UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07874

JPMorgan Insurance Trust

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2019 through December 31, 2019

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, 2019

JPMorgan Insurance Trust Core Bond Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	35
Financial Highlights	38
Notes to Financial Statements	40
Report of Independent Registered Public Accounting Firm	48
Trustees	49
Officers	52
Schedule of Shareholder Expenses	53
Board Approval of Investment Advisory Agreement	54

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

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

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

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

LETTER TO SHAREHOLDERS

February 10, 2020 (Unaudited)

Dear Shareholders,

We’ve entered 2020 with strong momentum at J.P. Morgan Asset Management, propelled by a strong 2019 for financial markets that included a 31.5% total return in the S&P 500 Index.

  “Our goal remains being the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.” — Andrea L. Lisher

In the first half of 2019, equity markets largely experienced steady gains, bolstered by the U.S. Federal Reserve’s decision to hold off increases in interest rates as well as investor optimism over U.S.-China trade negotiations and continued growth in corporate earnings. In the second half of the year, global equity prices were also supported by an initial U.S.-China trade agreement and by accommodative policies of leading global central banks, including a reduction in interest rates and a resumption of monthly asset purchases by the European Central Bank. These tailwinds overshadowed investor concerns about Brexit and weak economic data.

While 2019 was largely a rewarding year for investors, 2020 may bring increased market volatility amid geo-political tensions, the U.S. elections and the late-economic-cycle backdrop. On the other hand, leading central banks have clearly signaled they will remain supportive of continued economic expansion, which should also support financial markets. We believe investors who maintain a well-diversified portfolio and a long-term outlook will be best positioned in the year ahead.

Our goal remains to be the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		8.18%
Bloomberg Barclays U.S. Aggregate Index		8.72%
Net Assets as of 12/31/2019	$	380,459,813
Duration as of 12/31/2019		5.8 years

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

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

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

The Portfolio’s Class 1 shares underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”) for the twelve months ended December 31, 2019.

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

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

The Portfolio’s overweight position in the 5-to-10 year portion of the yield curve and underweight position in short-term maturities also contributed to performance relative to the

Benchmark. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

HOW WAS THE PORTFOLIO POSITIONED?

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

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

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	24.9	%
Corporate Bonds	22.9
Mortgage-Backed Securities	18.3
Asset-Backed Securities	11.8
Collateralized Mortgage Obligations	9.2
Commercial Mortgage-Backed Securities	4.7
U.S. Government Agency Securities	3.4
Others (each less than 1.0%)	0.3
Short-Term Investments	4.5

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

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

*** Percentages indicated are based on total investments as of December 31, 2019. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997		8.18	%		2.97	%		3.99	%
CLASS 2 SHARES	August 16, 2006		7.87			2.69			3.73

TEN YEAR PERFORMANCE (12/31/09 TO 12/31/19)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Core Bond Portfolio, the Bloomberg Barclays U.S. Aggregate Index and the Lipper Variable Underlying Funds Core Bond Funds Index from December 31, 2009 to December 31, 2019. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Core Bond Funds Index includes expenses associated with a mutual fund, such as

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

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 24.8%
U.S. Treasury Bonds
8.00%, 11/15/2021		338,000		377,405
5.38%, 2/15/2031		4,500		6,035
4.50%, 2/15/2036		276,000		365,589
5.00%, 5/15/2037		250,000		353,489
4.38%, 2/15/2038		1,214,000		1,613,008
4.25%, 5/15/2039		105,000		138,023
4.38%, 11/15/2039		1,415,000		1,891,523
3.88%, 8/15/2040		100,000		125,890
3.13%, 2/15/2043		500,000		566,362
2.88%, 5/15/2043		2,420,000		2,633,204
3.63%, 8/15/2043		2,715,000		3,325,504
3.75%, 11/15/2043		1,952,000		2,438,132
3.63%, 2/15/2044		2,345,000		2,878,294
2.50%, 2/15/2045		6,000,000		6,114,293
2.88%, 8/15/2045		500,000		545,906
3.00%, 11/15/2045		1,000,000		1,117,358
2.25%, 8/15/2046		3,063,400		2,973,312
3.00%, 2/15/2048		90,000		101,058
3.13%, 5/15/2048		176,200		202,651
2.88%, 5/15/2049		160,000		176,158
2.25%, 8/15/2049		1,370,000		1,327,402
U.S. Treasury Inflation Indexed Bonds
3.63%, 4/15/2028		300,000		610,541
2.50%, 1/15/2029		100,000		144,439
U.S. Treasury Notes
1.38%, 4/30/2020		125,000		124,883
3.50%, 5/15/2020		450,000		453,006
1.50%, 7/15/2020		200,000		199,874
2.63%, 11/15/2020		200,000		201,668
2.38%, 12/31/2020		100,000		100,698
3.63%, 2/15/2021		650,000		664,146
2.25%, 4/30/2021		115,000		115,955
2.63%, 5/15/2021		154,500		156,600
3.13%, 5/15/2021		600,000		612,162
2.00%, 5/31/2021		300,000		301,602
2.13%, 8/15/2021		500,000		504,078
1.25%, 10/31/2021		3,500,000		3,477,965
2.00%, 10/31/2021		100,000		100,720
1.88%, 11/30/2021		950,000		955,255
1.75%, 2/28/2022		3,300,000		3,311,198
1.63%, 8/31/2022		1,000,000		1,000,326
1.75%, 9/30/2022		150,000		150,526
1.50%, 2/28/2023		525,000		522,842
1.75%, 5/15/2023		3,079,000		3,088,812
2.75%, 5/31/2023		46,000		47,665

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
2.50%, 8/15/2023		600,000		617,536
1.38%, 8/31/2023		700,000		693,017
1.63%, 10/31/2023		2,000,000		1,996,612
2.13%, 2/29/2024		94,000		95,663
2.50%, 5/15/2024		30,000		31,015
2.00%, 6/30/2024		10,000		10,130
2.25%, 11/15/2024		112,000		114,826
2.00%, 2/15/2025		1,000,000		1,013,443
2.88%, 4/30/2025		146,000		154,454
2.13%, 5/15/2025		500,000		509,792
2.88%, 5/31/2025		318,000		336,510
2.00%, 8/15/2025		728,600		737,810
2.25%, 11/15/2025		610,000		625,938
1.63%, 2/15/2026		59,400		58,811
1.50%, 8/15/2026		28,000		27,426
2.00%, 11/15/2026		84,000		84,873
2.25%, 2/15/2027		108,000		110,900
2.75%, 2/15/2028		65,000		69,209
2.88%, 5/15/2028		940,800		1,011,974
1.63%, 8/15/2029		115,000		111,943
U.S. Treasury STRIPS Bonds
2.49%, 5/15/2020 (a)		3,693,000		3,670,390
1.77%, 8/15/2020 (a)		2,120,000		2,098,545
2.36%, 2/15/2021 (a)		910,000		893,596
2.04%, 5/15/2021 (a)		1,590,000		1,555,515
2.16%, 8/15/2021 (a)		1,800,000		1,753,943
3.20%, 11/15/2021 (a)		675,000		654,736
2.76%, 2/15/2022 (a)		970,000		936,407
2.72%, 5/15/2022 (a)		760,000		730,483
3.14%, 8/15/2022 (a)		75,000		71,820
2.84%, 11/15/2022 (a)		500,000		476,929
2.99%, 2/15/2023 (a)		2,690,000		2,554,958
2.66%, 5/15/2023 (a)		2,420,000		2,284,351
2.22%, 8/15/2023 (a)		1,890,000		1,776,778
2.68%, 11/15/2023 (a)		173,000		161,668
1.68%, 2/15/2024 (a)		327,000		304,052
3.31%, 11/15/2024 (a)		110,000		100,830
3.75%, 2/15/2025 (a)		50,000		45,583
5.10%, 5/15/2026 (a)		100,000		88,575
3.52%, 8/15/2026 (a)		23,000		20,282
3.65%, 11/15/2026 (a)		250,000		219,124
4.17%, 2/15/2027 (a)		300,000		261,341
3.68%, 5/15/2027 (a)		725,000		627,041
3.31%, 8/15/2027 (a)		250,000		215,342
4.04%, 11/15/2027 (a)		710,000		607,824
3.08%, 2/15/2028 (a)		27,000		22,927

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — continued
2.96%, 5/15/2028 (a)		140,000		118,170
7.39%, 8/15/2028 (a)		50,000		42,013
4.13%, 2/15/2029 (a)		658,000		545,987
3.95%, 11/15/2029 (a)		200,000		162,893
4.82%, 5/15/2030 (a)		300,000		241,667
3.98%, 8/15/2030 (a)		300,000		239,712
3.62%, 11/15/2030 (a)		500,000		396,753
4.55%, 2/15/2031 (a)		350,000		276,423
3.96%, 5/15/2031 (a)		275,000		215,435
3.32%, 11/15/2031 (a)		760,000		587,094
3.79%, 2/15/2032 (a)		350,000		268,453
3.63%, 5/15/2032 (a)		2,250,000		1,714,887
3.15%, 8/15/2032 (a)		3,300,000		2,496,936
4.28%, 11/15/2032 (a)		800,000		601,319
3.81%, 2/15/2033 (a)		400,000		298,612
3.95%, 5/15/2033 (a)		1,175,000		871,435
6.37%, 8/15/2033 (a)		100,000		73,600
4.41%, 11/15/2033 (a)		1,025,000		749,063
3.92%, 2/15/2034 (a)		775,000		562,147
2.84%, 5/15/2034 (a)		2,200,000		1,585,878
3.36%, 11/15/2034 (a)		50,000		35,508
3.30%, 2/15/2035 (a)		65,000		45,850
3.61%, 5/15/2035 (a)		250,000		175,162
2.36%, 11/15/2041 (a)		100,000		58,179
U.S. Treasury STRIPS Notes 1.71%, 2/15/2020 (a)		5,235,000		5,224,755
Total U.S. Treasury Obligations (Cost $89,150,080)				94,248,410
Corporate Bonds — 22.8%
Aerospace & Defense — 0.4%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		32,000		32,517
Airbus SE (France) 3.15%, 4/10/2027 (b)		164,000		170,218
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024 (b)		45,000		47,541
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (b)		51,000		65,769
Boeing Co. (The) 3.95%, 8/1/2059		140,000		148,971
L3Harris Technologies, Inc. 3.83%, 4/27/2025		60,000		63,974
Lockheed Martin Corp. 4.50%, 5/15/2036		70,000		82,843
Northrop Grumman Corp.
3.20%, 2/1/2027		76,000		79,007
3.25%, 1/15/2028		50,000		52,118
Precision Castparts Corp. 3.25%, 6/15/2025		30,000		31,646

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Aerospace & Defense — continued
Rockwell Collins, Inc. 3.20%, 3/15/2024		28,000		29,120
United Technologies Corp.
3.95%, 8/16/2025		50,000		54,501
6.13%, 7/15/2038		250,000		346,623
4.45%, 11/16/2038		230,000		271,668
4.50%, 6/1/2042		80,000		95,646
4.15%, 5/15/2045		25,000		28,580
3.75%, 11/1/2046		80,000		86,872
				1,687,614
Airlines — 0.0% (c)
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		17,485		18,440
Automobiles — 0.0% (c)
BMW US Capital LLC (Germany) 2.25%, 9/15/2023 (b)		45,000		45,072
Banks — 5.0%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (b)		200,000		217,764
AIB Group plc (Ireland) (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (b) (d)		250,000		264,618
ANZ New Zealand Int’l Ltd. (New Zealand)
3.45%, 1/21/2028 (b)		200,000		210,770
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (b)		230,000		237,392
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.63%),
3.50%, 5/17/2022 (d)		250,000		254,967
3.30%, 1/11/2023		150,000		155,043
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		100,000		101,969
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		26,000		26,626
4.00%, 1/22/2025		114,000		121,540
Series L, 3.95%, 4/21/2025		92,000		98,102
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (d)		100,000		104,548
4.45%, 3/3/2026		69,000		75,722
3.25%, 10/21/2027		514,000		535,242
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		260,000		277,705
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		408,000		427,866
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (d)		280,000		304,757

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (d)		125,000		141,423
(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 3/15/2050 (d)		125,000		149,635
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032 (d)		47,000		49,019
Bank of Nova Scotia (The) (Canada) 4.50%, 12/16/2025		25,000		27,435
Banque Federative du Credit Mutuel SA (France) 2.38%, 11/21/2024 (b)		254,000		253,725
Barclays plc (United Kingdom) 3.65%, 3/16/2025		200,000		208,175
BNP Paribas SA (France) 3.50%, 3/1/2023 (b)		200,000		206,846
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022 (b)		250,000		254,210
Citigroup, Inc.
2.40%, 2/18/2020		50,000		50,020
2.90%, 12/8/2021		100,000		101,620
2.75%, 4/25/2022		200,000		203,054
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (d)		74,000		75,506
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (d)		90,000		93,601
4.40%, 6/10/2025		78,000		84,710
3.40%, 5/1/2026		75,000		78,710
4.45%, 9/29/2027		210,000		231,099
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		250,000		266,212
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (d)		220,000		240,497
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		50,000		54,859
8.13%, 7/15/2039		56,000		93,595
4.75%, 5/18/2046		50,000		59,913
4.65%, 7/23/2048		120,000		149,617
Citizens Financial Group, Inc.
2.38%, 7/28/2021		24,000		24,112
2.85%, 7/27/2026		200,000		203,539
Comerica, Inc. 4.00%, 2/1/2029		150,000		163,666
Commonwealth Bank of Australia (Australia)
2.00%, 9/6/2021 (b)		200,000		200,387
3.45%, 3/16/2023 (b)		80,000		83,332
2.85%, 5/18/2026 (b)		80,000		81,569

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026		450,000		468,357
Credit Agricole SA (France) 3.75%, 4/24/2023 (b)		250,000		261,357
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
3.80%, 6/9/2023		350,000		366,197
3.75%, 3/26/2025		250,000		264,378
Danske Bank A/S (Denmark) 2.00%, 9/8/2021 (b)		200,000		199,112
Fifth Third Bancorp
3.65%, 1/25/2024		90,000		94,833
3.95%, 3/14/2028		70,000		76,892
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		400,000		404,254
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (d)		229,000		240,796
4.38%, 11/23/2026		200,000		216,477
HSBC USA, Inc. 2.35%, 3/5/2020		135,000		135,069
Huntington Bancshares, Inc.
3.15%, 3/14/2021		73,000		73,893
2.30%, 1/14/2022		88,000		88,448
ING Groep NV (Netherlands)
4.10%, 10/2/2023		200,000		212,626
3.95%, 3/29/2027		200,000		215,119
KeyCorp
2.90%, 9/15/2020		56,000		56,372
4.15%, 10/29/2025		65,000		71,178
Lloyds Banking Group plc (United Kingdom) 4.58%, 12/10/2025		200,000		216,383
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		38,000		38,712
2.67%, 7/25/2022		80,000		81,142
3.76%, 7/26/2023		200,000		210,550
3.41%, 3/7/2024		170,000		177,167
3.75%, 7/18/2039		265,000		289,757
Mizuho Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030 (d)		220,000		219,490
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		300,000		315,291
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (b) (d)		440,000		456,684
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (b)		315,000		326,170

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
Nordea Bank Abp (Finland) 4.88%, 1/27/2020 (b)		100,000		100,203
PNC Financial Services Group, Inc. (The)
5.13%, 2/8/2020		150,000		150,422
Regions Financial Corp.
2.75%, 8/14/2022		27,000		27,475
3.80%, 8/14/2023		27,000		28,564
Royal Bank of Canada (Canada)
2.75%, 2/1/2022		66,000		67,167
3.70%, 10/5/2023		300,000		316,937
4.65%, 1/27/2026		30,000		33,248
Royal Bank of Scotland Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (d)		200,000		204,079
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)		200,000		220,697
Societe Generale SA (France) 3.88%, 3/28/2024 (b)		380,000		399,343
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (b) (d)		220,000		227,658
(ICE LIBOR USD 3 Month + 1.91%), 4.30%, 5/21/2030 (b) (d)		200,000		217,563
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.44%, 10/19/2021		45,000		45,398
2.85%, 1/11/2022		130,000		131,983
2.78%, 10/18/2022		82,000		83,480
3.10%, 1/17/2023		55,000		56,380
3.94%, 10/16/2023		300,000		318,058
3.01%, 10/19/2026		25,000		25,591
3.04%, 7/16/2029		345,000		351,547
Toronto-Dominion Bank (The) (Canada) 3.25%, 3/11/2024		140,000		146,477
Truist Bank (ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (d)		30,000		30,060
Truist Financial Corp. 2.70%, 1/27/2022		91,000		92,215
US Bancorp
3.38%, 2/5/2024		120,000		125,893
7.50%, 6/1/2026		100,000		126,427
Wells Fargo & Co.
3.07%, 1/24/2023		245,000		250,032
3.75%, 1/24/2024		105,000		110,902
3.30%, 9/9/2024		80,000		83,869

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (d)		300,000		300,000
3.00%, 4/22/2026		284,000		291,733
4.10%, 6/3/2026		24,000		25,860
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (d)		470,000		487,176
5.38%, 11/2/2043		200,000		256,137
4.40%, 6/14/2046		47,000		53,799
4.75%, 12/7/2046		53,000		63,457
Westpac Banking Corp. (Australia)
2.85%, 5/13/2026		100,000		102,344
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (d)		140,000		148,095
4.42%, 7/24/2039		100,000		109,732
				18,831,422
Beverages — 0.5%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036		571,000		658,564
4.90%, 2/1/2046		260,000		307,486
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.70%, 2/1/2036		120,000		138,402
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.38%, 4/15/2038		150,000		168,107
4.44%, 10/6/2048		130,000		145,675
4.75%, 4/15/2058		95,000		110,716
Constellation Brands, Inc.
4.40%, 11/15/2025		50,000		54,581
5.25%, 11/15/2048		25,000		30,319
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		100,000		102,748
4.42%, 5/25/2025		30,000		32,733
3.43%, 6/15/2027		20,000		20,817
4.99%, 5/25/2038		43,000		50,660
4.42%, 12/15/2046		64,000		68,780
5.09%, 5/25/2048		60,000		72,071
				1,961,659
Biotechnology — 0.4%
AbbVie, Inc.
3.20%, 11/21/2029 (b)		516,000		524,604
4.50%, 5/14/2035		100,000		113,168
4.05%, 11/21/2039 (b)		510,000		538,973
4.40%, 11/6/2042		105,000		113,312
Baxalta, Inc.
3.60%, 6/23/2022		7,000		7,183

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Biotechnology — continued
5.25%, 6/23/2045		3,000		3,865
Gilead Sciences, Inc. 4.00%, 9/1/2036		29,000		32,036
				1,333,141
Building Products — 0.0% (c)
Masco Corp. 6.50%, 8/15/2032		80,000		98,244
Capital Markets — 2.1%
Bank of New York Mellon Corp. (The)
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (d)		138,000		140,064
3.25%, 9/11/2024		100,000		105,002
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (b)		21,000		23,612
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		55,000		59,123
4.85%, 3/29/2029		120,000		137,232
4.70%, 9/20/2047		44,000		50,456
Charles Schwab Corp. (The) 3.20%, 3/2/2027		100,000		104,559
CME Group, Inc. 3.00%, 3/15/2025		97,000		100,686
Credit Suisse Group AG (Switzerland) (SOFR + 1.56%), 2.59%, 9/11/2025 (b) (d)		250,000		250,700
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (b)		49,000		49,929
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		100,000		102,820
3.30%, 11/16/2022		100,000		100,981
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		206,000		207,429
2.35%, 11/15/2021		264,000		264,987
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (d)		100,000		101,396
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		598,000		607,651
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		213,000		216,764
3.50%, 1/23/2025		100,000		104,843
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (d)		137,000		141,708
4.25%, 10/21/2025		105,000		113,925
3.50%, 11/16/2026		142,000		149,241
3.85%, 1/26/2027		45,000		47,858
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		209,000		221,862
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (d)		130,000		143,155

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Capital Markets — continued
6.75%, 10/1/2037		80,000		110,890
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (d)		215,000		244,413
4.80%, 7/8/2044		115,000		139,042
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		59,000		63,065
Invesco Finance plc
4.00%, 1/30/2024		29,000		30,804
3.75%, 1/15/2026		36,000		38,344
Jefferies Group LLC 6.45%, 6/8/2027		81,000		94,920
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (b)		100,000		106,966
Macquarie Group Ltd. (Australia) 6.00%, 1/14/2020 (b)		220,000		220,265
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		145,000		151,522
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b) (d)		220,000		250,552
Morgan Stanley
5.50%, 7/28/2021		35,000		36,869
2.63%, 11/17/2021		170,000		171,987
2.75%, 5/19/2022		100,000		101,799
3.75%, 2/25/2023		142,000		148,668
4.10%, 5/22/2023		100,000		105,566
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (d)		225,000		235,038
3.70%, 10/23/2024		69,000		73,257
4.00%, 7/23/2025		276,000		298,431
5.00%, 11/24/2025		70,000		78,786
3.88%, 1/27/2026		341,000		365,955
4.35%, 9/8/2026		20,000		21,857
3.63%, 1/20/2027		159,000		169,118
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (d)		222,000		235,777
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (d)		96,000		103,211
4.30%, 1/27/2045		85,000		99,684
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		65,000		65,503
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (d)		29,000		29,774
Nuveen LLC 4.00%, 11/1/2028 (b)		160,000		177,954
S&P Global, Inc. 3.25%, 12/1/2049		150,000		152,966
State Street Corp. 3.10%, 5/15/2023		24,000		24,750
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		17,000		17,372

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Capital Markets — continued
UBS Group AG (Switzerland) 4.13%, 9/24/2025 (b)		200,000		217,378
				7,928,466
Chemicals — 0.4%
Albemarle Corp. 5.45%, 12/1/2044		50,000		57,187
Celanese US Holdings LLC 3.50%, 5/8/2024		151,000		156,025
DuPont de Nemours, Inc.
4.49%, 11/15/2025		100,000		110,023
5.32%, 11/15/2038		50,000		59,546
Eastman Chemical Co. 4.50%, 12/1/2028		220,000		243,353
Ecolab, Inc. 3.25%, 1/14/2023		90,000		92,824
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		45,000		49,154
5.00%, 9/26/2048		52,000		58,864
Mosaic Co. (The)
5.45%, 11/15/2033		36,000		40,796
4.88%, 11/15/2041		8,000		8,365
5.63%, 11/15/2043		80,000		93,835
Nutrien Ltd. (Canada)
4.00%, 12/15/2026		70,000		74,469
4.20%, 4/1/2029		25,000		27,534
4.13%, 3/15/2035		90,000		93,974
5.00%, 4/1/2049		40,000		47,559
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		29,000		29,956
Union Carbide Corp.
7.50%, 6/1/2025		100,000		121,469
7.75%, 10/1/2096		80,000		114,335
				1,479,268
Commercial Services & Supplies — 0.0% (c)
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (b)		70,000		74,094
Republic Services, Inc. 2.90%, 7/1/2026		21,000		21,491
Waste Management, Inc. 3.45%, 6/15/2029		70,000		74,861
				170,446
Construction Materials — 0.0% (c)
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		52,000		53,170
3.50%, 12/15/2027		100,000		103,714
				156,884

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Consumer Finance — 0.5%
AerCap Ireland Capital DAC (Ireland) 4.45%, 4/3/2026		150,000		160,867
American Express Co. 4.20%, 11/6/2025		150,000		165,212
American Express Credit Corp. 2.25%, 5/5/2021		73,000		73,336
American Honda Finance Corp. 2.30%, 9/9/2026		17,000		16,960
Avolon Holdings Funding Ltd. (Ireland) 4.38%, 5/1/2026 (b)		150,000		158,445
Capital One Financial Corp.
3.75%, 4/24/2024		130,000		136,806
4.20%, 10/29/2025		40,000		43,135
3.75%, 7/28/2026		196,000		206,295
General Motors Financial Co., Inc.
3.45%, 4/10/2022		50,000		51,124
3.70%, 5/9/2023		68,000		70,079
3.95%, 4/13/2024		120,000		125,377
3.50%, 11/7/2024		80,000		82,380
4.00%, 1/15/2025		80,000		84,041
4.35%, 4/9/2025		80,000		85,671
4.30%, 7/13/2025		35,000		37,385
John Deere Capital Corp.
3.35%, 6/12/2024		82,000		86,450
2.25%, 9/14/2026		125,000		124,929
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022 (b)		100,000		106,540
Synchrony Financial 3.70%, 8/4/2026		70,000		72,260
				1,887,292
Containers & Packaging — 0.1%
International Paper Co. 3.00%, 2/15/2027		57,000		58,715
Packaging Corp. of America 4.05%, 12/15/2049		155,000		160,615
WRKCo, Inc.
3.00%, 9/15/2024		80,000		81,570
3.90%, 6/1/2028		35,000		37,121
				338,021
Diversified Consumer Services — 0.0% (c)
President & Fellows of Harvard College 3.30%, 7/15/2056		86,000		88,632
Diversified Financial Services — 0.5%
AIG Global Funding 1.90%, 10/6/2021 (b)		100,000		100,046
CK Hutchison International Ltd. (United Kingdom) 1.88%, 10/3/2021 (b)		200,000		198,812

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Diversified Financial Services — continued
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/2020		251,000		251,189
4.42%, 11/15/2035		600,000		638,866
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (b)		58,000		58,009
3.48%, 6/16/2025 (b)		67,000		68,733
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (b)		200,000		201,339
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		44,000		45,338
ORIX Corp. (Japan)
2.90%, 7/18/2022		40,000		40,759
3.25%, 12/4/2024		100,000		104,181
3.70%, 7/18/2027		100,000		106,061
Shell International Finance BV (Netherlands) 2.13%, 5/11/2020		70,000		70,041
				1,883,374
Diversified Telecommunication Services — 0.7%
AT&T, Inc.
3.55%, 6/1/2024		155,000		162,874
3.95%, 1/15/2025		66,000		70,739
3.60%, 7/15/2025		45,000		47,590
4.13%, 2/17/2026		117,000		126,702
4.30%, 2/15/2030		178,000		197,753
4.90%, 8/15/2037		230,000		264,232
6.00%, 8/15/2040		125,000		159,721
5.35%, 9/1/2040		114,000		137,252
4.50%, 3/9/2048		88,000		97,089
Deutsche Telekom International Finance BV (Germany) 4.88%, 3/6/2042 (b)		150,000		176,614
Telefonica Emisiones SA (Spain)
5.13%, 4/27/2020		25,000		25,237
5.46%, 2/16/2021		19,000		19,716
Verizon Communications, Inc.
2.63%, 8/15/2026		12,000		12,174
3.88%, 2/8/2029		75,000		82,706
4.02%, 12/3/2029		50,000		55,850
4.50%, 8/10/2033		125,000		145,856
4.40%, 11/1/2034		209,000		241,814
4.27%, 1/15/2036		85,000		95,974
5.25%, 3/16/2037		69,000		86,464
4.86%, 8/21/2046		134,000		165,843
4.67%, 3/15/2055		340,000		419,371
				2,791,571

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Electric Utilities — 1.5%
AEP Transmission Co. LLC 3.15%, 9/15/2049		35,000		33,745
Alabama Power Co. 6.13%, 5/15/2038		62,000		84,410
Avangrid, Inc. 3.15%, 12/1/2024		72,000		74,268
Baltimore Gas & Electric Co. 3.50%, 8/15/2046		47,000		47,726
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		51,000		57,107
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		200,000		209,312
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (b)		95,000		98,825
4.55%, 11/15/2030 (b)		65,000		72,911
Commonwealth Edison Co. 3.65%, 6/15/2046		30,000		31,763
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		41,000		46,933
Duke Energy Corp.
2.65%, 9/1/2026		100,000		100,382
3.40%, 6/15/2029		61,000		63,674
Duke Energy Indiana LLC
6.35%, 8/15/2038		43,000		60,956
6.45%, 4/1/2039		19,000		27,272
3.75%, 5/15/2046		60,000		64,266
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		46,000		48,690
Duke Energy Progress LLC 3.70%, 10/15/2046		54,000		57,630
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (b)		160,000		161,750
Edison International
3.55%, 11/15/2024		284,000		290,658
4.13%, 3/15/2028		100,000		102,488
Emera US Finance LP (Canada) 4.75%, 6/15/2046		130,000		150,076
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (b)		220,000		227,690
Entergy Arkansas LLC 3.50%, 4/1/2026		22,000		23,187
Entergy Corp. 2.95%, 9/1/2026		21,000		21,317
Entergy Louisiana LLC
2.40%, 10/1/2026		59,000		58,175
3.05%, 6/1/2031		38,000		39,253
4.00%, 3/15/2033		40,000		45,183
Entergy Mississippi LLC
2.85%, 6/1/2028		33,000		33,715
3.85%, 6/1/2049		135,000		146,952

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Evergy Metro, Inc.
3.15%, 3/15/2023		24,000		24,724
5.30%, 10/1/2041		50,000		63,087
4.20%, 3/15/2048		50,000		57,166
Evergy, Inc. 2.90%, 9/15/2029		170,000		168,948
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		26,000		30,837
Florida Power & Light Co.
5.40%, 9/1/2035		50,000		62,949
5.95%, 2/1/2038		30,000		41,850
Fortis, Inc. (Canada) 3.06%, 10/4/2026		124,000		126,524
Hydro-Quebec (Canada) Series IO, 8.05%, 7/7/2024		100,000		125,743
ITC Holdings Corp. 2.70%, 11/15/2022		100,000		101,196
Jersey Central Power & Light Co.
4.30%, 1/15/2026 (b)		40,000		43,515
6.15%, 6/1/2037		30,000		38,722
Massachusetts Electric Co. 4.00%, 8/15/2046 (b)		56,000		59,516
MidAmerican Energy Co.
3.50%, 10/15/2024		59,000		62,506
3.10%, 5/1/2027		93,000		96,876
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (b)		40,000		43,725
Nevada Power Co. Series CC, 3.70%, 5/1/2029		100,000		108,184
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (b)		45,000		47,120
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		27,000		28,655
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (b)		19,000		19,971
Northern States Power Co.
6.25%, 6/1/2036		65,000		89,818
2.90%, 3/1/2050		125,000		119,066
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		25,000		30,830
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		19,000		19,454
Potomac Electric Power Co. 6.50%, 11/15/2037		75,000		106,212
PPL Capital Funding, Inc.
3.40%, 6/1/2023		30,000		30,955
4.00%, 9/15/2047		20,000		20,418
Progress Energy, Inc. 4.40%, 1/15/2021		35,000		35,678
Public Service Co. of Colorado 3.20%, 11/15/2020		18,000		18,091

