Ally Financial, Inc.
5.75%, 11/20/2025		110		124
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 3.48%), 4.70%, 5/15/2028 (e) (f) (h)		55		57
8.00%, 11/1/2031		39		55
Altria Group, Inc.
4.80%, 2/14/2029		5		5
3.40%, 2/4/2041		3		3
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026 (g)		26		28
10.00% (cash), 6/15/2026 (g) (i)		81		80
Ameren Corp. 3.50%, 1/15/2031		5		5
American Airlines Group, Inc. 5.00%, 6/1/2022 (g)		21		21
American Airlines, Inc. 5.75%, 4/20/2029 (g)		85		91
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026		52		53
6.50%, 4/1/2027 (b)		53		55
American Electric Power Co., Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 3.88%, 2/15/2062 (f)		42		43
American International Group, Inc.
3.88%, 1/15/2035		15		16
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (f)		13		15
American Tower Corp. REIT, 1.50%, 1/31/2028		15		14
AmeriGas Partners LP
5.63%, 5/20/2024		25		27
5.88%, 8/20/2026		55		61
5.75%, 5/20/2027		35		39
Amgen, Inc. 2.00%, 1/15/2032		10		10
Amkor Technology, Inc. 6.63%, 9/15/2027 (g)		62		66
Amsted Industries, Inc. 5.63%, 7/1/2027 (g)		21		22
Antero Midstream Partners LP
7.88%, 5/15/2026 (g)		65		72
5.38%, 6/15/2029 (g)		60		63

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Antero Resources Corp.
8.38%, 7/15/2026 (g)		41		46
5.38%, 3/1/2030 (g)		55		59
Anthem, Inc. 2.88%, 9/15/2029		13		14
Apple, Inc. 4.50%, 2/23/2036		3		4
Aramark Services, Inc. 5.00%, 2/1/2028 (g)		85		88
Arches Buyer, Inc. 4.25%, 6/1/2028 (g)		85		85
Archrock Partners LP 6.88%, 4/1/2027 (g)		7		7
Arconic Corp. 6.00%, 5/15/2025 (g)		110		115
Ardagh Packaging Finance plc 4.13%, 8/15/2026 (g)		200		204
AT&T, Inc.
2.25%, 2/1/2032		6		6
3.50%, 6/1/2041		10		10
Audacy Capital Corp. 6.50%, 5/1/2027 (b) (g)		41		41
Avantor Funding, Inc. 4.63%, 7/15/2028 (g)		85		89
Avis Budget Car Rental LLC 5.75%, 7/15/2027 (g)		24		25
B&G Foods, Inc. 5.25%, 4/1/2025		146		149
Bank of America Corp.
Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 6/1/2023 (e) (f) (h)		56		58
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.12%, 6/20/2024 (e) (f) (h)		24		25
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (e) (f) (h)		177		190
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (e) (f) (h)		53		58
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (h)		72		78
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (e) (f) (h)		197		222
(SOFR + 0.96%), 1.73%, 7/22/2027 (f)		40		40
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (e) (f) (h)		102		113
(SOFR + 1.21%), 2.57%, 10/20/2032 (f)		10		10
Bank of New York Mellon Corp. (The)
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (e) (f) (h)		24		24
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025 (e) (f) (h)		13		14
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 3.70%, 3/20/2026 (e) (f) (h)		20		21
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (e) (f) (h)		95		99

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Bath & Body Works, Inc. 7.50%, 6/15/2029		100		114
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (g)		26		28
8.50%, 1/31/2027 (g)		205		215
Bausch Health Cos., Inc.
6.13%, 4/15/2025 (g)		75		76
5.50%, 11/1/2025 (g)		121		123
9.00%, 12/15/2025 (g)		68		72
5.75%, 8/15/2027 (g)		12		12
7.00%, 1/15/2028 (g)		20		20
5.00%, 1/30/2028 (g)		340		313
7.25%, 5/30/2029 (g)		22		22
Becton Dickinson and Co. 2.82%, 5/20/2030		10		10
Berry Global, Inc.
4.88%, 7/15/2026 (g)		84		87
5.63%, 7/15/2027 (g)		20		21
Biogen, Inc. 2.25%, 5/1/2030		11		11
Block, Inc. 3.50%, 6/1/2031 (g)		150		154
Boston Properties LP REIT, 2.45%, 10/1/2033		5		5
BP Capital Markets America, Inc. 3.63%, 4/6/2030		3		3
Brink’s Co. (The) 4.63%, 10/15/2027 (g)		75		77
Bristol-Myers Squibb Co. 4.13%, 6/15/2039		19		22
Broadcom, Inc. 4.30%, 11/15/2032		6		7
Buckeye Partners LP 3.95%, 12/1/2026		60		61
Builders FirstSource, Inc. 4.25%, 2/1/2032 (g)		70		72
BWX Technologies, Inc. 4.13%, 4/15/2029 (g)		120		121
Callon Petroleum Co.
6.13%, 10/1/2024		8		8
6.38%, 7/1/2026		6		6
Calpine Corp.
5.25%, 6/1/2026 (g)		29		30
4.50%, 2/15/2028 (g)		75		78
Capital One Financial Corp.
Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (e) (f) (h)		64		64
Carnival Corp. 9.88%, 8/1/2027 (g)		115		131
Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (g)		29		30
CCO Holdings LLC
5.50%, 5/1/2026 (g)		66		68
5.13%, 5/1/2027 (g)		158		163
5.00%, 2/1/2028 (g)		23		24
5.38%, 6/1/2029 (g)		270		291
4.75%, 3/1/2030 (g)		404		420

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
CDK Global, Inc. 5.25%, 5/15/2029 (g)		99		105
CDW LLC 4.25%, 4/1/2028		40		41
Cedar Fair LP
5.38%, 4/15/2027		3		3
5.25%, 7/15/2029		101		104
Centene Corp. 3.38%, 2/15/2030		330		336
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (e) (f) (h)		46		48
Central Garden & Pet Co. 5.13%, 2/1/2028		140		146
Charles Schwab Corp. (The)
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (e) (f) (h)		135		147
Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (e) (f) (h)		47		49
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (f) (h)		209		211
Chemours Co. (The) 5.38%, 5/15/2027 (b)		95		102
Cheniere Energy Partners LP
4.50%, 10/1/2029		120		127
3.25%, 1/31/2032 (g)		35		36
Cigna Corp. 4.38%, 10/15/2028		15		17
CIT Group, Inc.
4.75%, 2/16/2024		22		23
5.25%, 3/7/2025		45		50
6.13%, 3/9/2028		21		25
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (e) (f) (h)		114		117
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (e) (f) (h)		30		31
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (e) (f) (h)		10		10
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (e) (f) (h)		158		166
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (e) (f) (h)		141		145
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (e) (f) (h)		64		65
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (e) (f) (h)		103		110
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (e) (f) (h)		159		160

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (e) (f) (h)		70		70
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (e) (f) (h)		98		111
(SOFR + 0.77%), 1.46%, 6/9/2027 (f)		35		34
Citizens Financial Group, Inc.
Series B, (ICE LIBOR USD 3 Month + 3.00%), 6.00%, 7/6/2023 (e) (f) (h)		23		24
Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (e) (f) (h)		35		36
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.00%, 10/6/2026 (e) (f) (h)		55		55
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (g)		70		70
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (g)		35		36
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (f)		36		39
CNX Resources Corp. 7.25%, 3/14/2027 (g)		55		58
Colfax Corp. 6.38%, 2/15/2026 (g)		5		5
Comcast Corp. 4.15%, 10/15/2028		5		6
Commercial Metals Co.
4.88%, 5/15/2023		19		20
5.38%, 7/15/2027		61		63
CommScope Technologies LLC
6.00%, 6/15/2025 (g)		97		97
5.00%, 3/15/2027 (g)		15		14
CommScope, Inc.
6.00%, 3/1/2026 (g)		35		36
8.25%, 3/1/2027 (g)		75		77
4.75%, 9/1/2029 (g)		75		75
Community Health Systems, Inc. 8.00%, 3/15/2026 (g)		176		185
Constellation Brands, Inc. 2.25%, 8/1/2031		10		10
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (g)		32		30
Cox Communications, Inc. 4.80%, 2/1/2035 (g)		6		7
Crestwood Midstream Partners LP
5.75%, 4/1/2025		29		30
5.63%, 5/1/2027 (g)		10		10
Crown Americas LLC 4.75%, 2/1/2026		26		27
Crown Castle International Corp. REIT, 2.10%, 4/1/2031		16		15

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
CSC Holdings LLC
5.88%, 9/15/2022		15		16
5.25%, 6/1/2024		157		163
5.75%, 1/15/2030 (g)		200		199
CSX Corp. 2.40%, 2/15/2030		3		3
CVR Partners LP 9.25%, 6/15/2023 (b) (g)		20		20
CVS Health Corp.
4.30%, 3/25/2028		4		4
2.13%, 9/15/2031 (b)		6		6
4.13%, 4/1/2040		6		7
2.70%, 8/21/2040		3		3
5.30%, 12/5/2043		6		8
Dana, Inc. 5.38%, 11/15/2027		115		121
Darling Ingredients, Inc. 5.25%, 4/15/2027 (g)		12		12
DaVita, Inc. 4.63%, 6/1/2030 (g)		140		143
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 (g)		20		27
Dell International LLC
6.02%, 6/15/2026		10		11
4.90%, 10/1/2026		5		6
Diamond Sports Group LLC 5.38%, 8/15/2026 (g)		53		26
Directv Financing LLC 5.88%, 8/15/2027 (g)		100		102
Discovery Communications LLC 3.63%, 5/15/2030 (b)		5		5
DISH DBS Corp.
5.88%, 7/15/2022		24		24
5.00%, 3/15/2023		223		229
5.88%, 11/15/2024		25		26
7.75%, 7/1/2026		125		132
Dominion Energy, Inc.
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (e) (f) (h)		24		25
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (e) (f) (h)		45		46
Series C, 2.25%, 8/15/2031		3		3
DT Midstream, Inc. 4.13%, 6/15/2029 (g)		150		154
Duke Energy Corp.
3.75%, 9/1/2046		3		3

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (f)		45		44
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (g)		27		28
Edison International Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026 (e) (f) (h)		40		41
Element Solutions, Inc. 3.88%, 9/1/2028 (g)		130		131
Embarq Corp. 8.00%, 6/1/2036		124		139
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (b) (g)		95		91
Encompass Health Corp. 4.50%, 2/1/2028		185		190
Energizer Holdings, Inc. 4.75%, 6/15/2028 (g)		140		143
Energy Transfer LP
4.20%, 4/15/2027		5		5
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (e) (f) (h)		65		62
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (e) (f) (h)		30		30
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (e) (f) (h)		30		24
4.40%, 4/1/2024		19		20
4.15%, 6/1/2025		23		24
4.85%, 7/15/2026		58		61
5.60%, 4/1/2044		5		5
Entegris, Inc. 3.63%, 5/1/2029 (g)		125		125
Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (f)		25		26
Envision Healthcare Corp. 8.75%, 10/15/2026 (g)		20		11
EOG Resources, Inc. 5.10%, 1/15/2036		3		4
EQT Corp. 6.63%, 2/1/2025 (j)		105		118
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (e) (f) (h)		5		5
Evergy, Inc. 2.90%, 9/15/2029		5		5
Exela Intermediate LLC 11.50%, 7/15/2026 (b) (g)		69		49
Exxon Mobil Corp. 4.23%, 3/19/2040		13		15
Fiserv, Inc. 3.50%, 7/1/2029		10		11
Ford Motor Credit Co. LLC
4.39%, 1/8/2026		200		216
4.54%, 8/1/2026		200		217
5.11%, 5/3/2029		275		312

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Freeport-McMoRan, Inc.
5.00%, 9/1/2027		140		146
5.45%, 3/15/2043		80		100
Frontier Communications Holdings LLC 5.88%, 11/1/2029		5		5
Gap, Inc. (The) 3.63%, 10/1/2029 (g)		50		49
Gartner, Inc. 4.50%, 7/1/2028 (g)		95		99
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 3.53%, 3/15/2022 (e) (f) (h)		304		301
Genesis Energy LP
6.50%, 10/1/2025		5		5
6.25%, 5/15/2026		15		15
Gilead Sciences, Inc. 1.65%, 10/1/2030		16		15
Global Payments, Inc.
3.20%, 8/15/2029		10		10
2.90%, 11/15/2031		5		5
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (g)		50		52
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 4.00%, 2/7/2022 (e) (f) (h)		22		22
Goldman Sachs Group, Inc. (The)
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (e) (f) (h)		5		5
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (e) (f) (h)		7		7
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (e) (f) (h)		69		69
Series U, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.65%, 8/10/2026 (e) (f) (h)		42		42
Series V, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.95%), 4.12%, 11/10/2026 (e) (f) (h)		25		25
Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (e) (f) (h)		21		23
(SOFR + 0.82%), 1.54%, 9/10/2027 (f)		10		10
(SOFR + 0.91%), 1.95%, 10/21/2027 (f)		5		5
(SOFR + 1.26%), 2.65%, 10/21/2032 (f)		5		5
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		47		48
5.00%, 7/15/2029 (g)		10		11
Gray Television, Inc.
5.88%, 7/15/2026 (g)		20		21
7.00%, 5/15/2027 (g)		45		48

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Greif, Inc. 6.50%, 3/1/2027 (g)		126		131
Griffon Corp. 5.75%, 3/1/2028		95		99
Hanesbrands, Inc. 4.88%, 5/15/2026 (b) (g)		60		64
Harsco Corp. 5.75%, 7/31/2027 (g)		9		9
HCA, Inc.
5.38%, 2/1/2025		146		161
5.88%, 2/15/2026		285		321
5.63%, 9/1/2028		274		320
2.38%, 7/15/2031 (b)		10		10
Herc Holdings, Inc. 5.50%, 7/15/2027 (g)		28		29
Hertz Corp. (The) 4.63%, 12/1/2026 (g)		100		101
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (g)		75		78
Hilton Domestic Operating Co., Inc. 4.88%, 1/15/2030		24		26
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		32		33
Hologic, Inc.
4.63%, 2/1/2028 (g)		25		26
3.25%, 2/15/2029 (g)		75		75
Howmet Aerospace, Inc.
5.13%, 10/1/2024		107		116
5.90%, 2/1/2027		8		9
5.95%, 2/1/2037		34		40
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		145		162
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (e) (f) (h)		23		23
Hyundai Capital America
1.65%, 9/17/2026 (b) (g)		5		5
2.10%, 9/15/2028 (g)		5		5
Icahn Enterprises LP
4.75%, 9/15/2024		70		73
6.38%, 12/15/2025		22		22
iHeartCommunications, Inc.
6.38%, 5/1/2026		57		59
8.38%, 5/1/2027		98		103
5.25%, 8/15/2027 (g)		18		19
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.37%, 12/21/2065 (f) (g)		100		82
Imola Merger Corp. 4.75%, 5/15/2029 (g)		110		113
Intel Corp. 2.00%, 8/12/2031		3		3
International Game Technology plc 6.50%, 2/15/2025 (g)		200		217
IQVIA, Inc. 5.00%, 5/15/2027 (g)		200		207
IRB Holding Corp. 6.75%, 2/15/2026 (g)		56		57

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (g)		84		87
REIT, 5.25%, 3/15/2028 (g)		48		50
ITC Holdings Corp. 2.95%, 5/14/2030 (g)		5		5
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (g)		31		32
JBS USA LUX SA
6.50%, 4/15/2029 (g)		63		69
5.50%, 1/15/2030 (g)		42		46
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (g)		80		81
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		100		102
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		11		12
Kraft Heinz Foods Co. 3.75%, 4/1/2030		5		5
Kroger Co. (The) 1.70%, 1/15/2031 (b)		6		6
L3Harris Technologies, Inc. 1.80%, 1/15/2031		5		5
LABL, Inc. 6.75%, 7/15/2026 (g)		100		103
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (g)		48		48
Lamar Media Corp. 4.88%, 1/15/2029		85		89
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (g)		100		103
Lear Corp. 2.60%, 1/15/2032		5		5
Lennar Corp.
4.50%, 4/30/2024		15		16
5.88%, 11/15/2024		45		49
4.75%, 5/30/2025		5		5
5.25%, 6/1/2026		14		16
5.00%, 6/15/2027		20		23
Level 3 Financing, Inc.
5.38%, 5/1/2025		91		93
5.25%, 3/15/2026		54		55
Liberty Interactive LLC 8.25%, 2/1/2030		35		38
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (g)		33		34
6.50%, 5/15/2027 (g)		165		181
Lowe’s Cos., Inc. 3.70%, 4/15/2046		6		7
Lumen Technologies, Inc.
Series T, 5.80%, 3/15/2022		30		30
Series W, 6.75%, 12/1/2023		28		30
Series Y, 7.50%, 4/1/2024		2		2
5.63%, 4/1/2025		57		61
Series G, 6.88%, 1/15/2028		160		178
Madison IAQ LLC 4.13%, 6/30/2028 (g)		115		115
MasTec, Inc. 4.50%, 8/15/2028 (g)		95		99
Matador Resources Co. 5.88%, 9/15/2026		55		57

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Mattel, Inc. 3.15%, 3/15/2023		37		38
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (g)		227		229
McDonald’s Corp. 3.70%, 2/15/2042		6		7
MDC Holdings, Inc. 2.50%, 1/15/2031		5		5
Mellon Capital IV
Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 2/7/2022 (e) (f) (h)		10		10
Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 2/7/2022 (e) (f) (h)		8		8
MetLife Capital Trust IV 7.88%, 12/15/2037 (g)		100		136
MetLife, Inc.
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 3.85%, 9/15/2025 (e) (f) (h)		86		88
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (e) (f) (h)		44		49
6.40%, 12/15/2036		98		121
6.40%, 12/15/2036		10		12
MGM Growth Properties Operating Partnership LP
REIT, 5.75%, 2/1/2027		23		26
MGM Resorts International 4.63%, 9/1/2026		200		208
Midcontinent Communications 5.38%, 8/15/2027 (g)		17		17
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042		10		11
Mondelez International, Inc. 1.50%, 2/4/2031 (b)		6		6
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 3.73%, 1/18/2022 (e) (f) (h)		239		239
Series N, (ICE LIBOR USD 3 Month + 3.16%), 5.30%, 12/15/2025 (e) (f) (h)		8		8
Series M, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026 (e) (f) (h)		18		20
(SOFR + 0.86%), 1.51%, 7/20/2027 (f)		20		20
Mozart Debt Merger Sub, Inc. 3.88%, 4/1/2029 (g)		100		100
MPLX LP 4.50%, 4/15/2038		3		3
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (f)		20		21
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (g)		95		99
NCR Corp.
5.75%, 9/1/2027 (g)		25		26
6.13%, 9/1/2029 (g)		105		112

