N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07874

JPMorgan Insurance Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: December 31

Date of reporting period: January 1, 2013 through December 31, 2013

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, 2013

JPMorgan Insurance Trust Core Bond Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
   

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	28
Financial Highlights	32
Notes to Financial Statements	34
Report of Independent Registered Public Accounting Firm	41
Trustees	42
Officers	44
Schedule of Shareholder Expenses	45
Board Approval of Investment Advisory Agreement	46

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

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

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

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

CEO’S LETTER

January 23, 2014 (Unaudited)

Dear Shareholder,

Equities markets in developed economies performed strongly in the face of periodic spikes in volatility throughout the twelve months ended December 31, 2013. Healthy corporate earnings and incremental but steady improvements in a range of economic indicators provided a positive backdrop for investors seeking returns in the low interest rate environment. While political discord in Washington injected volatility into the market, a bipartisan budget agreement at the end of the year relieved much of the political uncertainty created by partisan brinkmanship over the so-called fiscal cliff and the partial shutdown of the federal government in October. In the first half of the year, the U.S. Federal Reserve (“Fed”) announced its intention to taper off its $85 billion in monthly asset purchases and the statement weakened investor sentiment and set off widespread speculation about the timing and magnitude of such a move. The Fed followed through in December, deciding to reduce its monthly purchases by $10 billion. The news, along with robust gains in jobs, housing and consumer sentiment, drove U.S. equities to new highs. The S&P 500 stock index hit seven closing highs in the final month of the reporting period, finishing 2013 with its best performance since 1997.

  “While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains.”

Overseas, the European Central Bank reaffirmed its commitment to accommodative monetary policy and to the euro itself. In the second quarter of the year, the European Union (EU) returned to positive growth and at the end of the year, Ireland became the first nation to exit from its European Union bailout program. The Fed’s decision to curb its asset purchases also sent equities higher in Europe, as investors viewed the move as a sign of further economic stability. In Japan, equity markets rebounded to their best year since 1988, benefiting from Prime Minister Shinzo Abe’s efforts to revive the economy. Low returns on bonds and short-term debt instruments also drove investors into stocks.

Emerging market equities were weaker overall. As of December 31, 2013, the MSCI Emerging Markets Index returned -2.3% for the year. China’s economy showed signs of slower growth during the year and the Fed’s decision to taper its asset purchase program set off speculation that the maturation of the emerging markets credit cycle would push yield-seeking investors to rotate into developed markets.

Taper Talk Pressures Bonds

Fixed income markets generally remained weak during the year, as central bankers across the globe held interest rates at historic lows. However, benchmark bond yields rose on an

annual basis for the first time since 2009. During the year, the Fed’s talk of tapering off its Quantitative Easing (QE) program hurt fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period higher. The yield for 10-year U.S. Treasury securities ended December 31, 2013 at 3.04%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.38% and 3.96%, respectively. High-yield debt returned 7.4% for the year, as measured by the Barclays US High Yield Corporate Index, while other U.S. debt securities and emerging market debt both had negative returns.

While global economic growth accelerated during the year, the U.S. recovery in particular showed stronger fundamentals and the Fed’s decision to taper its QE program was a response to the improved picture. Europe emerged from its lengthy recession and the worst of the fiscal crises seem to be behind it, though unemployment remains strikingly high in many EU nations. Japan made progress toward ending persistent deflation, but Tokyo’s monetary and fiscal stimulus has sharply weakened the yen, putting other Asian exporting nations — notably China and South Korea — at a competitive disadvantage. Emerging market economies may face further headwinds as foreign investment shrinks and economic growth moderates from recent strength. Moreover, political instability — already apparent in Thailand and Turkey — may surface in other emerging market nations as governments struggle to deliver improved living standards and respond to demands for political reforms.

The Long-Term Lens

We welcome the Fed’s move to curb its QE program as a sign that the U.S. economy’s need for artificial stimulus is waning. While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains. In the fixed-income market, persistent weakness has led to attractive valuations in some sectors. The past year’s market swings and intermittent volatility underlined the importance of maintaining a long-term view of your investment portfolio and the benefits derived from diversified holdings.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class 1 Shares)*		-1.47%
Barclays U.S. Aggregate Index		-2.02%
Net Assets as of 12/31/2013	$	201,916,409
Duration as of 12/31/2013		4.63 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?

Improving economic data led risk assets to strengthen over the reporting period despite the prospect of the U.S. Federal Reserve Bank (“Fed”) beginning to taper its asset purchases. Equity markets hit record highs, with the Standard & Poor’s 500 Index gaining 30% and the Dow Industrials Average climbing 27% in 2013. Even with political wrangling over the debt ceiling in October, interest rates stayed within a narrow range until the announcement of a strong October employment report, leading some market participants to predict that the Fed might begin to reduce its asset purchases as early as December. Meanwhile, the euro zone moved out of recession in the third quarter of 2013, and economic data suggested that the economic expansion continued through the end of the calendar year. The euro zone composite Purchasing Managers Index ended the year at 52.1 points, a three-month high. Despite the improving economic backdrop, an unhealthy low level of inflation led the European Central Bank (ECB) to reduce its benchmark interest rate to a record low of 0.25% in November. While this move was welcomed by markets, investors wondered what else the ECB would do in the future to deal with low and falling inflation.

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

The Portfolio outperformed the Barclays U.S. Aggregate Index (the “Benchmark”) for the year ended December 31, 2013. The Portfolio’s underweight to U.S. Treasury debt was a benefit to performance, as spread sectors outperformed their risk-free counterpart. Within Treasuries, the bellwether 30-year bond was the worst performer, declining -3.56% during the fourth quarter. The Portfolio’s mortgage allocation also outperformed index pass-throughs during the quarter. Lower coupon mortgages, which are a large part of the index and of the Fed pur-

chase program, sold off as economic data improved and “taper” entered the everyday investment lexicon. The Portfolio generally avoided newly issued, generic mortgage collateral in return for more specific collateral attributes, which the Portfolio’s managers believed may provide better total return prospects. The year also saw spreads on investment grade corporate bonds tighten by 27 basis points with option-adjusted spread moving from 141 to 114 points. This puts U.S. corporate spreads at their tightest levels since the summer of 2007. The Portfolio’s underweight to corporate debt was a slight detractor from performance on the quarter as credit outperformed mortgages on a duration- neutral basis. Duration measures the price sensitivity of fixed income investments to changes in interest rates.

The Portfolio’s yield curve positioning was a slight detractor from relative performance, as the Portfolio remained overweight to the 5-10 year part of the curve, which rose the most in absolute terms. The yield curve measures the differences in interest rates on bonds of different maturity dates. The Portfolio’s slightly shorter duration posture compared with the Benchmark was a benefit to performance.

HOW WAS THE PORTFOLIO POSITIONED?

The Portfolio’s primary strategy continued to be security selection and relative value, which seeks to identify undervalued bonds between individual securities and across market sectors. The Portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. Portfolio construction is strategic in nature, so sector allocation changes should be gradual and a function of relative value. The Portfolio remained underweight in U.S. Treasury securities, underweight in corporate debt, and overweight mortgage-backed securities, which include both agency and non-agency securities. The Portfolio was overweight in the intermediate part of the yield curve (U.S. Treasury securities with 5 to 10 year maturities) as the Portfolio’s managers believed that these U.S. Treasuries had the most attractive risk/reward profile. The Portfolio maintained its shorter duration posture during the calendar year.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PORTFOLIO COMPOSITION***
Collateralized Mortgage Obligations	28.0	%
U.S. Treasury Obligations	25.9
Corporate Bonds	16.3
U.S. Government Agency Securities	13.7
Mortgage Pass-Through Securities	7.7
Commercial Mortgage-Backed Securities	2.6
Asset-Backed Securities	1.8
Others (each less than 1.0%)	0.4
Short-Term Investment	3.6

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

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

*** Percentages indicated are based on total investments as of December 31, 2013. The Portfolio’s composition is subject to change.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		5/1/97		(1.47	)%		5.96	%		4.79	%
CLASS 2 SHARES		8/16/06		(1.74	)		5.68			4.60

TEN YEAR PERFORMANCE (12/31/03 TO 12/31/13)

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.

Returns for Class 2 Shares prior to its inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than those shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Core Bond Portfolio, the Barclays U.S. Aggregate Index and the Lipper Variable Underlying Funds Core Bond Funds Index from December 31, 2003 to December 31, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Barclays U.S. Aggregate Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper

Variable Underlying Funds Core Bond Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Variable Underlying Funds Core Bond Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods 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, 2013

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 1.8%
	172,000	Ally Auto Receivables Trust, Series 2013-2, Class A3, 0.790%, 01/15/18		171,844
	9,813	American Credit Acceptance Receivables Trust, Series 2012-1, Class A2, 3.040%, 10/15/15 (e)		9,833
	61,000	AmeriCredit Automobile Receivables Trust, Series 2013-4, Class A2, 0.740%, 11/08/16		61,060
	23,535	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.535%, 04/25/36		22,458
		CarMax Auto Owner Trust,
	62,000	Series 2013-4, Class A3, 0.800%, 07/16/18		61,907
	55,000	Series 2013-4, Class A4, 1.280%, 05/15/19		54,625
	144,026	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		149,321
		CNH Equipment Trust,
	15,507	Series 2011-A, Class A3, 1.200%, 05/16/16		15,518
	80,000	Series 2011-A, Class A4, 2.040%, 10/17/16		81,020
		Countrywide Asset-Backed Certificates,
	1,056	Series 2004-1, Class 3A, VAR, 0.725%, 04/25/34		987
	120,000	Series 2004-1, Class M1, VAR, 0.915%, 03/25/34		113,265
	16,783	Series 2004-1, Class M2, VAR, 0.990%, 03/25/34		16,050
	14,400	CWABS Revolving Home Equity Loan Trust, Series 2004-K, Class 2A, VAR, 0.467%, 02/15/34		12,438
		HLSS Servicer Advance Receivables Backed Notes,
	257,000	Series 2013-T1, Class A1, 0.898%, 01/15/44 (e)		257,000
	180,000	Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		179,334
		Hyundai Auto Receivables Trust,
	169,000	Series 2013-A, Class A3, 0.560%, 07/17/17		169,011
	200,000	Series 2013-A, Class A4, 0.750%, 09/17/18		198,770
	44,669	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.515%, 07/25/34 (e)		44,369
		Long Beach Mortgage Loan Trust,
	142,914	Series 2003-4, Class M1, VAR, 1.185%, 08/25/33		133,530

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	190,000	Series 2004-1, Class M1, VAR, 0.915%, 02/25/34		176,935
	41,358	Series 2004-1, Class M2, VAR, 0.990%, 02/25/34		40,160
	20,853	Series 2006-WL2, Class 2A3, VAR, 0.365%, 01/25/36		19,016
	102,000	Nationstar Agency Advance Funding Trust, Series 2013-T1A, Class AT1, 0.997%, 02/15/45 (e)		101,458
	125,000	New Century Home Equity Loan Trust, Series 2005-1, Class M1, VAR, 0.615%, 03/25/35		119,668
	498,053	Normandy Mortgage Loan Trust, Series 2013-NPL3, Class A, SUB, 4.949%, 09/16/43 (e)		498,053
	140,466	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.102%, 10/25/34		139,522
	8,499	RASC Trust, Series 2003-KS9, Class A2B, VAR, 0.805%, 11/25/33		6,700
	124,939	Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (i)		127,437
		Santander Drive Auto Receivables Trust,
	59,383	Series 2011-1, Class B, 2.350%, 11/16/15		59,653
	10,510	Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		10,510
	39,710	SNAAC Auto Receivables Trust, Series 2013-1A, Class A, 1.140%, 07/16/18 (e)		39,678
	450,000	Springleaf Funding Trust, Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		449,345
	180,628	Volt NPL IX LLC, Series 2013-NPL3, Class A1, SUB, 4.250%, 04/25/53 (e)		180,515
		Total Asset-Backed Securities (Cost $3,744,280)		3,720,990
	Collateralized Mortgage Obligations — 27.9%
		Agency CMO — 19.5%
	150,167	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		168,572
		Federal Home Loan Mortgage Corp. REMIC,
	816	Series 1065, Class J, 9.000%, 04/15/21		966
	2,383	Series 11, Class D, 9.500%, 07/15/19		2,517
	66,903	Series 1113, Class J, 8.500%, 06/15/21		72,430
	4,585	Series 1250, Class J, 7.000%, 05/15/22		5,205
	9,320	Series 1316, Class Z, 8.000%, 06/15/22		10,598

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	14,975	Series 1324, Class Z, 7.000%, 07/15/22		16,910
	67,850	Series 1343, Class LA, 8.000%, 08/15/22		79,826
	13,967	Series 1343, Class LB, 7.500%, 08/15/22		16,480
	9,987	Series 1394, Class ID, IF, 9.566%, 10/15/22		11,740
	9,376	Series 1395, Class G, 6.000%, 10/15/22		10,109
	6,497	Series 1505, Class Q, 7.000%, 05/15/23		7,189
	12,161	Series 1518, Class G, IF, 8.829%, 05/15/23		14,017
	12,134	Series 1541, Class O, VAR, 2.140%, 07/15/23		12,624
	277,039	Series 1577, Class PV, 6.500%, 09/15/23		286,742
	225,120	Series 1584, Class L, 6.500%, 09/15/23		251,899
	3,817	Series 1609, Class LG, IF, 16.972%, 11/15/23		4,258
	236,883	Series 1633, Class Z, 6.500%, 12/15/23		263,595
	267,162	Series 1638, Class H, 6.500%, 12/15/23		297,703
	2,387	Series 1671, Class QC, IF, 10.000%, 02/15/24		3,127
	44,138	Series 1694, Class PK, 6.500%, 03/15/24		46,236
	9,396	Series 1700, Class GA, PO, 02/15/24		9,258
	31,619	Series 1798, Class F, 5.000%, 05/15/23		34,085
	62,704	Series 1863, Class Z, 6.500%, 07/15/26		69,543
	4,026	Series 1865, Class D, PO, 02/15/24		3,396
	22,389	Series 1981, Class Z, 6.000%, 05/15/27		25,066
	28,915	Series 1987, Class PE, 7.500%, 09/15/27		32,066
	117,137	Series 1999, Class PU, 7.000%, 10/15/27		133,884
	166,792	Series 2031, Class PG, 7.000%, 02/15/28 (m)		188,493
	7,254	Series 2033, Class SN, HB, IF, 27.106%, 03/15/24		4,347
	167,563	Series 2035, Class PC, 6.950%, 03/15/28		191,999
	12,138	Series 2038, Class PN, IO, 7.000%, 03/15/28		2,932
	38,788	Series 2054, Class PV, 7.500%, 05/15/28		44,713
	193,993	Series 2057, Class PE, 6.750%, 05/15/28		219,504
	55,132	Series 2064, Class TE, 7.000%, 06/15/28		63,297

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	40,513	Series 2075, Class PH, 6.500%, 08/15/28		45,606
	133,732	Series 2095, Class PE, 6.000%, 11/15/28		148,564
	253	Series 2115, Class PE, 6.000%, 01/15/14		253
	7,848	Series 2132, Class SB, HB, IF, 29.835%, 03/15/29		14,449
	13,328	Series 2134, Class PI, IO, 6.500%, 03/15/19		1,592
	51	Series 2135, Class UK, IO, 6.500%, 03/15/14		—	(h)
	66,347	Series 2178, Class PB, 7.000%, 08/15/29		75,864
	106,999	Series 2182, Class ZB, 8.000%, 09/15/29		124,996
	3,614	Series 22, Class C, 9.500%, 04/15/20		4,007
	16,710	Series 2247, Class Z, 7.500%, 08/15/30		19,367
	206,554	Series 2259, Class ZC, 7.350%, 10/15/30		237,778
	3,767	Series 2261, Class ZY, 7.500%, 10/15/30		4,354
	60,051	Series 2283, Class K, 6.500%, 12/15/23		66,454
	8,397	Series 2306, Class K, PO, 05/15/24		8,065
	20,152	Series 2306, Class SE, IF, IO, 7.860%, 05/15/24		3,246
	21,893	Series 2325, Class PM, 7.000%, 06/15/31		23,422
	130,910	Series 2344, Class ZD, 6.500%, 08/15/31		140,643
	20,834	Series 2344, Class ZJ, 6.500%, 08/15/31		23,232
	13,251	Series 2345, Class NE, 6.500%, 08/15/31		14,909
	59,475	Series 2345, Class PQ, 6.500%, 08/15/16		62,711
	22,469	Series 2355, Class BP, 6.000%, 09/15/16		23,536
	82,504	Series 2359, Class ZB, 8.500%, 06/15/31		98,897
	194,064	Series 2367, Class ME, 6.500%, 10/15/31		205,532
	19,267	Series 2390, Class DO, PO, 12/15/31		17,694
	31,094	Series 2391, Class QR, 5.500%, 12/15/16		32,585
	30,724	Series 2394, Class MC, 6.000%, 12/15/16		32,339
	34,704	Series 2410, Class OE, 6.375%, 02/15/32		37,505

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	35,060	Series 2410, Class QS, IF, 19.067%, 02/15/32		52,329
	35,745	Series 2410, Class QX, IF, IO, 8.483%, 02/15/32		7,861
	30,272	Series 2412, Class SP, IF, 15.767%, 02/15/32		41,309
	71,461	Series 2423, Class MC, 7.000%, 03/15/32		82,234
	122,961	Series 2423, Class MT, 7.000%, 03/15/32		140,700
	227,841	Series 2435, Class CJ, 6.500%, 04/15/32		247,263
	48,713	Series 2444, Class ES, IF, IO, 7.783%, 03/15/32		9,036
	32,475	Series 2450, Class SW, IF, IO, 7.833%, 03/15/32		6,067
	102,836	Series 2455, Class GK, 6.500%, 05/15/32		115,809
	64,362	Series 2484, Class LZ, 6.500%, 07/15/32		71,792
	283,151	Series 2500, Class MC, 6.000%, 09/15/32		311,448
	16,458	Series 2503, Class BH, 5.500%, 09/15/17		17,520
	141,686	Series 2527, Class BP, 5.000%, 11/15/17		150,199
	97,111	Series 2535, Class BK, 5.500%, 12/15/22		107,429
	2,930,193	Series 2543, Class YX, 6.000%, 12/15/32 (m)		3,256,195
	238,435	Series 2544, Class HC, 6.000%, 12/15/32		265,028
	390,084	Series 2575, Class ME, 6.000%, 02/15/33		433,358
	1,158,254	Series 2578, Class PG, 5.000%, 02/15/18		1,231,274
	29,191	Series 2586, Class WI, IO, 6.500%, 03/15/33		6,080
	55,262	Series 2626, Class NS, IF, IO, 6.383%, 06/15/23		4,269
	28,562	Series 2638, Class DS, IF, 8.433%, 07/15/23		32,135
	142,586	Series 2647, Class A, 3.250%, 04/15/32		145,983
	612,328	Series 2651, Class VZ, 4.500%, 07/15/18		647,915
	1,140,761	Series 2656, Class BG, 5.000%, 10/15/32		1,194,713
	150,184	Series 2682, Class LC, 4.500%, 07/15/32		156,007

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	5,053	Series 2755, Class SA, IF, 13.867%, 05/15/30		5,149
	14,520	Series 2780, Class JG, 4.500%, 04/15/19		14,987
	551,550	Series 2827, Class DG, 4.500%, 07/15/19		585,667
	8,856	Series 2989, Class PO, PO, 06/15/23		8,838
	300,000	Series 3047, Class OD, 5.500%, 10/15/35		328,360
	209,659	Series 3085, Class VS, HB, IF, 28.054%, 12/15/35		344,043
	69,110	Series 3117, Class EO, PO, 02/15/36		63,213
	64,398	Series 3260, Class CS, IF, IO, 5.973%, 01/15/37		10,051
	174,294	Series 3385, Class SN, IF, IO, 5.833%, 11/15/37		24,529
	181,524	Series 3387, Class SA, IF, IO, 6.253%, 11/15/37		23,910
	160,222	Series 3451, Class SA, IF, IO, 5.883%, 05/15/38		21,407
	482,169	Series 3455, Class SE, IF, IO, 6.033%, 06/15/38		74,801
	527,485	Series 3688, Class NI, IO, 5.000%, 04/15/32		64,270
	165,354	Series 3759, Class HI, IO, 4.000%, 08/15/37		20,544
	230,334	Series 3772, Class IO, IO, 3.500%, 09/15/24		16,117
	529	Series 47, Class F, 10.000%, 06/15/20		608
	454	Series 99, Class Z, 9.500%, 01/15/21		517
		Federal Home Loan Mortgage Corp. STRIPS,
	168,055	Series 233, Class 11, IO, 5.000%, 09/15/35		32,580
	223,367	Series 239, Class S30, IF, IO, 7.533%, 08/15/36		42,614
	465,184	Series 262, Class 35, 3.500%, 07/15/42		465,480
	475,282	Series 299, Class 300, 3.000%, 01/15/43		462,783
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	17,940	Series T-41, Class 3A, VAR, 6.611%, 07/25/32		20,252
	114,157	Series T-54, Class 2A, 6.500%, 02/25/43		132,993
	52,646	Series T-54, Class 3A, 7.000%, 02/25/43		60,232
	217,371	Series T-56, Class APO, PO, 05/25/43		184,880
	29,933	Series T-58, Class APO, PO, 09/25/43		23,937

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
		Federal National Mortgage Association REMIC,
	5,625	Series 1988-16, Class B, 9.500%, 06/25/18		6,177
	4,209	Series 1989-83, Class H, 8.500%, 11/25/19		4,747
	819	Series 1990-1, Class D, 8.800%, 01/25/20		928
	5,324	Series 1990-10, Class L, 8.500%, 02/25/20		6,024
	575	Series 1990-93, Class G, 5.500%, 08/25/20		590
	19	Series 1990-140, Class K, HB, 652.145%, 12/25/20		248
	1,186	Series 1990-143, Class J, 8.750%, 12/25/20		1,377
	20,161	Series 1992-101, Class J, 7.500%, 06/25/22		22,832
	9,421	Series 1992-143, Class MA, 5.500%, 09/25/22		10,229
	32,608	Series 1993-146, Class E, PO, 05/25/23		31,631
	75,279	Series 1993-155, Class PJ, 7.000%, 09/25/23		86,870
	2,358	Series 1993-165, Class SD, IF, 12.814%, 09/25/23		2,999
	11,760	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		13,330
	100,898	Series 1993-203, Class PL, 6.500%, 10/25/23		111,797
	10,416	Series 1993-205, Class H, PO, 09/25/23		9,619
	546,913	Series 1993-223, Class PZ, 6.500%, 12/25/23		603,462
	100,232	Series 1993-225, Class UB, 6.500%, 12/25/23		113,406
	2,930	Series 1993-230, Class FA, VAR, 0.765%, 12/25/23		2,946
	132,602	Series 1993-250, Class Z, 7.000%, 12/25/23		136,777
	244,767	Series 1994-37, Class L, 6.500%, 03/25/24		271,380
	2,082,323	Series 1994-72, Class K, 6.000%, 04/25/24		2,288,858
	22,615	Series 1995-2, Class Z, 8.500%, 01/25/25		26,527
	83,206	Series 1995-19, Class Z, 6.500%, 11/25/23		95,406
	4,378	Series 1996-59, Class J, 6.500%, 08/25/22		4,804
	165,653	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		7,506

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	19,611	Series 1997-39, Class PD, 7.500%, 05/20/27		22,941
	39,222	Series 1997-46, Class PL, 6.000%, 07/18/27		42,889
	98,199	Series 1997-61, Class ZC, 7.000%, 02/25/23		111,002
	19,011	Series 1998-36, Class ZB, 6.000%, 07/18/28		20,762
	36,637	Series 1998-43, Class SA, IF, IO, 17.423%, 04/25/23		11,967
	51,774	Series 1998-46, Class GZ, 6.500%, 08/18/28		58,250
	95,182	Series 1998-58, Class PC, 6.500%, 10/25/28		107,043
	227,627	Series 1999-39, Class JH, IO, 6.500%, 08/25/29		50,746
	6,554	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		1,577
	90,938	Series 2001-4, Class PC, 7.000%, 03/25/21		101,006
	75,030	Series 2001-30, Class PM, 7.000%, 07/25/31		85,692
	254,492	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		55,120
	116,335	Series 2001-36, Class DE, 7.000%, 08/25/31		133,579
	12,697	Series 2001-44, Class PD, 7.000%, 09/25/31		14,372
	17,940	Series 2001-52, Class XN, 6.500%, 11/25/15		18,632
	183,910	Series 2001-61, Class Z, 7.000%, 11/25/31		208,225
	37,508	Series 2001-69, Class PG, 6.000%, 12/25/16		39,308
	27,023	Series 2001-71, Class QE, 6.000%, 12/25/16		28,358
	26,819	Series 2002-1, Class HC, 6.500%, 02/25/22		29,665
	8,622	Series 2002-1, Class SA, HB, IF, 24.653%, 02/25/32		14,635
	44,914	Series 2002-2, Class UC, 6.000%, 02/25/17		47,387
	44,851	Series 2002-3, Class OG, 6.000%, 02/25/17		47,040
	226,537	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		10,541
	175,143	Series 2002-15, Class PO, PO, 04/25/32		158,366
	84,117	Series 2002-28, Class PK, 6.500%, 05/25/32		94,753

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	264,097	Series 2002-62, Class ZE, 5.500%, 11/25/17		281,110
	168,830	Series 2002-68, Class SH, IF, IO, 7.835%, 10/18/32		31,975
	18,208	Series 2002-77, Class S, IF, 14.182%, 12/25/32		23,094
	178,046	Series 2002-94, Class BK, 5.500%, 01/25/18		188,149
	261,978	Series 2003-7, Class A1, 6.500%, 12/25/42		301,762
	293,000	Series 2003-22, Class UD, 4.000%, 04/25/33		305,020
	85,195	Series 2003-44, Class IU, IO, 7.000%, 06/25/33		20,444
	68,085	Series 2003-47, Class PE, 5.750%, 06/25/33		74,346
	14,963	Series 2003-64, Class SX, IF, 13.337%, 07/25/33		17,455
	25,492	Series 2003-66, Class PA, 3.500%, 02/25/33		26,315
	46,662	Series 2003-71, Class DS, IF, 7.242%, 08/25/33		45,815
	98,712	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		4,135
	103,388	Series 2003-80, Class SY, IF, IO, 7.485%, 06/25/23		9,661
	1,347,203	Series 2003-81, Class MC, 5.000%, 12/25/32		1,406,525
	485,892	Series 2003-82, Class VB, 5.500%, 08/25/33		525,571
	27,522	Series 2003-91, Class SD, IF, 12.226%, 09/25/33		32,864
	234,246	Series 2003-116, Class SB, IF, IO, 7.435%, 11/25/33		41,606
	1,316,102	Series 2003-128, Class DY, 4.500%, 01/25/24		1,428,285
	16,519	Series 2003-130, Class SX, IF, 11.273%, 01/25/34		19,232
	36,456	Series 2003-132, Class OA, PO, 08/25/33		34,865
	830,124	Series 2004-2, Class OE, 5.000%, 05/25/23		869,259
	110,580	Series 2004-4, Class QM, IF, 13.871%, 06/25/33		135,755
	63,536	Series 2004-10, Class SC, HB, IF, 27.942%, 02/25/34		92,242
	159,234	Series 2004-36, Class SA, IF, 19.072%, 05/25/34		219,827
	102,304	Series 2004-46, Class SK, IF, 16.047%, 05/25/34		128,907

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	16,332	Series 2004-51, Class SY, IF, 13.911%, 07/25/34		20,475
	82,992	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		90,801
	104,248	Series 2004-75, Class VK, 4.500%, 09/25/22		104,383
	83,763	Series 2004-76, Class CL, 4.000%, 10/25/19		88,113
	1,468	Series 2004-92, Class JO, PO, 12/25/34		1,467
	235,957	Series 2005-45, Class DC, HB, IF, 23.706%, 06/25/35		364,537
	44,126	Series 2005-52, Class PA, 6.500%, 06/25/35		47,393
	475,673	Series 2005-68, Class BC, 5.250%, 06/25/35		517,213
	272,059	Series 2005-84, Class XM, 5.750%, 10/25/35		296,711
	653,878	Series 2005-110, Class MN, 5.500%, 06/25/35		702,761
	91,510	Series 2006-22, Class AO, PO, 04/25/36		83,445
	39,247	Series 2006-46, Class SW, HB, IF, 23.596%, 06/25/36		60,236
	83,344	Series 2006-59, Class QO, PO, 01/25/33		82,081
	115,766	Series 2006-110, Class PO, PO, 11/25/36		104,971
	187,144	Series 2006-117, Class GS, IF, IO, 6.485%, 12/25/36		30,167
	43,031	Series 2007-7, Class SG, IF, IO, 6.335%, 08/25/36		7,887
	353,289	Series 2007-53, Class SH, IF, IO, 5.935%, 06/25/37		52,051
	283,809	Series 2007-88, Class VI, IF, IO, 6.375%, 09/25/37		39,466
	261,606	Series 2007-100, Class SM, IF, IO, 6.285%, 10/25/37		35,665
	253,782	Series 2008-1, Class BI, IF, IO, 5.745%, 02/25/38		30,045
	72,177	Series 2008-16, Class IS, IF, IO, 6.035%, 03/25/38		10,506
	143,471	Series 2008-46, Class HI, IO, VAR, 1.766%, 06/25/38		13,210
	95,141	Series 2008-53, Class CI, IF, IO, 7.035%, 07/25/38		15,578
	221,129	Series 2009-112, Class ST, IF, IO, 6.085%, 01/25/40		29,077
	119,363	Series 2010-35, Class SB, IF, IO, 6.255%, 04/25/40		17,237
	2,489	Series G92-42, Class Z, 7.000%, 07/25/22		2,786

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	40,579	Series G92-44, Class ZQ, 8.000%, 07/25/22		44,441
	26,154	Series G92-54, Class ZQ, 7.500%, 09/25/22		29,230
	1,760	Series G92-59, Class F, VAR, 1.663%, 10/25/22		1,772
	4,739	Series G92-61, Class Z, 7.000%, 10/25/22		5,512
	10,770	Series G92-66, Class KA, 6.000%, 12/25/22		11,708
	50,938	Series G92-66, Class KB, 7.000%, 12/25/22		57,521
	14,332	Series G93-1, Class KA, 7.900%, 01/25/23		16,344
	14,896	Series G93-17, Class SI, IF, 6.000%, 04/25/23		16,708
		Federal National Mortgage Association REMIC Trust,
	53,678	Series 1999-W1, Class PO, PO, 02/25/29		48,996
	222,963	Series 1999-W4, Class A9, 6.250%, 02/25/29		250,276
	442,862	Series 2002-W7, Class A4, 6.000%, 06/25/29		485,437
	390,478	Series 2003-W1, Class 1A1, VAR, 5.963%, 12/25/42		436,969
	51,644	Series 2003-W1, Class 2A, VAR, 6.716%, 12/25/42		59,569
		Federal National Mortgage Association STRIPS,
	15,798	Series 329, Class 1, PO, 01/01/33		14,269
	73,613	Series 365, Class 8, IO, 5.500%, 05/01/36		13,702
	52,280	Federal National Mortgage Association Trust, Series 2004-W2, Class 2A2, 7.000%, 02/25/44		60,593
		Government National Mortgage Association,
	175,273	Series 1994-7, Class PQ, 6.500%, 10/16/24		203,013
	101,189	Series 1998-22, Class PD, 6.500%, 09/20/28		107,203
	32,084	Series 1999-17, Class L, 6.000%, 05/20/29		33,603
	42,227	Series 1999-41, Class Z, 8.000%, 11/16/29		50,171
	29,507	Series 1999-44, Class PC, 7.500%, 12/20/29		34,491
	37,858	Series 1999-44, Class ZG, 8.000%, 12/20/29		44,995

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	165,114	Series 2000-21, Class Z, 9.000%, 03/16/30		198,781
	3,185	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		722
	555,623	Series 2000-36, Class PB, 7.500%, 11/16/30		665,502
	1,183,522	Series 2001-10, Class PE, 6.500%, 03/16/31 (m)		1,334,274
	179,459	Series 2001-22, Class PS, HB, IF, 20.582%, 03/17/31		263,334
	70,955	Series 2001-36, Class S, IF, IO, 7.883%, 08/16/31		16,792
	69,395	Series 2001-53, Class SR, IF, IO, 7.983%, 10/20/31		5,096
	92,355	Series 2001-64, Class MQ, 6.500%, 12/20/31		106,411
	1,000,000	Series 2001-64, Class PB, 6.500%, 12/20/31		1,139,004
	12,288	Series 2002-24, Class SB, IF, 11.675%, 04/16/32		15,193
	6,494	Series 2003-24, Class PO, PO, 03/16/33		5,428
	211,838	Series 2003-59, Class XA, IO, VAR, 1.040%, 06/16/34		1,145
	12,308	Series 2003-76, Class LS, IF, IO, 7.033%, 09/20/31		136
	338,966	Series 2004-11, Class SW, IF, IO, 5.333%, 02/20/34		44,862
	36,730	Series 2004-28, Class S, IF, 19.204%, 04/16/34		50,981
	248,206	Series 2007-45, Class QA, IF, IO, 6.473%, 07/20/37		41,811
	202,771	Series 2007-76, Class SA, IF, IO, 6.363%, 11/20/37		34,085
	184,015	Series 2008-2, Class MS, IF, IO, 6.993%, 01/16/38		29,181
	141,580	Series 2008-55, Class SA, IF, IO, 6.033%, 06/20/38		21,422
	114,422	Series 2009-6, Class SA, IF, IO, 5.933%, 02/16/39		15,776
	299,287	Series 2009-6, Class SH, IF, IO, 5.873%, 02/20/39		43,717
	204,881	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		43,710
	143,062	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		31,177
	436,228	Series 2009-22, Class SA, IF, IO, 6.103%, 04/20/39		62,236
	400,506	Series 2009-31, Class ST, IF, IO, 6.183%, 03/20/39		46,363

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	400,506	Series 2009-31, Class TS, IF, IO, 6.133%, 03/20/39		56,615
	408,936	Series 2009-64, Class SN, IF, IO, 5.933%, 07/16/39		57,924
	141,176	Series 2009-79, Class OK, PO, 11/16/37		121,606
	216,351	Series 2009-102, Class SM, IF, IO, 6.233%, 06/16/39		28,726
	610,464	Series 2009-106, Class ST, IF, IO, 5.833%, 02/20/38		91,753
	198,558	Series 2010-130, Class CP, 7.000%, 10/16/40		231,462
	393,840	Series 2011-75, Class SM, IF, IO, 6.433%, 05/20/41		73,144
	953,049	Series 2013-H08, Class FC, VAR, 0.618%, 02/20/63		945,807
	502,146	Series 2013-H09, Class HA, 1.650%, 04/20/63		487,423
		Vendee Mortgage Trust,
	67,271	Series 1994-1, Class 1, VAR, 5.618%, 02/15/24		73,934
	154,684	Series 1996-1, Class 1Z, 6.750%, 02/15/26		177,081
	85,974	Series 1996-2, Class 1Z, 6.750%, 06/15/26		99,145
	312,410	Series 1997-1, Class 2Z, 7.500%, 02/15/27		367,913
	85,351	Series 1998-1, Class 2E, 7.000%, 03/15/28		98,807
				39,481,450
		Non-Agency CMO — 8.4%
		Alternative Loan Trust,
	49,899	Series 2002-8, Class A4, 6.500%, 07/25/32		51,245
	20,173	Series 2003-J1, Class PO, PO, 10/25/33		18,099
	1,943,305	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,917,947
	36,703	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		37,121
	634,854	Series 2005-20CB, Class 3A8, IF, IO, 4.585%, 07/25/35		65,270
	913,197	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		863,436
	457,742	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		417,362
	845,451	Series 2005-22T1, Class A2, IF, IO, 4.905%, 06/25/35		135,773
	750,338	Series 2005-J1, Class 1A4, IF, IO, 4.935%, 02/25/35		77,405

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	19,882	Alternative Loan Trust Resecuritization, Series 2005-5R, Class A1, 5.250%, 12/25/18		19,989
	200,000	American General Mortgage Loan Trust, Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		202,180
		Banc of America Alternative Loan Trust,
	54,573	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		55,581
	314,167	Series 2004-5, Class 3A3, PO, 06/25/34		259,198
	42,586	Series 2004-6, Class 15PO, PO, 07/25/19		38,638
		Banc of America Funding Trust,
	45,312	Series 2004-1, Class PO, PO, 03/25/34		40,916
	366,768	Series 2005-6, Class 2A7, 5.500%, 10/25/35		360,710
	54,269	Series 2005-7, Class 30PO, PO, 11/25/35		43,153
	215,046	Series 2005-E, Class 4A1, VAR, 2.669%, 03/20/35		216,050
		Banc of America Mortgage Trust,
	15,456	Series 2003-8, Class APO, PO, 11/25/33		13,105
	90,019	Series 2004-3, Class 1A26, 5.500%, 04/25/34		91,353
	11,569	Series 2004-4, Class APO, PO, 05/25/34		9,775
	290,852	Series 2004-5, Class 2A2, 5.500%, 06/25/34		301,597
	180,866	Series 2004-6, Class 2A5, PO, 07/25/34		149,737
	40,654	Series 2004-6, Class APO, PO, 07/25/34		33,518
	34,775	Series 2004-7, Class 1A19, PO, 08/25/34		33,380
	162,065	Series 2004-J, Class 3A1, VAR, 2.654%, 11/25/34		160,625
		BCAP LLC Trust,
	149,579	Series 2011-RR5, Class 11A3, VAR, 0.314%, 05/28/36 (e)		138,907
	53,623	Series 2011-RR5, Class 14A3, VAR, 2.663%, 07/26/36 (e)		53,388
		Bear Stearns ARM Trust,
	58,888	Series 2003-7, Class 3A, VAR, 2.467%, 10/25/33		57,911
	121,823	Series 2005-5, Class A1, VAR, 2.210%, 08/25/35		121,888
	389,173	Series 2006-1, Class A1, VAR, 2.369%, 02/25/36		384,920
	87,918	CAM Mortgage Trust, Series 2013-1, Class A, VAR, 3.967%, 11/25/57 (e) (i)		87,533
		CHL Mortgage Pass-Through Trust,
	139,659	Series 2003-26, Class 1A6, 3.500%, 08/25/33		139,404

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	19,448	Series 2003-J7, Class 4A3, IF, 9.560%, 08/25/18		20,320
	81,686	Series 2004-7, Class 2A1, VAR, 2.692%, 06/25/34		78,531
	50,883	Series 2004-HYB1, Class 2A, VAR, 2.660%, 05/20/34		47,790
	68,595	Series 2004-HYB3, Class 2A, VAR, 2.500%, 06/20/34		64,170
	83,608	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		85,720
	8,420	Series 2004-J8, Class POA, PO, 11/25/19		7,843
	214,113	Series 2005-16, Class A23, 5.500%, 09/25/35		202,860
	338,326	Series 2005-22, Class 2A1, VAR, 2.586%, 11/25/35		275,938
		Citigroup Mortgage Loan Trust,
	97,747	2.110%, 01/12/18		97,990
	310,692	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		319,563
		Citigroup Mortgage Loan Trust, Inc.,
	12,656	Series 2003-UP3, Class A3, 7.000%, 09/25/33		13,105
	16,482	Series 2003-UST1, Class A1, 5.500%, 12/25/18		17,108
	5,519	Series 2003-UST1, Class PO1, PO, 12/25/18		5,107
	5,157	Series 2003-UST1, Class PO3, PO, 12/25/18		4,814
	112,636	Series 2005-1, Class 2A1A, VAR, 2.649%, 04/25/35		88,431
	8,499	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-5, Class 5P, PO, 08/25/19		7,900
		CSMC,
	198,148	Series 2010-11R, Class A6, VAR, 1.168%, 06/28/47 (e)		189,265
	54,443	Series 2011-7R, Class A1, VAR, 1.417%, 08/28/47 (e)		54,334
	155,126	Series 2011-9R, Class A1, VAR, 2.167%, 03/27/46 (e)		155,435
	90,284	FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		91,272
	273,873	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		239,599
		First Horizon Mortgage Pass-Through Trust,
	240,611	Series 2004-AR7, Class 2A2, VAR, 2.559%, 02/25/35		241,619

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	180,164	Series 2005-AR1, Class 2A2, VAR, 2.654%, 04/25/35		180,219
		GMACM Mortgage Loan Trust,
	142,243	Series 2003-AR1, Class A4, VAR, 2.965%, 10/19/33		144,213
	133,890	Series 2004-J5, Class A7, 6.500%, 01/25/35		142,475
	603,405	Series 2005-AR3, Class 3A4, VAR, 2.989%, 06/19/35		578,234
		GSR Mortgage Loan Trust,
	137,282	Series 2004-6F, Class 1A2, 5.000%, 05/25/34		140,925
	384,294	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		406,923
	83,597	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		82,595
	73,610	Impac Secured Assets Trust, Series 2006-1, Class 2A1, VAR, 0.515%, 05/25/36		72,541
	1,375,575	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.000%, 08/25/35		1,720
	138,718	JP Morgan Mortgage Trust, Series 2006-A2, Class 5A3, VAR, 2.550%, 11/25/33		139,609
	85,164	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.644%, 04/21/34		87,223
		MASTR Alternative Loan Trust,
	103,204	Series 2003-9, Class 8A1, 6.000%, 01/25/34		105,981
	220,389	Series 2004-4, Class 10A1, 5.000%, 05/25/24		228,366
	208,349	Series 2004-6, Class 7A1, 6.000%, 07/25/34		213,810
	27,928	Series 2004-7, Class 30PO, PO, 08/25/34		21,562
	154,806	Series 2004-8, Class 6A1, 5.500%, 09/25/19		161,156
	108,893	Series 2004-10, Class 1A1, 4.500%, 09/25/19		111,102
		MASTR Asset Securitization Trust,
	298,386	Series 2003-11, Class 9A6, 5.250%, 12/25/33		310,916
	20,106	Series 2003-12, Class 15PO, PO, 12/25/18		18,487
	42,773	Series 2004-6, Class 15PO, PO, 07/25/19		39,669
	23,301	Series 2004-8, Class PO, PO, 08/25/19		21,651
	82,453	Series 2004-10, Class 15PO, PO, 10/25/19		76,122
	148,791	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		119,033

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	69,075	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.485%, 02/25/35		65,827
	56,364	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		57,606
	430,464	PHH Alternative Mortgage Trust, Series 2007-2, Class 2X, IO, 6.000%, 05/25/37		87,119
		RALI Trust,
	50,398	Series 2002-QS8, Class A5, 6.250%, 06/25/17		51,333
	864,336	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		894,033
	15,142	Series 2003-QS3, Class A2, IF, 16.138%, 02/25/18		16,477
	28,363	Series 2003-QS3, Class A8, IF, IO, 7.435%, 02/25/18		1,391
	106,012	Series 2003-QS9, Class A3, IF, IO, 7.385%, 05/25/18		11,929
	143,085	Series 2003-QS14, Class A1, 5.000%, 07/25/18		145,749
	45,473	Series 2003-QS18, Class A1, 5.000%, 09/25/18		46,665
	11,210	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		11,481
	161,813	RFMSI Trust, Series 2005-SA4, Class 1A1, VAR, 2.847%, 09/25/35		133,872
	5,150	SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		5,285
		Salomon Brothers Mortgage Securities VII, Inc.,
	83,539	Series 2003-HYB1, Class A, VAR, 2.618%, 09/25/33		84,039
	3,447	Series 2003-UP2, Class PO1, PO, 12/25/18		3,096
		Springleaf Mortgage Loan Trust,
	52,234	Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		54,284
	81,556	Series 2012-2A, Class A, VAR, 2.220%, 10/25/57 (e)		83,083
	263,174	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		262,514
	124,000	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		119,960
	108,000	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		105,025
	196,967	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		196,414
	125,000	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		122,925

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	256,686	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 4.813%, 06/25/34		255,520
	122,932	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		125,776
		WaMu Mortgage Pass-Through Certificates Trust,
	24,013	Series 2003-AR8, Class A, VAR, 2.422%, 08/25/33		24,047
	108,025	Series 2003-AR9, Class 1A6, VAR, 2.423%, 09/25/33		108,999
	6,856	Series 2003-S4, Class 3A, 5.500%, 06/25/33		6,890
	40,151	Series 2004-AR3, Class A2, VAR, 2.449%, 06/25/34		40,351
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	1,506,588	Series 2005-2, Class 1A4, IF, IO, 4.885%, 04/25/35		212,887
	437,682	Series 2005-2, Class 2A3, IF, IO, 4.835%, 04/25/35		54,184
	405,883	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		109,151
	383,218	Series 2005-4, Class CB7, 5.500%, 06/25/35		353,473
	22,301	Series 2005-4, Class DP, PO, 06/25/20		19,921
	131,851	Series 2005-6, Class 2A4, 5.500%, 08/25/35		120,799
		Wells Fargo Mortgage-Backed Securities Trust,
	33,061	Series 2003-K, Class 1A1, VAR, 2.490%, 11/25/33		33,461
	66,122	Series 2003-K, Class 1A2, VAR, 2.490%, 11/25/33		67,467
	76,089	Series 2004-EE, Class 3A1, VAR, 2.703%, 12/25/34		76,371
	206,140	Series 2004-P, Class 2A1, VAR, 2.613%, 09/25/34		208,094
	117,795	Series 2005-AR8, Class 2A1, VAR, 2.659%, 06/25/35		119,387
	87,862	Series 2005-AR16, Class 2A1, VAR, 2.645%, 02/25/34		88,564
				16,895,809
		Total Collateralized Mortgage Obligations (Cost $52,638,405)		56,377,259

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — 2.6%
		A10 Securitization LLC,
	250,000	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		249,164
	287,000	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		287,000
	250,000	Banc of America Commercial Mortgage Trust, Series 2006-4, Class A4, 5.634%, 07/10/46		271,004
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	125,000	Series 2005-3, Class A4, 4.668%, 07/10/43		130,765
	125,000	Series 2005-3, Class AM, 4.727%, 07/10/43		129,870
	133,555	Series 2005-6, Class ASB, VAR, 5.184%, 09/10/47		133,690
		BB-UBS Trust,
	100,000	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		91,655
	100,000	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		94,200
		Bear Stearns Commercial Mortgage Securities Trust,
	245,996	Series 2005-PWR8, Class A4, 4.674%, 06/11/41		255,838
	60,500	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		61,248
	360,000	Series 2006-PW11, Class A4, VAR, 5.439%, 03/11/39		387,787
	11,395,545	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.168%, 12/11/49 (e)		108,770
	100,000	Citigroup Commercial Mortgage Trust, Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		104,113
	125,000	COMM Mortgage Trust, Series 2013-SFS, Class A2, VAR, 2.987%, 04/12/35 (e)		115,128
	565,000	Commercial Mortgage Pass-Through Certificates, Series 2006-C1, Class A4, VAR, 5.465%, 02/15/39		608,732
	100,000	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		105,068
	154,957	GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, VAR, 5.396%, 08/10/38		156,509
	122,000	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		122,050

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	26,581	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2004-CB8, Class A4, 4.404%, 01/12/39		26,585
		LB-UBS Commercial Mortgage Trust,
	24,029	Series 2004-C2, Class A4, 4.367%, 03/15/36		24,070
	75,000	Series 2005-C1, Class A4, 4.742%, 02/15/30		76,993
	60,715	Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		61,023
	3,403,451	Morgan Stanley Capital I Trust, Series 2006-IQ12, Class X1, IO, VAR, 0.128%, 12/15/43 (e)		43,993
	48,790	Morgan Stanley Re-REMIC Trust, Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		49,415
	698,787	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		717,888
	201,973	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.565%, 08/15/39		207,539
	116,000	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		110,207
	104,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		102,800
	200,000	VNO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		204,438
	68,454	Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5, VAR, 5.215%, 01/15/41		68,491
	110,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		115,741
		Total Commercial Mortgage-Backed Securities (Cost $5,048,794)		5,221,774
	Corporate Bonds — 16.2%
		Consumer Discretionary — 1.2%
		Automobiles — 0.1%
	150,000	Daimler Finance North America LLC, 1.875%, 01/11/18 (e)		147,756
		Household Durables — 0.0% (g)
	50,000	Newell Rubbermaid, Inc., 4.700%, 08/15/20		52,443
		Media — 1.0%
		CBS Corp.,
	21,000	5.750%, 04/15/20		23,573
	100,000	7.875%, 07/30/30		124,418