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Electric Utilities — continued
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		175,000		241,323
Public Service Electric & Gas Co.
3.00%, 5/15/2025		83,000		86,147
5.38%, 11/1/2039		28,000		36,404
Southern California Edison Co.
Series C, 3.50%, 10/1/2023		53,000		55,212
Series B, 3.65%, 3/1/2028		80,000		85,691
Series 05-B, 5.55%, 1/15/2036		80,000		95,750
4.05%, 3/15/2042		100,000		103,327
Tampa Electric Co. 4.45%, 6/15/2049		100,000		118,193
Toledo Edison Co. (The) 6.15%, 5/15/2037		50,000		68,511
Union Electric Co. 2.95%, 6/15/2027		36,000		37,061
Virginia Electric & Power Co.
Series A, 3.80%, 4/1/2028		180,000		195,632
6.35%, 11/30/2037		70,000		96,951
3.30%, 12/1/2049		50,000		50,308
Xcel Energy, Inc. 6.50%, 7/1/2036		7,000		9,504
				5,582,664
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		8,000		8,439
3.25%, 9/8/2024		44,000		45,206
3.88%, 1/12/2028		22,000		22,517
Corning, Inc. 3.90%, 11/15/2049		174,000		176,190
				252,352
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC
3.14%, 11/7/2029		180,000		184,712
5.13%, 9/15/2040		40,000		47,012
Halliburton Co.
3.80%, 11/15/2025		55,000		58,660
4.85%, 11/15/2035		30,000		33,873
6.70%, 9/15/2038		60,000		79,308
Schlumberger Holdings Corp.
3.75%, 5/1/2024 (b)		55,000		57,916
3.90%, 5/17/2028 (b)		62,000		65,971
				527,452
Entertainment — 0.1%
NBCUniversal Media LLC 5.95%, 4/1/2041		75,000		102,986
Walt Disney Co. (The) 7.30%, 4/30/2028		150,000		200,549
				303,535

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — 1.1%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		23,000		24,566
4.00%, 2/1/2050		125,000		136,524
American Campus Communities Operating Partnership LP 3.63%, 11/15/2027		100,000		105,361
American Tower Corp.
5.90%, 11/1/2021		30,000		32,037
3.50%, 1/31/2023		87,000		90,144
5.00%, 2/15/2024		71,000		78,150
3.38%, 10/15/2026		44,000		45,702
3.70%, 10/15/2049		230,000		228,459
American Tower Trust #1 3.07%, 3/15/2023 (b)		80,000		81,007
Boston Properties LP
3.13%, 9/1/2023		30,000		30,941
3.20%, 1/15/2025		61,000		63,266
3.65%, 2/1/2026		67,000		70,930
Brixmor Operating Partnership LP
3.65%, 6/15/2024		50,000		52,259
3.85%, 2/1/2025		50,000		52,471
Crown Castle International Corp.
4.88%, 4/15/2022		30,000		31,768
5.25%, 1/15/2023		60,000		65,149
4.00%, 3/1/2027		24,000		25,888
Digital Realty Trust LP 3.70%, 8/15/2027		31,000		32,813
Duke Realty LP 3.25%, 6/30/2026		18,000		18,631
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (b)		79,000		80,108
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b)		43,000		44,102
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		310,000		307,404
Healthpeak Properties, Inc.
3.88%, 8/15/2024		115,000		122,248
3.50%, 7/15/2029		132,000		137,498
3.00%, 1/15/2030		90,000		90,220
Liberty Property LP 3.25%, 10/1/2026		19,000		19,829
Life Storage LP 4.00%, 6/15/2029		150,000		160,423
National Retail Properties, Inc.
3.60%, 12/15/2026		58,000		60,863
4.30%, 10/15/2028		150,000		165,805
Office Properties Income Trust
3.60%, 2/1/2020		130,000		130,000
4.00%, 7/15/2022		78,000		79,809
Public Storage 3.39%, 5/1/2029		65,000		68,966

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
Realty Income Corp.
3.88%, 7/15/2024		20,000		21,323
3.88%, 4/15/2025		60,000		64,649
4.65%, 3/15/2047		38,000		45,934
Regency Centers LP 2.95%, 9/15/2029		215,000		214,557
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		170,000		176,299
Senior Housing Properties Trust 4.75%, 2/15/2028		80,000		80,671
Simon Property Group LP 2.45%, 9/13/2029		227,000		223,125
SITE Centers Corp. 3.63%, 2/1/2025		61,000		62,867
UDR, Inc.
2.95%, 9/1/2026		28,000		28,480
3.20%, 1/15/2030		150,000		153,202
3.00%, 8/15/2031		25,000		25,006
Ventas Realty LP
4.13%, 1/15/2026		34,000		36,389
3.85%, 4/1/2027		49,000		51,695
Vornado Realty LP 3.50%, 1/15/2025		60,000		62,369
Welltower, Inc.
2.70%, 2/15/2027		63,000		63,195
3.10%, 1/15/2030		85,000		85,952
				4,129,054
Food & Staples Retailing — 0.1%
Costco Wholesale Corp. 2.75%, 5/18/2024		21,000		21,727
CVS Pass-Through Trust
7.51%, 1/10/2032 (b)		72,142		89,132
Series 2013, 4.70%, 1/10/2036 (b)		164,602		174,936
Kroger Co. (The) 5.40%, 7/15/2040		18,000		20,900
				306,695
Food Products — 0.3%
Campbell Soup Co. 4.80%, 3/15/2048		50,000		57,741
Cargill, Inc. 3.25%, 3/1/2023 (b)		25,000		25,814
Conagra Brands, Inc.
4.60%, 11/1/2025		45,000		49,665
5.30%, 11/1/2038		35,000		41,471
General Mills, Inc.
4.00%, 4/17/2025		60,000		64,839
4.15%, 2/15/2043		100,000		107,204
Kellogg Co. 3.40%, 11/15/2027		38,000		39,666
Kraft Heinz Foods Co. 5.00%, 7/15/2035		155,000		171,865
McCormick & Co., Inc. 3.15%, 8/15/2024		54,000		56,029
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		27,000		29,484

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Food Products — continued
Smithfield Foods, Inc. 5.20%, 4/1/2029 (b)		160,000		177,228
Tyson Foods, Inc.
3.95%, 8/15/2024		49,000		52,501
4.88%, 8/15/2034		20,000		23,731
5.15%, 8/15/2044		80,000		96,773
				994,011
Gas Utilities — 0.2%
Atmos Energy Corp.
4.13%, 10/15/2044		50,000		56,175
4.13%, 3/15/2049		155,000		177,558
Boston Gas Co. 4.49%, 2/15/2042 (b)		22,000		25,024
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		80,000		90,446
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		25,000		25,480
Dominion Energy Gas Holdings LLC
2.80%, 11/15/2020		49,000		49,341
Series C, 3.90%, 11/15/2049		137,000		136,384
Piedmont Natural Gas Co., Inc. 3.50%, 6/1/2029		200,000		213,593
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		53,000		76,691
4.80%, 3/15/2047 (b)		26,000		29,543
Southwest Gas Corp. 3.80%, 9/29/2046		44,000		44,440
				924,675
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories 4.90%, 11/30/2046		210,000		275,529
Boston Scientific Corp.
3.75%, 3/1/2026		100,000		107,086
4.55%, 3/1/2039		100,000		117,353
DH Europe Finance II SARL 3.25%, 11/15/2039		184,000		184,961
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		27,000		28,125
				713,054
Health Care Providers & Services — 0.6%
Anthem, Inc.
3.30%, 1/15/2023		18,000		18,614
3.35%, 12/1/2024		70,000		73,003
4.10%, 3/1/2028		55,000		59,691
4.65%, 1/15/2043		18,000		20,254
4.65%, 8/15/2044		65,000		73,471
Cigna Corp. 4.50%, 2/25/2026 (b)		127,000		139,225

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Health Care Providers & Services — continued
CVS Health Corp.
4.30%, 3/25/2028		95,000		103,667
3.25%, 8/15/2029		155,000		157,307
4.78%, 3/25/2038		240,000		272,030
5.05%, 3/25/2048		143,000		168,952
HCA, Inc.
5.25%, 6/15/2026		130,000		145,509
5.13%, 6/15/2039		125,000		137,953
Laboratory Corp. of America Holdings 2.95%, 12/1/2029		295,000		295,365
Magellan Health, Inc. 4.90%, 9/22/2024 (e)		15,000		15,375
Memorial Health Services 3.45%, 11/1/2049		245,000		240,161
Mount Sinai Hospitals Group, Inc.
Series 2017, 3.98%, 7/1/2048		83,000		83,887
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		36,000		36,314
Quest Diagnostics, Inc. 3.45%, 6/1/2026		17,000		17,845
UnitedHealth Group, Inc.
4.63%, 7/15/2035		34,000		41,213
3.50%, 8/15/2039		160,000		167,588
				2,267,424
Hotels, Restaurants & Leisure — 0.0% (c)
McDonald’s Corp. 4.70%, 12/9/2035		60,000		71,010
Household Products — 0.0% (c)
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		17,505		17,996
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		50,000		51,300
4.25%, 6/15/2022		38,000		39,730
6.25%, 10/1/2039		100,000		120,407
5.75%, 10/1/2041		29,000		33,475
NRG Energy, Inc. 4.45%, 6/15/2029 (b)		110,000		115,081
PSEG Power LLC 4.15%, 9/15/2021		37,000		38,125
Southern Power Co. 5.15%, 9/15/2041		50,000		56,524
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		25,000		26,786
				481,428
Industrial Conglomerates — 0.1%
General Electric Co.
5.50%, 1/8/2020		88,000		88,032
5.88%, 1/14/2038		100,000		120,985

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Industrial Conglomerates — continued
Honeywell International, Inc. 2.50%, 11/1/2026		150,000		152,450
				361,467
Insurance — 1.2%
AIA Group Ltd. (Hong Kong)
3.20%, 3/11/2025 (b)		200,000		205,625
3.90%, 4/6/2028 (b)		210,000		224,083
3.60%, 4/9/2029 (b)		200,000		210,170
American Financial Group, Inc. 3.50%, 8/15/2026		100,000		102,921
American International Group, Inc.
4.13%, 2/15/2024		59,000		63,313
3.75%, 7/10/2025		24,000		25,663
3.88%, 1/15/2035		180,000		190,728
Assurant, Inc. 4.20%, 9/27/2023		85,000		88,680
Athene Global Funding
2.75%, 4/20/2020 (b)		106,000		106,221
2.75%, 6/25/2024 (b)		155,000		156,441
2.95%, 11/12/2026 (b)		410,000		409,069
Berkshire Hathaway Finance Corp. 4.30%, 5/15/2043		62,000		71,480
Chubb INA Holdings, Inc.
2.88%, 11/3/2022		42,000		43,073
2.70%, 3/13/2023		120,000		122,484
CNA Financial Corp. 3.95%, 5/15/2024		44,000		46,989
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (b) (d) (f) (g)		200,000		207,500
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		21,000		25,486
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069 (b) (d)		150,000		177,295
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		70,000		77,495
Jackson National Life Global Funding
3.88%, 6/11/2025 (b)		87,000		93,227
3.05%, 4/29/2026 (b)		104,000		107,293
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (b)		27,000		30,134
3.95%, 10/15/2050 (b)		207,000		214,591
Lincoln National Corp.
4.20%, 3/15/2022		20,000		20,841
4.00%, 9/1/2023		50,000		53,203
3.80%, 3/1/2028		80,000		85,178
4.35%, 3/1/2048		160,000		175,838

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Insurance — continued
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (d)		100,000		103,751
Markel Corp. 3.63%, 3/30/2023		40,000		41,811
Massachusetts Mutual Life Insurance Co. 3.73%, 10/15/2070 (b)		30,000		28,891
MetLife, Inc. 4.13%, 8/13/2042		28,000		31,847
New York Life Global Funding
2.00%, 4/13/2021 (b)		29,000		29,081
2.35%, 7/14/2026 (b)		65,000		65,047
New York Life Insurance Co. 4.45%, 5/15/2069 (b)		105,000		119,877
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		100,000		105,418
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (b) (d)		134,000		143,045
Principal Financial Group, Inc.
3.13%, 5/15/2023		30,000		30,777
3.70%, 5/15/2029		30,000		32,672
Principal Life Global Funding II 2.15%, 1/10/2020 (b)		100,000		99,997
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (d) (f) (g)		50,000		52,548
Prudential Financial, Inc. 3.91%, 12/7/2047		61,000		65,476
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)		150,000		192,434
Reliance Standard Life Global Funding II
2.50%, 1/15/2020 (b)		100,000		100,005
3.85%, 9/19/2023 (b)		105,000		110,039
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (b)		50,000		56,694
				4,744,431
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 3.88%, 8/22/2037		80,000		90,708
Booking Holdings, Inc. 3.55%, 3/15/2028		100,000		106,432
				197,140
IT Services — 0.4%
DXC Technology Co. 4.25%, 4/15/2024		34,000		36,089
Fiserv, Inc.
3.20%, 7/1/2026		70,000		72,406
4.40%, 7/1/2049		65,000		73,556
Global Payments, Inc. 4.15%, 8/15/2049		140,000		149,299
IBM Credit LLC 3.00%, 2/6/2023		110,000		113,126

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
IT Services — continued
International Business Machines Corp.
2.25%, 2/19/2021		174,000		174,602
3.30%, 5/15/2026		260,000		273,992
6.22%, 8/1/2027		50,000		62,427
3.50%, 5/15/2029		485,000		521,070
Western Union Co. (The) 3.60%, 3/15/2022		100,000		102,893
				1,579,460
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 2.95%, 9/19/2026		30,000		30,820
Machinery — 0.1%
Illinois Tool Works, Inc. 4.88%, 9/15/2041		80,000		101,441
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		75,000		77,762
Parker-Hannifin Corp.
4.45%, 11/21/2044		30,000		33,879
4.10%, 3/1/2047		21,000		22,840
				235,922
Media — 0.8%
Charter Communications Operating LLC
5.38%, 4/1/2038		38,000		43,478
4.80%, 3/1/2050		240,000		252,201
Comcast Cable Holdings LLC 10.13%, 4/15/2022		75,000		87,941
Comcast Corp.
3.95%, 10/15/2025		119,000		129,778
3.15%, 3/1/2026		127,000		133,019
3.55%, 5/1/2028		66,000		70,934
4.25%, 1/15/2033		167,000		193,127
4.20%, 8/15/2034		89,000		101,378
6.50%, 11/15/2035		35,000		49,522
3.90%, 3/1/2038		32,000		35,369
4.60%, 10/15/2038		145,000		172,468
3.25%, 11/1/2039		130,000		131,708
4.00%, 11/1/2049		52,000		57,755
3.45%, 2/1/2050		230,000		234,970
4.95%, 10/15/2058		180,000		233,717
Cox Communications, Inc.
3.35%, 9/15/2026 (b)		67,000		69,145
4.60%, 8/15/2047 (b)		39,000		43,179
Discovery Communications LLC
4.38%, 6/15/2021		78,000		80,538
3.95%, 3/20/2028		42,000		44,781
6.35%, 6/1/2040		90,000		114,260

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Media — continued
Fox Corp. 4.71%, 1/25/2029 (b)		65,000		74,028
Time Warner Cable LLC
6.55%, 5/1/2037		50,000		61,210
7.30%, 7/1/2038		50,000		65,090
5.50%, 9/1/2041		100,000		111,439
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		90,000		126,031
ViacomCBS, Inc.
3.70%, 8/15/2024		99,000		104,730
4.00%, 1/15/2026		42,000		45,008
4.20%, 6/1/2029		40,000		43,630
6.88%, 4/30/2036		70,000		93,544
				3,003,978
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa)
4.00%, 9/11/2027 (b)		200,000		209,343
Newmont Goldcorp Corp. 2.80%, 10/1/2029		90,000		89,034
Nucor Corp. 6.40%, 12/1/2037		30,000		40,551
Steel Dynamics, Inc. 3.45%, 4/15/2030		177,000		178,834
				517,762
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		55,000		59,999
Multi-Utilities — 0.4%
Ameren Illinois Co. 3.25%, 3/15/2050		185,000		186,682
CMS Energy Corp.
3.88%, 3/1/2024		110,000		115,720
2.95%, 2/15/2027		47,000		47,448
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		38,000		49,922
4.50%, 5/15/2058		54,000		62,566
Consumers Energy Co. 3.25%, 8/15/2046		19,000		19,042
Delmarva Power & Light Co. 4.15%, 5/15/2045		50,000		56,084
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		60,000		60,896
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (b)		50,000		51,809
NiSource, Inc.
2.95%, 9/1/2029		85,000		84,591
6.25%, 12/15/2040		130,000		171,638
San Diego Gas & Electric Co. 5.35%, 5/15/2035		70,000		81,943
Sempra Energy 4.05%, 12/1/2023		62,000		65,899

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Multi-Utilities — continued
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		37,000		37,752
2.45%, 10/1/2023		19,000		19,120
3.25%, 6/15/2026		17,000		17,684
5.88%, 3/15/2041		96,000		120,975
4.40%, 6/1/2043		42,000		45,675
3.95%, 10/1/2046		21,000		21,659
WEC Energy Group, Inc. 3.55%, 6/15/2025		43,000		45,614
				1,362,719
Oil, Gas & Consumable Fuels — 1.9%
Apache Corp. 5.10%, 9/1/2040		100,000		101,570
APT Pipelines Ltd. (Australia)
4.20%, 3/23/2025 (b)		120,000		127,516
4.25%, 7/15/2027 (b)		73,000		78,396
Boardwalk Pipelines LP 4.80%, 5/3/2029		70,000		74,778
BP Capital Markets America, Inc.
3.22%, 4/14/2024		221,000		230,556
3.02%, 1/16/2027		35,000		36,224
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		150,000		160,016
3.51%, 3/17/2025		15,000		15,956
3.28%, 9/19/2027		140,000		147,148
Buckeye Partners LP
4.88%, 2/1/2021		15,000		15,265
5.85%, 11/15/2043		100,000		89,996
Cameron LNG LLC 3.70%, 1/15/2039 (b)		188,000		191,623
Canadian Natural Resources Ltd. (Canada)
3.90%, 2/1/2025		65,000		69,261
5.85%, 2/1/2035		50,000		61,480
Cenovus Energy, Inc. (Canada) 6.75%, 11/15/2039		149,000		189,410
Chevron Corp.
2.41%, 3/3/2022		150,000		151,921
2.57%, 5/16/2023		200,000		204,050
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		28,000		31,074
4.13%, 1/16/2025		33,000		34,712
5.38%, 6/26/2026		39,000		43,729
Enable Midstream Partners LP
4.95%, 5/15/2028		40,000		40,470
4.15%, 9/15/2029		102,000		96,746
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		27,000		28,567
4.50%, 6/10/2044		75,000		82,719

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Oil, Gas & Consumable Fuels — continued
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		60,000		65,075
Encana Corp. (Canada) 7.20%, 11/1/2031		80,000		97,729
Energy Transfer Operating LP
4.75%, 1/15/2026		32,000		34,620
6.05%, 6/1/2041		100,000		112,655
Eni USA, Inc. (Italy) 7.30%, 11/15/2027		50,000		64,436
Enterprise Products Operating LLC
3.90%, 2/15/2024		25,000		26,529
3.75%, 2/15/2025		25,000		26,663
3.70%, 2/15/2026		38,000		40,418
7.55%, 4/15/2038		170,000		246,042
5.10%, 2/15/2045		16,000		19,134
4.20%, 1/31/2050		60,000		64,180
4.95%, 10/15/2054		6,000		6,906
EQM Midstream Partners LP 5.50%, 7/15/2028		130,000		127,629
EQT Corp. 3.90%, 10/1/2027 (h)		60,000		56,120
Equinor ASA (Norway)
2.65%, 1/15/2024		143,000		146,570
3.25%, 11/10/2024		23,000		24,222
Exxon Mobil Corp. 3.00%, 8/16/2039		155,000		154,990
Kinder Morgan, Inc. 4.30%, 3/1/2028		140,000		152,560
Magellan Midstream Partners LP
3.20%, 3/15/2025		14,000		14,307
6.40%, 5/1/2037		70,000		88,867
4.20%, 12/1/2042		27,000		27,497
Marathon Petroleum Corp. 3.63%, 9/15/2024		29,000		30,437
MPLX LP
5.25%, 1/15/2025 (b)		45,000		47,224
4.13%, 3/1/2027		52,000		54,564
4.80%, 2/15/2029		61,000		66,867
4.50%, 4/15/2038		140,000		142,134
Noble Energy, Inc.
3.25%, 10/15/2029		110,000		110,783
6.00%, 3/1/2041		114,000		137,304
Occidental Petroleum Corp.
3.00%, 2/15/2027		55,000		55,083
3.50%, 8/15/2029		210,000		214,079
7.88%, 9/15/2031		90,000		120,667
ONEOK Partners LP
3.38%, 10/1/2022		8,000		8,230
5.00%, 9/15/2023		72,000		78,071
6.65%, 10/1/2036		15,000		19,110

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
ONEOK, Inc.
3.40%, 9/1/2029		60,000		60,881
4.45%, 9/1/2049		220,000		227,494
Petroleos Mexicanos (Mexico)
6.50%, 3/13/2027		270,000		286,058
5.35%, 2/12/2028		42,000		41,580
6.84%, 1/23/2030 (b)		20,000		21,398
6.63%, 6/15/2035		150,000		153,450
6.75%, 9/21/2047		110,000		110,963
7.69%, 1/23/2050 (b)		38,000		41,637
Phillips 66 Partners LP
3.15%, 12/15/2029		95,000		94,524
4.90%, 10/1/2046		37,000		41,924
Plains All American Pipeline LP
4.65%, 10/15/2025		30,000		32,113
4.30%, 1/31/2043		30,000		27,567
4.70%, 6/15/2044		110,000		106,692
Spectra Energy Partners LP
3.50%, 3/15/2025		19,000		19,869
5.95%, 9/25/2043		25,000		31,340
4.50%, 3/15/2045		7,000		7,702
Suncor Energy, Inc. (Canada)
5.95%, 12/1/2034		60,000		78,205
6.80%, 5/15/2038		145,000		206,125
Sunoco Logistics Partners Operations LP
3.90%, 7/15/2026		24,000		24,906
6.10%, 2/15/2042		60,000		67,120
TC PipeLines LP 3.90%, 5/25/2027		26,000		27,178
Texas Eastern Transmission LP 3.50%, 1/15/2028 (b)		15,000		15,392
Total Capital International SA (France) 3.46%, 7/12/2049		145,000		152,032
TransCanada PipeLines Ltd. (Canada)
6.20%, 10/15/2037		70,000		91,208
4.75%, 5/15/2038		80,000		91,233
Valero Energy Corp. 7.50%, 4/15/2032		14,000		19,440
Williams Cos., Inc. (The)
3.90%, 1/15/2025		25,000		26,303
4.85%, 3/1/2048		53,000		57,852
				7,147,071
Personal Products — 0.0% (c)
Estee Lauder Cos., Inc. (The) 3.13%, 12/1/2049		150,000		149,564

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Pharmaceuticals — 0.5%
Allergan Funding SCS
3.45%, 3/15/2022		52,000		53,173
3.85%, 6/15/2024		42,000		44,083
Allergan, Inc.
3.38%, 9/15/2020		43,000		43,363
2.80%, 3/15/2023		100,000		100,729
AstraZeneca plc (United Kingdom)
6.45%, 9/15/2037		50,000		70,579
4.00%, 9/18/2042		40,000		43,803
Bristol-Myers Squibb Co.
3.20%, 6/15/2026 (b)		187,000		196,101
3.90%, 2/20/2028 (b)		100,000		110,095
4.13%, 6/15/2039 (b)		114,000		131,249
5.70%, 10/15/2040 (b)		53,000		70,490
5.00%, 8/15/2045 (b)		165,000		211,052
4.55%, 2/20/2048 (b)		60,000		73,291
Eli Lilly & Co. 4.15%, 3/15/2059		75,000		88,241
Johnson & Johnson
4.38%, 12/5/2033		19,000		22,476
3.40%, 1/15/2038		123,000		131,607
Mylan NV 3.95%, 6/15/2026		35,000		36,453
Mylan, Inc.
3.13%, 1/15/2023 (b)		25,000		25,354
5.40%, 11/29/2043		21,000		23,215
Pfizer, Inc. 3.90%, 3/15/2039		150,000		168,972
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		83,000		84,519
3.20%, 9/23/2026		234,000		240,909
				1,969,754
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (b)		200,000		203,958
Road & Rail — 0.5%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		85,000		114,485
5.40%, 6/1/2041		126,000		162,601
4.38%, 9/1/2042		25,000		28,976
5.15%, 9/1/2043		77,000		98,010
4.70%, 9/1/2045		35,000		42,572
Canadian Pacific Railway Co. (Canada) 6.13%, 9/15/2115		55,000		80,434
CSX Corp.
5.50%, 4/15/2041		50,000		63,250
4.75%, 11/15/2048		108,000		130,649

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Road & Rail — continued
3.35%, 9/15/2049		10,000		9,829
ERAC USA Finance LLC
4.50%, 8/16/2021 (b)		45,000		46,721
2.60%, 12/1/2021 (b)		50,000		50,372
7.00%, 10/15/2037 (b)		160,000		225,891
5.63%, 3/15/2042 (b)		12,000		15,190
JB Hunt Transport Services, Inc.
3.85%, 3/15/2024		70,000		73,783
3.88%, 3/1/2026		85,000		91,253
Norfolk Southern Corp.
3.95%, 10/1/2042		70,000		74,533
4.05%, 8/15/2052		40,000		43,886
Penske Truck Leasing Co. LP
3.95%, 3/10/2025 (b)		25,000		26,538
3.40%, 11/15/2026 (b)		25,000		25,497
4.20%, 4/1/2027 (b)		75,000		80,345
Ryder System, Inc. 2.25%, 9/1/2021		100,000		100,216
Union Pacific Corp. 4.10%, 9/15/2067		150,000		151,655
				1,736,686
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 4.50%, 12/5/2036		64,000		68,976
Broadcom Corp.
3.63%, 1/15/2024		120,000		124,278
3.88%, 1/15/2027		100,000		103,766
Broadcom, Inc. 4.75%, 4/15/2029 (b)		370,000		404,565
				701,585
Software — 0.3%
Microsoft Corp.
2.65%, 11/3/2022		160,000		163,831
2.00%, 8/8/2023		125,000		125,806
3.50%, 2/12/2035		68,000		74,756
3.45%, 8/8/2036		125,000		136,656
4.00%, 2/12/2055		19,000		22,445
3.95%, 8/8/2056		48,000		56,668
Oracle Corp.
2.50%, 5/15/2022		52,000		52,660
2.40%, 9/15/2023		101,000		102,622
4.30%, 7/8/2034		200,000		233,544
3.90%, 5/15/2035		93,000		103,514
3.85%, 7/15/2036		107,000		117,054
VMware, Inc. 2.95%, 8/21/2022		101,000		102,922
				1,292,478

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Specialty Retail — 0.1%
Home Depot, Inc. (The)
3.90%, 12/6/2028		110,000		123,380
4.20%, 4/1/2043		34,000		39,342
Lowe’s Cos., Inc.
3.65%, 4/5/2029		141,000		150,596
4.55%, 4/5/2049		98,000		115,336
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		80,000		84,571
3.60%, 9/1/2027		49,000		52,243
				565,468
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.
3.20%, 5/13/2025		32,000		33,779
2.45%, 8/4/2026		74,000		74,979
3.20%, 5/11/2027		57,000		60,079
3.00%, 6/20/2027		56,000		58,638
3.45%, 2/9/2045		82,000		86,162
3.85%, 8/4/2046		117,000		132,039
3.75%, 9/12/2047		140,000		155,433
2.95%, 9/11/2049		74,000		71,661
Dell International LLC 6.02%, 6/15/2026 (b)		135,000		155,266
				828,036
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) 4.63%, 7/11/2024 (b)		200,000		215,054
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		75,000		75,790
Trading Companies & Distributors — 0.3%
Air Lease Corp.
3.25%, 3/1/2025		48,000		49,376
3.63%, 4/1/2027		85,000		88,057
3.25%, 10/1/2029		220,000		218,535
Aircastle Ltd. 4.40%, 9/25/2023		95,000		100,378
Aviation Capital Group LLC 2.88%, 1/20/2022 (b)		100,000		100,682
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021 (b)		200,000		199,250
International Lease Finance Corp.
8.63%, 1/15/2022		70,000		78,736
5.88%, 8/15/2022		150,000		163,346
WW Grainger, Inc. 4.60%, 6/15/2045		77,000		91,797
				1,090,157

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Transportation Infrastructure — 0.1%
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.38%, 4/30/2025 (b)		360,000		371,873
Water Utilities — 0.0% (c)
American Water Capital Corp.
3.40%, 3/1/2025		34,000		35,624
4.00%, 12/1/2046		52,000		56,394
				92,018
Wireless Telecommunication Services — 0.3%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		200,000		211,313
4.38%, 4/22/2049		200,000		229,312
Crown Castle Towers LLC
3.22%, 5/15/2022 (b)		42,000		42,434
3.66%, 5/15/2025 (b)		60,000		62,226
Rogers Communications, Inc. (Canada) 4.35%, 5/1/2049		100,000		111,600
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		64,000		76,925
4.88%, 6/19/2049		255,000		294,803
				1,028,613
Total Corporate Bonds (Cost $81,676,014)				86,832,699
Mortgage-Backed Securities — 18.2%
FHLMC
Pool # 611141, ARM, 4.15%, 1/1/2027 (i)		17,357		18,013
Pool # 846812, ARM, 4.42%, 4/1/2030 (i)		4,014		4,208
Pool # 1B1665, ARM, 4.69%, 4/1/2034 (i)		16,492		17,270
Pool # 1B2844, ARM, 4.66%, 3/1/2035 (i)		30,358		31,486
Pool # 1B3209, ARM, 4.35%, 1/1/2037 (i)		15,924		16,734
FHLMC Gold Pools, 30 Year
Pool # D70244, 6.00%, 4/1/2026		45,695		50,291
Pool # G00981, 8.50%, 7/1/2028		1,453		1,639
Pool # C22459, 6.50%, 2/1/2029		2,732		3,035
Pool # C00785, 6.50%, 6/1/2029		9,167		10,183
Pool # C01292, 6.00%, 2/1/2032		5,636		6,465
Pool # C66034, 6.50%, 4/1/2032		31,514		35,007
Pool # A13625, 5.50%, 10/1/2033		35,635		40,095
Pool # A28796, 6.50%, 11/1/2034		7,582		8,650
Pool # A46417, 7.00%, 4/1/2035		38,225		44,972
Pool # V83115, 4.50%, 3/1/2047		1,672,488		1,772,912