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Netflix, Inc.
5.88%, 2/15/2025		100		112
4.88%, 4/15/2028		20		23
5.88%, 11/15/2028		60		72
5.38%, 11/15/2029 (g)		15		18
4.88%, 6/15/2030 (g)		15		18
New Albertsons LP
7.75%, 6/15/2026		5		6
6.63%, 6/1/2028		15		16
7.45%, 8/1/2029		21		24
8.00%, 5/1/2031		80		98
Newell Brands, Inc. 4.70%, 4/1/2026 (j)		150		164
Nexstar Media, Inc.
5.63%, 7/15/2027 (g)		43		45
4.75%, 11/1/2028 (g)		55		56
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 2.07%), 2.20%, 10/1/2066 (f)		47		44
(ICE LIBOR USD 3 Month + 2.13%), 2.33%, 6/15/2067 (f)		64		59
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (f)		28		32
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.55%), 3.80%, 3/15/2082 (f)		50		51
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (g)		23		24
4.25%, 9/15/2024 (g)		4		4
4.50%, 9/15/2027 (g)		8		9
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (g)		10		10
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (e) (f) (h)		62		64
1.70%, 2/15/2031		5		4
Nissan Motor Acceptance Co. LLC
1.85%, 9/16/2026 (g)		5		5
2.45%, 9/15/2028 (g)		10		10
Norfolk Southern Corp. 2.30%, 5/15/2031		3		3
Northrop Grumman Corp. 5.15%, 5/1/2040		13		17
NRG Energy, Inc.
6.63%, 1/15/2027		3		3
5.75%, 1/15/2028		12		13
5.25%, 6/15/2029 (g)		136		146

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Nuance Communications, Inc. 5.63%, 12/15/2026		59		61
NuStar Logistics LP
6.00%, 6/1/2026		12		13
5.63%, 4/28/2027		30		32
Occidental Petroleum Corp. 8.88%, 7/15/2030		115		155
Oceaneering International, Inc. 6.00%, 2/1/2028		14		14
ON Semiconductor Corp. 3.88%, 9/1/2028 (g)		85		87
OneMain Finance Corp.
5.63%, 3/15/2023		27		28
6.13%, 3/15/2024		20		21
6.88%, 3/15/2025		45		50
7.13%, 3/15/2026		52		60
6.63%, 1/15/2028		33		37
Oracle Corp.
3.90%, 5/15/2035		7		8
3.85%, 7/15/2036		2		2
Outfront Media Capital LLC 5.00%, 8/15/2027 (g)		15		15
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (g)		200		194
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (g)		12		12
PBF Logistics LP 6.88%, 5/15/2023 (b)		7		7
Performance Food Group, Inc. 5.50%, 10/15/2027 (g)		20		21
PG&E Corp. 5.00%, 7/1/2028		110		116
Philip Morris International, Inc. 3.38%, 8/15/2029		10		11
Pilgrim’s Pride Corp. 5.88%, 9/30/2027 (g)		39		41
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (e) (f) (h)		33		28
PNC Financial Services Group, Inc. (The)
Series O, (ICE LIBOR USD 3 Month + 3.68%), 3.81%, 5/1/2022 (e) (f) (h)		68		68
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (e) (f) (h)		64		65
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (e) (f) (h)		110		108
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (e) (f) (h)		39		42
Post Holdings, Inc.
5.75%, 3/1/2027 (g)		20		21
5.50%, 12/15/2029 (g)		140		147

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 2.88%, 3/30/2067 (f)		97		91
Prime Security Services Borrower LLC
5.75%, 4/15/2026 (g)		80		86
3.38%, 8/31/2027 (g)		25		24
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (e) (f) (h)		53		54
Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (f)		171		178
Public Service Co. of Oklahoma Series J, 2.20%, 8/15/2031		10		10
Radian Group, Inc.
4.50%, 10/1/2024		40		42
4.88%, 3/15/2027		12		13
Range Resources Corp. 4.88%, 5/15/2025		85		88
Raytheon Technologies Corp. 4.15%, 5/15/2045		10		12
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		13		12
RHP Hotel Properties LP REIT, 4.75%, 10/15/2027		98		100
Rite Aid Corp. 8.00%, 11/15/2026 (g)		140		143
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (g)		67		75
Royalty Pharma plc 2.15%, 9/2/2031		6		6
Sabre GLBL, Inc. 9.25%, 4/15/2025 (g)		110		124
Scientific Games International, Inc. 5.00%, 10/15/2025 (g)		156		161
Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026		125		128
Seagate HDD Cayman 4.88%, 6/1/2027		95		104
Sealed Air Corp. 5.13%, 12/1/2024 (g)		20		21
Sempra Energy
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (e) (f) (h)		105		112
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.12%, 4/1/2052 (f)		71		72
Sensata Technologies BV
4.88%, 10/15/2023 (g)		15		16
5.63%, 11/1/2024 (g)		125		137
5.00%, 10/1/2025 (g)		30		33
Service Corp. International
4.63%, 12/15/2027		12		13
5.13%, 6/1/2029		5		5

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		15		16
Sinclair Television Group, Inc. 5.88%, 3/15/2026 (g)		50		51
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (g)		53		55
5.50%, 7/1/2029 (g)		161		174
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (g)		12		12
5.50%, 4/15/2027 (g)		102		106
SM Energy Co.
6.75%, 9/15/2026 (b)		12		12
6.63%, 1/15/2027		16		17
Southern California Edison Co. Series E, (ICE LIBOR USD 3 Month + 4.20%), 6.25%, 2/7/2022 (e) (f) (h)		12		12
Southwestern Energy Co. 7.75%, 10/1/2027		135		146
Spectrum Brands, Inc.
5.75%, 7/15/2025		8		8
5.00%, 10/1/2029 (g)		31		33
Sprint Capital Corp. 8.75%, 3/15/2032		197		295
Sprint Corp.
7.88%, 9/15/2023		227		250
7.13%, 6/15/2024		71		80
7.63%, 2/15/2025		194		223
7.63%, 3/1/2026		39		47
SS&C Technologies, Inc. 5.50%, 9/30/2027 (g)		93		97
Standard Industries, Inc.
5.00%, 2/15/2027 (g)		18		19
4.75%, 1/15/2028 (g)		77		79
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (f)		10		10
Staples, Inc.
7.50%, 4/15/2026 (g)		95		98
10.75%, 4/15/2027 (b) (g)		85		80
Starbucks Corp. 2.55%, 11/15/2030		13		13
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 3.80%, 3/15/2022 (e) (f) (h)		25		25
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (e) (f) (h)		31		32
Steel Dynamics, Inc. 5.00%, 12/15/2026		15		15
Stericycle, Inc. 3.88%, 1/15/2029 (g)		150		148
Summit Materials LLC 6.50%, 3/15/2027 (g)		45		47

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Sunoco LP
6.00%, 4/15/2027		71		74
5.88%, 3/15/2028		3		3
SVB Financial Group
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.00%, 5/15/2026 (e) (f) (h)		100		101
Series D, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 4.25%, 11/15/2026 (e) (f) (h)		35		35
Sysco Corp.
3.25%, 7/15/2027		15		16
2.40%, 2/15/2030		6		6
Tallgrass Energy Partners LP 5.50%, 1/15/2028 (g)		5		5
Targa Resources Partners LP
5.88%, 4/15/2026		82		85
6.50%, 7/15/2027		191		205
Team Health Holdings, Inc. 6.38%, 2/1/2025 (b) (g)		85		80
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (g)		150		153
Tenet Healthcare Corp.
4.63%, 7/15/2024		29		29
4.63%, 9/1/2024 (g)		11		11
4.88%, 1/1/2026 (g)		163		168
6.25%, 2/1/2027 (g)		30		31
5.13%, 11/1/2027 (g)		189		197
TerraForm Power Operating LLC
4.25%, 1/31/2023 (g)		15		15
5.00%, 1/31/2028 (g)		29		31
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		10		10
T-Mobile USA, Inc.
4.75%, 2/1/2028		93		98
2.25%, 11/15/2031		10		9
4.38%, 4/15/2040		6		7
3.00%, 2/15/2041		6		6
TransDigm, Inc. 6.25%, 3/15/2026 (g)		184		191
Transocean Pontus Ltd. 6.13%, 8/1/2025 (g)		31		31
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (g)		50		48
Transocean Proteus Ltd. 6.25%, 12/1/2024 (g)		17		17
Travel + Leisure Co.
5.65%, 4/1/2024 (j)		17		18
6.60%, 10/1/2025 (j)		16		18
6.00%, 4/1/2027 (j)		25		27

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS		PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (g)			52		53
Truist Financial Corp.
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025 (e) (f) (h)			13		14
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.12%, 12/15/2027 (e) (f) (h)			16		17
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (e) (f) (h)			138		154
Uber Technologies, Inc. 7.50%, 5/15/2025 (g)			65		68
UDR, Inc. REIT, 3.20%, 1/15/2030			5		5
Union Pacific Corp. 3.70%, 3/1/2029			10		11
United Airlines Holdings, Inc.
5.00%, 2/1/2024	��		33		34
4.88%, 1/15/2025 (b)			28		29
United Airlines, Inc. 4.38%, 4/15/2026 (g)			70		73
United Rentals North America, Inc.
5.50%, 5/15/2027			10		11
4.88%, 1/15/2028			240		252
Universal Health Services, Inc. 2.65%, 1/15/2032 (g)			10		10
US Bancorp
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.54%), 3.70%, 1/15/2027 (e) (f) (h)			60		60
Series J, (ICE LIBOR USD 3 Month + 2.91%), 5.30%, 4/15/2027 (e) (f) (h)			8		9
Ventas Realty LP REIT, 4.00%, 3/1/2028			5		6
Verizon Communications, Inc.
4.40%, 11/1/2034			13		15
4.27%, 1/15/2036			16		19
3.85%, 11/1/2042			3		3
ViacomCBS, Inc.
4.20%, 5/19/2032			6		7
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (f)			39		39
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (f)			103		116
VICI Properties LP REIT, 4.25%, 12/1/2026 (g)			75		78
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (f) (g) (h)			14		14
Vistra Operations Co. LLC
5.50%, 9/1/2026 (g)			20		21
5.63%, 2/15/2027 (g)			130		134

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Weekley Homes LLC 4.88%, 9/15/2028 (g)		100			103
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (e) (f) (h)		43			45
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (e) (f) (h)		18			20
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (e) (f) (h)		335			344
WESCO Distribution, Inc.
7.13%, 6/15/2025 (g)		40			42
7.25%, 6/15/2028 (g)		125			137
Western Digital Corp. 4.75%, 2/15/2026		74			81
Western Midstream Operating LP 4.75%, 8/15/2028		135			149
William Carter Co. (The) 5.63%, 3/15/2027 (g)		73			75
WP Carey, Inc. REIT, 2.40%, 2/1/2031		5			5
Wynn Las Vegas LLC 5.50%, 3/1/2025 (g)		35			36
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (g)		224			227
Xerox Corp. 4.38%, 3/15/2023 (j)		45			46
XPO Logistics, Inc. 6.25%, 5/1/2025 (g)		65			68
Yum! Brands, Inc. 4.75%, 1/15/2030 (g)		24			26
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (g)		140			138
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		5			5
Zoetis, Inc. 2.00%, 5/15/2030		6			6
					32,918
Total Corporate Bonds (Cost $37,384)					38,211
Equity-Linked Notes — 10.0%
Canada — 3.0%
National Bank of Canada, ELN, 6.50%, 3/3/2022, (linked to Russell 2000 Index) (g)		—	(a)		1,045
National Bank of Canada, ELN, 7.50%, 3/30/2022, (linked to Russell 2000 Index) (g)		1			1,130
Royal Bank of Canada, ELN, 7.50%, 4/20/2022, (linked to Russell 2000 Index) (c)		1			1,127
					3,302
France — 2.0%
BNP Paribas, ELN, 6.00%, 1/26/2022, (linked to Russell 2000 Index) (c)		—	(a)		1,111
BNP Paribas, ELN, 7.00%, 2/3/2022, (linked to Russell 2000 Index) (c)		—	(a)		1,119
					2,230

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Equity-Linked Notes — continued
Switzerland — 3.1%
Credit Suisse AG, ELN, 7.00%, 1/26/2022, (linked to Russell 2000 Index) (g)		1			2,274
UBS AG, ELN, 7.50%, 5/4/2022, (linked to Russell 2000 Index) (c)		1			1,139
					3,413
United Kingdom — 1.9%
Barclays Bank plc, ELN, 6.50%, 3/23/2022, (linked to Russell 2000 Index) (c)		—	(a)		1,052
Barclays Bank plc, ELN, 7.00%, 4/5/2022, (linked to Russell 2000 Index) (c)		—	(a)		1,104
					2,156
Total Equity-Linked Notes (Cost $10,985)					11,101
	SHARES (000)
Exchange-Traded Funds — 5.6%
United States — 5.6%
JPMorgan High Yield Research Enhanced ETF (l)		87			4,505
JPMorgan Equity Premium Income ETF (l)		26			1,653
Total Exchange-Traded Funds (Cost $6,136)					6,158
Investment Companies — 4.5%
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (l)		282			2,160
JPMorgan Equity Income Fund Class R6 Shares (l)		71			1,696
JPMorgan Floating Rate Income Fund Class R6 Shares (l)		124			1,108
Total Investment Companies (Cost $4,349)					4,964
	PRINCIPAL AMOUNT ($000)
Commercial Mortgage-Backed Securities—2.2%
United States — 2.2%
BANK Series 2017-BNK7, Class D, 2.71%, 9/15/2060 ‡ (g)		100			88
Benchmark Mortgage Trust Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (g)		100			90
BX Commercial Mortgage Trust Series 2020-VIV2, Class C, 3.54%, 3/9/2044 ‡ (g) (m)		106			107
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D, 4.88%, 9/10/2045 ‡ (g) (m)		100			92
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (g)		20			17

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2017-P7, Class D, 3.25%, 4/14/2050 ‡ (g)		23		19
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		10		10
COMM Mortgage Trust Series 2016-CR28, Class C, 4.64%, 2/10/2049 ‡ (m)		100		106
CSAIL Commercial Mortgage Trust Series 2019-C15, Class C, 4.99%, 3/15/2052‡ (m)		100		109
DBGS Mortgage Trust Series 2018-5BP, Class B, 1.09%, 6/15/2033 ‡ (g) (m)		100		99
FHLMC Multiclass Certificates Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029		160		20
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.17%, 7/25/2026 (m)		120		10
Series Q012, Class X, IO, 4.17%, 9/25/2035 (m)		470		113
Series K716, Class X3, IO, 4.89%, 8/25/2042 (m)		2		—	(a)
Series K726, Class X3, IO, 2.14%, 7/25/2044 (m)		151		7
Series K729, Class X3, IO, 1.97%, 11/25/2044 (m)		1,212		60
Series K728, Class X3, IO, 1.95%, 11/25/2045 (m)		100		5
Series K071, Class X3, IO, 2.01%, 11/25/2045 (m)		700		74
Series K088, Class X3, IO, 2.35%, 2/25/2047 (m)		555		82
Series K108, Class X3, IO, 3.49%, 4/25/2048 (m)		400		97
FREMF Series 2018-KF46, Class B, 2.04%, 3/25/2028 (g) (m)		4		4
FREMF Mortgage Trust
Series 2015-KF10, Class B, 6.19%, 7/25/2022 (g) (m)		3		3
Series 2017-KF31, Class B, 2.99%, 4/25/2024 (g) (m)		4		4
Series 2017-KF32, Class B, 2.64%, 5/25/2024 (g) (m)		27		27
Series 2018-KF45, Class B, 2.04%, 3/25/2025 (g) (m)		7		7
Series 2018-KF47, Class B, 2.09%, 5/25/2025 (g) (m)		21		21
Series 2018-KC02, Class B, 4.09%, 7/25/2025 (g) (m)		25		25

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities— continued
United States — continued
Series 2018-KF53, Class B, 2.14%, 10/25/2025 (m)		38		37
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (g) (m)		25		26
Series 2019-KF62, Class B, 2.14%, 4/25/2026 (g) (m)		12		12
Series 2018-KF43, Class B, 2.24%, 1/25/2028 (g) (m)		27		27
Series 2018-KF50, Class B, 1.99%, 7/25/2028 (g) (m)		4		4
Series 2018-K82, Class B, 4.13%, 9/25/2028 (g) (m)		50		55
Series 2019-KF63, Class B, 2.44%, 5/25/2029 (g) (m)		18		18
Series 2012-K19, Class C, 4.01%, 5/25/2045 (g) (m)		10		10
Series 2017-K67, Class C, 3.94%, 9/25/2049 (g) (m)		5		5
Series 2017-K65, Class B, 4.07%, 7/25/2050 (g) (m)		75		82
Series 2018-K75, Class B, 3.97%, 4/25/2051 (g) (m)		10		11
Series 2020-K737, Class B, 3.30%, 1/25/2053 (g) (m)		100		105
Series 2020-K737, Class C, 3.30%, 1/25/2053 (g) (m)		145		149
GNMA
Series 2016-71, Class QI, IO, 0.91%, 11/16/2057 (m)		144		7
Series 2020-14, IO, 0.63%, 2/16/2062 (m)		722		44
Series 2020-23, IO, 0.70%, 4/16/2062 (m)		193		12
Jackson Park Trust
Series 2019-LIC, Class E, 3.24%, 10/14/2039 ‡ (g) (m)		100		91
Series 2019-LIC, Class F, 3.24%, 10/14/2039 ‡ (g) (m)		100		87
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class E, 4.22%, 1/15/2049 ‡ (g) (m)		100		86
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		20		9
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class B, 3.88%, 11/15/2049 ‡ (m)		50		52
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (g) (m)		10		10