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Media — Continued
	75,000	Comcast Cable Holdings LLC, 10.125%, 04/15/22		101,679
		Comcast Corp.,
	87,000	4.250%, 01/15/33		80,816
	50,000	5.900%, 03/15/16		55,220
	50,000	6.450%, 03/15/37		58,027
	30,000	6.500%, 01/15/17		34,368
	35,000	6.500%, 11/15/35		40,824
		COX Communications, Inc.,
	9,000	5.450%, 12/15/14		9,405
	20,000	8.375%, 03/01/39 (e)		24,256
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	125,000	4.600%, 02/15/21		129,086
	67,000	5.000%, 03/01/21		70,384
	125,000	6.000%, 08/15/40		123,437
	78,000	Discovery Communications LLC, 4.375%, 06/15/21		80,600
	100,000	Historic TW, Inc., 9.150%, 02/01/23		132,608
	75,000	NBCUniversal Media LLC, 5.950%, 04/01/41		82,038
		News America, Inc.,
	50,000	6.650%, 11/15/37		58,363
	50,000	7.250%, 05/18/18		60,391
	150,000	7.300%, 04/30/28		175,596
	84,000	Thomson Reuters Corp., (Canada), 3.950%, 09/30/21		83,687
		Time Warner Cable, Inc.,
	50,000	6.550%, 05/01/37		46,268
	50,000	6.750%, 07/01/18		56,072
	50,000	7.300%, 07/01/38		49,859
	70,000	8.250%, 02/14/14		70,606
		Time Warner Entertainment Co. LP,
	50,000	8.375%, 03/15/23		57,509
	25,000	8.375%, 07/15/33		27,237
		Time Warner, Inc.,
	35,000	4.750%, 03/29/21		37,323
	75,000	6.200%, 03/15/40		82,625
	7,000	6.250%, 03/29/41		7,773
	15,000	6.500%, 11/15/36		16,948
		Viacom, Inc.,
	13,000	1.250%, 02/27/15		13,065
	22,000	3.250%, 03/15/23		20,377
	43,000	3.875%, 12/15/21		42,735
	20,000	4.500%, 02/27/42		17,063
				2,094,236

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — 0.0% (g)
		Macy’s Retail Holdings, Inc.,
	18,000	4.375%, 09/01/23		18,068
	9,000	5.125%, 01/15/42		8,588
				26,656
		Specialty Retail — 0.1%
	30,000	Gap, Inc. (The), 5.950%, 04/12/21		33,149
	70,000	Home Depot, Inc. (The), 5.400%, 03/01/16		76,782
	75,000	Lowe’s Cos., Inc., Series B, 7.110%, 05/15/37		92,542
				202,473
		Total Consumer Discretionary		2,523,564
		Consumer Staples — 0.6%
		Beverages — 0.2%
	125,000	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		156,082
	95,000	Diageo Capital plc, (United Kingdom), 5.750%, 10/23/17		108,416
	20,000	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		21,651
	15,000	FBG Finance Pty Ltd., (Australia), 5.125%, 06/15/15 (e)		15,915
	40,000	SABMiller plc, (United Kingdom), 5.700%, 01/15/14 (e)		40,077
				342,141
		Food & Staples Retailing — 0.1%
		CVS Caremark Corp.,
	36,000	4.000%, 12/05/23		35,924
	16,000	5.300%, 12/05/43		16,547
	60,000	5.750%, 05/15/41		65,482
	30,000	6.125%, 09/15/39		34,023
		Kroger Co. (The),
	18,000	5.400%, 07/15/40		17,812
	25,000	7.500%, 04/01/31		30,348
	70,000	Wal-Mart Stores, Inc., 6.500%, 08/15/37		87,565
				287,701
		Food Products — 0.3%
	25,000	Archer-Daniels-Midland Co., 5.935%, 10/01/32		27,675
	55,000	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		67,567
	27,000	Bunge N.A. Finance LP, 5.900%, 04/01/17		29,480
	10,000	ConAgra Foods, Inc., 2.100%, 03/15/18		9,890
		Kellogg Co.,
	13,000	1.750%, 05/17/17		12,985
	22,000	3.125%, 05/17/22		20,858

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Food Products — Continued
		Kraft Foods Group, Inc.,
	66,000	5.375%, 02/10/20		74,461
	122,000	6.125%, 08/23/18		142,206
	100,000	6.875%, 01/26/39		121,784
				506,906
		Household Products — 0.0% (g)
	67,129	Procter & Gamble — ESOP, Series A, 9.360%, 01/01/21		85,599
		Total Consumer Staples		1,222,347
		Energy — 1.2%
		Energy Equipment & Services — 0.1%
	54,000	Halliburton Co., 3.500%, 08/01/23		52,346
	5,000	Noble Holding International Ltd., (Cayman Islands), 3.950%, 03/15/22		4,888
		Transocean, Inc., (Cayman Islands),
	18,000	6.375%, 12/15/21		20,227
	75,000	6.500%, 11/15/20		85,646
	14,000	7.350%, 12/15/41		16,884
				179,991
		Oil, Gas & Consumable Fuels — 1.1%
	50,000	Apache Corp., 6.900%, 09/15/18		60,099
		BP Capital Markets plc, (United Kingdom),
	71,000	2.750%, 05/10/23		64,830
	150,000	4.742%, 03/11/21		164,079
	100,000	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		113,825
		Cenovus Energy, Inc., (Canada),
	13,000	3.000%, 08/15/22		12,191
	31,000	4.450%, 09/15/42		27,914
	20,000	Chevron Corp., 2.427%, 06/24/20		19,461
		ConocoPhillips,
	25,000	5.750%, 02/01/19		28,869
	120,000	6.000%, 01/15/20		140,774
	75,000	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		83,915
		Devon Energy Corp.,
	47,000	3.250%, 05/15/22		44,817
	21,000	4.750%, 05/15/42		19,473
	15,000	EOG Resources, Inc., 2.625%, 03/15/23		13,647
	50,000	Kerr-McGee Corp., 7.875%, 09/15/31		62,567
	51,000	Magellan Midstream Partners LP, 5.150%, 10/15/43		50,270
	150,000	Marathon Oil Corp., 6.000%, 10/01/17		169,992
	100,000	NGPL PipeCo LLC, 7.119%, 12/15/17 (e)		90,500

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — Continued
	56,000	Petrobras Global Finance B.V., (Netherlands), 4.375%, 05/20/23		49,890
		Petrobras International Finance Co., (Cayman Islands),
	45,000	5.375%, 01/27/21		44,657
	25,000	7.875%, 03/15/19		28,319
	60,000	Petro-Canada, (Canada), 6.800%, 05/15/38		71,812
		Spectra Energy Capital LLC,
	47,000	3.300%, 03/15/23		41,624
	50,000	5.650%, 03/01/20		54,446
	45,000	7.500%, 09/15/38		51,745
	50,000	8.000%, 10/01/19		59,558
		Spectra Energy Partners LP,
	34,000	2.950%, 09/25/18		34,463
	25,000	5.950%, 09/25/43		26,726
		Statoil ASA, (Norway),
	143,000	2.650%, 01/15/24		128,986
	50,000	3.125%, 08/17/17		52,487
	45,000	Suncor Energy, Inc., (Canada), 6.850%, 06/01/39		54,138
		Talisman Energy, Inc., (Canada),
	45,000	5.500%, 05/15/42		42,385
	5,000	5.850%, 02/01/37		4,831
	10,000	6.250%, 02/01/38		10,169
	40,000	7.750%, 06/01/19		47,907
	28,000	Total Capital International S.A., (France), 1.550%, 06/28/17		28,006
	150,000	Total Capital S.A., (France), 2.300%, 03/15/16		154,547
		TransCanada PipeLines Ltd., (Canada),
	50,000	6.500%, 08/15/18		58,844
	50,000	7.125%, 01/15/19		60,436
				2,273,199
		Total Energy		2,453,190
		Financials — 7.8%
		Capital Markets — 2.1%
	60,000	Ameriprise Financial, Inc., 4.000%, 10/15/23		59,822
		Bank of New York Mellon Corp. (The),
	75,000	2.950%, 06/18/15		77,640
	55,000	4.600%, 01/15/20		59,270
		BlackRock, Inc.,
	80,000	3.500%, 12/10/14		82,338
	130,000	Series 2, 5.000%, 12/10/19		146,782
	65,000	6.250%, 09/15/17		75,418

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Capital Markets — Continued
	100,000	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		111,254
	150,000	Credit Suisse, (Switzerland), 5.500%, 05/01/14		152,445
	50,000	Credit Suisse USA, Inc., 4.875%, 01/15/15		52,239
		Goldman Sachs Group, Inc. (The),
	75,000	3.625%, 02/07/16		78,711
	20,000	3.700%, 08/01/15		20,826
	150,000	5.150%, 01/15/14		150,266
	23,000	5.250%, 07/27/21		25,181
	156,000	5.375%, 03/15/20		173,492
	100,000	5.500%, 11/15/14		104,225
	150,000	5.950%, 01/18/18		170,541
	75,000	5.950%, 01/15/27		79,648
	100,000	6.250%, 09/01/17		114,486
	80,000	6.750%, 10/01/37		89,004
	125,000	7.500%, 02/15/19		152,246
	29,000	Invesco Finance plc, (United Kingdom), 4.000%, 01/30/24		28,744
		Jefferies Group LLC,
	55,000	3.875%, 11/09/15		57,382
	110,000	6.450%, 06/08/27		114,298
	100,000	8.500%, 07/15/19		122,000
		Macquarie Bank Ltd., (Australia),
	62,000	2.000%, 08/15/16 (e)		62,705
	223,000	5.000%, 02/22/17 (e)		241,830
	50,000	Macquarie Group Ltd., (Australia), 7.300%, 08/01/14 (e)		51,831
		Merrill Lynch & Co., Inc.,
	120,000	5.450%, 07/15/14		123,115
	135,000	6.400%, 08/28/17		155,642
	90,000	6.875%, 04/25/18		106,413
		Morgan Stanley,
	100,000	4.200%, 11/20/14		103,180
	100,000	4.750%, 04/01/14		100,795
	35,000	5.500%, 07/28/21		39,111
	200,000	5.625%, 09/23/19		227,337
	130,000	5.950%, 12/28/17		148,528
	65,000	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		74,534
		State Street Corp.,
	24,000	3.100%, 05/15/23		22,315
	77,000	3.700%, 11/20/23		76,395
		UBS AG, (Switzerland),
	250,000	3.875%, 01/15/15		258,464

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — Continued
	100,000	5.750%, 04/25/18		114,805
				4,205,258
		Commercial Banks — 1.7%
		Bank of Nova Scotia, (Canada),
	100,000	2.550%, 01/12/17		103,711
	82,000	3.400%, 01/22/15		84,596
		Barclays Bank plc, (United Kingdom),
	106,000	2.750%, 02/23/15		108,394
	100,000	5.200%, 07/10/14		102,497
	150,000	6.050%, 12/04/17 (e)		167,698
		BB&T Corp.,
	100,000	3.950%, 04/29/16		106,457
	50,000	4.900%, 06/30/17		54,714
	50,000	5.700%, 04/30/14		50,862
	200,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands), 3.200%, 03/11/15 (e)		206,225
	350,000	Glitnir Banki HF, (Iceland), 0.000%, 10/15/08 (d) (e) (i)		102,375
		HSBC Bank plc, (United Kingdom),
	100,000	3.500%, 06/28/15 (e)		104,232
	111,000	4.125%, 08/12/20 (e)		117,448
		National Australia Bank Ltd., (Australia),
	200,000	2.750%, 09/28/15 (e)		207,096
	100,000	3.750%, 03/02/15 (e)		103,726
		PNC Funding Corp.,
	150,000	5.125%, 02/08/20		168,474
	25,000	5.250%, 11/15/15		26,847
	25,000	5.625%, 02/01/17		27,750
	25,000	6.700%, 06/10/19		30,029
	80,000	Royal Bank of Canada, (Canada), 2.000%, 10/01/18		79,585
	72,000	Toronto-Dominion Bank (The), (Canada), 2.500%, 07/14/16		74,684
		U.S. Bancorp,
	90,000	2.450%, 07/27/15		92,530
	100,000	7.500%, 06/01/26		122,949
		Wachovia Bank N.A.,
	250,000	6.000%, 11/15/17		288,475
	250,000	VAR, 0.573%, 03/15/16		248,797
	50,000	Wachovia Corp., 5.750%, 02/01/18		57,654
		Wells Fargo & Co.,
	284,000	5.606%, 01/15/44 (e)		294,987
	200,000	SUB, 3.676%, 06/15/16		212,949

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
		Westpac Banking Corp., (Australia),
	65,000	4.200%, 02/27/15		67,767
	121,000	4.875%, 11/19/19		134,266
				3,547,774
		Consumer Finance — 0.9%
	50,000	American Express Co., 7.000%, 03/19/18		59,742
		American Honda Finance Corp.,
	200,000	1.600%, 02/16/18 (e)		196,959
	33,000	2.125%, 10/10/18		32,864
		Capital One Financial Corp.,
	110,000	3.500%, 06/15/23		103,258
	185,000	7.375%, 05/23/14		189,764
		Caterpillar Financial Services Corp.,
	80,000	5.450%, 04/15/18		90,934
	100,000	7.050%, 10/01/18		120,649
	50,000	7.150%, 02/15/19		61,462
	200,000	Ford Motor Credit Co. LLC, 3.984%, 06/15/16		212,680
		HSBC Finance Corp.,
	150,000	5.000%, 06/30/15		158,508
	150,000	5.250%, 01/15/14		150,296
	50,000	7.350%, 11/27/32		57,908
	100,000	VAR, 0.494%, 01/15/14		100,001
	100,000	HSBC USA, Inc., 1.625%, 01/16/18		98,606
		John Deere Capital Corp.,
	39,000	1.200%, 10/10/17		38,030
	42,000	3.150%, 10/15/21		41,411
		Toyota Motor Credit Corp.,
	100,000	2.000%, 09/15/16		102,861
	87,000	3.200%, 06/17/15		90,475
				1,906,408
		Diversified Financial Services — 1.9%
		Bank of America Corp.,
	50,000	2.000%, 01/11/18		49,911
	295,000	Series L, 5.650%, 05/01/18		335,789
	245,000	5.750%, 12/01/17		278,838
	50,000	6.500%, 08/01/16		56,455
	200,000	7.375%, 05/15/14		204,978
	25,000	7.625%, 06/01/19		31,008
		Citigroup, Inc.,
	100,000	1.250%, 01/15/16		100,332
	60,000	2.250%, 08/07/15		61,247
	22,000	4.500%, 01/14/22		23,314
	150,000	4.700%, 05/29/15		157,912

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — Continued
	30,000	4.750%, 05/19/15		31,568
	300,000	5.000%, 09/15/14		308,545
	36,000	5.375%, 08/09/20		40,955
	58,000	5.500%, 09/13/25		61,088
	5,000	6.000%, 08/15/17		5,699
	101,000	6.010%, 01/15/15		106,357
	100,000	8.125%, 07/15/39		140,269
	45,000	8.500%, 05/22/19		57,671
		CME Group, Inc.,
	16,000	5.300%, 09/15/43		16,744
	70,000	5.750%, 02/15/14		70,422
	75,000	Countrywide Financial Corp., 6.250%, 05/15/16		82,762
		General Electric Capital Corp.,
	200,000	Series A, 4.750%, 09/15/14		206,268
	305,000	5.500%, 01/08/20		349,275
	285,000	5.625%, 05/01/18		327,285
	100,000	5.875%, 01/14/38		113,911
	115,000	5.900%, 05/13/14		117,326
	200,000	6.750%, 03/15/32		247,661
		IntercontinentalExchange Group, Inc.,
	23,000	2.500%, 10/15/18		23,169
	59,000	4.000%, 10/15/23		59,350
	50,000	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		67,619
		Shell International Finance B.V., (Netherlands),
	42,000	1.125%, 08/21/17		41,421
	60,000	6.375%, 12/15/38		74,520
				3,849,669
		Insurance — 0.8%
	35,000	ACE INA Holdings, Inc., 5.600%, 05/15/15		37,331
		Aflac, Inc.,
	63,000	3.625%, 06/15/23		60,983
	25,000	6.450%, 08/15/40		29,415
	20,000	8.500%, 05/15/19		25,544
	31,000	Allstate Corp. (The), 3.150%, 06/15/23		29,399
	59,000	American International Group, Inc., 4.125%, 02/15/24		58,658
		Aon Corp.,
	40,000	3.125%, 05/27/16		41,715
	23,000	3.500%, 09/30/15		24,005
	18,000	6.250%, 09/30/40		20,583
		Berkshire Hathaway Finance Corp.,
	33,000	2.450%, 12/15/15		34,199

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Insurance — Continued
	62,000	4.300%, 05/15/43		55,838
	50,000	5.400%, 05/15/18		57,511
	100,000	5.750%, 01/15/40		110,619
	75,000	CNA Financial Corp., 5.875%, 08/15/20		85,502
	27,000	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		28,317
	20,000	Lincoln National Corp., 4.850%, 06/24/21		21,482
	100,000	MassMutual Global Funding II, 3.125%, 04/14/16 (e)		104,676
		Metropolitan Life Global Funding I,
	100,000	1.700%, 06/29/15 (e)		101,503
	175,000	3.650%, 06/14/18 (e)		184,505
	75,000	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		105,175
	100,000	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		104,568
	35,000	Principal Life Income Funding Trusts, 5.100%, 04/15/14		35,467
	150,000	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		188,281
	25,000	Travelers Cos., Inc. (The), 5.800%, 05/15/18		28,799
				1,574,075
		Real Estate Investment Trusts (REITs) — 0.4%
	40,000	American Tower Corp., 3.500%, 01/31/23		36,470
		CommonWealth REIT,
	75,000	5.875%, 09/15/20		77,161
	100,000	6.650%, 01/15/18		109,041
	92,000	HCP, Inc., 5.375%, 02/01/21		100,149
	37,000	Health Care REIT, Inc., 4.500%, 01/15/24		36,532
	27,000	ProLogis LP, 4.250%, 08/15/23		26,672
		Simon Property Group LP,
	8,000	4.200%, 02/01/15		8,235
	20,000	4.375%, 03/01/21		21,147
	50,000	5.625%, 08/15/14		51,184
	50,000	5.650%, 02/01/20		56,849
	45,000	6.100%, 05/01/16		49,694
	30,000	6.750%, 05/15/14		30,210
	102,000	WEA Finance LLC/WT Finance Aust Pty Ltd., 6.750%, 09/02/19 (e)		121,278
				724,622
		Total Financials		15,807,806

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care — 0.4%
		Biotechnology — 0.1%
		Amgen, Inc.,
	25,000	4.500%, 03/15/20		26,805
	100,000	5.150%, 11/15/41		99,629
	40,000	5.700%, 02/01/19		46,096
	82,000	5.750%, 03/15/40		87,856
	49,000	Celgene Corp., 3.250%, 08/15/22		46,391
				306,777
		Health Care Equipment & Supplies — 0.0% (g)
	10,000	Baxter International, Inc., 4.000%, 03/01/14		10,055
		Health Care Providers & Services — 0.1%
	30,000	Medco Health Solutions, Inc., 2.750%, 09/15/15		30,968
	50,000	UnitedHealth Group, Inc., 6.625%, 11/15/37		60,493
		WellPoint, Inc.,
	47,000	2.300%, 07/15/18		46,627
	18,000	3.300%, 01/15/23		16,798
	18,000	4.650%, 01/15/43		16,664
				171,550
		Pharmaceuticals — 0.2%
		AbbVie, Inc.,
	45,000	1.750%, 11/06/17		44,923
	22,000	2.900%, 11/06/22		20,562
	35,000	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		35,733
	50,000	GlaxoSmithKline Capital, Inc., 4.375%, 04/15/14		50,558
	63,000	Merck & Co., Inc., 2.800%, 05/18/23		58,324
	80,000	Novartis Capital Corp., 4.125%, 02/10/14		80,296
		Zoetis, Inc.,
	14,000	1.875%, 02/01/18		13,885
	9,000	4.700%, 02/01/43		8,412
				312,693
		Total Health Care		801,075
		Industrials — 0.8%
		Aerospace & Defense — 0.1%
	51,000	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		52,828
	32,000	EADS Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		29,347

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Aerospace & Defense — Continued
		Lockheed Martin Corp.,
	33,000	2.125%, 09/15/16		33,858
	30,000	4.850%, 09/15/41		29,482
	100,000	United Technologies Corp., 6.125%, 02/01/19		118,040
				263,555
		Air Freight & Logistics — 0.0% (g)
	35,000	United Parcel Service of America, Inc., 8.375%, 04/01/20		45,277
		Airlines — 0.1%
	26,000	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		25,350
	27,403	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		28,979
	42,585	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		45,885
				100,214
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	35,000	3.500%, 07/15/22		30,466
	17,000	4.125%, 06/15/23		15,087
	28,000	4.875%, 07/15/42		21,070
	21,000	Republic Services, Inc., 3.550%, 06/01/22		20,249
	43,000	Waste Management, Inc., 4.750%, 06/30/20		46,759
				133,631
		Construction & Engineering — 0.0% (g)
	23,000	ABB Finance USA, Inc., 2.875%, 05/08/22		21,733
	44,000	Fluor Corp., 3.375%, 09/15/21		42,887
				64,620
		Industrial Conglomerates — 0.1%
	44,000	Danaher Corp., 3.900%, 06/23/21		45,526
	65,000	General Electric Co., 5.250%, 12/06/17		73,576
	22,000	Koninklijke Philips N.V., (Netherlands), 5.750%, 03/11/18		25,169
				144,271
		Machinery — 0.0% (g)
	80,000	Illinois Tool Works, Inc., 3.900%, 09/01/42		68,461
	25,000	Parker Hannifin Corp., 5.500%, 05/15/18		28,320
				96,781
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	50,000	3.000%, 03/15/23		46,563

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — Continued
	25,000	3.600%, 09/01/20		25,361
	25,000	4.375%, 09/01/42		22,336
	77,000	5.150%, 09/01/43		78,223
	75,000	5.400%, 06/01/41		77,791
	100,000	5.650%, 05/01/17		112,151
	85,000	5.750%, 05/01/40		93,279
		CSX Corp.,
	33,000	4.250%, 06/01/21		34,458
	50,000	5.500%, 04/15/41		52,584
	25,000	7.375%, 02/01/19		30,330
		ERAC USA Finance LLC,
	45,000	4.500%, 08/16/21 (e)		46,897
	12,000	5.625%, 03/15/42 (e)		12,256
		Norfolk Southern Corp.,
	70,000	3.950%, 10/01/42		58,899
	78,000	6.000%, 05/23/11 †		82,588
	27,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.875%, 07/17/18 (e)		27,159
	35,000	Ryder System, Inc., 3.600%, 03/01/16		36,515
				837,390
		Total Industrials		1,685,739
		Information Technology — 1.0%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	80,000	5.500%, 02/22/16		88,011
	75,000	5.900%, 02/15/39		83,383
				171,394
		Computers & Peripherals — 0.3%
		Apple, Inc.,
	142,000	2.400%, 05/03/23		127,688
	69,000	VAR, 0.492%, 05/03/18		68,883
	25,000	Dell, Inc., 7.100%, 04/15/28		22,000
		EMC Corp.,
	40,000	1.875%, 06/01/18		39,546
	50,000	3.375%, 06/01/23		48,040
		Hewlett-Packard Co.,
	24,000	4.300%, 06/01/21		24,325
	20,000	4.650%, 12/09/21		20,593
	75,000	4.750%, 06/02/14		76,201
	98,000	6.000%, 09/15/41		98,189
				525,465

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	13,000	3.000%, 03/01/18		13,007
	25,000	3.375%, 11/01/15		25,872
	8,000	4.500%, 03/01/23		7,694
	25,000	6.000%, 04/01/20		26,661
	80,000	6.875%, 06/01/18		90,643
	7,000	7.500%, 01/15/27		8,039
				171,916
		IT Services — 0.2%
	50,000	HP Enterprise Services LLC, 7.450%, 10/15/29		56,256
		International Business Machines Corp.,
	174,000	1.625%, 05/15/20		163,165
	169,000	4.000%, 06/20/42		150,904
	50,000	6.220%, 08/01/27		59,137
				429,462
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	17,000	4.500%, 05/15/21		17,498
	35,000	5.625%, 12/15/19		38,595
	50,000	6.750%, 02/01/17		56,788
				112,881
		Semiconductors & Semiconductor Equipment — 0.1%
	110,000	National Semiconductor Corp., 6.600%, 06/15/17		128,552
		Software — 0.2%
		Microsoft Corp.,
	75,000	1.625%, 09/25/15		76,562
	108,000	2.375%, 05/01/23		97,708
		Oracle Corp.,
	50,000	5.250%, 01/15/16		54,580
	50,000	5.750%, 04/15/18		57,779
	100,000	6.500%, 04/15/38		121,835
				408,464
		Total Information Technology		1,948,134
		Materials — 0.5%
		Chemicals — 0.3%
	30,000	Dow Chemical Co. (The), 7.375%, 11/01/29		38,554
		E.I. du Pont de Nemours & Co.,
	58,000	1.950%, 01/15/16		59,183
	25,000	4.900%, 01/15/41		24,650

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Chemicals — Continued
		Mosaic Co. (The),
	24,000	3.750%, 11/15/21		23,493
	71,000	4.250%, 11/15/23		70,119
	8,000	4.875%, 11/15/41		7,243
	36,000	5.450%, 11/15/33		36,679
	22,000	5.625%, 11/15/43		22,319
	10,000	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		10,435
		PPG Industries, Inc.,
	14,000	5.500%, 11/15/40		14,593
	50,000	9.000%, 05/01/21		64,067
		Union Carbide Corp.,
	100,000	7.500%, 06/01/25		115,803
	80,000	7.750%, 10/01/96		87,350
				574,488
		Construction Materials — 0.0% (g)
	18,000	CRH America, Inc., 6.000%, 09/30/16		20,108
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	44,000	3.850%, 09/30/23		44,191
	40,000	5.400%, 03/29/17		44,798
	80,000	6.500%, 04/01/19		95,912
	55,000	Freeport-McMoRan Copper & Gold, Inc., 3.875%, 03/15/23		52,010
	13,000	Nucor Corp., 4.000%, 08/01/23		12,690
		Rio Tinto Finance USA Ltd., (Australia),
	12,000	3.500%, 11/02/20		12,251
	60,000	8.950%, 05/01/14		61,630
	29,000	Rio Tinto Finance USA plc, (United Kingdom), 1.625%, 08/21/17		28,989
				352,471
		Total Materials		947,067
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.2%
		AT&T, Inc.,
	140,000	3.875%, 08/15/21		141,834
	10,000	4.300%, 12/15/42		8,482
	205,000	5.350%, 09/01/40		202,834
	100,000	5.500%, 02/01/18		112,568
	45,000	6.300%, 01/15/38		49,736
	145,000	BellSouth Corp., 5.200%, 09/15/14		149,729
	98,484	BellSouth Telecommunications LLC, 6.300%, 12/15/15		103,258

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
	100,000	Cellco Partnership/Verizon Wireless Capital LLC, 8.500%, 11/15/18		126,613
	50,000	Centel Capital Corp., 9.000%, 10/15/19		59,280
		CenturyLink, Inc.,
	90,000	Series S, 6.450%, 06/15/21		93,600
	50,000	Series P, 7.600%, 09/15/39		44,500
	70,000	Deutsche Telekom International Finance B.V., (Netherlands), 8.654%, 06/15/30		98,755
	200,000	GTE Corp., 6.840%, 04/15/18		232,951
	125,000	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		131,558
	35,000	Orange S.A., (France), 2.750%, 09/14/16		36,346
		Telefonica Emisiones S.A.U., (Spain),
	19,000	5.462%, 02/16/21		20,048
	25,000	5.877%, 07/15/19		27,877
		Verizon Communications, Inc.,
	16,000	2.500%, 09/15/16		16,545
	106,000	4.500%, 09/15/20		113,480
	84,000	6.400%, 09/15/33		96,610
	90,000	6.400%, 02/15/38		101,067
	200,000	7.750%, 12/01/30		255,449
		Verizon Pennsylvania LLC,
	100,000	8.350%, 12/15/30		118,890
	50,000	8.750%, 08/15/31		61,784
				2,403,794
		Wireless Telecommunication Services — 0.2%
	40,000	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		40,782
		Rogers Communications, Inc., (Canada),
	80,000	4.100%, 10/01/23		80,151
	70,000	6.375%, 03/01/14		70,668
	50,000	6.800%, 08/15/18		59,592
	25,000	8.750%, 05/01/32		32,411
		Vodafone Group plc, (United Kingdom),
	50,000	1.500%, 02/19/18		48,749
	50,000	1.625%, 03/20/17		49,982
	50,000	5.000%, 09/15/15		53,465
				435,800
		Total Telecommunication Services		2,839,594
		Utilities — 1.3%
		Electric Utilities — 1.0%
	62,000	Alabama Power Co., 6.125%, 05/15/38		73,275
	9,000	Arizona Public Service Co., 4.500%, 04/01/42		8,618

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — Continued
		Duke Energy Carolinas LLC,
	39,000	4.300%, 06/15/20		41,821
	75,000	5.100%, 04/15/18		84,509
	60,000	Duke Energy Indiana, Inc., 6.350%, 08/15/38		73,097
	25,000	Duke Energy Progress, Inc., 5.300%, 01/15/19		28,435
		Florida Power & Light Co.,
	55,000	5.950%, 10/01/33		64,759
	30,000	5.950%, 02/01/38		35,155
	25,000	Georgia Power Co., 5.950%, 02/01/39		27,628
	18,000	Great Plains Energy, Inc., 4.850%, 06/01/21		18,966
	100,000	Hydro-Quebec, (Canada), Series IO, 8.050%, 07/07/24		133,195
		Kansas City Power & Light Co.,
	24,000	3.150%, 03/15/23		22,256
	50,000	5.300%, 10/01/41		50,033
	40,000	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		44,218
	25,000	Northern States Power Co., 6.250%, 06/01/36		30,156
	40,000	Ohio Power Co., 6.050%, 05/01/18		45,725
		Oncor Electric Delivery Co. LLC,
	30,000	6.800%, 09/01/18		35,256
	25,000	7.000%, 09/01/22		29,825
		Pacific Gas & Electric Co.,
	24,000	4.500%, 12/15/41		22,564
	75,000	5.625%, 11/30/17		84,973
	100,000	6.050%, 03/01/34		114,550
	75,000	Potomac Electric Power Co., 6.500%, 11/15/37		93,057
	35,000	Progress Energy, Inc., 4.400%, 01/15/21		36,936
	18,000	Public Service Co. of Colorado, 3.200%, 11/15/20		18,093
	175,000	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		202,391
	28,000	Public Service Electric & Gas Co., 5.375%, 11/01/39		30,565
	53,000	Southern California Edison Co., Series C, 3.500%, 10/01/23		51,943
	50,000	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		63,729
	200,000	State Grid Overseas Investment Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		193,997
		Virginia Electric and Power Co.,
	50,000	5.400%, 04/30/18		56,750

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Electric Utilities — Continued
	70,000	5.950%, 09/15/17		80,715
	70,000	6.350%, 11/30/37		84,369
	20,000	Xcel Energy, Inc., 6.500%, 07/01/36		23,827
				2,005,386
		Gas Utilities — 0.0% (g)
	22,000	Boston Gas Co., 4.487%, 02/15/42 (e)		20,797
	25,000	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		28,695
				49,492
		Independent Power Producers & Energy Traders — 0.1%
		Exelon Generation Co. LLC,
	78,000	4.000%, 10/01/20		77,970
	29,000	5.750%, 10/01/41		27,778
	37,000	PSEG Power LLC, 5.125%, 04/15/20		40,350
				146,098
		Multi-Utilities — 0.2%
		AGL Capital Corp.,
	37,000	3.500%, 09/15/21		36,811
	42,000	4.400%, 06/01/43		37,870
	96,000	5.875%, 03/15/41		105,296
	38,000	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		43,124
		Sempra Energy,
	62,000	4.050%, 12/01/23		61,221
	100,000	6.500%, 06/01/16		112,520
				396,842
		Total Utilities		2,597,818
		Total Corporate Bonds (Cost $31,455,690)		32,826,334
	Foreign Government Securities — 0.2%
		Province of Ontario, (Canada),
	75,000	2.700%, 06/16/15		77,467
	200,000	2.950%, 02/05/15		205,572
	58,000	United Mexican States, (Mexico), 4.000%, 10/02/23		57,420
		Total Foreign Government Securities (Cost $332,677)		340,459
	Mortgage Pass-Through Securities — 7.7%
		Federal Home Loan Mortgage Corp.,
	65,000	ARM, 2.256%, 01/01/27		69,326
	19,787	ARM, 2.321%, 04/01/30		21,149
	120,864	ARM, 2.459%, 03/01/35		128,508
	117,174	ARM, 2.546%, 04/01/34		124,323
	28,778	ARM, 4.799%, 01/01/37		30,864

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	21,313	4.500%, 08/01/18		22,595
	3,307	5.000%, 04/01/14		3,497
	164	5.500%, 03/01/14		173
	300	6.000%, 04/01/14		301
	100,843	6.500%, 06/01/14 - 02/01/19		107,081
	695	8.500%, 11/01/15		698
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	25,223	6.000%, 12/01/22		27,856
	52,073	6.500%, 11/01/22		57,981
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	99,533	5.500%, 10/01/33		109,622
	181,103	6.000%, 04/01/26 - 02/01/39		200,157
	262,225	6.500%, 11/01/25 - 11/01/34		292,121
	90,588	7.000%, 04/01/35		105,832
	5,382	8.500%, 07/01/28		6,342
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	1,898,734	3.500%, 04/01/33 - 06/01/42		1,887,451
	471,532	4.000%, 06/01/42		480,623
	67,984	7.000%, 07/01/29		76,210
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	20,330	10.000%, 01/01/20 - 09/01/20		21,464
	342	12.000%, 07/01/19		347
		Federal National Mortgage Association,
	423,859	ARM, 1.898%, 01/01/35		448,491
	1,380	ARM, 1.903%, 03/01/19		1,403
	8,015	ARM, 2.262%, 04/01/34		8,516
	95,987	ARM, 2.277%, 07/01/33		101,959
	119,398	ARM, 2.279%, 08/01/34		126,828
	88,293	ARM, 2.323%, 01/01/34		93,100
	111,478	ARM, 2.370%, 10/01/34		117,887
	78,635	ARM, 2.405%, 05/01/35		82,760
	88,960	ARM, 2.423%, 04/01/33		94,646
	4,138	ARM, 3.775%, 03/01/29		4,394
		Federal National Mortgage Association, 15 Year, Single Family,
	83,518	3.500%, 09/01/18 - 05/01/19		87,429
	14,929	4.000%, 07/01/18		15,814
	104,770	4.500%, 03/01/23 - 05/01/23		111,662
	14,652	5.000%, 06/01/18		15,614
	47,062	5.500%, 04/01/22		50,010
	117,048	6.000%, 03/01/18 - 09/01/22		124,744

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — Continued
	38,357	6.500%, 08/01/20		41,203
	2,069	8.000%, 01/01/16		2,085
		Federal National Mortgage Association, 20 Year, Single Family,
	47,975	4.500%, 01/01/25		50,793
	327,777	5.000%, 11/01/23		355,599
	89,200	6.500%, 03/01/19 - 12/01/22		99,188
		Federal National Mortgage Association, 30 Year, FHA/VA,
	34,184	8.500%, 10/01/26 - 06/01/30		36,711
	70,076	9.000%, 04/01/25		79,808
		Federal National Mortgage Association, 30 Year, Single Family,
	227,668	3.000%, 09/01/31		216,435
	56,753	4.500%, 04/01/38 - 05/01/39		60,069
	121,572	5.000%, 09/01/35		131,974
	41,335	5.500%, 01/01/38 - 06/01/38		45,377
	128,142	6.000%, 01/01/29 - 03/01/33		143,978
	385,132	6.500%, 09/01/25 - 11/01/36		430,652
	1,583	7.000%, 08/01/32		1,712
	23,009	7.500%, 03/01/30		25,213
	104,950	8.000%, 03/01/27 - 11/01/28		124,955
		Federal National Mortgage Association, Other,
	1,000,000	2.077%, 06/01/20		976,772
	295,395	2.418%, 12/01/22		275,740
	1,000,000	2.480%, 12/01/22 - 02/01/23		938,033
	500,000	2.531%, 11/01/22		467,425
	500,000	2.583%, 04/01/23		458,904
	1,000,000	2.604%, 05/01/23		917,241
	983,448	3.500%, 05/01/43		965,128
	1,390,939	4.000%, 07/01/42		1,418,950
	475,566	4.130%, 07/01/20		510,123
	180,863	5.500%, 09/01/33 - 04/01/38		196,391
	77,721	6.000%, 09/01/28		86,959
	185,107	6.500%, 10/01/35		206,248
		Government National Mortgage Association II, 30 Year, Single Family,
	3,490	7.500%, 12/20/26		4,131
	70,400	8.000%, 11/20/26 - 01/20/27		84,330
	2,482	8.500%, 05/20/25		2,853
		Government National Mortgage Association II, Other,
	460,958	2.125%, 07/20/34 - 09/20/34		480,039
	3,928	Government National Mortgage Association, 15 Year, Single Family, 8.000%, 01/15/16		4,037

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Government National Mortgage Association, 30 Year, Single Family,
	134,403	6.000%, 05/15/37 - 10/15/38		149,530
	110,550	6.500%, 03/15/28 - 12/15/38		125,108
	29,563	7.000%, 12/15/25 - 06/15/33		33,803
	18,412	7.500%, 05/15/23 - 09/15/28		20,214
	17,167	8.000%, 09/15/22 - 10/15/27		19,436
	4,758	9.000%, 11/15/24		5,181
	145,722	9.500%, 10/15/24		165,302
		Total Mortgage Pass-Through Securities (Cost $15,730,959)		15,617,408
	Municipal Bonds — 0.2% (t)
		Illinois — 0.1%
	160,000	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		149,088
		New York — 0.1%
	30,000	New York State Dormitory Authority, State Personal Income Tax, Series D, Rev., 5.600%, 03/15/40		33,582
	130,000	Port Authority of New York & New Jersey, Consolidated, Series 164, Rev., 5.647%, 11/01/40		141,731
				175,313
		Ohio — 0.0% (g)
	98,000	Ohio State University, General Receipts, Series A, Rev., 4.800%, 06/01/11		85,277
		Total Municipal Bonds (Cost $416,209)		409,678
	U.S. Government Agency Securities — 13.7%
		Federal Home Loan Mortgage Corp.,
	30,000	4.875%, 06/13/18		34,089
	125,000	5.125%, 10/18/16		140,119
		Federal National Mortgage Association,
	3,000,000	Zero Coupon, 10/09/19		2,550,873
	195,000	2.750%, 03/13/14		196,007
	150,000	5.000%, 02/13/17		168,804
		Federal National Mortgage Association STRIPS,
	6,000,000	Zero Coupon, 09/23/20		4,934,700
	630,000	Zero Coupon, 03/23/28		336,729
	100,000	Financing Corp. Fico, Series D-P, Zero Coupon, 09/26/19		86,343
	2,000,000	Financing Corp. Fico STRIPS, Series 14P, Zero Coupon, 11/02/18		1,812,046
	8,000,000	Financing Corp. STRIPS, Series 12P, Zero Coupon, 12/06/18		7,222,880

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — Continued
	4,100,000	Residual Funding Corp. STRIPS, Zero Coupon, 07/15/20		3,421,770
	2,000,000	Resolution Funding Corp. STRIPS, Zero Coupon, 01/15/20		1,706,588
		Tennessee Valley Authority,
	33,000	4.625%, 09/15/60		29,516
	100,000	5.250%, 09/15/39		106,731
	5,000,000	Tennessee Valley Authority STRIPS, Zero Coupon, 07/15/16		4,835,875
		Total U.S. Government Agency Securities (Cost $22,881,059)		27,583,070
	U.S. Treasury Obligations — 25.9%
		U.S. Treasury Bonds,
	565,000	4.375%, 02/15/38		614,967
	150,000	4.500%, 02/15/36		166,898
	125,000	4.500%, 05/15/38		138,594
	100,000	4.750%, 02/15/37		115,047
	815,000	5.000%, 05/15/37		969,850
	50,000	5.250%, 02/15/29		60,188
	50,000	5.375%, 02/15/31		61,273
	200,000	6.125%, 11/15/27		260,250
	50,000	6.250%, 05/15/30		66,789
	10,000	6.375%, 08/15/27		13,278
	150,000	6.750%, 08/15/26		204,047
	80,000	7.250%, 08/15/22		108,100
	250,000	8.000%, 11/15/21		347,266
		U.S. Treasury Bonds STRIPS,
	600,000	11/15/14		599,220
	1,750,000	02/15/15		1,746,166
	3,715,000	11/15/15		3,690,132
	3,300,000	02/15/16 (m)		3,268,501
	3,540,000	08/15/16		3,480,556
	3,050,000	11/15/16		2,983,736
	825,000	02/15/17		801,624
	3,625,000	08/15/17		3,474,932
	2,900,000	11/15/17 (m)		2,757,987
	150,000	02/15/18		141,460
	280,000	02/15/19		254,899
	100,000	05/15/19		90,101
	400,000	08/15/19		356,456
	250,000	02/15/20		218,102
	1,903,000	05/15/20		1,642,848
	10,000,000	05/15/20		8,651,170
	350,000	08/15/20		298,548
	850,000	02/15/21		706,608
	750,000	05/15/21		616,605

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	100,000	08/15/21		81,218
	925,000	11/15/21		743,021
	100,000	02/15/22		79,357
	300,000	02/15/23		226,745
	10,000	11/15/24		6,930
	100,000	02/15/25		68,388
	100,000	05/15/26		64,115
	23,000	08/15/26		14,559
	250,000	11/15/26		156,304
	600,000	02/15/27		370,498
	175,000	05/15/27		106,710
	250,000	08/15/27		150,604
	750,000	11/15/27		445,780
	27,000	02/15/28		15,872
	100,000	05/15/28		58,095
	50,000	08/15/28		28,702
	100,000	11/15/28		56,700
	250,000	02/15/29		140,070
	250,000	08/15/29		136,709
	100,000	11/15/29		54,040
	775,000	02/15/30		413,852
	300,000	05/15/30		158,205
	50,000	08/15/30		26,064
	50,000	11/15/30		25,746
	300,000	02/15/31		152,593
	175,000	05/15/31		87,973
	250,000	08/15/31		124,255
	100,000	02/15/32		48,605
	400,000	05/15/32		192,233
	400,000	11/15/32		187,914
	150,000	02/15/33		69,714
	325,000	05/15/33		149,413
	100,000	08/15/33		45,458
	650,000	11/15/33		292,263
	225,000	02/15/34		100,078
	100,000	05/15/34		44,007
	50,000	11/15/34		21,527
	150,000	02/15/35		63,821
	250,000	05/15/35		105,306
		U.S. Treasury Inflation Indexed Bonds,
	100,000	2.500%, 01/15/29		127,831
	300,000	3.625%, 04/15/28		573,026
		U.S. Treasury Inflation Indexed Notes,
	500,000	0.500%, 04/15/15		550,669
	170,000	1.375%, 07/15/18		199,551

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — Continued
		U.S. Treasury Notes,
	125,000	1.375%, 11/30/18		123,125
	400,000	1.375%, 12/31/18		393,344
	400,000	1.500%, 08/31/18		397,969
	150,000	1.750%, 10/31/18		150,656
	100,000	2.125%, 08/31/20		98,719
	1,200,000	2.125%, 08/15/21		1,162,500
	400,000	2.250%, 07/31/18		412,344
	200,000	2.625%, 11/15/20		203,250
	742,000	3.125%, 05/15/19		790,694
	600,000	3.125%, 05/15/21		625,453
	200,000	3.250%, 12/31/16		214,515
	200,000	3.500%, 02/15/18		217,125
	450,000	3.500%, 05/15/20		485,472
	650,000	3.625%, 02/15/21		701,442
	500,000	4.750%, 08/15/17		564,883
		Total U.S. Treasury Obligations (Cost $49,222,932)		52,212,210

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	7,270,294	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (Cost $7,270,294)		7,270,294
		Total Investments — 99.8% (Cost $188,741,299)		201,579,476
		Other Assets in Excess of Liabilities — 0.2%		336,933
		NET ASSETS — 100.0%	$	201,916,409

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of December 31, 2013.
CMO	—  Collateralized Mortgage Obligation
ESOP	—  Employee Stock Ownership Program
FHA	—  Federal Housing Administration
GMAC	—  General Motors Acceptance Corp.
GO	—  General Obligation
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.
IF	—  Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of December 31, 2013. 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.
PO	—  Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	—  Real Estate Mortgage Investment Conduit

Rev.	—  Revenue
STRIPS	—  Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2013.
VA	—  Veterans Administration
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of December 31, 2013.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  Defaulted Security.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one (share or dollar).
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—  The rate shown is the current yield as of December 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
†	—  Security matures in 2111.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 27

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2013

	Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	194,309,182
Investments in affiliates, at value		7,270,294
Total investment securities, at value		201,579,476
Cash		11,286
Receivables:
Investment securities sold		4,666
Portfolio shares sold		19,640
Interest from non-affiliates		812,341
Dividends from affiliates		149
Total Assets		202,427,558
LIABILITIES:
Payables:
Investment securities purchased		96,280
Portfolio shares redeemed		227,805
Accrued liabilities:
Investment advisory fees		68,033
Administration fees		11,027
Distribution fees		5,272
Custodian and accounting fees		40,435
Trustees’ and Chief Compliance Officer’s fees		80
Audit fees		53,967
Other		8,250
Total Liabilities		511,149
Net Assets	$	201,916,409
NET ASSETS:
Paid-in-Capital	$	187,228,939
Accumulated undistributed net investment income		8,049,234
Accumulated net realized gains (losses)		(6,199,941	)
Net unrealized appreciation (depreciation)		12,838,177
Total Net Assets	$	201,916,409
Net Assets:
Class 1	$	176,728,891
Class 2		25,187,518
Total	$	201,916,409
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		15,939,881
Class 2		2,287,608
Net Asset Value, offering and redemption price per share (a):
Class 1	$	11.09
Class 2		11.01
Cost of investments in non-affiliates	$	181,471,005
Cost of investments in affiliates		7,270,294

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

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	9,359,386
Dividend income from affiliates		2,384
Total investment income		9,361,770
EXPENSES:
Investment advisory fees		841,568
Administration fees		177,262
Distribution fees — Class 2		44,008
Custodian and accounting fees		104,664
Professional fees		82,014
Trustees’ and Chief Compliance Officer’s fees		2,380
Printing and mailing costs		31,575
Transfer agent fees		6,316
Other		24,981
Total expenses		1,314,768
Less amounts waived		(22,106	)
Net expenses		1,292,662
Net investment income (loss)		8,069,108
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		336,171
Change in net unrealized appreciation/depreciation of investments in non-affiliates		(11,610,927	)
Net realized/unrealized gains (losses)		(11,274,756	)
Change in net assets resulting from operations	$	(3,205,648	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Core Bond Portfolio
	Year Ended 12/31/2013			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,069,108		$	9,740,791
Net realized gains (losses)		336,171			(307,285	)
Change in net unrealized appreciation/depreciation		(11,610,927	)		2,266,991
Change in net assets resulting from operations		(3,205,648	)		11,700,497
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(9,052,968	)		(9,992,343	)
Class 2
From net investment income		(680,242	)		(135,209	)
Total distributions to shareholders		(9,733,210	)		(10,127,552	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,537,046	)		(11,119,967	)
NET ASSETS:
Change in net assets		(15,475,904	)		(9,547,022	)
Beginning of period		217,392,313			226,939,335
End of period	$	201,916,409		$	217,392,313
Accumulated undistributed net investment income	$	8,049,234		$	9,713,320
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	14,399,434		$	30,432,330
Distributions reinvested		9,052,968			9,992,343
Cost of shares redeemed		(42,830,378	)		(58,978,592	)
Change in net assets resulting from Class 1 capital transactions	$	(19,377,976	)	$	(18,553,919	)
Class 2
Proceeds from shares issued	$	20,293,669		$	8,625,937
Distributions reinvested		680,242			135,209
Cost of shares redeemed		(4,132,981	)		(1,327,194	)
Change in net assets resulting from Class 2 capital transactions	$	16,840,930		$	7,433,952
Total change in net assets resulting from capital transactions	$	(2,537,046	)	$	(11,119,967	)
SHARE TRANSACTIONS:
Class 1
Issued		1,270,421			2,605,209
Reinvested		797,618			877,291
Redeemed		(3,788,604	)		(5,047,684	)
Change in Class 1 Shares		(1,720,565	)		(1,565,184	)
Class 2
Issued		1,798,755			743,482
Reinvested		60,252			11,902
Redeemed		(367,473	)		(113,458	)
Change in Class 2 Shares		1,491,534			641,926

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period
Core Bond Portfolio
Class 1
Year Ended December 31, 2013	$	11.78	$	0.44	(d)	$	(0.60	)	$	(0.16	)	$	(0.53	)	$	11.09
Year Ended December 31, 2012		11.71		0.51	(d)		0.10			0.61			(0.54	)		11.78
Year Ended December 31, 2011		11.54		0.54	(d)		0.28			0.82			(0.65	)		11.71
Year Ended December 31, 2010		10.99		0.57	(d)		0.42			0.99			(0.44	)		11.54
Year Ended December 31, 2009		10.94		0.61	(d)		0.38			0.99			(0.94	)		10.99
Class 2
Year Ended December 31, 2013		11.72		0.40	(d)		(0.59	)		(0.19	)		(0.52	)		11.01
Year Ended December 31, 2012		11.68		0.47	(d)		0.11			0.58			(0.54	)		11.72
Year Ended December 31, 2011		11.51		0.50	(d)		0.29			0.79			(0.62	)		11.68
Year Ended December 31, 2010		10.97		0.54	(d)		0.42			0.96			(0.42	)		11.51
Year Ended December 31, 2009		10.92		0.59	(d)		0.37			0.96			(0.91	)		10.97

(a) 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.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

			Ratios/Supplemental data
					Ratios to average net assets
Total return (a)			Net assets, end of period		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
	(1.47	)%	$	176,728,891		0.59	%		3.86	%		0.60	%		13	%
	5.33			208,061,368		0.60			4.36			0.62			8
	7.46			225,138,765		0.59			4.74			0.61			9
	9.24			245,677,262		0.60			5.06			0.62			10
	9.65			263,558,623		0.59			5.63			0.67			17
	(1.74	)		25,187,518		0.84			3.58			0.85			13
	5.07			9,330,945		0.85			4.00			0.87			8
	7.21			1,800,570		0.84			4.33			0.84			9
	8.97			19,644		0.85			4.80			0.88			10
	9.32			18,033		0.84			5.47			0.92			17

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
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 distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”) and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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, 2013.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	2,031,936	$	1,689,054	$	3,720,990
Collateralized Mortgage Obligations
Agency CMO		—		39,481,450		—		39,481,450
Non-Agency CMO		—		14,718,813		2,176,996		16,895,809
Total Collateralized Mortgage Obligations		—		54,200,263		2,176,996		56,377,259
Commercial Mortgage-Backed Securities		—		4,815,158		406,616		5,221,774
Corporate Bonds
Consumer Discretionary		—		2,523,564		—		2,523,564
Consumer Staples		—		1,222,347		—		1,222,347
Energy		—		2,453,190		—		2,453,190
Financials		—		15,705,431		102,375		15,807,806
Health Care		—		801,075		—		801,075
Industrials		—		1,585,525		100,214		1,685,739
Information Technology		—		1,948,134		—		1,948,134
Materials		—		947,067		—		947,067
Telecommunication Services		—		2,708,036		131,558		2,839,594
Utilities		—		2,597,818		—		2,597,818
Total Corporate Bonds		—		32,492,187		334,147		32,826,334
Foreign Government Securities		—		340,459		—		340,459
Mortgage Pass-Through Securities		—		15,617,408		—		15,617,408
Municipal Bonds		—		409,678		—		409,678
U.S. Government Agency Securities		—		27,583,070		—		27,583,070
U.S. Treasury Obligations		—		52,212,210		—		52,212,210
Short-Term Investment
Investment Company		7,270,294		—		—		7,270,294
Total Investments in Securities	$	7,270,294	$	189,702,369	$	4,606,813	$	201,579,476

There were no transfers between Levels 1 and 2 during the year ended December 31, 2013.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

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

	Balance as of 12/31/12		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of 12/31/13
Investments in Securities
Asset-Backed Securities	$	167,769	$	—	$	11,297		$	381		$	796,573	$	(182,630	)	$	895,664	$	—		$	1,689,054
Collateralized Mortgage Obligations
Agency CMO		57,154		—		—			—			—		—			—		(57,154	)		—
Non-Agency CMO		398,751		—		(280,890	)		85,512			677,376		(767,217	)		2,276,093		(212,629	)		2,176,996
Commercial Mortgage-Backed Securities		135,464		—		23,298			(17,234	)		205,999		(85,153	)		144,242		—			406,616
Corporate Bonds — Financials		95,375		—		7,000			—			—		—			—		—			102,375
Corporate Bonds — Industrials		117,753		2,070		(2,496	)		—			26,000		(43,113	)		—		—			100,214
Corporate Bonds —Telecommunication Services		—		—		(912	)		—			—		—			132,470		—			131,558
Total	$	972,266	$	2,070	$	(242,703	)	$	68,659		$	1,705,948	$	(1,078,113	)	$	3,448,469	$	(269,783	)	$	4,606,813

(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.