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Pool # Q48338, 4.50%, 5/1/2047		180,784		191,432
Pool # G61060, 4.50%, 6/1/2047		2,116,169		2,238,676
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		33,205		36,305
Pool # U80265, 3.50%, 4/1/2033		452,465		469,086
Pool # U90690, 3.50%, 6/1/2042		456,708		480,252
Pool # U90975, 4.00%, 6/1/2042		209,309		222,812
Pool # U99134, 4.00%, 1/1/2046		254,629		271,842
FNMA
Pool # 303532, ARM, 4.06%, 3/1/2029 (i)		677		687
Pool # 745446, ARM, 4.38%, 4/1/2033 (i)		22,406		23,650
Pool # 722985, ARM, 4.53%, 7/1/2033 (i)		15,384		16,138
Pool # 766610, ARM, 3.85%, 1/1/2034 (i)		31,825		33,239
Pool # 735332, ARM, 4.38%, 8/1/2034 (i)		35,016		36,851
Pool # 735740, ARM, 4.36%, 10/1/2034 (i)		19,871		20,638
Pool # 810896, ARM, 3.51%, 1/1/2035 (i)		81,360		84,035
Pool # 823660, ARM, 4.52%, 5/1/2035 (i)		28,265		29,493
FNMA UMBS, 15 Year
Pool # 735911, 6.50%, 8/1/2020		391		391
Pool # 840495, 5.50%, 4/1/2022		4,703		4,717
Pool # 899316, 5.50%, 4/1/2022		282		287
Pool # 928637, 6.00%, 9/1/2022		2,222		2,282
Pool # 949415, 4.50%, 3/1/2023		3,818		3,939
Pool # 962871, 4.50%, 5/1/2023		7,723		8,039
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		3,152		3,499
Pool # 555791, 6.50%, 12/1/2022		3,021		3,353
Pool # 762498, 5.00%, 11/1/2023		67,578		72,104
Pool # 255609, 4.50%, 1/1/2025		8,899		9,355
Pool # FM1345, 4.50%, 11/1/2038		1,196,264		1,284,847
FNMA UMBS, 30 Year
Pool # 250375, 6.50%, 9/1/2025		1,289		1,431
Pool # 338417, 6.50%, 5/1/2026		497		552
Pool # 689977, 8.00%, 3/1/2027		10,939		11,919
Pool # 755973, 8.00%, 11/1/2028		26,245		30,051
Pool # 252211, 6.00%, 1/1/2029		1,593		1,783
Pool # 524949, 7.50%, 3/1/2030		7,178		7,357
Pool # 622534, 3.00%, 9/1/2031		113,770		115,489
Pool # 788150, 6.00%, 3/1/2032		18,912		20,998

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
Pool # 545639, 6.50%, 4/1/2032		39,346		45,004
Pool # 674349, 6.00%, 3/1/2033		6,959		7,756
Pool # AD0755, 7.00%, 6/1/2035		511,301		589,895
Pool # 833039, 5.00%, 9/1/2035		27,798		30,615
Pool # 745932, 6.50%, 11/1/2036		50,607		57,342
Pool # 944831, 5.50%, 2/1/2038		4,325		4,645
Pool # 961799, 5.50%, 3/1/2038		2,805		3,141
Pool # 976582, 4.50%, 4/1/2038		2,263		2,380
Pool # 985558, 5.50%, 6/1/2038		1,337		1,496
Pool # AL3438, 6.50%, 10/1/2038		554,808		615,938
Pool # AA4236, 4.50%, 4/1/2039		181,435		196,625
Pool # 935241, 4.50%, 5/1/2039		6,415		6,950
Pool # MA2535, 4.50%, 2/1/2046		506,074		542,117
Pool # BH4683, 4.00%, 6/1/2047		419,406		450,595
Pool # BH4684, 4.00%, 6/1/2047		439,873		470,876
Pool # BH4685, 4.00%, 6/1/2047		443,511		466,525
Pool # BK9030, 5.00%, 10/1/2048		1,358,164		1,458,537
Pool # BM5430, 5.00%, 1/1/2049		766,521		845,182
Pool # BN5899, 5.00%, 2/1/2049		306,555		328,433
Pool # BK8745, 4.50%, 4/1/2049		1,154,567		1,225,982
Pool # BN4707, 5.00%, 4/1/2049		1,374,053		1,494,787
Pool # CA3713, 5.00%, 6/1/2049		1,070,143		1,149,179
Pool # BN6475, 4.00%, 7/1/2049		993,112		1,037,046
Pool # BO2170, 4.00%, 7/1/2049		1,287,521		1,344,181
Pool # BO2305, 4.00%, 7/1/2049		312,199		325,952
Pool # BK8758, 4.50%, 7/1/2049		945,999		1,015,715
Pool # BO5625, 3.50%, 8/1/2049		1,135,356		1,193,137
FNMA, 30 Year
Pool # 506427, 9.00%, 4/1/2025		11,449		12,377
Pool # 535442, 8.50%, 6/1/2030		2,248		2,444
FNMA, Other
Pool # AM3498, 2.01%, 6/1/2020		1,000,000		997,997
Pool # AM0806, 2.45%, 11/1/2022		499,181		504,730
Pool # AM1619, 2.34%, 12/1/2022		262,874		264,161
Pool # AM2747, 2.50%, 4/1/2023		500,000		506,191
Pool # AM3244, 2.52%, 5/1/2023		1,000,000		1,013,305
Pool # AM3851, 3.02%, 7/1/2023		1,000,000		1,029,972
Pool # AN0029, 3.10%, 9/1/2025		981,580		1,025,580
Pool # AM4660, 3.77%, 12/1/2025		295,350		318,500
Pool # AN0890, 2.63%, 3/1/2026		484,614		493,084
Pool # AM6381, 3.29%, 8/1/2026		1,000,000		1,057,484
Pool # AM6392, 3.29%, 8/1/2026		919,839		972,201
Pool # BL0044, 3.71%, 8/1/2026		797,000		851,125
Pool # AM7321, 3.12%, 11/1/2026		965,641		1,010,956
Pool # AM7515, 3.34%, 2/1/2027		1,000,000		1,060,144
Pool # AN1600, 2.59%, 6/1/2028		876,495		889,552

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Pool # AN9686, 3.52%, 6/1/2028		500,000		536,443
Pool # AN9656, 3.57%, 7/1/2028		589,289		635,811
Pool # AN2466, 2.57%, 8/1/2028		497,237		503,830
Pool # 109452, 3.64%, 8/1/2028		983,145		1,062,724
Pool # 405220, 6.00%, 9/1/2028		11,917		13,116
Pool # BL1040, 3.81%, 12/1/2028		300,000		329,150
Pool # AN4559, 3.28%, 2/1/2029		1,500,000		1,583,280
Pool # AN4975, 3.21%, 3/1/2029		2,500,000		2,641,934
Pool # AN5672, 3.20%, 6/1/2029		1,488,580		1,571,770
Pool # AN6099, 3.04%, 7/1/2029		900,000		945,374
Pool # AN5998, 3.06%, 7/1/2029		2,878,764		3,024,727
Pool # AN5971, 2.99%, 8/1/2029		1,400,000		1,465,092
Pool # BL4435, 2.42%, 10/1/2029		700,000		698,858
Pool # AN6846, 2.93%, 10/1/2029		1,100,000		1,146,084
Pool # AM6811, 3.69%, 10/1/2029		639,507		695,512
Pool # BL4948, 2.49%, 11/1/2029		370,000		371,280
Pool # BL4333, 2.52%, 11/1/2029		1,100,000		1,108,186
Pool # AN9976, 3.96%, 2/1/2030		1,200,000		1,327,937
Pool # AM8692, 3.03%, 4/1/2030		650,000		674,819
Pool # AM8544, 3.08%, 4/1/2030		485,583		508,002
Pool # 754922, 5.50%, 9/1/2033		29,963		33,110
Pool # BL4886, 2.84%, 11/1/2034		797,000		809,395
Pool # 847108, 6.50%, 10/1/2035		75,402		82,535
Pool # AL9678, 4.00%, 2/1/2036		1,412,627		1,483,277
Pool # AN1330, 3.19%, 3/1/2036		1,091,533		1,150,665
Pool # 257172, 5.50%, 4/1/2038		4,344		4,752
Pool # AO9352, 4.00%, 7/1/2042		235,565		250,697
Pool # MA1125, 4.00%, 7/1/2042		380,972		405,420
Pool # MA1178, 4.00%, 9/1/2042		182,636		194,320
Pool # MA1437, 3.50%, 5/1/2043		514,511		540,601
Pool # AL6167, 3.50%, 1/1/2044		557,069		585,311
Pool # MA2545, 3.50%, 2/1/2046		964,370		1,008,235
Pool # MA2793, 3.50%, 10/1/2046		298,043		311,666
GNMA I, 30 Year
Pool # 326977, 7.50%, 5/15/2023		1,831		1,916
Pool # 359588, 7.50%, 6/15/2023		387		388
Pool # 782507, 9.50%, 10/15/2024		1,963		2,013
Pool # 780029, 9.00%, 11/15/2024		180		181
Pool # 405535, 7.00%, 12/15/2025		1,092		1,163
Pool # 412336, 8.00%, 10/15/2027		1,657		1,822
Pool # 451507, 8.00%, 10/15/2027		2,205		2,241
Pool # 412369, 7.00%, 11/15/2027		1,442		1,562
Pool # 467705, 6.50%, 3/15/2028		1,559		1,720
Pool # 472679, 7.00%, 6/15/2028		3,890		4,230
Pool # 486537, 7.50%, 9/15/2028		2,239		2,414
Pool # 781614, 7.00%, 6/15/2033		5,569		6,579

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
Pool # 617653, 6.00%, 5/15/2037		29,863		32,898
Pool # 678574, 5.50%, 6/15/2038		716,742		804,779
Pool # 681554, 5.50%, 7/15/2038		675,819		758,768
Pool # 678169, 5.50%, 9/15/2038		359,103		402,738
Pool # 681568, 5.50%, 9/15/2038		730,264		819,966
Pool # 694458, 6.00%, 10/15/2038		8,818		10,096
Pool # 782510, 6.50%, 12/15/2038		22,861		26,077
GNMA II
Pool # 81008, ARM, 3.75%, 7/20/2034 (i)		54,040		54,074
Pool # 81074, ARM, 3.75%, 9/20/2034 (i)		74,273		74,238
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		807		869
Pool # 2324, 8.00%, 11/20/2026		18,530		20,888
Pool # 2341, 7.50%, 12/20/2026		1,016		1,133
Pool # 2362, 8.00%, 1/20/2027		2,462		2,721
Pool # BJ9823, 3.75%, 4/20/2048		1,856,939		1,945,124
Pool # BP4337, 4.50%, 9/20/2049		796,842		861,562
Pool # BP5551, 4.50%, 9/20/2049		946,444		1,023,311
GNMA II, Other
Pool # AD0018, 3.75%, 12/20/2032		121,523		124,916
Total Mortgage-backed Securities (Cost $68,075,477)				69,412,623
Asset-backed Securities — 11.8%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (b)		456,799		457,520
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		107,789		114,525
Series 2015-1, Class A, 3.60%, 3/15/2027 (b)		81,550		85,059
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		246,688		251,276
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		175,528		177,653
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		11,527		11,854
Series 2013-1, Class A, 4.00%, 7/15/2025		58,237		61,000
Series 2017-2, Class B, 3.70%, 10/15/2025		95,863		96,850
Series 2014-1, Class A, 3.70%, 10/1/2026		36,326		38,190
Series 2016-2, Class A, 3.65%, 6/15/2028		13,672		14,285

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2016-3, Class AA, 3.00%, 10/15/2028		206,631		210,501
Series 2017-1, Class AA, 3.65%, 2/15/2029		141,076		148,591
Series 2019-1, Class A, 3.50%, 2/15/2032		275,000		281,566
American Credit Acceptance Receivables Trust Series 2016-4, Class C, 2.91%, 2/13/2023 (b)		3,494		3,494
American Homes 4 Rent
Series 2015-SFR1, Class D, 4.41%, 4/17/2052 ‡ (b)		380,000		396,888
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (b)		100,000		107,613
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (b)		410,621		428,643
Series 2014-SFR2, Class C, 4.71%, 10/17/2036 ‡ (b)		200,000		212,163
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		227,703		236,263
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (b)		200,000		224,570
Series 2015-SFR2, Class C, 4.69%, 10/17/2052 ‡ (b)		200,000		213,548
AmeriCredit Automobile Receivables Trust Series 2016-4, Class B, 1.83%, 12/8/2021		373,130		373,023
B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		57,692		57,857
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		80,705		85,450
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		108,021		113,291
Series 2019-1, Class AA, 3.30%, 12/15/2032 (b)		149,967		155,380
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		215,773		218,084
Series 2018-2, Class A, 4.45%, 6/15/2033 (b)		310,538		315,060
Series 2019-1, Class A, 4.21%, 7/15/2034 (b)		704,671		722,972
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		77,000		77,082
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		364,590		363,792

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Capital Auto Receivables Asset Trust Series 2018-1, Class A3, 2.79%, 1/20/2022 (b)		396,320		397,227
Carnow Auto Receivables Trust Series 2017-1A, Class A, 2.92%, 9/15/2022 (b)		2,903		2,903
Carvana Auto Receivables Trust
Series 2019-2A, Class C, 3.00%, 6/17/2024 (b)		675,000		676,231
Series 2019-3A, Class C, 2.71%, 10/15/2024 (b)		875,000		872,665
Series 2019-4A, Class D, 3.07%, 7/15/2025 (b)		940,000		938,866
Continental Airlines Pass-Through Trust Series 2012-1, Class A, 4.15%, 4/11/2024		136,016		142,836
CoreVest American Finance Trust
Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (b)		500,000		513,887
Series 2019-3, Class B, 3.16%, 10/15/2052 ‡ (b)		700,000		695,011
CPS Auto Receivables Trust Series 2015-C, Class D, 4.63%, 8/16/2021 (b)		137,700		138,749
CPS Auto Trust Series 2018-C, Class C, 3.68%, 6/17/2024 (b)		1,901,000		1,928,295
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A, 2.56%, 10/15/2025 (b)		7,357		7,358
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		250,000		250,927
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)		77,638		90,397
CWABS Revolving Home Equity Loan Trust Series 2004-K, Class 2A, 2.04%, 2/15/2034 ‡ (i)		1,694		1,683
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 2.54%, 3/25/2034 ‡ (i)		23,356		23,453
Series 2004-1, Class M2, 2.62%, 3/25/2034 ‡ (i)		6,328		6,306
Series 2004-1, Class 3A, 2.35%, 4/25/2034 ‡ (i)		1,056		1,011
Delta Air Lines Pass-Through Trust Series 2015-1, Class AA, 3.63%, 7/30/2027		330,714		350,684
Drive Auto Receivables Trust
Series 2017-AA, Class C, 2.98%, 1/18/2022 (b)		6,005		6,006
Series 2017-1, Class C, 2.84%, 4/15/2022		7,082		7,084

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2015-DA, Class D, 4.59%, 1/17/2023 (b)		74,620		74,681
Series 2017-1, Class D, 3.84%, 3/15/2023		262,000		264,661
Series 2017-2, Class C, 2.75%, 9/15/2023		27,824		27,825
Series 2017-3, Class D, 3.53%, 12/15/2023 (b)		570,000		575,233
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		196,807		199,179
Series 2017-AA, Class D, 4.16%, 5/15/2024 (b)		127,000		128,729
Series 2019-4, Class C, 2.51%, 11/17/2025		375,000		375,230
Series 2019-1, Class D, 4.09%, 6/15/2026		170,000		174,984
DT Auto Owner Trust
Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		66,069		66,372
Series 2017-1A, Class D, 3.55%, 11/15/2022 (b)		90,801		91,296
Series 2017-3A, Class D, 3.58%, 5/15/2023 (b)		105,000		105,623
Series 2019-4A, Class C, 2.73%, 7/15/2025 (b)		604,000		602,988
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		27,534		27,548
Exeter Automobile Receivables Trust
Series 2016-3A, Class B, 2.84%, 8/16/2021 (b)		1,159		1,159
Series 2016-1A, Class C, 5.52%, 10/15/2021 (b)		28,553		28,640
Series 2018-4A, Class B, 3.64%, 11/15/2022 (b)		196,000		196,939
Series 2017-1A, Class C, 3.95%, 12/15/2022 (b)		60,000		60,521
Series 2018-1A, Class C, 3.03%, 1/17/2023 (b)		155,000		155,536
Series 2019-4A, Class C, 2.44%, 9/16/2024 (b)		415,000		412,825
Series 2019-3A, Class D, 3.11%, 8/15/2025 (b)		590,000		594,173
Flagship Credit Auto Trust
Series 2015-3, Class C, 4.65%, 3/15/2022 (b)		75,520		76,120
Series 2016-1, Class C, 6.22%, 6/15/2022 (b)		250,000		256,496
Series 2016-4, Class C, 2.71%, 11/15/2022 (b)		249,000		249,255

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		428,165		438,933
FORT CRE LLC Series 2018-1A, Class C, 4.62%, 11/16/2035 ‡ (b) (i)		760,000		764,874
FREED ABS Trust
Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		204,379		205,786
Series 2019-2, Class A, 2.62%, 11/18/2026 (b)		342,864		342,850
GM Financial Automobile Leasing Trust
Series 2018-1, Class A3, 2.61%, 1/20/2021		162,766		162,956
Series 2018-2, Class A3, 3.06%, 6/21/2021		361,198		362,367
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)		17,062		17,071
Goodgreen Series 2019-2A, Class A, 2.76%, 10/15/2054 (b)		444,090		440,091
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		64,915		66,881
Series 2017-2A, Class A, 3.26%, 10/15/2053 (b)		261,558		265,148
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		170,840		170,627
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		227,739		232,517
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		58,794		59,014
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		160,952		167,943
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		106,226		106,627
Hyundai Auto Receivables Trust Series 2016-A, Class D, 3.23%, 12/15/2022		1,220,000		1,227,102
Kabbage Funding LLC
Series 2019-1, Class A, 3.83%, 3/15/2024 (b)		1,090,000		1,101,915
Series 2019-1, Class B, 4.07%, 3/15/2024 (b)		550,000		555,356
LL ABS Trust Series 2019-1A, Class A, 2.87%, 3/15/2027 (b)		470,000		469,960
Long Beach Mortgage Loan Trust
Series 2003-4, Class M1, 2.81%, 8/25/2033 ‡ (i)		25,061		24,884

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2004-1, Class M1, 2.54%, 2/25/2034 ‡ (i)		54,757		54,249
Series 2004-1, Class M2, 2.62%, 2/25/2034 ‡ (i)		6,552		6,545
Mariner Finance Issuance Trust Series 2019-AA, Class A, 2.96%, 7/20/2032 (b)		625,000		627,938
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (b)		811,844		805,454
MVW Owner Trust Series 2019-1A, Class A, 2.89%, 11/20/2036 (b)		227,308		230,043
New Century Home Equity Loan Trust Series 2005-1, Class M1, 2.47%, 3/25/2035 ‡ (i)		93,386		93,501
NMEF Funding LLC Series 2019-A, Class B, 3.06%, 8/15/2026 (b)		870,000		869,896
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		129,000		129,112
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (b)		270,000		276,164
OneMain Financial Issuance Trust Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		32,663		32,728
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (b)		250,000		250,024
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (b)		253,000		255,211
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (b)		801,000		822,164
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (b)		560,000		561,444
Pretium Mortgage Credit Partners I LLC Series 2018-NPL4, Class A1, 4.83%, 9/25/2058 ‡ (b) (e)		214,331		215,368
Progress Residential Trust
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (b)		432,282		431,721
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (b)		100,000		99,885
Series 2019-SFR4, Class D, 3.14%, 10/17/2036 ‡ (b)		800,000		794,650
Prosper Marketplace Issuance Trust Series 2019-3A, Class A, 3.19%, 7/15/2025 (b)		136,538		137,223
Purchasing Power Funding LLC Series 2018-A, Class A, 3.34%, 8/15/2022 (b)		730,000		731,072
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		66,040		67,724

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 ‡ (b)		212,990		212,990
Santander Drive Auto Receivables Trust
Series 2018-3, Class A3, 3.03%, 2/15/2022		3,934		3,935
Series 2018-1, Class D, 3.32%, 3/15/2024		346,000		349,542
Series 2019-2, Class C, 2.90%, 10/15/2024		190,000		191,831
Santander Retail Auto Lease Trust Series 2018-A, Class A3, 2.93%, 5/20/2021 (b)		282,939		283,716
Sierra Timeshare Receivables Funding LLC Series 2019-3A, Class C, 3.00%, 8/20/2036 ‡ (b)		838,303		835,221
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		13,777		13,810
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		56,386		58,048
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (b)		29,658		30,180
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		809,000		824,706
Series 2019-A2, Class A, 2.34%, 6/15/2025		850,000		856,977
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		370,000		378,179
TCF Auto Receivables Owner Trust Series 2016-PT1A, Class A, 1.93%, 6/15/2022 (b)		67,056		66,978
Tricolor Auto Securitization Trust Series 2018-1A, Class A, 5.05%, 12/15/2020 (b)		217,176		217,763
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (b)		126,934		126,662
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		150,530		161,235
Series 2016-1, Class B, 3.65%, 1/7/2026		54,694		55,535
Series 2018-1, Class B, 4.60%, 3/1/2026		36,753		37,987
Series 2014-1, Class A, 4.00%, 4/11/2026		56,325		59,853
Series 2016-2, Class AA, 2.88%, 10/7/2028		89,428		90,507

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2019-1, Class AA, 4.15%, 8/25/2031		254,193		274,217
Series 2019-2, Class AA, 2.70%, 5/1/2032		222,000		222,638
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (b)		53,278		53,395
US Auto Funding LLC
Series 2019-1A, Class B, 3.99%, 12/15/2022 (b)		550,000		556,760
Series 2018-1A, Class A, 5.50%, 7/15/2023 (b)		244,915		249,545
Vericrest Opportunity Loan Trust
Series 2019-NPL4, Class A1B, 4.15%, 8/25/2049 ‡ (b) (e)		850,000		849,554
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (b) (e)		417,085		415,456
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 (b) (e)		555,450		554,086
Verizon Owner Trust
Series 2017-2A, Class A, 1.92%, 12/20/2021 (b)		169,828		169,810
Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (b)		304,715		304,815
Series 2018-A, Class A1A, 3.23%, 4/20/2023		400,000		406,723
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (b) (e)		206,432		206,558
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048 ‡ (b) (e)		532,850		532,256
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 ‡ (b) (e)		403,724		406,113
VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049 ‡ (b) (e)		715,000		715,503
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (b)		101,390		101,777
Westlake Automobile Receivables Trust
Series 2017-1A, Class C, 2.70%, 10/17/2022 (b)		15,190		15,198
Series 2018-1A, Class C, 2.92%, 5/15/2023 (b)		830,000		832,199
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		375,000		382,937
Total Asset-Backed Securities (Cost $44,450,506)				44,831,848

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — 9.1%
Acre Series 2017-A, 6.71%, 12/15/2020		500,000		500,000
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		818,417		840,905
Series 2005-J1, Class 1A4, IF, IO, 3.31%, 2/25/2035 ‡ (i)		31,938		730
Series 2005-22T1, Class A2, IF, IO, 3.28%, 6/25/2035 ‡ (i)		391,452		52,320
Series 2005-20CB, Class 3A8, IF, IO, 2.96%, 7/25/2035 ‡ (i)		232,047		25,781
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		313,527		312,427
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		137,515		129,371
Banc of America Alternative Loan Trust Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		1,562		1,308
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		17,166		15,020
Series 2005-E, Class 4A1, 4.48%, 3/20/2035 (i)		7,785		7,825
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		82,936		80,273
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		15,187		13,231
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 4.31%, 10/25/2033 (i)		20,566		20,925
Series 2006-1, Class A1, 3.84%, 2/25/2036 (i)		75,650		77,397
CHL Mortgage Pass-Through Trust
Series 2004-HYB1, Class 2A, 3.75%, 5/20/2034 (i)		9,639		9,669
Series 2004-HYB3, Class 2A, 3.85%, 6/20/2034 (i)		19,933		20,408
Series 2004-7, Class 2A1, 4.59%, 6/25/2034 (i)		20,810		21,621
Series 2005-16, Class A23, 5.50%, 9/25/2035		51,911		47,494
Series 2005-22, Class 2A1, 3.61%, 11/25/2035 (i)		104,138		94,289
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 6/25/2033 ‡		52		45
Series 2003-HYB1, Class A, 4.24%, 9/25/2033 (i)		10,145		10,370
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		1,323		1,345

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2005-1, Class 2A1A, 2.81%, 2/25/2035 (i)		45,661		39,399
Csma Sfr 4/25/2023 ‡		886,251		886,251
CVS Pass-Through Trust Series 2009, 8.35%, 7/10/2031 (b)		72,832		92,810
DT Asset Trust 5.84%, 12/16/2022		500,000		500,408
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		23,421		24,410
FHLMC, REMIC
Series 1065, Class J, 9.00%, 4/15/2021		57		59
Series 1250, Class J, 7.00%, 5/15/2022		482		501
Series 1316, Class Z, 8.00%, 6/15/2022		1,476		1,551
Series 1324, Class Z, 7.00%, 7/15/2022		2,416		2,502
Series 1343, Class LB, 7.50%, 8/15/2022		2,392		2,519
Series 1343, Class LA, 8.00%, 8/15/2022		11,622		12,264
Series 1395, Class G, 6.00%, 10/15/2022		1,303		1,350
Series 1394, Class ID, IF, 9.57%, 10/15/2022 (i)		1,586		1,718
Series 2535, Class BK, 5.50%, 12/15/2022		11,597		11,885
Series 1798, Class F, 5.00%, 5/15/2023		5,399		5,567
Series 1505, Class Q, 7.00%, 5/15/2023		1,138		1,206
Series 1518, Class G, IF, 7.35%, 5/15/2023 (i)		2,077		2,219
Series 1541, Class O, 1.16%, 7/15/2023 (i)		2,310		2,280
Series 2638, Class DS, IF, 6.86%, 7/15/2023 (i)		14,403		14,901
Series 1577, Class PV, 6.50%, 9/15/2023		63,584		67,421
Series 1584, Class L, 6.50%, 9/15/2023		37,550		39,807
Series 1633, Class Z, 6.50%, 12/15/2023		39,719		41,756
Series 1638, Class H, 6.50%, 12/15/2023		50,618		53,822
Series 2283, Class K, 6.50%, 12/15/2023		5,484		5,809
Series 1700, Class GA, PO, 2/15/2024		836		820
Series 1865, Class D, PO, 2/15/2024		4,026		3,873

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (i)		2,387		2,749
Series 1694, Class PK, 6.50%, 3/15/2024		4,227		4,484
Series 2033, Class SN, HB, IF, 26.49%, 3/15/2024 (i)		1,308		244
Series 2306, Class K, PO, 5/15/2024		1,789		1,726
Series 2306, Class SE, IF, IO, 8.83%, 5/15/2024 (i)		4,293		577
Series 1863, Class Z, 6.50%, 7/15/2026		11,593		12,307
Series 1981, Class Z, 6.00%, 5/15/2027		5,897		6,330
Series 1987, Class PE, 7.50%, 9/15/2027		7,632		8,744
Series 1999, Class PU, 7.00%, 10/15/2027		24,907		27,199
Series 2031, Class PG, 7.00%, 2/15/2028		49,442		55,767
Series 2035, Class PC, 6.95%, 3/15/2028		50,099		55,503
Series 2038, Class PN, IO, 7.00%, 3/15/2028		3,350		534
Series 2057, Class PE, 6.75%, 5/15/2028		67,615		75,739
Series 2054, Class PV, 7.50%, 5/15/2028		9,612		10,896
Series 2064, Class TE, 7.00%, 6/15/2028		10,963		12,384
Series 2075, Class PH, 6.50%, 8/15/2028		10,877		12,087
Series 2095, Class PE, 6.00%, 11/15/2028		35,035		38,493
Series 2132, Class SB, HB, IF, 23.22%, 3/15/2029 (i)		1,971		2,955
Series 2178, Class PB, 7.00%, 8/15/2029		19,619		22,263
Series 2182, Class ZB, 8.00%, 9/15/2029		33,419		38,460
Series 2204, Class GB, 8.00%, 12/20/2029 ‡ (i)		421		421
Series 2247, Class Z, 7.50%, 8/15/2030		6,768		7,752
Series 2259, Class ZC, 7.35%, 10/15/2030		116,902		137,428
Series 2325, Class PM, 7.00%, 6/15/2031		5,295		6,109
Series 2359, Class ZB, 8.50%, 6/15/2031		21,905		26,024