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2020-HR8, Class XA, IO, 1.84%, 7/15/2053 (m)		996		130
Total Commercial Mortgage-Backed Securities (Cost $2,378)				2,365
Collateralized Mortgage Obligations — 1.2%
United States — 1.2%
Banc of America Funding Trust Series 2006-A, Class 1A1, 2.60%, 2/20/2036 (m)		9		9
Bear Stearns ARM Trust Series 2004-9, Class 22A1, 2.73%, 11/25/2034 (m)		47		47
Citigroup Mortgage Loan Trust, Inc. Series 2005-6, Class A1, 2.19%, 9/25/2035 (m)		20		21
Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2, 2.20%, 9/25/2039 ‡ (g) (m)		25		25
FHLMC, REMIC
Series 4703, Class SA, IF, IO, 6.04%, 7/15/2047 (m)		222		40
Series 4937, Class MS, IF, IO, 5.95%, 12/25/2049 (m)		152		27
Series 4839, Class WS, IF, IO, 5.99%, 8/15/2056 (m)		146		30
FHLMC, STRIPS
Series 311, Class S1, IF, IO, 5.84%, 8/15/2043 (m)		489		82
Series 316, Class S7, IF, IO, 5.99%, 11/15/2043 (m)		211		38
Series 356, Class S5, IF, IO, 5.89%, 9/15/2047 (m)		267		49
FNMA, REMIC
Series 2012-75, Class DS, IF, IO, 5.85%, 7/25/2042 (m)		176		30
Series 2016-1, Class SJ, IF, IO, 6.05%, 2/25/2046 (m)		110		21
Series 2018-67, Class SN, IF, IO, 6.10%, 9/25/2048 (m)		367		72
Series 2018-73, Class SC, IF, IO, 6.10%, 10/25/2048 (m)		215		37
GNMA
Series 2017-67, Class ST, IF, IO, 6.10%, 5/20/2047 (m)		163		32
Series 2017-112, Class S, IF, IO, 6.10%, 7/20/2047 (m)		135		25
Series 2018-36, Class SG, IF, IO, 6.10%, 3/20/2048 (m)		76		16
Series 2019-22, Class SM, IF, IO, 5.95%, 2/20/2049 (m)		201		38

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations— continued
United States — continued
Series 2019-42, Class SJ, IF, IO, 5.95%, 4/20/2049 (m)		169			25
Impac CMB Trust
Series 2004-6, Class 1A2, 0.88%, 10/25/2034 (m)		22			22
Series 2004-7, Class 1A2, 1.02%, 11/25/2034 (m)		38			39
Series 2005-8, Class 1AM, 0.80%, 2/25/2036 (m)		70			68
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 2.62%, 4/21/2034 (m)		10			10
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 2.25%, 1/25/2037 (m)		—	(a)		—	(a)
Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 4A, 2.58%, 7/25/2034 (m)		—	(a)		—	(a)
New Residential Mortgage Loan Trust Series 2019-NQM4, Class M1, 2.99%, 9/25/2059 ‡ (g) (m)		239			239
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 1.75%, 10/25/2037 (m)		236			243
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 2.83%, 5/25/2035 (m)		13			14
Total Collateralized Mortgage Obligations (Cost $1,297)					1,299
	SHARES (000)
Preferred Stocks — 0.6%
United States — 0.6%
Allstate Corp. (The), Series H, 5.10%, 10/15/2024 ($25 par value) (n)		1			35
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (n)		1			19
Series HH, 5.88%, 7/24/2023 ($25 par value) (n)		1			18
Series KK, 5.38%, 6/25/2024 ($25 par value) (n)		1			20
Series LL, 5.00%, 9/17/2024 ($25 par value) (n)		1			20
Energy Transfer LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 (f) (n)		2			41
MetLife, Inc., Series F, 4.75%, 3/15/2025 ($25 par value) (n)		1			17

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Morgan Stanley,
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (f) (n)		2			72
Series L, 4.88%, 1/15/2025 ($25 par value) (n)		—	(a)		5
MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡		7			8
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		1			17
Northern Trust Corp., Series E, 4.70%, 1/1/2025 ($25 par value) (n)		—	(a)		12
Public Storage, Series L, , REIT4.63%, 6/17/2025 ($25 par value) (n)		1			14
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (f) (n)		—	(a)		7
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (n)		4			98
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		—	(a)		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) (f) (n)		—	(a)		11
Truist Financial Corp., Series R, 4.75%, 9/1/2025 ($25 par value) (n)		1			21
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (n)		—	(a)		9
Wells Fargo & Co.,
Series AA, 4.70%, 12/15/2025 ($25 par value) (n)		—	(a)		5
Series Y, 5.63%, 6/15/2022 ($25 par value) (n)		1			32
Series Z, 4.75%, 3/15/2025 ($25 par value) (n)		5			137
Total Preferred Stocks (Cost $614)					648
	PRINCIPAL AMOUNT ($000)
Mortgage-Backed Securities — 0.4%
United States — 0.4%
FNMA UMBS, 30 Year
Pool # MA4306, 2.50%, 4/1/2051		45			46
Pool # MA4356, 2.50%, 6/1/2051		19			19
Pool # MA4398, 2.00%, 8/1/2051		334			333
Pool # MA4465, 2.00%, 11/1/2051		10			10

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
United States — continued
GNMA II, 30 Year
Pool # MA7534, 2.50%, 8/20/2051		59		60
Total Mortgage-Backed Securities (Cost $473)				468
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes
1.38%, 1/31/2022 (o) (Cost $462)		461		461
Asset-Backed Securities — 0.4%
United States — 0.4%
Bear Stearns Asset-Backed Securities Trust Series 2004-HE5, Class M2, 1.98%, 7/25/2034 ‡ (m)		7		7
Exeter Automobile Receivables Trust Series 2018-2A, Class E, 5.33%, 5/15/2025 (g)		120		125
GSAMP Trust Series 2003-SEA, Class A1, 0.90%, 2/25/2033 ‡ (m)		96		93
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 2.35%, 3/25/2033 ‡ (m)		69		69
Series 2003-NC10, Class M1, 1.12%, 10/25/2033 ‡ (m)		15		15
Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (g)		10		10
Securitized Asset-Backed Receivables LLC Trust Series 2004-OP2, Class M3, 2.13%, 8/25/2034 ‡ (m)		79		78
Westlake Automobile Receivables Trust Series 2019-1A, Class E, 4.49%, 7/15/2024 (g)		50		52
Total Asset-Backed Securities (Cost $431)				449
Loan Assignments — 0.3% (p)
United States — 0.3%
American Axle & Manufacturing, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (f)		6		6
Axalta Dupont PC, Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.97%, 6/1/2024 (f)		21		21
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.35%, 3/15/2027 (f)		8		7
Golden Nugget, Inc., 1st Lien Term Loan B ((ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%)), 3.25%, 10/4/2023 (f)		48		48
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.10%, 5/1/2026 (f)		33		33

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Nexstar Broadcasting, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.60%, 9/18/2026 (f)		43			43
UFC Holdings LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 4/29/2026 (f)		39			39
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.10%, 6/2/2025 (f)		67			67
WMG Acquisition Corp., Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.23%, 1/20/2028 (f)		31			31
					295
Total Loan Assignments (Cost $295)					295
	NO. OF WARRANTS (000)
Warrants — 0.0% (d)
United Kingdom — 0.0% (d)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD * ‡		—	(a)		3
United States — 0.0% (d)
Chesapeake Energy Corp.
expiring 2/9/2026, price 27.27 USD *		—	(a)		9
expiring 2/9/2026, price 31.71 USD *		—	(a)		8
expiring 2/9/2026, price 35.71 USD *		—	(a)		4
Windstream Holdings, Inc.expiring 12/31/2049, price 10.75 USD * ‡		—	(a)		1
					22
Total Warrants (Cost $—)					25
	PRINCIPAL AMOUNT ($000)
Convertible Bonds — 0.0% (d)
United States — 0.0% (d)
Liberty Interactive LLC
4.00%, 11/15/2029		3			2
3.75%, 2/15/2030		2			2
					4
Total Convertible Bonds (Cost $4)					4

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.5%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (l) (q)		1,323		1,323
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (l) (q)		461		462
Total Investment Companies (Cost $1,785)				1,785
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (l) (q)		200		200
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (l) (q)		820		820
Total Investment of Cash Collateral from Securities Loaned (Cost $1,020)				1,020
Total Short-Term Investments (Cost $2,805)				2,805
Total Investments — 100.2% (Cost $101,930)				110,882
Liabilities in Excess of Other Assets — (0.2)%				(208	)
NET ASSETS — 100.0%				110,674

Percentages indicated are based on net assets.

Summary of Investments by Industry, December 31, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Equity-Linked Notes		10.0	%
Banks		6.8
Exchange-Traded Fund		5.6
Equity Real Estate Investment Trusts (REITs)		5.1
Oil, Gas & Consumable Fuels		4.9
Diversified Telecommunication Services		4.0
Electric Utilities		3.5
Pharmaceuticals		3.4
Fixed Income		2.9
Insurance		2.8
Capital Markets		2.8
Media		2.6
Health Care Providers & Services		2.4
Commercial Mortgage-Backed Securities		2.1
Hotels, Restaurants & Leisure		1.9
Food Products		1.8
Semiconductors & Semiconductor Equipment		1.8
Metals & Mining		1.7
U.S. Equity		1.5
Multi-Utilities		1.5
Wireless Telecommunication Services		1.4
Chemicals		1.3
Technology Hardware, Storage & Peripherals		1.3
Consumer Finance		1.2
Containers & Packaging		1.2
Collateralized Mortgage Obligations		1.2
Household Durables		1.1
Commercial Services & Supplies		1.0
Others (each less than 1.0%)		18.7
Short-Term Investments		2.5

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

Abbreviations

ABS	Asset-Backed Securities
ADR	American Depositary Receipt
CVA	Dutch Certification
ELN	Equity-Linked Note
ETF	Exchange-Traded Fund
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
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, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RTS	Russian Trading System
SCA	Limited partnership with share capital
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $977.

(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)	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, 2021.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2021.
(g)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(j)	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, 2021.
(k)	Defaulted security.
(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, 2021.
(n)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of December 31, 2021.
(o)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(p)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(q)	The rate shown is the current yield as of December 31, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

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

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note		106			03/2022		USD		13,815			120
Short Contracts
Russell 2000 E-Mini Index		(18	)		03/2022		USD		(2,018	)		(59	)
S&P 500 E-Mini Index		(4	)		03/2022		USD		(952	)		(20	)
												(79	)
												41

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 29

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Income Builder Portfolio
ASSETS:
Investments in non-affiliates, at value	$	96,955
Investments in affiliates, at value		12,907
Investment of cash collateral received from securities loaned, at value (See Note 2.E.)		1,020
Cash		248
Foreign currency, at value		12
Receivables:
Investment securities sold		61
Investment securities sold — delayed delivery securities		20
Portfolio shares sold		2
Interest from non-affiliates		570
Dividends from non-affiliates		85
Dividends from affiliates		29
Tax reclaims		49
Securities lending income (See Note 2.E.)		—	(a)
Total Assets		111,958
LIABILITIES:
Payables:
Investment securities purchased		59
Collateral received on securities loaned (See Note 2.E.)		1,020
Portfolio shares redeemed		5
Variation margin on futures contracts		2
Accrued liabilities:
Investment advisory fees		11
Distribution fees		19
Custodian and accounting fees		93
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		75
Total Liabilities		1,284
Net Assets	$	110,674

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

	JPMorgan Insurance Trust Income Builder Portfolio
NET ASSETS:
Paid-in-Capital	$	96,238
Total distributable earnings (loss)		14,436
Total Net Assets	$	110,674
Net Assets:
Class 1	$	21,470
Class 2		89,204
Total	$	110,674
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		1,803
Class 2		7,524
Net Asset Value (a):
Class 1 — Offering and redemption price per share	$	11.91
Class 2 — Offering and redemption price per share		11.86
Cost of investments in non-affiliates	$	88,640
Cost of investments in affiliates		12,270
Cost of foreign currency		2
Investment securities on loan, at value (See Note 2.E.)		977
Cost of investment of cash collateral (See Note 2.E.)		1,020

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 31

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Amounts in thousands)

	JPMorgan Insurance Trust Income Builder Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	2,396
Dividend income from non-affiliates		1,603
Dividend income from affiliates		257
Income from securities lending (net) (See Note 2.E.)		4
Foreign taxes withheld (net)		(110	)
Total investment income		4,150
EXPENSES:
Investment advisory fees		449
Administration fees		80
Distribution fees:
Class 2		215
Custodian and accounting fees		260
Interest expense to affiliates		—	(a)
Professional fees		99
Trustees’ and Chief Compliance Officer’s fees		25
Printing and mailing costs		30
Transfer agency fees (See Note 2.L.)		—	(a)
Other		12
Total expenses		1,170
Less fees waived		(318	)
Less expense reimbursements		—	(a)
Net expenses		852
Net investment income (loss)		3,298
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,632
Investments in affiliates		669
Futures contracts		(1,347	)
Foreign currency transactions		(4	)
Net realized gain (loss)		2,950
Distributions of capital gains received from investment company affiliates		30
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,305
Investments in affiliates		(264	)
Futures contracts		95
Foreign currency translations		(7	)
Change in net unrealized appreciation/depreciation		2,129
Net realized/unrealized gains (losses)		5,109
Change in net assets resulting from operations	$	8,407

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust Income Builder Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,298		$	2,815
Net realized gain (loss)		2,950			269
Distributions of capital gains received from investment company affiliates		30			—	(a)
Change in net unrealized appreciation/depreciation		2,129			1,538
Change in net assets resulting from operations		8,407			4,622
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(664	)		(495	)
Class 2		(2,555	)		(2,485	)
Total distributions to shareholders		(3,219	)		(2,980	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,626			7,628
NET ASSETS:
Change in net assets		10,814			9,270
Beginning of period		99,860			90,590
End of period	$	110,674		$	99,860
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	804		$	4,684
Distributions reinvested		664			495
Cost of shares redeemed		(705	)		(630	)
Change in net assets resulting from Class 1 capital transactions		763			4,549
Class 2
Proceeds from shares issued		11,123			13,471
Distributions reinvested		2,554			2,485
Cost of shares redeemed		(8,814	)		(12,877	)
Change in net assets resulting from Class 2 capital transactions		4,863			3,079
Total change in net assets resulting from capital transactions	$	5,626		$	7,628
SHARE TRANSACTIONS:
Class 1
Issued		68			436
Reinvested		57			50
Redeemed		(60	)		(57	)
Change in Class 1 Shares		65			429
Class 2
Issued		956			1,275
Reinvested		221			254
Redeemed		(758	)		(1,258	)
Change in Class 2 Shares		419			271

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 33

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 Income Builder Portfolio
Class 1
Year Ended December 31, 2021	$	11.33	$	0.38	$	0.57		$	0.95		$	(0.34	)	$	(0.04	)	$	(0.38	)
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	)
Class 2
Year Ended December 31, 2021		11.28		0.35		0.57			0.92			(0.31	)		(0.04	)		(0.35	)
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	)

(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.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
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
$	11.91		8.51	%	$	21,470		0.60	%		3.28	%		0.89	%		67	%
	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
	11.86		8.31			89,204		0.85			3.03			1.14			67
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

(Dollar values in thousands)

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.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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

Futures contracts are generally valued on the basis of available market quotations.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Portfolio at December 31, 2021.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	187		$	262	$	449
Collateralized Mortgage Obligations
United States		—		1,035			264		1,299
Commercial Mortgage-Backed Securities
United States		—		1,293			1,072		2,365
Common Stocks
Australia		—		1,203			—		1,203
Austria		—		104			—		104
Belgium		38		244			—		282
Brazil		117		31			—		148
Canada		2,339		—			—		2,339
Chile		18		—			—		18
China		23		1,759			—		1,782
Denmark		—		563			—		563
Finland		—		510			—		510
France		—		1,236			—		1,236
Germany		14		1,968			—		1,982
Hong Kong		32		537			—		569
India		376		—			—		376
Indonesia		169		168			—		337
Ireland		—		47	��		—		47
Italy		—		745			—		745
Japan		108		1,761			—		1,869
Luxembourg		—		17			—		17
Mexico		425		—			—		425
Netherlands		115		407			—		522
New Zealand		—		125			—		125
Norway		21		295			—		316
Portugal		28		48			—		76
Russia		130		232			—		362
Saudi Arabia		—		69			—		69
Singapore		50		224			—		274
South Africa		30		122			—		152
South Korea		19		573			—		592

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Spain	$	22		$	1,006	$	—	$	1,028
Sweden		—			656		—		656
Switzerland		—			1,731		—		1,731
Taiwan		55			1,299		—		1,354
Thailand		—			46		—		46
United Kingdom		164			2,448		—		2,612
United States		16,883			279		—		17,162
Total Common Stocks		21,176			20,453		—		41,629
Convertible Bonds		—			4		—		4
Corporate Bonds		—			38,211		—		38,211
Equity-Linked Notes		—			11,101		—		11,101
Exchange-Traded Funds		6,158			—		—		6,158
Investment Companies		4,964			—		—		4,964
Loan Assignments		—			295		—		295
Mortgage-Backed Securities		—			468		—		468
Preferred Stocks
United States		640			—		8		648
U.S. Treasury Obligations		—			461		—		461
Warrants
United Kingdom		—			—		3		3
United States		21			—		1		22
Total Warrants		21			—		4		25
Short-Term Investments
Investment Companies		1,785			—		—		1,785
Investment of Cash Collateral from Securities Loaned		1,020			—		–		1,020
Total Short-Term Investments		2,805			—		—		2,805
Total Investments in Securities	$	35,764		$	73,508	$	1,610	$	110,882
Appreciation in Other Financial Instruments
Futures Contracts	$	120		$	—	$	—	$	120
Depreciation in Other Financial Instruments
Futures Contracts		(79	)		—		—		(79	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	41		$	—	$	—	$	41

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

	Balance as of December 31, 2020			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, 2021
Investments in Securities:
Asset-Backed Securities	$	986		$	9		$	(11	)	$	2		$	—	$	(724	)	$	—	$	—		$	262
Collateralized Mortgage Obligations		862			—	(a)		(7	)		—	(a)		—		(591	)		—		—			264
Commercial Mortgage-Backed Securities		1,258			—			26			1			—		(264	)		51		—			1,072
Common Stocks		—	(a)		—			—			—			—		—			—		—	(a)		—
Preferred Stocks		10			—	(a)		—	(a)		—			—		(2	)		—		—			8
Warrants		13			—			10			—			—		(19	)		—		—			4
Total	$	3,129		$	9		$	18		$	3		$	—	$	(1,600	)	$	51	$	—	(a)	$	1,610

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.