Transfers into and out of Level 3 are valued utilizing values as of the beginning of the year.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at December 31, 2013, which were valued using significant unobservable inputs (Level 3) amounted to $(241,469). This amount is included in Change in net unrealized appreciation (depreciation) of investments in non-affiliates on the Statement of Operations.

Core Bond Portfolio

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at 12/31/13		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	883,049	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 5.00% (2.26%)
				Constant Default Rate		0.00% - 12.00% (6.74%)
				Yield (Discount Rate of Cash Flows)		0.00% - 4.73% (3.33%)
Asset-Backed Securities		883,049
		2,089,463	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 25.65% (7.73%)
				Constant Default Rate		0.00% - 9.13% (2.34%)
				PSA Prepayment Model		338.00% - 1,085.00% (682.69%)
				Yield (Discount Rate of Cash Flows)		0.00% - 17.34% (6.39%)
Collateralized Mortgage Obligations — Non-Agency CMO		2,089,463
		202,178	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (75.56%)
				Constant Default Rate		0.00% (N/A)
				Yield (Discount Rate of Cash Flows)		0.00% - 2.29% (1.72%)
Commercial Mortgage-Backed Securities		202,178
		131,558	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.09% (N/A)
Corporate Bonds — Telecommunication Services		131,558
Total	$	3,306,248

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

# The table above does not include level 3 securities that are valued by brokers and pricing services. At December 31, 2013, the value of these securities was $1,300,565. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, unchanged price review, results of broker and vendor due diligence and consideration of macro or security specific events.

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

B. Restricted and Illiquid Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Portfolio. As of December 31, 2013, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A under the Securities Act.

The value and percentage of net assets of illiquid securities as of December 31, 2013 were $317,345 and 0.2%, respectively.

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

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

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (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, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Distributions to Shareholders — Distributions from net investment income 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 net investment income		Accumulated net realized gains (losses)
$	7	$	16	$(23)

The reclassifications for the Portfolio relate primarily to investments in regulated investment companies.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.40%.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2013, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, 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. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) and Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	0.60	%		0.85	%

The expense limitation agreement was in effect for the year ended December 31, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the year ended December 31, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Administration		Total
$	12,208	$	12,208

Voluntary Waivers
Investment Advisory		Total
$	51	$	51

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2013 was $9,847.

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

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in 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.

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

During the year ended December 31, 2013, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2013, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2013, 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
$	19,123,468	$	32,161,970	$	8,140,878	$	4,984,030

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	188,749,510	$	16,010,870	$	3,180,904	$	12,829,966

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to straddle loss deferral.

The tax character of distributions paid during the year ended December 31, 2013 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	9,733,210	$	9,733,210

The tax character of distributions paid during the year ended December 31, 2012 was as follows:

Total Distributions Paid From:
Ordinary Income	Total Distributions Paid
$10,127,552	$	10,127,552

As of December 31, 2013, the 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 or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	8,060,604	$	(6,191,730	)	$12,829,966

The cumulative timing differences primarily consist of trustee deferred compensation.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

As of December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains:

2016		2017		Total
$	750,856	$	5,440,874	$	6,191,730	*

* The entire amount is comprised of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

During the year ended December 31, 2013, the Portfolio utilized pre-enactment capital loss carryforwards of $28,861 and post-enactment long-term capital loss carryforwards of $307,289.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at December 31, 2013, or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

The Portfolio has several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

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 ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Portfolio is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Portfolio such as swap and option contracts, credit-linked notes and TBA securities.

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

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

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Insurance Trust Core Bond Portfolio (a separate Portfolio of JPMorgan Insurance Trust) (hereafter referred to as the “Portfolio”) at December 31, 2013, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 21, 2014

DECEMBER 31, 2013 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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	170	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts.
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	170	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	170	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	170	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	170	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	170	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	170	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	170	Director, Radio Shack Corp. (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present).

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	170	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing.
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	170	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	170	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	170	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	170	Trustee, The Victory Portfolios (2000-2008) (investment companies).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (170 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

    * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Portfolio’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 43

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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, 2013, and continued to hold your shares at the end of the reporting period, December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Expense Example

	Beginning Account Value July 1, 2013		Ending Account Value December 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	1,002.70	$	2.98		0.59	%
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class 2
Actual		1,000.00		1,000.90		4.24		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84

* 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, 2013 JPMORGAN INSURANCE TRUST 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). 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 subcommittee 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 “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 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Portfolio’s performance compared to the performance of the Portfolio’s peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. The Adviser also periodically provides comparative information regarding the Portfolio’s expense ratios and those of the peer groups. 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, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Portfolio and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Portfolio and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Portfolio and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the 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 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. 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 also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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 on 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.

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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 data. The Trustees recognized that this data 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 on their review, 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.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Board 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.

The Trustees also considered that JPMFM earns fees from the Portfolio for providing administrative 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. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Portfolio does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the

administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Portfolio benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Portfolio. The Trustees also considered the complexity of investment management for the Portfolio relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for the Portfolio in a report prepared by Lipper. 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 Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe Group. The Lipper 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 Lipper 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 the Portfolio’s performance was in the first quintile for Class 1 shares for the one-, three-, and five-year periods ended December 31, 2012, respectively. The Trustees discussed the performance and investment strategy of the

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Portfolio with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Portfolio to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Portfolio. The Trustees recognized that Lipper 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. The Trustees considered the fee waiver

and/or expense reimbursement arrangements currently in place for the Portfolio and considered the net advisory fee rate after taking into account any 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 in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Adviser. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2014. All rights reserved. December 2013. AN-JPMITCBP-1213

Annual Report

JPMorgan Insurance Trust

December 31, 2013

JPMorgan Insurance Trust Equity Index Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	13
Financial Highlights	16
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	24
Trustees	25
Officers	27
Schedule of Shareholder Expenses	28
Board Approval of Investment Advisory Agreement	29
Tax Letter	32

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

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

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

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

CEO’s LETTER

January 23, 2014 (Unaudited)

Dear Shareholder,

Equities markets in developed economies performed strongly in the face of periodic spikes in volatility throughout the twelve months ended December 31, 2013. Healthy corporate earnings and incremental but steady improvements in a range of economic indicators provided a positive backdrop for investors seeking returns in the low interest rate environment. While political discord in Washington injected volatility into the market, a bipartisan budget agreement at the end of the year relieved much of the political uncertainty created by partisan brinkmanship over the so-called fiscal cliff and the partial shutdown of the federal government in October. In the first half of the year, the U.S. Federal Reserve (“Fed”) announced its intention to taper off its $85 billion in monthly asset purchases and the statement weakened investor sentiment and set off widespread speculation about the timing and magnitude of such a move. The Fed followed through in December, deciding to reduce its monthly purchases by $10 billion. The news, along with robust gains in jobs, housing and consumer sentiment, drove U.S. equities to new highs. The S&P 500 stock index hit seven closing highs in the final month of the reporting period, finishing 2013 with its best performance since 1997.

  “While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains.”

Overseas, the European Central Bank reaffirmed its commitment to accommodative monetary policy and to the euro itself. In the second quarter of the year, the European Union (EU) returned to positive growth and at the end of the year, Ireland became the first nation to exit from its European Union bailout program. The Fed’s decision to curb its asset purchases also sent equities higher in Europe, as investors viewed the move as a sign of further economic stability. In Japan, equity markets rebounded to their best year since 1988, benefitting from Prime Minister Shinzo Abe’s efforts to revive the economy. Low returns on bonds and short-term debt instruments also drove investors into stocks.

Emerging market equities were weaker overall. As of December 31, 2013, the MSCI Emerging Markets Index returned -2.3% for the year. China’s economy showed signs of slower growth during the year and the Fed’s decision to taper its asset purchase program set off speculation that the maturation of the emerging markets credit cycle would push yield-seeking investors to rotate into developed markets.

Taper Talk Pressures Bonds

Fixed income markets generally remained weak during the year, as central bankers across the globe held interest rates at

historic lows. However, benchmark bond yields rose on an annual basis for the first time since 2009. During the year, the Fed’s talk of tapering off its Quantitative Easing (QE) program hurt fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period higher. The yield for 10-year U.S. Treasury securities ended December 31, 2013 at 3.04%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.38% and 3.96%, respectively. High-yield debt returned 7.4% for the year, as measured by the Barclays US High Yield Corporate Index, while other U.S. debt securities and emerging market debt both had negative returns.

While global economic growth accelerated during the year, the U.S. recovery in particular showed stronger fundamentals and the Fed’s decision to taper its QE program was a response to the improved picture. Europe emerged from its lengthy recession and the worst of the fiscal crises seem to be behind it, though unemployment remains strikingly high in many EU nations. Japan made progress toward ending persistent deflation, but Tokyo’s monetary and fiscal stimulus has sharply weakened the yen, putting other Asian exporting nations — notably China and South Korea — at a competitive disadvantage. Emerging market economies may face further headwinds as foreign investment shrinks and economic growth moderates from recent strength. Moreover, political instability — already apparent in Thailand and Turkey — may surface in other emerging market nations as governments struggle to deliver improved living standards and respond to demands for political reforms.

The Long-Term Lens

We welcome the Fed’s move to curb its QE program as a sign that the U.S. economy’s need for artificial stimulus is waning. While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains. In the fixed-income market, persistent weakness has led to attractive valuations in some sectors. The past year’s market swings and intermittent volatility underlined the importance of maintaining a long-term view of your investment portfolio and the benefits derived from diversified holdings.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Equity Index Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		31.81%
S&P 500 Index**		32.39%
Net Assets as of 12/31/2013	$	60,665,063

INVESTMENT OBJECTIVE***

The JPMorgan Insurance Trust Equity Index Portfolio (the “Portfolio”) seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index (the “Benchmark”).

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

The Portfolio (Class 1 Shares) performed largely in line with the Benchmark for the 12 months ended December 31, 2013. This was consistent with its indexing strategy and investment objective, as the Portfolio looks to generate returns that are comparable to that of the Benchmark.

Overall, the U.S. equity market performed strongly during the 12 months ended December 31, 2013, as a tepid economic recovery continued to gain strength from healthy corporate earnings, along with improvements in employment, housing and consumer sentiment. The Benchmark retreated at mid-year amid investor uncertainty about the U.S. Federal Reserve Board’s (“Fed”) intent to taper off its monthly purchases of $85 billion in Treasuries and mortgage-backed securities. Interest rates rose sharply higher, pressuring prices for both stocks and bonds. Partisan brinkmanship in Washington added to the uncertainty, starting with the standoff over the so-called fiscal cliff in January and followed by the partial shutdown of the federal government in October. A bipartisan budget agreement toward the end of the year relieved some of the political uncertainty. During the year, U.S. unemployment claims fell from 7.9% in January to 6.7% at year end, with slight upticks in joblessness at midyear and in October. Adding to the positive trend were advances in housing prices and auto sales in the second half of the year, and a rebound in consumer sentiment to a five-month high in December. The Benchmark hit 42 record closings during the year — the most since 1998 — including seven record high closings in the final month of the year. The Benchmark racked up a 32.39% gain for the year.

All of the sectors in the Benchmark produced positive returns during the 12-month period. The leading contributors to the Portfolio’s relative performance included the financials and health care sectors. The bottom contributors to the Portfolio’s relative performance included the telecommunication services sector and the utilities sector.

HOW WAS THE PORTFOLIO POSITIONED?

Regardless of the market outlook, the Portfolio was managed in strict conformity with a full index replication strategy and aimed to hold the same stocks in nearly the same proportions as those found in the Benchmark.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Apple, Inc.	3.0	%
	2.	Exxon Mobil Corp.	2.6
	3.	Google, Inc., Class A	1.9
	4.	Microsoft Corp.	1.7
	5.	General Electric Co.	1.7
	6.	Johnson & Johnson	1.5
	7.	Chevron Corp.	1.4
	8.	Procter & Gamble Co. (The)	1.3
	9.	JPMorgan Chase & Co.	1.3
	10.	Wells Fargo & Co.	1.3

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	18.4	%
Financials	15.9
Health Care	12.8
Consumer Discretionary	12.3
Industrials	10.8
Energy	10.1
Consumer Staples	9.6
Materials	3.4
Utilities	2.9
Telecommunication Services	2.3
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.

** “S&P 500 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor, and is in no way affiliated with, the Portfolio.

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

**** Percentages indicated are based on total investments as of December 31, 2013. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		5/01/98		31.81	%		17.52	%		7.00	%

TEN YEAR PERFORMANCE (12/31/03 TO 12/31/13)

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 Equity Index Portfolio, the S&P 500 Index and the Lipper Variable Underlying Funds S&P 500 Funds Index from December 31, 2003 to December 31, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds S&P 500 Funds Index includes expenses associated with a

mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Variable Underlying Funds S&P 500 Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower.

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

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Consumer Discretionary — 12.4%
		Auto Components — 0.4%
	826	BorgWarner, Inc.		46,182
	1,016	Delphi Automotive plc, (United Kingdom)		61,092
	896	Goodyear Tire & Rubber Co. (The)		21,369
	2,486	Johnson Controls, Inc.		127,532
				256,175
		Automobiles — 0.7%
	14,314	Ford Motor Co.		220,865
	4,133	General Motors Co. (a)		168,916
	802	Harley-Davidson, Inc.		55,530
				445,311
		Distributors — 0.1%
	560	Genuine Parts Co.		46,586
		Diversified Consumer Services — 0.1%
	992	H&R Block, Inc.		28,808
		Hotels, Restaurants & Leisure — 1.7%
	1,590	Carnival Corp.		63,870
	112	Chipotle Mexican Grill, Inc. (a)		59,671
	474	Darden Restaurants, Inc.		25,771
	903	International Game Technology		16,399
	815	Marriott International, Inc., Class A		40,228
	3,611	McDonald’s Corp.		350,375
	2,735	Starbucks Corp.		214,397
	695	Starwood Hotels & Resorts Worldwide, Inc.		55,218
	473	Wyndham Worldwide Corp.		34,855
	293	Wynn Resorts Ltd.		56,904
	1,616	Yum! Brands, Inc.		122,186
				1,039,874
		Household Durables — 0.4%
	1,031	D.R. Horton, Inc. (a)		23,012
	446	Garmin Ltd., (Switzerland)		20,614
	245	Harman International Industries, Inc.		20,053
	512	Leggett & Platt, Inc.		15,842
	607	Lennar Corp., Class A		24,013
	221	Mohawk Industries, Inc. (a)		32,907
	1,042	Newell Rubbermaid, Inc.		33,771
	1,251	PulteGroup, Inc.		25,483
	285	Whirlpool Corp.		44,705
				240,400
		Internet & Catalog Retail — 1.5%
	1,345	Amazon.com, Inc. (a)		536,372
	374	Expedia, Inc.		26,053
	215	Netflix, Inc. (a)		79,156

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet & Catalog Retail — Continued
	187	priceline.com, Inc. (a)		217,369
	402	TripAdvisor, Inc. (a)		33,298
				892,248
		Leisure Equipment & Products — 0.1%
	419	Hasbro, Inc.		23,049
	1,228	Mattel, Inc.		58,429
				81,478
		Media — 3.7%
	777	Cablevision Systems Corp., Class A		13,932
	2,025	CBS Corp. (Non-Voting), Class B		129,073
	9,457	Comcast Corp., Class A		491,433
	1,773	DIRECTV (a)		122,497
	819	Discovery Communications, Inc., Class A (a)		74,054
	823	Gannett Co., Inc.		24,344
	16	Graham Holdings Co., Class B (a)		10,613
	1,511	Interpublic Group of Cos., Inc. (The)		26,745
	1,807	News Corp., Class A (a)		32,562
	934	Omnicom Group, Inc.		69,462
	398	Scripps Networks Interactive, Inc., Class A		34,391
	1,023	Time Warner Cable, Inc.		138,616
	3,283	Time Warner, Inc.		228,891
	7,121	Twenty-First Century Fox, Inc., Class A		250,517
	1,473	Viacom, Inc., Class B		128,652
	5,931	Walt Disney Co. (The)		453,128
				2,228,910
		Multiline Retail — 0.7%
	1,069	Dollar General Corp. (a)		64,482
	755	Dollar Tree, Inc. (a)		42,597
	351	Family Dollar Stores, Inc.		22,805
	730	Kohl’s Corp.		41,428
	1,337	Macy’s, Inc.		71,396
	519	Nordstrom, Inc.		32,074
	2,294	Target Corp.		145,141
				419,923
		Specialty Retail — 2.2%
	234	AutoNation, Inc. (a)		11,628
	124	AutoZone, Inc. (a)		59,265
	779	Bed Bath & Beyond, Inc. (a)		62,554
	992	Best Buy Co., Inc.		39,561
	811	CarMax, Inc. (a)		38,133
	424	GameStop Corp., Class A		20,886
	961	Gap, Inc. (The)		37,556
	5,110	Home Depot, Inc. (The)		420,757
	885	L Brands, Inc.		54,737

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Specialty Retail — Continued
	3,795	Lowe’s Cos., Inc.		188,042
	389	O’Reilly Automotive, Inc. (a)		50,068
	376	PetSmart, Inc.		27,354
	786	Ross Stores, Inc.		58,895
	2,397	Staples, Inc.		38,088
	400	Tiffany & Co.		37,112
	2,581	TJX Cos., Inc.		164,487
	396	Urban Outfitters, Inc. (a)		14,692
				1,323,815
		Textiles, Apparel & Luxury Goods — 0.8%
	1,018	Coach, Inc.		57,140
	178	Fossil Group, Inc. (a)		21,349
	651	Michael Kors Holdings Ltd., (Hong Kong) (a)		52,855
	2,712	NIKE, Inc., Class B		213,272
	296	PVH Corp.		40,262
	216	Ralph Lauren Corp.		38,139
	1,280	V.F. Corp.		79,795
				502,812
		Total Consumer Discretionary		7,506,340
		Consumer Staples — 9.6%
		Beverages — 2.1%
	592	Beam, Inc.		40,292
	588	Brown-Forman Corp., Class B		44,435
	13,782	Coca-Cola Co. (The)		569,334
	876	Coca-Cola Enterprises, Inc.		38,658
	605	Constellation Brands, Inc., Class A (a)		42,580
	728	Dr. Pepper Snapple Group, Inc.		35,468
	574	Molson Coors Brewing Co., Class B		32,230
	493	Monster Beverage Corp. (a)		33,411
	5,565	PepsiCo, Inc.		461,561
				1,297,969
		Food & Staples Retailing — 2.3%
	1,586	Costco Wholesale Corp.		188,750
	4,319	CVS Caremark Corp.		309,111
	1,889	Kroger Co. (The)		74,672
	896	Safeway, Inc.		29,183
	2,111	Sysco Corp.		76,207
	3,160	Walgreen Co.		181,510
	5,871	Wal-Mart Stores, Inc.		461,989
	1,350	Whole Foods Market, Inc.		78,071
				1,399,493
		Food Products — 1.5%
	2,388	Archer-Daniels-Midland Co.		103,639
	652	Campbell Soup Co.		28,218

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — Continued
	1,531	ConAgra Foods, Inc.		51,595
	2,302	General Mills, Inc.		114,893
	544	Hershey Co. (The)		52,893
	488	Hormel Foods Corp.		22,043
	382	JM Smucker Co. (The)		39,583
	933	Kellogg Co.		56,978
	2,162	Kraft Foods Group, Inc.		116,575
	479	McCormick & Co., Inc. (Non-Voting)		33,013
	733	Mead Johnson Nutrition Co.		61,396
	6,364	Mondelez International, Inc., Class A		224,649
	986	Tyson Foods, Inc., Class A		32,992
				938,467
		Household Products — 2.0%
	468	Clorox Co. (The)		43,412
	3,190	Colgate-Palmolive Co.		208,020
	1,385	Kimberly-Clark Corp.		144,677
	9,864	Procter & Gamble Co. (The)		803,028
				1,199,137
		Personal Products — 0.2%
	1,574	Avon Products, Inc.		27,104
	929	Estee Lauder Cos., Inc. (The), Class A		69,972
				97,076
		Tobacco — 1.5%
	7,258	Altria Group, Inc.		278,634
	1,337	Lorillard, Inc.		67,759
	5,814	Philip Morris International, Inc.		506,574
	1,138	Reynolds American, Inc.		56,889
				909,856
		Total Consumer Staples		5,841,998
		Energy — 10.1%
		Energy Equipment & Services — 1.8%
	1,608	Baker Hughes, Inc.		88,858
	863	Cameron International Corp. (a)		51,374
	252	Diamond Offshore Drilling, Inc.		14,344
	848	Ensco plc, (United Kingdom), Class A		48,489
	859	FMC Technologies, Inc. (a)		44,848
	3,078	Halliburton Co.		156,208
	389	Helmerich & Payne, Inc.		32,707
	943	Nabors Industries Ltd., (Bermuda)		16,022
	1,554	National Oilwell Varco, Inc.		123,590
	920	Noble Corp. plc, (United Kingdom)		34,472
	451	Rowan Cos. plc, Class A (a)		15,947
	4,779	Schlumberger Ltd.		430,636

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Energy Equipment & Services — Continued
	1,230	Transocean Ltd., (Switzerland)		60,787
				1,118,282
		Oil, Gas & Consumable Fuels — 8.3%
	1,826	Anadarko Petroleum Corp.		144,838
	1,449	Apache Corp.		124,527
	1,528	Cabot Oil & Gas Corp.		59,225
	1,834	Chesapeake Energy Corp.		49,775
	6,979	Chevron Corp.		871,747
	4,446	ConocoPhillips		314,110
	831	CONSOL Energy, Inc.		31,611
	1,331	Denbury Resources, Inc. (a)		21,868
	1,385	Devon Energy Corp.		85,690
	991	EOG Resources, Inc.		166,330
	547	EQT Corp.		49,110
	15,853	Exxon Mobil Corp.		1,604,324
	1,032	Hess Corp.		85,656
	2,443	Kinder Morgan, Inc.		87,948
	2,528	Marathon Oil Corp.		89,238
	1,092	Marathon Petroleum Corp.		100,169
	638	Murphy Oil Corp.		41,394
	494	Newfield Exploration Co. (a)		12,167
	1,304	Noble Energy, Inc.		88,815
	2,925	Occidental Petroleum Corp.		278,168
	979	Peabody Energy Corp.		19,120
	2,176	Phillips 66		167,835
	518	Pioneer Natural Resources Co.		95,348
	651	QEP Resources, Inc.		19,953
	593	Range Resources Corp.		49,996
	1,273	Southwestern Energy Co. (a)		50,067
	2,432	Spectra Energy Corp.		86,628
	482	Tesoro Corp.		28,197
	1,958	Valero Energy Corp.		98,683
	2,480	Williams Cos., Inc. (The)		95,654
	729	WPX Energy, Inc. (a)		14,857
				5,033,048
		Total Energy		6,151,330
		Financials — 16.0%
		Capital Markets — 2.2%
	706	Ameriprise Financial, Inc.		81,225
	4,168	Bank of New York Mellon Corp. (The)		145,630
	461	BlackRock, Inc.		145,893
	4,211	Charles Schwab Corp. (The)		109,486
	1,042	E*TRADE Financial Corp. (a)		20,465
	1,465	Franklin Resources, Inc.		84,574

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — Continued
	1,530	Goldman Sachs Group, Inc. (The)		271,208
	1,609	Invesco Ltd.		58,568
	385	Legg Mason, Inc.		16,740
	5,028	Morgan Stanley		157,678
	815	Northern Trust Corp.		50,440
	1,593	State Street Corp.		116,910
	947	T. Rowe Price Group, Inc.		79,330
				1,338,147
		Commercial Banks — 2.8%
	2,558	BB&T Corp.		95,464
	664	Comerica, Inc.		31,567
	3,204	Fifth Third Bancorp		67,380
	3,014	Huntington Bancshares, Inc.		29,085
	3,254	KeyCorp		43,669
	473	M&T Bank Corp.		55,067
	1,931	PNC Financial Services Group, Inc. (The)		149,807
	4,999	Regions Financial Corp.		49,440
	1,942	SunTrust Banks, Inc.		71,485
	6,628	U.S. Bancorp		267,771
	17,395	Wells Fargo & Co.		789,733
	672	Zions Bancorporation		20,133
				1,670,601
		Consumer Finance — 1.0%
	3,343	American Express Co.		303,311
	2,092	Capital One Financial Corp.		160,268
	1,738	Discover Financial Services		97,241
	1,583	SLM Corp.		41,601
				602,421
		Diversified Financial Services — 3.9%
	38,707	Bank of America Corp.		602,668
	11,007	Citigroup, Inc.		573,575
	1,144	CME Group, Inc.		89,758
	417	IntercontinentalExchange Group, Inc.		93,792
	13,644	JPMorgan Chase & Co. (q)		797,901
	1,138	Leucadia National Corp.		32,251
	983	McGraw Hill Financial, Inc.		76,870
	687	Moody’s Corp.		53,909
	420	NASDAQ OMX Group, Inc. (The)		16,716
				2,337,440
		Insurance — 4.2%
	1,234	ACE Ltd., (Switzerland)		127,756
	1,691	Aflac, Inc.		112,959
	1,651	Allstate Corp. (The)		90,045

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Insurance — Continued
	5,343	American International Group, Inc.		272,760
	1,093	Aon plc, (United Kingdom)		91,692
	264	Assurant, Inc.		17,522
	6,532	Berkshire Hathaway, Inc., Class B (a)		774,434
	914	Chubb Corp. (The)		88,320
	535	Cincinnati Financial Corp.		28,018
	1,794	Genworth Financial, Inc., Class A (a)		27,861
	1,622	Hartford Financial Services Group, Inc.		58,765
	952	Lincoln National Corp.		49,142
	1,110	Loews Corp.		53,546
	1,991	Marsh & McLennan Cos., Inc.		96,285
	4,068	MetLife, Inc.		219,346
	993	Principal Financial Group, Inc.		48,965
	2,003	Progressive Corp. (The)		54,622
	1,680	Prudential Financial, Inc.		154,930
	328	Torchmark Corp.		25,633
	1,321	Travelers Cos., Inc. (The)		119,603
	948	Unum Group		33,256
	1,026	XL Group plc, (Ireland)		32,668
				2,578,128
		Real Estate Investment Trusts (REITs) — 1.8%
	1,432	American Tower Corp.		114,302
	530	Apartment Investment & Management Co., Class A		13,732
	441	AvalonBay Communities, Inc.		52,139
	555	Boston Properties, Inc.		55,705
	1,216	Equity Residential		63,074
	1,951	General Growth Properties, Inc.		39,157
	1,656	HCP, Inc.		60,146
	1,048	Health Care REIT, Inc.		56,141
	2,745	Host Hotels & Resorts, Inc.		53,363
	1,487	Kimco Realty Corp.		29,368
	510	Macerich Co. (The)		30,034
	642	Plum Creek Timber Co., Inc.		29,859
	1,810	Prologis, Inc.		66,880
	525	Public Storage		79,023
	1,126	Simon Property Group, Inc.		171,332
	1,067	Ventas, Inc.		61,118
	631	Vornado Realty Trust		56,027
	2,115	Weyerhaeuser Co.		66,771
				1,098,171
		Real Estate Management & Development — 0.0% (g)
	1,010	CBRE Group, Inc., Class A (a)		26,563

SHARES		SECURITY DESCRIPTION	VALUE($)
		Thrifts & Mortgage Finance — 0.1%
	1,726	Hudson City Bancorp, Inc.		16,276
	1,153	People’s United Financial, Inc.		17,434
				33,710
		Total Financials		9,685,181
		Health Care — 12.8%
		Biotechnology — 2.4%
	712	Alexion Pharmaceuticals, Inc. (a)		94,739
	2,737	Amgen, Inc.		312,456
	857	Biogen Idec, Inc. (a)		239,746
	1,495	Celgene Corp. (a)		252,595
	5,564	Gilead Sciences, Inc. (a)		418,135
	285	Regeneron Pharmaceuticals, Inc. (a)		78,443
	848	Vertex Pharmaceuticals, Inc. (a)		63,006
				1,459,120
		Health Care Equipment & Supplies — 2.0%
	5,611	Abbott Laboratories		215,069
	1,969	Baxter International, Inc.		136,944
	704	Becton, Dickinson & Co.		77,785
	4,845	Boston Scientific Corp. (a)		58,237
	283	C.R. Bard, Inc.		37,905
	767	CareFusion Corp. (a)		30,542
	1,669	Covidien plc, (Ireland)		113,659
	518	DENTSPLY International, Inc.		25,112
	397	Edwards Lifesciences Corp. (a)		26,107
	138	Intuitive Surgical, Inc. (a)		53,003
	3,623	Medtronic, Inc.		207,924
	1,059	St. Jude Medical, Inc.		65,605
	1,071	Stryker Corp.		80,475
	384	Varian Medical Systems, Inc. (a)		29,833
	620	Zimmer Holdings, Inc.		57,778
				1,215,978
		Health Care Providers & Services — 2.0%
	1,334	Aetna, Inc.		91,499
	835	AmerisourceBergen Corp.		58,709
	1,239	Cardinal Health, Inc.		82,778
	1,003	Cigna Corp.		87,742
	641	DaVita HealthCare Partners, Inc. (a)		40,620
	2,924	Express Scripts Holding Co. (a)		205,382
	566	Humana, Inc.		58,422
	317	Laboratory Corp. of America Holdings (a)		28,964
	834	McKesson Corp.		134,608
	303	Patterson Cos., Inc.		12,484
	528	Quest Diagnostics, Inc.		28,269
	360	Tenet Healthcare Corp. (a)		15,163

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Health Care Providers & Services — Continued
	3,653	UnitedHealth Group, Inc.		275,071
	1,072	WellPoint, Inc.		99,042
				1,218,753
		Health Care Technology — 0.1%
	1,071	Cerner Corp. (a)		59,698
		Life Sciences Tools & Services — 0.5%
	1,200	Agilent Technologies, Inc.		68,628
	627	Life Technologies Corp. (a)		47,526
	408	PerkinElmer, Inc.		16,822
	1,311	Thermo Fisher Scientific, Inc.		145,980
	309	Waters Corp. (a)		30,900
				309,856
		Pharmaceuticals — 5.8%
	5,773	AbbVie, Inc.		304,872
	632	Actavis plc (a)		106,176
	1,078	Allergan, Inc.		119,744
	5,975	Bristol-Myers Squibb Co.		317,571
	3,598	Eli Lilly & Co.		183,498
	860	Forest Laboratories, Inc. (a)		51,626
	602	Hospira, Inc. (a)		24,851
	10,239	Johnson & Johnson		937,790
	10,604	Merck & Co., Inc.		530,730
	1,389	Mylan, Inc. (a)		60,283
	483	Perrigo Co. plc		74,121
	23,520	Pfizer, Inc.		720,418
	1,815	Zoetis, Inc.		59,332
				3,491,012
		Total Health Care		7,754,417
		Industrials — 10.8%
		Aerospace & Defense — 2.7%
	2,509	Boeing Co. (The)		342,453
	1,214	General Dynamics Corp.		115,998
	2,848	Honeywell International, Inc.		260,222
	322	L-3 Communications Holdings, Inc.		34,409
	976	Lockheed Martin Corp.		145,092
	806	Northrop Grumman Corp.		92,376
	527	Precision Castparts Corp.		141,921
	1,159	Raytheon Co.		105,121
	490	Rockwell Collins, Inc.		36,221
	1,020	Textron, Inc.		37,495
	3,063	United Technologies Corp.		348,569
				1,659,877

SHARES		SECURITY DESCRIPTION	VALUE($)
		Air Freight & Logistics — 0.8%
	550	C.H. Robinson Worldwide, Inc.		32,087
	746	Expeditors International of Washington, Inc.		33,010
	1,080	FedEx Corp.		155,272
	2,594	United Parcel Service, Inc., Class B		272,578
				492,947
		Airlines — 0.2%
	3,105	Delta Air Lines, Inc.		85,294
	2,528	Southwest Airlines Co.		47,628
				132,922
		Building Products — 0.1%
	325	Allegion plc, (Ireland) (a)		14,362
	1,295	Masco Corp.		29,487
				43,849
		Commercial Services & Supplies — 0.5%
	726	ADT Corp. (The)		29,381
	365	Cintas Corp.		21,750
	618	Iron Mountain, Inc.		18,756
	733	Pitney Bowes, Inc.		17,079
	980	Republic Services, Inc.		32,536
	311	Stericycle, Inc. (a)		36,129
	1,689	Tyco International Ltd., (Switzerland)		69,317
	1,583	Waste Management, Inc.		71,029
				295,977
		Construction & Engineering — 0.2%
	593	Fluor Corp.		47,612
	478	Jacobs Engineering Group, Inc. (a)		30,109
	783	Quanta Services, Inc. (a)		24,712
				102,433
		Electrical Equipment — 0.8%
	888	AMETEK, Inc.		46,771
	1,722	Eaton Corp. plc, (Ireland)		131,079
	2,555	Emerson Electric Co.		179,310
	503	Rockwell Automation, Inc.		59,434
	360	Roper Industries, Inc.		49,925
				466,519
		Industrial Conglomerates — 2.5%
	2,321	3M Co.		325,520
	2,176	Danaher Corp.		167,987
	36,715	General Electric Co.		1,029,122
				1,522,629
		Machinery — 1.7%
	2,309	Caterpillar, Inc.		209,680

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Machinery — Continued
	632	Cummins, Inc.		89,093
	1,389	Deere & Co.		126,857
	618	Dover Corp.		59,662
	506	Flowserve Corp.		39,888
	1,482	Illinois Tool Works, Inc.		124,607
	972	Ingersoll-Rand plc, (Ireland)		59,875
	386	Joy Global, Inc.		22,577
	1,285	PACCAR, Inc.		76,033
	402	Pall Corp.		34,311
	542	Parker Hannifin Corp.		69,723
	723	Pentair Ltd., (Switzerland)		56,155
	211	Snap-on, Inc.		23,109
	563	Stanley Black & Decker, Inc.		45,429
	670	Xylem, Inc.		23,182
				1,060,181
		Professional Services — 0.2%
	138	Dun & Bradstreet Corp. (The)		16,939
	442	Equifax, Inc.		30,538
	918	Nielsen Holdings N.V.		42,127
	503	Robert Half International, Inc.		21,121
				110,725
		Road & Rail — 0.9%
	3,679	CSX Corp.		105,845
	400	Kansas City Southern		49,532
	1,121	Norfolk Southern Corp.		104,062
	191	Ryder System, Inc.		14,092
	1,671	Union Pacific Corp.		280,728
				554,259
		Trading Companies & Distributors — 0.2%
	991	Fastenal Co.		47,082
	224	W.W. Grainger, Inc.		57,214
				104,296
		Total Industrials		6,546,614
		Information Technology — 18.4%
		Communications Equipment — 1.7%
	19,403	Cisco Systems, Inc.		435,597
	282	F5 Networks, Inc. (a)		25,623
	388	Harris Corp.		27,086
	1,833	Juniper Networks, Inc. (a)		41,371
	836	Motorola Solutions, Inc.		56,430
	6,131	QUALCOMM, Inc.		455,227
				1,041,334

SHARES		SECURITY DESCRIPTION	VALUE($)
		Computers & Peripherals — 4.1%
	3,265	Apple, Inc.		1,832,024
	7,468	EMC Corp.		187,820
	6,974	Hewlett-Packard Co.		195,133
	1,237	NetApp, Inc.		50,890
	820	SanDisk Corp.		57,843
	1,184	Seagate Technology plc, (Ireland)		66,493
	764	Western Digital Corp.		64,100
				2,454,303
		Electronic Equipment, Instruments & Components — 0.4%
	574	Amphenol Corp., Class A		51,189
	5,252	Corning, Inc.		93,591
	514	FLIR Systems, Inc.		15,471
	671	Jabil Circuit, Inc.		11,702
	1,489	TE Connectivity Ltd., (Switzerland)		82,059
				254,012
		Internet Software & Services — 3.1%
	649	Akamai Technologies, Inc. (a)		30,620
	4,228	eBay, Inc. (a)		232,075
	5,969	Facebook, Inc., Class A (a)		326,265
	1,018	Google, Inc., Class A (a)		1,140,883
	468	VeriSign, Inc. (a)		27,977
	3,424	Yahoo!, Inc. (a)		138,467
				1,896,287
		IT Services — 3.6%
	2,307	Accenture plc, (Ireland), Class A		189,681
	177	Alliance Data Systems Corp. (a)		46,539
	1,747	Automatic Data Processing, Inc.		141,175
	1,098	Cognizant Technology Solutions Corp., Class A (a)		110,876
	534	Computer Sciences Corp.		29,840
	1,057	Fidelity National Information Services, Inc.		56,740
	936	Fiserv, Inc. (a)		55,271
	3,704	International Business Machines Corp.		694,759
	376	MasterCard, Inc., Class A		314,133
	1,179	Paychex, Inc.		53,680
	593	Teradata Corp. (a)		26,975
	606	Total System Services, Inc.		20,168
	1,848	Visa, Inc., Class A		411,513
	2,004	Western Union Co. (The)		34,569
				2,185,919
		Office Electronics — 0.1%
	4,200	Xerox Corp.		51,114

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Semiconductors & Semiconductor Equipment — 2.0%
	1,165	Altera Corp.		37,897
	1,129	Analog Devices, Inc.		57,500
	4,370	Applied Materials, Inc.		77,305
	1,958	Broadcom Corp., Class A		58,055
	256	First Solar, Inc. (a)		13,988
	18,040	Intel Corp.		468,318
	605	KLA-Tencor Corp.		38,998
	589	Lam Research Corp. (a)		32,071
	850	Linear Technology Corp.		38,717
	1,978	LSI Corp.		21,798
	720	Microchip Technology, Inc.		32,220
	3,817	Micron Technology, Inc. (a)		83,058
	2,100	NVIDIA Corp.		33,642
	3,972	Texas Instruments, Inc.		174,411
	974	Xilinx, Inc.		44,726
				1,212,704
		Software — 3.4%
	1,687	Adobe Systems, Inc. (a)		101,018
	819	Autodesk, Inc. (a)		41,220
	1,179	CA, Inc.		39,673
	676	Citrix Systems, Inc. (a)		42,757
	1,122	Electronic Arts, Inc. (a)		25,739
	1,034	Intuit, Inc.		78,915
	27,568	Microsoft Corp.		1,031,870
	12,735	Oracle Corp.		487,241
	688	Red Hat, Inc. (a)		38,556
	2,013	Salesforce.com, Inc. (a)		111,097
	2,526	Symantec Corp.		59,563
				2,057,649
		Total Information Technology		11,153,322
		Materials — 3.4%
		Chemicals — 2.5%
	767	Air Products & Chemicals, Inc.		85,735
	241	Airgas, Inc.		26,956
	208	CF Industries Holdings, Inc.		48,472
	4,401	Dow Chemical Co. (The)		195,405
	3,361	E.I. du Pont de Nemours & Co.		218,364
	559	Eastman Chemical Co.		45,111
	984	Ecolab, Inc.		102,602
	484	FMC Corp.		36,523
	296	International Flavors & Fragrances, Inc.		25,450
	1,585	LyondellBasell Industries N.V., (Netherlands), Class A		127,244
	1,908	Monsanto Co.		222,377
	1,237	Mosaic Co. (The)		58,473

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — Continued
	515	PPG Industries, Inc.		97,675
	1,068	Praxair, Inc.		138,872
	313	Sherwin-Williams Co. (The)		57,436
	434	Sigma-Aldrich Corp.		40,800
				1,527,495
		Construction Materials — 0.1%
	472	Vulcan Materials Co.		28,046
		Containers & Packaging — 0.2%
	351	Avery Dennison Corp.		17,617
	525	Ball Corp.		27,121
	374	Bemis Co., Inc.		15,319
	646	MeadWestvaco Corp.		23,857
	599	Owens-Illinois, Inc. (a)		21,432
	712	Sealed Air Corp.		24,244
				129,590
		Metals & Mining — 0.5%
	3,882	Alcoa, Inc.		41,266
	392	Allegheny Technologies, Inc.		13,967
	556	Cliffs Natural Resources, Inc.		14,573
	3,767	Freeport-McMoRan Copper & Gold, Inc.		142,167
	1,807	Newmont Mining Corp.		41,615
	1,155	Nucor Corp.		61,654
	525	United States Steel Corp.		15,487
				330,729
		Paper & Forest Products — 0.1%
	1,610	International Paper Co.		78,938
		Total Materials		2,094,798
		Telecommunication Services — 2.3%
		Diversified Telecommunication Services — 2.1%
	19,117	AT&T, Inc.		672,154
	2,145	CenturyLink, Inc.		68,318
	3,627	Frontier Communications Corp.		16,865
	10,385	Verizon Communications, Inc.		510,319
	2,163	Windstream Holdings, Inc.		17,261
				1,284,917
		Wireless Telecommunication Services — 0.2%
	1,212	Crown Castle International Corp. (a)		88,997
		Total Telecommunication Services		1,373,914
		Utilities — 2.9%
		Electric Utilities — 1.6%
	1,768	American Electric Power Co., Inc.		82,636
	2,562	Duke Energy Corp.		176,803
	1,182	Edison International		54,726

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Electric Utilities — Continued
	647	Entergy Corp.		40,936
	3,110	Exelon Corp.		85,183
	1,518	FirstEnergy Corp.		50,064
	1,563	NextEra Energy, Inc.		133,824
	1,143	Northeast Utilities		48,452
	906	Pepco Holdings, Inc.		17,332
	399	Pinnacle West Capital Corp.		21,115
	2,287	PPL Corp.		68,816
	3,200	Southern Co. (The)		131,552
	1,806	Xcel Energy, Inc.		50,460
				961,899
		Gas Utilities — 0.1%
	431	AGL Resources, Inc.		20,356
	749	ONEOK, Inc.		46,573
				66,929
		Independent Power Producers & Energy Traders — 0.1%
	2,383	AES Corp.		34,578
	1,174	NRG Energy, Inc.		33,717
				68,295
		Multi-Utilities — 1.1%
	881	Ameren Corp.		31,857
	1,556	CenterPoint Energy, Inc.		36,068
	965	CMS Energy Corp.		25,833
	1,063	Consolidated Edison, Inc.		58,763
	2,106	Dominion Resources, Inc.		136,237
	642	DTE Energy Co.		42,622
	290	Integrys Energy Group, Inc.		15,779
	1,137	NiSource, Inc.		37,385

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — Continued
	1,630	PG&E Corp.		65,656
	1,836	Public Service Enterprise Group, Inc.		58,825
	510	SCANA Corp.		23,934
	825	Sempra Energy		74,052
	741	TECO Energy, Inc.		12,775
	822	Wisconsin Energy Corp.		33,982
				653,768
		Total Utilities		1,750,891
		Total Common Stocks (Cost $35,327,771)		59,858,805
	Short-Term Investments— 1.5%
		Investment Company — 1.4%
	825,767	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m)		825,767
PRINCIPAL AMOUNT($)
		U.S. Treasury Bill — 0.1%
	80,000	U.S. Treasury Bill, 0.045%, 02/06/14 (k) (n)		79,998
		Total Short-Term Investments (Cost $905,763)		905,765
		Total Investments — 100.2% (Cost $36,233,534)		60,764,570
		Liabilities in Excess of Other Assets — (0.2)%		(99,507	)
		NET ASSETS — 100.0%	$	60,665,063

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 12/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	10	E-mini S&P 500		03/21/14	$	920,550	$	36,030

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Equity Index Portfolio

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

REIT	—  Real Estate Investment Trust.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)	—  The rate shown is the current yield as of December 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—  The rate shown is the effective yield at the date of purchase.
(q)	—  Investment in affiliate which is a security in the Portfolio’s index.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2013

	Equity Index Portfolio
ASSETS:
Investments in non-affiliates, at value	$	59,140,902
Investments in affiliates, at value		1,623,668
Total investment securities, at value		60,764,570
Cash		2
Receivables:
Dividends from non-affiliates		81,679
Dividends from affiliates		18
Variation margin on futures contracts		3,200
Total Assets		60,849,469
LIABILITIES:
Payables:
Portfolio shares redeemed		114,577
Accrued liabilities:
Investment advisory fees		12,630
Administration fees		1,238
Custodian and accounting fees		15,002
Trustees’ and Chief Compliance Officer’s fees		193
Audit Fees		32,695
Other		8,071
Total Liabilities		184,406
Net Assets	$	60,665,063
NET ASSETS:
Paid-in-Capital	$	38,286,475
Accumulated undistributed net investment income		1,014,431
Accumulated net realized gains (losses)		(3,202,909	)
Net unrealized appreciation (depreciation)		24,567,066
Total Net Assets	$	60,665,063
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):		3,935,610
Net asset value, offering and redemption price per share (a):	$	15.41
Cost of investments in non-affiliates	$	34,892,383
Cost of investments in affiliates		1,341,151

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 13

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Equity Index Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,243,483
Dividend income from affiliates		21,633
Interest income from non-affiliates		37
Income from securities lending (net)		3
Total investment income		1,265,156
EXPENSES:
Investment advisory fees		149,624
Administration fees		50,423
Custodian and accounting fees		50,987
Interest expense to affiliates		6
Professional fees		44,235
Trustees’ and Chief Compliance Officer’s fees		675
Printing and mailing costs		18,265
Transfer agent fees		2,898
Other		10,466
Total expenses		327,579
Less amounts waived		(89,442	)
Net expenses		238,137
Net investment income (loss)		1,027,019
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		5,246,986
Investment in affiliates		57,923
Futures		222,942
Net realized gains (losses)		5,527,851
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		9,812,817
Investments in affiliates		168,262
Futures		39,282
Change in net unrealized appreciation/depreciation		10,020,361
Net realized/unrealized gains (losses)		15,548,212
Change in net assets resulting from operations	$	16,575,231

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Equity Index Portfolio
	Year Ended 12/31/2013			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,027,019		$	1,209,397
Net realized gain (loss)		5,527,851			4,651,011
Change in net unrealized appreciation/depreciation		10,020,361			3,663,404
Change in net assets resulting from operations		16,575,231			9,523,812
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,177,217	)		(1,198,609	)
From net realized gains		(2,249,549	)		—
Total distributions to shareholders		(3,426,766	)		(1,198,609	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(10,788,095	)		(17,208,730	)
NET ASSETS:
Change in net assets		2,360,370			(8,883,527	)
Beginning of period		58,304,693			67,188,220
End of period	$	60,665,063		$	58,304,693
Accumulated undistributed net investment income	$	1,014,431		$	1,180,947
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	852,993		$	1,802,034
Distributions reinvested		3,426,766			1,198,609
Cost of shares redeemed		(15,067,854	)		(20,209,373	)
Change in net assets resulting from capital transactions	$	(10,788,095	)	$	(17,208,730	)
SHARE TRANSACTIONS:
Issued		63,584			154,619
Reinvested		264,207			102,096
Redeemed		(1,095,905	)		(1,699,371	)
Change in Shares		(768,114	)		(1,442,656	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
Equity Index Portfolio
Year Ended December 31, 2013	$	12.40	$	0.24	(d)	$	3.56		$	3.80	$	(0.27	)	$	(0.52	)	$	(0.79	)
Year Ended December 31, 2012		10.93		0.23	(d)		1.46			1.69		(0.22	)		—			(0.22	)
Year Ended December 31, 2011		10.93		0.19	(d)		—	(e)		0.19		(0.19	)		—			(0.19	)
Year Ended December 31, 2010		9.75		0.16	(d)		1.23			1.39		(0.21	)		—			(0.21	)
Year Ended December 31, 2009		7.93		0.20			1.83			2.03		(0.21	)		—			(0.21	)

(a) 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.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	15.41		31.81	%	$	60,665,063		0.40	%		1.72	%		0.55	%		4	%
	12.40		15.58			58,304,693		0.40			1.90			0.53			3
	10.93		1.71			67,188,220		0.40			1.69			0.50			4
	10.93		14.41			78,874,043		0.40			1.67			0.60			11
	9.75		26.44			82,015,865		0.40			2.25			0.62			13

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

1. Organization

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

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

	Class Offered	Diversified/Non-Diversified
Equity Index Portfolio	Class 1	Diversified

The investment objective of the Portfolio is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index).