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2344, Class ZD, 6.50%, 8/15/2031		40,133		47,205
Series 2344, Class ZJ, 6.50%, 8/15/2031		7,038		7,801
Series 2345, Class NE, 6.50%, 8/15/2031		3,123		3,548
Series 2367, Class ME, 6.50%, 10/15/2031		59,349		65,721
Series 2390, Class DO, PO, 12/15/2031		6,269		5,899
Series 2410, Class OE, 6.38%, 2/15/2032		8,573		9,242
Series 2410, Class QX, IF, IO, 6.91%, 2/15/2032 (i)		11,467		2,477
Series 2412, Class SP, IF, 12.62%, 2/15/2032 (i)		12,682		16,294
Series 2410, Class QS, IF, 14.98%, 2/15/2032 (i)		9,805		14,090
Series 2444, Class ES, IF, IO, 6.21%, 3/15/2032 (i)		14,765		2,558
Series 2450, Class SW, IF, IO, 6.26%, 3/15/2032 (i)		9,843		1,654
Series 2423, Class MC, 7.00%, 3/15/2032		22,963		26,428
Series 2423, Class MT, 7.00%, 3/15/2032		35,377		40,910
Series 2647, Class A, 3.25%, 4/15/2032		43,285		44,468
Series 3688, Class NI, IO, 5.00%, 4/15/2032		1,661		—
Series 2435, Class CJ, 6.50%, 4/15/2032		83,124		94,332
Series 2455, Class GK, 6.50%, 5/15/2032		24,090		27,555
Series 2484, Class LZ, 6.50%, 7/15/2032		16,839		19,567
Series 2500, Class MC, 6.00%, 9/15/2032		53,107		59,946
Series 2543, Class YX, 6.00%, 12/15/2032		727,952		803,267
Series 2544, Class HC, 6.00%, 12/15/2032		53,174		60,625
Series 2574, Class PE, 5.50%, 2/15/2033		259,911		291,989
Series 2575, Class ME, 6.00%, 2/15/2033		102,121		114,652
Series 2586, Class WI, IO, 6.50%, 3/15/2033		7,929		1,577
Series 4189, Class MI, IO, 3.00%, 6/15/2033		3,579,606		135,320

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2764, Class UG, 5.00%, 3/15/2034		214,056		236,315
Series 2949, Class GE, 5.50%, 3/15/2035		278,057		310,537
Series 3047, Class OD, 5.50%, 10/15/2035		300,000		330,262
Series 3085, Class VS, HB, IF, 21.76%, 12/15/2035 (i)		61,425		93,141
Series 3098, Class KG, 5.50%, 1/15/2036		212,566		236,194
Series 3117, Class EO, PO, 2/15/2036		20,075		17,904
Series 3260, Class CS, IF, IO, 4.40%, 1/15/2037 (i)		18,512		2,916
Series 3380, Class SI, IF, IO, 4.63%, 10/15/2037 (i)		1,104,916		208,812
Series 3385, Class SN, IF, IO, 4.26%, 11/15/2037 (i)		15,586		2,120
Series 3387, Class SA, IF, IO, 4.68%, 11/15/2037 (i)		43,420		7,172
Series 3423, Class PB, 5.50%, 3/15/2038		221,704		247,738
Series 3451, Class SA, IF, IO, 4.31%, 5/15/2038 (i)		17,933		2,098
Series 3455, Class SE, IF, IO, 4.46%, 6/15/2038 (i)		155,915		23,001
Series 3786, Class PD, 4.50%, 1/15/2041		407,000		462,556
Series 4029, Class MU, 3.50%, 4/15/2042		640,128		639,183
FHLMC, STRIPS
Series 233, Class 11, IO, 5.00%, 9/15/2035		38,770		7,793
Series 239, Class S30, IF, IO, 5.96%, 8/15/2036 (i)		41,967		9,465
Series 262, Class 35, 3.50%, 7/15/2042		226,474		236,841
Series 299, Class 300, 3.00%, 1/15/2043		205,547		212,746
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.42%, 7/25/2032 (i)		9,074		9,976
Series T-54, Class 2A, 6.50%, 2/25/2043		62,748		72,982
Series T-54, Class 3A, 7.00%, 2/25/2043		27,206		32,065
Series T-56, Class APO, PO, 5/25/2043		150,883		139,211
Series T-58, Class APO, PO, 9/25/2043		12,903		10,735

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
First Horizon Alternative Mortgage Securities Trust Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		92,769		74,604
FNMA Trust, Whole Loan Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		14,777		16,881
FNMA, REMIC
Series 1990-10, Class L, 8.50%, 2/25/2020		10		10
Series 1990-93, Class G, 5.50%, 8/25/2020		12		12
Series 1990-143, Class J, 8.75%, 12/25/2020		33		34
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		1		4
Series 2001-4, Class PC, 7.00%, 3/25/2021		3,544		3,581
Series 2002-1, Class HC, 6.50%, 2/25/2022		2,995		3,066
Series 1992-101, Class J, 7.50%, 6/25/2022		5,308		5,585
Series G92-42, Class Z, 7.00%, 7/25/2022		215		220
Series G92-44, Class ZQ, 8.00%, 7/25/2022		138		143
Series 1996-59, Class J, 6.50%, 8/25/2022		631		657
Series 1992-143, Class MA, 5.50%, 9/25/2022		901		927
Series G92-54, Class ZQ, 7.50%, 9/25/2022		1,485		1,540
Series G92-59, Class F, 1.80%, 10/25/2022 (i)		192		193
Series G92-61, Class Z, 7.00%, 10/25/2022		632		659
Series G92-66, Class KA, 6.00%, 12/25/2022		1,638		1,697
Series G92-66, Class KB, 7.00%, 12/25/2022		7,746		8,140
Series G93-1, Class KA, 7.90%, 1/25/2023		2,079		2,206
Series 1997-61, Class ZC, 7.00%, 2/25/2023		17,230		18,120
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (i)		2,503		2,655
Series 1998-43, Class SA, IF, IO, 18.33%, 4/25/2023 (i)		6,834		1,459
Series 1993-146, Class E, PO, 5/25/2023		5,337		5,171
Series 1993-84, Class M, 7.50%, 6/25/2023		385,536		410,483

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 1993-205, Class H, PO, 9/25/2023		1,843		1,782
Series 1993-155, Class PJ, 7.00%, 9/25/2023		15,460		16,447
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (i)		2,227		2,393
Series 1993-165, Class SD, IF, 12.52%, 9/25/2023 (i)		447		479
Series 1993-203, Class PL, 6.50%, 10/25/2023		20,431		21,491
Series 1995-19, Class Z, 6.50%, 11/25/2023		22,900		24,319
Series 1993-230, Class FA, 2.31%, 12/25/2023 (i)		622		619
Series 1993-223, Class PZ, 6.50%, 12/25/2023		46,704		49,256
Series 1993-225, Class UB, 6.50%, 12/25/2023		21,042		22,512
Series 2003-128, Class DY, 4.50%, 1/25/2024		236,998		246,000
Series 1994-37, Class L, 6.50%, 3/25/2024		41,332		43,824
Series 1994-72, Class K, 6.00%, 4/25/2024		364,273		400,773
Series 1995-2, Class Z, 8.50%, 1/25/2025		4,993		5,521
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (i)		17,931		416
Series 1997-39, Class PD, 7.50%, 5/20/2027		6,600		7,476
Series 1997-46, Class PL, 6.00%, 7/18/2027		10,690		11,568
Series 1998-36, Class ZB, 6.00%, 7/18/2028		3,398		3,733
Series 1998-46, Class GZ, 6.50%, 8/18/2028		12,809		14,222
Series 1998-58, Class PC, 6.50%, 10/25/2028		27,061		29,970
Series 2014-15, Class JI, IO, 3.50%, 4/25/2029		5,840,076		565,508
Series 1999-39, Class JH, IO, 6.50%, 8/25/2029		58,130		5,540
Series 2000-52, IO, 8.50%, 1/25/2031		2,335		489
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		73,931		12,571
Series 2001-30, Class PM, 7.00%, 7/25/2031		22,454		26,112
Series 2001-36, Class DE, 7.00%, 8/25/2031		40,612		46,301

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2001-44, Class PD, 7.00%, 9/25/2031		3,728		4,287
Series 2001-61, Class Z, 7.00%, 11/25/2031		57,099		66,306
Series 2002-1, Class SA, IF, 19.36%, 2/25/2032 (i)		1,179		1,604
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (i)		63,030		2,374
Series 2002-15, PO, 4/25/2032		46,174		43,347
Series 2002-28, Class PK, 6.50%, 5/25/2032		23,464		26,587
Series 2002-68, Class SH, IF, IO, 6.26%, 10/18/2032 (i)		49,043		7,272
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (i)		26,882		30,941
Series 2002-77, Class S, IF, 11.20%, 12/25/2032 (i)		5,009		6,081
Series 2003-22, Class UD, 4.00%, 4/25/2033		121,478		129,525
Series 2003-47, Class PE, 5.75%, 6/25/2033		21,176		23,759
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		27,113		6,401
Series 2004-4, Class QM, IF, 10.62%, 6/25/2033 (i)		20,297		21,974
Series 2003-64, Class SX, IF, 9.52%, 7/25/2033 (i)		4,336		5,025
Series 2003-132, Class OA, PO, 8/25/2033		5,980		5,621
Series 2003-71, Class DS, IF, 5.21%, 8/25/2033 (i)		27,912		30,077
Series 2003-91, Class SD, IF, 9.51%, 9/25/2033 (i)		6,790		7,986
Series 2003-116, Class SB, IF, IO, 5.81%, 11/25/2033 (i)		67,238		11,836
Series 2003-131, Class CH, 5.50%, 1/25/2034		82,063		91,668
Series 2003-130, Class SX, IF, 8.83%, 1/25/2034 (i)		1,712		1,984
Series 2004-35, Class AZ, 4.50%, 5/25/2034		111,595		120,081
Series 2004-46, Class SK, IF, 11.57%, 5/25/2034 (i)		23,101		28,992
Series 2004-36, Class SA, IF, 14.60%, 5/25/2034 (i)		51,087		72,192
Series 2004-51, Class SY, IF, 10.66%, 7/25/2034 (i)		4,344		5,178
Series 2004-79, Class ZE, 5.50%, 11/25/2034		491,555		572,853

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2004-91, Class HC, 6.00%, 12/25/2034		687,847		796,876
Series 2005-68, Class BC, 5.25%, 6/25/2035		11,377		11,394
Series 2005-45, Class DC, IF, 17.74%, 6/25/2035 (i)		78,257		106,272
Series 2005-84, Class XM, 5.75%, 10/25/2035		53,245		58,937
Series 2006-22, Class AO, PO, 4/25/2036		31,359		28,297
Series 2006-46, Class SW, IF, 17.63%, 6/25/2036 (i)		10,179		14,836
Series 2007-7, Class SG, IF, IO, 4.71%, 8/25/2036 (i)		42,337		12,271
Series 2006-110, PO, 11/25/2036		27,417		24,621
Series 2006-117, Class GS, IF, IO, 4.86%, 12/25/2036 (i)		40,746		6,062
Series 2007-53, Class SH, IF, IO, 4.31%, 6/25/2037 (i)		51,416		6,886
Series 2007-88, Class VI, IF, IO, 4.75%, 9/25/2037 (i)		85,670		16,188
Series 2007-100, Class SM, IF, IO, 4.66%, 10/25/2037 (i)		52,045		8,754
Series 2008-1, Class BI, IF, IO, 4.12%, 2/25/2038 (i)		47,735		7,397
Series 2008-16, Class IS, IF, IO, 4.41%, 3/25/2038 (i)		10,247		1,037
Series 2008-46, Class HI, IO, 2.34%, 6/25/2038 (i)		39,263		2,458
Series 2008-53, Class CI, IF, IO, 5.41%, 7/25/2038 (i)		22,428		3,027
Series 2009-112, Class ST, IF, IO, 4.46%, 1/25/2040 (i)		44,489		8,380
Series 2010-35, Class SB, IF, IO, 4.63%, 4/25/2040 (i)		17,620		2,242
Series 2010-80, Class PZ, 5.00%, 7/25/2040		321,286		374,509
Series 2010-102, Class PN, 5.00%, 9/25/2040		580,000		650,416
Series 2010-134, Class KZ, 4.50%, 12/25/2040		1,404,235		1,493,608
Series 2012-30, Class DZ, 4.00%, 4/25/2042		272,544		292,268
Series 2013-67, Class KZ, 2.50%, 4/25/2043		823,375		794,542
Series 2013-128, PO, 12/25/2043		194,314		170,062
Series 2014-38, Class QI, IO, 5.50%, 12/25/2043		665,054		127,908
Series 2014-19, Class Z, 4.50%, 4/25/2044		479,033		545,887

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2016-38, Class NA, 3.00%, 1/25/2046		156,054		160,320
FNMA, REMIC Trust, Whole Loan
Series 1999-W1, PO, 2/25/2029		17,797		15,992
Series 1999-W4, Class A9, 6.25%, 2/25/2029		70,324		75,917
Series 2002-W7, Class A4, 6.00%, 6/25/2029		174,582		195,344
Series 2003-W1, Class 1A1, 5.29%, 12/25/2042 (i)		178,470		193,691
Series 2003-W1, Class 2A, 5.81%, 12/25/2042 (i)		25,675		27,676
FNMA, REMIC, Whole Loan Series 2003-7, Class A1, 6.50%, 12/25/2042		127,769		143,922
FNMA, STRIPS
Series 329, Class 1, PO, 1/25/2033		3,893		3,509
Series 365, Class 8, IO, 5.50%, 5/25/2036		16,463		3,620
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.89%, 6/19/2035 (i)		93,699		93,484
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		36,457		36,430
Series 2000-36, Class PB, 7.50%, 11/16/2030		160,482		160,343
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		920		1
Series 2001-10, Class PE, 6.50%, 3/16/2031		379,093		378,900
Series 2003-24, PO, 3/16/2033		2,003		1,893
Series 2004-28, Class S, IF, 14.88%, 4/16/2034 (i)		16,662		23,461
Series 2006-38, Class OH, 6.50%, 8/20/2036		500,000		592,185
Series 2007-45, Class QA, IF, IO, 4.88%, 7/20/2037 (i)		68,514		7,839
Series 2009-79, Class OK, PO, 11/16/2037		40,831		37,307
Series 2007-76, Class SA, IF, IO, 4.77%, 11/20/2037 (i)		53,352		5,998
Series 2008-2, Class MS, IF, IO, 5.42%, 1/16/2038 (i)		52,281		8,972
Series 2015-137, Class WA, 5.50%, 1/20/2038 (i)		298,643		338,926
Series 2009-106, Class ST, IF, IO, 4.24%, 2/20/2038 (i)		180,268		23,224
Series 2008-55, Class SA, IF, IO, 4.44%, 6/20/2038 (i)		32,355		4,937

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2009-6, Class SA, IF, IO, 4.36%, 2/16/2039 (i)		21,472		2,314
Series 2009-6, Class SH, IF, IO, 4.28%, 2/20/2039 (i)		67,533		5,760
Series 2009-31, Class TS, IF, IO, 4.54%, 3/20/2039 (i)		73,902		5,238
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		49,984		9,361
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		37,350		9,135
Series 2009-22, Class SA, IF, IO, 4.51%, 4/20/2039 (i)		92,239		9,571
Series 2009-102, Class SM, IF, IO, 4.66%, 6/16/2039 (i)		7,134		146
Series 2009-64, Class SN, IF, IO, 4.36%, 7/16/2039 (i)		79,101		9,948
Series 2009-104, Class KB, 5.50%, 11/16/2039		236,000		282,287
Series 2010-130, Class CP, 7.00%, 10/16/2040		58,910		68,824
Series 2011-75, Class SM, IF, IO, 4.84%, 5/20/2041 (i)		111,133		18,346
Series 2013-69, Class MA, 1.50%, 8/20/2042		442,788		431,916
Series 2016-135, Class Z, 3.00%, 10/20/2046		219,906		218,278
Series 2011-H19, Class FA, 2.24%, 8/20/2061 (i)		505,147		504,254
Series 2012-H23, Class SA, 2.30%, 10/20/2062 (i)		549,437		568,282
Series 2013-H08, Class FC, 2.22%, 2/20/2063 (i)		523,371		522,147
Series 2013-H09, Class HA, 1.65%, 4/20/2063		183,793		182,658
Series 2014-H17, Class FC, 2.27%, 7/20/2064 (i)		287,704		287,143
Series 2015-H16, Class FG, 2.21%, 7/20/2065 (i)		602,066		599,635
Series 2015-H30, Class FE, 2.37%, 11/20/2065 (i)		780,952		782,360
Series 2016-H11, Class FD, 3.13%, 5/20/2066 (i)		192,939		192,866
Series 2016-H26, Class FC, 2.77%, 12/20/2066 (i)		150,821		152,925
Series 2017-H14, Class FV, 2.27%, 6/20/2067 (i)		387,891		387,166
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		421,409		415,600
GSR Mortgage Loan Trust
Series 2004-6F, Class 1A2, 5.00%, 5/25/2034		42,724		43,317

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		106,327		114,128
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		44,990		46,342
Headlands Residential LLC
Series 2017-RPL1, Class A, 3.88%, 8/25/2022 (b) (e)		390,000		391,435
Series 2019-RPL1, 3.97%, 6/25/2024 (b) (e)		675,000		677,723
Impac Secured Assets Trust Series 2006-1, Class 2A1, 2.14%, 5/25/2036 (i)		20,929		20,320
JP Morgan Mortgage Trust Series 2006-A2, Class 5A3, 4.09%, 11/25/2033 (i)		24,875		25,688
LHOME Mortgage Trust Series 2019-RTL3, Class A1, 3.87%, 7/25/2024 (b)		730,000		728,502
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.61%, 4/21/2034 (i)		14,743		15,037
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		2,610		2,619
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		279		286
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		60,989		62,090
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		56,715		58,409
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		81,815		84,704
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		8,023		6,924
MASTR Asset Securitization Trust
Series 2003-12, Class 15PO, PO, 12/25/2018 ‡		76		76
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		82		81
Series 2004-8, PO, 8/25/2019 ‡		396		278
Series 2003-11, Class 9A6, 5.25%, 12/25/2033		86,010		86,939
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (b)		13,117		10,967
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (i)		27,496		27,379
PHH Alternative Mortgage Trust Series 2007-2, Class 2X, IO, 6.00%, 5/25/2037 ‡		163,346		38,004

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
RALI Trust
Series 2003-QS9, Class A3, IF, IO, 5.76%, 5/25/2018 ‡ (i)		511		—
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		607		593
Residential Asset Securitization Trust Series 2003-A14, Class A1, 4.75%, 2/25/2019		25		18
RFMSI Trust Series 2005-SA4, Class 1A1, 4.03%, 9/25/2035 (i)		34,275		31,650
Rmip Frn 8/25/2021 ‡		698,350		698,350
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (b)		2,320		2,317
SART
4.75%, 7/15/2024		583,694		595,368
4.76%, 6/15/2025		696,244		710,169
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		739,226		777,459
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		295,000		308,074
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022 (e)		495,000		495,653
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.30%, 2/15/2024 (i)		17,869		18,714
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		218,609		234,174
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		51,310		56,946
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		27,192		30,075
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		111,542		124,352
Series 1998-1, Class 2E, 7.00%, 3/15/2028		29,385		33,136
vMobo, Inc. 7.50%, 5/31/2024		550,000		550,000
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.41%, 8/25/2033 (i)		5,621		5,717
Series 2003-AR9, Class 1A6, 4.32%, 9/25/2033 (i)		29,077		29,579
Series 2004-AR3, Class A2, 4.49%, 6/25/2034 (i)		10,304		10,453
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-4, Class DP, PO, 6/25/2020 ‡		4,904		3,219

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2005-2, Class 2A3, IF, IO, 3.21%, 4/25/2035 ‡ (i)		233,039		30,256
Series 2005-2, Class 1A4, IF, IO, 3.26%, 4/25/2035 ‡ (i)		531,591		60,609
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		150,375		29,459
Series 2005-4, Class CB7, 5.50%, 6/25/2035		139,134		136,912
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		38,767		38,056
Total Collateralized Mortgage Obligations (Cost $33,648,654)				34,774,987
Commercial Mortgage-Backed Securities — 4.7%
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		300,000		311,152
BXMT Ltd. Series 2017-FL1, Class C, 3.69%, 6/15/2035 ‡ (b) (i)		300,000		298,949
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.30%, 12/11/2049 ‡ (b) (i)		7,703		316
Commercial Mortgage Trust
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (b) (i)		125,000		127,382
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		200,000		211,897
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		156,000		166,290
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (b)		885,000		931,824
Series 2014-USA, Class D, 4.37%, 9/15/2037 ‡ (b)		100,000		98,204
FHLMC, Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		2,316		2,316
Series KF12, Class A, 2.40%, 9/25/2022 (i)		48,576		48,566
Series KJ09, Class A2, 2.84%, 9/25/2022		167,481		170,437
Series KJ11, Class A2, 2.93%, 1/25/2023		209,741		214,081
Series K038, Class A2, 3.39%, 3/25/2024		229,000		240,386
Series KJ14, Class A2, 2.81%, 9/25/2024		591,000		604,286
Series KPLB, Class A, 2.77%, 5/25/2025		250,000		256,992
Series K065, Class A2, 3.24%, 4/25/2027		215,000		227,821

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — continued
Series K065, Class AM, 3.33%, 5/25/2027		115,000		122,076
Series K066, Class A2, 3.12%, 6/25/2027		267,000		280,658
Series K070, Class A2, 3.30%, 11/25/2027 (i)		208,000		221,281
Series K072, Class AM, 3.50%, 12/25/2027 (i)		1,000,000		1,073,404
Series K073, Class A2, 3.35%, 1/25/2028		346,000		369,084
Series K079, Class AM, 3.93%, 6/25/2028		588,000		647,669
Series K081, Class A2, 3.90%, 8/25/2028 (i)		395,000		436,832
Series K082, Class A2, 3.92%, 9/25/2028 (i)		1,054,000		1,167,625
FNMA ACES
Series 2015-M17, Class FA, 2.78%, 11/25/2022 (i)		76,932		77,069
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		455,552		455,711
Series 2014-M3, Class A2, 3.48%, 1/25/2024 (i)		774,356		809,513
Series 2015-M3, Class A2, 2.72%, 10/25/2024		1,000,000		1,019,817
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (i)		278,000		288,363
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (i)		389,000		405,133
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (i)		335,000		349,183
Series 2017-M12, Class A2, 3.08%, 6/25/2027 (i)		381,000		398,547
Series 2018-M10, Class A2, 3.38%, 7/25/2028 (i)		460,000		490,976
Series 2017-M5, Class A2, 3.18%, 4/25/2029 (i)		305,000		320,573
Series 2018-M3, Class A2, 3.09%, 2/25/2030 (i)		185,000		194,266
FREMF Mortgage Trust
Series 2014-K40, Class C, 4.07%, 11/25/2047 (b) (i)		168,000		175,297
Series 2015-K44, Class B, 3.68%, 1/25/2048 (b) (i)		640,000		657,152
Series 2015-K45, Class B, 3.59%, 4/25/2048 (b) (i)		500,000		512,817
Series 2016-K722, Class B, 3.84%, 7/25/2049 (b) (i)		110,000		113,739
Series 2016-K59, Class B, 3.58%, 11/25/2049 (b) (i)		180,000		182,033

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2018-K730, Class B, 3.80%, 2/25/2050 (b) (i)		551,000		566,102
Series 2019-K102, Class B, 3.65%, 12/25/2051 (b) (i)		750,000		735,402
Morgan Stanley Capital I Trust Series 2006-IQ12, Class X1, IO, 0.71%, 12/15/2043 ‡ (b) (i)		50,470		1
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (b)		740,000		743,016
Series 2019-PARK, Class D, 2.72%, 12/15/2036 (b)		487,000		469,682
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		116,000		118,582
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		104,000		106,695
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		200,000		201,976
WFRBS Commercial Mortgage Trust Series 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		110,000		111,874
Total Commercial Mortgage-Backed Securities (Cost $17,088,917)				17,733,047
U.S. Government Agency Securities — 3.4%
FNMA, STRIPS 16.64%, 3/23/2028 (a)		630,000		521,664
Resolution Funding Corp. STRIPS
14.16%, 7/15/2020 (a)		4,100,000		4,062,248
2.04%, 10/15/2020 (a)		8,000,000		7,890,374
DN, 3.05%, 1/15/2026 (a)		13,000		11,387
DN, 2.84%, 10/15/2027 (a)		15,000		12,550
Tennessee Valley Authority
5.88%, 4/1/2036		140,000		197,369
4.63%, 9/15/2060		93,000		127,335
4.25%, 9/15/2065		101,000		130,905
Total U.S. Government Agency Securities (Cost $12,639,633)				12,953,832
Foreign Government Securities — 0.3%
Republic of Colombia (Colombia) 7.38%, 9/18/2037		100,000		142,000
United Mexican States (Mexico)
3.60%, 1/30/2025		200,000		209,250
4.13%, 1/21/2026		200,000		213,563
3.75%, 1/11/2028		280,000		290,850
4.75%, 3/8/2044		50,000		55,172
4.35%, 1/15/2047		58,000		61,226
Total Foreign Government Securities (Cost $925,802)				972,061

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — 0.1% (j)
New York — 0.1%
Other Revenue — 0.0% (c)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 5.60%, 3/15/2040		30,000		37,971
Transportation — 0.1%
Port Authority of New York and New Jersey, Consolidated Series 164, Rev., 5.65%, 11/1/2040		130,000		173,531
Total New York				211,502
Ohio — 0.0% (c)
Education — 0.0% (c)
Ohio State University, General Receipts Series A, Rev., 4.80%, 6/1/2111		98,000		124,226
Total Municipal Bonds (Cost $256,175)				335,728

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 4.5%
Investment Companies — 4.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.70% (k) (l) (Cost $17,075,237)		17,070,739		17,075,860
Investment of cash collateral from securities loaned — 0.0% (c)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (k) (l) (Cost $52,258)		52,258		52,258
Total Short-Term Investments (Cost $17,127,495)				17,128,118
Total Investments — 99.7% (Cost $365,038,753)				379,223,353
Other Assets Less Liabilities — 0.3%				1,236,460
NET ASSETS — 100.0%				380,459,813

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of December 31, 2019.
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
ESOP	Employee Stock Ownership Program
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of December 31, 2019. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate

PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	The rate shown is the effective yield as of December 31, 2019.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2019.
(e)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2019.
(f)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 33

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

(g)	Security is an interest bearing note with preferred security characteristics.
(h)	The security or a portion of this security is on loan at December 31, 2019. The total value of securities on loan at December 31, 2019 is $50,508.
(i)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2019.
(j)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(k)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(l)	The rate shown is the current yield as of December 31, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2019

	JPMorgan Insurance Trust Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	362,095,235
Investments in affiliates, at value		17,075,860
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		52,258
Cash		6,388
Receivables:
Investment securities sold		14,907
Portfolio shares sold		73,932
Interest from non-affiliates		1,725,342
Dividends from affiliates		20,375
Securities lending income (See Note 2.C.)		124
Total Assets		381,064,421
LIABILITIES:
Payables:
Collateral received on securities loaned (See Note 2.C.)		52,258
Portfolio shares redeemed		252,996
Accrued liabilities:
Investment advisory fees		125,530
Administration fees		23,988
Distribution fees		45,812
Custodian and accounting fees		30,499
Trustees’ and Chief Compliance Officer’s fees		136
Audit fees		49,432
Other		23,957
Total Liabilities		604,608
Net Assets	$	380,459,813
NET ASSETS:
Paid-in-Capital	$	358,231,005
Total distributable earnings (loss)		22,228,808
Total Net Assets	$	380,459,813
Net Assets:
Class 1	$	162,192,356
Class 2		218,267,457
Total	$	380,459,813
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		14,435,707
Class 2		19,674,312
Net Asset Value, offering and redemption price per share (a):
Class 1	$	11.24
Class 2		11.09
Cost of investments in non-affiliates	$	347,911,258
Cost of investments in affiliates		17,075,237
Investment securities on loan, at value (See Note 2.C.)		50,508
Cost of investment of cash collateral (See Note 2.C.)		52,258

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 35

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2019

	JPMorgan Insurance Trust Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	10,983,134
Interest income from affiliates		123
Dividend income from affiliates		167,447
Income from securities lending (net) (See Note 2.C.)		606
Total investment income		11,151,310
EXPENSES:
Investment advisory fees		1,360,352
Administration fees		255,067
Distribution fees — Class 2		453,523
Custodian and accounting fees		144,624
Interest expense to affiliates		125
Professional fees		98,865
Trustees’ and Chief Compliance Officer’s fees		26,326
Printing and mailing costs		65,208
Transfer agency fees — Class 1		2,840
Transfer agency fees — Class 2		1,453
Other		27,018
Total expenses		2,435,401
Less fees waived		(13,742	)
Net expenses		2,421,659
Net investment income (loss)		8,729,651
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		616,025
Investments in affiliates		304
Net realized gain (loss)		616,329
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		16,187,304
Investments in affiliates		583
Change in net unrealized appreciation/depreciation		16,187,887
Net realized/unrealized gains (losses)		16,804,216
Change in net assets resulting from operations	$	25,533,867

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Core Bond Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,729,651		$	7,983,255
Net realized gain (loss)		616,329			(778,303	)
Change in net unrealized appreciation/depreciation		16,187,887			(7,243,012	)
Change in net assets resulting from operations		25,533,867			(38,060	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(3,946,407	)		(4,186,764	)
Class 2		(4,091,695	)		(3,289,708	)
Total distributions to shareholders		(8,038,102	)		(7,476,472	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		54,640,877			21,173,475
NET ASSETS:
Change in net assets		72,136,642			13,658,943
Beginning of period		308,323,171			294,664,228
End of period	$	380,459,813		$	308,323,171
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	25,619,828		$	30,672,544
Distributions reinvested		3,946,407			4,186,764
Cost of shares redeemed		(34,012,333	)		(43,702,909	)
Change in net assets resulting from Class 1 capital transactions	$	(4,446,098	)	$	(8,843,601	)
Class 2
Proceeds from shares issued	$	77,161,214		$	50,243,204
Distributions reinvested		4,091,695			3,289,708
Cost of shares redeemed		(22,165,934	)		(23,515,836	)
Change in net assets resulting from Class 2 capital transactions	$	59,086,975		$	30,017,076
Total change in net assets resulting from capital transactions	$	54,640,877		$	21,173,475
SHARE TRANSACTIONS:
Class 1
Issued		2,328,365			2,896,449
Reinvested		366,086			401,416
Redeemed		(3,102,651	)		(4,121,806	)
Change in Class 1 Shares		(408,200	)		(823,941	)
Class 2
Issued		7,067,370			4,788,846
Reinvested		383,837			318,770
Redeemed		(2,037,560	)		(2,241,131	)
Change in Class 2 Shares		5,413,647			2,866,485

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 37

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust Core Bond Portfolio
Class 1
Year Ended December 31, 2019	$	10.66	$	0.30	$	0.56		$	0.86		$	(0.28	)	$	—		$	(0.28	)
Year Ended December 31, 2018		10.94		0.29		(0.29	)		—	(e)		(0.26	)		(0.02	)		(0.28	)
Year Ended December 31, 2017		10.84		0.29		0.09			0.38			(0.28	)		—			(0.28	)
Year Ended December 31, 2016		10.91		0.30		(0.07	)		0.23			(0.30	)		—			(0.30	)
Year Ended December 31, 2015		11.19		0.34		(0.21	)		0.13			(0.41	)		—			(0.41	)
Class 2
Year Ended December 31, 2019		10.53		0.27		0.55			0.82			(0.26	)		—			(0.26	)
Year Ended December 31, 2018		10.82		0.26		(0.29	)		(0.03	)		(0.24	)		(0.02	)		(0.26	)
Year Ended December 31, 2017		10.73		0.26		0.09			0.35			(0.26	)		—			(0.26	)
Year Ended December 31, 2016		10.81		0.27		(0.07	)		0.20			(0.28	)		—			(0.28	)
Year Ended December 31, 2015		11.10		0.31		(0.21	)		0.10			(0.39	)		—			(0.39	)

(a) Calculated based upon average shares outstanding.