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2021, which were valued using significant unobservable inputs (level 3) amounted to $24. 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, 2021.

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 #

	Fair Value at December 31, 2021			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	262		Discounted Cash Flow	Constant Prepayment Rate		4.80% - 10.00% (6.69%)
					Constant Default Rate		2.00% - 6.00% (4.22%)
					Yield (Discount Rate of Cash Flows)		2.01% - 4.78% (3.54%)
Asset-Backed Securities		262
		1,072		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		0.00% - 17.70% (5.55%)
Commercial Mortgage-Backed Securities		1,072
		264		Discounted Cash Flow	Constant Prepayment Rate		10.00% - 20.00% (19.03%)
					Yield (Discount Rate of Cash Flows)		2.08% - 2.97% (2.89%)
Collateralized Mortgage Obligations		264
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)		5.3x (5.3x)
Warrants		—	(b)
Total	$	1,598

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At December 31 2021, the value of these investments was $12. The inputs for these investments 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, 2021, 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 claims by their 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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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 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.

The Portfolio had when-issued securities, delayed delivery securities or forward commitments outstanding as of December 31, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities on the Statement of Assets and Liabilities. The values of these securities held at December 31, 2021 are detailed on the SOI.

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 the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the 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, 2021.

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)
	$977		$(977)		$—

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

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 0.12% to 0.06%. For the year ended December 31, 2021, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$1

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).

F. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds and ETFs, 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’ and ETFs’ distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below.

	For the year ended December 31, 2021
Security Description	Value at December 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)	$	1,953	$	365	$	—	$	—		$	(158	)	$	2,160		282	$	107		$	—
JPMorgan Equity Income Fund Class R6 Shares (a)		3,573		78		2,487		667			(135	)		1,696		71		47			30
JPMorgan Equity Premium Income ETF (a)		—		1,634		—		—			19			1,653		26		15			—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		931		167		—		—			10			1,108		124		35			—
JPMorgan High Yield Research Enhanced ETF (a)		—		4,503		—		—			2			4,505		87		50			—
JPMorgan Managed Income Fund Class L Shares (a)		249		1		250		1			(1	)		—		—		1			—
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)		209		3,587		3,334		—	(c)		—	(c)		462		461		—	(c)		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)		2,630		43,214		44,521		1			(1	)		1,323		1,323		2			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08%, 0.08% (a) (b)		700		—		500		—	*(c)		—	(c)		200		200		—	*(c)		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		667		12,008		11,855		—			—			820		820		—	*(c)		—
Total	$	10,912	$	65,557	$	62,947	$	669		$	(264	)	$	13,927			$	257		$	30

(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, 2021.

(c) Amount rounds to less than one thousand.

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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 year 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, interest rate and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Portfolio also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Portfolio is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Portfolio periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on 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, 2021:

Futures Contracts
Average Notional Balance Long	$	12,903
Average Notional Balance Short		3,111
Ending Notional Balance Long		13,815
Ending Notional Balance Short		2,970

I. Summary of Derivatives Information

The following table presents the value of derivatives held as of December 31, 2021 by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Equity Risk Exposure:
Unrealized Depreciation on Futures Contracts*	$	(79	)
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		120
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		41

* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOI. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

The following table presents the effect of derivatives on the Statement of Operations for the year ended December 31, 2021, by primary underlying risk exposure:

Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	(630	)
Foreign Exchange Rate Risk Exposure:
Futures Contracts		(56	)
Interest Rate Risk Exposure:
Futures Contracts		(661	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		(54	)
Foreign Exchange Rate Risk Exposure:
Futures Contracts		38
Interest Rate Risk Exposure:
Futures Contracts		111

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, 2021, 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, are 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, 2021 are as follows:

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

(a) Amount rounds to less than one thousand.

The Portfolio invested in Underlying Funds and, as a result, bears a portion of the expenses incurred by these Underlying Funds and ETFs. 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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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, 2021, 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.

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:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	—	$	129	$	(129	)

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

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, 2021, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio pursuant to Rule 12b-1 under the 1940 Act. 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

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2022.

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, 2021, the Adviser waived $31. 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, 2021, the Portfolio’s service providers waived fees and/or reimbursed expenses for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
$	202	$	80	$	282	$	—	(a)

(a) Amount rounds to less than one thousand.

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, 2021 was $5.

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, 2021, 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, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	73,921	$	67,415	$	603	$	513

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, 2021 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	102,754	$	9,744	$	1,575	$	8,169

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended December 31, 2021 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	3,025	$	194	$	3,219

* 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, 2020 was as follows:

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

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

As of December 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax  Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	4,525	$	1,823	$	8,120

The cumulative timing differences primarily consist of callable bond adjustments, investments in perpetual bonds, investments in PFICs, straddle loss deferrals and wash sale loss deferrals.

As of December 31, 2021, 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, 2021.

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 October 31, 2022.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 10,

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2021.

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, 2021, the Portfolio had four individual shareholder and/or non-affiliated omnibus accounts, which owned 79.1% of the Portfolio’s outstanding shares.

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

The Portfolio is subject to 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 high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Portfolio are intended for investors who are able and willing to assume a high degree of risk.

The Portfolio may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject the Portfolio to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of the Portfolio’s loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s investments 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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 47

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 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, 2021 by correspondence with the custodian, transfer agent, agent banks 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 14, 2022

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

DECEMBER 31, 2021 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 the 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).	169	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the 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).	169	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Gary L. French (1951); Trustee of the Trust since 2022. †	Real Estate Investor (2011-present); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017).	169	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	169	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Robert J. Grassi (1957); Trustee of the Trust since 2022. †	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).	169	None
Frankie D. Hughes (1952); Trustee of the 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).	169	None

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 the Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	169	Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (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).
Thomas P. Lemke (1954); Trustee of the Trust since 2022. †	Retired since 2013.	169	(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018).
Lawrence R. Maffia (1950); Trustee of the Trust since 2022. †	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).	169	Director, ICI Mutual Insurance Company (1999-2013).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the 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).	169	None
Marilyn McCoy (1948); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	169	None
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	169	Trustee, The Coldwater Conservation Fund; Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020).

DECEMBER 31, 2021 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
Independent Trustees (continued)
Marian U. Pardo* (1946); Trustee of the 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).	169	Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Emily A. Youssouf (1951); Trustee of the Trust since 2022. †	Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013-present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation.	169	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustees
Robert E. Deutsch** (1957); Trustee of the Trust since 2022. †	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).	169	Treasurer and Director of the JUST Capital Foundation (2017-present).
Nina O. Shenker** (1957) Trustee of the Trust since 2022. †	Vice Chair (2017-Present), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management.	169	Director and Member of Executive Committee and Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-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 nine registered investment companies (169 J.P. Morgan Funds).

  * 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.

** Considered an interested trustee based on prior employment by JPM Asset Management or an affiliate of JPMorgan Asset Management.

^†  Trustee of the Trust effective January 1, 2022.

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

52 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing 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.
Kiesha Astwood-Smith, (1973) Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to 2021.
Matthew Beck (1988), Assistant Secretary (2021)***	Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from 2018 to 2021; General Counsel, Nottingham Company from 2014 to 2018.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
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.
Max Vogel (1990), Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP from 2017 to 2021; Associate, Stroock & Stroock & Lavan LLP from 2015 to 2017.
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. 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. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment 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. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment 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, 2021 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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JP Morgan Insurance Trust Income Builder Portfolio
Class 1
Actual	$	1,000.00	$	1,021.40	$	3.06		0.60	%
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class 2
Actual		1,000.00		1,020.70		4.33		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

54 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

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 2021, 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, 2021.

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 investment 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 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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(continued)

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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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

56 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Portfolio.

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 fee structure and 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 third, third and fifth quintiles based upon the

Peer Group, and in the fifth, fifth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the Portfolio’s performance for Class 2 shares was in the third, fourth and fifth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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 first quintile based upon both the Peer Group and Universe. 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.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 57

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Dividends Received Deduction (DRD)

The Portfolio had 14.82%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2021.

Long Term Capital Gain

The Portfolio distributed $194, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2021.

58 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Insurance Trust (the “Trust)” held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of the Trust, including the Portfolio. The results of the voting were as follows:

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		102,380
Withheld		2,850
Steven P. Fisher
In Favor		102,570
Withheld		2,660
Gary L. French
In Favor		102,531
Withheld		2,699
Kathleen M. Gallagher
In Favor		102,646
Withheld		2,584
Robert J. Grassi
In Favor		102,662
Withheld		2,568
Frankie D. Hughes
In Favor		102,570
Withheld		2,660
Raymond Kanner
In Favor		102,705
Withheld		2,525

	Votes Received (Amounts in thousands)
Thomas P. Lemke
In Favor		102,473
Withheld		2,757
Lawrence R. Maffia
In Favor		102,473
Withheld		2,757
Mary E. Martinez
In Favor		102,559
Withheld		2,671
Marilyn McCoy
In Favor		102,367
Withheld		2,863
Dr. Robert A. Oden, Jr.
In Favor		102,270
Withheld		2,960
Marian U. Pardo
In Favor		102,755
Withheld		2,475
Emily A. Youssouf
In Favor		102,573
Withheld		2,657
Interested Nominee
Robert F. Deutsch
In Favor		102,568
Withheld		2,662
Nina O. Shenker
In Favor		102,505
Withheld		2,725

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 59

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., 2021.  All rights reserved. December 2021. AN-JPMITIBP-1221

Annual Report

JPMorgan Insurance Trust

December 31, 2021

JPMorgan Insurance Trust Global Allocation Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
   

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	22
Financial Highlights	26
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	41
Trustees	42
Officers	45
Schedule of Shareholder Expenses	46
Board Approval of Investment Advisory Agreement	47
Tax Letter	51
Special Shareholder Meeting Results	52

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Portfolio or the securities markets.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation has carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*	��		9.26%
MSCI All Country World Index (net of foreign withholding taxes)			18.54%
Global Allocation Composite Benchmark			8.78%
Net Assets as of 12/31/2021 (In Thousands)		$	135,048

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Equity markets outperformed fixed income markets throughout 2021, driven by the global economic rebound that followed the development of vaccines and unprecedented monetary and fiscal support. U.S. equity markets largely led global equity markets throughout the year despite historically high valuations for U.S. equity. Emerging markets equity generally slumped in the second half of the year as inflationary pressures accelerated and investor demand for Chinese equity receded.

Within fixed income markets, low interest rates on sovereign debt pushed investors to seek higher yielding debt securities in corporate and other credit markets. Emerging markets debt fell during the year as central banks in select emerging markets began to raise interest rates in the second half. U.S. high yield bonds (also known as “junk bonds”) provided positive but narrow returns for the year, while returns on investment grade corporate credit were mixed.

The global equity rally appeared to pause in January 2021 and then equity prices surged higher from February through June. In the U.S., the distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package, and the prospect of additional federal government spending, helped push leading equity indexes higher. U.S. corporate earnings and cash flows reached record highs in the first and second quarters of 2021. Job growth, rising consumer spending, business investment and manufacturing data added further fuel to the rally in U.S. equity markets.

Historically high valuations for U.S. equity fueled increased investor demand for international developed and emerging markets equity midway through the year. However, mixed success against the pandemic in the developed markets and political developments – including unresolved disputes over Brexit – weighed on equity prices in the European Union and the U.K. Increased regulatory scrutiny of large technology companies in China and investor concerns about debt levels in the country’s real estate sector generally pulled emerging markets lower through the second half of the year.

The final months of 2021 were marked by the emergence of the omicron variant of the coronavirus and the reimposition of

some pandemic restrictions at the regional, national and local levels. While investor uncertainty led to a global increase in financial market volatility, U.S. equity prices remained buoyed by record high corporate earnings and a general boom in U.S. household wealth.

While neither the U.S. Federal Reserve (the “Fed”) nor the European Central Bank raised policy interest rates during the period, the Fed accelerated the reduction in its monthly asset purchases under its quantitative easing program and indicated it would raise rates in 2022 and 2023 as economic conditions warranted. By the end of the year, the European Central Bank said it was unlikely to raise interest rates in 2022, and other leading central banks appeared to take a similar position.

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 Global Aggregate Index, for the twelve months ended December 31, 2021.

The Portfolio’s allocation to government bonds detracted from performance relative to the Benchmark, which is an all-equity index.

Relative to the Composite, the Portfolio’s overweight allocations to U.S. and international developed market equities were leading contributors to relative performance, as those asset classes outperformed compared with emerging markets equity and fixed income assets.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to maximize total return while managing risk. The portfolio managers added to the Portfolio’s equity positions, especially through international developed market equity, and shifted the mix of underlying managers within U.S. equity toward more value-oriented strategies. In terms of fixed income, portfolio managers decreased the Portfolio’s global government bond allocation and focused the Portfolio’s credit allocation through so-called crossover credit, which includes corporate credit that straddles investment grade and below investment grade ratings.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

TOP TEN LONG HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	JPMorgan High Yield Fund Class R6 Shares		9.4	%
	2.	JPMorgan Income Fund Class R6 Shares		6.6
	3.	JPMorgan Emerging Markets Equity Fund Class R6 Shares		4.1
	4.	JPMorgan Large Cap Value Fund Class R6 Shares		3.6
	5.	Microsoft Corp.		1.7
	6.	U.S. Treasury Notes, 1.38%, 1/31/2022		1.5
	7.	Apple, Inc.		1.4
	8.	Amazon.com, Inc.		1.3
	9.	Alphabet, Inc., Class C		1.2
	10.	Novo Nordisk A/S, Class B (Denmark)		0.8

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Canadian Pacific Railway Ltd. (Canada)		26.5	%
	2.	Sirius XM Holdings, Inc.		22.0
	3.	3M Co.		8.1
	4.	Conagra Brands, Inc.		7.1
	5.	Boeing Co. (The)		6.4
	6.	Campbell Soup Co.		6.2
	7.	Mastercard, Inc., Class A		6.2
	8.	Restaurant Brands International, Inc. (Canada)		5.4
	9.	Cummins, Inc.		4.1
	10.	Caterpillar, Inc.		4.1

LONG POSITION PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		52.4	%
Investment Companies		23.9
Foreign Government Securities		10.3
Corporate Bonds		3.6
U.S. Treasury Obligations		1.5
Others (each less than 1.0%)		0.3
Short-Term Investments		8.0

SHORT POSITION PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		100.0	%

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

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		9.51	%		10.25	%		7.86	%
CLASS 2 SHARES		December 9, 2014		9.26			9.98			7.59

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 12/31/21)

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 All Country World Index (net of foreign withholding taxes), the Bloomberg Global Aggregate Index — Unhedged USD and the Global Allocation Composite Benchmark from December 9, 2014 to December 31, 2021. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI All Country World Index (net of foreign withholding taxes), Bloomberg 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 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 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 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 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, 2021

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 99.5%
Common Stocks — 52.1%
Australia — 0.8%
Afterpay Ltd. *		—	(a)		2
Ampol Ltd.		—	(a)		3
APA Group		—	(a)		3
Aristocrat Leisure Ltd.		—	(a)		7
ASX Ltd.		—	(a)		6
Aurizon Holdings Ltd.		1			2
Australia & New Zealand Banking Group Ltd.		1			22
BHP Group Ltd.		1			39
BHP Group plc		10			299
BlueScope Steel Ltd.		—	(a)		2
Brambles Ltd.		1			6
Cochlear Ltd.		—	(a)		3
Coles Group Ltd.		1			12
Commonwealth Bank of Australia		1			59
Computershare Ltd.		—	(a)		2
CSL Ltd.		—	(a)		45
Endeavour Group Ltd.		1			4
Fortescue Metals Group Ltd.		—	(a)		5
Glencore plc *		2			10
Goodman Group, REIT		1			18
GPT Group (The), REIT		2			8
Insurance Australia Group Ltd.		2			5
LendLease Corp. Ltd.		—	(a)		4
Macquarie Group Ltd.		—	(a)		26
Medibank Pvt Ltd.		2			4
Mirvac Group, REIT		6			13
National Australia Bank Ltd.		1			21
Newcrest Mining Ltd.		—	(a)		8
Origin Energy Ltd.		1			4
QBE Insurance Group Ltd.		1			7
Ramsay Health Care Ltd.		—	(a)		6
REA Group Ltd.		—	(a)		3
Rio Tinto Ltd.		—	(a)		17
Rio Tinto plc		4			270
Santos Ltd.		2			9
South32 Ltd.		2			5
Stockland, REIT		1			3
Sydney Airport *		1			5
Tabcorp Holdings Ltd.		1			3
Telstra Corp. Ltd.		3			8
Transurban Group		1			10
Wesfarmers Ltd.		—	(a)		19