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from 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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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)	$	60,684,572	$	79,998	$	—	$	60,764,570
Appreciation in Other Financial Instruments
Futures Contracts	$	36,030	$	—	$	—	$	36,030

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Bill that is held for futures collateral. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended December 31, 2013.

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

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

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

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2013:

Futures Contracts:
Average Notional Balance Long	$	714,460
Ending Notional Balance Long		920,550

The Portfolio’s futures contracts are not subject to master netting arrangements.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

C. Investment Transactions with Affiliates — An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the following to be affiliated issuers:

	For the year ended December 31, 2013
Affiliate	Value at December 31, 2012		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Shares at December 31, 2013		Value at December 31, 2013
JPMorgan Chase & Co. (Common stock)*	$	753,645	$	8,089	$	190,017	$	57,923	$	21,308		13,644	$	797,901
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		806,028		12,916,054		12,896,315		—		325		825,767		825,767
JPMorgan Prime Money Market Fund, Capital Shares**		35,500		2,923		38,423		—		3		—		—
	$	1,595,173					$	57,923	$	21,636			$	1,623,668

* Investment in affiliate which is a security in the Portfolio’s index.

** Represents investment of cash collateral related to securities on loan, as described in Note 2.D. Divided income earned from this investment is included in Income from securities lending (net) in the Statement of Operations.

D. Securities Lending — The Portfolio may lend securities to brokers approved by the Adviser in order to generate additional income. Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending (“GSAL”), serves as lending agent for the Portfolio pursuant to a Securities Lending Agreement (the “GSAL Securities Lending Agreement”). The Portfolio receives cash collateral, which is invested in Capital Shares of the JPMorgan Prime Money Market Fund (“Collateral Investments”). Upon termination of the loan, the Portfolio is required to return to the borrower the posted cash collateral. Loans are subject to termination by the Portfolio or the borrower at any time.

Securities lending income is comprised of income earned on Collateral Investments, net amount of a rebate received from or paid to borrowers for use of cash collateral and lending agent fees. This amount is recorded as Income from securities lending (net) in the Statement of Operations. 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, in the Statement of Operations.

For the year ended December 31, 2013, the Portfolio earned $5 from the investment of cash collateral, prior to rebates or fees, in collateral investments as described below.

At the inception of a loan, securities are exchanged for cash collateral equal to at least 102% of the value of the loaned U.S. dollar-denominated securities, plus accrued interest. The GSAL Securities Lending Agreement requires that the loaned securities be marked to market on a daily basis and additional cash collateral is requested from borrowers when the cash received from borrowers becomes less than 102% of the value of loaned securities.

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 in the SOI. At December 31, 2013, there were no outstanding securities on loan.

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

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

The Adviser may waive fees associated with the Portfolio’s investment in JPMorgan Prime Money Market Fund. This amount offsets the administration fees and shareholder servicing fees incurred by JPMorgan Prime Money Market Fund related to the Portfolio’s investment in such fund. A portion of the waiver is voluntary. For the year ended December 31, 2013, there were no fees waived by the Adviser in association with the Portfolio’s investment in JPMorgan Prime Money Market Fund.

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

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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

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 of 1986, as amended (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, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income and net realized capital gains, if any, are generally declared and paid at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital	Accumulated undistributed net investment income			Accumulated net realized gains (losses)
$(1)	$	(16,318	)	$	16,319

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 the Investment Advisory Agreement, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.25%.

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, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2013, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares. The Distributor receives no compensation in its capacity as the Portfolio’s underwriter.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser and Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 0.40% of the Portfolio’s average daily net assets.

The expense limitation agreement was in effect for the year ended December 31, 2013. The contractual expense limitation percentage above is in place until at least April 30, 2014.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

For the year ended December 31, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory		Administration		Total
$	38,987	$	49,185	$	88,172

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser and the Administrator waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2013 (excluding the waiver disclosed in Note 2.D. regarding cash collateral for securities lending invested in JPMorgan Prime Money Market Fund) was $1,270.

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

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in 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, 2013, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2013, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	2,260,746	$	15,134,224

During the year ended December 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	43,885,442	$	17,333,682	$	454,554	$	16,879,128

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, 2013 was as follows:

Total Distributions Paid From:
Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	1,177,113	$	2,249,653	$	3,426,766

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

The tax character of distributions paid during the year ended December 31, 2012 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	1,198,609	$	1,198,609

As of December 31, 2013, the 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 or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	1,146,833	$	4,355,851	$	16,879,128

The cumulative timing differences primarily consist of mark to market of future contracts and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2013, the Portfolio did not have any post-enactment or pre-enactment net capital loss carryforwards.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at December 31, 2013, or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

The Portfolio has several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 23

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and the Shareholders of JPMorgan Insurance Trust Equity Index Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Insurance Trust Equity Index Portfolio (a separate Portfolio of JPMorgan Insurance Trust) (hereafter referred to as the “Portfolio”) at December 31, 2013, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and broker, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 21, 2014

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	170	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts.
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	170	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	170	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	170	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	170	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	170	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	170	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	170	Director, Radio Shack Corp. (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	170	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 25

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	170	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	170	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	170	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	170	Trustee, The Victory Portfolios (2000-2008) (investment companies).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (170 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Portfolio’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

   * The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 27

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, 2013, and continued to hold your shares at the end of the reporting period, December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2013		Ending Account Value December 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Equity Index Portfolio
Actual	$	1,000.00	$	1,160.40	$	2.18		0.40	%
Hypothetical		1,000.00		1,023.19		2.04		0.40

* 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).

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). 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 “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 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Portfolio’s performance compared to the performance of the Portfolio’s peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. The Adviser also periodically provides comparative information regarding the Portfolio’s expense ratios and those of the peer groups. 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, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Portfolio and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Portfolio and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Portfolio and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the 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 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. 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 also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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 on 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.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 29

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 data. The Trustees recognized that this data 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 on their review, 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.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Board 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.

The Trustees also considered that JPMFM earns fees from the Portfolio for providing administrative 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.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Portfolio does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the admin

istrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Portfolio benefits from that breakpoint. The Trustees concluded that shareholders

benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Portfolio. The Trustees also considered the complexity of investment management for the Portfolio relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for the Portfolio in a report prepared by Lipper. 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 Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe Group. 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 Lipper 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 the Portfolio’s performance was in the third, fourth, and third, quintiles for Class 1 shares for each of the one-, three-, and five-year periods ended December 31, 2012, 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 performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Portfolio to the Adviser and compared that rate to the

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Portfolio. The Trustees recognized that Lipper 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. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Portfolio and considered the net advisory fee rate after taking into account any 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 in the second and fourth quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 31

TAX LETTER

(Unaudited)

Certain tax information for the Portfolio is required to be provided to shareholders based upon the Portfolio’s income and distributions for the taxable year ended December 31, 2013. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be received under separate cover.

Dividends Received Deductions (DRD)

The Portfolio hereby designates 100.00% or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended December 31, 2013.

Long Term Capital Gain Notice

The Portfolio distributed $2,249,653 as long-term capital gain dividends for the purpose of the dividend paid deduction on its respective tax return for the fiscal year ended December 31, 2013.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Adviser. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2014.  All rights reserved. December 2013. AN-JPMITEIP-1213

Annual Report

JPMorgan Insurance Trust

December 31, 2013

JPMorgan Insurance Trust International Equity Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE    

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	7
Financial Highlights	10
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	17
Trustees	18
Officers	20
Schedule of Shareholder Expenses	21
Board Approval of Investment Advisory Agreement	22

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

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

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

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

CEO’S LETTER

JANUARY 23, 2014 (Unaudited)

Dear Shareholder,

Equities markets in developed economies performed strongly in the face of periodic spikes in volatility throughout the twelve months ended December 31, 2013. Healthy corporate earnings and incremental but steady improvements in a range of economic indicators provided a positive backdrop for investors seeking returns in the low interest rate environment. While political discord in Washington injected volatility into the market, a bipartisan budget agreement at the end of the year relieved much of the political uncertainty created by partisan brinkmanship over the so-called fiscal cliff and the partial shutdown of the federal government in October. In the first half of the year, the U.S. Federal Reserve (“Fed”) announced its intention to taper off its $85 billion in monthly asset purchases and the statement weakened investor sentiment and set off widespread speculation about the timing and magnitude of such a move. The Fed followed through in December, deciding to reduce its monthly purchases by $10 billion. The news, along with robust gains in jobs, housing and consumer sentiment, drove U.S. equities to new highs. The S&P 500 stock index hit seven closing highs in the final month of the reporting period, finishing 2013 with its best performance since 1997.

  “While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains.”

Overseas, the European Central Bank reaffirmed its commitment to accommodative monetary policy and to the euro itself. In the second quarter of the year, the European Union (EU) returned to positive growth and at the end of the year, Ireland became the first nation to exit from its European Union bailout program. The Fed’s decision to curb its asset purchases also sent equities higher in Europe, as investors viewed the move as a sign of further economic stability. In Japan, equity markets rebounded to their best year since 1988, benefitting from Prime Minister Shinzo Abe’s efforts to revive the economy. Low returns on bonds and short-term debt instruments also drove investors into stocks.

Emerging market equities were weaker overall. As of December 31, 2013, the MSCI Emerging Markets Index returned -2.3% for the year. China’s economy showed signs of slower growth during the year and the Fed’s decision to taper its asset purchase program set off speculation that the maturation of the emerging markets credit cycle would push yield-seeking investors to rotate into developed markets.

Taper Talk Pressures Bonds

Fixed income markets generally remained weak during the year, as central bankers across the globe held interest rates at historic lows. However, benchmark bond yields rose on an

annual basis for the first time since 2009. During the year, the Fed’s talk of tapering off its Quantitative Easing (QE) program hurt fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period higher. The yield for 10-year U.S. Treasury securities ended December 31, 2013 at 3.04%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.38% and 3.96%, respectively. High-yield debt returned 7.4% for the year, as measured by the Barclays US High Yield Corporate Index, while other U.S. debt securities and emerging market debt both had negative returns.

While global economic growth accelerated during the year, the U.S. recovery in particular showed stronger fundamentals and the Fed’s decision to taper its QE program was a response to the improved picture. Europe emerged from its lengthy recession and the worst of the fiscal crises seem to be behind it, though unemployment remains strikingly high in many EU nations. Japan made progress toward ending persistent deflation, but Tokyo’s monetary and fiscal stimulus has sharply weakened the yen, putting other Asian exporting nations – notably China and South Korea – at a competitive disadvantage. Emerging market economies may face further headwinds as foreign investment shrinks and economic growth moderates from recent strength. Moreover, political instability – already apparent in Thailand and Turkey – may surface in other emerging market nations as governments struggle to deliver improved living standards and respond to demands for political reforms.

The Long-Term Lens

We welcome the Fed’s move to curb its QE program as a sign that the U.S. economy’s need for artificial stimulus is waning. While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains. In the fixed-income market, persistent weakness has led to attractive valuations in some sectors. The past year’s market swings and intermittent volatility underlined the importance of maintaining a long-term view of your investment portfolio and the benefits derived from diversified holdings.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust International Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		15.45%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		22.78%
Net Assets as of 12/31/2013	$	33,711,674

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust International Equity Portfolio (the “Portfolio”) seeks to provide high total return from a portfolio of equity securities of foreign companies. Total return consists of capital growth and current income.

HOW DID THE MARKET PERFORM?

Equity markets in the U.S. and Europe performed strongly during the 12 months ended December 31, 2013, as the global economic recovery continued to gain strength from healthy corporate earnings and the continuation of stimulative policies from central banks around the globe. Early in the year, the European Central Bank reiterated its commitment to accommodative monetary policy and explicitly stated its commitment to the euro. The sovereign debt crises that had gripped several members of the European Union (EU) appeared to recede and by year end, Ireland became the first nation to exit its EU bailout program. At midyear, the U.S. Federal Reserve Board’s (“Fed”) announcement that it would taper its $85 billion in monthly asset purchases if economic conditions improved caused a spike in interest rates and pressured prices for both stocks and bonds. The Fed followed through in December, paring the so-called Quantitative Easing program to $75 billion a month. The move drove equities higher in the U.S. and Europe, where benchmark indexes closed at their highest levels in years. In Japan, Prime Minister Shinzo Abe’s three-pronged approach to economic stimulus appeared to show results and equities there closed out the period at their highest levels since 1988. Emerging market equities ended the period weaker as growth slowed and higher interest rates in the developed world put pressure on the currencies of countries running current account deficits. The MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) finished the twelve months ended December 31, 2013 with a 22.78% gain.

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

The Portfolio (Class 1 Shares) underperformed the Benchmark for the twelve months ended December 31, 2013. The Portfolio’s stock selection in the consumer discretionary and financial sectors was the main detractors from relative

performance. The Portfolio’s underweight position in the utilities sector made a positive contribution to relative performance as did an overweight to the consumer discretionary sector, though in the latter case the allocation benefit was not sufficient to overcome the negative impact of stock selection in the sector.

Individual detractors from relative performance included the Portfolio’s overweight positions in Standard Chartered PLC, Komatsu Ltd. and Nitto Denko Corp. Shares of Standard Chartered, a U.K. bank, fell after the company warned that operating profit would decline for the first time in a decade as growth in emerging markets, which account for the bulk of company earnings, slowed. Shares of Komatsu, a Japanese construction equipment company, weakened after it scaled back its profit forecast as slumping demand for mining equipment overshadowed the benefits of a weaker yen and improvements in Japan and China. Shares of Nitto Denko, a Japanese manufacturer of industrial adhesives and specialty optics, fell after the company cut its profit forecast, citing fiercer competition from new entrants and weaker-than-expected demand for computer tablets

Individual contributors to relative performance included the Portfolio’s overweight positions in Prudential PLC, WPP PLC and AXA SA. Shares of Prudential, a British insurer, and AXA, a French insurer, rose during the period. Insurance stocks, in general, were boosted by the prospect of higher interest rates. Prudential reported results that surpassed analysts’ expectations and the company raised its dividend. AXA reported better-than-expected interim earnings and improving profitability. Shares of U.K. advertising company WPP advanced on strong revenue growth and acquisitions.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers focused on stock selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced stocks of well-managed companies with the potential to grow their earnings faster than their industry peers.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	3.0	%
	2.	HSBC Holdings plc (United Kingdom)	2.7
	3.	BG Group plc (United Kingdom)	2.4
	4.	Vodafone Group plc (United Kingdom)	2.3
	5.	Nestle S.A. (Switzerland)	2.3
	6.	BHP Billiton Ltd. (Australia)	2.2
	7.	Toyota Motor Corp. (Japan)	2.1
	8.	Standard Chartered plc (United Kingdom)	2.1
	9.	Novartis AG (Switzerland)	2.1
	10.	Roche Holding AG (Switzerland)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	23.7	%
Japan	18.3
Switzerland	14.6
France	11.8
Germany	9.9
Netherlands	5.6
Hong Kong	3.6
China	3.0
Australia	3.0
South Korea	1.6
Belgium	1.5
Others (each less than 1.0%)	3.4

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

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

*** Percentages indicated are based on total investments as of December 31, 2013. The Portfolio’s composition is subject to change.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust International Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		1/3/95		15.45	%		12.34	%		6.26	%
CLASS 2 SHARES		4/24/09		15.14			12.07			6.13

TEN YEAR PERFORMANCE (12/31/03 TO 12/31/13)

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

Inception date for Class 1 Shares is January 3, 1995, which is the inception date of JPMorgan International Equity Portfolio (“Predecessor Portfolio”). The JPMorgan Insurance Trust International Equity Portfolio acquired all of the assets and liabilities of the Predecessor Portfolio in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by JPMorgan Insurance Trust International Equity Portfolio and have been used since the reorganization. As a result the performance for Class 1 Shares prior to April 25, 2009 is the performance of the Predecessor Portfolio.

Returns for Class 2 Shares prior to its inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares and the Predecessor Portfolio.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust International Equity Portfolio, the MSCI EAFE Index and the Lipper Variable Underlying Funds International Core Funds Index from December 31, 2003 to December 31, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI EAFE Index does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The

dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Variable Underlying Funds International Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding U.S. and Canada. The Lipper Variable Underlying Funds International Core Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. 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 Portfolio may also be subject to the additional risk of “regional” investing, which involves focusing investments in a particular geographic region or regions.

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, 2013

JPMorgan Insurance Trust International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Australia — 3.0%
	21,160	BHP Billiton Ltd. (m)		721,407
	4,697	Rio Tinto Ltd. (m)		287,490
				1,008,897
		Belgium — 1.4%
	4,580	Anheuser-Busch InBev N.V. (m)		487,020
		China — 3.0%
	362,000	China Construction Bank Corp., Class H (m)		274,074
	145,000	CNOOC Ltd. (m)		269,668
	398,500	Industrial & Commercial Bank of China Ltd., Class H (m)		270,227
	23,000	Ping An Insurance Group Co. of China Ltd., Class H (m)		206,635
				1,020,604
		Denmark — 0.7%
	1,260	Novo Nordisk A/S, Class B (m)		230,960
		France — 11.7%
	7,343	Accor S.A. (m)		346,809
	15,689	AXA S.A. (m)		436,901
	4,079	BNP Paribas S.A. (m)		318,192
	1,856	Essilor International S.A. (m)		197,492
	2,745	Imerys S.A. (m)		238,947
	1,469	Kering (m)		310,518
	3,930	Lafarge S.A. (m)		294,986
	1,777	LVMH Moet Hennessy Louis Vuitton S.A. (m)		324,647
	2,187	Pernod Ricard S.A. (m)		249,168
	4,997	Sanofi (m)		533,654
	3,696	Schneider Electric S.A. (m)		322,445
	3,960	Technip S.A. (m)		381,192
				3,954,951
		Germany — 7.3%
	2,730	Allianz SE (m)		491,197
	3,910	Bayer AG (m)		549,006
	2,670	Fresenius Medical Care AG & Co. KGaA (m)		190,440
	1,252	Linde AG (m)		262,151
	7,378	SAP AG (m)		639,833
	2,470	Siemens AG (m)		338,683
				2,471,310
		Hong Kong — 3.6%
	67,000	Belle International Holdings Ltd. (m)		77,838
	35,000	Cheung Kong Holdings Ltd. (m)		553,727
	89,000	Hang Lung Properties Ltd. (m)		282,120
	36,400	Sands China Ltd. (m)		298,311
				1,211,996

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 0.5%
	5,200	HDFC Bank Ltd., ADR (m)		179,088
		Indonesia — 0.3%
	188,000	Astra International Tbk PT (m)		105,290
		Israel — 0.7%
	5,430	Teva Pharmaceutical Industries Ltd., ADR (m)		217,634
		Japan — 18.2%
	5,900	Astellas Pharma, Inc. (m)		349,792
	5,500	Canon, Inc. (m)		175,496
	4,400	Daikin Industries Ltd. (m)		274,572
	4,400	East Japan Railway Co. (m)		350,495
	1,800	FANUC Corp. (m)		329,833
	15,000	Honda Motor Co., Ltd. (m)		619,157
	13,000	Japan Tobacco, Inc. (m)		423,004
	16,500	Komatsu Ltd. (m)		338,766
	25,000	Kubota Corp. (m)		414,681
	4,500	Makita Corp. (m)		236,667
	16,000	Mitsubishi Corp. (m)		307,167
	2,600	Nidec Corp. (m)		256,138
	4,800	Nitto Denko Corp. (m)		202,966
	6,200	Shin-Etsu Chemical Co., Ltd. (m)		362,634
	1,400	SMC Corp. (m)		353,344
	22,900	Sumitomo Corp. (m)		287,810
	11,600	Toyota Motor Corp. (m)		707,311
	26,200	Yahoo! Japan Corp. (m)		146,102
				6,135,935
		Netherlands — 5.6%
	5,240	Akzo Nobel N.V. (m)		406,341
	1,217	ASML Holding N.V. (m)		113,986
	26,133	ING Groep N.V., CVA (a) (m)		365,040
	28,289	Royal Dutch Shell plc, Class A (m)		1,009,996
				1,895,363
		South Korea — 1.6%
	620	Hyundai Mobis (a) (m)		172,610
	286	Samsung Electronics Co., Ltd. (m)		372,672
				545,282
		Sweden — 0.6%
	6,730	Atlas Copco AB, Class A (m)		186,866
		Switzerland — 14.5%
	14,960	ABB Ltd. (a) (m)		395,543
	2,860	Cie Financiere Richemont S.A. (m)		285,707
	13,210	Credit Suisse Group AG (a) (m)		407,705
	61,976	Glencore Xstrata plc (a) (m)		322,434
	3,176	Holcim Ltd. (a) (m)		237,452

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — Continued
	10,482	Nestle S.A. (m)		768,226
	8,609	Novartis AG (m)		690,006
	2,445	Roche Holding AG (m)		684,909
	58	SGS S.A. (m)		133,531
	26,029	UBS AG (a) (m)		498,386
	1,615	Zurich Insurance Group AG (a) (m)		468,454
				4,892,353
		Taiwan — 0.7%
	12,757	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		222,482
		United Kingdom — 23.6%
	6,600	Aggreko plc (m)		187,180
	128,008	Barclays plc (m)		578,837
	37,231	BG Group plc (m)		801,150
	7,160	British American Tobacco plc (m)		384,307
	14,000	Burberry Group plc (m)		352,734
	39,679	Centrica plc (m)		228,814
	84,566	HSBC Holdings plc (m)		921,881
	9,141	Imperial Tobacco Group plc (m)		354,379
	36,070	Marks & Spencer Group plc (m)		259,015
	25,050	Meggitt plc (m)		219,324
	25,587	Prudential plc (m)		571,716
	5,828	Rio Tinto plc (m)		329,338
	30,784	Standard Chartered plc (m)		695,317
	36,608	Tesco plc (m)		203,297
	13,290	Tullow Oil plc (m)		188,619
	9,552	Unilever plc (m)		393,025
	195,478	Vodafone Group plc (m)		769,635
	22,093	WPP plc (m)		506,017
				7,944,585
		Total Common Stocks (Cost $19,883,892)		32,710,616
	Preferred Stocks — 2.5%
		Germany — 2.5%
	2,330	Henkel AG & Co. KGaA (m)		270,827
	2,002	Volkswagen AG (m)		563,400
		Total Preferred Stocks (Cost $337,043)		834,227
		Total Investments — 99.5% (Cost $20,220,935)		33,544,843
		Other Assets in Excess of Liabilities — 0.5%		166,831
		NET ASSETS — 100.0%	$	33,711,674

Percentages indicated are based on net assets.

Summary of Investments by Industry, December 31, 2013

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.7	%
Commercial Banks		9.7
Oil, Gas & Consumable Fuels		6.8
Insurance		6.5
Automobiles		5.9
Machinery		5.5
Metals & Mining		5.0
Textiles, Apparel & Luxury Goods		3.8
Chemicals		3.7
Tobacco		3.5
Food Products		3.5
Electrical Equipment		2.9
Capital Markets		2.7
Real Estate Management & Development		2.5
Construction Materials		2.3
Wireless Telecommunication Services		2.3
Beverages		2.2
Semiconductors & Semiconductor Equipment		2.1
Hotels, Restaurants & Leisure		1.9
Software		1.9
Trading Companies & Distributors		1.8
Media		1.5
Energy Equipment & Services		1.1
Diversified Financial Services		1.1
Road & Rail		1.0
Industrial Conglomerates		1.0
Others (each less than 1.0%)		8.1

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—  American Depositary Receipt
CVA	—  Dutch Certification
(a)	—  Non-income producing security.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments described in Note 2.A. of the notes to financial statements are $32,925,638 which amounts to 98.2% of total investments.

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2013

	International Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	33,544,843
Cash		208,446
Foreign currency, at value		38
Receivables:
Portfolio shares sold		677
Dividends from non-affiliates		22,964
Tax reclaims		46,418
Total Assets		33,823,386
LIABILITIES:
Payables:
Portfolio shares redeemed		20,686
Accrued liabilities:
Investment advisory fees		15,165
Distribution fees		15
Custodian and accounting fees		20,760
Trustees’ and Chief Compliance Officer’s fees		22
Audit fees		39,215
Printing and mailing costs		11,271
Other		4,578
Total Liabilities		111,712
Net Assets	$	33,711,674
NET ASSETS:
Paid-in-Capital	$	21,618,064
Accumulated undistributed net investment income		563,497
Accumulated net realized gains (losses)		(1,795,981	)
Net unrealized appreciation (depreciation)		13,326,094
Total Net Assets	$	33,711,674
Net Assets:
Class 1	$	33,629,156
Class 2		82,518
Total	$	33,711,674
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		2,824,062
Class 2		6,864
Net Asset Value, offering and redemption price per share (a):
Class 1	$	11.91
Class 2		12.02
Cost of investments in non-affiliates	$	20,220,935
Cost of foreign currency		50

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 7

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	International Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	940,351
Dividend income from affiliates		30
Foreign taxes withheld		(27,661	)
Total investment income		912,720
EXPENSES:
Investment advisory fees		198,048
Administration fees		27,808
Distribution fees — Class 2		165
Custodian and accounting fees		57,811
Professional fees		58,430
Trustees’ and Chief Compliance Officer’s fees		372
Printing and mailing costs		16,038
Transfer agent fees		6,856
Other		7,105
Total expenses		372,633
Less amounts waived		(32,605	)
Net expenses		340,028
Net investment income (loss)		572,692
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,368,975
Foreign currency transactions		(9,378	)
Net realized gains (losses)		1,359,597
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		2,841,298
Foreign currency translations		1,985
Change in net unrealized appreciation/depreciation		2,843,283
Net realized/unrealized gain (loss)		4,202,880
Change in net assets resulting from operations	$	4,775,572

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	International Equity Portfolio
	Year Ended 12/31/2013			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	572,692		$	639,466
Net realized gain (loss)		1,359,597			(254,318	)
Change in net unrealized appreciation/depreciation		2,843,283			5,772,708
Change in net assets resulting from operations		4,775,572			6,157,856
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(640,625	)		(709,688	)
Class 2
From net investment income		(1,082	)		(1,044	)
Total distributions to shareholders		(641,707	)		(710,732	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(3,487,175	)		(4,119,582	)
NET ASSETS:
Change in net assets		646,690			1,327,542
Beginning of period		33,064,984			31,737,442
End of period	$	33,711,674		$	33,064,984
Accumulated undistributed net investment income	$	563,497		$	641,890
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	2,618,789		$	2,801,328
Distributions reinvested		640,625			709,688
Cost of shares redeemed		(6,758,510	)		(7,631,642	)
Change in net assets resulting from Class 1 capital transactions	$	(3,499,096	)	$	(4,120,626	)
Class 2
Proceeds from shares issued	$	10,843		$	2
Distributions reinvested		1,082			1,044
Cost of shares redeemed		(4	)		(2	)
Change in net assets resulting from Class 2 capital transactions	$	11,921		$	1,044
Total change in net assets resulting from capital transactions	$	(3,487,175	)	$	(4,119,582	)
SHARE TRANSACTIONS:
Class 1
Issued		239,953			295,263
Reinvested		60,608			75,100
Redeemed		(617,473	)		(798,272	)
Change in Class 1 Shares		(316,912	)		(427,909	)
Class 2
Issued		920			—	(a)
Reinvested		102			109
Redeemed		—	(a)		—	(a)
Change in Class 2 Shares		1,022			109

(a) Amount rounds to less than 1 (shares or dollars).

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 9

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Equity Portfolio
Class 1 (f)
Year Ended December 31, 2013	$	10.51	$	0.19	(g)	$	1.42		$	1.61		$	(0.21	)	$	—		$	(0.21	)
Year Ended December 31, 2012		8.88		0.19	(g)		1.65			1.84			(0.21	)		—			(0.21	)
Year Ended December 31, 2011		10.17		0.19	(g)		(1.30	)		(1.11	)		(0.18	)		—			(0.18	)
Year Ended December 31, 2010		9.54		0.15	(g)		0.50			0.65			(0.02	)		—			(0.02	)
Year Ended December 31, 2009		7.93		0.16	(g)		2.31			2.47			(0.50	)		(0.36	)		(0.86	)
Class 2
Year Ended December 31, 2013		10.61		0.16	(g)		1.44			1.60			(0.19	)		—			(0.19	)
Year Ended December 31, 2012		8.96		0.16	(g)		1.67			1.83			(0.18	)		—			(0.18	)
Year Ended December 31, 2011		10.26		0.17	(g)		(1.31	)		(1.14	)		(0.16	)		—			(0.16	)
Year Ended December 31, 2010		9.65		0.13	(g)		0.50			0.63			(0.02	)		—			(0.02	)
April 24, 2009 (i) through December 31, 2009		6.88		0.45	(g)		2.33			2.78			(0.01	)		—			(0.01	)

(a) Annualized for periods less than one year.

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

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

(d) Interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) International Equity Portfolio acquired all of the assets and liabilities of JPMorgan International Equity Portfolio (“Predecessor Portfolio”) in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by International Equity Portfolio and have been used since the reorganization. As a result, the financial highlight information reflects that of the Predecessor Portfolio for the periods prior to reorganization with International Equity Portfolio.

(g) Calculated based upon average shares outstanding.

(h) Ratios are disproportionate between classes due to the size of net assets and fixed expense.

(i) Because of the reorganization with the Predecessor Portfolio in which the performance and financial history of the International Equity Portfolio was replaced with that of the Predecessor Portfolio, the performance and the financial history began on April 24, 2009.

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	11.91		15.56	%	$	33,629,156		1.03	%		1.74	%		1.13	%		12	%
	10.51		20.95			33,003,010		1.03			1.97			1.20			8
	8.88		(11.19	)		31,686,069		1.03			1.94			1.11			16
	10.17		6.84			39,089,569		1.02			1.66			1.13			15
	9.54		34.91			43,938,093		1.01			2.00	(h)		1.38			13
	12.02		15.25			82,518		1.28			1.44			1.38			12
	10.61		20.67			61,974		1.27			1.70			1.45			8
	8.96		(11.38	)		51,373		1.28			1.69			1.36			16
	10.26		6.56			57,983		1.27			1.39			1.38			15
	9.65		40.42			54,418		1.26			8.82	(h)		1.44			13

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 11

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
International 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 equity securities of foreign companies. Total return consists of capital growth and current income.

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 distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Portfolio applies fair value pricing on equity securities on a daily basis, except for North American, Central American, South American and Caribbean equity securities held in its portfolio, by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Portfolio calculates its net asset values.

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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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)	$	850,164	$	32,694,679	$	—	$	33,544,843

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of certain ADRs and a security held in Denmark. Please refer to the SOI for country specifics of portfolio holdings.

There were no transfers among any levels during the year ended December 31, 2013.

B. 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.

Although the net assets of the Portfolio are presented at the foreign exchange rates and market values at the close of the year, the Portfolio does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the year. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions in the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, purchase of foreign currency in certain countries that impose a tax on such purchases, 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. Unrealized foreign currency gains and losses arise from changes (due to changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end.

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

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

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (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, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

F. 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.

G. Distributions to Shareholders — Distributions from net investment income 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 Net Investment Income			Accumulated Net Realized Gains (Losses)
$	(12,833	)	$	(9,378	)	$	22,211

The reclassifications for the Portfolio relate primarily to write-offs of capital loss carryforwards acquired in the merger.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.60%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2013, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, 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. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The Portfolio earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately in the Statement of Operations.

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

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) and Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	1.03	%		1.28	%

The expense limitation agreements were in effect for the year ended December 31, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

For the year ended December 31, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory		Administration		Total
$	6,065	$	26,421	$	32,486

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2013 was $119.

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

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in 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, 2013, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2013, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	3,995,315	$	7,542,033

During the year ended December 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	20,456,967	$	13,474,664	$	386,788	$	13,087,876

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, 2013 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	641,707	$	641,707

The tax character of distributions paid during the year ended December 31, 2012 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	710,732	$	710,732

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

As of December 31, 2013, the 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 or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	563,853	$	(1,559,949	)	$	13,090,061

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

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010, are carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to the Act, net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017			Total
$	1,559,949	*	$	1,559,949	*

* This amount includes $1,559,949 of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

During the year ended December 31, 2013, the Portfolio was not able to utilize capital loss carryforwards of $12,832 due to Internal Revenue Code Sections 382-383 limitations.

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards as follows:

Post-Enactment Capital Loss Carryforwards

Pre-Enactment Capital Loss Carryforwards	Short-Term	Long-Term	Total Capital Loss Carryforwards Utilized
$1,034,623	$—	$242,134	$1,276,757

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at December 31, 2013, or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

The Portfolio has several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

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 countries or regions, which may vary throughout the year. 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 Portfolio’s securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of December 31, 2013, substantially all of the Portfolio’s net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of December 31, 2013, the Fund had the following country allocations representing greater than 10% of total investments.

United Kingdom			Japan			Switzerland			France
	23.7	%		18.3	%		14.6	%		11.8	%

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and the Shareholders of JPMorgan Insurance Trust International Equity Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Insurance Trust International Equity Portfolio (a separate Portfolio of JPMorgan Insurance Trust) (hereafter referred to as the “Portfolio”) at December 31, 2013, 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 then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 21, 2014

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 17

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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	170	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts.
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	170	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	170	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	170	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	170	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	170	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	170	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	170	Director, Radio Shack Corp. (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	170	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	170	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	170	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	170	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	170	Trustee, The Victory Portfolios (2000-2008) (investment companies).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (170 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

    * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Portfolio’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 19

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

  * The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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, 2013, and continued to hold your shares at the end of the reporting period, December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2013		Ending Account Value December 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
International Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,154.10	$	5.59		1.03	%
Hypothetical		1,000.00		1,020.01		5.24		1.03
Class 2
Actual		1,000.00		1,152.40		6.94		1.28
Hypothetical		1,000.00		1,018.75		6.51		1.28

* 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, 2013 JPMORGAN INSURANCE TRUST 21

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). 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 “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 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Portfolio’s performance compared to the performance of the Portfolio’s peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. The Adviser also periodically provides comparative information regarding the Portfolio’s expense ratios and those of the peer groups. 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, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Portfolio and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Portfolio and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Portfolio and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the 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 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. 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 also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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 on 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.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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 data. The Trustees recognized that this data 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 on their review, 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.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Board 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.

The Trustees also considered that JPMFM earns fees from the Portfolio for providing administrative 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. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Portfolio does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee break-

point, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Portfolio benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Portfolio. The Trustees also considered the complexity of investment management for the Portfolio relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for the Portfolio in a report prepared by Lipper. 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 Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe Group. The Lipper 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 Lipper 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 the Portfolio’s performance was in the first, second, and first quintiles for Class 1 shares for the one-, three-, and five-year periods ended December 31, 2012, 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 performance was reasonable.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 23

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Portfolio to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Portfolio. The Trustees recognized that Lipper 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. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Portfolio and considered the net advisory fee rate

after taking into account any 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 in the first quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Adviser. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2014. All rights reserved. December 2013. AN-JPMITIEP-1213

Annual Report

JPMorgan Insurance Trust

December 31, 2013

JPMorgan Insurance Trust Intrepid Growth Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	9
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	19
Trustees	20
Officers	22
Schedule of Shareholder Expenses	23
Board Approval of Investment Advisory Agreement	24
Tax Letter	27

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

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

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

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

CEO’S LETTER

January 23, 2014 (Unaudited)

Dear Shareholder,

Equities markets in developed economies performed strongly in the face of periodic spikes in volatility throughout the twelve months ended December 31, 2013. Healthy corporate earnings and incremental but steady improvements in a range of economic indicators provided a positive backdrop for investors seeking returns in the low interest rate environment. While political discord in Washington injected volatility into the market, a bipartisan budget agreement at the end of the year relieved much of the political uncertainty created by partisan brinkmanship over the so-called fiscal cliff and the partial shutdown of the federal government in October. In the first half of the year, the U.S. Federal Reserve (“Fed”) announced its intention to taper off its $85 billion in monthly asset purchases and the statement weakened investor sentiment and set off widespread speculation about the timing and magnitude of such a move. The Fed followed through in December, deciding to reduce its monthly purchases by $10 billion. The news, along with robust gains in jobs, housing and consumer sentiment, drove U.S. equities to new highs. The S&P 500 stock index hit seven closing highs in the final month of the reporting period, finishing 2013 with its best performance since 1997.

  “While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains.”

Overseas, the European Central Bank reaffirmed its commitment to accommodative monetary policy and to the euro itself. In the second quarter of the year, the European Union (EU) returned to positive growth and at the end of the year, Ireland became the first nation to exit from its European Union bailout program. The Fed’s decision to curb its asset purchases also sent equities higher in Europe, as investors viewed the move as a sign of further economic stability. In Japan, equity markets rebounded to their best year since 1988, benefitting from Prime Minister Shinzo Abe’s efforts to revive the economy. Low returns on bonds and short-term debt instruments also drove investors into stocks.

Emerging market equities were weaker overall. As of December 31, 2013, the MSCI Emerging Markets Index returned -2.3% for the year. China’s economy showed signs of slower growth during the year and the Fed’s decision to taper its asset purchase program set off speculation that the maturation of the emerging markets credit cycle would push yield-seeking investors to rotate into developed markets.

Taper Talk Pressures Bonds

Fixed income markets generally remained weak during the year, as central bankers across the globe held interest rates at

historic lows. However, benchmark bond yields rose on an annual basis for the first time since 2009. During the year, the Fed’s talk of tapering off its Quantitative Easing (QE) program hurt fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period higher. The yield for 10-year U.S. Treasury securities ended December 31, 2013 at 3.04%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.38% and 3.96%, respectively. High-yield debt returned 7.4% for the year, as measured by the Barclays US High Yield Corporate Index, while other U.S. debt securities and emerging market debt both had negative returns.

While global economic growth accelerated during the year, the U.S. recovery in particular showed stronger fundamentals and the Fed’s decision to taper its QE program was a response to the improved picture. Europe emerged from its lengthy recession and the worst of the fiscal crises seem to be behind it, though unemployment remains strikingly high in many EU nations. Japan made progress toward ending persistent deflation, but Tokyo’s monetary and fiscal stimulus has sharply weakened the yen, putting other Asian exporting nations — notably China and South Korea — at a competitive disadvantage. Emerging market economies may face further headwinds as foreign investment shrinks and economic growth moderates from recent strength. Moreover, political instability — already apparent in Thailand and Turkey — may surface in other emerging market nations as governments struggle to deliver improved living standards and respond to demands for political reforms.

The Long-Term Lens

We welcome the Fed’s move to curb its QE program as a sign that the U.S. economy’s need for artificial stimulus is waning. While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains. In the fixed-income market, persistent weakness has led to attractive valuations in some sectors. The past year’s market swings and intermittent volatility underlined the importance of maintaining a long-term view of your investment portfolio and the benefits derived from diversified holdings.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Intrepid Growth Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	34.47%
Russell 1000 Growth Index	33.48%
Net Assets as of 12/31/2013	40,901,160

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Intrepid Growth Portfolio (the “Portfolio”) seeks to provide long-term capital growth.

HOW DID THE MARKET PERFORM?

Overall, the U.S. equity market performed strongly during the 12 months ended December 31, 2013, as a tepid economic recovery continued to gain strength from healthy corporate earnings, along with improvements in employment, housing and consumer sentiment. The stock market retreated at midyear amid investor uncertainty about the U.S. Federal Reserve Board’s (the “Fed”) plan to taper off its monthly purchases of $85 billion in U.S. Treasuries and mortgage-backed securities. Interest rates rose sharply higher, pressuring prices for both stocks and bonds. Partisan brinkmanship in Washington added to the uncertainty, starting with the standoff over the so-called fiscal cliff in January and followed by the partial shutdown of the federal government in October. A bipartisan budget agreement toward the end of the year relieved some of the political uncertainty. During the year, the U.S. unemployment rate fell from 7.9% in January to 6.7% at year end, with slight upticks in joblessness at midyear and in October. Adding to the positive trend were advances in housing prices and auto sales in the second half of the year, and a rebound in consumer sentiment to a five-month high in December. The Russell 1000 Growth Index (the “Benchmark”) returned 33.48% for the year.

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

The Portfolio (Class 1 Shares) outperformed the Benchmark for the 12 months ended December 31, 2013. Stock selection in the industrials and consumer staples sectors was the main contributor to the Portfolio’s relative performance. Stock selection in the energy and telecommunication services sectors detracted from relative performance.

Leading individual contributors to relative performance included Gilead Sciences Inc., IBM Corp. and Nu Skin Enterprises Inc. Shares of Gilead Sciences, a biotechnology company, rose on positive clinical trial results for several of its drugs.

Shares of IBM were among the worst performers during the period and the Portfolio’s underweight position relative to the Benchmark helped performance. Shares of Nu Skin, a maker of nutritional supplements, rose on an improved sales outlook for its anti-aging products in China.

Leading individual detractors to relative performance included Apple Inc., Facebook Inc. and Eli Lilly & Co. Shares of Apple, a maker of personal computers, mobile devices and software, sank on investors’ focus on growth comparisons with its large-cap peers Amazon.com Inc. and Google Inc. Shares of Facebook, a social media technology company, rose during the year and the Portfolio’s lack of a position in the stock hurt performance relative to the Benchmark. Shares of Eli Lilly, a pharmaceutical company, slumped ahead of pending expiration of patent protection on several key drugs.

HOW WAS THE PORTFOLIO POSITIONED?

The JPMorgan Intrepid Investment Team employs a philosophy that is rooted in behavioral finance, a field of study that emphasizes the importance of human psychology in financial markets. Behavioral finance examines how investor behavior can be affected by emotional biases and reactions. The field theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The Team aims to capitalize on these market inefficiencies by targeting what it believes are attractively valued stocks with strong fundamentals and momentum characteristics, and looks to sell these stocks when they no longer exhibit these criteria. A disciplined quantitative ranking methodology is utilized to attempt to identify attractive stocks in each sector, a process that is combined with qualitative research and value-added trading. Portfolios are constructed with limited sector bets so that stock selection is typically the primary driver of relative performance.

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

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	4.7	%
	2.	Oracle Corp.	2.9
	3.	Home Depot, Inc. (The)	2.7
	4.	Boeing Co. (The)	2.7
	5.	Gilead Sciences, Inc.	2.5
	6.	Visa, Inc., Class A	2.3
	7.	Amgen, Inc.	2.3
	8.	priceline.com, Inc.	2.1
	9.	Google, Inc., Class A	2.0
	10.	Viacom, Inc., Class B	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.7	%
Consumer Discretionary	18.1
Health Care	12.6
Industrials	12.6
Consumer Staples	11.8
Financials	4.8
Energy	4.8
Materials	4.3
Telecommunication Services	1.6
Utilities	0.4
Short-Term Investment	1.3

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

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

*** Percentages indicated are based on total investments as of December 31, 2013. The Portfolio’s composition is subject to change.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Intrepid Growth Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		8/1/94		34.47	%		19.96	%		7.16	%
CLASS 2 SHARES		8/16/06		34.16			19.65			6.96

TEN YEAR PERFORMANCE (12/31/03 TO 12/31/13)

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. Effective November 1, 2006, the Portfolio’s investment objective and strategies changed. Although past performance is not necessarily an indication of how the Portfolio will perform in the future, in view of these changes, the Portfolio’s performance record prior to this period might be less relevant for investors considering whether to purchase shares of the Portfolio.