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

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

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

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
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
$	11.24		8.18	%	$	162,192,356		0.58	%		2.70	%		0.58	%		20	%
	10.66		0.05			158,166,910		0.56			2.76			0.61			20
	10.94		3.57			171,382,596		0.57			2.66			0.63			21
	10.84		2.12			176,565,657		0.59			2.73			0.64			29
	10.91		1.12			178,547,019		0.59			3.08			0.61			20
	11.09		7.87			218,267,457		0.83			2.45			0.83			20
	10.53		(0.23	)		150,156,261		0.81			2.51			0.85			20
	10.82		3.30			123,281,632		0.82			2.41			0.87			21
	10.73		1.84			73,940,156		0.84			2.47			0.89			29
	10.81		0.86			58,993,588		0.84			2.83			0.86			20

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019

1. Organization

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

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

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

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

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

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

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

2. Significant Accounting Policies

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

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

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

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Portfolio at December 31, 2019.

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	34,607,141	$	10,224,707	$	44,831,848
Collateralized Mortgage Obligations		—		31,816,124		2,958,863		34,774,987
Commercial Mortgage-Backed Securities		—		17,335,577		397,470		17,733,047
Corporate Bonds		—		86,832,699		—		86,832,699
Foreign Government Securities		—		972,061		—		972,061
Mortgage-Backed Securities		—		69,412,623		—		69,412,623
Municipal Bonds		—		335,728		—		335,728
U.S. Government Agency Securities		—		12,953,832		—		12,953,832
U.S. Treasury Obligations		—		94,248,410		—		94,248,410
Short-Term Investments
Investment Companies		17,075,860		—		—		17,075,860
Investment of cash collateral from securities loaned		52,258		—		—		52,258
Total Short-Term Investments		17,128,118		—		—		17,128,118
Total Investments in Securities	$	17,128,118	$	348,514,195	$	13,581,040	$	379,223,353

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

	Balance as of December 31, 2018			Realized gain (loss)			Change in unrealized appreciation (depreciation)		Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2019
Investments in Securities
Asset-Backed Securities	$	4,638,007		$	145		$	34,611	$	(672	)	$	6,303,593	$	(2,630,548	)	$	2,701,404	$	(821,833	)	$	10,224,707
Collateralized Mortgage Obligations		1,660,192			(14	)		59,131		(53,720	)		3,267,374		(988,358	)		14,258		(1,000,000	)		2,958,863
Commercial Mortgage-Backed Securities		300,035			—			2,285		(874	)		983		(49	)		95,090		—			397,470
Corporate Bonds—Banks		—	(a)		(350,000	)		350,000		—			—		—			—		—			—
Total	$	6,598,234		$	(349,869	)	$	446,027	$	(55,266	)	$	9,571,950	$	(3,618,955	)	$	2,810,752	$	(1,821,833	)	$	13,581,040

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

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

(a) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2019, which were valued using significant unobservable inputs (level 3) amounted to $95,681. This amount is included in Change in net unrealized appreciation/ depreciation of investments in non-affiliates on the Statement of Operations.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the year ended December 31, 2019.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at December 31, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	8,047,831	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 31.00% (10.02%)
				Constant Default Rate		0.00% - 4.50% (0.09%)
				Yield (Discount Rate of Cash Flows)		2.24% - 4.67% (3.59%)
Asset-Backed Securities		8,047,831
		1,362,792	Discounted Cash Flow	Constant Prepayment Rate		3.00% - 100.00% (81.57%)
				Constant Default Rate		0.00% - 10.43% (0.61%)
				Yield (Discount Rate of Cash Flows)		2.45% - 20.17% (4.40%)
Collateralized Mortgage Obligations		1,362,792
		98,521	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.32%)
				Yield (Discount Rate of Cash Flows)		2.12% - 4.74% (4.74%)
Commercial Mortgage-Backed Securities		98,521
Total	$	9,509,144

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At December 31, 2019, the value of these investments was $4,071,896. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

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

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

B. Restricted Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Portfolio.

As of December 31, 2019, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A or Regulation S under the Securities Act.

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

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

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

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

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

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

The following table presents the Portfolio’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Portfolio as of December 31, 2019.

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
$	50,508	$	(50,508	)	$	—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. For the year ended December 31, 2019, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 47

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

D. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

	For the year ended December 31, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.70% (a) (b)	$	1,407,177	$	98,824,535	$	83,156,739	$	304	$	583	$	17,075,860		17,070,739	$	167,447		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a) (b)		—		245,645		193,387		—		—		52,258		52,258		1,346	*		—
Total	$	1,407,177	$	99,070,180	$	83,350,126	$	304	$	583	$	17,128,118			$	168,793		$	—

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

(b) The rate shown is the current yield as of December 31, 2019.

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

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, 2019, no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	56,840	$	(39,034	)	$	(17,806	)

The reclassifications for the Portfolio relate primarily to callable bonds.

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

3. Fees and Other Transactions with Affiliates

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the year ended December 31, 2019, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

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

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

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

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	0.60	%		0.85	%

The expense limitation agreement was in effect for the year ended December 31, 2019 and is in place until at least April 30, 2020.

For the year ended December 31, 2019, the Portfolio’s service providers did not waive and/or reimburse fees for the Portfolio.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2019 was $13,742.

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

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

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

During the year ended December 31, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	91,820,750	$	58,755,055	$	13,803,887	$	7,924,961

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2019 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	365,104,813	$	14,830,939	$	712,399	$	14,118,540

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

The tax character of distributions paid during the year ended December 31, 2019 was as follows:

Ordinary Income*		Total Distributions Paid
$	8,038,102	$	8,038,102

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	6,984,435	$	492,037	$	7,476,472

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

As of December 31, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss  Carryover)			Unrealized Appreciation (Depreciation)
$	8,375,315	$	(173,388	)	$	14,061,700

The cumulative timing differences primarily consist of callable bonds.

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

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

During the year ended December 31, 2019, the Portfolio utilized capital loss carryforwards as follows:

Capital Loss Utilized
Short-Term		Long-Term
$	208,297	$	396,709

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Portfolio had no borrowings outstanding from another fund during the year ended December 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2019.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of December 31, 2019, the Portfolio had three individual shareholder and/or non-affiliated omnibus accounts, which owned 69.2% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

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

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 47

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Core Bond Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included physical inspection of securities owned as of December 31, 2019 and held by the custodian and confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 14, 2020

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

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.(3)	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dr. Matthew Goldstein (1941); Chairman (2013-2019); Trustee of Trust (2005-2019); Trustee of heritage J.P. Morgan Funds (2003-2019).(4)	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	128	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 49

TRUSTEES

(Unaudited) (continued)

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

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

(3) Mr. Finn became chairman of the Trust effective January 1, 2020.

(4) Dr. Goldstein retired from the Board of Trustees effective the close of business on December 31, 2019.

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 51

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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

52 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2019, and continued to hold your shares at the end of the reporting period, December 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	1,021.80	$	2.90		0.57	%
Hypothetical		1,000.00		1,022.33		2.91		0.57
Class 2
Actual		1,000.00		1,020.20		4.18		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82

* 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, 2019 JPMORGAN INSURANCE TRUST 53

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, 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 14, 2019.

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

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered

determinative. The Trustees considered information provided with respect to the Portfolio throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent

54 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

and quality of the investment advisory services provided to the Portfolio by the Adviser.

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

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

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

Fall-Out Benefits

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

Economies of Scale

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

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Portfolio. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Portfolio. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge/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 Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds in the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/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 Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/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 that the Portfolio’s performance for Class 1 shares was in the first, fifth and fourth quintiles, based upon the Peer Group, and in the first, third and third quintiles ,based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and various other

factors, concluded that the Portfolio’s performance was satisfactory under the circumstances. They requested, however, that the Portfolio’s Adviser provide additional Portfolio performance information to be reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Portfolio. The Trustees recognized that Broadridge/Lipper reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019 were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

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

56 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, the Portfolio filed a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. December 2019. AN-JPMITCBP-1219

Annual Report

JPMorgan Insurance Trust

December 31, 2019

JPMorgan Insurance Trust Mid Cap Value Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	20
Trustees	21
Officers	24
Schedule of Shareholder Expenses	25
Board Approval of Investment Advisory Agreement	26
Tax Letter	29

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

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

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

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

LETTER TO SHAREHOLDERS

February 10, 2020 (Unaudited)

Dear Shareholders,

We’ve entered 2020 with strong momentum at J.P. Morgan Asset Management, propelled by a strong 2019 for financial markets that included a 31.5% total return in the S&P 500 Index.

  “Our goal remains being the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.” — Andrea L. Lisher

In the first half of 2019, equity markets largely experienced steady gains, bolstered by the U.S. Federal Reserve’s decision to hold off increases in interest rates as well as investor optimism over U.S.-China trade negotiations and continued growth in corporate earnings. In the second half of the year, global equity prices were also supported by an initial U.S.-China trade agreement and by accommodative policies of leading global central banks, including a reduction in interest rates and a resumption of monthly asset purchases by the European Central Bank. These tailwinds overshadowed investor concerns about Brexit and weak economic data.

While 2019 was largely a rewarding year for investors, 2020 may bring increased market volatility amid geo-political tensions, the U.S. elections and the late-economic-cycle backdrop. On the other hand, leading central banks have clearly signaled they will remain supportive of continued economic expansion, which should also support financial markets. We believe investors who maintain a well-diversified portfolio and a long-term outlook will be best positioned in the year ahead.

Our goal remains to be the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		26.76%
Russell Midcap Value Index		27.06%
Net Assets as of 12/31/2019	$	494,297,161

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Global equity markets provided strong returns for 2019, supported by low interest rates, strong corporate earnings and continued global economic growth. An apparent easing in U.S.-China trade tensions also bolstered global financial markets toward the end of the year. U.S. equity generally outperformed other developed markets and emerging markets equity. Global bond markets also provided positive returns for the year, led by emerging markets debt and high yield bonds (also known as “junk bonds”) amid investor demand for higher yielding fixed income assets.

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

The Portfolio’s Class 1 Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the twelve months ended December 31, 2019. The Portfolio’s security selection in the energy and consumer discretionary sector was a leading detractor from performance relative to the Benchmark, while the Portfolio’s security selection in the materials and utilities sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s underweight positions in Worldplay Inc.,

Tyson Foods Inc. and State Street Corp., none of which were held by the Portfolio. Shares of Worldplay, an electronic payments processing company, rose after the company agreed to be acquired by Fidelity National Information Services Inc. Shares of Tyson Foods, a food processor, rose after China lifted its ban on imports of U.S.-raised chicken. Shares of State Street, a banking and financial services company not held in the Fund, rose after the company reported better-than-expected earnings for the third quarter of 2019.

Leading individual contributors to performance included the Portfolio’s out-of-Benchmark position in CDW Corp. and its overweight positions in AutoZone Inc. and WEC Energy Group Inc. Shares of CDW, a provider of information technology and services, rose following the company’s initial public offering in June and the its inclusion in the S&P 500 Index.

Shares of AutoZone, an automotive parts retailer, rose amid five consecutive quarters of strong sales growth and better-than-expected earnings for its fiscal first quarter. WEC Energy, a natural gas and electricity utility, rose after the company raised its earnings forecast for the full year 2019.

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. During the reporting period, the Portfolio maintained large overweight positions in the consumer discretionary and financials sectors, while maintaining underweight positions in the industrials and materials sectors.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Xcel Energy, Inc.	2.1	%
	2.	WEC Energy Group, Inc.	2.1
	3.	CMS Energy Corp.	2.1
	4.	M&T Bank Corp.	1.9
	5.	Loews Corp.	1.9
	6.	Diamondback Energy, Inc.	1.7
	7.	Williams Cos., Inc. (The)	1.6
	8.	Sempra Energy	1.6
	9.	T. Rowe Price Group, Inc.	1.6
	10.	AutoZone, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.9	%
Real Estate	14.1
Consumer Discretionary	12.0
Utilities	10.9
Industrials	8.9
Information Technology	6.7
Health Care	6.6
Energy	5.4
Materials	4.8
Consumer Staples	3.9
Communication Services	2.9
Short-Term Investments	1.9

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2019
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		September 28, 2001		26.76	%		7.26	%		12.62	%

TEN YEAR PERFORMANCE (12/31/09 TO 12/31/19)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Mid Cap Value Portfolio, the Russell Midcap Value Index and the Lipper Variable Underlying Funds Multi-Cap Core Index from December 31, 2009 to December 31, 2019. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell Midcap Value Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Multi-Cap Core Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are

not identical to the expenses incurred by the Portfolio. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Variable Underlying Funds Multi-Cap Core Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 97.9%
Auto Components — 0.8%
BorgWarner, Inc.		90,600		3,930,228
Banks — 9.1%
Citizens Financial Group, Inc.		137,890		5,599,713
Comerica, Inc.		24,890		1,785,858
Fifth Third Bancorp		236,600		7,273,084
First Republic Bank		46,520		5,463,774
Huntington Bancshares, Inc.		271,240		4,090,299
M&T Bank Corp.		56,188		9,537,913
TCF Financial Corp.		37,350		1,747,980
Truist Financial Corp.		130,678		7,359,785
Zions Bancorp NA		40,460		2,100,683
				44,959,089
Beverages — 1.3%
Constellation Brands, Inc., Class A		21,510		4,081,522
Keurig Dr Pepper, Inc.		74,261		2,149,856
				6,231,378
Building Products — 0.9%
Fortune Brands Home & Security, Inc.		67,710		4,424,171
Capital Markets — 5.1%
Ameriprise Financial, Inc.		36,840		6,136,807
Northern Trust Corp.		54,490		5,789,018
Raymond James Financial, Inc.		59,600		5,331,816
T. Rowe Price Group, Inc.		64,350		7,840,404
				25,098,045
Chemicals — 1.2%
Sherwin-Williams Co. (The)		10,093		5,889,669
Communications Equipment — 0.3%
CommScope Holding Co., Inc. *		90,330		1,281,783
Construction Materials — 1.0%
Martin Marietta Materials, Inc.		18,130		5,069,873
Consumer Finance — 0.1%
Ally Financial, Inc.		22,960		701,658
Containers & Packaging — 2.6%
Ball Corp.		58,200		3,763,794
Silgan Holdings, Inc.		164,580		5,115,146
Westrock Co.		93,700		4,020,667
				12,899,607
Distributors — 0.7%
Genuine Parts Co.		30,849		3,277,088
Electric Utilities — 4.3%
Edison International		76,110		5,739,455

INVESTMENTS	SHARES		VALUE($)
Electric Utilities — continued
Entergy Corp.		41,870		5,016,026
Xcel Energy, Inc.		166,570		10,575,529
				21,331,010
Electrical Equipment — 2.7%
Acuity Brands, Inc.		34,050		4,698,900
AMETEK, Inc.		56,710		5,656,256
Hubbell, Inc.		21,860		3,231,345
				13,586,501
Electronic Equipment, Instruments & Components — 4.2%
Amphenol Corp., Class A		45,480		4,922,300
Arrow Electronics, Inc. *		47,350		4,012,439
CDW Corp.		37,000		5,285,080
Keysight Technologies, Inc. *		29,590		3,036,822
SYNNEX Corp.		26,740		3,444,112
				20,700,753
Equity Real Estate Investment Trusts (REITs) — 12.3%
American Campus Communities, Inc.		58,870		2,768,656
American Homes 4 Rent, Class A		121,860		3,193,951
AvalonBay Communities, Inc.		32,160		6,743,952
Boston Properties, Inc.		46,590		6,422,898
Brixmor Property Group, Inc.		192,340		4,156,467
Essex Property Trust, Inc.		13,350		4,016,481
Federal Realty Investment Trust		39,600		5,097,708
JBG SMITH Properties		52,582		2,097,496
Kimco Realty Corp.		174,380		3,611,410
Outfront Media, Inc.		123,477		3,311,653
Rayonier, Inc.		121,655		3,985,418
Regency Centers Corp.		44,670		2,818,230
Ventas, Inc.		38,000		2,194,120
Vornado Realty Trust		72,424		4,816,196
Weyerhaeuser Co.		109,090		3,294,518
WP Carey, Inc.		29,450		2,357,178
				60,886,332
Food & Staples Retailing — 0.7%
Kroger Co. (The)		112,944		3,274,247
Food Products — 0.9%
Post Holdings, Inc. *		39,981		4,361,927
Gas Utilities — 0.8%
National Fuel Gas Co.		89,660		4,172,776
Health Care Equipment & Supplies — 1.4%
Zimmer Biomet Holdings, Inc.		45,990		6,883,783

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — 5.2%
AmerisourceBergen Corp.		57,040		4,849,541
Cigna Corp.		20,790		4,251,347
Henry Schein, Inc. *		54,120		3,610,886
Humana, Inc.		7,170		2,627,948
Laboratory Corp. of America Holdings *		32,510		5,499,717
Universal Health Services, Inc., Class B		33,971		4,873,480
				25,712,919
Hotels, Restaurants & Leisure — 0.8%
Hilton Worldwide Holdings, Inc.		37,306		4,137,608
Household Durables — 1.6%
Mohawk Industries, Inc. *		35,450		4,834,671
Newell Brands, Inc.		163,959		3,151,292
				7,985,963
Household Products — 0.7%
Energizer Holdings, Inc.		72,690		3,650,492
Industrial Conglomerates — 0.7%
Carlisle Cos., Inc.		21,530		3,484,415
Insurance — 7.6%
Alleghany Corp.*		4,798		3,836,337
Hartford Financial Services Group, Inc. (The)		106,520		6,473,220
Lincoln National Corp.		62,270		3,674,553
Loews Corp.		181,470		9,525,360
Marsh & McLennan Cos., Inc.		44,060		4,908,725
Principal Financial Group, Inc.		21,220		1,167,100
Progressive Corp. (The)		53,480		3,871,417
Unum Group		24,150		704,214
WR Berkley Corp.		46,915		3,241,827
				37,402,753
Internet & Direct Marketing Retail — 1.0%
Expedia Group, Inc.		47,900		5,179,906
IT Services — 0.9%
Jack Henry & Associates, Inc.		30,910		4,502,660
Machinery — 4.1%
IDEX Corp.		27,100		4,661,200
ITT, Inc.		38,530		2,847,753
Lincoln Electric Holdings, Inc.		30,500		2,950,265
Middleby Corp. (The) *		38,310		4,195,711
Snap-on, Inc.		31,630		5,358,122
				20,013,051
Media — 2.9%
DISH Network Corp., Class A *		89,920		3,189,462
Liberty Broadband Corp., Class C *		26,390		3,318,543

INVESTMENTS	SHARES		VALUE($)
Media — continued
Liberty Media Corp.-Liberty SiriusXM, Class C *		108,130		5,205,378
ViacomCBS, Inc.		57,714		2,422,257
				14,135,640
Multiline Retail — 1.1%
Kohl’s Corp.		63,650		3,242,968
Nordstrom, Inc.		51,880		2,123,448
				5,366,416
Multi-Utilities — 5.7%
CMS Energy Corp.		161,270		10,134,207
Sempra Energy		52,090		7,890,593
WEC Energy Group, Inc.		111,500		10,283,645
				28,308,445
Oil, Gas & Consumable Fuels — 5.4%
Cabot Oil & Gas Corp.		223,210		3,886,086
Diamondback Energy, Inc.		91,650		8,510,619
EQT Corp.		136,800		1,491,120
Equitrans Midstream Corp.		126,288		1,687,208
PBF Energy, Inc., Class A		106,000		3,325,220
Williams Cos., Inc. (The)		337,160		7,997,435
				26,897,688
Personal Products — 0.3%
Coty, Inc., Class A		133,402		1,500,772
Real Estate Management & Development — 1.7%
CBRE Group, Inc., Class A *		108,860		6,672,029
Cushman & Wakefield plc *		92,270		1,885,999
				8,558,028
Semiconductors & Semiconductor Equipment — 0.5%
Analog Devices, Inc.		19,570		2,325,699
Software — 0.9%
Synopsys, Inc. *		30,980		4,312,416
Specialty Retail — 4.2%
AutoZone, Inc. *		6,328		7,538,610
Best Buy Co., Inc.		63,000		5,531,400
Gap, Inc. (The)		150,830		2,666,674
Tiffany & Co.		36,950		4,938,368
				20,675,052
Textiles, Apparel & Luxury Goods — 1.7%
PVH Corp.		37,260		3,917,889
Ralph Lauren Corp.		39,740		4,658,323
				8,576,212

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Trading Companies & Distributors — 0.5%
MSC Industrial Direct Co., Inc., Class A		30,210		2,370,579
Total Common Stocks (Cost $285,350,218)				484,056,632
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.47% (a) (b) (Cost $9,285,917)		9,285,917		9,285,917
Total Investments — 99.8% (Cost $294,636,135)				493,342,549
Other Assets Less Liabilities — 0.2%				954,612
NET ASSETS — 100.0%				494,297,161

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2019

	JPMorgan Insurance Trust Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	484,056,632
Investments in affiliates, at value		9,285,917
Receivables:
Investment securities sold		1,003,571
Portfolio shares sold		237,922
Dividends from non-affiliates		1,004,632
Dividends from affiliates		10,330
Securities lending income (See Note 2.B.)		115
Total Assets		495,599,119
LIABILITIES:
Payables:
Portfolio shares redeemed		925,879
Accrued liabilities:
Investment advisory fees		267,945
Administration fees		31,122
Custodian and accounting fees		4,832
Trustees’ and Chief Compliance Officer’s fees		129
Other		72,051
Total Liabilities		1,301,958
Net Assets	$	494,297,161
NET ASSETS:
Paid-in-Capital	$	265,932,509
Total distributable earnings (loss)		228,364,652
Total Net Assets	$	494,297,161
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):		41,838,995
Net Asset Value, offering and redemption price per share (a):	$	11.81
Cost of investments in non-affiliates	$	285,350,218
Cost of investments in affiliates		9,285,917

(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, 2019

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2019

	JPMorgan Insurance Trust Mid Cap Value Portfolio
INVESTMENT INCOME:
Interest income from affiliates	$	23
Dividend income from non-affiliates		9,770,384
Dividend income from affiliates		211,969
Income from securities lending (net) (See Note 2.B.)		5,881
Total investment income		9,988,257
EXPENSES:
Investment advisory fees		3,134,962
Administration fees		361,642
Custodian and accounting fees		29,620
Professional fees		63,380
Trustees’ and Chief Compliance Officer’s fees		27,132
Printing and mailing costs		33,229
Transfer agency fees		5,960
Other		36,219
Total expenses		3,692,144
Less fees waived		(20,267	)
Net expenses		3,671,877
Net investment income (loss)		6,316,380
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		26,400,545
Change in net unrealized appreciation/depreciation on investments in non-affiliates		80,490,442
Net realized/unrealized gains (losses)		106,890,987
Change in net assets resulting from operations	$	113,207,367

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Mid Cap Value Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,316,380		$	7,654,216
Net realized gain (loss)		26,400,545			32,264,800
Change in net unrealized appreciation/depreciation		80,490,442			(100,081,688	)
Change in net assets resulting from operations		113,207,367			(60,162,672	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(40,130,971	)		(13,937,911	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(24,741,858	)		(52,456,584	)
NET ASSETS:
Change in net assets		48,334,538			(126,557,167	)
Beginning of period		445,962,623			572,519,790
End of period	$	494,297,161		$	445,962,623
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	35,723,954		$	54,893,870
Distributions reinvested		40,130,971			13,937,911
Cost of shares redeemed		(100,596,783	)		(121,288,365	)
Change in net assets resulting from capital transactions	$	(24,741,858	)	$	(52,456,584	)
SHARE TRANSACTIONS:
Issued		3,179,998			4,755,656
Reinvested		3,736,589			1,220,483
Redeemed		(8,985,068	)		(10,462,849	)
Change in Shares		(2,068,481	)		(4,486,710	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust Mid Cap Value Portfolio
Year Ended December 31, 2019	$	10.16	$	0.15	$	2.47		$	2.62		$	(0.19	)	$	(0.78	)	$	(0.97	)
Year Ended December 31, 2018		11.83		0.17		(1.54	)		(1.37	)		(0.11	)		(0.19	)		(0.30	)
Year Ended December 31, 2017		10.98		0.11		1.34			1.45			(0.09	)		(0.51	)		(0.60	)
Year Ended December 31, 2016		10.19		0.10		1.33			1.43			(0.09	)		(0.55	)		(0.64	)
Year Ended December 31, 2015		11.41		0.09		(0.34	)		(0.25	)		(0.11	)		(0.86	)		(0.97	)

(a) Calculated based upon average shares outstanding.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
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
$	11.81		26.76	%	$	494,297,161		0.76	%		1.31	%		0.77	%		10	%
	10.16		(11.84	)		445,962,623		0.76			1.43			0.77			13
	11.83		13.76			572,519,790		0.77			0.95			0.78			14
	10.98		14.69			544,169,517		0.77			0.95			0.78			28
	10.19		(2.66	)		436,189,204		0.77			0.87			0.77			17

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF December 31, 2019 (Unaudited)

1. Organization

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

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

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

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

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

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	493,342,549	$	–	$	–	$	493,342,549

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

There were no transfers into or out of level 3 for the year ended December 31, 2019.

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

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

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

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

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

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

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. For the year ended December 31, 2019, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 1,541

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

The Portfolio did not have any securities out on loan at December 31, 2019.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

C. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

For the year ended December 31, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)	$	9,000,000	$	—	$	9,000,000	$	—	$	—	$	—		—	$	640	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		5,484,986		44,756,520		50,241,506		—		—		—		—		38,553	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.47% (a) (b)		5,445,508		59,788,140		55,947,731		—		—		9,285,917		9,285,917		211,969			—
Total	$	19,930,494	$	104,544,660	$	115,189,237	$	—	$	—	$	9,285,917			$	251,162		$	—

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

(b) The rate shown is the current yield as of December 31, 2019.

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

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

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

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

F. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of December 31, 2019, no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	—	$	67,672	$	(67,672	)

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

3. Fees and Other Transactions with Affiliates

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the year ended December 31, 2019, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

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

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

E. Waivers and Reimbursements — The Adviser and/or Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses of the Portfolio (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.90% of the Portfolio’s average daily net assets.

The expense limitation agreement was in effect for the year ended December 31, 2019 and is in place until at least April 30, 2020.

For the year ended December 31, 2019, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser and/or the Administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2019 was $20,267.

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

4. Investment Transactions

During the year ended December 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	44,952,660	$	107,156,811

During the year ended December 31, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2019 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	296,409,320	$	207,885,691	$	10,952,462	$	196,933,229

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, 2019 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	9,268,869	$	30,862,102	$	40,130,971

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

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	6,860,963	$	7,076,948	$	13,937,911

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

As of December 31, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	5,777,964	$	25,608,375	$	196,933,229

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

At December 31, 2019, the Portfolio did not have any net capital loss carryforwards.

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Portfolio had no borrowings outstanding from another fund during the year ended December 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2019.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of December 31, 2019, the Portfolio had two individual shareholder and/or non-affiliated omnibus accounts, which owned 76.5% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Mid Cap Value Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 14, 2020

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

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.(3)	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dr. Matthew Goldstein (1941); Chairman (2013-2019); Trustee of Trust (2005-2019); Trustee of heritage J.P. Morgan Funds (2003-2019).(4)	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	128	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 21

TRUSTEES

(Unaudited) (continued)

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

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

(3) Mr. Finn became chairman of the Trust effective January 1, 2020.

(4) Dr. Goldstein retired from the Board of Trustees effective the close of business on December 31, 2019.

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 23

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Portfolio at the beginning of the reporting period, July 1, 2019, and continued to hold your shares at the end of the reporting period, December 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	1,070.70	$	3.97		0.76	%
Hypothetical		1,000.00		1,021.37		3.87		0.76

* 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, 2019 JPMORGAN INSURANCE TRUST 25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, 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 14, 2019.

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

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered

determinative. The Trustees considered information provided with respect to the Portfolio throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

and quality of the investment advisory services provided to the Portfolio by the Adviser.

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

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

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

Fall-Out Benefits

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

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of

scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Portfolio’s shareholders to share potential economies of scale from its inception and that the fees remain competitive with peer funds. The Trustees considered the benefits to the Portfolio of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services, and the ability to negotiate competitive fees for the Portfolio. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Portfolio, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Portfolio, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels, was reasonable. The Trustees concluded that the Portfolio’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Portfolio and its shareholders.

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 27

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge/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 Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds in the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/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 Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/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 that the Portfolio’s performance for Class 1 shares was in the third, fourth and third quintiles, based upon the Peer Group, and in the third, third and second quintiles, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and

various other factors, concluded that the Portfolio’s performance was satisfactory under the circumstances. They requested, however, that the Portfolio’s Adviser provide additional Portfolio performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Portfolio. The Trustees recognized that Broadridge/Lipper reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019 were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

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

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 83.86%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the

fiscal year ended December 31, 2019.

Long Term Capital Gain

The Portfolio distributed $30,862,102, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2019.

DECEMBER 31, 2019 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-PORT. Prior to March 31, 2019, the Portfolio filed a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. December 2019. AN-JPMITMCVP-1219

Annual Report

JPMorgan Insurance Trust

December 31, 2019

JPMorgan Insurance Trust Small Cap Core Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	11
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	23
Trustees	24
Officers	27
Schedule of Shareholder Expenses	28
Board Approval of Investment Advisory Agreement	29
Tax Letter	32

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

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

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

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

LETTER TO SHAREHOLDERS

February 10, 2020 (Unaudited)

Dear Shareholders,

We’ve entered 2020 with strong momentum at J.P. Morgan Asset Management, propelled by a strong 2019 for financial markets that included a 31.5% total return in the S&P 500 Index.