INVESTMENTS	SHARES (000)			VALUE ($000)
Australia — continued
Westpac Banking Corp.		2			26
Woolworths Group Ltd.		1			20
					1,053
Austria — 0.0% (b)
Erste Group Bank AG		—	(a)		23
Belgium—0.3%
Anheuser-Busch InBev SA		—	(a)		13
KBC Group NV		5			454
					467
Canada — 0.5%
Canadian National Railway Co.		2			247
Fairfax Financial Holdings Ltd.		—	(a)		64
TC Energy Corp.		2			71
Toronto-Dominion Bank (The)		3			257
					639
China — 0.9%
Alibaba Group Holding Ltd. *		11			168
Bilibili, Inc., Class Z * (c)		1			66
BOC Hong Kong Holdings Ltd.		3			10
Budweiser Brewing Co. APAC Ltd. (d)		1			2
NXP Semiconductors NV		3			691
Prosus NV *		—	(a)		40
Tencent Holdings Ltd.		5			280
Wilmar International Ltd.		1			4
					1,261
Denmark — 1.2%
Carlsberg A/S, Class B		2			260
Coloplast A/S, Class B		1			108
DSV A/S		—	(a)		13
Genmab A/S *		—	(a)		14
Novo Nordisk A/S, Class B		10			1,082
Orsted A/S (d)		1			161
Vestas Wind Systems A/S		1			23
					1,661
Finland — 0.3%
Elisa OYJ		—	(a)		25
Kone OYJ, Class B		3			180
Nokia OYJ *		3			17
Nordea Bank Abp		11			137
					359

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
France — 2.8%
Air Liquide SA		—	(a)		80
Airbus SE *		3			415
Alstom SA		—	(a)		13
AXA SA		1			22
BNP Paribas SA		1			70
Capgemini SE		2			399
Dassault Systemes SE		1			35
EssilorLuxottica SA		—	(a)		24
Hermes International		—	(a)		16
Kering SA		—	(a)		55
Legrand SA		—	(a)		7
L’Oreal SA		1			365
LVMH Moet Hennessy Louis Vuitton SE		1			769
Pernod Ricard SA		—	(a)		53
Safran SA		2			280
Sanofi		—	(a)		49
Societe Generale SA		9			312
Thales SA		—	(a)		7
TotalEnergies SE		1			72
Veolia Environnement SA		2			59
Vinci SA		6			609
					3,711
Germany — 2.1%
adidas AG		2			545
Allianz SE (Registered)		3			736
BASF SE		1			36
Bayer AG (Registered)		1			28
Daimler AG (Registered)		—	(a)		23
Daimler Truck Holding AG *		—	(a)		5
Deutsche Boerse AG		—	(a)		21
Deutsche Post AG (Registered)		4			258
Deutsche Telekom AG (Registered)		4			73
Infineon Technologies AG		1			59
Merck KGaA		—	(a)		40
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		—	(a)		67
RWE AG		6			262
SAP SE		—	(a)		69
Siemens AG (Registered)		—	(a)		76
Volkswagen AG (Preference)		2			399
Vonovia SE		1			51
Zalando SE * (d)		—	(a)		32
					2,780

INVESTMENTS	SHARES (000)			VALUE ($000)
Hong Kong — 0.5%
AIA Group Ltd.		34			341
CK Asset Holdings Ltd.		1			7
CK Infrastructure Holdings Ltd.		1			3
CLP Holdings Ltd.		1			10
Hang Seng Bank Ltd.		—	(a)		5
HKT Trust & HKT Ltd.		2			3
Hong Kong & China Gas Co. Ltd.		2			4
Hong Kong Exchanges & Clearing Ltd.		5			275
Hongkong Land Holdings Ltd.		1			4
Jardine Matheson Holdings Ltd.		—	(a)		5
Link, REIT		1			9
MTR Corp. Ltd.		1			5
New World Development Co. Ltd.		1			2
Power Assets Holdings Ltd.		1			3
Sun Hung Kai Properties Ltd.		1			6
Techtronic Industries Co. Ltd.		1			10
WH Group Ltd.(d)		5			3
Wharf Real Estate Investment Co. Ltd.		1			5
Xinyi Glass Holdings Ltd.		1			3
					703
India — 0.3%
HDFC Bank Ltd., ADR		7			452
Indonesia — 0.2%
Bank Central Asia Tbk. PT		399			204
Ireland — 0.2%
CRH plc		1			29
Flutter Entertainment plc *		—	(a)		5
Kingspan Group plc		—	(a)		36
Kingspan Group plc		—	(a)		18
Ryanair Holdings plc, ADR *		2			175
					263
Italy — 0.4%
Enel SpA		3			25
Ferrari NV		—	(a)		57
Ferrari NV		—	(a)		6
FinecoBank Banca Fineco SpA		2			32
UniCredit SpA		30			467
					587
Japan — 2.4%
Aeon Co. Ltd.		—	(a)		5
AGC, Inc.		—	(a)		10

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Aisin Corp.		—	(a)		4
Ajinomoto Co., Inc.		1			15
Asahi Group Holdings Ltd.		1			23
Asahi Kasei Corp.		2			17
Astellas Pharma, Inc.		1			11
Bridgestone Corp.		1			26
Canon, Inc.		—	(a)		10
Capcom Co. Ltd.		—	(a)		7
Central Japan Railway Co.		—	(a)		27
Chubu Electric Power Co., Inc.		1			6
Chugai Pharmaceutical Co. Ltd.		—	(a)		10
CyberAgent, Inc.		—	(a)		7
Dai Nippon Printing Co. Ltd.		—	(a)		2
Dai-ichi Life Holdings, Inc.		—	(a)		2
Daiichi Sankyo Co. Ltd.		1			36
Daikin Industries Ltd.		—	(a)		23
Daito Trust Construction Co. Ltd.		—	(a)		11
Daiwa House Industry Co. Ltd.		1			14
Daiwa Securities Group, Inc.		1			3
Denso Corp.		—	(a)		17
Dentsu Group, Inc.		1			18
East Japan Railway Co.		—	(a)		12
Eisai Co. Ltd.		—	(a)		6
ENEOS Holdings, Inc.		1			2
FANUC Corp.		—	(a)		42
Fuji Electric Co. Ltd.		—	(a)		22
FUJIFILM Holdings Corp.		—	(a)		15
Fujitsu Ltd.		—	(a)		17
Hitachi Ltd.		1			43
Honda Motor Co. Ltd.		7			191
Hoya Corp.		1			148
Ibiden Co. Ltd.		—	(a)		6
Inpex Corp.		1			6
Isuzu Motors Ltd.		1			12
ITOCHU Corp.		1			37
Japan Airlines Co. Ltd. *		—	(a)		4
Japan Exchange Group, Inc.		1			20
Japan Post Holdings Co. Ltd. *		—	(a)		2
Japan Real Estate Investment Corp., REIT		—	(a)		11
Japan Tobacco, Inc.		—	(a)		6
Kansai Electric Power Co., Inc. (The)		—	(a)		3
Kao Corp.		—	(a)		21
KDDI Corp.		1			29

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Keyence Corp.		—	(a)		251
Kintetsu Group Holdings Co. Ltd. *		—	(a)		11
Kirin Holdings Co. Ltd.		1			8
Komatsu Ltd.		—	(a)		5
Konami Holdings Corp.		—	(a)		10
Kubota Corp.		1			24
Kyocera Corp.		—	(a)		19
Kyowa Kirin Co. Ltd.		4			101
M3, Inc.		—	(a)		15
MEIJI Holdings Co. Ltd.		—	(a)		6
MINEBEA MITSUMI, Inc.		1			14
MISUMI Group, Inc.		—	(a)		16
Mitsubishi Chemical Holdings Corp.		1			10
Mitsubishi Corp.		1			35
Mitsubishi Electric Corp.		1			13
Mitsubishi Estate Co. Ltd.		—	(a)		4
Mitsubishi Heavy Industries Ltd.		—	(a)		2
Mitsubishi UFJ Financial Group, Inc.		10			54
Mitsui & Co. Ltd.		1			24
Mitsui Chemicals, Inc.		—	(a)		11
Mitsui Fudosan Co. Ltd.		1			20
Mizuho Financial Group, Inc.		1			10
MS&AD Insurance Group Holdings, Inc.		—	(a)		6
Murata Manufacturing Co. Ltd.		1			40
Nexon Co. Ltd.		—	(a)		6
Nidec Corp.		—	(a)		35
Nihon M&A Center Holdings, Inc.		—	(a)		2
Nintendo Co. Ltd.		—	(a)		47
Nippon Building Fund, Inc., REIT		—	(a)		12
Nippon Express Co. Ltd.		—	(a)		6
Nippon Paint Holdings Co. Ltd.		1			8
Nippon Prologis REIT, Inc., REIT		—	(a)		14
Nippon Steel Corp.		1			11
Nippon Telegraph & Telephone Corp.		1			36
Nippon Yusen KK		—	(a)		8
Nissan Motor Co. Ltd. *		1			6
Nitori Holdings Co. Ltd.		—	(a)		15
Nitto Denko Corp.		—	(a)		8
Nomura Holdings, Inc.		1			3
Nomura Research Institute Ltd.		—	(a)		17
Obayashi Corp.		1			9
Olympus Corp.		1			21
Ono Pharmaceutical Co. Ltd.		1			15

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Oriental Land Co. Ltd.		—	(a)		17
ORIX Corp.		1			22
Otsuka Corp.		—	(a)		14
Otsuka Holdings Co. Ltd.		—	(a)		7
Panasonic Corp.		1			9
Rakuten Group, Inc.		1			6
Recruit Holdings Co. Ltd.		1			55
Renesas Electronics Corp. *		1			7
Resona Holdings, Inc.		1			3
Rohm Co. Ltd.		—	(a)		18
Ryohin Keikaku Co. Ltd.		1			14
SBI Holdings, Inc.		—	(a)		11
Secom Co. Ltd.		—	(a)		7
Sekisui House Ltd.		1			15
Seven & i Holdings Co. Ltd.		1			35
Shimadzu Corp.		—	(a)		13
Shin-Etsu Chemical Co. Ltd.		—	(a)		52
Shionogi & Co. Ltd.		—	(a)		21
Shiseido Co. Ltd.		—	(a)		17
SoftBank Corp.		1			11
SoftBank Group Corp.		1			38
Sompo Holdings, Inc.		—	(a)		4
Sony Group Corp.		3			379
Stanley Electric Co. Ltd.		—	(a)		2
Subaru Corp.		—	(a)		2
Sumitomo Electric Industries Ltd.		1			9
Sumitomo Metal Mining Co. Ltd.		—	(a)		15
Sumitomo Mitsui Financial Group, Inc.		1			38
Sumitomo Mitsui Trust Holdings, Inc.		1			17
Sumitomo Realty & Development Co. Ltd.		—	(a)		3
Suntory Beverage & Food Ltd.		—	(a)		4
Suzuki Motor Corp.		—	(a)		12
T&D Holdings, Inc.		1			17
Taisei Corp.		—	(a)		9
Takeda Pharmaceutical Co. Ltd.		1			19
TDK Corp.		—	(a)		4
Terumo Corp.		1			25
Tokio Marine Holdings, Inc.		1			39
Tokyo Electric Power Co. Holdings, Inc. *		—	(a)		1
Tokyo Electron Ltd.		—	(a)		58
Tokyo Gas Co. Ltd.		1			11
TOPPAN, Inc.		—	(a)		2
Toshiba Corp.		—	(a)		8

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
TOTO Ltd.		—	(a)		5
Toyota Industries Corp.		—	(a)		8
Toyota Motor Corp.		7			126
Toyota Tsusho Corp.		—	(a)		5
Unicharm Corp.		—	(a)		13
Yakult Honsha Co. Ltd.		—	(a)		10
Yamato Holdings Co. Ltd.		1			14
Z Holdings Corp.		—	(a)		2
ZOZO, Inc.		—	(a)		9
					3,209
Macau — 0.0% (b)
Galaxy Entertainment Group Ltd. *		1			5
Sands China Ltd. *		3			8
					13
Mexico — 0.2%
Wal-Mart de Mexico SAB de CV		72			268
Netherlands — 0.9%
Adyen NV * (d)		—	(a)		152
Akzo Nobel NV		—	(a)		35
ASML Holding NV		1			595
Heineken NV		—	(a)		9
ING Groep NV		1			19
Koninklijke Ahold Delhaize NV		1			33
Koninklijke DSM NV		—	(a)		57
Koninklijke KPN NV		12			38
Koninklijke Philips NV		—	(a)		15
NN Group NV		1			54
Royal Dutch Shell plc, Class A		8			167
Royal Dutch Shell plc, Class B		2			45
Wolters Kluwer NV		—	(a)		49
					1,268
New Zealand — 0.0% (b)
Fisher & Paykel Healthcare Corp. Ltd.		—	(a)		6
Xero Ltd. * (c)		—	(a)		9
					15
Russia — 0.2%
Sberbank of Russia PJSC, ADR		13			205
Singapore — 0.4%
Ascendas, REIT		1			2
CapitaLand Integrated Commercial Trust, REIT		3			4
Capitaland Investment Ltd. *		3			7

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Singapore — continued
DBS Group Holdings Ltd.		22			542
Oversea-Chinese Banking Corp. Ltd.		2			14
Singapore Exchange Ltd.		1			5
Singapore Technologies Engineering Ltd.		1			2
Singapore Telecommunications Ltd.		2			3
STMicroelectronics NV		—	(a)		5
United Overseas Bank Ltd.		—	(a)		4
Venture Corp. Ltd.		—	(a)		3
					591
South Africa — 0.2%
Anglo American plc		6			258
South Korea — 0.6%
Delivery Hero SE * (d)		1			137
Samsung Electronics Co. Ltd.		9			621
					758
Spain — 0.4%
Banco Bilbao Vizcaya Argentaria SA		8			49
Banco Santander SA		4			13
CaixaBank SA		11			30
Cellnex Telecom SA(d)		—	(a)		17
Endesa SA		1			33
Iberdrola SA		35			409
Industria de Diseno Textil SA		1			42
					593
Sweden — 0.6%
Assa Abloy AB, Class B		—	(a)		7
Atlas Copco AB, Class A		4			266
Atlas Copco AB, Class B		—	(a)		10
Boliden AB		1			23
Investor AB, Class B		1			13
Lundin Energy AB		1			43
Sandvik AB		1			29
SKF AB, Class B		1			29
Telefonaktiebolaget LM Ericsson, Class B		1			8
Volvo AB, Class B		17			401
					829
Switzerland — 1.5%
ABB Ltd. (Registered)		1			31
Adecco Group AG (Registered)		—	(a)		16
Alcon, Inc.		—	(a)		16
Cie Financiere Richemont SA (Registered)		—	(a)		28
Givaudan SA (Registered)		—	(a)		73
Julius Baer Group Ltd.		—	(a)		21
Lonza Group AG (Registered)		—	(a)		281

INVESTMENTS	SHARES (000)			VALUE ($000)
Switzerland — continued
Nestle SA (Registered)		5			661
Novartis AG (Registered)		2			138
Partners Group Holding AG		—	(a)		13
Roche Holding AG		1			224
SGS SA (Registered)		—	(a)		243
Sika AG (Registered)		—	(a)		60
Straumann Holding AG (Registered)		—	(a)		11
UBS Group AG (Registered)		2			37
Zurich Insurance Group AG		—	(a)		208
					2,061
Taiwan — 0.5%
Sea Ltd., ADR *		1			147
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4			490
					637
United Kingdom — 1.9%
3i Group plc		3			55
Ashtead Group plc		—	(a)		11
AstraZeneca plc		1			116
BAE Systems plc		1			6
Barclays plc		20			51
Berkeley Group Holdings plc		1			34
BP plc		55			245
British American Tobacco plc		1			33
CK Hutchison Holdings Ltd.		2			10
Compass Group plc *		1			15
DCC plc		—	(a)		28
Diageo plc		9			497
Direct Line Insurance Group plc		3			13
Experian plc		—	(a)		9
GlaxoSmithKline plc		2			51
HSBC Holdings plc		7			43
InterContinental Hotels Group plc *		1			40
Intertek Group plc		—	(a)		32
Linde plc		1			262
Lloyds Banking Group plc		86			56
London Stock Exchange Group plc		1			115
Next plc		—	(a)		31
Persimmon plc		4			167
Prudential plc		1			24
Reckitt Benckiser Group plc		1			78
RELX plc		3			83
RELX plc		8			248
Smith & Nephew plc		1			9
Standard Chartered plc		6			38
Taylor Wimpey plc		50			119
Tesco plc		5			19

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United Kingdom — continued
Unilever plc		1			33
Unilever plc		1			29
					2,600
United States — 31.8%
AbbVie, Inc.		5			696
Accenture plc, Class A		—	(a)		71
Advanced Micro Devices, Inc. *		2			340
Airbnb, Inc., Class A *		—	(a)		36
Alleghany Corp. *		—	(a)		52
Alnylam Pharmaceuticals, Inc. *		1			96
Alphabet, Inc., Class A *		—	(a)		99
Alphabet, Inc., Class C * (e)		1			1,620
Amazon.com, Inc. * (e)		1			1,774
American Electric Power Co., Inc.		1			64
American Express Co.		—	(a)		81
American Homes 4 Rent, Class A, REIT		1			60
American International Group, Inc.		3			151
AmerisourceBergen Corp.		1			92
AMETEK, Inc.		1			124
Analog Devices, Inc.		2			406
Apple Hospitality REIT, Inc., REIT		2			32
Apple, Inc. (e)		10			1,835
Arista Networks, Inc. *		1			80
AutoZone, Inc. *		—	(a)		149
Axalta Coating Systems Ltd. *		1			35
Bank of America Corp.		8			378
Berkshire Hathaway, Inc., Class B *		1			245
Best Buy Co., Inc.		1			64
Biogen, Inc. *		—	(a)		22
BlackRock, Inc.		—	(a)		114
Blackstone, Inc.		2			226
Booking Holdings, Inc. *		—	(a)		449
Boston Scientific Corp. *		10			423
Bright Horizons Family Solutions, Inc. *		1			85
Bristol-Myers Squibb Co.		8			509
Brixmor Property Group, Inc., REIT		3			80
Bumble, Inc., Class A *		2			53
Burlington Stores, Inc. *		—	(a)		86
Capital One Financial Corp.		1			168
Carlisle Cos., Inc. (e)		—	(a)		70
CarMax, Inc. *		1			72
Catalent, Inc. *		1			111
CBRE Group, Inc., Class A *		1			60
Celanese Corp.		—	(a)		30
CenterPoint Energy, Inc.		3			91
Ceridian HCM Holding, Inc. *		1			89