Returns for Class 2 Shares prior to its inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than those shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Intrepid Growth Portfolio, the Russell 1000 Growth Index and the Lipper Variable Underlying Funds Large-Cap Growth Funds Index from December 31, 2003 to December 31, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 1000 Growth Index

does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Variable Underlying Funds Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower.

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

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

JPMorgan Insurance Trust Intrepid Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
		Consumer Discretionary — 18.2%
		Auto Components — 0.5%
	3,550	Delphi Automotive plc, (United Kingdom)		213,461
		Diversified Consumer Services — 0.7%
	5,250	H&R Block, Inc.		152,460
	7,400	Service Corp. International		134,162
				286,622
		Hotels, Restaurants & Leisure — 2.3%
	2,375	Bally Technologies, Inc. (a)		186,319
	3,925	Dunkin’ Brands Group, Inc.		189,185
	2,075	Hyatt Hotels Corp., Class A (a)		102,630
	2,225	Wyndham Worldwide Corp.		163,960
	1,505	Wynn Resorts Ltd.		292,286
				934,380
		Household Durables — 1.3%
	475	Harman International Industries, Inc.		38,879
	3,200	Jarden Corp. (a)		196,320
	6,950	PulteGroup, Inc.		141,571
	900	Whirlpool Corp.		141,174
				517,944
		Internet & Catalog Retail — 2.0%
	725	priceline.com, Inc. (a)		842,740
		Leisure Equipment & Products — 0.1%
	725	Mattel, Inc.		34,496
		Media — 4.9%
	9,600	Comcast Corp., Class A		498,864
	6,050	DIRECTV (a)		417,994
	250	Graham Holdings Co., Class B (a)		165,830
	725	Time Warner Cable, Inc.		98,238
	9,350	Viacom, Inc., Class B		816,629
				1,997,555
		Multiline Retail — 1.3%
	9,675	Macy’s, Inc.		516,645
		Specialty Retail — 4.7%
	9,025	Best Buy Co., Inc.		359,917
	2,625	GameStop Corp., Class A		129,308
	13,600	Home Depot, Inc. (The)		1,119,824
	3,175	Lowe’s Cos., Inc.		157,321
	9,025	Staples, Inc.		143,407
				1,909,777
		Textiles, Apparel & Luxury Goods — 0.4%
	2,450	Hanesbrands, Inc.		172,161
		Total Consumer Discretionary		7,425,781

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 11.8%
		Beverages — 3.1%
	14,100	Coca-Cola Co. (The)		582,471
	2,900	Molson Coors Brewing Co., Class B		162,835
	6,450	PepsiCo, Inc.		534,963
				1,280,269
		Food & Staples Retailing — 2.9%
	14,150	Kroger Co. (The)		559,350
	10,450	Walgreen Co.		600,248
				1,159,598
		Food Products — 2.8%
	8,900	Archer-Daniels-Midland Co.		386,260
	5,175	General Mills, Inc.		258,284
	2,525	Mead Johnson Nutrition Co.		211,494
	7,950	Pilgrim’s Pride Corp. (a)		129,187
	4,975	Tyson Foods, Inc., Class A		166,464
				1,151,689
		Household Products — 0.4%
	1,475	Energizer Holdings, Inc.		159,654
		Personal Products — 0.9%
	2,325	Herbalife Ltd., (Cayman Islands)		182,977
	1,275	Nu Skin Enterprises, Inc., Class A		176,231
				359,208
		Tobacco — 1.7%
	18,475	Altria Group, Inc.		709,255
		Total Consumer Staples		4,819,673
		Energy — 4.8%
		Energy Equipment & Services — 0.2%
	850	Schlumberger Ltd.		76,594
		Oil, Gas & Consumable Fuels — 4.6%
	6,225	Anadarko Petroleum Corp.		493,767
	684	Chevron Corp.		85,438
	2,775	ConocoPhillips		196,054
	4,625	Devon Energy Corp.		286,149
	1,375	Marathon Petroleum Corp.		126,129
	7,050	Phillips 66		543,766
	2,650	Tesoro Corp.		155,025
				1,886,328
		Total Energy		1,962,922
		Financials — 4.8%
		Capital Markets — 0.2%
	2,050	Morgan Stanley		64,288

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Intrepid Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Consumer Finance — 1.6%
	11,650	Discover Financial Services		651,818
	750	SLM Corp.		19,710
				671,528
		Insurance — 0.6%
	650	Assurant, Inc.		43,140
	1,200	Prudential Financial, Inc.		110,664
	400	RenaissanceRe Holdings Ltd., (Bermuda)		38,936
	1,500	Validus Holdings Ltd., (Bermuda)		60,435
				253,175
		Real Estate Investment Trusts (REITs) — 2.0%
	7,275	American Tower Corp.		580,691
	3,700	Extra Space Storage, Inc.		155,881
	1,775	Ventas, Inc.		101,672
				838,244
		Thrifts & Mortgage Finance — 0.4%
	2,700	Ocwen Financial Corp. (a)		149,715
		Total Financials		1,976,950
		Health Care — 12.6%
		Biotechnology — 6.5%
	8,100	Amgen, Inc.		924,696
	13,400	Gilead Sciences, Inc. (a)		1,007,010
	1,700	Pharmacyclics, Inc. (a)		179,826
	450	United Therapeutics Corp. (a)		50,886
	6,650	Vertex Pharmaceuticals, Inc. (a)		494,095
				2,656,513
		Health Care Equipment & Supplies — 0.6%
	4,350	CareFusion Corp. (a)		173,217
	1,550	Medtronic, Inc.		88,955
				262,172
		Health Care Providers & Services — 3.5%
	2,700	AmerisourceBergen Corp.		189,837
	1,500	Cigna Corp.		131,220
	1,975	McKesson Corp.		318,765
	3,025	Omnicare, Inc.		182,589
	6,550	WellPoint, Inc.		605,154
				1,427,565
		Pharmaceuticals — 2.0%
	3,725	AbbVie, Inc.		196,717
	20,150	Pfizer, Inc.		617,195
				813,912
		Total Health Care		5,160,162

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 12.6%
		Aerospace & Defense — 4.4%
	7,975	Boeing Co. (The)		1,088,508
	5,200	Northrop Grumman Corp.		595,972
	3,000	Spirit Aerosystems Holdings, Inc., Class A (a)		102,240
				1,786,720
		Air Freight & Logistics — 0.9%
	3,700	United Parcel Service, Inc., Class B		388,796
		Airlines — 2.0%
	2,100	Alaska Air Group, Inc.		154,077
	17,500	Delta Air Lines, Inc.		480,725
	9,500	Southwest Airlines Co.		178,980
				813,782
		Building Products — 0.1%
	858	Allegion plc, (Ireland) (a)		37,915
		Commercial Services & Supplies — 0.9%
	8,675	Pitney Bowes, Inc.		202,127
	7,875	R.R. Donnelley & Sons Co.		159,705
				361,832
		Construction & Engineering — 0.4%
	5,625	AECOM Technology Corp. (a)		165,544
		Industrial Conglomerates — 0.9%
	4,525	Danaher Corp.		349,330
		Machinery — 2.7%
	2,375	IDEX Corp.		175,394
	10,375	Ingersoll-Rand plc, (Ireland)		639,100
	2,325	Parker Hannifin Corp.		299,088
				1,113,582
		Professional Services — 0.3%
	1,150	Dun & Bradstreet Corp. (The)		141,162
		Total Industrials		5,158,663
		Information Technology — 27.7%
		Communications Equipment — 0.9%
	9,225	Brocade Communications Systems, Inc. (a)		81,826
	5,300	Cisco Systems, Inc.		118,985
	3,825	Ubiquiti Networks, Inc. (a)		175,797
				376,608
		Computers & Peripherals — 5.1%
	755	Apple, Inc.		423,638
	21,875	Hewlett-Packard Co.		612,062
	4,500	NetApp, Inc.		185,130
	2,325	SanDisk Corp.		164,006
	925	Seagate Technology plc, (Ireland)		51,948

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Computers & Peripherals — Continued
	7,675	Western Digital Corp.		643,933
				2,080,717
		Internet Software & Services — 4.1%
	735	Google, Inc., Class A (a)		823,722
	900	Twitter, Inc. (a)		57,285
	2,925	VeriSign, Inc. (a)		174,856
	15,325	Yahoo!, Inc. (a)		619,743
				1,675,606
		IT Services — 3.6%
	750	Alliance Data Systems Corp. (a)		197,197
	3,900	Amdocs Ltd.		160,836
	3,225	Computer Sciences Corp.		180,213
	4,250	Visa, Inc., Class A		946,390
				1,484,636
		Semiconductors & Semiconductor Equipment — 2.5%
	3,225	Broadcom Corp., Class A		95,621
	2,625	KLA-Tencor Corp.		169,207
	5,750	Lam Research Corp. (a)		313,088
	13,025	LSI Corp.		143,536
	12,100	Marvell Technology Group Ltd., (Bermuda)		173,998
	2,275	Xilinx, Inc.		104,468
				999,918
		Software — 11.5%
	31,500	Activision Blizzard, Inc.		561,645
	4,025	Adobe Systems, Inc. (a)		241,017
	51,175	Microsoft Corp.		1,915,480
	31,390	Oracle Corp.		1,200,982
	7,625	Rovi Corp. (a)		150,136
	27,350	Symantec Corp.		644,913
				4,714,173
		Total Information Technology		11,331,658

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 4.3%
		Chemicals — 3.1%
	9,750	LyondellBasell Industries N.V., Class A		782,730
	2,514	PPG Industries, Inc.		476,805
				1,259,535
		Containers & Packaging — 0.8%
	2,500	Packaging Corp. of America		158,200
	5,100	Sealed Air Corp.		173,655
	300	Silgan Holdings, Inc.		14,406
				346,261
		Metals & Mining — 0.4%
	3,675	Worthington Industries, Inc.		154,644
		Total Materials		1,760,440
		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.6%
	14,175	AT&T, Inc.		498,393
	5,277	CenturyLink, Inc.		168,072
		Total Telecommunication Services		666,465
		Utilities — 0.4%
		Independent Power Producers & Energy Traders — 0.4%
	11,025	AES Corp.		159,973
		Total Common Stocks (Cost $30,714,342)		40,422,687
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	516,001	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $516,001)		516,001
		Total Investments — 100.1% (Cost $31,230,343)		40,938,688
		Liabilities in Excess of Other Assets — (0.1)%		(37,528	)
		NET ASSETS — 100.0%	$	40,901,160

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 12/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	5	E-mini S&P 500		03/21/14	$	460,275	$	8,913

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Intrepid Growth Portfolio

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—  The rate shown is the current yield as of December 31, 2013.

(m) —  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2013

	Intrepid Growth Portfolio
ASSETS:
Investments in non-affiliates, at value	$	40,422,687
Investments in affiliates, at value		516,001
Total investment securities, at value		40,938,688
Deposits at broker for futures contracts		90,000
Receivables:
Investment securities sold		45,024
Portfolio shares sold		445
Interest and dividends from non-affiliates		41,920
Dividends from affiliates		16
Variation margin on futures contracts		1,600
Total Assets		41,117,693
LIABILITIES:
Payables:
Investment securities purchased		116,256
Portfolio shares redeemed		25,319
Accrued liabilities:
Investment advisory fees		22,108
Administration fees		1,947
Distribution fees		7
Custodian and accounting fees		9,379
Trustees’ and Chief Compliance Officer’s fees		104
Audit fees		32,704
Other		8,709
Total Liabilities		216,533
Net Assets	$	40,901,160
NET ASSETS:
Paid-in-Capital	$	43,784,995
Accumulated undistributed net investment income		320,152
Accumulated net realized gains (losses)		(12,921,245	)
Net unrealized appreciation (depreciation)		9,717,258
Total Net Assets	$	40,901,160
Net Assets:
Class 1	$	40,866,604
Class 2		34,556
Total	$	40,901,160
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		1,745,780
Class 2		1,481
Net Asset Value, offering and redemption price per share: (a)
Class 1	$	23.41
Class 2		23.34
Cost of investments in non-affiliates	$	30,714,342
Cost of investments in affiliates		516,001

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Intrepid Growth Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	665,749
Dividend income from affiliates		317
Total investment income		666,066
EXPENSES:
Investment advisory fees		248,808
Administration fees		32,246
Distribution fees — Class 2		58
Custodian and accounting fees		28,491
Professional fees		43,827
Trustees’ and Chief Compliance Officer’s fees		431
Printing and mailing costs		15,136
Transfer agent fees		4,472
Other		7,398
Total expenses		380,867
Less amounts waived		(37,593	)
Net expenses		343,274
Net investment income (loss)		322,792
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		6,115,592
Futures		150,200
Net realized gains (losses)		6,265,792
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		4,706,907
Futures		10,361
Change in net unrealized appreciation/depreciation		4,717,268
Net realized/unrealized gains (losses)		10,983,060
Change in net assets resulting from operations	$	11,305,852

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Intrepid Growth Portfolio
	Year Ended 12/31/2013			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	322,792		$	411,101
Net realized gain (loss)		6,265,792			3,036,996
Change in net unrealized appreciation/depreciation		4,717,268			2,520,271
Change in net assets resulting from operations		11,305,852			5,968,368
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(401,033	)		(279,331	)
Class 2
From net investment income		(188	)		(90	)
Total distributions to shareholders		(401,221	)		(279,421	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(5,323,258	)		(8,355,185	)
NET ASSETS:
Change in net assets		5,581,373			(2,666,238	)
Beginning of period		35,319,787			37,986,025
End of period	$	40,901,160		$	35,319,787
Accumulated undistributed net investment income	$	320,152		$	404,921
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	2,266,718		$	3,631,249
Distributions reinvested		401,033			279,331
Cost of shares redeemed		(7,999,219	)		(12,265,855	)
Change in net assets resulting from Class 1 capital transactions	$	(5,331,468	)	$	(8,355,275	)
Class 2
Proceeds from shares issued	$	8,030		$	—
Distributions reinvested		188			90
Cost of shares redeemed		(8	)		—
Change in net assets resulting from Class 2 capital transactions	$	8,210		$	90
Total change in net assets resulting from capital transactions	$	(5,323,258	)	$	(8,355,185	)
SHARE TRANSACTIONS:
Class 1
Issued		113,779			214,321
Reinvested		20,909			16,568
Redeemed		(395,014	)		(716,074	)
Change in Class 1 Shares		(260,326	)		(485,185	)
Class 2
Issued		356			—
Reinvested		10			5
Redeemed		—	(a)		—
Change in Class 2 Shares		366			5

(a) Amount rounds to less than 1 share.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
Intrepid Growth Portfolio
Class 1
Year Ended December 31, 2013	$	17.60	$	0.17	(d)	$	5.85		$	6.02	$	(0.21	)
Year Ended December 31, 2012		15.24		0.18	(d)(e)		2.30			2.48		(0.12	)
Year Ended December 31, 2011		15.14		0.10	(d)		0.16	(f)		0.26		(0.16	)
Year Ended December 31, 2010		13.13		0.13	(d)		2.01			2.14		(0.13	)
Year Ended December 31, 2009		9.86		0.12			3.23			3.35		(0.08	)
Class 2
Year Ended December 31, 2013		17.55		0.12	(d)		5.84			5.96		(0.17	)
Year Ended December 31, 2012		15.21		0.15	(d)(e)		2.27			2.42		(0.08	)
Year Ended December 31, 2011		15.11		0.07	(d)		0.15	(f)		0.22		(0.12	)
Year Ended December 31, 2010		13.12		0.10	(d)		1.99			2.09		(0.10	)
Year Ended December 31, 2009		9.84		0.08			3.25			3.33		(0.05	)

(a) 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.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.13 and $0.11 for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.85% and 0.63% for Class 1 and Class 2 Shares, respectively.

(f) Includes a gain resulting from litigation payments on securities owned in a prior year. Without these gains, the net realized and unrealized gains (losses) on investments per share would have been $0.09 and $0.08, and the total return would have been 1.18% and 0.97% for Class 1 and Class 2 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	23.41		34.47	%	$	40,866,604		0.90	%		0.84	%		0.99	%		70	%
	17.60		16.30			35,300,206		0.89			1.07	(e)		1.02			70
	15.24		1.65	(f)		37,969,142		0.89			0.67			1.00			121
	15.14		16.33			45,426,077		0.90			0.95			1.02			126
	13.13		34.32			50,786,376		0.90			0.96			1.07			134
	23.34		34.16			34,556		1.15			0.58			1.24			70
	17.55		15.94			19,581		1.14			0.85	(e)		1.27			70
	15.21		1.44	(f)		16,883		1.15			0.43			1.25			121
	15.11		15.96			16,645		1.15			0.72			1.27			126
	13.12		34.03			14,354		1.15			0.70			1.32			134

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
Intrepid Growth Portfolio	Class 1 and Class 2	Diversified

The investment objective of the Portfolio is to provide long-term capital growth.

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 distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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)	$	40,938,688	$	—	$	—	$	40,938,688
Appreciation in Other Financial Instruments
Futures Contracts	$	8,913	$	—	$	—	$	8,913

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended December 31, 2013.

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

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

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

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2013:

Futures Contracts:
Average Notional Balance Long	$	674,664
Ending Notional Balance Long		460,275

The Portfolio’s futures contracts are not subject to master netting arrangements.

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

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

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

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

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (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, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Distributions to Shareholders — Distributions from net investment income 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 Net Investment Income			Accumulated Net Realized Gains (Losses)
$	1	$	(6,340	)	$	6,339

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser, an indirect, wholly—owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.65%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly—owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2013, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, 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. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) and Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses,

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	0.90	%		1.15	%

The expense limitation agreements were in effect for the year ended December 31, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the year ended December 31, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory		Administration		Total
$	7,804	$	28,501	$	36,305

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2013 was $1,288.

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

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in 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, 2013, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2013, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	26,073,237	$	30,692,183

During the year ended December 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	31,287,719	$	9,831,372	$	180,403	$	9,650,969

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

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

The tax character of distributions paid during the year ended December 31, 2013 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	401,221	$	401,221

The tax character of distributions paid during the year ended December 31, 2012 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	279,421	$	279,421

As of December 31, 2013, the 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 or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	324,506	$	(12,854,957	)	$	9,650,969

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

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

As of December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2016		2017		Total
$	1,204,518	$	11,650,439	$	12,854,957

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards in the amount of $6,229,577.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at December 31, 2013, or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

The Portfolio has several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and the Shareholders of JPMorgan Insurance Trust Intrepid Growth Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Insurance Trust Intrepid Growth Portfolio (a separate Portfolio of JPMorgan Insurance Trust) (hereafter referred to as the “Portfolio”) at December 31, 2013, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 21, 2014

DECEMBER 31, 2013 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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	170	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts.
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	170	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	170	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	170	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	170	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	170	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	170	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	170	Director, Radio Shack Corp. (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	170	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	170	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	170	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	170	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	170	Trustee, The Victory Portfolios (2000-2008) (investment companies).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (170 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Portfolio’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 21

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

* The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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, 2013, and continued to hold your shares at the end of the reporting period, December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2013		Ending Account Value December 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Growth Portfolio
Class 1
Actual	$	1,000.00	$	1,191.30	$	4.97		0.90	%
Hypothetical		1,000.00		1,020.67		4.58		0.90
Class 2
Actual		1,000.00		1,189.60		6.35		1.15
Hypothetical		1,000.00		1,019.41		5.85		1.15

* 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, 2013 JPMORGAN INSURANCE TRUST 23

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). 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 “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 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Portfolio’s performance compared to the performance of the Portfolio’s peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. The Adviser also periodically provides comparative information regarding the Portfolio’s expense ratios and those of the peer groups. 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, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Portfolio and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Portfolio and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Portfolio and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the 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 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. 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 also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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 on 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.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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 data. The Trustees recognized that this data 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 on their review, 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.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Board 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.

The Trustees also considered that JPMFM earns fees from the Portfolio for providing administrative 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. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Portfolio does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee

breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Portfolio benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Portfolio. The Trustees also considered the complexity of investment management for the Portfolio relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for the Portfolio in a report prepared by Lipper. 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 Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe Group. The Lipper 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 Lipper 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 the Portfolio’s performance was in the third, first, and second quintiles for Class 1 shares for the one-, three-, and five-year periods ended December 31, 2012, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and,

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Portfolio to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Portfolio. The Trustees recognized that Lipper 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. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in

place for the Portfolio and considered the net advisory fee rate after taking into account any 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 in the second and fifth quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TAX LETTER

(Unaudited)

Certain tax information for the Portfolio is required to be provided to shareholders based upon the Portfolio’s income and distributions for the taxable year ended December 31, 2013. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2013. The information necessary to complete your income tax

returns for the calendar year ending December 31, 2013 will be received under separate cover.

Dividends Received Deductions (DRD)

The Fund hereby designates 100.00% or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended December 31, 2013.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 27

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Adviser. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2014.  All rights reserved. December 2013. AN-JPMITIGP-1213

Annual Report

JPMorgan Insurance Trust

December 31, 2013

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	10
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	21
Trustees	22
Officers	24
Schedule of Shareholder Expenses	25
Board Approval of Investment Advisory Agreement	26
Tax Letter	29

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

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

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

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

CEO’S LETTER

JANUARY 23, 2014 (Unaudited)

Dear Shareholder,

Equities markets in developed economies performed strongly in the face of periodic spikes in volatility throughout the twelve months ended December 31, 2013. Healthy corporate earnings and incremental but steady improvements in a range of economic indicators provided a positive backdrop for investors seeking returns in the low interest rate environment. While political discord in Washington injected volatility into the market, a bipartisan budget agreement at the end of the year relieved much of the political uncertainty created by partisan brinkmanship over the so-called fiscal cliff and the partial shutdown of the federal government in October. In the first half of the year, the U.S. Federal Reserve (“Fed”) announced its intention to taper off its $85 billion in monthly asset purchases and the statement weakened investor sentiment and set off widespread speculation about the timing and magnitude of such a move. The Fed followed through in December, deciding to reduce its monthly purchases by $10 billion. The news, along with robust gains in jobs, housing and consumer sentiment, drove U.S. equities to new highs. The S&P 500 stock index hit seven closing highs in the final month of the reporting period, finishing 2013 with its best performance since 1997.

  “While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains.”

Overseas, the European Central Bank reaffirmed its commitment to accommodative monetary policy and to the euro itself. In the second quarter of the year, the European Union (EU) returned to positive growth and at the end of the year, Ireland became the first nation to exit from its European Union bailout program. The Fed’s decision to curb its asset purchases also sent equities higher in Europe, as investors viewed the move as a sign of further economic stability. In Japan, equity markets rebounded to their best year since 1988, benefitting from Prime Minister Shinzo Abe’s efforts to revive the economy. Low returns on bonds and short-term debt instruments also drove investors into stocks.

Emerging market equities were weaker overall. As of December 31, 2013, the MSCI Emerging Markets Index returned -2.3% for the year. China’s economy showed signs of slower growth during the year and the Fed’s decision to taper its asset purchase program set off speculation that the maturation of the emerging markets credit cycle would push yield-seeking investors to rotate into developed markets.

Taper Talk Pressures Bonds

Fixed income markets generally remained weak during the year, as central bankers across the globe held interest rates at historic lows. However, benchmark bond yields rose on an

annual basis for the first time since 2009. During the year, the Fed’s talk of tapering off its Quantitative Easing (QE) program hurt fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period higher. The yield for 10-year U.S. Treasury securities ended December 31, 2013 at 3.04%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.38% and 3.96%, respectively. High-yield debt returned 7.4% for the year, as measured by the Barclays US High Yield Corporate Index, while other U.S. debt securities and emerging market debt both had negative returns.

While global economic growth accelerated during the year, the U.S. recovery in particular showed stronger fundamentals and the Fed’s decision to taper its QE program was a response to the improved picture. Europe emerged from its lengthy recession and the worst of the fiscal crises seem to be behind it, though unemployment remains strikingly high in many EU nations. Japan made progress toward ending persistent deflation, but Tokyo’s monetary and fiscal stimulus has sharply weakened the yen, putting other Asian exporting nations — notably China and South Korea — at a competitive disadvantage. Emerging market economies may face further headwinds as foreign investment shrinks and economic growth moderates from recent strength. Moreover, political instability — already apparent in Thailand and Turkey — may surface in other emerging market nations as governments struggle to deliver improved living standards and respond to demands for political reforms.

The Long-Term Lens

We welcome the Fed’s move to curb its QE program as a sign that the U.S. economy’s need for artificial stimulus is waning. While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains. In the fixed-income market, persistent weakness has led to attractive valuations in some sectors. The past year’s market swings and intermittent volatility underlined the importance of maintaining a long-term view of your investment portfolio and the benefits derived from diversified holdings.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		40.59%
Russell Midcap Index		34.76%
Net Assets as of 12/31/2013	$	40,178,337

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Intrepid Mid Cap Portfolio (the “Portfolio”) seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

HOW DID THE MARKET PERFORM?

Overall, the U.S. equity market performed strongly during the 12 months ended December 31, 2013, as a tepid economic recovery continued to gain strength from healthy corporate earnings, along with improvements in employment, housing and consumer sentiment. Stock markets retreated at mid-year amid investor uncertainty about the U.S. Federal Reserve Board’s (“Fed”) plan to taper off its monthly purchases of $85 billion in U.S.Treasuries and mortgage-backed securities. Interest rates rose sharply higher, pressuring prices for both stocks and bonds. Partisan brinkmanship in Washington added to the uncertainty, starting with the standoff over the so-called fiscal cliff in January and followed by the partial shutdown of the federal government in October. A bipartisan budget agreement toward the end of the year relieved some of the political uncertainty. During the year, the U.S. unemployment rate fell from 7.9% in January to 6.7% at year end, with slight upticks in joblessness at mid-year and in October. Adding to the positive trend were advances in housing prices and auto sales in the second half of the year, and a rebound in consumer sentiment to a five-month high in December. The Russell Midcap Index (“Benchmark”) returned 34.76% for the year.

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

The Portfolio (Class 1 Shares) outperformed the Benchmark for the 12 months ended December 31, 2013. The Portfolio’s stock selection in the software & services sector and the health services & systems sector was the leading contributor to relative performance. The Portfolio’s stock selection in the pharmaceuticals sector and the telecommunications sector was the leading detractor.

Leading individual contributors to relative performance included Western Digital Corp., Towers Watson & Co. and Huntington Ingalls Industries Inc. Shares of Western Digital Corp., a

hard disk drive manufacturer, rose on demand growth for high-capacity disk drives and for its cloud computing technology. Shares of Towers Watson, a provider of executive recruiting and benefits management, rose on improved earnings and revenue growth through acquisitions. Shares of Huntington Ingalls, a manufacturer of warships and submarines, surpassed earnings expectations on the back of strength at its Ingalls Shipbuilding and Newport New Shipbuilding operations.

Leading individual detractors from relative performance included PulteGroup Inc., Best Buy Inc. and Frontier Communications Corp. Shares of Pulte, a homebuilder, retreated on expectations that rising mortgage rates would hurt home sales. Shares of Best Buy, a consumer electronics retail chain, rose during the year, but the Portfolio’s underweight position hurt performance relative to the Benchmark. Shares of Frontier, a communications company primarily serving the rural U.S. and smaller municipalities, came under pressure from flat earnings growth during the year.

HOW WAS THE PORTFOLIO POSITIONED?

The JPMorgan Intrepid Investment Team employs a philosophy that is rooted in behavioral finance, a field of study that emphasizes the importance of human psychology in financial markets. Behavioral finance examines how investor behavior can be affected by emotional biases and reactions. The field theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The Team aims to capitalize on these market inefficiencies by targeting what it believes are attractively valued stocks with strong fundamentals and momentum characteristics, and looks to sell these stocks when they no longer exhibit these criteria. A disciplined quantitative ranking methodology is utilized to attempt to identify attractive stocks in each sector, a process that is combined with qualitative research and value-added trading. Portfolios are constructed with limited sector bets so that stock selection is typically the primary driver of relative performance.

During the year, the Portfolio was managed and positioned in accordance with this investment philosophy and process.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Macy’s, Inc.	2.3	%
	2.	Bunge Ltd.	2.1
	3.	Towers Watson & Co., Class A	2.1
	4.	Best Buy Co., Inc.	2.0
	5.	Western Digital Corp.	2.0
	6.	Discover Financial Services	1.6
	7.	AECOM Technology Corp.	1.6
	8.	AmerisourceBergen Corp.	1.6
	9.	Lorillard, Inc.	1.5
	10.	CA, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.7	%
Industrials	17.0
Information Technology	16.7
Consumer Discretionary	11.6
Health Care	11.0
Consumer Staples	6.7
Energy	6.1
Utilities	5.2
Materials	4.7
Telecommunication Services	1.7
U.S. Treasury Obligation	0.2
Short-Term Investment	1.4

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

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

*** Percentages indicated are based on total investments as of December 31, 2013. The Portfolio’s composition is subject to change.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		3/30/95		40.59	%		21.12	%		9.63	%
CLASS 2 SHARES		8/16/06		40.27			20.83			9.44

TEN YEAR PERFORMANCE (12/31/03 TO 12/31/13)

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.

Returns for Class 2 Shares prior to its inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Intrepid Mid Cap Portfolio, the Russell Midcap Index and the Lipper Variable Underlying Funds Mid-Cap Core Funds Index from December 31, 2003 to December 31, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell Midcap Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the

securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Mid-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Variable Underlying Funds Mid-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods 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, 2013

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Consumer Discretionary — 11.6%
		Auto Components — 0.8%
	2,300	Delphi Automotive plc, (United Kingdom)		138,299
	7,475	Goodyear Tire & Rubber Co. (The)		178,279
				316,578
		Distributors — 0.5%
	175	Genuine Parts Co.		14,558
	6,175	LKQ Corp. (a)		203,158
				217,716
		Diversified Consumer Services — 0.8%
	16,825	Service Corp. International		305,037
		Hotels, Restaurants & Leisure — 0.6%
	2,050	Brinker International, Inc.		94,997
	5,525	Extended Stay America, Inc. (a)		145,086
				240,083
		Household Durables — 0.5%
	3,225	Jarden Corp. (a)		197,854
		Internet & Catalog Retail — 1.5%
	2,725	Groupon, Inc. (a)		32,073
	4,600	Liberty Ventures, Series A (a)		563,914
				595,987
		Media — 0.5%
	4,375	Gannett Co., Inc.		129,412
	1,175	Omnicom Group, Inc.		87,385
				216,797
		Multiline Retail — 2.3%
	17,650	Macy’s, Inc.		942,510
		Specialty Retail — 3.8%
	20,400	Best Buy Co., Inc.		813,552
	2,650	Foot Locker, Inc.		109,816
	4,775	GameStop Corp., Class A		235,217
	2,000	Gap, Inc. (The)		78,160
	925	Murphy USA, Inc. (a)		38,443
	2,425	TJX Cos., Inc.		154,545
	2,200	Urban Outfitters, Inc. (a)		81,620
				1,511,353
		Textiles, Apparel & Luxury Goods — 0.3%
	1,425	Hanesbrands, Inc.		100,135
		Total Consumer Discretionary		4,644,050
		Consumer Staples — 6.8%
		Food & Staples Retailing — 1.3%
	5,850	Kroger Co. (The)		231,251

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — Continued
	9,100	Safeway, Inc.		296,387
				527,638
		Food Products — 3.9%
	10,500	Bunge Ltd.		862,155
	5,700	Ingredion, Inc.		390,222
	9,625	Tyson Foods, Inc., Class A		322,052
				1,574,429
		Tobacco — 1.6%
	12,050	Lorillard, Inc.		610,694
		Total Consumer Staples		2,712,761
		Energy — 6.1%
		Energy Equipment & Services — 1.2%
	501	Baker Hughes, Inc.		27,685
	1,043	National Oilwell Varco, Inc.		82,950
	3,575	Oil States International, Inc. (a)		363,649
				474,284
		Oil, Gas & Consumable Fuels — 4.9%
	4,025	Antero Resources Corp. (a)		255,346
	2,700	Cabot Oil & Gas Corp.		104,652
	2,175	Cimarex Energy Co.		228,179
	650	Continental Resources, Inc. (a)		73,138
	4,720	Energen Corp.		333,940
	2,800	EQT Corp.		251,384
	1,125	Marathon Petroleum Corp.		103,196
	3,700	Murphy Oil Corp.		240,056
	2,350	Newfield Exploration Co. (a)		57,881
	490	Noble Energy, Inc.		33,374
	4,025	Peabody Energy Corp.		78,608
	2,150	Tesoro Corp.		125,775
	2,125	Valero Energy Corp.		107,100
				1,992,629
		Total Energy		2,466,913
		Financials — 17.7%
		Capital Markets — 1.2%
	1,150	Affiliated Managers Group, Inc. (a)		249,412
	8,675	American Capital Ltd. (a)		135,677
	925	Lazard Ltd., (Bermuda), Class A		41,921
	2,525	TD Ameritrade Holding Corp.		77,366
				504,376
		Commercial Banks — 3.1%
	750	BankUnited, Inc.		24,690
	1,125	BOK Financial Corp.		74,610

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Commercial Banks — Continued
	5,500	East West Bancorp, Inc.		192,335
	10,275	Fifth Third Bancorp		216,083
	5,925	Huntington Bancshares, Inc.		57,176
	6,250	KeyCorp		83,875
	7,650	Regions Financial Corp.		75,658
	1,850	Signature Bank (a)		198,727
	2,975	SVB Financial Group (a)		311,959
				1,235,113
		Consumer Finance — 1.6%
	11,700	Discover Financial Services		654,615
		Diversified Financial Services — 0.3%
	2,650	NASDAQ OMX Group, Inc. (The)		105,470
		Insurance — 4.9%
	1,575	Allied World Assurance Co. Holdings AG, (Switzerland)		177,676
	4,375	American Financial Group, Inc.		252,525
	1,350	Aon plc, (United Kingdom)		113,252
	1,625	Arch Capital Group Ltd., (Bermuda) (a)		96,996
	475	Aspen Insurance Holdings Ltd., (Bermuda)		19,622
	2,125	Assurant, Inc.		141,036
	7,200	Assured Guaranty Ltd., (Bermuda)		169,848
	1,025	Axis Capital Holdings Ltd., (Bermuda)		48,759
	475	Everest Re Group Ltd., (Bermuda)		74,038
	2,850	Hartford Financial Services Group, Inc.		103,256
	1,950	Lincoln National Corp.		100,659
	2,425	Old Republic International Corp.		41,880
	2,600	Principal Financial Group, Inc.		128,206
	2,500	Protective Life Corp.		126,650
	875	Torchmark Corp.		68,381
	6,025	Unum Group		211,357
	2,000	Validus Holdings Ltd., (Bermuda)		80,580
				1,954,721
		Real Estate Investment Trusts (REITs) — 6.6%
	975	American Capital Agency Corp.		18,808
	5,225	Annaly Capital Management, Inc.		52,093
	4,800	Apartment Investment & Management Co., Class A		124,368
	175	AvalonBay Communities, Inc.		20,690
	4,625	Brandywine Realty Trust		65,166
	875	Camden Property Trust		49,770
	1,550	Chimera Investment Corp.		4,805
	2,450	CommonWealth REIT		57,109
	1,050	Corrections Corp. of America		33,673
	3,100	DDR Corp.		47,647

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — Continued
	2,675	Douglas Emmett, Inc. (m)		62,301
	17,725	Duke Realty Corp.		266,584
	2,925	Equity Lifestyle Properties, Inc.		105,973
	1,250	Equity Residential		64,838
	1,175	Extra Space Storage, Inc.		49,503
	2,600	Health Care REIT, Inc.		139,282
	9,110	Hospitality Properties Trust		246,243
	6,050	Host Hotels & Resorts, Inc.		117,612
	1,575	Mack-Cali Realty Corp.		33,831
	925	Mid-America Apartment Communities, Inc.		56,185
	2,400	Post Properties, Inc.		108,552
	4,125	Retail Properties of America, Inc., Class A		52,470
	475	SL Green Realty Corp.		43,881
	2,125	Taubman Centers, Inc.		135,830
	2,297	Ventas, Inc.		131,572
	13,200	Weyerhaeuser Co.		416,724
	2,175	WP Carey, Inc.		133,436
				2,638,946
		Real Estate Management & Development — 0.0% (g)
	150	Jones Lang LaSalle, Inc.		15,359
		Total Financials		7,108,600
		Health Care — 11.0%
		Biotechnology — 3.3%
	1,900	Alexion Pharmaceuticals, Inc. (a)		252,814
	10,375	Ariad Pharmaceuticals, Inc. (a)		70,757
	2,300	BioMarin Pharmaceutical, Inc. (a)		161,621
	5,700	Medivation, Inc. (a)		363,774
	1,750	Pharmacyclics, Inc. (a)		185,115
	4,025	Vertex Pharmaceuticals, Inc. (a)		299,058
				1,333,139
		Health Care Equipment & Supplies — 2.9%
	12,825	Alere, Inc. (a)		464,265
	700	Cooper Cos., Inc. (The)		86,688
	12,925	Hologic, Inc. (a)		288,874
	3,275	Zimmer Holdings, Inc.		305,197
				1,145,024
		Health Care Providers & Services — 4.0%
	9,000	AmerisourceBergen Corp.		632,790
	6,625	Catamaran Corp. (a)		314,555
	2,500	Community Health Systems, Inc. (a)		98,175
	3,625	Humana, Inc.		374,173
	5,450	Premier, Inc., Class A (a)		200,342
				1,620,035

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Life Sciences Tools & Services — 0.0% (g)
	150	Agilent Technologies, Inc.		8,578
		Pharmaceuticals — 0.8%
	3,125	Hospira, Inc. (a)		129,000
	1,300	Perrigo Co. plc, (Ireland)		199,497
				328,497
		Total Health Care		4,435,273
		Industrials — 17.0%
		Aerospace & Defense — 2.1%
	1,075	Alliant Techsystems, Inc.		130,806
	5,416	Huntington Ingalls Industries, Inc.		487,494
	1,800	L-3 Communications Holdings, Inc.		192,348
	200	Northrop Grumman Corp.		22,922
				833,570
		Airlines — 2.6%
	3,575	Alaska Air Group, Inc.		262,298
	1,525	Copa Holdings S.A., (Panama), Class A		244,167
	5,400	Delta Air Lines, Inc.		148,338
	20,800	Southwest Airlines Co.		391,872
				1,046,675
		Building Products — 0.2%
	1,683	Allegion plc, (Ireland) (a)		74,372
		Commercial Services & Supplies — 0.5%
	5,175	KAR Auction Services, Inc.		152,921
	2,680	R.R. Donnelley & Sons Co.		54,351
				207,272
		Construction & Engineering — 3.2%
	21,525	AECOM Technology Corp. (a)		633,481
	1,975	Fluor Corp.		158,573
	5,200	Jacobs Engineering Group, Inc. (a)		327,548
	2,850	URS Corp.		151,021
				1,270,623
		Electrical Equipment — 0.2%
	1,875	Babcock & Wilcox Co. (The)		64,106
	450	Regal-Beloit Corp.		33,174
				97,280
		Machinery — 3.8%
	3,025	AGCO Corp.		179,050
	5,000	Ingersoll-Rand plc, (Ireland)		308,000
	1,925	Lincoln Electric Holdings, Inc.		137,329
	4,050	Oshkosh Corp.		204,039
	4,220	Parker Hannifin Corp.		542,861
	2,025	Timken Co.		111,517

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — Continued
	425	WABCO Holdings, Inc. (a)		39,699
				1,522,495
		Marine — 0.2%
	1,050	Kirby Corp. (a)		104,213
		Professional Services — 3.3%
	5,725	Manpowergroup, Inc.		491,548
	6,575	Towers Watson & Co., Class A		839,036
				1,330,584
		Road & Rail — 0.5%
	4,450	CSX Corp.		128,027
	1,125	Landstar System, Inc.		64,631
				192,658
		Trading Companies & Distributors — 0.4%
	1,175	Air Lease Corp.		36,519
	4,025	MRC Global, Inc. (a)		129,846
				166,365
		Total Industrials		6,846,107
		Information Technology — 16.7%
		Communications Equipment — 0.5%
	3,075	Harris Corp.		214,666
		Computers & Peripherals — 2.0%
	9,575	Western Digital Corp.		803,342
		Electronic Equipment, Instruments & Components — 1.4%
	3,375	Arrow Electronics, Inc. (a)		183,094
	6,375	Avnet, Inc.		281,201
	1,550	Tech Data Corp. (a)		79,980
				544,275
		Internet Software & Services — 1.3%
	2,300	LinkedIn Corp., Class A (a)		498,709
	675	Twitter, Inc. (a)		42,964
				541,673
		IT Services — 4.5%
	1,900	Alliance Data Systems Corp. (a)		499,567
	30,150	Booz Allen Hamilton Holding Corp.		577,372
	1,175	DST Systems, Inc.		106,619
	1,900	Fidelity National Information Services, Inc.		101,992
	2,950	Lender Processing Services, Inc.		110,271
	6,475	Vantiv, Inc., Class A (a)		211,150
	6,875	VeriFone Systems, Inc. (a)		184,388
				1,791,359
		Office Electronics — 0.8%
	25,300	Xerox Corp.		307,901

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Semiconductors & Semiconductor Equipment — 2.8%
	18,650	Advanced Micro Devices, Inc. (a)		72,176
	3,975	First Solar, Inc. (a)		217,194
	1,450	KLA-Tencor Corp.		93,467
	1,275	Lam Research Corp. (a)		69,424
	5,150	LSI Corp.		56,753
	22,275	Marvell Technology Group Ltd., (Bermuda)		320,314
	11,600	Micron Technology, Inc. (a)		252,416
	3,200	Teradyne, Inc. (a)		56,384
				1,138,128
		Software — 3.4%
	15,850	Activision Blizzard, Inc.		282,605
	17,250	CA, Inc.		580,462
	2,750	Rovi Corp. (a)		54,148
	10,100	Symantec Corp.		238,158
	4,225	TIBCO Software, Inc. (a)		94,978
	28,350	Zynga, Inc., Class A (a)		107,730
				1,358,081
		Total Information Technology		6,699,425
		Materials — 4.7%
		Chemicals — 2.3%
	1,075	CF Industries Holdings, Inc.		250,518
	775	Huntsman Corp.		19,065
	2,566	PPG Industries, Inc.		486,668
	2,125	Valspar Corp. (The)		151,491
				907,742
		Containers & Packaging — 0.6%
	1,875	Crown Holdings, Inc. (a)		83,569
	450	Greif, Inc., Class A		23,580
	300	Rock Tenn Co., Class A		31,503
	3,025	Sealed Air Corp.		103,001
				241,653
		Metals & Mining — 0.9%
	700	Nucor Corp.		37,366
	3,675	Reliance Steel & Aluminum Co.		278,712
	3,000	Steel Dynamics, Inc.		58,620
				374,698
		Paper & Forest Products — 0.9%
	1,475	Domtar Corp., (Canada)		139,151
	4,250	International Paper Co.		208,378
				347,529
		Total Materials		1,871,622
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 0.6%
	53,100	Frontier Communications Corp.		246,915

SHARES		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — 1.1%
	1,225	Crown Castle International Corp. (a)		89,952
	1,400	SBA Communications Corp., Class A (a)		125,776
	6,825	T-Mobile US, Inc. (a)		229,593
				445,321
		Total Telecommunication Services		692,236
		Utilities — 5.2%
		Electric Utilities — 0.1%
	450	Pinnacle West Capital Corp.		23,814
		Gas Utilities — 0.5%
	4,725	UGI Corp.		195,899
		Independent Power Producers & Energy Traders — 0.8%
	22,775	AES Corp.		330,466
		Multi-Utilities — 3.8%
	2,250	Alliant Energy Corp.		116,100
	3,200	Ameren Corp.		115,712
	9,755	CenterPoint Energy, Inc.		226,121
	4,275	CMS Energy Corp.		114,442
	2,100	Consolidated Edison, Inc.		116,088
	3,625	DTE Energy Co.		240,664
	2,800	MDU Resources Group, Inc.		85,540
	2,750	SCANA Corp.		129,057
	3,350	Sempra Energy		300,696
	6,000	TECO Energy, Inc.		103,440
				1,547,860
		Total Utilities		2,098,039
		Total Common Stocks (Cost $28,749,767)		39,575,026
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.2%
	60,000	U.S. Treasury Note, 0.250%, 11/30/14 (k) (Cost $60,062)		60,054
SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	570,126	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $570,126)		570,126
		Total Investments — 100.1% (Cost $29,379,955)		40,205,206
		Liabilities in Excess of Other Assets — (0.1)%		(26,869	)
		NET ASSETS — 100.0%	$	40,178,337

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 12/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	5	S&P Mid Cap 400		03/21/14	$	669,700	$	19,270

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

REIT	—  Real Estate Investment Trust.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)	—  The rate shown is the current yield as of December 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2013

	Intrepid Mid Cap Portfolio
ASSETS:
Investments in non-affiliates, at value	$	39,635,080
Investments in affiliates, at value		570,126
Total investment securities, at value		40,205,206
Receivables:
Investment securities sold		56,119
Portfolio shares sold		737
Interest and dividends from non-affiliates		45,304
Dividends from affiliates		15
Variation margin on futures contracts		1,750
Total Assets		40,309,131
LIABILITIES:
Payables:
Portfolio shares redeemed		54,417
Accrued liabilities:
Investment advisory fees		21,748
Administration fees		2,824
Distribution fees		10
Custodian and accounting fees		9,979
Trustees’ and Chief Compliance Officer’s fees		32
Audit fees		32,697
Other		9,087
Total Liabilities		130,794
Net Assets	$	40,178,337
NET ASSETS:
Paid-in-Capital	$	23,945,849
Accumulated undistributed net investment income		235,130
Accumulated net realized gains (losses)		5,152,837
Net unrealized appreciation (depreciation)		10,844,521
Total Net Assets	$	40,178,337
Net Assets:
Class 1	$	40,129,143
Class 2		49,194
Total	$	40,178,337
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		1,641,814
Class 2		2,018
Net Asset Value, offering and redemption price per share (a):
Class 1	$	24.44
Class 2		24.38
Cost of investments in non-affiliates	$	28,809,829
Cost of investments in affiliates		570,126

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

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Intrepid Mid Cap Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	583,508
Dividend income from affiliates		326
Interest income from non-affiliates		124
Total investment income		583,958
EXPENSES:
Investment advisory fees		250,003
Administration fees		32,402
Distribution fees — Class 2		62
Custodian and accounting fees		33,709
Professional fees		43,729
Trustees’ and Chief Compliance Officer’s fees		433
Printing and mailing costs		13,573
Transfer agent fees		4,814
Other		7,249
Total expenses		385,974
Less amounts waived		(41,460	)
Net expenses		344,514
Net investment income (loss)		239,444
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,192,090
Futures		227,883
Net realized gains (losses)		7,419,973
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		5,434,280
Futures		7,530
Change in net unrealized appreciation/depreciation		5,441,810
Net realized/unrealized gains (losses)		12,861,783
Change in net assets resulting from operations	$	13,101,227

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 11

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Intrepid Mid Cap Portfolio
	Year Ended 12/31/2013			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	239,444		$	433,636
Net realized gain (loss)		7,419,973			1,618,289
Change in net unrealized appreciation/depreciation		5,441,810			3,079,445
Change in net assets resulting from operations		13,101,227			5,131,370
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(431,619	)		(257,920	)
Class 2
From net investment income		(194	)		(100	)
Total distributions to shareholders		(431,813	)		(258,020	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(8,548,005	)		(414,429	)
NET ASSETS:
Change in net assets		4,121,409			4,458,921
Beginning of period		36,056,928			31,598,007
End of period	$	40,178,337		$	36,056,928
Accumulated undistributed net investment income	$	235,130		$	432,144
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	2,102,652		$	7,029,673
Distributions reinvested		431,619			257,920
Cost of shares redeemed		(11,104,437	)		(7,702,122	)
Change in net assets resulting from Class 1 capital transactions	$	(8,570,166	)	$	(414,529	)
Class 2
Proceeds from shares issued	$	21,996		$	2
Distributions reinvested		194			100
Cost of shares redeemed		(29	)		(2	)
Change in net assets resulting from Class 2 capital transactions	$	22,161		$	100
Total change in net assets resulting from capital transactions	$	(8,548,005	)	$	(414,429	)
SHARE TRANSACTIONS:
Class 1
Issued		99,231			424,954
Reinvested		21,831			15,528
Redeemed		(529,469	)		(459,751	)
Change in Class 1 Shares		(408,407	)		(19,269	)
Class 2
Issued		937			1
Reinvested		10			6
Redeemed		(1	)		—	(a)
Change in Class 2 Shares		946			7

(a) Amount rounds to less than 1 share.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 13

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Intrepid Mid Cap Portfolio
Class 1
Year Ended December 31, 2013	$	17.58	$	0.13	(d)	$	6.95		$	7.08		$	(0.22	)
Year Ended December 31, 2012		15.26		0.21	(d)(e)		2.24			2.45			(0.13	)
Year Ended December 31, 2011		15.62		0.12	(d)		(0.34	)		(0.22	)		(0.14	)
Year Ended December 31, 2010		13.23		0.11	(d)		2.46			2.57			(0.18	)
Year Ended December 31, 2009		9.92		0.18			3.30			3.48			(0.17	)
Class 2
Year Ended December 31, 2013		17.54		0.09	(d)		6.93			7.02			(0.18	)
Year Ended December 31, 2012		15.23		0.17	(d)(e)		2.23			2.40			(0.09	)
Year Ended December 31, 2011		15.60		0.08	(d)		(0.35	)		(0.27	)		(0.10	)
Year Ended December 31, 2010		13.22		0.08	(d)		2.46			2.54			(0.16	)
Year Ended December 31, 2009		9.90		0.12			3.33			3.45			(0.13	)

(a) 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.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.16 and $0.11 for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.93% and 0.66% for Class 1 and Class 2 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
$	24.44		40.59	%	$	40,129,143		0.89	%		0.62	%		1.00	%		57	%
	17.58		16.13			36,038,129		0.90			1.28	(e)		1.02			54
	15.26		(1.52	)		31,581,775		0.90			0.75			1.08			47
	15.62		19.52			38,556,642		0.90			0.81			1.22			46
	13.23		35.66			42,810,183		0.90			1.37			1.15			74
	24.38		40.27			49,194		1.14			0.41			1.24			57
	17.54		15.82			18,799		1.15			1.00	(e)		1.27			54
	15.23		(1.79	)		16,232		1.15			0.52			1.33			47
	15.60		19.24			16,528		1.15			0.57			1.48			46
	13.22		35.37			13,862		1.15			1.14			1.40			74

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
Intrepid Mid Cap Portfolio	Class 1 and Class 2	Diversified

The investment objective of the Portfolio is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

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 distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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)	$	40,145,152	$	60,054	$	—	$	40,205,206
Appreciation in Other Financial Instruments
Futures Contracts	$	19,270	$	—	$	—	$	19,270

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended December 31, 2013.