  “Our goal remains being the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.” — Andrea L. Lisher

In the first half of 2019, equity markets largely experienced steady gains, bolstered by the U.S. Federal Reserve’s decision to hold off increases in interest rates as well as investor optimism over U.S.-China trade negotiations and continued growth in corporate earnings. In the second half of the year, global equity prices were also supported by an initial U.S.-China trade agreement and by accommodative policies of leading global central banks, including a reduction in interest rates and a resumption of monthly asset purchases by the European Central Bank. These tailwinds overshadowed investor concerns about Brexit and weak economic data.

While 2019 was largely a rewarding year for investors, 2020 may bring increased market volatility amid geo-political tensions, the U.S. elections and the late-economic-cycle backdrop. On the other hand, leading central banks have clearly signaled they will remain supportive of continued economic expansion, which should also support financial markets. We believe investors who maintain a well-diversified portfolio and a long-term outlook will be best positioned in the year ahead.

Our goal remains to be the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		24.58%
Russell 2000 Index		25.52%
Net Assets as of 12/31/2019	$	200,327,703

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Global equity markets provided strong returns for 2019, supported by low interest rates, strong corporate earnings and continued global economic growth. An apparent easing in U.S.-China trade tensions also bolstered global financial markets toward the end of the year. U.S. equity generally outperformed other developed markets and emerging markets equity. Global bond markets also provided positive returns for the year, led by emerging markets debt and high yield bonds (also known as “junk bonds”) amid investor demand for higher yielding fixed income assets.

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

The Portfolio’s Class 1 Shares underperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended December 31, 2019. The Portfolio’s security selection in the consumer cyclical and media sectors was a leading detractor from performance relative to the Benchmark, while the Portfolio’s security selection in the health services and retail sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in CommVault Systems Inc. and Wave Life Sciences Ltd., and its underweight position in Array BioPharma Inc. Shares of CommVault Systems, a provider of data protection and information management software, fell amid a broader decline in the data storage

sector and after the company reported lower-than-expected earnings and revenue for its fiscal fourth quarter 2019. Shares of Wave Life Sciences, a Singapore drug development company, fell after the company halted development of a potential treatment for Duchenne muscular dystrophy. Shares of Array BioPharma, a drug development company not held in the Portfolio, rose after the company agreed to be acquired by Pfizer Inc. for $10.6 billion.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Tenet Healthcare Inc., Medicines Co. and Arrowhead Pharmaceuticals Corp. Shares of Tenet Healthcare, a hospitals and health care facilities operator, rose after the company reported better-than-expected results for both the second and third quarters of 2019. Shares of Medicines, a German pharmaceutical company, rose ahead of its acquisition by Novartis AG. Shares of Arrowhead Pharmaceuticals, a drug development company, rose after the company reported better-than-expected results for its fiscal year.

HOW WAS THE PORTFOLIO POSITIONED?

In accordance with its investment process, the portfolio managers take limited sector bets and construct the Portfolio so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The portfolio managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe are attractively valued and possess strong momentum. During the reporting period, the Portfolio was managed and positioned in accordance with this investment process.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Deckers Outdoor Corp.	1.1	%
	2.	EMCOR Group, Inc.	1.1
	3.	Tenet Healthcare Corp.	1.0
	4.	Rent-A-Center, Inc.	1.0
	5.	Essent Group Ltd.	1.0
	6.	Atkore International Group, Inc.	1.0
	7.	Investors Bancorp, Inc.	1.0
	8.	PennyMac Financial Services, Inc.	0.9
	9.	First Horizon National Corp.	0.9
	10.	Vectrus, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	17.9	%
Financials	17.2
Industrials	16.9
Information Technology	13.1
Consumer Discretionary	9.1
Real Estate	6.7
Materials	3.8
Utilities	3.1
Communication Services	2.7
Energy	2.6
Consumer Staples	2.3
Short-Term Investments	4.6

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

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

*** Percentages indicated are based on total investments as of December 31, 2019. The Portfolio’s composition is subject to change.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		24.58	%		7.56	%		12.52	%
CLASS 2 SHARES	April 24, 2009		24.26			7.26			12.23

TEN YEAR PERFORMANCE (12/31/09 TO 12/31/19)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Small Cap Core Portfolio, the Russell 2000 Index and the Lipper Variable Underlying Funds Small-Cap Core Funds Index from December 31, 2009 to December 31, 2019. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying 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.

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

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

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 97.6%
Aerospace & Defense — 1.0%
Moog, Inc., Class A		2,400		204,792
Vectrus, Inc. *		35,700		1,829,982
				2,034,774
Air Freight & Logistics — 0.1%
Echo Global Logistics, Inc. *		10,900		225,630
Airlines — 0.6%
SkyWest, Inc.		18,000		1,163,340
Auto Components — 0.1%
Dana, Inc.		11,900		216,580
Modine Manufacturing Co. *		3,900		30,030
				246,610
Banks — 9.3%
Ameris Bancorp		7,935		337,555
Bancorp, Inc. (The) *		34,400		446,168
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		19,700		729,294
Cathay General Bancorp		5,800		220,690
Central Valley Community Bancorp		2,200		47,674
Community Trust Bancorp, Inc.		964		44,961
ConnectOne Bancorp, Inc.		17,300		444,956
Customers Bancorp, Inc. *		30,600		728,586
Enterprise Financial Services Corp.		1,100		53,031
Financial Institutions, Inc.		13,100		420,510
First BanCorp (Puerto Rico)		141,100		1,494,249
First Bank		3,300		36,465
First Business Financial Services, Inc.		3,300		86,889
First Choice Bancorp		900		24,264
First Community Bankshares, Inc.		2,400		74,448
First Hawaiian, Inc.		6,250		180,312
First Horizon National Corp.		111,700		1,849,752
Hancock Whitney Corp.		27,400		1,202,312
Hanmi Financial Corp.		24,125		482,379
Hilltop Holdings, Inc.		2,100		52,353
IBERIABANK Corp.		14,875		1,113,096
Investors Bancorp, Inc.		163,700		1,950,486
Northeast Bank		2,900		63,771
PacWest Bancorp		17,533		670,988
Popular, Inc. (Puerto Rico)		8,100		475,875
Shore Bancshares, Inc.		4,400		76,384
Sierra Bancorp		2,150		62,608
Signature Bank		9,700		1,325,117
Sterling Bancorp		18,300		385,764
TCF Financial Corp.		24,925		1,166,490
Umpqua Holdings Corp.		56,500		1,000,050

INVESTMENTS	SHARES		VALUE($)
Banks — continued
United Community Banks, Inc.		12,700		392,176
Wintrust Financial Corp.		13,600		964,240
				18,603,893
Biotechnology — 7.5%
Acorda Therapeutics, Inc. *		6,800		13,872
Aduro Biotech, Inc. *		131,700		155,406
Akebia Therapeutics, Inc. *		24,400		154,208
Alector, Inc. * (a)		35,000		603,050
AMAG Pharmaceuticals, Inc. * (a)		4,900		59,633
Amicus Therapeutics, Inc. *		41,100		400,314
AnaptysBio, Inc. *		35,000		568,750
Arrowhead Pharmaceuticals, Inc. *		16,600		1,052,938
Assembly Biosciences, Inc. *		18,700		382,602
Atara Biotherapeutics, Inc. *		3,700		60,939
Bluebird Bio, Inc. * (a)		2,800		245,700
Blueprint Medicines Corp. *		8,800		704,968
Bridgebio Pharma, Inc. *		10,300		361,015
Catalyst Pharmaceuticals, Inc. *		86,200		323,250
Coherus Biosciences, Inc. *		26,500		477,133
Concert Pharmaceuticals, Inc. *		13,600		125,460
Dicerna Pharmaceuticals, Inc. *		40,800		898,824
Esperion Therapeutics, Inc. * (a)		6,200		369,706
FibroGen, Inc. *		8,700		373,143
Gritstone Oncology, Inc. * (a)		5,900		52,923
Heron Therapeutics, Inc. *		31,900		749,650
Homology Medicines, Inc. *		15,900		329,130
Immunomedics, Inc. *		33,900		717,324
Insmed, Inc. * (a)		18,700		446,556
Jounce Therapeutics, Inc. *		16,700		145,791
Kura Oncology, Inc. *		2,400		33,000
Medicines Co. (The) *		5,800		492,652
MeiraGTx Holdings plc *		14,200		284,284
Myriad Genetics, Inc. *		53,300		1,451,359
Principia Biopharma, Inc. *		600		32,868
Radius Health, Inc. *		2,100		42,336
Rhythm Pharmaceuticals, Inc. * (a)		10,500		241,080
Sage Therapeutics, Inc. *		9,000		649,710
Sarepta Therapeutics, Inc. *		3,900		503,256
Sutro Biopharma, Inc. *		4,900		53,900
Syros Pharmaceuticals, Inc. *		90,518		625,479
TCR2 Therapeutics, Inc. *		10,000		142,800
Viela Bio, Inc. * (a)		12,600		342,090
Xencor, Inc. *		8,000		275,120
Y-mAbs Therapeutics, Inc. *		1,500		46,875
				14,989,094

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Building Products — 1.6%
Advanced Drainage Systems, Inc.		8,700		337,908
Builders FirstSource, Inc. *		53,400		1,356,894
CSW Industrials, Inc.		4,200		323,400
JELD-WEN Holding, Inc. *		6,000		140,460
Quanex Building Products Corp.		7,800		133,224
Universal Forest Products, Inc.		20,300		968,310
				3,260,196
Capital Markets — 1.7%
BGC Partners, Inc., Class A		14,100		83,754
Blucora, Inc. *		39,300		1,027,302
Brightsphere Investment Group, Inc.		5,400		55,188
Federated Investors, Inc., Class B		35,700		1,163,463
Focus Financial Partners, Inc., Class A *		22,400		660,128
Houlihan Lokey, Inc.		5,800		283,446
Moelis & Co., Class A		4,500		143,640
				3,416,921
Chemicals — 1.7%
AdvanSix, Inc. *		2,500		49,900
FutureFuel Corp.		13,000		161,070
Koppers Holdings, Inc. *		17,000		649,740
Kraton Corp. *		15,900		402,588
PolyOne Corp.		10,200		375,258
Stepan Co.		9,100		932,204
Trinseo SA		16,900		628,849
Tronox Holdings plc, Class A		16,200		185,004
Valhi, Inc.		6,300		11,781
				3,396,394
Commercial Services & Supplies — 3.0%
ABM Industries, Inc.		21,200		799,452
ACCO Brands Corp.		111,500		1,043,640
Herman Miller, Inc.		1,900		79,135
HNI Corp.		21,400		801,644
Kimball International, Inc., Class B		18,200		376,194
Knoll, Inc.		42,800		1,081,128
Quad/Graphics, Inc.		21,100		98,537
RR Donnelley & Sons Co.		41,600		164,320
Steelcase, Inc., Class A		42,000		859,320
UniFirst Corp.		4,000		807,920
				6,111,290
Communications Equipment — 0.8%
Cambium Networks Corp. *		49,300		430,882
Ciena Corp. *		4,350		185,702
Comtech Telecommunications Corp.		8,900		315,861
Extreme Networks, Inc. *		32,400		238,788

INVESTMENTS	SHARES		VALUE($)
Communications Equipment — continued
Lumentum Holdings, Inc. *		5,900		467,870
				1,639,103
Construction & Engineering — 2.5%
Comfort Systems USA, Inc.		9,700		483,545
EMCOR Group, Inc.		25,075		2,163,973
Great Lakes Dredge & Dock Corp. *		55,600		629,948
MasTec, Inc. *		25,400		1,629,664
Sterling Construction Co., Inc. *		5,100		71,808
				4,978,938
Consumer Finance — 0.1%
Enova International, Inc. *		8,400		202,104
Containers & Packaging — 0.1%
Berry Global Group, Inc. *		2,159		102,531
Myers Industries, Inc.		8,700		145,116
				247,647
Diversified Consumer Services — 0.8%
American Public Education, Inc. *		5,600		153,384
K12, Inc. *		34,600		704,110
Strategic Education, Inc.		2,500		397,250
WW International, Inc. *		7,700		294,217
				1,548,961
Diversified Telecommunication Services — 0.2%
IDT Corp., Class B *		14,863		107,162
Ooma, Inc. *		22,000		291,060
				398,222
Electric Utilities — 1.3%
IDACORP, Inc.		4,000		427,200
PNM Resources, Inc.		8,100		410,751
Portland General Electric Co.		21,375		1,192,511
Spark Energy, Inc., Class A		61,600		568,568
				2,599,030
Electrical Equipment — 1.4%
Atkore International Group, Inc. *		50,100		2,027,046
Encore Wire Corp.		5,700		327,180
Generac Holdings, Inc. *		5,100		513,009
				2,867,235
Electronic Equipment, Instruments & Components — 3.5%
Benchmark Electronics, Inc.		44,200		1,518,712
Fabrinet (Thailand) *		8,600		557,624
Kimball Electronics, Inc. *		4,525		79,414
Methode Electronics, Inc.		33,800		1,330,030
Sanmina Corp. *		44,600		1,527,104

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — continued
Tech Data Corp. *		3,200		459,520
Vishay Intertechnology, Inc.		58,500		1,245,465
Vishay Precision Group, Inc. *		6,800		231,200
				6,949,069
Energy Equipment & Services — 0.7%
FTS International, Inc. *		10,429		10,846
Matrix Service Co. *		18,400		420,992
Nine Energy Service, Inc. * (a)		14,400		112,608
Select Energy Services, Inc., Class A *		82,800		768,384
				1,312,830
Equity Real Estate Investment Trusts (REITs) — 6.8%
American Assets Trust, Inc.		3,600		165,240
Americold Realty Trust		27,700		971,162
Armada Hoffler Properties, Inc.		57,300		1,051,455
Ashford Hospitality Trust, Inc.		7,300		20,367
Braemar Hotels & Resorts, Inc.		5,800		51,794
CatchMark Timber Trust, Inc., Class A		13,000		149,110
Chatham Lodging Trust		6,500		119,210
City Office REIT, Inc.		36,100		488,072
CoreCivic, Inc.		5,400		93,852
CorEnergy Infrastructure Trust, Inc.		3,500		156,485
CoreSite Realty Corp.		1,500		168,180
Cousins Properties, Inc.		17,560		723,472
DiamondRock Hospitality Co.		25,100		278,108
EastGroup Properties, Inc.		3,500		464,345
First Industrial Realty Trust, Inc.		31,200		1,295,112
Front Yard Residential Corp.		4,700		57,998
GEO Group, Inc. (The)		11,950		198,489
Getty Realty Corp.		8,600		282,682
Gladstone Commercial Corp.		24,400		533,384
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		11,700		376,506
Healthcare Realty Trust, Inc.		24,200		807,554
Highwoods Properties, Inc.		2,000		97,820
Hudson Pacific Properties, Inc.		7,600		286,140
Investors Real Estate Trust		1,000		72,500
Jernigan Capital, Inc. (a)		1,700		32,538
Lexington Realty Trust		12,000		127,440
LTC Properties, Inc.		3,700		165,649
New Senior Investment Group, Inc.		67,304		514,876
Physicians Realty Trust		69,800		1,322,012
Rexford Industrial Realty, Inc.		2,400		109,608
Saul Centers, Inc.		2,600		137,228
Senior Housing Properties Trust		20,400		172,176
Sun Communities, Inc.		2,000		300,200

INVESTMENTS	SHARES		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
Sunstone Hotel Investors, Inc.		55,025		765,948
Terreno Realty Corp.		2,400		129,936
Urban Edge Properties		9,900		189,882
Xenia Hotels & Resorts, Inc.		30,600		661,266
				13,537,796
Food & Staples Retailing — 0.9%
Grocery Outlet Holding Corp. *		8,400		272,580
Performance Food Group Co. *		24,100		1,240,668
SpartanNash Co.		5,880		83,731
US Foods Holding Corp. *		6,600		276,474
				1,873,453
Food Products — 1.0%
Sanderson Farms, Inc.		9,000		1,585,980
Simply Good Foods Co. (The) *		14,600		416,684
TreeHouse Foods, Inc. *		1,800		87,300
				2,089,964
Gas Utilities — 0.7%
New Jersey Resources Corp.		8,300		369,931
ONE Gas, Inc.		3,300		308,781
Southwest Gas Holdings, Inc.		9,100		691,327
				1,370,039
Health Care Equipment & Supplies — 2.7%
CONMED Corp.		2,400		268,392
Globus Medical, Inc., Class A *		14,200		836,096
Haemonetics Corp. *		11,900		1,367,310
Integer Holdings Corp. *		19,200		1,544,256
Masimo Corp. *		2,300		363,538
NuVasive, Inc. *		10,200		788,868
OraSure Technologies, Inc. *		31,700		254,551
				5,423,011
Health Care Providers & Services — 5.2%
Amedisys, Inc. *		2,400		400,608
American Renal Associates Holdings, Inc. *		9,600		99,552
Cross Country Healthcare, Inc. *		62,100		721,602
Encompass Health Corp.		5,600		387,912
Ensign Group, Inc. (The)		37,700		1,710,449
Magellan Health, Inc. *		14,200		1,111,150
Molina Healthcare, Inc. *		8,850		1,200,856
Owens & Minor, Inc.		187,000		966,790
Pennant Group, Inc. (The) *		18,800		621,716
Select Medical Holdings Corp. *		29,600		690,864
Tenet Healthcare Corp. *		55,700		2,118,271
Tivity Health, Inc. *		21,200		431,314
				10,461,084

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Technology — 0.1%
Livongo Health, Inc. * (a)		7,500		187,950
Hotels, Restaurants & Leisure — 1.0%
Bloomin’ Brands, Inc.		10,000		220,700
Boyd Gaming Corp.		6,200		185,628
Everi Holdings, Inc. *		61,400		824,602
Marriott Vacations Worldwide Corp.		4,000		515,040
Penn National Gaming, Inc. *		12,436		317,864
Red Robin Gourmet Burgers, Inc. * (a)		1,200		39,624
				2,103,458
Household Durables — 2.9%
Bassett Furniture Industries, Inc.		3,700		61,716
Hamilton Beach Brands Holding Co., Class A		2,400		45,840
Helen of Troy Ltd. *		9,100		1,636,089
KB Home		20,300		695,681
Lifetime Brands, Inc.		9,000		62,550
Meritage Homes Corp. *		28,300		1,729,413
Taylor Morrison Home Corp. *		75,000		1,639,500
				5,870,789
Household Products — 0.4%
Central Garden & Pet Co., Class A *		28,972		850,618
Independent Power and Renewable Electricity Producers — 0.9%
Atlantic Power Corp. *		33,300		77,589
Clearway Energy, Inc.		15,800		302,096
TerraForm Power, Inc., Class A		84,600		1,301,994
Vistra Energy Corp.		6,941		159,574
				1,841,253
Insurance — 0.3%
FedNat Holding Co.		6,500		108,095
National General Holdings Corp.		6,200		137,020
ProSight Global, Inc. *		6,500		104,845
Selective Insurance Group, Inc.		2,700		176,013
Third Point Reinsurance Ltd. (Bermuda) *		6,700		70,484
				596,457
Interactive Media & Services — 0.2%
Yelp, Inc. *		12,800		445,824
Internet & Direct Marketing Retail — 0.4%
Groupon, Inc. *		57,900		138,381
Stamps.com, Inc. *		7,800		651,456
				789,837
IT Services — 3.0%
Brightcove, Inc. *		17,100		148,599
KBR, Inc.		46,800		1,427,400

INVESTMENTS	SHARES		VALUE($)
IT Services — continued
Limelight Networks, Inc. *		51,600		210,528
ManTech International Corp., Class A		2,600		207,688
MAXIMUS, Inc.		1,500		111,585
NIC, Inc.		41,100		918,585
Perspecta, Inc.		62,200		1,644,568
Unisys Corp. *		79,500		942,870
Virtusa Corp. *		9,100		412,503
				6,024,326
Life Sciences Tools & Services — 0.3%
10X Genomics, Inc., Class A *		3,100		236,375
Adaptive Biotechnologies Corp. * (a)		7,200		215,424
Personalis, Inc. * (a)		8,500		92,650
				544,449
Machinery — 2.0%
Columbus McKinnon Corp.		13,700		548,411
Hillenbrand, Inc.		18,900		629,559
Hurco Cos., Inc.		3,300		126,588
Meritor, Inc. *		19,400		508,086
Mueller Industries, Inc.		14,200		450,850
Park-Ohio Holdings Corp.		2,800		94,220
TriMas Corp. *		7,000		219,870
Wabash National Corp.		92,100		1,352,949
				3,930,533
Marine — 0.1%
Costamare, Inc. (Monaco)		21,700		206,801
Media — 2.3%
Central European Media Enterprises Ltd., Class A (Czech Republic) *		29,900		135,447
Fluent, Inc. *		50,500		126,250
Gray Television, Inc. *		27,400		587,456
Liberty Latin America Ltd., Class A (Chile) *		70,700		1,364,510
Meredith Corp.		17,400		564,978
Nexstar Media Group, Inc., Class A		6,200		726,950
Sinclair Broadcast Group, Inc., Class A		20,800		693,472
TEGNA, Inc.		27,000		450,630
				4,649,693
Metals & Mining — 0.9%
Commercial Metals Co.		26,300		585,701
Ramaco Resources, Inc. *		6,500		23,270
Ryerson Holding Corp. *		9,900		117,117
Warrior Met Coal, Inc.		41,700		881,121
Worthington Industries, Inc.		3,500		147,630
				1,754,839

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Mortgage Real Estate Investment Trusts (REITs) — 1.2%
Apollo Commercial Real Estate Finance, Inc.		14,100		257,889
Ladder Capital Corp.		14,600		263,384
PennyMac Mortgage Investment Trust		61,800		1,377,522
Redwood Trust, Inc.		26,200		433,348
				2,332,143
Multi-Utilities — 0.2%
Black Hills Corp.		5,600		439,824
Oil, Gas & Consumable Fuels — 2.0%
Amplify Energy Corp.		22,400		148,064
Arch Coal, Inc., Class A (a)		5,700		408,918
Berry Petroleum Corp.		56,500		532,795
CVR Energy, Inc. (a)		14,700		594,321
Delek US Holdings, Inc.		10,500		352,065
Denbury Resources, Inc. *		568,900		802,149
Dorian LPG Ltd. *		28,000		433,440
Gulfport Energy Corp. *		55,400		168,416
Hallador Energy Co.		3,200		9,504
REX American Resources Corp. *		300		24,588
W&T Offshore, Inc. *		90,000		500,400
				3,974,660
Paper & Forest Products — 1.2%
Boise Cascade Co.		20,000		730,600
Schweitzer-Mauduit International, Inc.		36,800		1,545,232
Verso Corp., Class A *		2,800		50,484
				2,326,316
Pharmaceuticals — 2.6%
Aclaris Therapeutics, Inc. * (a)		19,100		36,099
Arvinas, Inc. * (a)		400		16,436
Cara Therapeutics, Inc. * (a)		11,900		191,709
Dermira, Inc. * (a)		41,400		627,624
Endo International plc *		233,400		1,094,646
Horizon Therapeutics plc *		30,000		1,086,000
Lannett Co., Inc. * (a)		77,900		687,078
Menlo Therapeutics, Inc. *		38,600		179,104
NGM Biopharmaceuticals, Inc. * (a)		27,700		512,173
Phibro Animal Health Corp., Class A		7,200		178,776
Revance Therapeutics, Inc. *		3,400		55,182
TherapeuticsMD, Inc. * (a)		69,600		168,432
WaVe Life Sciences Ltd. * (a)		16,000		128,240
Zynerba Pharmaceuticals, Inc. * (a)		31,905		192,706
				5,154,205
Professional Services — 2.0%
Acacia Research Corp. *		8,700		23,142
Barrett Business Services, Inc.		18,200		1,646,372

INVESTMENTS	SHARES		VALUE($)
Professional Services — continued
CBIZ, Inc. *		21,200		571,552
CRA International, Inc.		3,400		185,198
Heidrick & Struggles International, Inc.		6,500		211,250
Kelly Services, Inc., Class A		8,400		189,672
Korn Ferry		4,200		178,080
TriNet Group, Inc. *		3,400		192,474
TrueBlue, Inc. *		34,900		839,694
				4,037,434
Real Estate Management & Development — 0.1%
Jones Lang LaSalle, Inc.		1,219		212,216
Road & Rail — 0.5%
ArcBest Corp.		28,000		772,800
Avis Budget Group, Inc. *		5,400		174,096
Covenant Transportation Group, Inc., Class A *		3,100		40,068
				986,964
Semiconductors & Semiconductor Equipment — 3.1%
Advanced Energy Industries, Inc. *		9,300		662,160
Alpha & Omega Semiconductor Ltd. *		40,450		550,929
Ichor Holdings Ltd. *		15,000		499,050
NeoPhotonics Corp. *		54,400		479,808
NVE Corp.		4,100		292,740
Onto Innovation, Inc. *		17,051		623,044
Rambus, Inc. *		104,900		1,444,997
SMART Global Holdings, Inc. *		20,000		758,800
Ultra Clean Holdings, Inc. *		20,000		469,400
Xperi Corp.		26,000		481,000
				6,261,928
Software — 3.0%
ACI Worldwide, Inc. *		13,400		507,659
Avaya Holdings Corp. *		11,900		160,650
Bottomline Technologies DE, Inc. *		4,200		225,120
Cloudflare, Inc., Class A *		51,000		870,060
Cornerstone OnDemand, Inc. *		20,400		1,194,420
MicroStrategy, Inc., Class A *		2,000		285,260
Progress Software Corp.		34,200		1,421,010
SPS Commerce, Inc. *		5,400		299,268
SVMK, Inc. *		11,800		210,866
TiVo Corp.		93,500		792,880
				5,967,193
Specialty Retail — 2.8%
Barnes & Noble Education, Inc. *		72,600		310,002
Hibbett Sports, Inc. *		28,400		796,336
Lithia Motors, Inc., Class A		1,800		264,600

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Specialty Retail — continued
Office Depot, Inc.		197,114		540,092
Rent-A-Center, Inc.		73,200		2,111,088
RH * (a)		2,200		469,700
Signet Jewelers Ltd.		3,000		65,220
Sportsman’s Warehouse Holdings, Inc. *		24,200		194,326
Tilly’s, Inc., Class A		25,500		312,375
Zumiez, Inc. *		13,400		462,836
				5,526,575
Textiles, Apparel & Luxury Goods — 1.3%
Deckers Outdoor Corp. *		13,525		2,283,832
Kontoor Brands, Inc.		5,300		222,547
				2,506,379
Thrifts & Mortgage Finance — 5.1%
Essent Group Ltd.		40,500		2,105,594
Flagstar Bancorp, Inc.		32,400		1,239,300
FS Bancorp, Inc.		1,200		76,548
HomeStreet, Inc. *		6,800		231,200
Luther Burbank Corp.		8,900		102,617
MGIC Investment Corp.		89,200		1,263,964
NMI Holdings, Inc., Class A *		12,000		398,160
OceanFirst Financial Corp.		8,400		214,536
PennyMac Financial Services, Inc.		56,400		1,919,856
Radian Group, Inc.		44,100		1,109,556
Walker & Dunlop, Inc.		23,900		1,545,852
				10,207,183
Trading Companies & Distributors — 2.4%
Aircastle Ltd.		34,100		1,091,541
Applied Industrial Technologies, Inc.		6,100		406,809
BMC Stock Holdings, Inc. *		41,400		1,187,766
GMS, Inc. *		29,500		798,860

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Trading Companies & Distributors — continued
MRC Global, Inc. *		79,700		1,087,108
Rush Enterprises, Inc., Class A		2,500		116,250
Veritiv Corp. *		9,100		178,997
				4,867,331
Water Utilities — 0.0% (b)
Consolidated Water Co. Ltd. (Cayman Islands)		1,800		29,340
Total Common Stocks (Cost $162,130,794)				195,573,146
Short-Term Investments — 4.7%
Investment Companies — 2.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.47% (c) (d) (Cost $4,965,574)		4,965,574		4,965,574
Investment of Cash Collateral from Securities Loaned — 2.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.82% (c) (d)		1,999,600		1,999,800
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (c) (d)		2,474,434		2,474,434
Total Investment of Cash Collateral from Securities Loaned (Cost $4,474,434)				4,474,234
Total Short-Term Investments (Cost $9,440,008)				9,439,808
Total Investments — 102.3% (Cost $171,570,802)				205,012,954
Liabilities in Excess of Other Assets — (2.3)%				(4,685,251	)
NET ASSETS — 100.0%				200,327,703

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at December 31, 2019. The total value of securities on loan at December 31, 2019 is $4,427,637.
(b)	Amount rounds to less than 0.1% of net assets.