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
CF Industries Holdings, Inc.		2			124
Charles Schwab Corp. (The)		3			278
Charter Communications, Inc., Class A *		—	(a)		286
Chevron Corp.		3			326
Chubb Ltd.		—	(a)		82
Cigna Corp.		—	(a)		48
Cisco Systems, Inc.		1			61
Citigroup, Inc.		1			71
Citizens Financial Group, Inc.		3			123
Clorox Co. (The)		—	(a)		43
CNA Financial Corp.		1			29
Coca-Cola Co. (The)		7			433
Columbia Sportswear Co.		—	(a)		41
Comcast Corp., Class A		5			268
CommScope Holding Co., Inc. *		2			24
Confluent, Inc., Class A * (c)		1			76
ConocoPhillips		5			346
Constellation Brands, Inc., Class A		1			343
Cooper Cos., Inc. (The)		—	(a)		104
Copart, Inc. *		1			139
Coterra Energy, Inc.		3			60
Cracker Barrel Old Country Store, Inc.		—	(a)		17
Crowdstrike Holdings, Inc., Class A *		—	(a)		65
CVS Health Corp.		2			227
Deere & Co.		—	(a)		168
Dexcom, Inc. *		—	(a)		132
Diamondback Energy, Inc.		—	(a)		29
Dick’s Sporting Goods, Inc.		—	(a)		39
Discover Financial Services		—	(a)		58
DISH Network Corp., Class A *		1			48
Dollar General Corp.		—	(a)		57
Dover Corp.		1			125
DraftKings, Inc., Class A *		2			47
Eastman Chemical Co.		2			283
Eaton Corp. plc		2			304
Edison International		1			52
Energizer Holdings, Inc.		1			51
Entegris, Inc.		1			145
Entergy Corp.		—	(a)		53
EOG Resources, Inc.		1			123
Equifax, Inc.		—	(a)		134
Estee Lauder Cos., Inc. (The), Class A		—	(a)		130
Exact Sciences Corp. *		1			51
Exelixis, Inc. *		3			50
Federal Realty Investment Trust, REIT		—	(a)		50
FedEx Corp.		1			230
Ferguson plc		2			360

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
First Republic Bank		1			113
FleetCor Technologies, Inc. *		—	(a)		51
Fortune Brands Home & Security, Inc.		2			172
Freeport-McMoRan, Inc.		3			108
Gap, Inc. (The)		3			54
Garmin Ltd.		1			87
Generac Holdings, Inc. *		—	(a)		129
General Dynamics Corp.		—	(a)		74
Global Payments, Inc.		1			95
Hartford Financial Services Group, Inc. (The)		1			88
HCA Healthcare, Inc.		—	(a)		33
Home Depot, Inc. (The)		1			298
Honeywell International, Inc.		—	(a)		79
Horizon Therapeutics plc *		1			138
HubSpot, Inc. *		—	(a)		128
IHS Markit Ltd.		1			105
Ingersoll Rand, Inc.		9			534
Insulet Corp. *		—	(a)		46
InterActiveCorp. *		—	(a)		41
International Business Machines Corp.		—	(a)		59
Intuit, Inc.		—	(a)		99
Intuitive Surgical, Inc. *		—	(a)		156
Invesco Ltd.		2			51
ITT, Inc.		1			67
James Hardie Industries plc, CHDI		—	(a)		12
Jazz Pharmaceuticals plc *		1			79
JB Hunt Transport Services, Inc.		—	(a)		60
JBG SMITH Properties, REIT		1			29
Johnson & Johnson		1			122
Keurig Dr Pepper, Inc.		1			53
Keysight Technologies, Inc. *		1			140
Kimco Realty Corp., REIT		4			90
Kinder Morgan, Inc.		4			66
Kohl’s Corp.		1			56
Kraft Heinz Co. (The)		2			73
Kyndryl Holdings, Inc. *		2			28
Lam Research Corp.		—	(a)		220
Lamar Advertising Co., Class A, REIT		—	(a)		18
Las Vegas Sands Corp. *		1			37
Leidos Holdings, Inc.		1			60
Liberty Broadband Corp., Class C *		1			83
Liberty Media Corp.-Liberty SiriusXM, Class A *		1			60
Liberty Media Corp.-Liberty SiriusXM, Class C *		3			132

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Loews Corp. (e)		3			164
Lowe’s Cos., Inc.		1			148
Lyft, Inc., Class A *		11			459
M&T Bank Corp.		1			153
Marathon Petroleum Corp.		1			59
Marsh & McLennan Cos., Inc.		—	(a)		51
Martin Marietta Materials, Inc.		—	(a)		94
Mastercard, Inc., Class A (e)		2			812
Match Group, Inc. *		1			74
McDonald’s Corp.		2			557
McKesson Corp.		—	(a)		116
Medtronic plc		—	(a)		51
Merck & Co., Inc.		1			50
Meta Platforms, Inc., Class A *		1			317
Mettler-Toledo International, Inc. *		—	(a)		107
Microsoft Corp. (e)		7			2,229
Mid-America Apartment Communities, Inc., REIT		—	(a)		70
Mohawk Industries, Inc. *		—	(a)		79
MongoDB, Inc. *		—	(a)		107
Morgan Stanley		1			58
Murphy USA, Inc.		—	(a)		90
Natera, Inc. *		1			64
National Vision Holdings, Inc. *		1			54
Netflix, Inc. *		—	(a)		57
Newell Brands, Inc.		3			62
Nexstar Media Group, Inc., Class A		—	(a)		51
NextEra Energy, Inc.		6			536
NIKE, Inc., Class B		1			174
Norfolk Southern Corp.		1			278
Northern Trust Corp.		1			75
Northrop Grumman Corp.		—	(a)		76
NVIDIA Corp.		2			556
Old Dominion Freight Line, Inc.		—	(a)		154
O’Reilly Automotive, Inc. *		1			396
Organon & Co.		1			33
Packaging Corp. of America		1			97
Palo Alto Networks, Inc. *		—	(a)		134
PayPal Holdings, Inc. *		1			141
PG&E Corp. *		2			30
Philip Morris International, Inc.		1			58
Phillips 66		1			58
PNC Financial Services Group, Inc. (The)		1			126
Post Holdings, Inc. *		1			88

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Procter & Gamble Co. (The)		3			495
Progressive Corp. (The)		5			503
Prologis, Inc., REIT		1			224
Public Storage, REIT		—	(a)		70
QUALCOMM, Inc.		1			256
Quanta Services, Inc.		1			158
Ralph Lauren Corp.		—	(a)		54
Rayonier, Inc., REIT		2			84
Raytheon Technologies Corp.		1			107
Regeneron Pharmaceuticals, Inc. *		1			483
Rivian Automotive, Inc., Class A * (c)		—	(a)		35
ROBLOX Corp., Class A *		1			60
Roku, Inc. *		—	(a)		94
Royal Caribbean Cruises Ltd. *		1			102
Royalty Pharma plc, Class A		1			52
S&P Global, Inc.		—	(a)		103
Schneider Electric SE		2			357
Seagate Technology Holdings plc		2			225
ServiceNow, Inc. *		—	(a)		120
Signature Bank		—	(a)		90
Snap, Inc., Class A *		2			77
SolarEdge Technologies, Inc. *		1			148
Southwest Airlines Co. *		3			137
Stanley Black & Decker, Inc.		1			203
State Street Corp.		3			303
Stellantis NV		8			142
Stellantis NV		3			53
Sun Communities, Inc., REIT		1			155
SVB Financial Group *		—	(a)		84
Synopsys, Inc. *		—	(a)		130
Sysco Corp.		1			63
T. Rowe Price Group, Inc.		—	(a)		57
TD SYNNEX Corp.		1			73
Tempur Sealy International, Inc.		4			177
Teradyne, Inc.		1			97
Tesla, Inc. *		1			894
Texas Instruments, Inc.		2			320
Thermo Fisher Scientific, Inc.		1			408
Timken Co. (The)		1			36
T-Mobile US, Inc. *		2			255
Trane Technologies plc		3			558
Travelers Cos., Inc. (The)		1			159
Truist Financial Corp.		6			328

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
UnitedHealth Group, Inc.		2			1,042
US Bancorp		2			85
Verizon Communications, Inc.		3			160
Vertex Pharmaceuticals, Inc. *		1			171
Viatris, Inc.		3			40
Walt Disney Co. (The) *		—	(a)		34
Waste Management, Inc.		—	(a)		44
Wells Fargo & Co.		9			440
Welltower, Inc., REIT		—	(a)		28
Westrock Co.		1			47
Weyerhaeuser Co., REIT		3			126
Williams Cos., Inc. (The)		2			62
Wolfspeed, Inc. *		1			77
Workday, Inc., Class A *		1			189
Xcel Energy, Inc.		2			104
Zebra Technologies Corp., Class A *		—	(a)		126
Zimmer Biomet Holdings, Inc.		3			392
Zscaler, Inc. *		1			237
					42,950
Total Common Stocks (Cost $48,957)					70,418
Investment Companies — 23.7%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (f)		147			5,575
JPMorgan High Yield Fund Class R6 Shares (f)		1,745			12,670
JPMorgan Income Fund Class R6 Shares (f)		950			8,925
JPMorgan Large Cap Value Fund Class R6 Shares (f)		257			4,892
Total Investment Companies (Cost $29,281)					32,062
	PRINCIPAL AMOUNT ($000)
Foreign Government Securities — 10.2%
Australia — 0.2%
Commonwealth of Australia
2.25%, 11/21/2022	AUD	65			48
0.25%, 11/21/2024 (d)	AUD	40			29
0.50%, 9/21/2026 (d)	AUD	30			21
1.00%, 12/21/2030 (d)	AUD	3			2
1.00%, 11/21/2031 (d)	AUD	89			61
3.75%, 4/21/2037 (d)	AUD	40			36
2.75%, 5/21/2041 (d)	AUD	1			1

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Australia — continued
3.00%, 3/21/2047 (d)	AUD	19		15
1.75%, 6/21/2051 (d)	AUD	10		6
				219
Belgium — 0.2%
Kingdom of Belgium
0.80%, 6/22/2027 (d)	EUR	60		72
0.10%, 6/22/2030 (d)	EUR	50		57
3.00%, 6/22/2034 (d)	EUR	69		104
1.90%, 6/22/2038 (d)	EUR	30		42
1.60%, 6/22/2047 (d)	EUR	11		15
1.70%, 6/22/2050 (d)	EUR	5		7
2.15%, 6/22/2066 (d)	EUR	17		27
				324
Canada — 0.5%
Canada Government Bond
2.00%, 9/1/2023	CAD	62		50
1.50%, 12/1/2031	CAD	15		12
2.75%, 12/1/2048	CAD	69		67
1.75%, 12/1/2053	CAD	10		8
2.75%, 12/1/2064	CAD	3		3
Canada Housing Trust 1.25%, 6/15/2026 (g)	CAD	100		78
Province of Alberta
2.90%, 12/1/2028	CAD	55		46
1.65%, 6/1/2031	CAD	130		99
Province of British Columbia
4.70%, 6/18/2037	CAD	25		26
2.95%, 6/18/2050	CAD	10		9
Province of Ontario
2.30%, 9/8/2024	CAD	80		65
0.01%, 11/25/2030 (d)	EUR	170		187
				650
China — 0.1%
Export-Import Bank of China (The)
0.75%, 5/28/2023 (d)	EUR	100		115
Denmark — 0.0% (b)
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		1
0.50%, 11/15/2029 (d)	DKK	86		14

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Denmark — continued
4.50%, 11/15/2039	DKK	108		29
0.25%, 11/15/2052 (d)	DKK	60		9
				64
France — 1.1%
French Republic
0.00%, 3/25/2023 (d)	EUR	39		45
1.75%, 11/25/2024 (d)	EUR	156		189
0.25%, 11/25/2026 (d)	EUR	276		323
5.50%, 4/25/2029 (d)	EUR	150		241
0.50%, 5/25/2029 (d)	EUR	15		17
0.00%, 11/25/2029 (d)	EUR	42		48
0.00%, 11/25/2030 (d)	EUR	45		51
0.00%, 11/25/2031 (d)	EUR	30		33
1.25%, 5/25/2034 (d)	EUR	145		183
3.25%, 5/25/2045 (d)	EUR	86		151
2.00%, 5/25/2048 (d)	EUR	2		2
1.50%, 5/25/2050 (d)	EUR	73		97
0.75%, 5/25/2052 (d)	EUR	9		10
0.75%, 5/25/2053 (d)	EUR	25		27
4.00%, 4/25/2055 (d)	EUR	14		30
4.00%, 4/25/2060 (d)	EUR	1		2
1.75%, 5/25/2066 (d)	EUR	33		47
				1,496
Germany — 1.1%
Bundesobligation
0.00%, 10/10/2025 (d)	EUR	30		35
Bundesrepublik Deutschland
0.00%, 8/15/2026 (d)	EUR	160		186
0.50%, 2/15/2028 (d)	EUR	110		132
0.00%, 2/15/2031 (d)	EUR	415		483
0.00%, 8/15/2031 (d)	EUR	55		64
0.00%, 5/15/2035 (d)	EUR	178		203
2.50%, 7/4/2044 (d)	EUR	36		64
1.25%, 8/15/2048 (d)	EUR	12		18
0.00%, 8/15/2050 (d)	EUR	52		57
Bundesschatzanweisungen
0.00%, 6/16/2023 (d)	EUR	185		213
				1,455
Italy — 1.2%
Buoni Poliennali del Tesoro
0.00%, 1/15/2024 (d)	EUR	277		316
0.35%, 2/1/2025 (d)	EUR	60		69

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Italy — continued
1.40%, 5/26/2025 (d)	EUR	89		109
1.85%, 7/1/2025 (d)	EUR	36		43
0.50%, 2/1/2026 (d)	EUR	57		65
1.60%, 6/1/2026 (d)	EUR	24		29
2.80%, 12/1/2028 (d)	EUR	190		247
3.00%, 8/1/2029 (d)	EUR	14		18
1.35%, 4/1/2030 (d)	EUR	38		45
0.95%, 12/1/2031 (d)	EUR	135		151
1.65%, 3/1/2032 (d)	EUR	50		60
2.45%, 9/1/2033 (d)	EUR	9		11
2.25%, 9/1/2036 (d)	EUR	166		208
4.00%, 2/1/2037 (d)	EUR	19		29
4.75%, 9/1/2044 (d)	EUR	5		9
1.50%, 4/30/2045 (d)	EUR	121		129
3.45%, 3/1/2048 (d)	EUR	10		15
3.85%, 9/1/2049 (d)	EUR	4		6
1.70%, 9/1/2051 (d)	EUR	10		11
2.80%, 3/1/2067 (d)	EUR	14		18
				1,588
Japan — 3.3%
Japan Government Bond
0.10%, 12/20/2022	JPY	9,150		80
0.60%, 12/20/2023	JPY	41,800		368
0.10%, 9/20/2024	JPY	12,600		110
0.10%, 12/20/2024	JPY	23,450		205
0.10%, 3/20/2025	JPY	3,500		31
0.30%, 12/20/2025	JPY	33,550		296
0.10%, 12/20/2026	JPY	36,600		321
0.10%, 12/20/2027	JPY	39,550		347
0.10%, 9/20/2029	JPY	750		7
0.10%, 3/20/2030	JPY	52,000		457
1.50%, 3/20/2034	JPY	72,600		730
0.60%, 12/20/2037	JPY	35,950		325
2.50%, 3/20/2038	JPY	500		6
0.30%, 12/20/2039	JPY	56,400		480
1.70%, 9/20/2044	JPY	50		—	(a)
1.40%, 12/20/2045	JPY	8,600		89
0.80%, 3/20/2047	JPY	21,350		194
0.40%, 9/20/2049	JPY	22,250		180
0.40%, 12/20/2049	JPY	6,300		51
0.90%, 3/20/2057	JPY	19,200		177
				4,454

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Netherlands — 0.1%
Kingdom of Netherlands
0.25%, 7/15/2029 (d)	EUR	20		24
0.00%, 7/15/2031 (d)	EUR	70		80
0.50%, 1/15/2040 (d)	EUR	28		34
2.75%, 1/15/2047 (d)	EUR	20		37
0.00%, 1/15/2052 (d)	EUR	13		13
				188
Qatar — 0.2%
State of Qatar
3.88%, 4/23/2023 (g)		200		208
South Korea — 0.1%
Export-Import Bank of Korea
0.38%, 3/26/2024 (d)	EUR	100		115
Spain — 0.8%
Bonos and Obligaciones del Estado
0.00%, 4/30/2023	EUR	84		96
0.25%, 7/30/2024 (d)	EUR	90		104
1.60%, 4/30/2025 (d)	EUR	184		223
1.40%, 7/30/2028 (d)	EUR	163		201
1.45%, 4/30/2029 (d)	EUR	61		76
1.95%, 7/30/2030 (d)	EUR	2		3
0.10%, 4/30/2031 (d)	EUR	111		122
2.35%, 7/30/2033 (d)	EUR	18		24
1.85%, 7/30/2035 (d)	EUR	25		32
4.20%, 1/31/2037 (d)	EUR	31		52
1.20%, 10/31/2040 (d)	EUR	98		113
1.00%, 7/30/2042 (d)	EUR	25		28
2.70%, 10/31/2048 (d)	EUR	25		37
3.45%, 7/30/2066 (d)	EUR	13		22
				1,133
Sweden — 0.0% (b)
Kingdom of Sweden
2.50%, 5/12/2025	SEK	90		11
0.75%, 5/12/2028	SEK	270		31
0.75%, 11/12/2029 (d)	SEK	40		5
2.25%, 6/1/2032 (d)	SEK	15		2
3.50%, 3/30/2039	SEK	45		7
				56
United Kingdom — 1.3%
United Kingdom of Great Britain and Northern Ireland
0.75%, 7/22/2023 (d)	GBP	13		18