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

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

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

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2013:

Futures Contracts:
Average Notional Balance Long	$	735,218
Ending Notional Balance Long		669,700

The Portfolio’s futures contracts are not subject to master netting arrangements.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

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

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

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

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (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, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Distributions to Shareholders — Distributions from net investment income 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 Net Investment Income			Accumulated Net Realized Gains (Losses)
$	14,867	$	(4,645	)	$	(10,222	)

The reclassifications for the Portfolio relate primarily to investments in partnerships.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.65%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2013, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all class shares) and Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	0.90	%		1.15	%

The expense limitation agreements were in effect for the year ended December 31, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the year ended December 31, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory		Administration		Total
$	10,639	$	29,578	$	40,217

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2013 was $1,243.

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

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in 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, 2013, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2013, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2013, 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
$	21,589,921	$	29,593,834	$	60,070	$	60,000

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	29,449,276	$	11,029,132	$	273,202	$	10,755,930

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

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

The tax character of distributions paid during the year ended December 31, 2013 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	431,813	$	431,813

The tax character of distributions paid during the year ended December 31, 2012 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	258,020	$	258,020

As of December 31, 2013, the 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 or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	236,708	$	5,241,428	$	10,755,930

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

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

As of December 31, 2013, the Portfolio did not have any pre-enactment net capital loss carryforwards.

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards in the amount of $2,142,797.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at December 31, 2013, or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

The Portfolio has several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Insurance Trust Intrepid Mid Cap Portfolio (a separate Portfolio of JPMorgan Insurance Trust) (hereafter referred to as the “Portfolio”) at December 31, 2013, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 21, 2014

DECEMBER 31, 2013 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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	170	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts.
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	170	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	170	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	170	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	170	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	170	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	170	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	170	Director, Radio Shack Corp. (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	170	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	170	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	170	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	170	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	170	Trustee, The Victory Portfolios (2000-2008) (investment companies).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (170 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Portfolio’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 23

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980) , Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980) , Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

   * The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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, 2013, and continued to hold your shares at the end of the reporting period, December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Expense Example

	Beginning Account Value July 1, 2013		Ending Account Value December 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Mid Cap Portfolio
Class 1
Actual	$	1,000.00	$	1,194.70	$	4.92		0.89	%
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class 2
Actual		1,000.00		1,192.90		6.30		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14

* 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, 2013 JPMORGAN INSURANCE TRUST 25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). 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 subcommittee’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 “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 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Portfolio’s performance compared to the performance of the Portfolio’s peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. The Adviser also periodically provides comparative information regarding the Portfolio’s expense ratios and those of the peer groups. 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, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Portfolio and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Portfolio and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Portfolio and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the 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 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. 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 also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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 on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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 data. The Trustees recognized that this data 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 on their review, 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.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Board 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.

The Trustees also considered that JPMFM earns fees from the Portfolio for providing administrative 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. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Portfolio does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers

and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Portfolio benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Portfolio. The Trustees also considered the complexity of investment management for the Portfolio relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for the Portfolio in a report prepared by Lipper. 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 Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe Group. The Lipper 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 Lipper 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 the Portfolio’s performance was in the fourth, fifth, and fourth quintiles for Class 1 shares for the one-,

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 27

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

three-, and five-year periods ended December 31, 2012, 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 performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Portfolio to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Portfolio. The Trustees recognized that Lipper 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. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Portfolio and considered the net advisory fee rate after taking into account any 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 in the first and second quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Tax Letter

(Unaudited)

Certain tax information for the Portfolio is required to be provided to shareholders based upon the Portfolio’s income and distributions for the taxable year ended December 31, 2013. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Portfolio hereby designates 100% or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended December 31, 2013.

DECEMBER 31, 2013 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 on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Adviser. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2014. All rights reserved. December 2013. AN-JPMITIMCP-1213

Annual Report

JPMorgan Insurance Trust

December 31, 2013

JPMorgan Insurance Trust Mid Cap Growth Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
   

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	19
Trustees	20
Officers	22
Schedule of Shareholder Expenses	23
Board Approval of Investment Advisory Agreement	24
Tax Letter	27

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

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

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

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

CEO’s LETTER

JANUARY 23, 2014 (Unaudited)

Dear Shareholder,

Equities markets in developed economies performed strongly in the face of periodic spikes in volatility throughout the twelve months ended December 31, 2013. Healthy corporate earnings and incremental but steady improvements in a range of economic indicators provided a positive backdrop for investors seeking returns in the low interest rate environment. While political discord in Washington injected volatility into the market, a bipartisan budget agreement at the end of the year relieved much of the political uncertainty created by partisan brinkmanship over the so-called fiscal cliff and the partial shutdown of the federal government in October. In the first half of the year, the U.S. Federal Reserve (“Fed”) announced its intention to taper off its $85 billion in monthly asset purchases and the statement weakened investor sentiment and set off widespread speculation about the timing and magnitude of such a move. The Fed followed through in December, deciding to reduce its monthly purchases by $10 billion. The news, along with robust gains in jobs, housing and consumer sentiment, drove U.S. equities to new highs. The S&P 500 stock index hit seven closing highs in the final month of the reporting period, finishing 2013 with its best performance since 1997.

  “While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains.”

Overseas, the European Central Bank reaffirmed its commitment to accommodative monetary policy and to the euro itself. In the second quarter of the year, the European Union (EU) returned to positive growth and at the end of the year, Ireland became the first nation to exit from its European Union bailout program. The Fed’s decision to curb its asset purchases also sent equities higher in Europe, as investors viewed the move as a sign of further economic stability. In Japan, equity markets rebounded to their best year since 1988, benefitting from Prime Minister Shinzo Abe’s efforts to revive the economy. Low returns on bonds and short-term debt instruments also drove investors into stocks.

Emerging market equities were weaker overall. As of December 31, 2013, the MSCI Emerging Markets Index returned -2.3% for the year. China’s economy showed signs of slower growth during the year and the Fed’s decision to taper its asset purchase program set off speculation that the maturation of the emerging markets credit cycle would push yield-seeking investors to rotate into developed markets.

Taper Talk Pressures Bonds

Fixed income markets generally remained weak during the year, as central bankers across the globe held interest rates at historic lows. However, benchmark bond yields rose on an

annual basis for the first time since 2009. During the year, the Fed’s talk of tapering off its Quantitative Easing (QE) program hurt fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period higher. The yield for 10-year U.S. Treasury securities ended December 31, 2013 at 3.04%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.38% and 3.96%, respectively. High-yield debt returned 7.4% for the year, as measured by the Barclays US High Yield Corporate Index, while other U.S. debt securities and emerging market debt both had negative returns.

While global economic growth accelerated during the year, the U.S. recovery in particular showed stronger fundamentals and the Fed’s decision to taper its QE program was a response to the improved picture. Europe emerged from its lengthy recession and the worst of the fiscal crises seem to be behind it, though unemployment remains strikingly high in many EU nations. Japan made progress toward ending persistent deflation, but Tokyo’s monetary and fiscal stimulus has sharply weakened the yen, putting other Asian exporting nations —notably China and South Korea — at a competitive disadvantage. Emerging market economies may face further headwinds as foreign investment shrinks and economic growth moderates from recent strength. Moreover, political instability — already apparent in Thailand and Turkey — may surface in other emerging market nations as governments struggle to deliver improved living standards and respond to demands for political reforms.

The Long-Term Lens

We welcome the Fed’s move to curb its QE program as a sign that the U.S. economy’s need for artificial stimulus is waning. While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains. In the fixed-income market, persistent weakness has led to attractive valuations in some sectors. The past year’s market swings and intermittent volatility underlined the importance of maintaining a long-term view of your investment portfolio and the benefits derived from diversified holdings.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Growth Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		43.30%
Russell Midcap Growth Index		35.74%
Net Assets as of 12/31/2013	$	55,724,628

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Overall, the U.S. equity market performed strongly during the 12 months ended December 31, 2013, as a tepid economic recovery continued to gain strength from healthy corporate earnings, along with improvements in employment, housing and consumer sentiment. The Russell Midcap Growth Index (the “Benchmark”) retreated at mid-year amid investor uncertainty about the U.S. Federal Reserve Board’s (“Fed”) intent to taper off its monthly purchases of $85 billion in Treasuries and mortgage-backed securities. Interest rates rose sharply higher, pressuring prices for both stocks and bonds. Partisan brinkmanship in Washington added to the uncertainty, starting with the standoff over the so-called fiscal cliff in January and followed by the partial shutdown of the federal government in October. A bipartisan budget agreement toward the end of the year relieved some of the political uncertainty. During the year, U.S. unemployment claims fell from 7.9% in January to 6.7%, with slight upticks in joblessness at midyear and in October. Adding to the positive trend were advances in housing prices and auto sales in the second half of the year, and a rebound in consumer sentiment to a five-month high in December. The Benchmark finished the 12 months ended December 31, 2013 with a 35.74% gain.

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

The Portfolio (Class 1 Shares) outperformed the Benchmark for the twelve months ended December 31, 2013. The Portfolio’s stock selection in the financial services and health care sectors was the main contributor to relative performance, while stock selection in the energy and consumer discretionary sectors was the main detractor from relative performance.

Individual contributors to relative performance included the Portfolio’s positions in Fleetcor Technologies Inc., Tesla Motors Inc. and Valeant Pharmaceuticals International Inc. Shares of Fleetcor, a provider of specialized commercial payment products, rose on the back of strong organic growth. Shares of Tesla, a maker of electric vehicles and electric powertrain components, gained on earnings growth and a reaffirmation of a five-star safety rating from U.S. regulators for its Model S car. Valeant, a specialty drug maker, was rewarded for solid execution on its strategy of achieving highly diversified organic growth and realizing operational synergies from acquisitions.

Individual detractors from the Portfolio’s relative performance included the Portfolio’s positions in Urban Outfitters Inc., Aruba Networks Inc. and Netflix Inc. Shares of Urban Outfitters, a chain of clothing stores, were pressured by fashion stumbles and competition from so-called fast fashion discount chains. Shares of Aruba Networks, a provider of mobile network access technology, fell after the company posted widening losses amid higher operating costs and increase competition. Shares of Netflix, an Internet subscription provider of movies and TV programs, rose sharply during the year, but the Portfolio’s underweight position detracted from relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

As a result of this bottom-up stock selection process, the Portfolio’s largest overweight position versus the Benchmark was in the producer durables sector and the Portfolio’s largest underweight position versus the Benchmark was in the consumer staples sector.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Harley-Davidson, Inc.	2.6	%
	2.	Alliance Data Systems Corp.	2.0
	3.	Flowserve Corp.	1.8
	4.	Pall Corp.	1.8
	5.	Illumina, Inc.	1.7
	6.	Affiliated Managers Group, Inc.	1.7
	7.	Michael Kors Holdings Ltd. (Hong Kong)	1.7
	8.	Moody’s Corp.	1.7
	9.	Agilent Technologies, Inc.	1.7
	10.	Acuity Brands, Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	23.5	%
Industrials	22.1
Information Technology	18.9
Health Care	13.8
Financials	11.8
Energy	4.7
Materials	2.1
Short-Term Investment	3.1

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

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

*** Percentages indicated are based on total investments as of December 31, 2013. The Portfolio’s composition is subject to change.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Growth Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		8/1/94		43.30	%		22.92	%		9.93	%
CLASS 2 SHARES		8/16/06		43.02			22.62			9.73

TEN YEAR PERFORMANCE (12/31/03 TO 12/31/13)

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.

Returns for Class 2 Shares prior to its inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than those shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Mid Cap Growth Portfolio, the Russell Midcap Growth Index and the Lipper Variable Underlying Funds Mid-Cap Growth Funds Index from December 31, 2003 to December 31, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gains distributions, if any. The performance of the Russell Midcap Growth 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 gains distributions of the securities included in the benchmark, if applicable. The performance of

the Lipper Variable Underlying Funds Mid-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Variable Underlying Funds Mid-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower.

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

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

JPMorgan Insurance Trust Mid Cap Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Consumer Discretionary — 23.5%
		Auto Components — 1.0%
	10,000	BorgWarner, Inc.		559,100
		Automobiles — 3.4%
	21,200	Harley-Davidson, Inc.		1,467,888
	3,050	Tesla Motors, Inc. (a)		458,659
				1,926,547
		Hotels, Restaurants & Leisure — 4.1%
	610	Chipotle Mexican Grill, Inc. (a)		324,996
	19,800	Hilton Worldwide Holdings, Inc. (a)		440,550
	14,900	Norwegian Cruise Line Holdings Ltd. (a)		528,503
	2,300	Panera Bread Co., Class A (a)		406,387
	3,090	Wynn Resorts Ltd.		600,109
				2,300,545
		Household Durables — 1.4%
	5,125	Mohawk Industries, Inc. (a)		763,113
		Internet & Catalog Retail — 1.3%
	1,960	Netflix, Inc. (a)		721,613
		Media — 1.2%
	7,200	Discovery Communications, Inc., Class A (a)		651,024
		Specialty Retail — 7.7%
	5,100	Advance Auto Parts, Inc.		564,468
	15,200	GameStop Corp., Class A		748,752
	5,200	O’Reilly Automotive, Inc. (a)		669,292
	9,100	Ross Stores, Inc.		681,863
	8,750	Signet Jewelers Ltd., (Bermuda)		688,625
	11,000	Urban Outfitters, Inc. (a)		408,100
	9,200	Williams-Sonoma, Inc.		536,176
				4,297,276
		Textiles, Apparel & Luxury Goods — 3.4%
	9,550	Lululemon Athletica, Inc., (Canada) (a)		563,736
	11,800	Michael Kors Holdings Ltd., (Hong Kong) (a)		958,042
	4,350	Under Armour, Inc., Class A (a)		379,755
				1,901,533
		Total Consumer Discretionary		13,120,751
		Energy — 4.7%
		Energy Equipment & Services — 0.8%
	15,850	Frank’s International N.V., (Netherlands)		427,950
		Oil, Gas & Consumable Fuels — 3.9%
	5,600	Antero Resources Corp. (a)		355,264
	17,700	Cabot Oil & Gas Corp.		686,052
	5,800	Concho Resources, Inc. (a)		626,400

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — Continued
	10,100	Plains All American Pipeline LP		522,877
				2,190,593
		Total Energy		2,618,543
		Financials — 11.9%
		Capital Markets — 4.7%
	4,450	Affiliated Managers Group, Inc. (a)		965,116
	19,300	Blackstone Group LP (The)		607,950
	10,700	Lazard Ltd., Class A (Bermuda)		484,924
	17,900	TD Ameritrade Holding Corp.		548,456
				2,606,446
		Commercial Banks — 2.1%
	17,400	East West Bancorp, Inc.		608,478
	5,325	Signature Bank (a)		572,012
				1,180,490
		Diversified Financial Services — 1.7%
	12,200	Moody’s Corp.		957,334
		Insurance — 2.0%
	8,300	Aon plc, (United Kingdom)		696,287
	8,700	Axis Capital Holdings Ltd., (Bermuda)		413,859
				1,110,146
		Real Estate Management & Development — 1.4%
	28,900	CBRE Group, Inc., Class A (a)		760,070
		Total Financials		6,614,486
		Health Care — 13.8%
		Biotechnology — 2.2%
	5,040	Alexion Pharmaceuticals, Inc. (a)		670,622
	7,300	Vertex Pharmaceuticals, Inc. (a)		542,390
				1,213,012
		Health Care Equipment & Supplies — 1.0%
	8,200	Sirona Dental Systems, Inc. (a)		575,640
		Health Care Providers & Services — 3.6%
	18,000	Brookdale Senior Living, Inc. (a)		489,240
	13,800	Envision Healthcare Holdings, Inc. (a)		490,176
	6,110	Humana, Inc.		630,674
	11,000	Premier, Inc., Class A (a)		404,360
				2,014,450
		Life Sciences Tools & Services — 4.1%
	16,100	Agilent Technologies, Inc.		920,759
	18,300	Bruker Corp. (a)		361,791
	8,820	Illumina, Inc. (a)		975,669
				2,258,219

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Pharmaceuticals — 2.9%
	4,675	Actavis plc (a)		785,400
	2,200	Jazz Pharmaceuticals plc, (Ireland) (a)		278,432
	4,900	Valeant Pharmaceuticals International, Inc. (a)		575,260
				1,639,092
		Total Health Care		7,700,413
		Industrials — 22.2%
		Aerospace & Defense — 0.5%
	6,341	DigitalGlobe, Inc. (a)		260,932
		Airlines — 1.4%
	27,700	Delta Air Lines, Inc.		760,919
		Building Products — 1.5%
	17,700	Fortune Brands Home & Security, Inc.		808,890
		Commercial Services & Supplies — 1.2%
	5,740	Stericycle, Inc. (a)		666,816
		Construction & Engineering — 1.0%
	6,900	Fluor Corp.		554,001
		Electrical Equipment — 2.7%
	8,000	Acuity Brands, Inc.		874,560
	11,400	Generac Holdings, Inc.		645,696
				1,520,256
		Industrial Conglomerates — 1.4%
	9,800	Carlisle Cos., Inc.		778,120
		Machinery — 4.4%
	12,925	Flowserve Corp.		1,018,878
	11,575	Pall Corp.		987,926
	4,900	WABCO Holdings, Inc. (a)		457,709
				2,464,513
		Marine — 1.2%
	7,000	Kirby Corp. (a)		694,750
		Professional Services — 0.8%
	3,500	Towers Watson & Co., Class A		446,635
		Road & Rail — 3.3%
	3,825	Canadian Pacific Railway Ltd., (Canada)		578,799
	28,500	Hertz Global Holdings, Inc. (a)		815,670
	5,900	J.B. Hunt Transport Services, Inc.		456,070
				1,850,539
		Trading Companies & Distributors — 2.8%
	17,100	Air Lease Corp.		531,468
	21,000	HD Supply Holdings, Inc. (a)		504,210

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — Continued
	6,350	MSC Industrial Direct Co., Inc., Class A		513,524
				1,549,202
		Total Industrials		12,355,573
		Information Technology — 18.9%
		Communications Equipment — 2.0%
	14,300	Aruba Networks, Inc. (a)		255,970
	18,200	Ciena Corp. (a)		435,526
	7,700	Palo Alto Networks, Inc. (a)		442,519
				1,134,015
		Computers & Peripherals — 0.6%
	3,400	3D Systems Corp. (a)		315,962
		Electronic Equipment, Instruments & Components — 1.6%
	9,800	Amphenol Corp., Class A		873,964
		Internet Software & Services — 0.9%
	2,325	LinkedIn Corp., Class A (a)		504,130
		IT Services — 4.0%
	4,220	Alliance Data Systems Corp. (a)		1,109,564
	13,600	CoreLogic, Inc. (a)		483,208
	5,675	FleetCor Technologies, Inc. (a)		664,940
				2,257,712
		Semiconductors & Semiconductor Equipment — 5.2%
	47,400	Applied Materials, Inc.		838,506
	15,100	Avago Technologies Ltd., (Singapore)		798,639
	9,500	KLA-Tencor Corp.		612,370
	14,800	Xilinx, Inc.		679,616
				2,929,131
		Software — 4.6%
	1,311	CommVault Systems, Inc. (a)		98,168
	5,800	Guidewire Software, Inc. (a)		284,606
	9,400	Red Hat, Inc. (a)		526,776
	7,300	ServiceNow, Inc. (a)		408,873
	5,400	Splunk, Inc. (a)		370,818
	4,100	Tableau Software, Inc., Class A (a)		282,613
	7,000	Workday, Inc., Class A (a)		582,120
				2,553,974
		Total Information Technology		10,568,888
		Materials — 2.1%
		Chemicals — 2.1%
	2,925	PPG Industries, Inc.		554,755
	3,385	Sherwin-Williams Co. (The)		621,148
		Total Materials		1,175,903
		Total Common Stocks (Cost $41,413,657)		54,154,557

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	1,755,577	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $1,755,577)		1,755,577
		Total Investments — 100.3% (Cost $43,169,234)		55,910,134
		Liabilities in Excess of Other Assets — (0.3)%		(185,506	)
		NET ASSETS — 100.0%	$	55,724,628

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—  The rate shown is the current yield as of December 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2013

	Mid Cap Growth Portfolio
ASSETS:
Investments in non-affiliates, at value	$	54,154,557
Investments in affiliates, at value		1,755,577
Total investment securities, at value		55,910,134
Receivables:
Portfolio shares sold		1,927
Dividends from non-affiliates		13,716
Dividends from affiliates		20
Total Assets		55,925,797
LIABILITIES:
Payables:
Investment securities purchased		45,487
Portfolio shares redeemed		70,524
Accrued liabilities:
Investment advisory fees		29,681
Administration fees		3,138
Distribution fees		9
Custodian and accounting fees		8,786
Trustees’ and Chief Compliance Officer’s fees		124
Audit fees		32,677
Other		10,743
Total Liabilities		201,169
Net Assets	$	55,724,628
NET ASSETS:
Paid-in-Capital	$	26,167,610
Accumulated undistributed (distributions in excess of) net investment income		(4,023	)
Accumulated net realized gains (losses)		16,820,141
Net unrealized appreciation (depreciation)		12,740,900
Total Net Assets	$	55,724,628
Net Assets:
Class 1	$	55,665,101
Class 2		59,527
Total	$	55,724,628
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		2,273,445
Class 2		2,481
Net Asset Value, offering and redemption price per share (a):
Class 1	$	24.48
Class 2		23.99
Cost of investments in non-affiliates	$	41,413,657
Cost of investments in affiliates		1,755,577

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

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Mid Cap Growth Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	478,336
Dividend income from affiliates		445
Total investment income		478,781
EXPENSES:
Investment advisory fees		382,509
Administration fees		49,591
Distribution fees — Class 2		65
Custodian and accounting fees		29,877
Interest expense to affiliates		236
Professional fees		43,869
Trustees’ and Chief Compliance Officer’s fees		773
Printing and mailing costs		22,469
Transfer agent fees		4,609
Other		10,637
Total expenses		544,635
Less amounts waived		(16,856	)
Net expenses		527,779
Net investment income (loss)		(48,998	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		17,090,384
Change in net unrealized appreciation/depreciation of investments in non-affiliates		3,918,462
Net realized/unrealized gains (losses)		21,008,846
Change in net assets resulting from operations	$	20,959,848

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Growth Portfolio
	Year Ended 12/31/2013			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(48,998	)	$	85,706
Net realized gain (loss)		17,090,384			5,174,762
Change in net unrealized appreciation/depreciation		3,918,462			4,973,723
Change in net assets resulting from operations		20,959,848			10,234,191
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(46,208	)		—
From net realized gains		(4,354,443	)		(817,797	)
Class 2
From net realized gains		(1,413	)		(243	)
Total distributions to shareholders		(4,402,064	)		(818,040	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(28,091,381	)		(6,760,984	)
NET ASSETS:
Change in net assets		(11,533,597	)		2,655,167
Beginning of period		67,258,225			64,603,058
End of period	$	55,724,628		$	67,258,225
Accumulated undistributed (distributions in excess of) net investment income	$	(4,023	)	$	72,941
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	2,870,585		$	6,031,656
Distributions reinvested		4,400,651			817,797
Cost of shares redeemed		(35,393,584	)		(13,610,680	)
Change in net assets resulting from Class 1 capital transactions	$	(28,122,348	)	$	(6,761,227	)
Class 2
Proceeds from shares issued	$	29,563		$	—
Distributions reinvested		1,413			243
Cost of shares redeemed		(9	)		—
Change in net assets resulting from Class 2 capital transactions	$	30,967		$	243
Total change in net assets resulting from capital transactions	$	(28,091,381	)	$	(6,760,984	)
SHARE TRANSACTIONS:
Class 1
Issued		137,139			347,136
Reinvested		233,456			45,458
Redeemed		(1,790,188	)		(767,875	)
Change in Class 1 Shares		(1,419,593	)		(375,281	)
Class 2
Issued		1,257			—
Reinvested		76			14
Redeemed		(1	)		—
Change in Class 2 Shares		1,332			14

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Mid Cap Growth Portfolio
Class 1
Year Ended December 31, 2013	$	18.21	$	(0.02	)(d)(e)	$	7.53		$	7.51		$	(0.01	)	$	(1.23	)	$	(1.24	)
Year Ended December 31, 2012		15.88		0.02	(f)		2.52			2.54			—			(0.21	)		(0.21	)
Year Ended December 31, 2011		16.91		(0.02	)		(1.01	)		(1.03	)		—			—			—
Year Ended December 31, 2010		13.46		(0.02	)		3.47			3.45			—			—			—
Year Ended December 31, 2009		9.41		(0.02	)		4.07			4.05			—			—			—
Class 2
Year Ended December 31, 2013		17.89		(0.06	)(d)(e)		7.39			7.33			—			(1.23	)		(1.23	)
Year Ended December 31, 2012		15.64		(0.02	)(f)		2.48			2.46			—			(0.21	)		(0.21	)
Year Ended December 31, 2011		16.71		(0.05	)		(1.02	)		(1.07	)		—			—			—
Year Ended December 31, 2010		13.33		(0.04	)		3.42			3.38			—			—			—
Year Ended December 31, 2009		9.34		(0.03	)		4.02			3.99			—			—			—

(a) 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 assets values and returns for shareholder transactions.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $(0.04) and $(0.09) for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been (0.20)% and (0.42)% for Class 1 and Class 2 Shares, respectively.

(f) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $(0.03) and $(0.08) for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been (0.20)% and (0.45)% for Class 1 and Class 2 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
$	24.48		43.30	%	$	55,665,101		0.90	%		(0.08	)%(e)		0.92	%		76	%
	18.21		16.04			67,237,679		0.89			0.13	(f)		0.90			69
	15.88		(6.09	)		64,585,309		0.85			(0.08	)		0.86			72
	16.91		25.63			80,620,361		0.90			(0.10	)		0.97			76
	13.46		43.04			80,982,829		0.90			(0.14	)		1.03			85
	23.99		43.02			59,527		1.15			(0.31	)(e)		1.18			76
	17.89		15.77			20,546		1.14			(0.12	)(f)		1.15			69
	15.64		(6.40	)		17,749		1.09			(0.32	)		1.11			72
	16.71		25.36			18,957		1.15			(0.34	)		1.22			76
	13.33		42.72			15,126		1.15			(0.40	)		1.28			85

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
Mid Cap Growth 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 distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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)	$	55,910,134	$	—	$	—	$	55,910,134

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended December 31, 2013.

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

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

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

D. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (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, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

E. Distributions to Shareholders — Distributions from net investment income 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 net investment income		Accumulated net realized gains (losses)
$	(6	)	$	18,242	$	(18,236	)

The reclassifications for the Portfolio relate primarily to non-taxable dividends and net operating loss netting to short-term gains.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.65%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2013, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, 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. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) and Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	0.90	%		1.15	%

The expense limitation agreements were in effect for the year ended December 31, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the year ended December 31, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory		Administration		Total
$	2,619	$	12,289	$	14,908
Voluntary Waivers
Investment Advisory		Administration		Total
$	133	$	—	$	133

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2013 was $1,815.

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

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in 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, 2013, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2013, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	44,564,355	$	77,889,493

During the year ended December 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	43,230,032	$	12,947,190	$	267,088	$	12,680,102

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, 2013 was as follows:

Total Distributions Paid From:
Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	37,815	$	4,364,249	$	4,402,064

The tax character of distributions paid during the year ended December 31, 2012 was as follows:

Total Distributions Paid From:
Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	—	$	818,040	$	818,040

As of December 31, 2013, the 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 or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	5,269,159	$	11,611,779	$	12,680,102

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

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at December 31, 2013, or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

The Portfolio has several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Insurance Trust Mid Cap Growth Portfolio (a separate Portfolio of JPMorgan Insurance Trust) (hereafter referred to as the “Portfolio”) at December 31, 2013, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 21, 2014

DECEMBER 31, 2013 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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	170	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts.
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	170	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	170	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	170	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	170	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	170	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	170	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	170	Director, Radio Shack Corp. (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	170	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	170	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	170	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	170	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	170	Trustee, The Victory Portfolios (2000-2008) (investment companies).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (170 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Portfolio’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 21

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

   * The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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, 2013, and continued to hold your shares at the end of the reporting period, December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2013		Ending Account Value December 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Growth Portfolio
Class 1
Actual	$	1,000.00	$	1,233.20	$	5.01		0.89	%
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class 2
Actual		1,000.00		1,232.20		6.41		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14

* 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, 2013 JPMORGAN INSURANCE TRUST 23

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). 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 “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 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Portfolio’s performance compared to the performance of the Portfolio’s peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. The Adviser also periodically provides comparative information regarding the Portfolio’s expense ratios and those of the peer groups. 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, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Portfolio and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Portfolio and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Portfolio and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the 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 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. 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 also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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 on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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 data. The Trustees recognized that this data 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 on their review, 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.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Board 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.

The Trustees also considered that JPMFM earns fees from the Portfolio for providing administrative 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. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Portfolio does not contain breakpoints. The Trustees considered whether it would be appropriate to add

advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Portfolio benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Portfolio. The Trustees also considered the complexity of investment management for the Portfolio relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for the Portfolio in a report prepared by Lipper. 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 Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe Group. The Lipper 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 Lipper performance data noted by the Trustees as part of their

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

review and the determinations made by the Trustees with respect to the Portfolio’s performance are summarized below:

The Trustees noted the Portfolio’s performance was in the second, third, and third quintiles for Class 1 shares for each of the one-, three-, and five-year periods ended December 31, 2012, 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 performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Portfolio to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Portfolio. The Trustees recognized that Lipper 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. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Portfolio and considered the net advisory fee rate after taking into account any 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 in the second and fourth quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TAX LETTER

(Unaudited)

Certain tax information for the Portfolio is required to be provided to shareholders based upon the Portfolio’s income and distributions for the taxable year ended December 31, 2013. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Portfolio hereby designates 100.00% or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended December 31, 2013.

Long Term Capital Gain Notice

The Portfolio distributed approximately $4,364,249 as long-term capital gain dividends for the purpose of the dividend paid deduction on its respective tax return for the fiscal year ended December 31, 2013.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 27

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Adviser. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2014.  All rights reserved. December 2013. AN-JPMITMCGP-1213

Annual Report

JPMorgan Insurance Trust

December 31, 2013

JPMorgan Insurance Trust Mid Cap Value Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	19
Trustees	20
Officers	22
Schedule of Shareholder Expenses	23
Board Approval of Investment Advisory Agreement	24
Tax Letter	27

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

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

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

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

CEO’S LETTER

JANUARY 23, 2014 (Unaudited)

Dear Shareholder,

Equities markets in developed economies performed strongly in the face of periodic spikes in volatility throughout the twelve months ended December 31, 2013. Healthy corporate earnings and incremental but steady improvements in a range of economic indicators provided a positive backdrop for investors seeking returns in the low interest rate environment. While political discord in Washington injected volatility into the market, a bipartisan budget agreement at the end of the year relieved much of the political uncertainty created by partisan brinkmanship over the so-called fiscal cliff and the partial shutdown of the federal government in October. In the first half of the year, the U.S. Federal Reserve (“Fed”) announced its intention to taper off its $85 billion in monthly asset purchases and the statement weakened investor sentiment and set off widespread speculation about the timing and magnitude of such a move. The Fed followed through in December, deciding to reduce its monthly purchases by $10 billion. The news, along with robust gains in jobs, housing and consumer sentiment, drove U.S. equities to new highs. The S&P 500 stock index hit seven closing highs in the final month of the reporting period, finishing 2013 with its best performance since 1997.

  “While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains.”

Overseas, the European Central Bank reaffirmed its commitment to accommodative monetary policy and to the euro itself. In the second quarter of the year, the European Union (EU) returned to positive growth and at the end of the year, Ireland became the first nation to exit from its European Union bailout program. The Fed’s decision to curb its asset purchases also sent equities higher in Europe, as investors viewed the move as a sign of further economic stability. In Japan, equity markets rebounded to their best year since 1988, benefitting from Prime Minister Shinzo Abe’s efforts to revive the economy. Low returns on bonds and short-term debt instruments also drove investors into stocks.

Emerging market equities were weaker overall. As of December 31, 2013, the MSCI Emerging Markets Index returned -2.3% for the year. China’s economy showed signs of slower growth during the year and the Fed’s decision to taper its asset purchase program set off speculation that the maturation of the emerging markets credit cycle would push yield-seeking investors to rotate into developed markets.

Taper Talk Pressures Bonds

Fixed income markets generally remained weak during the year, as central bankers across the globe held interest rates at

historic lows. However, benchmark bond yields rose on an annual basis for the first time since 2009. During the year, the Fed’s talk of tapering off its Quantitative Easing (QE) program hurt fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period higher. The yield for 10-year U.S. Treasury securities ended December 31, 2013 at 3.04%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.38% and 3.96%, respectively. High-yield debt returned 7.4% for the year, as measured by the Barclays US High Yield Corporate Index, while other U.S. debt securities and emerging market debt both had negative returns.

While global economic growth accelerated during the year, the U.S. recovery in particular showed stronger fundamentals and the Fed’s decision to taper its QE program was a response to the improved picture. Europe emerged from its lengthy recession and the worst of the fiscal crises seem to be behind it, though unemployment remains strikingly high in many EU nations. Japan made progress toward ending persistent deflation, but Tokyo’s monetary and fiscal stimulus has sharply weakened the yen, putting other Asian exporting nations — notably China and South Korea — at a competitive disadvantage. Emerging market economies may face further headwinds as foreign investment shrinks and economic growth moderates from recent strength. Moreover, political instability — already apparent in Thailand and Turkey — may surface in other emerging market nations as governments struggle to deliver improved living standards and respond to demands for political reforms.

The Long-Term Lens

We welcome the Fed’s move to curb its QE program as a sign that the U.S. economy’s need for artificial stimulus is waning. While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains. In the fixed-income market, persistent weakness has led to attractive valuations in some sectors. The past year’s market swings and intermittent volatility underlined the importance of maintaining a long-term view of your investment portfolio and the benefits derived from diversified holdings.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		32.30%
Russell Midcap Value Index		33.46%
Net Assets as of 12/31/2013	$	408,782,236

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Overall, the U.S. equity market performed strongly during the 12 months ended December 31, 2013, as a tepid economic recovery continued to gain strength from healthy corporate earnings, along with improvements in employment, housing and consumer sentiment. The Russell Midcap Value Index (“Benchmark”) retreated at mid-year amid investor uncertainty about the U.S. Federal Reserve Board’s (“Fed”) intent to taper off its monthly purchases of $85 billion in Treasuries and mortgage-backed securities. Interest rates rose sharply higher, pressuring prices for both stocks and bonds. Partisan brinkmanship in Washington added to the uncertainty, starting with the standoff over the so-called fiscal cliff in January and followed by the partial shutdown of the federal government in October. A bipartisan budget agreement toward the end of the year relieved some of the political uncertainty. During the year, the U.S. unemployment rate fell from 7.9% in January to 6.7% by the end of the year, with slight upticks in joblessness at mid-year and in October. Adding to the positive trend were advances in housing prices and auto sales in the second half of the year, and a rebound in consumer sentiment to a five-month high in December. The Benchmark returned 33.46% for the year.

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

The Portfolio (Class 1 Shares) underperformed the Benchmark for the 12 months ended December 31, 2013. Stock selection in the industrials and information technology sectors detracted from relative performance. The Portfolio’s stock selection in the

financials sector and its overweight allocation to the consumer discretionary sector positively contributed to relative performance.

The leading individual detractors from relative performance included three stocks that were in the Benchmark but not in the Portfolio during the reporting period: Micron Technology, Inc., a manufacturer and marketer of semiconductor devices, Boston Scientific Co., a developer, manufacturer and marketer of medical devices, and Western Digital Corp., a maker of a range of data storage products. The shares of all three companies performed well during the reporting period and not owning them was detrimental to the Portfolio’s relative performance.

Individual contributors to relative performance included Ameriprise Financial Inc., Energen Corp. and Cigna Corp. Shares of Ameriprise, a financial services company, gained from the overall rise in equities prices. The company’s per-share earnings were strong and net outflows from its asset management business were less than expected. Shares of Energen, a producer of natural gas and oil, rose on long-term prospects for its shale gas operations and expectations for dividend growth. Shares of Cigna, a health insurer, rose on strong earnings during the year and the acquisition of HealthSpring, which primarily serves the senior population.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable levels of free cash flow. The Portfolio continued to have a large overweight position in the consumer discretionary sector, while the financials sector remained the Portfolio’s largest underweight, largely due to an underweighting of real estate investment trusts (REITs) based on their valuations, although the portfolio managers have slowly and selectively added some positions in certain REITs with niche business models.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Ball Corp.	2.0	%
	2.	Marsh & McLennan Cos., Inc.	1.8
	3.	Loews Corp.	1.7
	4.	Amphenol Corp., Class A	1.6
	5.	Ameriprise Financial, Inc.	1.6
	6.	AutoZone, Inc.	1.5
	7.	Kohl’s Corp.	1.5
	8.	Fifth Third Bancorp	1.5
	9.	Gap, Inc. (The)	1.5
	10.	Arrow Electronics, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	26.8	%
Consumer Discretionary	19.9
Industrials	10.1
Information Technology	9.5
Utilities	9.0
Materials	7.7
Health Care	4.7
Consumer Staples	4.6
Energy	4.6
Short-Term Investment	3.1

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

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

*** Percentages indicated are based on total investments as of December 31, 2013. The Portfolio’s composition is subject to change.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		9/28/01		32.30	%		20.54	%		10.40	%

TEN YEAR PERFORMANCE (12/31/03 TO 12/31/13)

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

Inception date for JPMorgan Insurance Trust Mid Cap Value Portfolio is September 28, 2001, which is the inception date of JPMorgan Mid Cap Value Portfolio (“Predecessor Portfolio”). JPMorgan Insurance Trust Mid Cap Value Portfolio acquired all of the assets and liabilities of the Predecessor Portfolio in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by JPMorgan Insurance Trust Mid Cap Value Portfolio and have been used since the reorganization. As a result, the performance prior to April 25, 2009 is the performance of the Predecessor Portfolio.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Mid Cap Value Portfolio, the Russell Midcap Value Index, the Lipper Variable Underlying Funds Multi-Cap Core Index and the Lipper Variable Underlying Funds Mid-Cap Value Funds Index from December 31, 2003 to December 31, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell Midcap Value Index does not reflect the

deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Multi-Cap Core Index and the Lipper Variable Underlying Funds Mid-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Portfolio. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Variable Underlying Funds Multi-Cap Core Index and the Lipper Variable Underlying Funds Mid-Cap Value Funds Index are indices based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower.