(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2019:
Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount($)		Value and Unrealized Appreciation (Depreciation)($)
Long Contracts
Russell 2000 E-Mini Index		57		03/2020		USD		4,759,215		54,862

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2019

	JPMorgan Insurance Trust Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	195,573,146
Investments in affiliates, at value		4,965,574
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		4,474,234
Deposits at broker for futures contracts		235,700
Receivables:
Investment securities sold		280,922
Portfolio shares sold		46,595
Dividends from non-affiliates		238,568
Dividends from affiliates		4,771
Securities lending income (See Note 2.C.)		4,440
Variation margin on futures contracts		4,275
Total Assets		205,828,225
LIABILITIES:
Payables:
Investment securities purchased		621,948
Collateral received on securities loaned (See Note 2.C.)		4,474,234
Portfolio shares redeemed		217,725
Accrued liabilities:
Investment advisory fees		109,035
Administration fees		12,710
Distribution fees		377
Custodian and accounting fees		7,007
Trustees’ and Chief Compliance Officer’s fees		206
Other		57,280
Total Liabilities		5,500,522
Net Assets	$	200,327,703
NET ASSETS:
Paid-in-Capital	$	155,693,719
Total distributable earnings (loss)		44,633,984
Total Net Assets	$	200,327,703
Net Assets:
Class 1	$	198,541,886
Class 2		1,785,817
Total	$	200,327,703
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		8,617,819
Class 2		78,365
Net Asset Value, offering and redemption price per share (a):
Class 1	$	23.04
Class 2		22.79
Cost of investments in non-affiliates	$	162,130,794
Cost of investments in affiliates		4,965,574
Investment securities on loan, at value (See Note 2.C.)		4,427,637
Cost of investment of cash collateral (See Note 2.C.)		4,474,434

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 11

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2019

	JPMorgan Insurance Trust Small Cap Core Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	7,018
Interest income from affiliates		178
Dividend income from non-affiliates		2,592,908
Dividend income from affiliates		101,872
Income from securities lending (net) (See Note 2.C.)		54,403
Total investment income		2,756,379
EXPENSES:
Investment advisory fees		1,202,927
Administration fees		138,731
Distribution fees — Class 2		3,628
Custodian and accounting fees		53,573
Interest expense to affiliates		87
Professional fees		59,218
Trustees’ and Chief Compliance Officer’s fees		26,130
Printing and mailing costs		50,727
Transfer agency fees — Class 1		4,203
Transfer agency fees — Class 2		377
Other		15,226
Total expenses		1,554,827
Less fees waived		(11,460	)
Net expenses		1,543,367
Net investment income (loss)		1,213,012
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		9,946,617
Futures contracts		733,523
Net realized gain (loss)		10,680,140
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		26,363,621
Investments in affiliates		(200	)
Futures contracts		121,993
Change in net unrealized appreciation/depreciation		26,485,414
Net realized/unrealized gains (losses)		37,165,554
Change in net assets resulting from operations	$	38,378,566

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Small Cap Core Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,213,012		$	891,588
Net realized gain (loss)		10,680,140			22,010,915
Change in net unrealized appreciation/depreciation		26,485,414			(43,254,928	)
Change in net assets resulting from operations		38,378,566			(20,352,425	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(22,648,741	)		(12,803,929	)
Class 2		(168,786	)		(74,744	)
Total distributions to shareholders		(22,817,527	)		(12,878,673	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		30,307,049			(2,605,999	)
NET ASSETS:
Change in net assets		45,868,088			(35,837,097	)
Beginning of period		154,459,615			190,296,712
End of period	$	200,327,703		$	154,459,615
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	42,367,296		$	34,029,343
Distributions reinvested		22,648,741			12,803,929
Cost of shares redeemed		(35,351,861	)		(49,573,895	)
Change in net assets resulting from Class 1 capital transactions	$	29,664,176		$	(2,740,623	)
Class 2
Proceeds from shares issued	$	624,675		$	631,138
Distributions reinvested		168,786			74,744
Cost of shares redeemed		(150,588	)		(571,258	)
Change in net assets resulting from Class 2 capital transactions	$	642,873		$	134,624
Total change in net assets resulting from capital transactions	$	30,307,049		$	(2,605,999	)
SHARE TRANSACTIONS:
Class 1
Issued		1,808,647			1,349,757
Reinvested		1,099,987			495,892
Redeemed		(1,561,072	)		(1,953,186	)
Change in Class 1 Shares		1,347,562			(107,537	)
Class 2
Issued		27,706			24,740
Reinvested		8,274			2,917
Redeemed		(6,917	)		(22,051	)
Change in Class 2 Shares		29,063			5,606

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 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) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust Small Cap Core Portfolio
Class 1
Year Ended December 31, 2019	$	21.10	$	0.15	$	4.69		$	4.84		$	(0.10	)	$	(2.80	)	$	(2.90	)
Year Ended December 31, 2018		25.64		0.12		(2.85	)		(2.73	)		(0.10	)		(1.71	)		(1.81	)
Year Ended December 31, 2017		22.49		0.10		3.30			3.40			(0.08	)		(0.17	)		(0.25	)
Year Ended December 31, 2016		20.56		0.09		3.65			3.74			(0.11	)		(1.70	)		(1.81	)
Year Ended December 31, 2015		24.06		0.13		(1.19	)		(1.06	)		(0.03	)		(2.41	)		(2.44	)
Class 2
Year Ended December 31, 2019		20.91		0.09		4.63			4.72			(0.04	)		(2.80	)		(2.84	)
Year Ended December 31, 2018		25.41		0.05		(2.82	)		(2.77	)		(0.02	)		(1.71	)		(1.73	)
Year Ended December 31, 2017		22.30		0.02		3.29			3.31			(0.03	)		(0.17	)		(0.20	)
Year Ended December 31, 2016		20.38		0.04		3.62			3.66			(0.04	)		(1.70	)		(1.74	)
Year Ended December 31, 2015		23.90		0.07		(1.18	)		(1.11	)		—			(2.41	)		(2.41	)

(a) Calculated based upon average shares outstanding.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
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
$	23.04		24.58	%	$	198,541,886		0.83	%		0.66	%		0.84	%		83	%
	21.10		(11.93	)		153,428,808		0.82			0.47			0.83			59
	25.64		15.23			189,186,215		0.83			0.40			0.83			51
	22.49		20.21			161,500,800		0.87			0.46			0.87			55
	20.56		(5.28	)		122,865,455		0.85			0.56			0.86			52
	22.79		24.20			1,785,817		1.11			0.39			1.11			83
	20.91		(12.15	)		1,030,807		1.09			0.20			1.10			59
	25.41		14.93			1,110,497		1.09			0.10			1.10			51
	22.30		19.88			1,570,205		1.12			0.20			1.13			55
	20.38		(5.55	)		1,220,572		1.14			0.30			1.15			52

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019

1. Organization

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

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

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

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

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

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

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	205,012,954	$	—	$	—	$	205,012,954
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	54,862	$	—	$	—	$	54,862

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

There were no transfers into or out of level 3 for the year ended December 31, 2019.

B. Futures Contracts — The Portfolio used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Portfolio also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2019:

Futures Contracts — Equity:
Average Notional Balance Long	$	5,674,652
Ending Notional Balance Long		4,759,215

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

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

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

The following table presents the Portfolio’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Portfolio as of December 31, 2019.

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities	Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
$4,427,637	$	(4,427,637	)	$	—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. For the year ended December 31, 2019, JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$ 2,917

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

D. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

For the year ended December 31, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.82% (a)(b)	$	—	$	2,000,000	$	—	$	—	$	(200	)	$	1,999,800		1,999,600	$	21,242	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a)(b)		4,600,040		46,573,642		48,699,248		—		—			2,474,434		2,474,434		78,723	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.47% (a)(b)		17,998,257		72,051,582		85,084,265		—		—			4,965,574		4,965,574		101,872			—
Total	$	22,598,297	$	120,625,224	$	133,783,513	$	—	$	(200	)	$	9,439,808			$	201,837		$	—

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

(b) The rate shown is the current yield as of December 31, 2019.

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

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

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

G. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of December 31, 2019, no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	—	$	(79,718	)	$	79,718

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

3. Fees and Other Transactions with Affiliates

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the year ended December 31, 2019, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

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

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

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

Class 1			Class 2
	1.03	%		1.28	%

The expense limitation agreement was in effect for the year ended December 31, 2019 and is in place until at least April 30, 2020.

For the year ended December 31, 2019, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2019 was $11,460.

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

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

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

During the year ended December 31, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	159,863,882	$	147,931,126

During the year ended December 31, 2019, there were no purchases or sales of U.S. Government Securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2019 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	172,897,381	$	40,898,219	$	8,727,784	$	32,170,435

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in passive foreign investment companies (“PFICs”) and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2019 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,769,241	$	20,048,286	$	22,817,527

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

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	4,253,968	$	8,624,705	$	12,878,673

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

As of December 31, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	1,575,336	$	10,859,438	$	32,170,435

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

At December 31, 2019, the Portfolio did not have any net capital loss carryforwards.

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Portfolio had no borrowings outstanding from another fund during the year ended December 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2019.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of December 31, 2019, the Portfolio had three individual shareholder and/or non-affiliated omnibus accounts, which owned 66.1% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance and liquidity.

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

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Small Cap Core Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 14, 2020

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 23

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.(3)	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dr. Matthew Goldstein (1941); Chairman (2013-2019); Trustee of Trust (2005-2019); Trustee of heritage J.P. Morgan Funds (2003-2019).(4)	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	128	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 25

TRUSTEES

(Unaudited) (continued)

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

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

(3) Mr. Finn became chairman of the Trust effective January 1, 2020.

(4) Dr. Goldstein retired from the Board of Trustees effective the close of business on December 31, 2019.

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

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

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

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

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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

DECEMBER 31, 2019 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, 2019, and continued to hold your shares at the end of the reporting period, December 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	1,069.10	$	4.38		0.84	%
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class 2
Actual		1,000.00		1,067.40		5.78		1.11
Hypothetical		1,000.00		1,019.61		5.65		1.11

* 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, 2019

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, 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 14, 2019.

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

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided

with respect to the Portfolio throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

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

DECEMBER 31, 2019 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 information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Portfolio, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Portfolio.

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

Fall-Out Benefits

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

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that

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

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge/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 Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds in the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/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 Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/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 that the Portfolio’s performance for Class 1 shares was in the second, first and first quintiles, based upon the Peer Group, and in the third, second and second quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the

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

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Portfolio. The Trustees recognized that Broadridge/Lipper reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019 were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements. and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 31

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 66.85%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2019.

Long Term Capital Gain

The Portfolio distributed $20,048,286, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2019.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, the Portfolio filed a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019. All rights reserved. December 2019. AN-JPMITSCCP-1219

Annual Report

JPMorgan Insurance Trust

December 31, 2019

JPMorgan Insurance Trust U.S. Equity Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	21
Trustees	22
Officers	25
Schedule of Shareholder Expenses	26
Board Approval of Investment Advisory Agreement	27
Tax Letter	30

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

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

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

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

LETTER TO SHAREHOLDERS

February 10, 2020 (Unaudited)

Dear Shareholders,

We’ve entered 2020 with strong momentum at J.P. Morgan Asset Management, propelled by a strong 2019 for financial markets that included a 31.5% total return in the S&P 500 Index.

  “Our goal remains being the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.” — Andrea L. Lisher

In the first half of 2019, equity markets largely experienced steady gains, bolstered by the U.S. Federal Reserve’s decision to hold off increases in interest rates as well as investor optimism over U.S.-China trade negotiations and continued growth in corporate earnings. In the second half of the year, global equity prices were also supported by an initial U.S.-China trade agreement and by accommodative policies of leading global central banks, including a reduction in interest rates and a resumption of monthly asset purchases by the European Central Bank. These tailwinds overshadowed investor concerns about Brexit and weak economic data.

While 2019 was largely a rewarding year for investors, 2020 may bring increased market volatility amid geo-political tensions, the U.S. elections and the late-economic-cycle backdrop. On the other hand, leading central banks have clearly signaled they will remain supportive of continued economic expansion, which should also support financial markets. We believe investors who maintain a well-diversified portfolio and a long-term outlook will be best positioned in the year ahead.

Our goal remains to be the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	31.75%
S&P 500 Index**	31.49%
Net Assets as of 12/31/2019	$118,180,555

INVESTMENT OBJECTIVE***

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

HOW DID THE MARKET PERFORM?

Global equity markets provided strong returns for 2019, supported by low interest rates, strong corporate earnings and continued global economic growth. An apparent easing in U.S.-China trade tensions also bolstered global financial markets toward the end of the year. U.S. equity generally outperformed other developed markets and emerging markets equity. Global bond markets also provided positive returns for the year, led by emerging markets debt and high yield bonds (also known as “junk bonds”) amid investor demand for higher yielding fixed income assets.

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

The Portfolio’s Class 1 Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended December 31, 2019. The Portfolio’s security selection in the semiconductors & hardware sector and in the industrial cyclical sector was a leading contributor to performance relative to the Benchmark, while the Portfolio’s security selection in the energy and media sectors was a leading detractor from performance.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Charter Communications Inc. and Prologis Inc. and its underweight position in Cisco Systems Inc. Shares of Charter Communications, a cable TV and broadband communications provider, rose after the company reported better-than-expected earnings and

revenue for the third quarter of 2019. Shares of Prologis, a real estate investment trust, rose amid broad gains in the real estate sector during the reporting period. Shares of Cisco Systems, a network and information technology provider not held in the Portfolio, fell following two consecutive quarters of weak revenue growth.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Pfizer Inc. and Salesforce.com Inc. and its underweight position in Apple Inc. Shares of Pfizer, a pharmaceuticals and consumer health care products manufacturer, fell after the company announced an agreement to merge its Upjohn business with Mylan Inc. and reported lower-than-expected revenue for the second quarter of 2019. Shares of Salesforce.com, a provider of business software, fell after the company issued a lower-than-expected earnings forecast for the fourth quarter of 2019. Shares of Apple, a maker of mobile and desk-top devices and computers, rose amid better-than-expected quarterly earnings as well as positive investor response to the company’s newly launched services, products and latest iPhone upgrade cycle.

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’s largest overweight positions compared with the Benchmark were in the regional banks and media sectors and its largest underweight positions were in the big banks & brokers and the financial services sectors.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	5.8	%
	2.	Amazon.com, Inc.	4.2
	3.	Apple, Inc.	3.5
	4.	Mastercard, Inc., Class A	2.7
	5.	Alphabet, Inc., Class A	2.6
	6.	UnitedHealth Group, Inc.	2.3
	7.	Coca-Cola Co. (The)	2.3
	8.	salesforce.com, Inc.	1.9
	9.	Verizon Communications, Inc.	1.8
	10.	Norfolk Southern Corp.	1.8

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	24.5	%
Health Care	14.9
Communication Services	11.4
Consumer Discretionary	10.8
Financials	10.2
Industrials	9.0
Consumer Staples	5.2
Energy	4.1
Utilities	3.9
Real Estate	2.3
Materials	2.3
Short-Term Investments	1.4

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2019

	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		March 30, 1995		31.75	%		11.10	%		13.16	%
CLASS 2 SHARES		August 16, 2006		31.44			10.82			12.87

TEN YEAR PERFORMANCE (12/31/09 TO 12/31/19)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust U.S. Equity Portfolio, the S&P 500 Index and the Lipper Variable Underlying Funds Large-Cap Core Funds Index from December 31, 2009 to December 31, 2019. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying 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. 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, 2019

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.8%
Aerospace & Defense — 3.2%
General Dynamics Corp.		7,098		1,251,732
Northrop Grumman Corp.		5,563		1,913,505
United Technologies Corp.		4,290		642,471
				3,807,708
Air Freight & Logistics — 0.1%
United Parcel Service, Inc., Class B		563		65,905
Airlines — 0.2%
Delta Air Lines, Inc.		3,287		192,224
Automobiles — 0.1%
General Motors Co.		2,899		106,103
Banks — 5.2%
Bank of America Corp.		27,580		971,368
Citigroup, Inc.		14,727		1,176,540
Huntington Bancshares, Inc.		54,340		819,447
KeyCorp		56,127		1,136,011
Regions Financial Corp.		6,734		115,555
SVB Financial Group*		3,636		912,781
Truist Financial Corp.		10,181		573,394
Wells Fargo & Co.		8,672		466,554
				6,171,650
Beverages — 3.7%
Coca-Cola Co. (The)		49,578		2,744,142
Constellation Brands, Inc., Class A		8,859		1,680,995
				4,425,137
Biotechnology — 2.4%
AbbVie, Inc.		14,703		1,301,804
Alexion Pharmaceuticals, Inc.*		5,877		635,597
Biogen, Inc.*		1,664		493,759
Regeneron Pharmaceuticals, Inc.*		332		124,659
Vertex Pharmaceuticals, Inc.*		1,227		268,652
				2,824,471
Capital Markets — 3.0%
Ameriprise Financial, Inc.		4,908		817,575
BlackRock, Inc.		440		221,188
Charles Schwab Corp. (The)		9,758		464,090
Morgan Stanley		36,051		1,842,927
State Street Corp.		2,373		187,704
				3,533,484
Chemicals — 1.6%
Corteva, Inc.		4,940		146,026
DuPont de Nemours, Inc.		4,232		271,695
Eastman Chemical Co.		11,815		936,457

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
Linde plc (United Kingdom)		2,657		565,675
				1,919,853
Commercial Services & Supplies — 0.2%
Waste Management, Inc.		2,064		235,213
Consumer Finance — 0.2%
Capital One Financial Corp.		2,473		254,496
Containers & Packaging — 0.6%
Crown Holdings, Inc.*		10,291		746,509
Diversified Telecommunication Services — 1.8%
Verizon Communications, Inc.		34,190		2,099,266
Electric Utilities — 3.8%
American Electric Power Co., Inc.		7,220		682,362
Edison International		3,343		252,096
Entergy Corp.		796		95,361
NextEra Energy, Inc.		8,197		1,984,985
Xcel Energy, Inc.		23,801		1,511,125
				4,525,929
Electrical Equipment — 1.4%
Eaton Corp. plc		17,015		1,611,661
Entertainment — 1.3%
Netflix, Inc.*		4,859		1,572,226
Equity Real Estate Investment Trusts (REITs) — 2.3%
Equinix, Inc.		302		176,277
Prologis, Inc.		21,497		1,916,243
Ventas, Inc.		5,657		326,635
VICI Properties, Inc.		11,433		292,113
				2,711,268
Food Products — 0.1%
Mondelez International, Inc., Class A		2,903		159,897
Health Care Equipment & Supplies — 3.3%
Becton Dickinson and Co.		2,133		580,112
Boston Scientific Corp.*		44,838		2,027,574
Intuitive Surgical, Inc.*		1,297		766,722
Zimmer Biomet Holdings, Inc.		3,550		531,364
				3,905,772
Health Care Providers & Services — 4.1%
Cigna Corp.		7,473		1,528,154
Quest Diagnostics, Inc.		5,041		538,328
UnitedHealth Group, Inc.		9,376		2,756,357
				4,822,839

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — 2.3%
Hilton Worldwide Holdings, Inc.		617		68,431
McDonald’s Corp.		5,896		1,165,109
Royal Caribbean Cruises Ltd.		7,963		1,063,140
Yum! Brands, Inc.		3,931		395,970
				2,692,650
Household Durables — 0.1%
Lennar Corp., Class A		1,111		61,983
Household Products — 0.8%
Procter & Gamble Co. (The)		7,463		932,129
Industrial Conglomerates — 0.7%
Honeywell International, Inc.		4,653		823,581
Insurance — 1.8%
Arthur J Gallagher & Co.		3,438		327,401
Chubb Ltd.		1,057		164,533
Hartford Financial Services Group, Inc. (The)		5,034		305,916
Progressive Corp. (The)		15,187		1,099,387
Prudential Financial, Inc.		3,037		284,688
				2,181,925
Interactive Media & Services — 5.5%
Alphabet, Inc., Class A*		2,320		3,107,385
Alphabet, Inc., Class C*		1,554		2,077,729
Facebook, Inc., Class A*		5,746		1,179,366
Snap, Inc., Class A*		5,924		96,739
				6,461,219
Internet & Direct Marketing Retail — 4.4%
Amazon.com, Inc.*		2,699		4,987,321
Expedia Group, Inc.		1,562		168,915
				5,156,236
IT Services — 5.9%
Automatic Data Processing, Inc.		3,376		575,608
Fiserv, Inc.*		3,229		373,369
Leidos Holdings, Inc.		11,121		1,088,635
Mastercard, Inc., Class A		10,808		3,227,161
PayPal Holdings, Inc.*		14,881		1,609,678
WEX, Inc.*		725		151,858
				7,026,309
Life Sciences Tools & Services — 1.1%
Thermo Fisher Scientific, Inc.		3,963		1,287,460
Machinery — 1.2%
Deere & Co.		2,508		434,536
Ingersoll-Rand plc		3,944		524,237

INVESTMENTS	SHARES		VALUE($)
Machinery — continued
Stanley Black & Decker, Inc.		2,714		449,818
				1,408,591
Media — 2.7%
Altice USA, Inc., Class A*		7,918		216,478
Charter Communications, Inc., Class A*		3,598		1,745,318
Comcast Corp., Class A		16,994		764,220
Discovery, Inc., Class A* (a)		2,264		74,123
Discovery, Inc., Class C*		13,360		407,347
				3,207,486
Multi-Utilities — 0.1%
Sempra Energy		883		133,757
Oil, Gas & Consumable Fuels — 4.1%
Chevron Corp.		15,460		1,863,085
Concho Resources, Inc.		3,524		308,597
Diamondback Energy, Inc.		13,297		1,234,759
Marathon Petroleum Corp.		4,851		292,273
Parsley Energy, Inc., Class A		7,835		148,160
Pioneer Natural Resources Co.		5,903		893,537
TC Energy Corp. (Canada)		1,643		87,588
				4,827,999
Pharmaceuticals — 4.1%
Allergan plc		938		179,317
Bristol-Myers Squibb Co.		17,935		1,151,248
Eli Lilly & Co.		9,608		1,262,779
Johnson & Johnson		5,462		796,742
Merck & Co., Inc.		15,226		1,384,805
Nektar Therapeutics*		4,018		86,729
				4,861,620
Road & Rail — 2.1%
Lyft, Inc., Class A*		4,298		184,900
Norfolk Southern Corp.		10,721		2,081,268
Union Pacific Corp.		1,226		221,648
				2,487,816
Semiconductors & Semiconductor Equipment — 6.8%
Advanced Micro Devices, Inc.*		23,831		1,092,890
Analog Devices, Inc.		14,821		1,761,328
ASML Holding NV (Registered), NYRS (Netherlands)		1,056		312,513
NVIDIA Corp.		2,125		500,012
NXP Semiconductors NV (Netherlands)		4,597		585,014
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		30,889		1,794,651
Texas Instruments, Inc.		15,901		2,039,939
				8,086,347

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software — 8.3%
Coupa Software, Inc.*		1,668		243,945
Intuit, Inc.		405		106,082
Microsoft Corp.		43,225		6,816,582
salesforce.com, Inc.*		13,843		2,251,426
Slack Technologies, Inc., Class A* (a)		6,130		137,802
Workday, Inc., Class A*		1,248		205,234
				9,761,071
Specialty Retail — 3.8%
Best Buy Co., Inc.		1,624		142,587
Home Depot, Inc. (The)		3,483		760,618
Lowe’s Cos., Inc.		4,434		531,016
O’Reilly Automotive, Inc.*		4,424		1,938,862
Ross Stores, Inc.		4,499		523,774
TJX Cos., Inc. (The)		9,590		585,565
				4,482,422
Technology Hardware, Storage & Peripherals — 3.5%
Apple, Inc.		13,977		4,104,346
Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc., Class B		2,603		263,710
Tobacco — 0.5%
Altria Group, Inc.		1,201		59,942
Philip Morris International, Inc.		6,157		523,899
				583,841
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.*		2,801		219,654
Total Common Stocks (Cost $81,141,357)				116,743,763
	NO. OF RIGHTS
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 12/31/2020* (Cost $4,677)		2,196		6,610

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 1.5%
Investment Companies — 1.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.47% (c) (d) (Cost $1,567,844)		1,567,844		1,567,844
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (c) (d) (Cost $173,461)		173,461		173,461
Total Short-Term Investments (Cost $1,741,305)				1,741,305
Total Investments — 100.3% (Cost $82,887,339)				118,491,678
Liabilities in Excess of Other Assets — (0.3)%				(311,123	)
NET ASSETS — 100.0%				118,180,555

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
CVR	Contingent Value Rights
NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at December 31, 2019. The total value of securities on loan at December 31, 2019 is $169,534.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		6		03/2020		USD		969,600		18,625

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2019

	JPMorgan Insurance Trust U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	116,750,373
Investments in affiliates, at value		1,567,844
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		173,461
Deposits at broker for futures contracts		71,000
Receivables:
Investment securities sold		179,468
Portfolio shares sold		31,718
Dividends from non-affiliates		90,786
Dividends from affiliates		1,784
Securities lending income (See Note 2.C.)		31
Variation margin on futures contracts		2,554
Total Assets		118,869,019
LIABILITIES:
Payables:
Investment securities purchased		279,646
Collateral received on securities loaned (See Note 2.C.)		173,461
Portfolio shares redeemed		121,941
Accrued liabilities:
Investment advisory fees		54,350
Administration fees		7,449
Distribution fees		3,619
Custodian and accounting fees		8,544
Trustees’ and Chief Compliance Officer’s fees		178
Other		39,276
Total Liabilities		688,464
Net Assets	$	118,180,555
NET ASSETS:
Paid-in-Capital	$	75,883,366
Total distributable earnings (loss)		42,297,189
Total Net Assets	$	118,180,555
Net Assets:
Class 1	$	101,126,592
Class 2		17,053,963
Total	$	118,180,555
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,133,822
Class 2		535,799
Net Asset Value, offering and redemption price per share (a):
Class 1	$	32.27
Class 2		31.83
Cost of investments in non-affiliates	$	81,146,034
Cost of investments in affiliates		1,567,844
Investment securities on loan, at value (See Note 2.C.)		169,534
Cost of investment of cash collateral (See Note 2.C.)		173,461

(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, 2019

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2019

	JPMorgan Insurance Trust U.S. Equity Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	1,772
Interest income from affiliates		16
Dividend income from non-affiliates		1,802,731
Dividend income from affiliates		27,506
Income from securities lending (net) (See Note 2.C.)		1,592
Total investment income		1,833,617
EXPENSES:
Investment advisory fees		604,727
Administration fees		82,450
Distribution fees — Class 2		39,054
Custodian and accounting fees		47,078
Interest expense to affiliates		7
Professional fees		57,779
Trustees’ and Chief Compliance Officer’s fees		25,680
Printing and mailing costs		33,208
Transfer agency fees — Class 1		2,236
Transfer agency fees — Class 2		182
Other		10,793
Total expenses		903,194
Less fees waived		(2,656	)
Net expenses		900,538
Net investment income (loss)		933,079
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,207,120
Futures contracts		207,141
Net realized gain (loss)		7,414,261
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		21,514,180
Futures contracts		16,043
Change in net unrealized appreciation/depreciation		21,530,223
Net realized/unrealized gains (losses)		28,944,484
Change in net assets resulting from operations	$	29,877,563

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust U.S.  Equity Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	933,079		$	953,996
Net realized gain (loss)		7,414,261			7,565,955
Change in net unrealized appreciation/depreciation		21,530,223			(14,594,300	)
Change in net assets resulting from operations		29,877,563			(6,074,349	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(7,454,974	)		(12,030,156	)
Class 2		(1,192,345	)		(1,934,068	)
Total distributions to shareholders		(8,647,319	)		(13,964,224	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(874,535	)		6,302,791
NET ASSETS:
Change in net assets		20,355,709			(13,735,782	)
Beginning of period		97,824,846			111,560,628
End of period	$	118,180,555		$	97,824,846
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	3,479,925		$	10,974,767
Distributions reinvested		7,454,974			12,030,156
Cost of shares redeemed		(12,158,801	)		(18,980,090	)
Change in net assets resulting from Class 1 capital transactions	$	(1,223,902	)	$	4,024,833
Class 2
Proceeds from shares issued	$	2,559,398		$	4,137,962
Distributions reinvested		1,192,345			1,934,068
Cost of shares redeemed		(3,402,376	)		(3,794,072	)
Change in net assets resulting from Class 2 capital transactions	$	349,367		$	2,277,958
Total change in net assets resulting from capital transactions	$	(874,535	)	$	6,302,791
SHARE TRANSACTIONS:
Class 1
Issued		117,485			354,936
Reinvested		267,107			414,976
Redeemed		(409,761	)		(610,477	)
Change in Class 1 Shares		(25,169	)		159,435
Class 2
Issued		86,990			133,768
Reinvested		43,248			67,483
Redeemed		(115,441	)		(125,232	)
Change in Class 2 Shares		14,797			76,019

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Year Ended December 31, 2019	$	26.63	$	0.26	$	7.81		$	8.07		$	(0.26	)	$	(2.17	)	$	(2.43	)
Year Ended December 31, 2018		32.43		0.27		(1.93	)		(1.66	)		(0.27	)		(3.87	)		(4.14	)
Year Ended December 31, 2017		27.03		0.26		5.69			5.95			(0.26	)		(0.29	)		(0.55	)
Year Ended December 31, 2016		25.50		0.26		2.42			2.68			(0.25	)		(0.90	)		(1.15	)
Year Ended December 31, 2015		26.75		0.26		0.01			0.27			(0.30	)		(1.22	)		(1.52	)
Class 2
Year Ended December 31, 2019		26.29		0.19		7.71			7.90			(0.19	)		(2.17	)		(2.36	)
Year Ended December 31, 2018		32.08		0.20		(1.92	)		(1.72	)		(0.20	)		(3.87	)		(4.07	)
Year Ended December 31, 2017		26.74		0.19		5.64			5.83			(0.20	)		(0.29	)		(0.49	)
Year Ended December 31, 2016		25.24		0.18		2.40			2.58			(0.18	)		(0.90	)		(1.08	)
Year Ended December 31, 2015		26.51		0.19		0.02			0.21			(0.26	)		(1.22	)		(1.48	)

(a) Calculated based upon average shares outstanding.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
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
$	32.27		31.75	%	$	101,126,592		0.78	%		0.88	%		0.79	%		69	%
	26.63		(6.16	)		84,126,154		0.74			0.89			0.79			95
	32.43		22.28			97,286,462		0.75			0.89			0.79			91
	27.03		10.98			87,878,389		0.80			0.98			0.80			61
	25.50		0.86			86,524,771		0.76			0.98			0.76			63
	31.83		31.44			17,053,963		1.03			0.64			1.03			69
	26.29		(6.42	)		13,698,692		0.99			0.65			1.04			95
	32.08		22.04			14,274,166		1.00			0.65			1.03			91
	26.74		10.65			12,078,757		1.05			0.73			1.05			61
	25.24		0.63			11,384,472		1.01			0.73			1.01			63

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019

1. Organization

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

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

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

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

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

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

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	118,491,678	$	—	$	—	$	118,491,678
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	18,625	$	—	$	—	$	18,625

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

There were no transfers into or out of level 3 for the year ended December 31, 2019.

B. Futures Contracts — The Portfolio used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Portfolio also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2019:

Futures Contracts — Equity:
Average Notional Balance Long	$	784,577
Ending Notional Balance Long		969,600

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

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

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

The following table presents the Portfolio’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Portfolio as of December 31, 2019.