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
United Kingdom — continued
1.00%, 4/22/2024 (d)	GBP	92		126
0.63%, 6/7/2025 (d)	GBP	210		284
6.00%, 12/7/2028 (d)	GBP	55		100
0.25%, 7/31/2031 (d)	GBP	115		145
4.75%, 12/7/2038 (d)	GBP	142		300
3.50%, 1/22/2045 (d)	GBP	16		32
4.25%, 12/7/2046 (d)	GBP	100		224
1.75%, 1/22/2049 (d)	GBP	146		224
0.63%, 10/22/2050 (d)	GBP	138		164
4.25%, 12/7/2055 (d)	GBP	15		37
2.50%, 7/22/2065 (d)	GBP	45		94
3.50%, 7/22/2068 (d)	GBP	6		16
				1,764
Total Foreign Government Securities (Cost $14,210)				13,829
Corporate Bonds — 3.5%
Australia — 0.1%
Macquarie Bank Ltd. (SOFR + 0.30%), 0.35%, 4/6/2023 (g) (h)		200		200
Canada — 0.5%
Ontario Teachers’ Finance Trust
0.50%, 5/6/2025 (d)	EUR	400		464
0.10%, 5/19/2028 (d)	EUR	230		259
				723
China — 0.2%
China Development Bank 0.88%, 1/24/2024 (d)	EUR	200		230
France — 0.4%
BPCE SA 3.00%, 5/22/2022 (g)		262		265
Dexia Credit Local SA
0.75%, 1/25/2023 (d)	EUR	100		115
1.63%, 12/8/2023 (d)	GBP	100		137
				517
Netherlands — 0.1%
BNG Bank NV
4.75%, 3/6/2023 (d)	AUD	15		12
1.90%, 11/26/2025 (d)	AUD	90		66
Nederlandse Waterschapsbank NV
3.50%, 7/20/2027	AUD	40		31
				109

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Singapore — 0.1%
Temasek Financial I Ltd. 0.50%, 3/1/2022 (d)	EUR	150		171
South Korea — 0.5%
Kia Corp. 3.00%, 4/25/2023 (c) (g)		200		205
Korea Development Bank (The)
3.00%, 9/14/2022		200		203
1.75%, 12/15/2022(d)	GBP	100		137
0.63%, 7/17/2023(d)	EUR	100		115
				660
United Kingdom — 0.4%
Santander UK Group Holdings plc 3.57%, 1/10/2023		359		359
Vodafone Group plc 2.50%, 9/26/2022		185		188
				547
United States — 1.2%
AbbVie, Inc. 2.90%, 11/6/2022		168		171
Aetna, Inc. 2.75%, 11/15/2022		96		97
AT&T, Inc. 2.63%, 12/1/2022		196		199
Athene Global Funding 3.00%, 7/1/2022(g)		232		234
Bank of America Corp. (ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(h)		359		359
Clorox Co. (The) 3.05%, 9/15/2022		39		39
DH Europe Finance II SARL 2.05%, 11/15/2022		166		168
Penske Truck Leasing Co. LP 4.88%, 7/11/2022(g)		45		46
Rockwell Automation, Inc. 0.35%, 8/15/2023		19		19
Thermo Fisher Scientific, Inc. (SOFR + 0.35%), 0.40%, 4/18/2023(h)		244		244
Walt Disney Co. (The) 8.88%, 4/26/2023		45		50
				1,626
Total Corporate Bonds (Cost $4,789)				4,783
U.S. Treasury Obligations — 1.5%
U.S. Treasury Notes
1.38%, 1/31/2022 (i) (Cost $1,994)		1,991		1,993

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Commercial Mortgage-backed Securities — 0.2%
United States — 0.2%
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D, 4.88%, 9/10/2045 ‡ (g) (j)		100		91
FHLMC, Multi-Family Structured Pass-Through Certificates Series K083, Class X1, IO, 0.03%, 9/25/2028 (j)		14,541		73
FREMF
Series 2018-KF46, Class B, 2.04%, 3/25/2028 (g) (j)		4		4
FREMF Mortgage Trust
Series 2017-KF32, Class B, 2.64%, 5/25/2024 (g) (j)		6		6
Series 2017-KF38, Class B, 2.59%, 9/25/2024 (g) (j)		4		4
Series 2018-KF45, Class B, 2.04%, 3/25/2025 (g) (j)		10		10
Series 2018-KF49, Class B, 1.99%, 6/25/2025 (g) (j)		3		3
Series 2019-KF63, Class B, 2.44%, 5/25/2029 (g) (j)		53		54
LB Commercial Mortgage Trust
Series 2007-C3, Class AJ, 5.82%, 7/15/2044 (j)		1		1
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (j)		32		15
Total Commercial Mortgage-Backed Securities (Cost $275)				261
Supranational — 0.2%
Asian Development Bank
3.40%, 9/10/2027 (d)	AUD	140		110
European Investment Bank
0.50%, 6/21/2023	AUD	30		22
Inter-American Development Bank
0.50%, 5/23/2023	CAD	63		49
4.40%, 1/26/2026	CAD	16		14
Total Supranational (Cost $192)				195
Asset-Backed Securities — 0.1%
United States — 0.1%
Bear Stearns Asset-Backed Securities Trust Series 2004-HE5, Class M2, 1.98%, 7/25/2034 ‡ (j)		7		7
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M2, 0.93%, 3/25/2034 ‡ (j)		35		35

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-NC10, Class M1, 1.12%, 10/25/2033 ‡ (j)		25			25
Total Asset-Backed Securities (Cost $64)					67
Collateralized Mortgage Obligations — 0.1%
United States — 0.1%
Banc of America Funding Trust Series 2006-A, Class 1A1, 2.60%, 2/20/2036 (j)		9			9
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 0.85%, 10/25/2047 (j)		—	(a)		—	(a)
Impac CMB Trust Series 2004-7, Class 1A2, 1.02%, 11/25/2034 (j)		38			39
JPMorgan Mortgage Trust Series 2005-A3, Class 4A1, 2.58%, 6/25/2035 (j)		—	(a)		—	(a)
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 2.25%, 1/25/2037 (j)		1			—	(a)
Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 4A, 2.58%, 7/25/2034 (j)		—	(a)		—	(a)
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 2.83%, 5/25/2035 (j)		13			14
Total Collateralized Mortgage Obligations (Cost $58)					62
Short-Term Investments — 7.9%
Certificates Of Deposit — 0.8%
Bank of Montreal 0.20%, 7/26/2022		250			249
Bank of Nova Scotia (The) 0.20%, 7/21/2022		250			250
MUFG Bank Ltd. 0.23%, 7/15/2022		250			250
Nordea Bank Abp 0.19%, 6/24/2022		250			250
Total Certificates of Deposit (Cost $1,000)					999
Commercial Paper — 1.2%
Banco del Estado de Chile 0.23%, 7/14/2022 (g) (k)		250			250
Enbridge US, Inc. 0.47%, 3/21/2022 (g) (k)		400			400
HSBC USA, Inc. 0.28%, 7/15/2022 (g) (k)		250			249
National Grid plc 0.33%, 1/10/2022 (g) (k)		250			250
Waste Management, Inc. 0.31%, 9/8/2022(g)(k)		250			249

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Short-Term Investments — continued
Commercial Paper — continued
Westpac Securities NZ Ltd. 0.52%, 11/25/2022(g)(k)		250		249
Total Commercial Paper (Cost $1,647)				1,647
Foreign Government Treasury Bills — 3.3%
Canadian Treasury Bills 0.18%, 2/3/2022(k)	CAD	1,893		1,497
0.16%, 3/3/2022(k)	CAD	1,898		1,500
0.18%, 3/31/2022(k)	CAD	1,892		1,495
Total Foreign Government Treasury Bills (Cost $4,582)				4,492
	SHARES (000)
Investment Companies — 2.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (f) (l) (Cost $3,234)		3,233		3,234
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (f) (l) (Cost $325)		325		325
Total Short-term Investments (Cost $10,788)				10,697
Total Long Positions (Cost $110,608)				134,366

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — (0.4)%
Common Stocks — (0.4)%
Canada — (0.1)%
Canadian Pacific Railway Ltd.		(2)			(141	)
Restaurant Brands International, Inc.		—	(a)		(29	)
					(170	)
United States — (0.3)%
3M Co.		—	(a)		(43	)
Alteryx, Inc., Class A *		—	(a)		(7	)
Boeing Co. (The) *		—	(a)		(34	)
Campbell Soup Co.		(1)			(33	)
Caterpillar, Inc.		—	(a)		(22	)
Conagra Brands, Inc.		(1)			(38	)
Cummins, Inc.		—	(a)		(22	)
Las Vegas Sands Corp. *		—	(a)		(7	)
Mastercard, Inc., Class A		—	(a)		(33	)
Sirius XM Holdings, Inc.		(18)			(117	)
Wynn Resorts Ltd. *		—	(a)		(7	)
					(363	)
Total Common Stocks (Proceeds $(523))					(533	)
Total Short Positions (Proceeds $(523))					(533	)
Total Investments — 99.1% (Cost $110,085)					133,833
Other Assets Less Liabilities — 0.9%					1,215
NET ASSETS — 100.0%					135,048

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

Summary of Investments by Industry, December 31, 2021

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

LONG PORTFOLIO COMPOSITION BY INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Fixed Income		16.1	%
Foreign Government Securities		10.3
Banks		5.5
International Equity		4.2
U.S. Equity		3.6
Foreign Government Treasury Bills		3.3
Semiconductors & Semiconductor Equipment		3.3
Software		2.7
Insurance		2.3
Pharmaceuticals		2.2
Technology Hardware, Storage & Peripherals		2.0
Interactive Media & Services		1.9
Capital Markets		1.7
Machinery		1.6
Internet & Direct Marketing Retail		1.6
Automobiles		1.6
Biotechnology		1.5
U.S. Treasury Notes		1.5
IT Services		1.5
Health Care Equipment & Supplies		1.4
Oil, Gas & Consumable Fuels		1.3
Textiles, Apparel & Luxury Goods		1.3
Beverages		1.3
Health Care Providers & Services		1.2
Commercial Paper		1.2
Specialty Retail		1.1
Electric Utilities		1.1
Hotels, Restaurants & Leisure		1.0
Road & Rail		1.0
Others (each less than 1.0%)		17.0
Short-Term Investments		2.7

SHORT PORTFOLIO COMPOSITION BY INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Road & Rail		26.4	%
Media		21.9
Food Products		13.4
Hotels, Restaurants & Leisure		8.3
Machinery		8.2
Industrial Conglomerates		8.1
Aerospace & Defense		6.3
IT Services		6.1
Software		1.3

Abbreviations
ABS	Asset-Backed Securities
ADR	American Depositary Receipt
APAC	Asia Pacific
AUD	Australian Dollar
CAD	Canadian Dollar
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
DKK	Danish Krone
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
GBP	British Pound
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
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
SEK	Swedish Krona
SOFR	Secured Overnight Financing Rate
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $315.
(d)	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.
(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 $2,764 and $525 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, 2021.
(i)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(j)	Variable or floating rate security, 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, 2021.
(k)	The rate shown is the effective yield as of December 31, 2021.
(l)	The rate shown is the current yield as of December 31, 2021.
*	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.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		10			03/2022		AUD		1,013			—	(a)
EURO STOXX 50 Index	��	48			03/2022		EUR		2,339			78
Euro-Bund		9			03/2022		EUR		1,757			(28	)
Euro-Schatz		4			03/2022		EUR		510			(1	)
Foreign Exchange AUD/USD		20			03/2022		USD		1,454			27
Foreign Exchange CAD/USD		38			03/2022		USD		3,004			(4	)
Foreign Exchange EUR/USD		61			03/2022		USD		8,686			57
Foreign Exchange GBP/USD		26			03/2022		USD		2,197			47
Foreign Exchange JPY/USD		22			03/2022		USD		2,390			(34	)
Japan 10 Year Bond		1			03/2022		JPY		1,318			(3	)
Japan 10 Year Bond Mini		6			03/2022		JPY		791			(2	)
Long Gilt		1			03/2022		GBP		169			(1	)
S&P 500 E-Mini Index		46			03/2022		USD		10,944			228
S&P/TSX 60 Index		5			03/2022		CAD		1,013			24
SPI 200 Index		2			03/2022		AUD		267			3
U.S. Treasury Long Bond		22			03/2022		USD		3,519			28
3 Month Euro Euribor		3			12/2022		EUR		857			—	(a)
3 Month Euro Euribor		3			03/2023		EUR		855			—	(a)
3 Month SONIA Index		2			03/2023		GBP		669			(1	)
												418
Short Contracts
Euro-Bobl		(4	)		03/2022		EUR		(607	)		4
Euro-Bund		(2	)		03/2022		EUR		(390	)		6
MSCI EAFE E-Mini Index		(27	)		03/2022		USD		(3,132	)		(89	)
MSCI Emerging Markets E-Mini Index		(46	)		03/2022		USD		(2,820	)		(21	)
U.S. Treasury 2 Year Note		(1	)		03/2022		USD		(218	)		—	(a)
U.S. Treasury 10 Year Note		(2	)		03/2022		USD		(261	)		—	(a)
3 Month SONIA Index		(2	)		09/2023		GBP		(668	)		1
3 Month Euro Euribor		(3	)		03/2024		EUR		(853	)		1
												(98	)
												320

Abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
EAFE	Europe, Australasia and Far East
EUR	Euro
GBP	British Pound

JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (continued)

Forward foreign currency exchange contracts outstanding as of December 31, 2021 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
DKK	454		USD	69	Citibank, NA		1/5/2022		—	(a)
EUR	35		USD	39	Barclays Bank plc		1/5/2022		1
EUR	7,100		USD	8,047	BNP Paribas		1/5/2022		37
EUR	31		USD	35	HSBC Bank, NA		1/5/2022		—	(a)
EUR	22		USD	25	Royal Bank of Canada		1/5/2022		—	(a)
EUR	126		USD	142	State Street Corp.		1/5/2022		—	(a)
GBP	35		USD	47	TD Bank Financial Group		1/5/2022		1
SEK	630		USD	70	Merrill Lynch International		1/5/2022		—	(a)
USD	297		EUR	261	Barclays Bank plc		1/5/2022		—	(a)
USD	4,424		JPY	498,979	Goldman Sachs International		1/5/2022		86
USD	152		JPY	17,261	Royal Bank of Canada		1/5/2022		2
USD	70		SEK	630	Barclays Bank plc		1/5/2022		—	(a)
USD	4,549		CAD	5,629	HSBC Bank, NA		1/19/2022		99
EUR	34		USD	39	Merrill Lynch International		2/3/2022		—	(a)
EUR	28		USD	32	TD Bank Financial Group		2/3/2022		—	(a)
GBP	24		USD	32	TD Bank Financial Group		2/3/2022		—	(a)
Total unrealized appreciation									226
JPY	8,970		USD	78	State Street Corp.		1/5/2022		—	(a)
USD	35		AUD	49	Citibank, NA		1/5/2022		(1	)
USD	400		AUD	561	Standard Chartered Bank		1/5/2022		(8	)
USD	508		CAD	649	Merrill Lynch International		1/5/2022		(5	)
USD	69		DKK	454	State Street Corp.		1/5/2022		—	(a)
USD	79		EUR	70	Barclays Bank plc		1/5/2022		(1	)
USD	2,013		EUR	1,769	Goldman Sachs International		1/5/2022		(1	)
USD	1,346		EUR	1,183	HSBC Bank, NA		1/5/2022		(1	)
USD	32		EUR	29	Merrill Lynch International		1/5/2022		—	(a)
USD	44		EUR	39	Royal Bank of Canada		1/5/2022		—	(a)
USD	174		EUR	153	Standard Chartered Bank		1/5/2022		(1	)
USD	103		EUR	91	State Street Corp.		1/5/2022		—	(a)
USD	4,234		EUR	3,720	TD Bank Financial Group		1/5/2022		(2	)
USD	1,925		GBP	1,439	Goldman Sachs International		1/5/2022		(23	)
USD	128		GBP	97	Royal Bank of Canada		1/5/2022		(3	)
USD	44		GBP	33	State Street Corp.		1/5/2022		(1	)
USD	443		AUD	610	Citibank, NA		2/3/2022		—	(a)
USD	510		CAD	649	BNP Paribas		2/3/2022		(3	)
USD	69		DKK	454	Citibank, NA		2/3/2022		—	(a)
USD	8,051		EUR	7,100	BNP Paribas		2/3/2022		(37	)
USD	2,072		GBP	1,534	Merrill Lynch International		2/3/2022		(4	)
USD	4,406		JPY	507,269	BNP Paribas		2/3/2022		(5	)
USD	70		SEK	630	Merrill Lynch International		2/3/2022		—	(a)
Total unrealized depreciation									(96	)
Net unrealized appreciation									130

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.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 21

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan Insurance Trust Global Allocation Portfolio
ASSETS:
Investments in non-affiliates, at value	$	98,745
Investments in affiliates, at value		35,296
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		325
Cash		232
Foreign currency, at value		88
Deposits at broker for futures contracts		135
Deposits at broker for securities sold short		525
Receivables:
Investment securities sold		612
Portfolio shares sold		35
Interest from non-affiliates		87
Dividends from non-affiliates		28
Dividends from affiliates		28
Tax reclaims		66
Securities lending income (See Note 2.C.)		—	(a)
Variation margin on futures contracts		532
Unrealized appreciation on forward foreign currency exchange contracts		226
Due from Administrator		1
Total Assets		136,961
LIABILITIES:
Payables:
Securities sold short, at value		533
Dividend expense to non-affiliates on securities sold short		1
Investment securities purchased		702
Interest expense to non-affiliates on securities sold short		—	(a)
Collateral received on securities loaned (See Note 2.C.)		325
Portfolio shares redeemed		4
Unrealized depreciation on forward foreign currency exchange contracts		96
Accrued liabilities:
Investment advisory fees		94
Distribution fees		15
Custodian and accounting fees		71
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		72
Total Liabilities		1,913
Net Assets	$	135,048