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

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Consumer Discretionary — 20.0%
		Distributors — 0.5%
	23,910	Genuine Parts Co.		1,989,073
		Hotels, Restaurants & Leisure — 1.9%
	13,132	Darden Restaurants, Inc.		713,987
	13,200	Extended Stay America, Inc. (a)		346,632
	79,996	Marriott International, Inc., Class A		3,948,602
	40,400	Yum! Brands, Inc.		3,054,644
				8,063,865
		Household Durables — 2.0%
	59,560	Jarden Corp. (a)		3,654,006
	29,640	Mohawk Industries, Inc. (a)		4,413,396
				8,067,402
		Internet & Catalog Retail — 1.6%
	81,690	Expedia, Inc.		5,690,525
	11,090	TripAdvisor, Inc. (a)		918,585
				6,609,110
		Media — 3.1%
	49,590	CBS Corp. (Non-Voting), Class B		3,160,867
	93,704	Clear Channel Outdoor Holdings, Inc., Class A		950,158
	99,470	DISH Network Corp., Class A (a)		5,761,302
	92,520	Gannett Co., Inc.		2,736,742
				12,609,069
		Multiline Retail — 2.5%
	59,580	Family Dollar Stores, Inc.		3,870,913
	111,440	Kohl’s Corp.		6,324,220
				10,195,133
		Specialty Retail — 6.9%
	13,250	AutoZone, Inc. (a)		6,332,705
	41,330	Bed Bath & Beyond, Inc. (a)		3,318,799
	152,790	Gap, Inc. (The)		5,971,033
	60,260	PetSmart, Inc.		4,383,915
	27,550	Tiffany & Co.		2,556,089
	57,690	TJX Cos., Inc.		3,676,584
	32,570	Williams-Sonoma, Inc.		1,898,180
				28,137,305
		Textiles, Apparel & Luxury Goods — 1.5%
	30,850	PVH Corp.		4,196,217
	29,280	V.F. Corp.		1,825,315
				6,021,532
		Total Consumer Discretionary		81,692,489

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 4.6%
		Beverages — 2.2%
	54,650	Beam, Inc.		3,719,479
	15,903	Brown-Forman Corp., Class B		1,201,790
	84,401	Dr. Pepper Snapple Group, Inc.		4,112,017
				9,033,286
		Food & Staples Retailing — 0.9%
	96,427	Kroger Co. (The)		3,811,759
		Food Products — 0.7%
	30,730	Hershey Co. (The)		2,987,878
		Household Products — 0.8%
	28,430	Energizer Holdings, Inc.		3,077,263
		Total Consumer Staples		18,910,186
		Energy — 4.6%
		Oil, Gas & Consumable Fuels — 4.6%
	61,080	Energen Corp.		4,321,410
	38,970	EQT Corp.		3,498,726
	87,830	PBF Energy, Inc., Class A		2,763,132
	103,500	QEP Resources, Inc.		3,172,275
	46,220	Southwestern Energy Co. (a)		1,817,833
	80,920	Williams Cos., Inc. (The)		3,121,084
		Total Energy		18,694,460
		Financials — 26.9%
		Capital Markets — 5.0%
	55,360	Ameriprise Financial, Inc.		6,369,168
	111,720	Invesco Ltd.		4,066,608
	36,050	Legg Mason, Inc.		1,567,454
	64,050	Northern Trust Corp.		3,964,054
	55,200	T. Rowe Price Group, Inc.		4,624,104
				20,591,388
		Commercial Banks — 6.3%
	38,370	City National Corp.		3,039,671
	13,230	Cullen/Frost Bankers, Inc.		984,709
	287,780	Fifth Third Bancorp		6,052,013
	46,450	First Republic Bank		2,431,658
	193,920	Huntington Bancshares, Inc.		1,871,328
	42,440	M&T Bank Corp.		4,940,865
	125,300	SunTrust Banks, Inc.		4,612,293
	65,830	Zions Bancorporation		1,972,267
				25,904,804
		Insurance — 9.2%
	6,978	Alleghany Corp. (a)		2,790,921

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Insurance — Continued
	29,650	Chubb Corp. (The)		2,865,079
	99,850	Hartford Financial Services Group, Inc.		3,617,566
	147,380	Loews Corp.		7,109,611
	155,480	Marsh & McLennan Cos., Inc.		7,519,013
	175,774	Old Republic International Corp.		3,035,617
	106,410	Unum Group		3,732,863
	74,200	W.R. Berkley Corp.		3,219,538
	109,680	XL Group plc, (Ireland)		3,492,211
				37,382,419
		Real Estate Investment Trusts (REITs) — 5.4%
	59,250	American Campus Communities, Inc.		1,908,442
	121,091	American Homes 4 Rent, Class A		1,961,674
	19,870	AvalonBay Communities, Inc.		2,349,230
	49,790	Brixmor Property Group, Inc. (a)		1,012,231
	75,690	HCP, Inc.		2,749,061
	187,420	Kimco Realty Corp.		3,701,545
	48,255	Rayonier, Inc.		2,031,536
	50,220	Regency Centers Corp.		2,325,186
	46,324	Vornado Realty Trust		4,113,108
				22,152,013
		Real Estate Management & Development — 0.7%
	143,990	Brookfield Office Properties, Inc.		2,771,808
		Thrifts & Mortgage Finance — 0.3%
	106,000	Hudson City Bancorp, Inc.		999,580
		Total Financials		109,802,012
		Health Care — 4.7%
		Health Care Equipment & Supplies — 0.8%
	80,450	CareFusion Corp. (a)		3,203,519
		Health Care Providers & Services — 3.9%
	59,040	AmerisourceBergen Corp.		4,151,103
	63,130	Cigna Corp.		5,522,612
	22,570	Henry Schein, Inc. (a)		2,578,848
	36,100	Humana, Inc.		3,726,242
				15,978,805
		Total Health Care		19,182,324
		Industrials — 10.1%
		Building Products — 0.7%
	65,520	Fortune Brands Home & Security, Inc.		2,994,264
		Electrical Equipment — 3.0%
	81,590	AMETEK, Inc.		4,297,345
	29,880	Hubbell, Inc., Class B		3,253,932
	62,920	Regal-Beloit Corp.		4,638,463
				12,189,740

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — 1.2%
	64,850	Carlisle Cos., Inc.		5,149,090
		Machinery — 2.9%
	69,860	IDEX Corp.		5,159,161
	81,630	Rexnord Corp. (a)		2,204,826
	41,060	Snap-on, Inc.		4,496,891
				11,860,878
		Professional Services — 1.2%
	69,730	Equifax, Inc.		4,817,646
		Trading Companies & Distributors — 1.1%
	55,120	MSC Industrial Direct Co., Inc., Class A		4,457,554
		Total Industrials		41,469,172
		Information Technology — 9.5%
		Communications Equipment — 0.5%
	97,410	CommScope Holding Co., Inc. (a)		1,842,997
		Electronic Equipment, Instruments & Components — 3.0%
	72,870	Amphenol Corp., Class A		6,498,547
	109,510	Arrow Electronics, Inc. (a)		5,940,917
				12,439,464
		IT Services — 1.4%
	95,430	Jack Henry & Associates, Inc.		5,650,410
		Semiconductors & Semiconductor Equipment — 3.5%
	112,930	Analog Devices, Inc.		5,751,525
	57,670	KLA-Tencor Corp.		3,717,408
	107,060	Xilinx, Inc.		4,916,195
				14,385,128
		Software — 1.1%
	109,620	Synopsys, Inc. (a)		4,447,284
		Total Information Technology		38,765,283
		Materials — 7.7%
		Chemicals — 3.9%
	45,870	Airgas, Inc.		5,130,560
	75,616	Albemarle Corp.		4,793,298
	10,820	Sherwin-Williams Co. (The)		1,985,470
	44,890	Sigma-Aldrich Corp.		4,220,109
				16,129,437
		Containers & Packaging — 3.8%
	155,800	Ball Corp.		8,048,628
	34,630	Rock Tenn Co., Class A		3,636,496
	77,250	Silgan Holdings, Inc.		3,709,545
				15,394,669
		Total Materials		31,524,106

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Utilities — 9.0%
		Electric Utilities — 2.7%
	74,340	Edison International		3,441,942
	125,020	Westar Energy, Inc.		4,021,894
	134,260	Xcel Energy, Inc.		3,751,224
				11,215,060
		Gas Utilities — 1.5%
	34,440	National Fuel Gas Co.		2,459,016
	154,690	Questar Corp.		3,556,323
				6,015,339
		Multi-Utilities — 4.8%
	158,520	CenterPoint Energy, Inc.		3,674,494
	147,090	CMS Energy Corp.		3,937,599
	118,770	NiSource, Inc.		3,905,158
	56,620	Sempra Energy		5,082,211
	76,730	Wisconsin Energy Corp.		3,172,018
				19,771,480
		Total Utilities		37,001,879
		Total Common Stocks (Cost $249,720,688)		397,041,911

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.1%
		Investment Company — 3.1%
	12,654,347	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $12,654,347)		12,654,347
		Total Investments — 100.2% (Cost $262,375,035)		409,696,258
		Liabilities in Excess of Other Assets — (0.2)%		(914,022	)
		NET ASSETS — 100.0%	$	408,782,236

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—  The rate shown is the current yield as of December 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2013

	Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	397,041,911
Investments in affiliates, at value		12,654,347
Total investment securities, at value		409,696,258
Receivables:
Investment securities sold		438,849
Portfolio shares sold		336,595
Dividends from non-affiliates		467,414
Dividends from affiliates		194
Total Assets		410,939,310
LIABILITIES:
Payables:
Investment securities purchased		486,367
Portfolio shares redeemed		1,376,496
Accrued liabilities:
Investment advisory fees		218,606
Administration fees		28,659
Custodian and accounting fees		10,690
Trustees’ and Chief Compliance Officer’s fees		267
Other		35,989
Total Liabilities		2,157,074
Net Assets	$	408,782,236
NET ASSETS:
Paid-in-Capital	$	242,636,859
Accumulated undistributed net investment income		3,349,142
Accumulated net realized gains (losses)		15,475,012
Net unrealized appreciation (depreciation)		147,321,223
Total Net Assets	$	408,782,236
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value)		38,658,279
Net Asset Value, offering and redemption price per share (a)	$	10.57
Cost of investments in non-affiliates	$	249,720,688
Cost of investments in affiliates		12,654,347

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

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Mid Cap Value Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	6,113,837
Dividend income from affiliates		4,968
Total investment income		6,118,805
EXPENSES:
Investment advisory fees		2,310,422
Administration fees		299,381
Custodian and accounting fees		30,953
Professional fees		47,063
Trustees’ and Chief Compliance Officer’s fees		3,987
Printing and mailing costs		28,513
Transfer agent fees		7,451
Other		34,822
Total expenses		2,762,592
Less amounts waived		(24,913	)
Net expenses		2,737,679
Net investment income (loss)		3,381,126
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		24,547,256
Change in net unrealized appreciation/depreciation of investments in non-affiliates		69,447,842
Net realized/unrealized gains (losses)		93,995,098
Change in net assets resulting from operations		97,376,224

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Value Portfolio
	Year Ended 12/31/2013			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,381,126		$	3,638,284
Net realized gain (loss)		24,547,256			19,429,054
Change in net unrealized appreciation/depreciation		69,447,842			28,356,212
Change in net assets resulting from operations		97,376,224			51,423,550
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,553,610	)		(2,911,958	)
From net realized gains		(3,818,800	)		—
Total distributions to shareholders		(7,372,410	)		(2,911,958	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		21,383,536			(5,495,491	)
NET ASSETS:
Change in net assets		111,387,350			43,016,101
Beginning of period		297,394,886			254,378,785
End of period	$	408,782,236		$	297,394,886
Accumulated undistributed net investment income	$	3,349,142		$	3,583,722
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	92,390,380		$	58,715,688
Dividends and distributions reinvested		7,372,410			2,911,958
Cost of shares redeemed		(78,379,254	)		(67,123,137	)
Change in net assets resulting from capital transactions	$	21,383,536		$	(5,495,491	)
SHARE TRANSACTIONS:
Issued		9,778,101			7,685,775
Reinvested		824,654			392,977
Redeemed		(8,326,183	)		(8,799,999	)
Change in Shares		2,276,572			(721,247	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Mid Cap Value Portfolio (d)
Year Ended December 31, 2013	$	8.17	$	0.09	$	2.51	$	2.60	$	(0.10	)	$	(0.10	)	$	(0.20	)
Year Ended December 31, 2012		6.86		0.10		1.29		1.39		(0.08	)		—			(0.08	)
Year Ended December 31, 2011		6.80		0.09		0.06		0.15		(0.09	)		—			(0.09	)
Year Ended December 31, 2010		5.57		0.09		1.21		1.30		(0.07	)		—			(0.07	)
Year Ended December 31, 2009*		4.52		0.09		1.08		1.17		(0.11	)		(0.01	)		(0.12	)

(a) 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.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Mid Cap Value Portfolio acquired all of the assets and liabilities of JPMorgan Mid Cap Value Portfolio (“Predecessor Portfolio”) in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by Mid Cap Value Portfolio and have been used since the reorganization. As a result, the financial highlights information reflects that of the Predecessor Portfolio for the periods prior to its reorganization with Mid Cap Value Portfolio.

* Reflects a 4.187:1 stock split that occurred on April 24, 2009. All per share amounts presented for periods prior to the stock split have been adjusted to reflect the stock split.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.57		32.30	%	$	408,782,236		0.77	%		0.95	%		0.78	%		26	%
	8.17		20.38			297,394,886		0.78			1.30			0.79			30
	6.86		2.16			254,378,785		0.80			1.22			0.80			43
	6.80		23.45			257,312,179		0.81			1.36			0.82			32
	5.57		26.68			238,433,429		0.88			1.93			1.02			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

1. Organization

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

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

	Class Offered	Diversified/Non-Diversified
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.

Effective as of the close of business on May 1, 2013, the Portfolio is offered only on a limited basis. Investors are not eligible to purchase shares of the Portfolio unless they meet certain requirements as described in its prospectus.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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)	$	409,696,258	$	—	$	—	$	409,696,258

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended December 31, 2013.

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

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

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

D. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (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, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

E. Distributions to Shareholders — Distributions from net investment income and net realized capital gains, if any, are generally declared and paid at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated Undistributed Net Investment Income			Accumulated Net Realized Gains (Losses)
$	(89,297	)	$	(62,096	)	$	151,393

The reclassifications for the Portfolio relate primarily to expiration of capital loss carryforwards.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.65%.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

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, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2013, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares. The Distributor receives no compensation in its capacity as the Portfolio’s underwriter.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser and Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 0.90% of the Portfolio’s average daily net assets.

The expense limitation agreement was in effect for the year ended December 31, 2013. The contractual expense limitation percentage above is in place until at least April 30, 2014.

For the year ended December 31, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Voluntary Waivers
Investment Advisory	Total
$ 163	$	163

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser and the Administrator waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2013 was $24,750.

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

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in 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, 2013, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2013, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

4. Investment Transactions

During the year ended December 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$105,050,868	$	89,283,819

During the year ended December 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2013, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	264,291,299	$	146,488,748	$	1,083,789	$	145,404,959

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, 2013 was as follows:

Total Distributions Paid From:
Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	3,553,458	$	3,818,952	$	7,372,410

The tax character of distributions paid during the year ended December 31, 2012 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	2,911,958	$	2,911,958

As of December 31, 2013, the 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 or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	6,541,005	$	19,618,567	$	145,404,959

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

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

As of December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017			Total
$	5,413,132	*	$	5,413,132	*

* This entire amount is comprised of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards in the amount of $1,263,989.

During the year ended December 31, 2013, the Portfolio had expired capital loss carryforwards in the amount of $89,294.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at December 31, 2013, or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

The Portfolio has several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Insurance Trust Mid Cap Value Portfolio (a separate Portfolio of JPMorgan Insurance Trust) (hereafter referred to as the “Portfolio”) at December 31, 2013, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 21, 2014

DECEMBER 31, 2013 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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	170	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts.
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	170	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	170	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	170	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	170	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	170	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	170	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	170	Director, Radio Shack Corp. (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	170	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	170	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	170	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	170	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	170	Trustee, The Victory Portfolios (2000-2008) (investment companies).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (170 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Portfolio’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 21

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

   * The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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, 2013, and continued to hold your shares at the end of the reporting period, December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2013		Ending Account Value December 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	1,145.20	$	4.16		0.77	%
Hypothetical		1,000.00		1,021.32		3.92		0.77

* 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).

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 23

SEE NOTES TO FINANCIAL STATEMENTS.

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). 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 “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 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Portfolio’s performance compared to the performance of the Portfolio’s peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. The Adviser also periodically provides comparative information regarding the Portfolio’s expense ratios and those of the peer groups. 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, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Portfolio and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Portfolio and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Portfolio and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the 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 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. 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 also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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 on 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.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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 data. The Trustees recognized that this data 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 on their review, 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.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Board 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.

The Trustees also considered that JPMFM earns fees from the Portfolio for providing administrative 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.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Portfolio does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Portfolio benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Portfolio. The Trustees also considered the complexity of investment management for the Portfolio relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for the Portfolio in a report prepared by Lipper. 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 Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe Group. 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 Lipper 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 the Portfolio’s performance was in the first quintile for the one-, three-, and five-year periods ended December 31, 2012. 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 performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Portfolio to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Portfolio. The Trustees recognized that Lipper reported the Portfolio’s management fee rate as the combined contractual

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Portfolio and considered the net advisory fee rate after taking into account any 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 were in the fourth and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TAX LETTER

(Unaudited)

Certain tax information for the Portfolio is required to be provided to shareholders based upon the Portfolio’s income and distributions for the taxable year ended December 31, 2013. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be received under separate cover.

Dividends Received Deductions (DRD)

The Portfolio hereby designates 100% or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended December 31, 2013.

Long Term Capital Gain Notice

The Portfolio distributed $3,818,952 as long-term capital gain dividends for the purpose of the dividend paid deduction on its respective tax return for the fiscal year ended December 31, 2013.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 27

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Adviser. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2014.  All rights reserved. December 2013. AN-JPMITMCVP-1213

Annual Report

JPMorgan Insurance Trust

December 31, 2013

JPMorgan Insurance Trust Small Cap Core Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	12
Financial Highlights	16
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	24
Trustees	25
Officers	27
Schedule of Shareholder Expenses	28
Board Approval of Investment Advisory Agreement	29
Tax Letter	32

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

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

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

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

CEO’S LETTER

JANUARY 23, 2014 (Unaudited)

Dear Shareholder,

Equities markets in developed economies performed strongly in the face of periodic spikes in volatility throughout the twelve months ended December 31, 2013. Healthy corporate earnings and incremental but steady improvements in a range of economic indicators provided a positive backdrop for investors seeking returns in the low interest rate environment. While political discord in Washington injected volatility into the market, a bipartisan budget agreement at the end of the year relieved much of the political uncertainty created by partisan brinkmanship over the so-called fiscal cliff and the partial shutdown of the federal government in October. In the first half of the year, the U.S. Federal Reserve (“Fed”) announced its intention to taper off its $85 billion in monthly asset purchases and the statement weakened investor sentiment and set off widespread speculation about the timing and magnitude of such a move. The Fed followed through in December, deciding to reduce its monthly purchases by $10 billion. The news, along with robust gains in jobs, housing and consumer sentiment, drove U.S. equities to new highs. The S&P 500 stock index hit seven closing highs in the final month of the reporting period, finishing 2013 with its best performance since 1997.

  “While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains.”

Overseas, the European Central Bank reaffirmed its commitment to accommodative monetary policy and to the euro itself. In the second quarter of the year, the European Union (EU) returned to positive growth and at the end of the year, Ireland became the first nation to exit from its European Union bailout program. The Fed’s decision to curb its asset purchases also sent equities higher in Europe, as investors viewed the move as a sign of further economic stability. In Japan, equity markets rebounded to their best year since 1988, benefitting from Prime Minister Shinzo Abe’s efforts to revive the economy. Low returns on bonds and short-term debt instruments also drove investors into stocks.

Emerging market equities were weaker overall. As of December 31, 2013, the MSCI Emerging Markets Index returned -2.3% for the year. China’s economy showed signs of slower growth during the year and the Fed’s decision to taper its asset purchase program set off speculation that the maturation of the emerging markets credit cycle would push yield-seeking investors to rotate into developed markets.

Taper Talk Pressures Bonds

Fixed income markets generally remained weak during the year, as central bankers across the globe held interest rates at

historic lows. However, benchmark bond yields rose on an annual basis for the first time since 2009. During the year, the Fed’s talk of tapering off its Quantitative Easing (QE) program hurt fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period higher. The yield for 10-year U.S. Treasury securities ended December 31, 2013 at 3.04%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.38% and 3.96%, respectively. High-yield debt returned 7.4% for the year, as measured by the Barclays US High Yield Corporate Index, while other U.S. debt securities and emerging market debt both had negative returns.

While global economic growth accelerated during the year, the U.S. recovery in particular showed stronger fundamentals and the Fed’s decision to taper its QE program was a response to the improved picture. Europe emerged from its lengthy recession and the worst of the fiscal crises seem to be behind it, though unemployment remains strikingly high in many EU nations. Japan made progress toward ending persistent deflation, but Tokyo’s monetary and fiscal stimulus has sharply weakened the yen, putting other Asian exporting nations — notably China and South Korea — at a competitive disadvantage. Emerging market economies may face further headwinds as foreign investment shrinks and economic growth moderates from recent strength. Moreover, political instability — already apparent in Thailand and Turkey — may surface in other emerging market nations as governments struggle to deliver improved living standards and respond to demands for political reforms.

The Long-Term Lens

We welcome the Fed’s move to curb its QE program as a sign that the U.S. economy’s need for artificial stimulus is waning. While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains. In the fixed-income market, persistent weakness has led to attractive valuations in some sectors. The past year’s market swings and intermittent volatility underlined the importance of maintaining a long-term view of your investment portfolio and the benefits derived from diversified holdings.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		42.29%
Russell 2000 Index		38.82%
Net Assets as of 12/31/2013	$	107,384,040

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Overall, the U.S. equity market performed strongly during the 12 months ended December 31, 2013, as a tepid economic recovery continued to gain strength from healthy corporate earnings, along with improvements in employment, housing and consumer sentiment. The Benchmark retreated at mid-year amid investor uncertainty about the U.S. Federal Reserve Board’s (“Fed”) intent to taper off its monthly purchases of $85 billion in Treasuries and mortgage-backed securities. Interest rates rose sharply higher, pressuring prices for both stocks and bonds. Partisan brinkmanship in Washington added to the uncertainty, starting with the standoff over the so-called fiscal cliff in January and followed by the partial shutdown of the federal government in October. A bipartisan budget agreement toward the end of the year relieved some of the political uncertainty. During the year, U.S. unemployment claims fell from 7.9% in January to 6.7% at year end, with slight upticks in joblessness at midyear and in October. Adding to the positive trend were advances in housing prices and auto sales in the second half of the year, and a rebound in consumer sentiment to a five-month high in December.

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

The Portfolio (Class 1 Shares) outperformed the Benchmark for the 12 months ended December 31, 2013. The Portfolio’s stock selection in the retail sector and the health service and systems sector were leading contributors to relative performance. The Portfolio’s stock selection in the pharmaceutical sector and the real estate investment trust (REIT) sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Portfolio’s positions in Conns Inc., Rite Aid Corp. and Lannett Inc. Shares of Conns, a specialty retailer of durable consumer products, rose after it posted stronger-than-expected revenue and raised its profit forecast for fiscal 2014. Shares of Rite Aid, a national drug-store chain, gained as management shed underperforming stores, which helped the company post its first annual profit since 2006. Shares of Lannett, a maker of generic pharmaceuticals, rose on healthy revenue growth, a low debt-to-equity ratio and expanding profit margins.

Leading individual detractors from relative performance included Infinity Pharmaceuticals Inc., Affymax Inc. and Silicon Graphics International Corp. Shares of Infinity Pharmaceuticals, a drug discovery company, fell amid concerns over the prospects for a cancer drug candidate. Shares of Affymax, a biopharmaceutical company, performed poorly as the company was suspended and subsequently delisted by NASDAQ. Shares of Silicon Graphics, a provider of technology to the commercial and government sectors, sank after the company warned in October that revenue and profit would be hurt by the partial shutdown of the federal government.

HOW WAS THE PORTFOLIO POSITIONED?

In accordance with its investment process, the portfolio managers¹ take limited sector bets and construct the Portfolio so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The portfolio managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe are attractively valued and possess strong fundamentals. During the reporting period, the Portfolio was managed and positioned in accordance with this investment process.

¹  There was a change to the portfolio management team during the reporting period. There was no change to the Portfolio’s investment strategy or objective.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Andersons, Inc. (The)	1.1	%
	2.	Unisys Corp.	1.1
	3.	Deluxe Corp.	1.1
	4.	NuVasive, Inc.	1.1
	5.	Rite Aid Corp.	1.1
	6.	Pegasystems, Inc.	1.0
	7.	WebMD Health Corp.	1.0
	8.	Medicines Co. (The)	1.0
	9.	Sanmina Corp.	1.0
	10.	Amsurg Corp.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.5	%
Information Technology	17.1
Industrials	16.0
Consumer Discretionary	12.6
Health Care	11.5
Consumer Staples	5.6
Energy	4.9
Materials	3.8
Utilities	2.6
Telecommunication Services	1.3
U.S. Treasury Obligation	0.2
Short-Term Investment	2.9

* 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.

*** Percentages indicated are based on total investments as of December 31, 2013. The Portfolio’s composition is subject to change.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		1/3/95		42.29	%		20.38	%		9.39	%
CLASS 2 SHARES		4/24/09		41.87			20.09			9.26

TEN YEAR PERFORMANCE (12/31/03 to 12/31/13)

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

Inception date for Class 1 Shares is January 3, 1995, which is the inception date of JPMorgan Small Company Portfolio (“Predecessor Portfolio”). The JPMorgan Insurance Trust Small Cap Core Portfolio acquired all of the assets and liabilities of the Predecessor Portfolio in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by JPMorgan Insurance Trust Small Cap Core Portfolio and have been used since the reorganization. As a result the performance for Class 1 Shares prior to April 25, 2009, is the performance of the Predecessor Portfolio.

Returns for Class 2 Shares prior to April 25, 2009 are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares and the Predecessor Portfolio.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Small Cap Core Portfolio, the Russell 2000 Index and the Lipper Variable Underlying Funds Small-Cap Core Funds Index from December 31, 2003 to December 31, 2013. The performance of the

Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Small-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Variable Underlying Funds Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The 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, 2013

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Consumer Discretionary — 12.6%
		Auto Components — 1.2%
	24,400	Cooper Tire & Rubber Co.		586,576
	4,600	Standard Motor Products, Inc.		169,280
	9,400	Stoneridge, Inc. (a)		119,850
	17,800	Tower International, Inc. (a)		380,920
				1,256,626
		Distributors — 0.3%
	3,300	Core-Mark Holding Co., Inc.		250,569
	100	Stock Building Supply Holdings, Inc. (a)		1,822
	1,560	VOXX International Corp. (a)		26,052
				278,443
		Diversified Consumer Services — 0.4%
	1,600	Capella Education Co.		106,304
	15,700	Corinthian Colleges, Inc. (a)		27,946
	3,100	ITT Educational Services, Inc. (a)		104,098
	2,300	Outerwall, Inc. (a)		154,721
				393,069
		Hotels, Restaurants & Leisure — 1.5%
	1,800	Cracker Barrel Old Country Store, Inc.		198,126
	5,600	Einstein Noah Restaurant Group, Inc.		81,200
	10,200	Jack in the Box, Inc. (a)		510,204
	29,968	Ruth’s Hospitality Group, Inc.		425,846
	19,400	Sonic Corp. (a)		391,686
				1,607,062
		Household Durables — 1.6%
	15,900	Helen of Troy Ltd., (Bermuda) (a)		787,209
	3,289	Jarden Corp. (a)		201,780
	11,400	KB Home		208,392
	2,300	Libbey, Inc. (a)		48,300
	8,300	Lifetime Brands, Inc.		130,559
	1,600	NACCO Industries, Inc., Class A		99,504
	6,000	Universal Electronics, Inc. (a)		228,660
				1,704,404
		Internet & Catalog Retail — 0.4%
	12,331	FTD Cos., Inc. (a)		401,744
	1,500	zulily, Inc., Class A (a)		62,145
				463,889
		Leisure Equipment & Products — 0.1%
	1,700	Johnson Outdoors, Inc., Class A		45,815
	900	Sturm Ruger & Co., Inc.		65,781
				111,596

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — 1.3%
	2,500	AMC Entertainment Holdings, Inc., Class A (a)		51,375
	40,800	E.W. Scripps Co., Class A (a)		886,176
	5,500	Entercom Communications Corp., Class A (a)		57,805
	12,400	Gray Television, Inc. (a)		184,512
	14,400	Journal Communications, Inc., Class A (a)		134,064
	2,000	Live Nation Entertainment, Inc. (a)		39,520
	2,700	Sinclair Broadcast Group, Inc., Class A		96,471
				1,449,923
		Multiline Retail — 0.9%
	3,400	Burlington Stores, Inc. (a)		108,800
	7,200	Dillard’s, Inc., Class A		699,912
	13,200	Tuesday Morning Corp. (a)		210,672
				1,019,384
		Specialty Retail — 3.0%
	17,900	Brown Shoe Co., Inc.		503,706
	6,805	Cato Corp. (The), Class A		216,399
	1,500	Children’s Place Retail Stores, Inc. (The) (a)		85,455
	7,200	Conn’s, Inc. (a)		567,288
	1,000	Container Store Group, Inc. (The) (a)		46,610
	5,100	Destination Maternity Corp.		152,388
	50,700	Express, Inc. (a)		946,569
	112,045	Office Depot, Inc. (a)		592,718
	8,800	Stein Mart, Inc.		118,360
	1,200	Tilly’s, Inc., Class A (a)		13,740
	1,800	Trans World Entertainment Corp. (a)		7,956
				3,251,189
		Textiles, Apparel & Luxury Goods — 1.9%
	12,900	G-III Apparel Group Ltd. (a)		951,891
	20,900	Iconix Brand Group, Inc. (a)		829,730
	6,100	Perry Ellis International, Inc. (a)		96,319
	2,300	RG Barry Corp.		44,390
	2,600	Vince Holding Corp. (a)		79,742
				2,002,072
		Total Consumer Discretionary		13,537,657
		Consumer Staples — 5.6%
		Beverages — 0.1%
	1,200	Coca-Cola Bottling Co. Consolidated		87,828
		Food & Staples Retailing — 3.4%
	13,400	Andersons, Inc. (The)		1,194,878
	223,400	Rite Aid Corp. (a)		1,130,404
	38,600	Roundy’s, Inc.		380,596
	32,180	Spartan Stores, Inc.		781,331

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Food & Staples Retailing — Continued
	13,100	SUPERVALU, Inc. (a)		95,499
	1,700	Village Super Market, Inc., Class A		52,717
				3,635,425
		Food Products — 1.6%
	40,500	Chiquita Brands International, Inc. (a)		473,850
	5,700	Darling International, Inc. (a)		119,016
	3,100	Fresh Del Monte Produce, Inc.		87,730
	2,600	John B Sanfilippo & Son, Inc.		64,168
	30,900	Pilgrim’s Pride Corp. (a)		502,125
	8,800	Pinnacle Foods, Inc.		241,648
	2,800	Sanderson Farms, Inc.		202,524
				1,691,061
		Personal Products — 0.5%
	5,225	Prestige Brands Holdings, Inc. (a)		187,055
	4,600	Revlon, Inc., Class A (a)		114,816
	3,600	USANA Health Sciences, Inc. (a)		272,088
				573,959
		Total Consumer Staples		5,988,273
		Energy — 4.9%
		Energy Equipment & Services — 1.4%
	9,400	C&J Energy Services, Inc. (a)		217,140
	8,300	Dawson Geophysical Co. (a)		280,706
	10,400	Forum Energy Technologies, Inc. (a)		293,904
	3,200	Gulfmark Offshore, Inc., Class A		150,816
	10,500	Helix Energy Solutions Group, Inc. (a)		243,390
	11,012	Superior Energy Services, Inc. (a)		293,029
				1,478,985
		Oil, Gas & Consumable Fuels — 3.5%
	2,000	Alon USA Energy, Inc.		33,080
	2,300	Bonanza Creek Energy, Inc. (a)		99,981
	11,700	Delek U.S. Holdings, Inc.		402,597
	4,100	Energy XXI Bermuda Ltd., (Bermuda)		110,946
	24,000	EPL Oil & Gas, Inc. (a)		684,000
	8,200	Equal Energy Ltd.		43,788
	64,800	Gastar Exploration Ltd. (a)		448,416
	38,100	Renewable Energy Group, Inc. (a)		436,626
	2,100	REX American Resources Corp. (a)		93,891
	5,100	Stone Energy Corp. (a)		176,409
	16,600	W&T Offshore, Inc.		265,600
	108,800	Warren Resources, Inc. (a)		341,632
	11,600	Western Refining, Inc.		491,956
	700	Westmoreland Coal Co. (a)		13,503

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — Continued
	2,500	World Fuel Services Corp.		107,900
				3,750,325
		Total Energy		5,229,310
		Financials — 21.6%
		Capital Markets — 1.0%
	14,700	BGC Partners, Inc., Class A		89,082
	19,100	Cowen Group, Inc., Class A (a)		74,681
	5,289	Gladstone Capital Corp.		50,774
	26,500	Investment Technology Group, Inc. (a)		544,840
	16,000	Ladenburg Thalmann Financial Services, Inc. (a)		50,080
	5,400	Manning & Napier, Inc.		95,310
	3,400	Piper Jaffray Cos. (a)		134,470
	1,354	Prospect Capital Corp.		15,192
				1,054,429
		Commercial Banks — 7.0%
	3,000	Banco Latinoamericano de Comercio Exterior S.A., (Panama), Class E		84,060
	11,400	BBCN Bancorp, Inc.		189,126
	2,500	BNC Bancorp		42,850
	1,200	Bridge Bancorp, Inc.		31,200
	17,000	Cardinal Financial Corp.		306,000
	6,700	Cathay General Bancorp		179,091
	1,300	Center Bancorp, Inc.		24,388
	3,900	Citizens & Northern Corp.		80,457
	725	City Holding Co.		33,589
	1,340	Community Trust Bancorp, Inc.		60,514
	500	ConnectOne Bancorp, Inc. (a)		19,815
	27,300	East West Bancorp, Inc.		954,681
	2,834	Fidelity Southern Corp.		47,073
	4,100	Financial Institutions, Inc.		101,311
	20,100	First Commonwealth Financial Corp.		177,282
	4,900	First Community Bancshares, Inc.		81,830
	4,600	First Financial Bancorp		80,178
	3,800	First Merchants Corp.		86,488
	29,057	FirstMerit Corp.		645,937
	29,325	Hanmi Financial Corp.		641,924
	2,532	Heartland Financial USA, Inc.		72,896
	3,900	Huntington Bancshares, Inc.		37,635
	975	Iberiabank Corp.		61,279
	1,800	Lakeland Financial Corp.		70,200
	3,500	MainSource Financial Group, Inc.		63,105
	3,200	MetroCorp Bancshares, Inc.		48,224
	800	National Bankshares, Inc.		29,512
	2,571	NBT Bancorp, Inc.		66,589

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Commercial Banks — Continued
	14,300	OFG Bancorp, (Puerto Rico)		247,962
	8,200	Park Sterling Corp.		58,548
	1,200	Peoples Bancorp, Inc.		27,012
	8,300	Pinnacle Financial Partners, Inc.		269,999
	28,400	Popular, Inc., (Puerto Rico) (a)		815,932
	3,900	Preferred Bank (a)		78,195
	4,300	PrivateBancorp, Inc.		124,399
	1,300	Prosperity Bancshares, Inc.		82,407
	4,750	Sierra Bancorp		76,428
	12,635	Southwest Bancorp, Inc. (a)		201,149
	11,700	Susquehanna Bancshares, Inc.		150,228
	1,300	SVB Financial Group (a)		136,318
	3,100	Texas Capital Bancshares, Inc. (a)		192,820
	2,300	WesBanco, Inc.		73,600
	3,600	West Bancorporation, Inc.		56,952
	57,600	Wilshire Bancorp, Inc.		629,568
				7,538,751
		Consumer Finance — 3.1%
	2,000	Cash America International, Inc.		76,600
	16,046	DFC Global Corp. (a)		183,727
	8,600	Encore Capital Group, Inc. (a)		432,236
	4,000	Ezcorp, Inc., Class A (a)		46,760
	15,900	Green Dot Corp., Class A (a)		399,885
	5,600	JGWPT Holdings, Inc., Class A (a)		97,384
	6,400	Nelnet, Inc., Class A		269,696
	5,700	Portfolio Recovery Associates, Inc. (a)		301,188
	19,000	Regional Management Corp. (a)		644,670
	5,500	Springleaf Holdings, Inc. (a)		139,040
	8,025	World Acceptance Corp. (a)		702,428
				3,293,614
		Insurance — 2.5%
	34,100	American Equity Investment Life Holding Co.		899,558
	6,325	Aspen Insurance Holdings Ltd., (Bermuda)		261,286
	43,000	CNO Financial Group, Inc.		760,670
	2,200	Crawford & Co., Class B		20,328
	5,300	HCI Group, Inc.		283,550
	1,500	Horace Mann Educators Corp.		47,310
	11,500	Maiden Holdings Ltd., (Bermuda)		125,695
	1,200	Montpelier Re Holdings Ltd., (Bermuda)		34,920
	3,100	Selective Insurance Group, Inc.		83,886
	1,300	Stewart Information Services Corp.		41,951
	3,400	United Fire Group, Inc.		97,444
	1,006	Validus Holdings Ltd., (Bermuda)		40,532
				2,697,130

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 6.6%
	800	Agree Realty Corp.		23,216
	3,783	American Campus Communities, Inc.		121,850
	81,400	Anworth Mortgage Asset Corp.		342,694
	3,480	Ashford Hospitality Prime, Inc.		63,336
	17,400	Ashford Hospitality Trust, Inc.		144,072
	59,700	Capstead Mortgage Corp.		721,176
	12,500	CBL & Associates Properties, Inc.		224,500
	7,700	Chatham Lodging Trust		157,465
	6,700	Chesapeake Lodging Trust		169,443
	10,000	CoreSite Realty Corp.		321,900
	22,200	Cousins Properties, Inc.		228,660
	24,975	DCT Industrial Trust, Inc.		178,072
	8,200	DDR Corp.		126,034
	2,700	EastGroup Properties, Inc.		156,411
	20,200	Education Realty Trust, Inc.		178,164
	36,500	First Industrial Realty Trust, Inc.		636,925
	14,000	GEO Group, Inc. (The)		451,080
	7,400	Glimcher Realty Trust		69,264
	1,350	Home Properties, Inc.		72,387
	5,300	LaSalle Hotel Properties		163,558
	3,400	LTC Properties, Inc.		120,326
	995	Mid-America Apartment Communities, Inc.		60,436
	2,700	Parkway Properties, Inc.		52,083
	6,700	Pebblebrook Hotel Trust		206,092
	9,525	Pennsylvania Real Estate Investment Trust		180,785
	18,400	Potlatch Corp.		768,016
	2,075	PS Business Parks, Inc.		158,571
	14,000	RAIT Financial Trust		125,580
	2,400	Ramco-Gershenson Properties Trust		37,776
	17,400	Redwood Trust, Inc.		337,038
	18,000	RLJ Lodging Trust		437,760
	1,200	Sun Communities, Inc.		51,168
	4,200	Sunstone Hotel Investors, Inc.		56,280
				7,142,118
		Real Estate Management & Development — 0.2%
	6,100	RE/MAX Holdings, Inc., Class A (a)		195,627
		Thrifts & Mortgage Finance — 1.2%
	2,000	BofI Holding, Inc. (a)		156,860
	5,100	HomeStreet, Inc.		102,000
	2,500	OceanFirst Financial Corp.		42,825
	17,075	Ocwen Financial Corp. (a)		946,809
				1,248,494
		Total Financials		23,170,163

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Health Care — 11.5%
		Biotechnology — 2.5%
	1,500	Acorda Therapeutics, Inc. (a)		43,800
	6,200	Aegerion Pharmaceuticals, Inc. (a)		439,952
	500	Agios Pharmaceuticals, Inc. (a)		11,975
	2,800	Alnylam Pharmaceuticals, Inc. (a)		180,124
	11,500	AMAG Pharmaceuticals, Inc. (a)		279,105
	6,000	Celldex Therapeutics, Inc. (a)		145,260
	1,900	Foundation Medicine, Inc. (a)		45,258
	12,300	Infinity Pharmaceuticals, Inc. (a)		169,863
	1,900	Karyopharm Therapeutics, Inc. (a)		43,548
	1,000	MacroGenics, Inc. (a)		27,430
	6,700	Ophthotech Corp. (a)		216,745
	4,800	Pharmacyclics, Inc. (a)		507,744
	1,700	Raptor Pharmaceutical Corp. (a)		22,134
	4,800	Synageva BioPharma Corp. (a)		310,656
	53,300	Threshold Pharmaceuticals, Inc. (a)		248,911
				2,692,505
		Health Care Equipment & Supplies — 2.6%
	4,600	ArthroCare Corp. (a)		185,104
	17,100	Greatbatch, Inc. (a)		756,504
	1,300	Insulet Corp. (a)		48,230
	35,000	NuVasive, Inc. (a)		1,131,550
	4,000	PhotoMedex, Inc. (a)		51,800
	2,000	Sirona Dental Systems, Inc. (a)		140,400
	9,600	STERIS Corp.		461,280
				2,774,868
		Health Care Providers & Services — 2.7%
	20,913	Amsurg Corp. (a)		960,325
	10,200	Centene Corp. (a)		601,290
	13,186	Cross Country Healthcare, Inc. (a)		131,596
	35,100	Gentiva Health Services, Inc. (a)		435,591
	13,400	Molina Healthcare, Inc. (a)		465,650
	8,600	Owens & Minor, Inc.		314,416
	1,900	Providence Service Corp. (The) (a)		48,868
				2,957,736
		Health Care Technology — 0.1%
	4,200	Veeva Systems, Inc., Class A (a)		134,820
		Life Sciences Tools & Services — 0.5%
	20,300	Cambrex Corp. (a)		361,949
	3,700	Furiex Pharmaceuticals, Inc. (a)		155,437
				517,386
		Pharmaceuticals — 3.1%
	2,200	Cornerstone Therapeutics, Inc. (a)		20,878
	10,000	Impax Laboratories, Inc. (a)		251,400

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — Continued
	5,800	Jazz Pharmaceuticals plc, (Ireland) (a)		734,048
	25,300	Lannett Co., Inc. (a)		837,430
	27,300	Medicines Co. (The) (a)		1,054,326
	5,600	Questcor Pharmaceuticals, Inc.		304,920
	17,300	Sciclone Pharmaceuticals, Inc. (a)		87,192
				3,290,194
		Total Health Care		12,367,509
		Industrials — 16.1%
		Aerospace & Defense — 2.2%
	13,800	AAR Corp. (m)		386,538
	1,100	Curtiss-Wright Corp.		68,453
	22,300	Engility Holdings, Inc. (a)		744,820
	4,700	Esterline Technologies Corp. (a)		479,212
	9,300	Triumph Group, Inc.		707,451
				2,386,474
		Air Freight & Logistics — 0.3%
	3,400	Atlas Air Worldwide Holdings, Inc. (a)		139,910
	3,200	Park-Ohio Holdings Corp. (a)		167,680
				307,590
		Airlines — 1.6%
	9,700	Alaska Air Group, Inc.		711,689
	76,200	Republic Airways Holdings, Inc. (a)		814,578
	11,800	SkyWest, Inc.		174,994
				1,701,261
		Building Products — 0.1%
	975	Gibraltar Industries, Inc. (a)		18,125
	4,800	Norcraft Cos., Inc. (a)		94,176
				112,301
		Commercial Services & Supplies — 3.7%
	10,682	ABM Industries, Inc.		305,398
	14,300	ARC Document Solutions, Inc. (a)		117,546
	6,400	Ceco Environmental Corp.		103,488
	73,500	Cenveo, Inc. (a)		252,840
	21,850	Deluxe Corp.		1,140,352
	2,200	Herman Miller, Inc.		64,944
	23,200	Kimball International, Inc., Class B		348,696
	10,100	Knoll, Inc.		184,931
	15,800	Quad/Graphics, Inc.		430,234
	25,100	Steelcase, Inc., Class A		398,086
	1,100	UniFirst Corp.		117,700
	3,400	United Stationers, Inc.		156,026
	12,700	Viad Corp.		352,806
				3,973,047

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Construction & Engineering — 0.8%
	2,200	Argan, Inc.		60,632
	9,375	EMCOR Group, Inc.		397,875
	13,318	Tutor Perini Corp. (a)		350,263
				808,770
		Electrical Equipment — 1.6%
	3,700	Acuity Brands, Inc.		404,484
	11,000	Brady Corp., Class A		340,230
	6,100	EnerSys, Inc.		427,549
	5,200	Generac Holdings, Inc.		294,528
	3,900	LSI Industries, Inc.		33,813
	2,800	Regal-Beloit Corp.		206,416
				1,707,020
		Machinery — 3.2%
	8,200	Albany International Corp., Class A		294,626
	4,900	Barnes Group, Inc.		187,719
	4,100	Columbus McKinnon Corp. (a)		111,274
	1,043	EnPro Industries, Inc. (a)		60,129
	13,300	Federal Signal Corp. (a)		194,845
	6,100	FreightCar America, Inc.		162,382
	7,400	Global Brass & Copper Holdings, Inc.		122,470
	3,800	Hardinge, Inc.		54,986
	3,300	Hyster-Yale Materials Handling, Inc.		307,428
	6,300	Kadant, Inc.		255,276
	4,600	LB Foster Co., Class A		217,534
	8,300	NN, Inc.		167,577
	800	Standex International Corp.		50,304
	8,200	Trimas Corp. (a)		327,098
	15,600	Wabash National Corp. (a)		192,660
	7,600	Wabtec Corp.		564,452
	1,000	Watts Water Technologies, Inc., Class A		61,870
	9,200	Xerium Technologies, Inc. (a)		151,708
				3,484,338
		Professional Services — 1.2%
	7,300	Barrett Business Services, Inc.		677,002
	3,000	Heidrick & Struggles International, Inc.		60,420
	4,200	Insperity, Inc.		151,746
	1,700	Kelly Services, Inc., Class A		42,398
	6,500	RPX Corp. (a)		109,850
	5,600	TrueBlue, Inc. (a)		144,368
	1,900	VSE Corp.		91,219
				1,277,003
		Road & Rail — 0.8%
	500	AMERCO (a)		118,920

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — Continued
	2,100	Avis Budget Group, Inc. (a)		84,882
	18,700	Quality Distribution, Inc. (a)		239,921
	3,150	Saia, Inc. (a)		100,958
	13,100	Swift Transportation Co. (a)		290,951
	2,200	Universal Truckload Services, Inc.		67,122
				902,754
		Trading Companies & Distributors — 0.6%
	6,975	Applied Industrial Technologies, Inc.		342,403
	900	Beacon Roofing Supply, Inc. (a)		36,252
	2,800	United Rentals, Inc. (a)		218,260
				596,915
		Total Industrials		17,257,473
		Information Technology — 17.1%
		Communications Equipment — 1.1%
	20,382	ARRIS Group, Inc. (a)		496,607
	12,400	Aviat Networks, Inc. (a)		28,024
	2,000	CalAmp Corp. (a)		55,940
	23,300	Extreme Networks, Inc. (a)		163,100
	52,400	Harmonic, Inc. (a)		386,712
	1,800	Oplink Communications, Inc. (a)		33,480
	7,100	PC-Tel, Inc.		67,947
				1,231,810
		Computers & Peripherals — 0.6%
	10,700	Avid Technology, Inc. (a)		87,205
	17,200	QLogic Corp. (a)		203,476
	26,700	Silicon Graphics International Corp. (a)		358,047
	5,500	Violin Memory, Inc. (a)		21,780
				670,508
		Electronic Equipment, Instruments & Components — 2.9%
	15,300	Audience, Inc. (a)		178,092
	25,700	Benchmark Electronics, Inc. (a)		593,156
	12,000	Insight Enterprises, Inc. (a)		272,520
	2,100	Littelfuse, Inc.		195,153
	9,500	Newport Corp. (a)		171,665
	62,900	Sanmina Corp. (a)		1,050,430
	10,000	SYNNEX Corp. (a)		674,000
				3,135,016
		Internet Software & Services — 2.4%
	21,100	Carbonite, Inc. (a)		249,613
	5,200	Chegg, Inc. (a)		44,252
	8,700	Cornerstone OnDemand, Inc. (a)		464,058
	1,100	Digital River, Inc. (a)		20,350
	1,800	IntraLinks Holdings, Inc. (a)		21,798

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Internet Software & Services — Continued
	4,400	Stamps.com, Inc. (a)		185,240
	22,500	support.com, Inc. (a)		85,275
	26,551	United Online, Inc.		365,342
	27,244	WebMD Health Corp. (a)		1,076,138
	900	Xoom Corp. (a)		24,633
				2,536,699
		IT Services — 2.9%
	16,025	CSG Systems International, Inc.		471,135
	2,000	EVERTEC, Inc., (Puerto Rico)		49,320
	38,900	Global Cash Access Holdings, Inc. (a)		388,611
	20,200	iGATE Corp. (a)		811,232
	35,500	Unisys Corp. (a)		1,191,735
	5,902	VeriFone Systems, Inc. (a)		158,292
				3,070,325
		Semiconductors & Semiconductor Equipment — 4.0%
	6,450	Alpha & Omega Semiconductor Ltd. (a)		49,729
	20,875	Amkor Technology, Inc. (a)		127,964
	5,800	Brooks Automation, Inc.		60,842
	18,006	Entegris, Inc. (a)		208,869
	16,000	First Solar, Inc. (a)		874,240
	12,800	Integrated Silicon Solution, Inc. (a)		154,752
	10,400	Lattice Semiconductor Corp. (a)		57,304
	200	M/A-COM Technology Solutions Holdings, Inc. (a)		3,398
	3,800	Nanometrics, Inc. (a)		72,390
	9,400	Pericom Semiconductor Corp. (a)		83,284
	23,922	Photronics, Inc. (a)		216,016
	25,600	Silicon Image, Inc. (a)		157,440
	16,700	Skyworks Solutions, Inc. (a)		476,952
	23,100	Spansion, Inc., Class A (a)		320,859
	73,500	SunEdison, Inc. (a)		959,175
	46,600	Ultra Clean Holdings, Inc. (a)		467,398
				4,290,612
		Software — 3.2%
	28,284	Actuate Corp. (a)		218,070
	10,300	Advent Software, Inc.		360,397
	1,406	Aspen Technology, Inc. (a)		58,771
	2,000	FireEye, Inc. (a)		87,220
	1,500	Manhattan Associates, Inc. (a)		176,220
	2,900	Monotype Imaging Holdings, Inc.		92,394
	22,200	Pegasystems, Inc.		1,091,796
	7,640	PTC, Inc. (a)		270,379
	1,300	Rovi Corp. (a)		25,597
	42,700	Take-Two Interactive Software, Inc. (a)		741,699

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — Continued
	53,600	TeleCommunication Systems, Inc., Class A (a)		124,352
	15,400	Telenav, Inc. (a)		101,486
	3,700	TIBCO Software, Inc. (a)		83,176
				3,431,557
		Total Information Technology		18,366,527
		Materials — 3.8%
		Chemicals — 1.9%
	6,900	A Schulman, Inc.		243,294
	2,600	American Pacific Corp. (a)		96,876
	10,900	Axiall Corp.		517,096
	800	FutureFuel Corp.		12,640
	4,600	H.B. Fuller Co.		239,384
	1,000	Innospec, Inc.		46,220
	6,600	Koppers Holdings, Inc.		301,950
	7,700	Minerals Technologies, Inc.		462,539
	12,000	OMNOVA Solutions, Inc. (a)		109,320
				2,029,319
		Construction Materials — 0.0% (g)
	5,300	Headwaters, Inc. (a)		51,887
		Containers & Packaging — 1.0%
	40,900	Graphic Packaging Holding Co. (a)		392,640
	6,075	Rock Tenn Co., Class A		637,936
				1,030,576
		Metals & Mining — 0.6%
	4,500	SunCoke Energy, Inc. (a)		102,645
	12,900	Worthington Industries, Inc.		542,832
				645,477
		Paper & Forest Products — 0.3%
	5,400	Boise Cascade Co. (a)		159,192
	9,500	Resolute Forest Products, Inc., (Canada) (a)		152,190
				311,382
		Total Materials		4,068,641
		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 1.3%
	4,300	Atlantic Tele-Network, Inc.		243,251
	9,700	IDT Corp., Class B		173,339
	63,700	Inteliquent, Inc.		727,454
	16,700	Premiere Global Services, Inc. (a)		193,553
	4,850	Straight Path Communications, Inc., Class B (a)		39,722
				1,377,319

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Wireless Telecommunication Services — 0.0% (g)
	3,700	USA Mobility, Inc.		52,836
		Total Telecommunication Services		1,430,155
		Utilities — 2.6%
		Electric Utilities — 1.9%
	9,725	El Paso Electric Co.		341,445
	3,400	Empire District Electric Co. (The)		77,146
	5,600	IDACORP, Inc.		290,304
	1,900	MGE Energy, Inc.		110,010
	27,475	Portland General Electric Co.		829,745
	5,425	UNS Energy Corp.		324,686
	1,900	Westar Energy, Inc.		61,123
				2,034,459
		Gas Utilities — 0.6%
	419	AGL Resources, Inc.		19,789
	900	Chesapeake Utilities Corp.		54,018
	3,300	Laclede Group, Inc. (The)		150,282
	4,700	New Jersey Resources Corp.		217,328
	1,500	Northwest Natural Gas Co.		64,230
	2,700	Southwest Gas Corp.		150,957
	1,700	WGL Holdings, Inc.		68,102
				724,706
		Water Utilities — 0.1%
	900	Artesian Resources Corp., Class A		20,655

SHARES		SECURITY DESCRIPTION	VALUE($)
		Water Utilities — Continued
	5,800	Consolidated Water Co., Ltd., (Cayman Islands)		81,780
				102,435
		Total Utilities		2,861,600
		Total Common Stocks (Cost $69,168,432)		104,277,308
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.2%
	215,000	U.S. Treasury Note, 0.250%, 11/30/14 (k) (Cost $215,225)		215,193
SHARES
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	3,122,262	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010%, (b) (l) (m) (Cost $3,122,262)		3,122,262
		Total Investments — 100.2% (Cost $72,505,919)		107,614,763
		Liabilities in Excess of Other Assets — (0.2)%		(230,723	)
		NET ASSETS — 100.0%	$	107,384,040

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 12/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	27	E-mini Russell 2000		03/21/14	$	3,135,780	$	136,596

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)	—  The rate shown is the current yield as of December 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2013

	Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	104,492,501
Investments in affiliates, at value		3,122,262
Total investment securities, at value		107,614,763
Receivables:
Investment securities sold		216,457
Portfolio shares sold		272,420
Interest and dividends from non-affiliates		93,274
Dividends from affiliates		47
Variation margin on futures contracts		12,960
Total Assets		108,209,921
LIABILITIES:
Payables:
Investment securities purchased		353,177
Portfolio shares redeemed		340,428
Accrued liabilities:
Investment advisory fees		57,029
Administration fees		7,430
Distribution fees		448
Custodian and accounting fees		21,277
Trustees’ and Chief Compliance Officer’s fees		36
Other		46,056
Total Liabilities		825,881
Net Assets	$	107,384,040
NET ASSETS:
Paid-in-Capital	$	64,704,019
Accumulated undistributed net investment income		214,690
Accumulated net realized gains (losses)		7,219,891
Net unrealized appreciation (depreciation)		35,245,440
Total Net Assets	$	107,384,040
Net Assets:
Class 1	$	105,229,638
Class 2		2,154,402
Total	$	107,384,040
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		4,379,243
Class 2		90,122
Net Asset Value, offering and redemption price per share (a):
Class 1	$	24.03
Class 2		23.91
Cost of investments in non-affiliates	$	69,383,657
Cost of investments in affiliates		3,122,262

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

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Small Cap Core Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	995,186
Dividend income from affiliates		1,009
Interest income from non-affiliates		344
Total investment income		996,539
EXPENSES:
Investment advisory fees		569,492
Administration fees		73,789
Distribution fees — Class 2		5,270
Custodian and accounting fees		58,940
Professional fees		44,104
Trustees’ and Chief Compliance Officer’s fees		892
Printing and mailing costs		26,414
Transfer agent fees		10,533
Other		11,249
Total expenses		800,683
Less amounts waived		(4,734	)
Net expenses		795,949
Net investment income (loss)		200,590
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		10,778,127
Futures		734,619
Net realized gains (losses)		11,512,746
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		18,736,137
Futures		68,322
Change in net unrealized appreciation/depreciation		18,804,459
Net realized/unrealized gains (losses)		30,317,205
Change in net assets resulting from operations	$	30,517,795

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 13

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Small Cap Core Portfolio
	Year Ended 12/31/2013			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	200,590		$	512,635
Net realized gain (loss)		11,512,746			5,187,005
Change in net unrealized appreciation/depreciation		18,804,459			5,749,684
Change in net assets resulting from operations		30,517,795			11,449,324
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(465,407	)		(127,898	)
Class 2
From net investment income		(8,021	)		—
Total distributions to shareholders		(473,428	)		(127,898	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,630,419			(2,782,957	)
NET ASSETS:
Change in net assets		38,674,786			8,538,469
Beginning of period		68,709,254			60,170,785
End of period	$	107,384,040		$	68,709,254
Accumulated undistributed net investment income	$	214,690		$	492,227
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	33,235,115		$	13,872,549
Distributions reinvested		465,407			127,898
Cost of shares redeemed		(24,490,483	)		(16,667,963	)
Change in net assets resulting from Class 1 capital transactions	$	9,210,039		$	(2,667,516	)
Class 2
Proceeds from shares issued	$	114,156		$	101,342
Distributions reinvested		8,021			—
Cost of shares redeemed		(701,797	)		(216,783	)
Change in net assets resulting from Class 2 capital transactions	$	(579,620	)	$	(115,441	)
Total change in net assets resulting from capital transactions	$	8,630,419		$	(2,782,957	)
SHARE TRANSACTIONS:
Class 1
Issued		1,627,113			865,809
Reinvested		25,009			8,284
Redeemed		(1,202,427	)		(1,051,374	)
Change in Class 1 Shares		449,695			(177,281	)
Class 2
Issued		5,488			6,653
Reinvested		432			—
Redeemed		(33,532	)		(13,633	)
Change in Class 2 Shares		(27,612	)		(6,980	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2013 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Small Cap Core Portfolio (f)
Class 1
Year Ended December 31, 2013	$	16.98	$	0.05	(g)(h)	$	7.11		$	7.16		$	(0.11	)	$	—		$	(0.11	)
Year Ended December 31, 2012		14.22		0.13	(i)		2.66			2.79			(0.03	)		—			(0.03	)
Year Ended December 31, 2011		14.95		0.04			(0.75	)		(0.71	)		(0.02	)		—			(0.02	)
Year Ended December 31, 2010		11.76		0.02			3.17			3.19			—			—			—
Year Ended December 31, 2009		9.84		0.05			2.11			2.16			(0.08	)		(0.16	)		(0.24	)
Class 2
Year Ended December 31, 2013		16.90		(0.01	)(g)(h)		7.09			7.08			(0.07	)		—			(0.07	)
Year Ended December 31, 2012		14.16		0.09	(i)		2.65			2.74			—			—			—
Year Ended December 31, 2011		14.91		—	(j)		(0.75	)		(0.75	)		—			—			—
Year Ended December 31, 2010		11.76		(0.01	)		3.16			3.15			—			—			—
April 24, 2009 (k) through December 31, 2009		9.03		0.01			2.73			2.74			(0.01	)		—			(0.01	)

(a) Annualized for periods less than one year.