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

	JPMorgan Insurance Trust Global Allocation Portfolio
NET ASSETS:
Paid-in-Capital	$	104,329
Total distributable earnings (loss)		30,719
Total Net Assets	$	135,048
Net Assets:
Class 1	$	63,286
Class 2		71,762
Total	$	135,048
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,071
Class 2		3,497
Net Asset Value (a):
Class 1 — Offering and redemption price per share	$	20.61
Class 2 — Offering and redemption price per share		20.52
Cost of investments in non-affiliates	$	77,768
Cost of investments in affiliates		32,515
Cost of foreign currency		87
Investment securities on loan, at value (See Note 2.C.)		315
Cost of investment of cash collateral (See Note 2.C.)		325
Proceeds from securities sold short		523

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 23

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Amounts in thousands)

	JPMorgan Insurance Trust Global Allocation Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	201
Dividend income from non-affiliates		1,208
Dividend income from affiliates		904
Income from securities lending (net) (See Note 2.C.)		11
Foreign taxes withheld (net)		(70	)
Total investment income		2,254
EXPENSES:
Investment advisory fees		706
Administration fees		96
Distribution fees:
Class 2		173
Custodian and accounting fees		184
Interest expense to affiliates		—	(a)
Professional fees		99
Trustees’ and Chief Compliance Officer’s fees		25
Printing and mailing costs		27
Transfer agency fees (See Note 2.I.)		1
Dividend expense to non-affiliates on securities sold short		17
Interest expense to non-affiliates on securities sold short		5
Other		18
Total expenses		1,351
Less fees waived		(227	)
Less expense reimbursements		—	(a)
Net expenses		1,124
Net investment income (loss)		1,130
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		5,245
Investments in affiliates		2,430
Options purchased		224
Futures contracts		148
Securities sold short		(198	)
Foreign currency transactions		19
Forward foreign currency exchange contracts		457
Net realized gain (loss)		8,325
Distributions of capital gains received from investment company affiliates		508
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,796
Investments in affiliates		(2,796	)
Options purchased		76
Futures contracts		(134	)
Securities sold short		12
Foreign currency translations		21
Forward foreign currency exchange contracts		358
Change in net unrealized appreciation/depreciation		1,333
Net realized/unrealized gains (losses)		10,166
Change in net assets resulting from operations	$	11,296

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Insurance Trust Global Allocation Portfolio
	Year Ended December 31, 2021			Year Ended December 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,130		$	1,334
Net realized gain (loss)		8,325			3,773
Distributions of capital gains received from investment company affiliates		508			10
Change in net unrealized appreciation/depreciation		1,333			11,420
Change in net assets resulting from operations		11,296			16,537
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(2,940	)		(1,226	)
Class 2		(3,333	)		(1,437	)
Total distributions to shareholders		(6,273	)		(2,663	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		9,955			7,095
NET ASSETS:
Change in net assets		14,978			20,969
Beginning of period		120,070			99,101
End of period	$	135,048		$	120,070
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	4,742		$	8,707
Distributions reinvested		2,940			1,226
Cost of shares redeemed		(2,359	)		(2,183	)
Change in net assets resulting from Class 1 capital transactions		5,323			7,750
Class 2
Proceeds from shares issued		12,467			8,940
Distributions reinvested		3,333			1,437
Cost of shares redeemed		(11,168	)		(11,032	)
Change in net assets resulting from Class 2 capital transactions		4,632			(655	)
Total change in net assets resulting from capital transactions	$	9,955		$	7,095
SHARE TRANSACTIONS:
Class 1
Issued		235			512
Reinvested		147			78
Redeemed		(117	)		(125	)
Change in Class 1 Shares		265			465
Class 2
Issued		615			536
Reinvested		168			91
Redeemed		(554	)		(646	)
Change in Class 2 Shares		229			(19	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (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, 2021	$	19.81	$	0.21	$	1.64		$	1.85		$	(0.21	)	$	(0.84	)	$	(1.05	)
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	)
Class 2
Year Ended December 31, 2021		19.73		0.15		1.65			1.80			(0.17	)		(0.84	)		(1.01	)
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	)

(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) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class 1 are 0.72% and 0.90% for the year ended December 31, 2021, 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 0.97% and 1.15% for the year ended December 31, 2021, 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.

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

(h) The Portfolio presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short.

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

		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)(g)			Net investment income (loss) (a)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)(f)			Portfolio turnover rate (excluding securities sold short) (h)			Portfolio turnover rate (including securities sold short) (h)
$	20.61		9.51	%	$	63,286		0.73	%		1.03	%		0.91	%		89	%		100	%
	19.81		15.69			55,575		0.69			1.45			0.98			113			123
	17.65		16.87			41,311		0.79			1.99			1.05			98			116
	15.47		(6.06	)		30,366		0.81			1.79			1.14			110			141
	16.57		17.11			14,308		0.79			1.76			1.14			80			92
	20.52		9.26			71,762		0.98			0.78			1.16			89			100
	19.73		15.40			64,495		0.94			1.21			1.25			113			123
	17.58		16.58			57,790		1.04			1.73			1.30			98			116
	15.41		(6.31	)		48,829		1.06			1.52			1.38			110			141
	16.55		16.85			48,470		1.04			1.59			1.35			80			92

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 27

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

(Dollar values in thousands)

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.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	—	$	67	$	67
Collateralized Mortgage Obligations
United States		—		62		—		62
Commercial Mortgage-Backed Securities
United States		—		155		106		261
Common Stocks
Australia		—		1,053		—		1,053
Austria		—		23		—		23
Belgium		—		467		—		467
Canada		639		—		—		639
China		691		570		—		1,261
Denmark		—		1,661		—		1,661
Finland		—		359		—		359
France		—		3,711		—		3,711
Germany		5		2,775		—		2,780
Hong Kong		—		703		—		703
India		452		—		—		452
Indonesia		—		204		—		204
Ireland		175		88		—		263
Italy		57		530		—		587
Japan		—		3,209		—		3,209
Macau		—		13		—		13
Mexico		268		—		—		268
Netherlands		38		1,230		—		1,268
New Zealand		—		15		—		15
Russia		205		—		—		205
Singapore		—		591		—		591
South Africa		—		258		—		258
South Korea		—		758		—		758
Spain		—		593		—		593
Sweden		—		829		—		829
Switzerland		—		2,061		—		2,061
Taiwan		637		—		—		637
United Kingdom		—		2,600		—		2,600
United States		42,026		924		—		42,950
Total Common Stocks		45,193		25,225		—		70,418

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 29

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Corporate Bonds	$	—		$	4,783		$	—	$	4,783
Foreign Government Securities		—			13,829			—		13,829
Investment Companies		32,062			—			—		32,062
Supranational		—			195			—		195
U.S. Treasury Obligations		—			1,993			—		1,993
Short-Term Investments
Certificates of Deposit		—			999			—		999
Commercial Paper		—			1,647			—		1,647
Foreign Government Treasury Bills		—			4,492			—		4,492
Investment Companies		3,234			—			—		3,234
Investment of Cash Collateral from Securities Loaned		325			—			—		325
Total Short-Term Investments		3,559			7,138			—		10,697
Total Investments in Securities	$	80,814		$	53,380		$	173	$	134,367
Liabilities
Common Stocks	$	(533	)	$	—		$	—	$	(533	)
Total Liabilities in Securities Sold Short	$	(533	)	$	—		$	—	$	(533	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	226		$	—	$	226
Futures Contracts		504			—			—		504
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(96	)		—		(96	)
Futures Contracts		(184	)		—			—		(184	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	320		$	130		$	—	$	450

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

	Balance as of December 31, 2020		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, 2021
Investments in Securities:
Asset-Backed Securities	$	458	$	20	$	(26	)	$	1		$	—	$	(386	)	$	—	$	—	$	67
Collateralized Mortgage Obligations		873		4		(9	)		—	(a)		—		(868	)		—		—		—
Commercial Mortgage-Backed Securities		782		11		12			—	(a)		—		(699	)		—		—		106
Total	$	2,113	$	35	$	(23	)	$	1		$	—	$	(1,953	)	$	—	$	—	$	173

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, 2021, which were valued using significant unobservable inputs (level 3) amounted to $4. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.

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, 2021, 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.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

C. Securities Lending — The Portfolio is authorized to engage in securities lending in order to generate additional income. The Portfolio is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Portfolio, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund. The Portfolio retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the 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, 2021.

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)
$	315	$	(315	)	$	—

* 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 0.12% to 0.06%. For the year ended December 31, 2021, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 1

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

For the year ended December 31, 2021
Security Description	Value at December 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)	$	12,847	$	475	$	6,903	$	1,583		$	(2,427	)	$	5,575		147	$	38		$	178
JPMorgan High Yield Fund Class R6 Shares (a)		19,120		6,642		13,455		854			(491	)		12,670		1,745		585			—
JPMorgan Income Fund Class R6 Shares (a)		—		9,085		—		—			(160	)		8,925		950		207			—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		—		8,218		3,607		7			274			4,892		257		59			330
JPMorgan Mortgage-Backed Securities Fund Class R6 Shares (a)		1,187		12		1,194		(14	)		9			—		—		12			—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)		6,489		57,658		60,912		—	(c)		(1	)		3,234		3,233		3			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		600		25,000		25,599		(1	)*		—	(c)		—		—		2	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		133		28,509		28,317		—			—			325		325		—	*(c)		—
Total	$	40,376	$	135,599	$	139,987	$	2,429		$	(2,796	)	$	35,621			$	906		$	508

(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, 2021.

(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 year 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 gain 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.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 securities and options on indices 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.

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.

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Portfolio is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Portfolio periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on 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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

forward foreign currency exchange contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Portfolio also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Portfolio’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

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

(4). Summary of Derivatives Information

The following table presents the value of derivatives held as of December 31, 2021 by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	334
Unrealized Depreciation on Futures Contracts*		(110	)
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		131
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		226
Unrealized Depreciation on Futures Contracts*		(38	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(96	)
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		39
Unrealized Depreciation on Futures Contracts*		(36	)
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		320
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		130

* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOI. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table presents the effect of derivatives on the Statement of Operations for the year ended December 31, 2021, by primary underlying risk exposure:

Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	1,800
Purchased Options		224
Foreign Exchange Rate Risk Exposure:
Futures Contracts		(1,535	)
Forward Foreign Currency Exchange Contracts		457
Interest Rate Risk Exposure:
Futures Contracts		(117	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		31
Purchased Options		76
Foreign Exchange Rate Risk Exposure:
Futures Contracts		(118	)
Forward Foreign Currency Exchange Contracts		358
Interest Rate Risk Exposure:
Futures Contracts		(47	)

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

Futures Contracts
Average Notional Balance Long	$	46,136
Average Notional Balance Short		8,217
Ending Notional Balance Long		43,752
Ending Notional Balance Short		8,949
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		4,337
Average Settlement Value Sold		23,985
Ending Settlement Value Purchased		8,655
Ending Settlement Value Sold		36,247
Exchange-Traded Options:
Average Number of Contracts Purchased		46

The Portfolio’s derivatives contracts held at December 31, 2021 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. The Portfolio is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statement of Operations. 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, 2021, 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 and interest expense on securities sold short, if any, 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.

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.

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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, 2021 are as follows:

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

(a) Amount rounds to less than one thousand.

The Portfolio invested in Underlying Funds and, as a result, bears a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.E.

J. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of December 31, 2021, 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:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	–	$	996	$	(996	)

The reclassifications for the Portfolio relate primarily to foreign currency gain/loss and investments in regulated investment companies.

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, 2021, 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.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021 and the contractual expense limitation percentages in the table above are in place until at least April 30, 2022.

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, 2021, the Adviser waived $155. 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, 2021, the Portfolio’s service providers waived fees and/or reimbursed expenses for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
$	6	$	60	$	66	$	—	(a)

(a) Amount rounds to less than one thousand.

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, 2021 was $6.

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, 2021, 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, 2021 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

4. Investment Transactions

During the year ended December 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government		Securities Sold Short		Covers on Securities Sold Short
$	104,785	$	99,547	$	1,480	$	1,209	$	11,656	$	12,046

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, 2021 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	111,760	$	24,488	$	1,965	$	22,523

* 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 investments in passive foreign investment companies, 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, 2021 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	4,006	$	2,267	$	6,273

* 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, 2020 was as follows:

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.

As of December 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	4,761	$	4,339	$	21,647

The cumulative timing differences primarily consist of investments in passive foreign investment companies, 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, 2021, 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, 2021.

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 October 31, 2022.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2021.

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, 2021, the Portfolio had three individual shareholder and/or non-affiliated omnibus accounts, which owned 80.7% 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.

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, 2021, a significant portion of the investments of the Portfolio 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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (continued)

(Dollar values in thousands)

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.

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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of the Portfolio’s loans, notes, derivatives and other instruments or investments comprising some or all of the Portfolio’s investments 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.

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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, 2021, the related statement of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 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, 2021 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 14, 2022

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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 41

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 the 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).	169	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the 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).	169	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Gary L. French (1951); Trustee of the Trust since 2022. †	Real Estate Investor (2011-present); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017).	169	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	169	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Robert J. Grassi (1957); Trustee of the Trust since 2022. †	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).	169	None
Frankie D. Hughes (1952); Trustee of the 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).	169	None

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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 the Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	169	Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (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).
Thomas P. Lemke (1954); Trustee of the Trust since 2022. †	Retired since 2013.	169	(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018).
Lawrence R. Maffia (1950); Trustee of the Trust since 2022. †	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).	169	Director, ICI Mutual Insurance Company (1999-2013).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the 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).	169	None
Marilyn McCoy (1948); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	169	None
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	169	Trustee, The Coldwater Conservation Fund; Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020).

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 43

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)
Marian U. Pardo* (1946); Trustee of the 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).	169	Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Emily A. Youssouf (1951); Trustee of the Trust since 2022. †	Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013-present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation.	169	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustees
Robert E. Deutsch** (1957); Trustee of the Trust since 2022. †	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).	169	Treasurer and Director of the JUST Capital Foundation (2017-present).
Nina O. Shenker** (1957) Trustee of the Trust since 2022. †	Vice Chair (2017-Present), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management.	169	Director and Member of Executive Committee and Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-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 nine registered investment companies (169 J.P. Morgan Funds).

  * 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.

** Considered an interested trustee based on prior employment by JPM Asset Management or an affiliate of JPMorgan Asset Management.

  ^† Trustee of the Trust effective January 1, 2022.

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

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing 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.
Kiesha Astwood-Smith, (1973) Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to 2021.
Matthew Beck (1988), Assistant Secretary (2021)***	Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from 2018 to 2021; General Counsel, Nottingham Company from 2014 to 2018.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
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.
Max Vogel (1990), Assistant Secretary (2021)**	Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP from 2017 to 2021; Associate, Stroock & Stroock & Lavan LLP from 2015 to 2017.
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. 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. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment 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. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment 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, 2021 JPMORGAN INSURANCE TRUST 45

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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Actual	$	1,000.00	$	1,031.00	$	4.11		0.80	%
Hypothetical		1,000.00		1,021.16		4.09		0.80
Class 2
Actual		1,000.00		1,029.10		5.38		1.05
Hypothetical		1,000.00		1,019.90		5.36		1.05

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 ( to reflect the one-half year period).

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

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 2021, 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, 2021.

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 investment 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 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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(continued)

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 inter-

mediaries 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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.

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 fee structure and 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 determi-

nations 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, third and first quintiles based upon the Peer Group, and in the first, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the Portfolio’s performance for Class 2 shares was in the second, third and first quintiles based upon the Peer Group, and in the first, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 for Class 1 shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class 1 shares were in the second quintile based upon both the Peer Group and Universe. 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 second and third 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

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 49

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(continued)

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.

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Dividends Received Deduction (DRD)

The Portfolio had 9.49%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2021.

Long Term Capital Gain

The Portfolio distributed $2,267, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2021.

DECEMBER 31, 2021 JPMORGAN INSURANCE TRUST 51

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Insurance Trust (the “Trust)” held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of the Trust, including the Portfolio. The results of the voting were as follows:

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		102,380
Withheld		2,850
Steven P. Fisher
In Favor		102,570
Withheld		2,660
Gary L. French
In Favor		102,531
Withheld		2,699
Kathleen M. Gallagher
In Favor		102,646
Withheld		2,584
Robert J. Grassi
In Favor		102,662
Withheld		2,568
Frankie D. Hughes
In Favor		102,570
Withheld		2,660
Raymond Kanner
In Favor		102,705
Withheld		2,525

	Votes Received (Amounts in thousands)
Thomas P. Lemke
In Favor		102,473
Withheld		2,757
Lawrence R. Maffia
In Favor		102,473
Withheld		2,757
Mary E. Martinez
In Favor		102,559
Withheld		2,671
Marilyn McCoy
In Favor		102,367
Withheld		2,863
Dr. Robert A. Oden, Jr.
In Favor		102,270
Withheld		2,960
Marian U. Pardo
In Favor		102,755
Withheld		2,475
Emily A. Youssouf
In Favor		102,573
Withheld		2,657
Interested Nominee
Robert F. Deutsch
In Favor		102,568
Withheld		2,662
Nina O. Shenker
In Favor		102,505
Withheld		2,725

52 JPMORGAN INSURANCE TRUST DECEMBER 31, 2021

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., 2021.  All rights reserved. December 2021. AN-JPMITGAP-1221

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 Kathleen M. Gallagher. She 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.

On April 1, 2021, Kathleen M. Gallagher replaced Dennis P. Harrington as the audit committee financial expert. Mr. Harrington was not an “interested person” of the Registrant and was also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.

(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

2021 – $330,430

2020 – $333,907

(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

2021 – $47,960

2020 – $47,963

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

2021 – $58,788

2020 – $58,848

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 October 31, 2021 and 2020, 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

2021 – Not applicable

2020 – 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.

2021 – 0.0%

2020 – 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:

2021 – $30.1 million

2020 – $28.0 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 22, 2022

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 22, 2022
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	February 22, 2022