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

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

(d) Includes earning credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Small Cap Core Portfolio acquired all of the assets and liabilities of JPMorgan Small Company Portfolio (“Predecessor Portfolio”) in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by Small Cap Core Portfolio and have been used since the reorganization. As a result, the financial highlight information reflects that of the Predecessor Portfolio for the periods prior to its reorganization with Small Cap Core Portfolio.

(g) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.01 and $(0.05) for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.03% and (0.24)% for Class 1 and Class 2 Shares, respectively.

(h) Calculated based upon average shares outstanding.

(i) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.04 and less than $0.01 for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.28% and 0.02% for Class 1 and Class 2 Shares, respectively.

(j) Amount rounds to less than $0.01.

(k) Because of the reorganization with the Predecessor Portfolio in which the performance and financial history of the Small Cap Core Portfolio was replaced with that of the Predecessor Portfolio, the performance and the financial history began on April 24, 2009.

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	24.03		42.38	%	$	105,229,638		0.90	%		0.24	%(g)		0.91	%		56	%
	16.98		19.66			66,719,964		0.94			0.80	(i)		0.94			44
	14.22		(4.77	)		58,405,012		0.95			0.23			0.95			46
	14.95		27.13			70,355,671		0.99			0.13			1.04			45
	11.76		22.58			56,761,095		0.98			0.42			1.34			55
	23.91		42.02			2,154,402		1.16			(0.03	)(g)		1.16			56
	16.90		19.35			1,989,290		1.19			0.54	(i)		1.19			44
	14.16		(5.03	)		1,765,773		1.20			(0.02	)		1.20			46
	14.91		26.79			1,995,231		1.24			(0.09	)		1.28			45
	11.76		30.37			901,951		1.17			0.26			1.45			55

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
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 distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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)	$	107,399,570	$	215,193	$	—	$	107,614,763
Appreciation in Other Financial Instruments
Futures Contracts	$	136,596	$	—	$	—	$	136,596

(a) All portfolio holdings designated in Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for future collateral. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended December 31, 2013.

B. Restricted and Illiquid Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Portfolio. As of December 31, 2013, 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.

As of December 31, 2013 the Portfolio had no investments in illiquid securities.

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

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

The 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.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2013:

Futures Contracts:
Average Notional Balance Long	$	2,544,226
Ending Notional Balance Long		3,135,780

The Portfolio’s futures contracts are not subject to master netting arrangements.

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

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

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

F. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (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, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distributions from net investment income 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 net investment income			Accumulated net realized gains (losses)
$	2,109	$	(4,699	)	$	2,590

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 the Investment Advisory Agreement, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.65%.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2013, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, 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. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) and Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	1.03	%		1.28	%

The expense limitation agreements were in effect for the year ended December 31, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the year ended December 31, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Voluntary Waivers
Investment Advisory		Total
$	73	$	73

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2013 was $4,661.

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

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in 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, 2013, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2013, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2013, 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
$	56,170,293	$	47,250,233	$	215,252	$	110,000

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	73,322,525	$	35,664,308	$	1,372,070	$	34,292,238

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, 2013 was as follows:

Total Distributions Paid From:
Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	473,428	$	—	$	473,428

The tax character of distributions paid during the year ended December 31, 2012 was as follows:

Total Distributions Paid From:
Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	127,898	$	—	$	127,898

As of December 31, 2013, the 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 or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	605,826	$	7,708,208	$	34,292,238

The cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of futures contracts and deferred REIT distribution.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

As of December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017			Total
$	460,140	*	$	460,140	*

* This entire amount is comprised of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards of $2,577,894.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at December 31, 2013, or at any time during the year then ended.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

The Portfolio has a shareholder holding a significant percentage of shares outstanding. Investment activities of this shareholder could have a material impact on the Portfolio.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 23

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Insurance Trust Small Cap Core Portfolio (a separate Portfolio of JPMorgan Insurance Trust) (hereafter referred to as the “Portfolio”) at December 31, 2013, 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 then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 21, 2014

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	170	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts.
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	170	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	170	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	170	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	170	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	170	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	170	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	170	Director, Radio Shack Corp. (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	170	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 25

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	170	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	170	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	170	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	170	Trustee, The Victory Portfolios (2000-2008) (investment companies).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (170 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Portfolio’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

   * The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 27

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, 2013, and continued to hold your shares at the end of the reporting period, December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2013		Ending Account Value December 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	1,214.90	$	5.02		0.90	%
Hypothetical		1,000.00		1,020.67		4.58		0.90
Class 2
Actual		1,000.00		1,213.70		6.47		1.16
Hypothetical		1,000.00		1,019.36		5.90		1.16

* 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).

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). 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 “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 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Portfolio’s performance compared to the performance of the Portfolio’s peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. The Adviser also periodically provides comparative information regarding the Portfolio’s expense ratios and those of the peer groups. 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, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Portfolio and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Portfolio and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Portfolio and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the 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 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. 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 also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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 on 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.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 29

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 data. The Trustees recognized that this data 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 on their review, 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.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Board 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.

The Trustees also considered that JPMFM earns fees from the Portfolio for providing administrative 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. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Portfolio does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee break-

point, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Portfolio benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Portfolio. The Trustees also considered the complexity of investment management for the Portfolio relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for the Portfolio in a report prepared by Lipper. 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 Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe Group. The Lipper 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 Lipper 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 the Portfolio’s performance was in the first, second, and second quintiles for Class 1 shares for the one-, three-, and five-year periods ended December 31, 2012, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and,

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Portfolio to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Portfolio. The Trustees recognized that Lipper 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. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in

place for the Portfolio and considered the net advisory fee rate after taking into account any 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 in the first and second quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 31

TAX LETTER

(Unaudited)

Certain tax information for the Portfolio is required to be provided to shareholders based upon the Portfolio’s income and distributions for the taxable year ended December 31, 2013. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Portfolio hereby designates 100.00% or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended December 31, 2013.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Adviser. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2014. All rights reserved. December 2013. AN-JPMITSCCP-1213

Annual Report

JPMorgan Insurance Trust

December 31, 2013

JPMorgan Insurance Trust U.S. Equity Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
   

CONTENTS

CEO’S Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	9
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	19
Trustees	20
Officers	22
Schedule of Shareholder Expenses	23
Board Approval of Investment Advisory Agreement	24
Tax Letter	27

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

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

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

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

CEO’S LETTER

JANUARY 23, 2014 (Unaudited)

Dear Shareholder,

Equities markets in developed economies performed strongly in the face of periodic spikes in volatility throughout the twelve months ended December 31, 2013. Healthy corporate earnings and incremental but steady improvements in a range of economic indicators provided a positive backdrop for investors seeking returns in the low interest rate environment. While political discord in Washington injected volatility into the market, a bipartisan budget agreement at the end of the year relieved much of the political uncertainty created by partisan brinkmanship over the so-called fiscal cliff and the partial shutdown of the federal government in October. In the first half of the year, the U.S. Federal Reserve (“Fed”) announced its intention to taper off its $85 billion in monthly asset purchases and the statement weakened investor sentiment and set off widespread speculation about the timing and magnitude of such a move. The Fed followed through in December, deciding to reduce its monthly purchases by $10 billion. The news, along with robust gains in jobs, housing and consumer sentiment, drove U.S. equities to new highs. The S&P 500 stock index hit seven closing highs in the final month of the reporting period, finishing 2013 with its best performance since 1997.

  “While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains.”

Overseas, the European Central Bank reaffirmed its commitment to accommodative monetary policy and to the euro itself. In the second quarter of the year, the European Union (EU) returned to positive growth and at the end of the year, Ireland became the first nation to exit from its European Union bailout program. The Fed’s decision to curb its asset purchases also sent equities higher in Europe, as investors viewed the move as a sign of further economic stability. In Japan, equity markets rebounded to their best year since 1988, benefitting from Prime Minister Shinzo Abe’s efforts to revive the economy. Low returns on bonds and short-term debt instruments also drove investors into stocks.

Emerging market equities were weaker overall. As of December 31, 2013, the MSCI Emerging Markets Index returned -2.3% for the year. China’s economy showed signs of slower growth during the year and the Fed’s decision to taper its asset purchase program set off speculation that the maturation of the emerging markets credit cycle would push yield-seeking investors to rotate into developed markets.

Taper Talk Pressures Bonds

Fixed income markets generally remained weak during the year, as central bankers across the globe held interest rates at

historic lows. However, benchmark bond yields rose on an annual basis for the first time since 2009. During the year, the Fed’s talk of tapering off its Quantitative Easing (QE) program hurt fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period higher. The yield for 10-year U.S. Treasury securities ended December 31, 2013 at 3.04%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.38% and 3.96%, respectively. High-yield debt returned 7.4% for the year, as measured by the Barclays US High Yield Corporate Index, while other U.S. debt securities and emerging market debt both had negative returns.

While global economic growth accelerated during the year, the U.S. recovery in particular showed stronger fundamentals and the Fed’s decision to taper its QE program was a response to the improved picture. Europe emerged from its lengthy recession and the worst of the fiscal crises seem to be behind it, though unemployment remains strikingly high in many EU nations. Japan made progress toward ending persistent deflation, but Tokyo’s monetary and fiscal stimulus has sharply weakened the yen, putting other Asian exporting nations — notably China and South Korea — at a competitive disadvantage. Emerging market economies may face further headwinds as foreign investment shrinks and economic growth moderates from recent strength. Moreover, political instability — already apparent in Thailand and Turkey — may surface in other emerging market nations as governments struggle to deliver improved living standards and respond to demands for political reforms.

The Long-Term Lens

We welcome the Fed’s move to curb its QE program as a sign that the U.S. economy’s need for artificial stimulus is waning. While a repeat of the equity performance we experienced in 2013 may be a tall order, we believe stocks in the U.S. and Europe may continue to show gains. In the fixed-income market, persistent weakness has led to attractive valuations in some sectors. The past year’s market swings and intermittent volatility underlined the importance of maintaining a long-term view of your investment portfolio and the benefits derived from diversified holdings.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	36.22%
S&P 500 Index	32.39%
Net Assets as of 12/31/2013	$93,009,813

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Overall, the U.S. equity market performed strongly during the 12 months ended December 31, 2013, as a tepid economic recovery continued to gain strength from healthy corporate earnings, along with improvements in employment, housing and consumer sentiment. The Standard & Poor’s 500 Index (the “Benchmark”) retreated at mid-year amid investor uncertainty about the U.S. Federal Reserve Board’s (the “Fed”) intent to taper off its monthly purchases of $85 billion in Treasuries and mortgage-backed securities. Interest rates rose sharply higher, pressuring prices for both stocks and bonds. Partisan brinkmanship in Washington added to the uncertainty, starting with the standoff over the so-called fiscal cliff in January and followed by the partial shutdown of the federal government in October. A bipartisan budget agreement toward the end of the year relieved some of the political uncertainty. During the year, U.S. unemployment claims fell from 7.9% in January to 7.0%, with slight upticks in joblessness at midyear and in October. Adding to the positive trend were advances in housing prices and auto sales in the second half of the year, and a rebound in consumer sentiment to a five-month high in December. The Standard & Poor’s 500 Index hit 42 record closings during the year — the most since 1998 — including seven record high closings in the final month of the year. The Benchmark racked up a 32.26% gain for the year.

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

The Portfolio (Class 1 Shares) outperformed the Benchmark for the twelve months ended December 31, 2013. The Portfolio’s stock selection in the pharmaceuticals/medical technology sector and its underweight position in the real estate investment trust (REIT) sector contributed to relative performance,

while stock selection in the systems & network hardware sector and the health services & systems sector detracted from relative performance.

Individual contributors to relative performance included the Portfolio’s overweight positions in Avago Technologies Ltd. and Biogen Idec Inc. and its underweight position in IBM Corp. Avago is a semiconductor manufacturer based in Singapore. The company’s shares benefited from its planned $6.6 billion purchase of LSI Corp. Biogen Idec, a biotechnology company, rose sharply after European regulators granted the company 10 years of exclusivity for its multiple sclerosis treatment Tecfidera. IBM, a diversified information technology company, was the worst performing among the 30 components of the Dow Jones Industrial Average during 2013. The company’s inability to increase revenue and reports of weak growth in its Watson model computer pressured the stock throughout the year.

Individual detractors from relative performance included Walter Industries Inc., Ace Ltd. and Gilead Sciences Inc. Shares of Walter Industries, a producer and exporter of coal and related products, fell on weak profitability due to lower prices for its metallurgical coal, used in the global production of steel. Shares of Ace, a provider of property and casualty insurance and reinsurance, came under pressure as investors forecast softness in premiums. While shares of Gilead, a biopharmaceutical company, performed well during the period, the Portfolio’s underweight position in the stock hurt relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth. As a result of the Portfolio’s bottom-up fundamental approach to stock selection, the Portfolio was overweight versus the Benchmark in the semiconductors, media and auto & transportation sectors. The Portfolio was underweight versus the Benchmark in the consumer stable, REITs and industrial cyclical sectors.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Johnson & Johnson	3.9	%
	2.	Google, Inc., Class A	3.0
	3.	Apple, Inc.	2.9
	4.	Wells Fargo & Co.	2.8
	5.	Time Warner, Inc.	2.5
	6.	Exxon Mobil Corp.	2.3
	7.	United Technologies Corp.	2.2
	8.	Schlumberger Ltd.	2.2
	9.	UnitedHealth Group, Inc.	2.2
	10.	Microsoft Corp.	2.1

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	20.8	%
Consumer Discretionary	15.9
Financials	15.3
Health Care	13.2
Industrials	10.6
Energy	10.5
Consumer Staples	6.0
Materials	4.1
Utilities	1.5
Telecommunication Services	0.9
Short-Term Investment	1.2

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

** “S&P 500 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor, and is in no way affiliated with, the Portfolio.

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

**** Percentages indicated are based on total investments as of December 31, 2013. The Portfolio’s composition is subject to change.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		3/30/95		36.22	%		19.01	%		8.14	%
CLASS 2 SHARES		8/16/06		35.90			18.71			7.94

TEN YEAR PERFORMANCE (12/31/03 TO 12/31/13)

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. Effective November 1, 2006, the Portfolio’s investment objective and strategies changed. Although past performance is not necessarily an indication of how the Portfolio will perform in the future, in view of these changes, the Portfolio’s performance record prior to this period might be less relevant for investors considering whether to purchase shares of the Portfolio.

Returns for the Class 2 Shares prior to its inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than those shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust U.S. Equity Portfolio, the S&P 500 Index and the Lipper Variable Underlying Funds Large-Cap Core Funds Index from December 31, 2003 to December 31, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if

any. The performance of the S&P 500 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Variable Underlying Funds Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods 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, 2013

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.9%
		Consumer Discretionary — 15.9%
		Auto Components — 0.4%
	1,350	Dana Holding Corp.		26,487
	7,291	Johnson Controls, Inc.		374,028
				400,515
		Automobiles — 2.1%
	47,320	General Motors Co. (a)		1,933,968
		Hotels, Restaurants & Leisure — 1.4%
	4,710	McDonald’s Corp.		457,011
	6,950	Royal Caribbean Cruises Ltd.		329,569
	7,082	Yum! Brands, Inc.		535,470
				1,322,050
		Household Durables — 0.8%
	5,930	Lennar Corp., Class A		234,591
	70	NVR, Inc. (a)		71,821
	4,520	PulteGroup, Inc.		92,072
	6,120	Toll Brothers, Inc. (a)		226,440
	390	Whirlpool Corp.		61,175
				686,099
		Internet & Catalog Retail — 1.5%
	2,310	Amazon.com, Inc. (a)		921,205
	410	priceline.com, Inc. (a)		476,584
				1,397,789
		Media — 5.5%
	7,640	CBS Corp. (Non-Voting), Class B		486,974
	25,280	Comcast Corp., Class A		1,313,675
	5,740	DISH Network Corp., Class A (a)		332,461
	2,450	Time Warner Cable, Inc.		331,975
	33,010	Time Warner, Inc.		2,301,457
	4,980	Walt Disney Co. (The)		380,472
				5,147,014
		Specialty Retail — 3.3%
	1,150	AutoZone, Inc. (a)		549,631
	15,570	Home Depot, Inc. (The)		1,282,034
	10,550	Lowe’s Cos., Inc.		522,753
	11,680	TJX Cos., Inc.		744,366
				3,098,784
		Textiles, Apparel & Luxury Goods — 0.9%
	3,680	Lululemon Athletica, Inc., (Canada) (a)		217,231
	9,030	V.F. Corp.		562,930
				780,161
		Total Consumer Discretionary		14,766,380

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 6.1%
		Beverages — 1.5%
	19,840	Coca-Cola Co. (The)		819,590
	1,000	Constellation Brands, Inc., Class A (a)		70,380
	100	Molson Coors Brewing Co., Class B		5,615
	6,220	PepsiCo, Inc.		515,887
				1,411,472
		Food & Staples Retailing — 1.4%
	3,820	Costco Wholesale Corp.		454,618
	9,560	CVS Caremark Corp.		684,210
	2,190	Wal-Mart Stores, Inc.		172,331
				1,311,159
		Food Products — 0.8%
	3,828	General Mills, Inc.		191,055
	14,639	Mondelez International, Inc., Class A		516,757
				707,812
		Household Products — 1.5%
	4,320	Colgate-Palmolive Co.		281,707
	13,937	Procter & Gamble Co. (The)		1,134,611
				1,416,318
		Tobacco — 0.9%
	8,930	Philip Morris International, Inc.		778,071
		Total Consumer Staples		5,624,832
		Energy — 10.5%
		Energy Equipment & Services — 2.9%
	4,320	Ensco plc, (United Kingdom), Class A		247,018
	7,770	Halliburton Co.		394,327
	22,528	Schlumberger Ltd.		2,029,998
				2,671,343
		Oil, Gas & Consumable Fuels — 7.6%
	5,370	Anadarko Petroleum Corp.		425,948
	2,140	Apache Corp.		183,912
	4,450	Cheniere Energy, Inc. (a)		191,884
	9,830	Chevron Corp.		1,227,865
	970	EOG Resources, Inc.		162,805
	21,135	Exxon Mobil Corp.		2,138,862
	9,276	Marathon Oil Corp.		327,443
	4,650	Marathon Petroleum Corp.		426,545
	10,757	Occidental Petroleum Corp.		1,022,991
	5,980	Phillips 66		461,237
	7,320	QEP Resources, Inc.		224,358
	7,220	Williams Cos., Inc. (The)		278,475
				7,072,325
		Total Energy		9,743,668

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Financials — 15.3%
		Capital Markets — 3.1%
	3,610	Ameriprise Financial, Inc.		415,331
	2,896	Goldman Sachs Group, Inc. (The)		513,345
	13,380	Invesco Ltd.		487,032
	27,831	Morgan Stanley		872,780
	990	Northern Trust Corp.		61,271
	5,720	State Street Corp.		419,791
	3,005	TD Ameritrade Holding Corp.		92,073
				2,861,623
		Commercial Banks — 3.1%
	2,510	SunTrust Banks, Inc.		92,393
	57,033	Wells Fargo & Co.		2,589,298
	6,830	Zions Bancorporation		204,627
				2,886,318
		Consumer Finance — 0.7%
	1,500	American Express Co.		136,095
	6,260	Capital One Financial Corp.		479,579
				615,674
		Diversified Financial Services — 4.3%
	104,789	Bank of America Corp.		1,631,565
	27,684	Citigroup, Inc.		1,442,613
	4,250	IntercontinentalExchange Group, Inc.		955,910
				4,030,088
		Insurance — 3.9%
	15,768	ACE Ltd., (Switzerland)		1,632,461
	400	Axis Capital Holdings Ltd., (Bermuda)		19,028
	8,380	Hartford Financial Services Group, Inc.		303,607
	12,170	Marsh & McLennan Cos., Inc.		588,541
	18,600	MetLife, Inc.		1,002,912
	1,290	Prudential Financial, Inc.		118,964
				3,665,513
		Real Estate Investment Trusts (REITs) — 0.2%
	1,070	Simon Property Group, Inc.		162,811
		Total Financials		14,222,027
		Health Care — 13.2%
		Biotechnology — 3.1%
	560	Aegerion Pharmaceuticals, Inc. (a)		39,738
	3,420	Alexion Pharmaceuticals, Inc. (a)		455,065
	3,786	Biogen Idec, Inc. (a)		1,059,133
	5,109	Celgene Corp. (a)		863,217
	6,310	Vertex Pharmaceuticals, Inc. (a)		468,833
				2,885,986

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — 0.4%
	2,370	Baxter International, Inc.		164,833
	3,020	Stryker Corp.		226,923
				391,756
		Health Care Providers & Services — 3.1%
	4,500	Humana, Inc.		464,490
	2,550	McKesson Corp.		411,570
	26,570	UnitedHealth Group, Inc.		2,000,721
				2,876,781
		Health Care Technology — 0.3%
	4,947	Cerner Corp. (a)		275,746
		Pharmaceuticals — 6.3%
	26,270	Bristol-Myers Squibb Co.		1,396,251
	39,680	Johnson & Johnson		3,634,291
	13,702	Merck & Co., Inc.		685,785
	720	Perrigo Co. plc		110,491
				5,826,818
		Total Health Care		12,257,087
		Industrials — 10.6%
		Aerospace & Defense — 3.7%
	14,210	Honeywell International, Inc.		1,298,368
	940	Textron, Inc.		34,554
	18,255	United Technologies Corp.		2,077,419
				3,410,341
		Airlines — 0.4%
	12,400	Delta Air Lines, Inc.		340,628
	1,730	United Continental Holdings, Inc. (a)		65,446
				406,074
		Building Products — 0.5%
	18,390	Masco Corp.		418,740
		Construction & Engineering — 1.4%
	15,710	Fluor Corp.		1,261,356
	800	Jacobs Engineering Group, Inc. (a)		50,392
				1,311,748
		Electrical Equipment — 1.3%
	6,260	Eaton Corp. plc, (Ireland)		476,511
	10,998	Emerson Electric Co.		771,840
				1,248,351
		Machinery — 1.5%
	2,580	Flowserve Corp.		203,382
	15,583	PACCAR, Inc.		922,046
	890	Pentair Ltd., (Switzerland)		69,126
	2,070	SPX Corp.		206,193
				1,400,747

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Road & Rail — 1.6%
	31,930	CSX Corp.		918,626
	840	Norfolk Southern Corp.		77,977
	3,130	Union Pacific Corp.		525,840
				1,522,443
		Trading Companies & Distributors — 0.2%
	690	W.W. Grainger, Inc.		176,240
		Total Industrials		9,894,684
		Information Technology — 20.8%
		Communications Equipment — 3.0%
	60,513	Cisco Systems, Inc.		1,358,517
	18,944	QUALCOMM, Inc.		1,406,592
				2,765,109
		Computers & Peripherals — 3.2%
	4,778	Apple, Inc.		2,680,983
	6,720	Hewlett-Packard Co.		188,026
	1,390	SanDisk Corp.		98,051
				2,967,060
		Internet Software & Services — 4.2%
	18,220	eBay, Inc. (a)		1,000,095
	930	Facebook, Inc., Class A (a)		50,834
	2,452	Google, Inc., Class A (a)		2,747,981
	600	LinkedIn Corp., Class A (a)		130,098
				3,929,008
		IT Services — 2.0%
	2,660	Accenture plc, (Ireland), Class A		218,705
	880	Alliance Data Systems Corp. (a)		231,379
	2,920	Cognizant Technology Solutions Corp., Class A (a)		294,862
	7,027	Genpact Ltd., (Bermuda) (a)		129,086
	4,530	Visa, Inc., Class A		1,008,740
				1,882,772
		Semiconductors & Semiconductor Equipment — 4.2%
	1,940	Altera Corp.		63,108
	34,587	Applied Materials, Inc.		611,844
	22,580	Avago Technologies Ltd., (Singapore)		1,194,256
	4,440	Broadcom Corp., Class A		131,646
	8,830	Freescale Semiconductor Ltd. (a)		141,722
	8,680	KLA-Tencor Corp.		559,513
	15,626	Lam Research Corp. (a)		850,836
	10,770	Teradyne, Inc. (a)		189,767
	3,760	Xilinx, Inc.		172,659
				3,915,351

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — 4.2%
	8,200	Adobe Systems, Inc. (a)		491,016
	4,310	Citrix Systems, Inc. (a)		272,607
	53,173	Microsoft Corp.		1,990,265
	28,610	Oracle Corp.		1,094,619
	700	VMware, Inc., Class A (a)		62,797
				3,911,304
		Total Information Technology		19,370,604
		Materials — 4.1%
		Chemicals — 1.9%
	2,170	Air Products & Chemicals, Inc.		242,563
	4,744	Axiall Corp.		225,055
	13,230	Dow Chemical Co. (The)		587,412
	2,120	Methanex Corp., (Canada)		125,589
	4,940	Monsanto Co.		575,757
				1,756,376
		Containers & Packaging — 0.1%
	2,540	Ball Corp.		131,217
		Metals & Mining — 2.0%
	47,264	Alcoa, Inc.		502,416
	26,773	Freeport-McMoRan Copper & Gold, Inc.		1,010,413
	12,120	United States Steel Corp.		357,540
				1,870,369
		Paper & Forest Products — 0.1%
	1,080	International Paper Co.		52,952
		Total Materials		3,810,914
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.9%
	17,133	Verizon Communications, Inc.		841,916
		Utilities — 1.5%
		Electric Utilities — 0.9%
	5,660	American Electric Power Co., Inc.		264,548
	6,980	NextEra Energy, Inc.		597,628
				862,176
		Multi-Utilities — 0.6%
	1,890	DTE Energy Co.		125,477
	1,890	NiSource, Inc.		62,143
	4,000	Sempra Energy		359,040
				546,660
		Total Utilities		1,408,836
		Total Common Stocks (Cost $72,455,134)		91,940,948

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	1,125,474	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.020% (b) (l) (m) (Cost $1,125,474)		1,125,474
		Total Investments — 100.1% (Cost $73,580,608)		93,066,422
		Liabilities in Excess of Other Assets — (0.1)%		(56,609	)
		NET ASSETS — 100.0%	$	93,009,813

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—  The rate shown is the current yield as of December 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2013

	U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	91,940,948
Investments in affiliates, at value		1,125,474
Total investment securities, at value		93,066,422
Cash		4
Deposits at broker for futures contracts		30,000
Receivables:
Investment securities sold		159,980
Portfolio shares sold		13,157
Dividends from non-affiliates		116,568
Dividends from affiliates		30
Variation margin on futures contracts		376
Total Assets		93,386,537
LIABILITIES:
Payables:
Investment securities purchased		167,016
Portfolio shares redeemed		98,131
Accrued liabilities:
Investment advisory fees		42,589
Administration fees		6,535
Distribution fees		1,182
Custodian and accounting fees		17,683
Trustees’ and Chief Compliance Officer’s fees		6
Audit fees		32,627
Other		10,955
Total Liabilities		376,724
Net Assets	$	93,009,813
NET ASSETS:
Paid-in-capital	$	83,576,540
Accumulated undistributed net investment income		863,588
Accumulated net realized gains (losses)		(10,916,129	)
Net unrealized appreciation (depreciation)		19,485,814
Total Net Assets	$	93,009,813
Net Assets:
Class 1	$	87,386,499
Class 2		5,623,314
Total	$	93,009,813
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,686,187
Class 2		239,018
Net Asset Value, offering and redemption price per share (a):
Class 1	$	23.71
Class 2		23.53
Cost of investments in non-affiliates	$	72,455,134
Cost of investments in affiliates		1,125,474

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	U.S. Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,553,453
Dividend income from affiliates		509
Total investment income		1,553,962
EXPENSES:
Investment advisory fees		473,048
Administration fees		72,450
Distribution fees — Class 2		10,817
Custodian and accounting fees		55,666
Professional fees		44,094
Trustees’ and Chief Compliance Officer’s fees		967
Printing and mailing costs		21,033
Transfer agent fees		6,660
Other		11,742
Total expenses		696,477
Less amounts waived		(7,242	)
Net expenses		689,235
Net investment income (loss)		864,727
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		14,628,349
Futures		10,003
Net realized gains (losses)		14,638,352
Change in net unrealized appreciation/depreciation of investments in non-affiliates		11,045,456
Net realized/unrealized gains (losses)		25,683,808
Change in net assets resulting from operations	$	26,548,535

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	U.S. Equity Portfolio
	Year Ended 12/31/2013			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	864,727		$	1,105,544
Net realized gain (loss)		14,638,352			6,884,767
Change in net unrealized appreciation/depreciation		11,045,456			4,991,571
Change in net assets resulting from operations		26,548,535			12,981,882
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(1,052,526	)		(1,180,771	)
Class 2
From net investment income		(48,143	)		(6,619	)
Total distributions to shareholders		(1,100,669	)		(1,187,390	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(9,581,704	)		(12,575,245	)
NET ASSETS:
Change in net assets		15,866,162			(780,753	)
Beginning of period		77,143,651			77,924,404
End of period	$	93,009,813		$	77,143,651
Accumulated undistributed net investment income	$	863,588		$	1,099,051
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	2,543,616		$	4,403,061
Distributions reinvested		1,052,526			1,180,771
Cost of shares redeemed		(16,291,346	)		(19,321,461	)
Change in net assets resulting from Class 1 capital transactions	$	(12,695,204	)	$	(13,737,629	)
Class 2
Proceeds from shares issued	$	6,820,537		$	2,637,685
Distributions reinvested		48,143			6,619
Cost of shares redeemed		(3,755,180	)		(1,481,920	)
Change in net assets resulting from Class 2 capital transactions	$	3,113,500		$	1,162,384
Total change in net assets resulting from capital transactions	$	(9,581,704	)	$	(12,575,245	)
SHARE TRANSACTIONS:
Class 1
Issued		123,990			266,533
Reinvested		54,705			71,389
Redeemed		(797,599	)		(1,146,973	)
Change in Class 1 Shares		(618,904	)		(809,051	)
Class 2
Issued		339,617			152,326
Reinvested		2,517			401
Redeemed		(173,975	)		(86,904	)
Change in Class 2 Shares		168,159			65,823

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
U.S. Equity Portfolio
Class 1
Year Ended December 31, 2013	$	17.63	$	0.21	(d)	$	6.13		$	6.34		$	(0.26	)
Year Ended December 31, 2012		15.22		0.23	(d)		2.43			2.66			(0.25	)
Year Ended December 31, 2011		15.69		0.18	(d)		(0.46	)		(0.28	)		(0.19	)
Year Ended December 31, 2010		13.93		0.16	(d)		1.73			1.89			(0.13	)
Year Ended December 31, 2009		10.74		0.19			3.32			3.51			(0.32	)
Class 2
Year Ended December 31, 2013		17.54		0.16	(d)		6.08			6.24			(0.25	)
Year Ended December 31, 2012		15.18		0.22	(d)		2.39			2.61			(0.25	)
Year Ended December 31, 2011		15.65		0.14	(d)		(0.46	)		(0.32	)		(0.15	)
Year Ended December 31, 2010		13.91		0.12	(d)		1.72			1.84			(0.10	)
Year Ended December 31, 2009		10.71		0.13			3.35			3.48			(0.28	)

(a) 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.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	23.71		36.29	%	$	87,386,499		0.79	%		1.02	%		0.80	%		80	%
	17.63		17.58			75,900,979		0.79			1.40			0.81			71
	15.22		(1.87	)		77,847,972		0.79			1.15			0.79			70
	15.69		13.58			132,548,805		0.79			1.10			0.82			75
	13.93		33.68			150,671,602		0.80			1.45			0.91			88
	23.53		35.90			5,623,314		1.02			0.77			1.04			80
	17.54		17.28			1,242,672		1.01			1.27			1.05			71
	15.18		(2.09	)		76,432		1.04			0.94			1.05			70
	15.65		13.28			18,015		1.04			0.86			1.07			75
	13.91		33.34			15,902		1.05			1.21			1.17			88

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
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 distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 securities are not necessarily an indication of the risk associated with investing in those securities.

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)	$	93,066,422	$	—	$	—	$	93,066,422

(a) All Portfolio holdings designated as Level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended December 31, 2013.

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

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

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

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2013:

Futures Contracts:
Average Notional Balance Long	$	127,876
Ending Notional Balance Long		—

The Portfolio’s futures contracts are not subject to master netting arrangements.

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

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

D. Allocation of Income and Expenses — Expenses directly attributable to a portfolio are charged directly to that portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios. In calculating the NAV of each class, investment

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (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, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Distributions to Shareholders — Distributions from net investment income 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 net investment income		Accumulated net realized gains (losses)
$	(1	)	$	479	$	(478	)

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.55%.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2013, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, 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. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) and Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	0.80	%		1.05	%

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

The expense limitation agreement was in effect for the year ended December 31, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the year ended December 31, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Administration		Total
$	5,309	$	5,309

Voluntary Waivers
Investment Advisory		Total
$	33	$	33

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2013 was $1,900.

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

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in 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, 2013, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2013, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	67,244,869	$	77,441,892

During the year ended December 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	75,339,108	$	17,851,964	$	124,650	$	17,727,314

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

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 (continued)

The tax character of distributions paid during the year ended December 31, 2013 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	1,100,669	$	1,100,669

The tax character of distributions paid during the year ended December 31, 2012 was as follows:

Total Distributions Paid From:
Ordinary Income		Total Distributions Paid
$	1,187,390	$	1,187,390

As of December 31, 2013, the 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 or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	867,655	$	(9,157,629	)	$	17,727,314

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

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

As of December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017
$	9,157,629

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards of $13,245,969.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at December 31, 2013, or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

The Portfolio has several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Insurance Trust U.S. Equity Portfolio (a separate Portfolio of JPMorgan Insurance Trust) (hereafter referred to as the “Portfolio”) at December 31, 2013, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 21, 2014

DECEMBER 31, 2013 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 Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	170	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts.
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	170	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	170	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	170	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	170	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	170	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	170	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	170	Director, Radio Shack Corp. (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	170	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	170	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	170	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	170	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	170	Trustee, The Victory Portfolios (2000-2008) (investment companies).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (170 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Portfolio’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 21

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

  * The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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, 2013, and continued to hold your shares at the end of the reporting period, December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2013		Ending Account Value December 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,187.90	$	4.30		0.78	%
Hypothetical		1,000.00		1,021.27		3.97		0.78
Class 2
Actual		1,000.00		1,186.60		5.68		1.03
Hypothetical		1,000.00		1,020.01		5.24		1.03

* 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, 2013 JPMORGAN INSURANCE TRUST 23

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Portfolio whose annual report is contained herein (the “Advisory Agreement”). 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 “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 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Portfolio’s performance compared to the performance of the Portfolio’s peers and benchmarks and analyses by the Adviser of the Portfolio’s performance. The Adviser also periodically provides comparative information regarding the Portfolio’s expense ratios and those of the peer groups. 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, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Portfolio and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Portfolio and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Portfolio under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Portfolio and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the 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 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. 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 also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser 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 on 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.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

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 data. The Trustees recognized that this data 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 on their review, 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.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Portfolio. The Board 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.

The Trustees also considered that JPMFM earns fees from the Portfolio for providing administrative 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. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Portfolio does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market

fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Portfolio benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Portfolio. The Trustees also considered the complexity of investment management for the Portfolio relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. 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 for the Portfolio in a report prepared by Lipper. 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 Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe Group. The Lipper 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 Lipper 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 the Portfolio’s performance was in the first, second, and first quintiles for Class 1 shares for the one-, three-, and five-year periods ended December 31, 2012, 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 performance was reasonable.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Portfolio to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Portfolio. The Trustees recognized that Lipper 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. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Portfolio and considered the net advisory fee rate

after taking into account any 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 in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2013

TAX LETTER

(Unaudited)

Certain tax information for the Portfolio is required to be provided to shareholders based upon the Portfolio’s income and distributions for the taxable year ended December 31, 2013. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Portfolio hereby designates 100% or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended December 31, 2013.

DECEMBER 31, 2013 JPMORGAN INSURANCE TRUST 27

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Adviser. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2014. All rights reserved. December 2013. AN-JPMITUSEP-1213

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 12(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 Mitch Merin. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

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

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

AUDIT FEES

2013 – $284,515

2012 – $273,200

(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

2013 – $66,450

2012 – $108,070

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

2013 – $67,690

2012 – $53,900

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended December 31, 2013 and 2012, 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

2013 – Not applicable

2012 – 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.

2013 – 0.0%

2012 – 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.

None.

(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:

2013 - $33.9 million

2012 - $33.2 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. SCHEDULE OF 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.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

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.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

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. EXHIBITS.

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

(a)(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.

(a)(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.

(a)(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/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	March 4, 2014

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/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	March 4, 2014

By:	/s/ Joy C. Dowd
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	March 4, 2014

EX-99.CODE

EX-99 COD ETH 2

JPMorgan Trust I

JPMorgan Trust II

Undiscovered Managers Funds

JPMorgan Insurance Trust

JPMorgan Institutional Trust

J. P. Morgan Mutual Fund Investment Trust

J. P. Morgan Fleming Mutual Fund Group, Inc.

J. P. Morgan Mutual Fund Group

J.P. Morgan Access Multi-Strategy Fund, LLC

J.P. Morgan Access Multi-Strategy Fund II

Pacholder High Yield Fund, Inc.

Code of Ethics for Principal Executive

and Principal Financial Officers

Persons covered by this Code of Ethics:
Robert L. Young	Principal Executive Officer
Joy C. Dowd	Principal Financial Officer*
Lauren A. Paino	Principal Financial Officer**

*For all Trusts other than J.P. Morgan Access Multi-Strategy Fund, L.L.C. and J.P. Morgan Access Multi-Strategy Fund II

**For J.P. Morgan Access Multi-Strategy Fund, L.L.C. and J.P. Morgan Access Multi-Strategy Fund II

1. Covered Officers/ Purpose of the Code

a. This Sarbanes-Oxley Code of Ethics for the JPMorgan Funds (the “Funds”) applies to the Fund’s Principal Executive Officer and Principal Financial Officer (the “Covered Officers”) for the purpose of promoting

i. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

ii. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

iii. Compliance with applicable laws and governmental rules and regulations;

iv. The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and

v. Accountability for adherence to this Sarbanes-Oxley Code of Ethics.

b. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

2. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Funds and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the “Funds Principal Service Providers”) of which the Covered Officers are also officers

or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund’s Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

3. Each Covered Officer must:

a. Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

b. Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;

c. Complete on an annual basis the Funds’ Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships

4. In furtherance of the above, below are some examples of conflict of interest: situations that should be discussed with the Investment Adviser’s Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:

a. Serving as a director on the board of any public, private company or not for profit organization;

b. The receipt of any gifts in excess of $100;

c. The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;

d. Any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than the Funds Principal Service Providers.;

e. A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer’s employment with the Funds’ Principal Service Providers.

5. Disclosure and Compliance

a. Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;

b. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s directors and auditors, and/or to governmental regulators and self-regulatory organizations;

c. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;

6. Reporting and Accountability

a. Each covered officer must:

i. Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

ii. Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;

iii. Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and

iv. Notify the Funds’ Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.

b. Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.

c. The Funds’ Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds’ Board.

d. The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:

i. The Funds’ Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;

ii. If, after such investigation, the Funds’ Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

iii. Any matter the Funds’ Chief Compliance Officer believes to be a violation will be reported to the Funds’ Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;

iv. The Funds’ Board will be responsible for granting waivers, as appropriate; and

v. Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds’ Board as provided by SEC rules.

7. This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds’ and their investment adviser’s codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser’s more detailed policies and procedures set forth in the Investment Adviser’s Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.

8. Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of independent directors or trustees.

9. All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.

10. All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EX-99.CERT

EXHIBIT (B)(1)

CERTIFICATIONS

I, Robert L. Young, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Insurance Trust Core Bond Portfolio, JPMorgan Insurance Trust Equity Index Portfolio, JPMorgan Insurance Trust International Equity Portfolio, JPMorgan Insurance Trust Intrepid Growth Portfolio, JPMorgan Insurance Trust Intrepid Mid Cap Portfolio, JPMorgan Insurance Trust Mid Cap Growth Portfolio, JPMorgan Insurance Trust Mid Cap Value Portfolio, JPMorgan Insurance Trust Small Cap Core Portfolio and JPMorgan Insurance Trust U.S. Equity Portfolio, each a series of JPMorgan Insurance Trust (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 4, 2014

/s/ Robert L. Young

Robert L. Young

President and Principal Executive Officer

CERTIFICATIONS

I, Joy C. Dowd, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Insurance Trust Core Bond Portfolio, JPMorgan Insurance Trust Equity Index Portfolio, JPMorgan Insurance Trust International Equity Portfolio, JPMorgan Insurance Trust Intrepid Growth Portfolio, JPMorgan Insurance Trust Intrepid Mid Cap Portfolio, JPMorgan Insurance Trust Mid Cap Growth Portfolio, JPMorgan Insurance Trust Mid Cap Value Portfolio, JPMorgan Insurance Trust Small Cap Core Portfolio and JPMorgan Insurance Trust U.S. Equity Portfolio, each a series of JPMorgan Insurance Trust (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 4, 2014

/s/ Joy C. Dowd

Joy C. Dowd

Treasurer and Principal Financial Officer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of JPMorgan Insurance Trust Core Bond Portfolio, JPMorgan Insurance Trust Equity Index Portfolio, JPMorgan Insurance Trust International Equity Portfolio, JPMorgan Insurance Trust Intrepid Growth Portfolio, JPMorgan Insurance Trust Intrepid Mid Cap Portfolio, JPMorgan Insurance Trust Mid Cap Growth Portfolio, JPMorgan Insurance Trust Mid Cap Value Portfolio, JPMorgan Insurance Trust Small Cap Core Portfolio and JPMorgan Insurance Trust U.S. Equity Portfolio, each a series of JPMorgan Insurance Trust (the “Registrant”);

I, Robert L. Young, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/ Robert L. Young

Robert L. Young

President and Principal Executive Officer

March 4, 2014

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of JPMorgan Insurance Trust Core Bond Portfolio, JPMorgan Insurance Trust Equity Index Portfolio, JPMorgan Insurance Trust International Equity Portfolio, JPMorgan Insurance Trust Intrepid Growth Portfolio, JPMorgan Insurance Trust Intrepid Mid Cap Portfolio, JPMorgan Insurance Trust Mid Cap Growth Portfolio, JPMorgan Insurance Trust Mid Cap Value Portfolio, JPMorgan Insurance Trust Small Cap Core Portfolio and JPMorgan Insurance Trust U.S. Equity Portfolio, each a series of JPMorgan Insurance Trust (the “Registrant”);

I, Joy C. Dowd, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/ Joy C. Dowd

Joy C. Dowd

Treasurer and Principal Financial Officer

March 4, 2014

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.