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities	Cash Collateral Posted by Borrower*	Net Amount Due to Counterparty (not less than zero)
$169,534	$(169,534)	$—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. For the year ended December 31, 2019, JPMIM waived fees associated with the Portfolio’s investment in the JPMorgan U.S. Government Money Market Fund as follows:

$ 91

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

D. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

For the year ended December 31, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a) (b)	$	429,023	$	2,319,435	$	2,574,997	$	—	$	—	$	173,461		173,461	$	2,512	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.47% (a) (b)		1,626,949		18,434,655		18,493,760		—		—		1,567,844		1,567,844		27,506			—
Total	$	2,055,972	$	20,754,090	$	21,068,757	$	—	$	—	$	1,741,305			$	30,018		$	—

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

(b) The rate shown is the current yield as of December 31, 2019.

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

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

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolio adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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

G. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of December 31, 2019, no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	—	$	(58,155	)	$	58,155

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

3. Fees and Other Transactions with Affiliates

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the year ended December 31, 2019, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

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

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

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

Class 1	Class 2
0.80%		1.05	%

The expense limitation agreement was in effect for the year ended December 31, 2019 and is in place until at least April 30, 2020.

For the year ended December 31, 2019, the Portfolio’s service providers did not waive/reimburse fees for the Portfolio.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2019 was $2,656.

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

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

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

During the year ended December 31, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	74,709,560	$	82,787,255

During the year ended December 31, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2019, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	84,488,984	$	34,428,036	$	406,717	$	34,021,319

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

The tax character of distributions paid during the year ended December 31, 2019 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,476,591	$	6,170,728	$	8,647,319

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

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	3,909,749	$	10,054,475	$	13,964,224

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

As of December 31, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	1,456,336	$	6,842,140	$	34,021,319

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

At December 31, 2019, the Portfolio did not have any net capital loss carryforwards.

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Portfolio had no borrowings outstanding from another fund during the year ended December 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2019.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of December 31, 2019, the Portfolio had three individual shareholder and/or non-affiliated omnibus accounts, which owned 68.0% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance and liquidity.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

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

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust U.S. Equity Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 14, 2020

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 21

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.(3)	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dr. Matthew Goldstein (1941); Chairman (2013-2019); Trustee of Trust (2005-2019); Trustee of heritage J.P. Morgan Funds (2003-2019).(4)	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	128	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 23

TRUSTEES

(Unaudited) (continued)

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

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

(3) Mr. Finn became chairman of the Trust effective January 1, 2020.

(4) Dr. Goldstein retired from the Board of Trustees effective the close of business on December 31, 2019.

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

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

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

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

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 25

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2019, and continued to hold your shares at the end of the reporting period, December 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,111.60	$	4.15		0.78	%
Hypothetical		1,000.00		1,021.27		3.97		0.78
Class 2
Actual		1,000.00		1,110.60		5.48		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).

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, 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 14, 2019.

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

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided

with respect to the Portfolio throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 27

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

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

Fall-Out Benefits

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

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that

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

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Portfolio in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge/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 Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds in the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/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 Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/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 that the Portfolio’s performance for Class 1 shares was in the fifth, third and second quintiles, based upon the Peer Group, and in the fourth, second and second quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the

Portfolio with the Adviser and based upon this discussion and various other factors, concluded that the Portfolio’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Portfolio. The Trustees recognized that Broadridge/Lipper reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019 were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 29

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 59.89%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2019.

Long Term Capital Gain

The Portfolio distributed $6,170,728, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2019.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, the Portfolio filed a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. December 2019. AN-JPMITUSEP-1219

Annual Report

JPMorgan Insurance Trust

December 31, 2019

JPMorgan Insurance Trust Income Builder Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	33
Financial Highlights	36
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	50
Trustees	51
Officers	54
Schedule of Shareholder Expenses	55
Board Approval of Investment Advisory Agreement	56
Tax Letter	59

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

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

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

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

LETTER TO SHAREHOLDERS

February 10, 2020 (Unaudited)

Dear Shareholders,

We’ve entered 2020 with strong momentum at J.P. Morgan Asset Management, propelled by a strong 2019 for financial markets that included a 31.5% total return in the S&P 500 Index.

  “Our goal remains being the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.” — Andrea L. Lisher

In the first half of 2019, equity markets largely experienced steady gains, bolstered by the U.S. Federal Reserve’s decision to hold off increases in interest rates as well as investor optimism over U.S.-China trade negotiations and continued growth in corporate earnings. In the second half of the year, global equity prices were also supported by an initial U.S.-China trade agreement and by accommodative policies of leading global central banks, including a reduction in interest rates and a resumption of monthly asset purchases by the European Central Bank. These tailwinds overshadowed investor concerns about Brexit and weak economic data.

While 2019 was largely a rewarding year for investors, 2020 may bring increased market volatility amid geo-political tensions, the U.S. elections and the late-economic-cycle backdrop. On the other hand, leading central banks have clearly signaled they will remain supportive of continued economic expansion, which should also support financial markets. We believe investors who maintain a well-diversified portfolio and a long-term outlook will be best positioned in the year ahead.

Our goal remains to be the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		14.27%
MSCI World Index (net of foreign withholding taxes)		27.67%
Income Builder Composite Benchmark		20.01%
Net Assets as of 12/31/2019	$	90,590,095

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Global equity markets provided strong returns for 2019, supported by low interest rates, strong corporate earnings and continued global economic growth. An apparent easing in U.S.-China trade tensions also bolstered global financial markets toward the end of the year. U.S. equity generally outperformed other developed markets and emerging markets equity. Global bond markets also provided positive returns for the year, led by emerging markets debt and high yield bonds (also known as “junk bonds”) amid investor demand for higher yielding fixed income assets.

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

The Portfolio’s Class 2 Shares underperformed both the MSCI World Index (net of foreign withholding taxes) and the Income Builder Composite Benchmark (the “Composite”), which is made up of 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Index, for the twelve months ended December 31, 2019.

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

Relative to the Composite, the Portfolio’s allocations to agency mortgages and other short duration fixed income assets detracted from performance, though those allocations helped the Portfolio’s absolute performance. Shorter duration bonds experienced a smaller increase in price relative to longer duration bonds was interest rates generally fell during 2019. The Portfolio’s allocations to global equity, including U.S. equity and global real estate investment trusts, helped performance relative to the Composite. The Portfolio’s allocation to U.S. high yield bonds also helped relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to tactically pursue income. The portfolio managers decreased their overall allocation to equity by reducing their allocations to international developed and emerging markets equity, while increasing their position in U.S. equity. They also added to their high yield credit and non-agency securitized credit positions. The portfolio managers initiated a position in global infrastructure equity.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Equity Income Fund, Class R6 Shares	6.1	%
	2.	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares	2.8
	3.	JPMorgan Managed Income Fund, Class L Shares	2.7
	4.	FHLMC UMBS, 30 Year, Pool # SD0011, 3.50%, 7/1/2049	1.4
	5.	JPMorgan Floating Rate Income Fund, Class R6 Shares	1.0
	6.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR	0.7
	7.	FNMA UMBS, 30 Year, Pool # MA3905, 3.00%, 1/1/2050	0.6
	8.	Coca-Cola Co. (The)	0.5
	9.	FHLMC Gold Pools, 30 Year, Pool # G67708, 3.50%, 3/1/2048	0.5
	10.	Verizon Communications, Inc.	0.5

PORTFOLIO COMPOSITION***
Corporate Bonds	33.0	%
Common Stocks	30.3
Investment Companies	12.6
Mortgage-Backed Securities	7.4
Collateralized Mortgage Obligations	4.7
Asset-Backed Securities	4.2
Commercial Mortgage-Backed Securities	3.1
Others (each less than 1.0%)	1.5
Short-Term Investments	3.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2019. The Portfolio’s composition is subject to change.

ADR	American Depositary Receipt
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
UMBS	Uniform Mortgage-Backed Securities

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2019
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		14.56	%		5.36	%		5.26	%
CLASS 2 SHARES		December 9, 2014		14.27			5.10			5.00

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 12/31/19)

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

The Portfolio commenced operations on December 9, 2014.

The graph illustrates comparative performance for $10,000 invested in Class 2 Shares of the JPMorgan Insurance Trust Income Builder Portfolio, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index, the Income Builder Composite Benchmark and the Lipper Variable Underlying Funds Flexible Funds Index from December 9, 2014 to December 31, 2019. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the indices, other than the Lipper Variable Underlying Funds Flexible Funds Index, does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Variable Underlying Funds Flexible Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted

market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indices that includes the MSCI World Index (net of foreign withholding taxes) (60%) and the Bloomberg Barclays U.S. Aggregate Index (40%). The Lipper Variable Underlying Funds Flexible Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — 33.0%
Australia — 0.3%
Australia & New Zealand Banking Group Ltd. (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (a) (b) (c) (d)		200,000		228,250
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (c)		21,000		21,682
5.13%, 5/15/2024 (c)		12,000		12,750
				262,682
Belgium — 0.0% (e)
Anheuser-Busch InBev Worldwide, Inc.
4.90%, 1/23/2031		15,000		17,847
4.38%, 4/15/2038		10,000		11,207
				29,054
Canada — 1.5%
1011778 BC ULC
4.25%, 5/15/2024 (c)		170,000		174,250
3.88%, 1/15/2028 (c)		17,000		17,043
Advanz Pharma Corp. 8.00%, 9/6/2024		80,000		75,600
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (c)		20,000		20,600
Bombardier, Inc.
6.00%, 10/15/2022 (c)		50,000		49,985
6.13%, 1/15/2023 (c)		40,000		41,020
7.50%, 12/1/2024 (c)		45,000		47,278
7.50%, 3/15/2025 (c)		38,000		39,187
Canadian Imperial Bank of Commerce (ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (b)		10,000		10,104
Canadian Natural Resources Ltd. 3.85%, 6/1/2027		5,000		5,328
Emera US Finance LP 3.55%, 6/15/2026		10,000		10,378
Emera, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (b)		100,000		113,000
Enbridge, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (b)		10,000		10,588
(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 7/15/2077 (b)		23,000		23,729
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (b)		43,000		46,638
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		70,000		71,575
Hudbay Minerals, Inc.
7.25%, 1/15/2023 (c)		15,000		15,553
7.63%, 1/15/2025 (c)		10,000		10,555

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Canada — continued
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (c)		20,000		19,100
MEG Energy Corp.
6.38%, 1/30/2023 (c)		5,000		5,013
6.50%, 1/15/2025 (c)		54,000		56,165
NOVA Chemicals Corp.
5.00%, 5/1/2025 (c)		34,000		34,680
5.25%, 6/1/2027 (c)		26,000		26,715
Open Text Corp. 5.88%, 6/1/2026 (c)		57,000		60,990
Precision Drilling Corp.
5.25%, 11/15/2024		3,000		2,753
7.13%, 1/15/2026 (c)		23,000		21,850
Quebecor Media, Inc. 5.75%, 1/15/2023		130,000		141,213
Rogers Communications, Inc. 3.70%, 11/15/2049		5,000		5,031
Stars Group Holdings BV 7.00%, 7/15/2026 (c)		24,000		26,010
TransCanada PipeLines Ltd. 4.25%, 5/15/2028		5,000		5,547
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (b)		10,000		10,763
(ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079 (b)		45,000		47,227
Videotron Ltd.
5.00%, 7/15/2022		38,000		40,090
5.13%, 4/15/2027 (c)		32,000		34,240
				1,319,798
Cayman Islands — 0.0% (e)
Global Aircraft Leasing Co. Ltd. 6.50% (cash), 9/15/2024 (c) (f)		30,000		31,411
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		12,000		12,510
6.63%, 5/15/2039		33,000		38,215
				50,725
France — 0.5%
Altice France SA 8.13%, 2/1/2027 (c)		200,000		225,250
Credit Agricole SA (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (b) (c) (d)		200,000		242,500
				467,750
Germany — 0.0% (e)
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (g)		10,000		14,677

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Ireland — 0.4%
Ardagh Packaging Finance plc 6.00%, 2/15/2025 (c)		200,000		209,750
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (c)		15,000		16,171
5.13%, 10/1/2023 (c)		33,000		35,570
5.25%, 5/15/2024 (c)		21,000		22,923
4.38%, 5/1/2026 (c)		20,000		21,126
Park Aerospace Holdings Ltd.
5.25%, 8/15/2022 (c)		21,000		22,373
4.50%, 3/15/2023 (c)		16,000		16,752
5.50%, 2/15/2024 (c)		37,000		40,623
				385,288
Italy — 0.1%
Telecom Italia Capital SA
6.38%, 11/15/2033		20,000		22,200
6.00%, 9/30/2034		32,000		34,320
				56,520
Luxembourg — 0.3%
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		100,000		85,904
8.00%, 2/15/2024 (c)		77,000		79,021
8.50%, 10/15/2024 (c)		110,000		100,192
9.75%, 7/15/2025 (c)		35,000		32,375
				297,492
Mexico — 0.2%
Cemex SAB de CV 5.70%, 1/11/2025 (c)		200,000		205,812
Switzerland — 0.5%
Credit Suisse Group AG (USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (a) (b) (c) (d)		200,000		217,550
UBS Group AG (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (b) (d) (h)		200,000		228,500
				446,050
United Arab Emirates — 0.2%
DAE Funding LLC
4.50%, 8/1/2022 (c)		10,000		10,165
5.75%, 11/15/2023 (c)		11,000		11,535
5.00%, 8/1/2024 (c)		45,000		47,211
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (c)		79,000		73,737
				142,648

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United Kingdom — 0.3%
BAT Capital Corp. 3.22%, 9/6/2026		15,000		15,098
Royal Bank of Scotland Group plc 6.13%, 12/15/2022		177,000		193,637
Vodafone Group plc
5.00%, 5/30/2038		5,000		5,777
4.25%, 9/17/2050		5,000		5,202
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (b)		24,000		28,160
				247,874
United States — 28.6%
AbbVie, Inc.
3.20%, 11/21/2029 (c)		5,000		5,083
4.05%, 11/21/2039 (c)		10,000		10,568
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		20,000		20,325
6.50%, 3/1/2024		55,000		56,994
ACCO Brands Corp. 5.25%, 12/15/2024 (c)		12,000		12,495
ACE Cash Express, Inc. 12.00%, 12/15/2022 (c)		32,000		27,200
ADT Security Corp. (The)
4.13%, 6/15/2023		95,000		97,969
4.88%, 7/15/2032 (c)		45,000		41,287
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (c)		10,000		10,312
AECOM
5.88%, 10/15/2024		5,000		5,533
5.13%, 3/15/2027		53,000		56,975
AES Corp.
5.50%, 4/15/2025		10,000		10,325
6.00%, 5/15/2026		35,000		37,275
Aetna, Inc. 3.88%, 8/15/2047		5,000		5,070
Air Lease Corp. 3.75%, 6/1/2026		10,000		10,445
Albertsons Cos., Inc.
6.63%, 6/15/2024		140,000		146,532
5.75%, 3/15/2025		27,000		27,945
7.50%, 3/15/2026 (c)		80,000		89,800
5.88%, 2/15/2028 (c)		38,000		40,375
Allegheny Technologies, Inc. 7.88%, 8/15/2023 (g)		10,000		11,208
Allied Universal Holdco LLC
6.63%, 7/15/2026 (c)		13,000		13,971
9.75%, 7/15/2027 (c)		13,000		13,888
Allison Transmission, Inc. 4.75%, 10/1/2027 (c)		65,000		67,437
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (b)		33,000		35,477

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Ally Financial, Inc.
4.63%, 3/30/2025		53,000		57,372
5.75%, 11/20/2025		110,000		123,063
8.00%, 11/1/2031		39,000		54,136
Altria Group, Inc. 4.80%, 2/14/2029		10,000		11,132
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		52,000		48,100
5.88%, 11/15/2026		24,000		21,630
6.13%, 5/15/2027 (i)		25,000		22,812
AMC Networks, Inc. 4.75%, 12/15/2022		40,000		40,350
American Airlines Group, Inc. 5.00%, 6/1/2022 (c)		21,000		21,971
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		87,000		90,589
6.25%, 3/15/2026		52,000		53,235
6.50%, 4/1/2027		53,000		54,987
American Express Co. Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 3/15/2020 (a) (b) (d)		45,000		45,169
American International Group, Inc.
3.88%, 1/15/2035		5,000		5,298
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (b)		34,000		37,382
American Tower Corp. REIT, 3.38%, 10/15/2026		15,000		15,580
AmeriGas Partners LP
5.63%, 5/20/2024		25,000		27,000
5.75%, 5/20/2027		35,000		38,412
Amkor Technology, Inc.
6.63%, 9/15/2027 (c)		62,000		68,277
AMN Healthcare, Inc. 5.13%, 10/1/2024 (c)		36,000		37,260
Amsted Industries, Inc. 5.63%, 7/1/2027 (c)		21,000		22,260
Antero Midstream Partners LP 5.38%, 9/15/2024		10,000		9,275
Antero Resources Corp.
5.38%, 11/1/2021		10,000		9,522
5.13%, 12/1/2022		11,000		9,817
5.63%, 6/1/2023		14,000		11,235
Apple, Inc. 4.50%, 2/23/2036		20,000		24,252
Archrock Partners LP 6.88%, 4/1/2027 (c)		7,000		7,402
Arconic, Inc.
5.13%, 10/1/2024		107,000		116,630
5.90%, 2/1/2027		8,000		9,162
5.95%, 2/1/2037		34,000		37,779
AT&T, Inc.
4.30%, 2/15/2030		10,000		11,110
4.50%, 3/9/2048		10,000		11,033

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (c)		100,000		103,750
5.25%, 3/15/2025 (c)		50,000		51,437
5.75%, 7/15/2027 (c)		24,000		24,960
B&G Foods, Inc. 5.25%, 4/1/2025		146,000		150,136
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		5,000		5,213
Bank of America Corp.
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024 (a) (b) (d)		15,000		15,867
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (a) (b) (d)		65,000		72,231
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (a) (b) (d)		30,000		34,050
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (a) (b) (d)		58,000		64,601
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (a) (b) (d)		90,000		103,950
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (a) (b) (d)		133,000		147,470
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (b)		20,000		21,362
Bank of New York Mellon Corp. (The)
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (a) (b) (d)		49,000		49,490
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (a) (b) (d)		10,000		10,519
Bausch Health Americas, Inc. 9.25%, 4/1/2026 (c)		26,000		29,864
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (c)		36,000		36,810
5.88%, 5/15/2023 (c)		52,000		52,455
7.00%, 3/15/2024 (c)		69,000		71,760
6.13%, 4/15/2025 (c)		95,000		98,157
5.50%, 11/1/2025 (c)		121,000		126,445
9.00%, 12/15/2025 (c)		68,000		77,329
5.75%, 8/15/2027 (c)		12,000		13,020
7.00%, 1/15/2028 (c)		20,000		22,000
7.25%, 5/30/2029 (c)		22,000		25,135
Berry Global, Inc.
5.13%, 7/15/2023		10,000		10,262
4.88%, 7/15/2026 (c)		20,000		21,094
5.63%, 7/15/2027 (c)		54,000		57,915
Big River Steel LLC 7.25%, 9/1/2025 (c)		24,000		25,320
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (c)		24,000		24,660
Boston Gas Co. 3.00%, 8/1/2029 (c)		10,000		10,224

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Boston Scientific Corp. 4.55%, 3/1/2039		5,000		5,868
Boyd Gaming Corp.
6.38%, 4/1/2026		4,000		4,304
6.00%, 8/15/2026		34,000		36,507
Boyne USA, Inc. 7.25%, 5/1/2025 (c)		41,000		44,587
BP Capital Markets America, Inc. 3.02%, 1/16/2027		15,000		15,525
Brink’s Co. (The) 4.63%, 10/15/2027 (c)		75,000		77,250
Bristol-Myers Squibb Co.
3.40%, 7/26/2029 (c)		10,000		10,686
4.13%, 6/15/2039 (c)		5,000		5,757
Broadcom, Inc. 4.25%, 4/15/2026 (c)		5,000		5,312
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (c)		59,000		62,245
Buckeye Partners LP
3.95%, 12/1/2026		60,000		57,900
(ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (b)		30,000		22,057
Bunge Ltd. Finance Corp. 3.00%, 9/25/2022		5,000		5,069
Cablevision Systems Corp. 5.88%, 9/15/2022		15,000		16,162
Callon Petroleum Co.
6.13%, 10/1/2024		8,000		8,151
6.38%, 7/1/2026		6,000		6,088
Calpine Corp. 5.25%, 6/1/2026 (c)		90,000		93,712
Cameron LNG LLC
2.90%, 7/15/2031 (c)		5,000		5,003
3.30%, 1/15/2035 (c)		5,000		5,039
Capital One Financial Corp. Series E, (ICE LIBOR USD 3 Month + 3.80%), 5.55%, 6/1/2020 (a) (b) (d)		30,000		30,446
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		66,000		66,980
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026 (c)		44,000		45,540
5.00%, 7/15/2027 (c)		29,000		30,377
CCM Merger, Inc. 6.00%, 3/15/2022 (c)		26,000		26,520
CCO Holdings LLC
5.13%, 2/15/2023		20,000		20,200
5.75%, 9/1/2023		45,000		45,844
5.75%, 1/15/2024		19,000		19,332
5.88%, 4/1/2024 (c)		125,000		129,219
5.38%, 5/1/2025 (c)		60,000		61,950
5.75%, 2/15/2026 (c)		85,000		89,677
5.50%, 5/1/2026 (c)		130,000		136,988
5.13%, 5/1/2027 (c)		158,000		166,690
5.88%, 5/1/2027 (c)		35,000		37,012

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
5.00%, 2/1/2028 (c)		23,000		24,134
4.75%, 3/1/2030 (c)		64,000		65,282
CDK Global, Inc. 5.25%, 5/15/2029 (c)		49,000		52,552
CDW LLC
5.00%, 9/1/2025		10,000		10,450
4.25%, 4/1/2028		40,000		41,950
Cedar Fair LP
5.38%, 4/15/2027		3,000		3,228
5.25%, 7/15/2029 (c)		6,000		6,465
Centene Corp.
4.75%, 5/15/2022		40,000		40,800
4.75%, 1/15/2025		30,000		31,162
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (a) (b) (d)		20,000		21,150
CenturyLink, Inc.
Series V, 5.63%, 4/1/2020		25,000		25,156
Series T, 5.80%, 3/15/2022		30,000		31,538
Series W, 6.75%, 12/1/2023		28,000		31,255
Series Y, 7.50%, 4/1/2024		2,000		2,255
5.63%, 4/1/2025		57,000		60,565
Series G, 6.88%, 1/15/2028		5,000		5,513
Charles Schwab Corp. (The) Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (a) (b) (d)		67,000		70,518
Chemours Co. (The) 7.00%, 5/15/2025		82,000		82,615
Cheniere Energy Partners LP
5.25%, 10/1/2025		18,000		18,758
5.63%, 10/1/2026		14,000		14,805
Chesapeake Energy Corp. 11.50%, 1/1/2025 (c)		45,000		42,525
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (c) (i)		45,000		47,194
8.00%, 10/15/2025 (c)		15,000		15,900
Cinemark USA, Inc. 4.88%, 6/1/2023		25,000		25,406
CIT Group, Inc.
4.75%, 2/16/2024		22,000		23,485
5.25%, 3/7/2025		45,000		49,500
6.13%, 3/9/2028		21,000		24,780
CITGO Petroleum Corp. 6.25%, 8/15/2022 (c)		18,000		18,247
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (a) (b) (d)		63,000		65,048

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (a) (b) (d)		55,000		58,234
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (a) (b) (d)		52,000		55,250
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (a) (b) (d)		32,000		33,216
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (a) (b) (d)		96,000		104,023
(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (b)		10,000		10,573
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (a) (b) (d)		36,000		37,710
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (a) (b) (d)		55,000		60,019
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (a) (b) (d)		61,000		69,314
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (b)		10,000		10,764
Citizens Financial Group, Inc. Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (a) (b) (d)		33,000		35,227
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024 (c)		170,000		188,275
5.13%, 8/15/2027 (c)		35,000		36,445
Clearwater Paper Corp.
4.50%, 2/1/2023		51,000		51,064
5.38%, 2/1/2025 (c)		10,000		9,925
Clearway Energy Operating LLC 5.75%, 10/15/2025		20,000		21,050
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030 (c)		10,000		11,217
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (c)		20,000		20,424
5.75%, 3/1/2025		3,000		2,961
CNG Holdings, Inc. 12.50%, 6/15/2024 (c)		85,000		76,287
CNO Financial Group, Inc. 5.25%, 5/30/2025		29,000		32,117
CNX Midstream Partners LP 6.50%, 3/15/2026 (c)		12,000		11,070
Colfax Corp.
6.00%, 2/15/2024 (c)		33,000		35,062
6.38%, 2/15/2026 (c)		5,000		5,450
Comcast Corp.
2.65%, 2/1/2030		10,000		10,027
3.20%, 7/15/2036		10,000		10,203
3.45%, 2/1/2050		5,000		5,108
Commercial Metals Co.
4.88%, 5/15/2023		19,000		19,760
5.38%, 7/15/2027		11,000		11,550

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
CommScope Technologies LLC
6.00%, 6/15/2025 (c)		82,000		82,093
5.00%, 3/15/2027 (c)		15,000		14,100
CommScope, Inc.
5.50%, 3/1/2024 (c)		31,000		32,318
6.00%, 3/1/2026 (c)		35,000		37,231
8.25%, 3/1/2027 (c)		40,000		42,100
Community Health Systems, Inc.
5.13%, 8/1/2021		35,000		35,000
6.25%, 3/31/2023		92,000		93,380
8.63%, 1/15/2024 (c)		37,000		39,220
8.00%, 3/15/2026 (c)		11,000		11,330
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (c)		32,000		27,920
Covanta Holding Corp. 5.88%, 7/1/2025		19,000		20,045
Credit Acceptance Corp. 6.63%, 3/15/2026 (c)		20,000		21,625
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (g)		10,000		10,200
5.75%, 4/1/2025		29,000		29,652
5.63%, 5/1/2027 (c)		10,000		10,138
Crown Americas LLC
4.50%, 1/15/2023		27,000		28,384
4.75%, 2/1/2026		26,000		27,462
CSC Holdings LLC
6.75%, 11/15/2021		27,000		29,059
5.25%, 6/1/2024		157,000		169,167
6.63%, 10/15/2025 (c)		200,000		212,250
CSX Corp. 2.40%, 2/15/2030		10,000		9,771
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (c)		18,000		19,282
Curo Group Holdings Corp. 8.25%, 9/1/2025 (c)		71,000		62,479
CVR Partners LP 9.25%, 6/15/2023 (c)		164,000		171,311
CVS Health Corp. 4.78%, 3/25/2038		10,000		11,335
Darling Ingredients, Inc. 5.25%, 4/15/2027 (c)		12,000		12,765
DaVita, Inc.
5.13%, 7/15/2024		106,000		108,650
5.00%, 5/1/2025		22,000		22,632
DCP Midstream Operating LP
4.95%, 4/1/2022		5,000		5,187
3.88%, 3/15/2023		38,000		38,855
5.38%, 7/15/2025		14,000		15,225
6.75%, 9/15/2037 (c)		20,000		21,000

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Delek Logistics Partners LP 6.75%, 5/15/2025		48,000		47,760
Dell International LLC
7.13%, 6/15/2024 (c)		65,000		68,575
6.02%, 6/15/2026 (c)		10,000		11,501
4.90%, 10/1/2026 (c)		5,000		5,500
Diamond Offshore Drilling, Inc. 5.70%, 10/15/2039		12,000		7,020
Diamond Sports Group LLC
5.38%, 8/15/2026 (c)		41,000		41,474
6.63%, 8/15/2027 (c) (i)		14,000		13,615
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		36,000		34,740
Discover Financial Services Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (a) (b) (d)		24,000		25,272
DISH DBS Corp.
6.75%, 6/1/2021		105,000		110,387
5.88%, 7/15/2022		24,000		25,440
5.00%, 3/15/2023		223,000		228,765
5.88%, 11/15/2024		25,000		25,547
7.75%, 7/1/2026		125,000		132,424
Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		50,000		48,375
Dominion Energy, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (a) (b) (d)		24,000		24,484
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		87,000		91,350
Duke Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.39%), 4.88%, 9/16/2024 (a) (b) (d)		12,000		12,583
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (c)		45,000		49,669
Duquesne Light Holdings, Inc.
6.40%, 9/15/2020 (c)		2,000		2,058
3.62%, 8/1/2027 (c)		2,000		2,022
Edison International 3.13%, 11/15/2022		5,000		5,076
Embarq Corp. 8.00%, 6/1/2036		124,000		131,130
EMC Corp. 3.38%, 6/1/2023		26,000		26,520
Encompass Health Corp. 5.75%, 11/1/2024		31,000		31,349
Energy Transfer Operating LP
Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (a) (b) (d)		12,000		11,280
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (a) (b) (d)		35,000		33,075

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
EnLink Midstream Partners LP Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (a) (b) (d)		35,000		24,062
4.40%, 4/1/2024		19,000		18,432
4.15%, 6/1/2025		23,000		21,620
4.85%, 7/15/2026		8,000		7,500
5.60%, 4/1/2044		5,000		4,050
Entegris, Inc. 4.63%, 2/10/2026 (c)		49,000		50,715
Entercom Media Corp.
7.25%, 11/1/2024 (c) (i)		35,000		36,837
6.50%, 5/1/2027 (c)		41,000		43,870
Entergy Mississippi LLC 2.85%, 6/1/2028		10,000		10,217
Entergy Texas, Inc. 4.00%, 3/30/2029		5,000		5,506
Enterprise Development Authority (The) 12.00%, 7/15/2024 (c)		82,000		93,890
Enterprise Products Operating LLC
3.13%, 7/31/2029		10,000		10,261
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (b)		25,000		25,300
Envision Healthcare Corp. 8.75%, 10/15/2026 (c)		20,000		12,400
EP Energy LLC
9.38%, 5/1/2024 (c) (j)		22,000		440
8.00%, 11/29/2024 (c) (j)		26,000		13,000
8.00%, 2/15/2025 (c) (j)		23,000		460
7.75%, 5/15/2026 (c) (j)		35,000		25,025
Equinix, Inc. REIT, 5.88%, 1/15/2026		3,000		3,184
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (c)		30,000		31,012
REIT, 4.63%, 10/1/2027 (c)		30,000		30,375
Evergy, Inc. 2.90%, 9/15/2029		10,000		9,938
Exela Intermediate LLC 10.00%, 7/15/2023 (c)		94,000		37,600
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (c)		21,000		22,365
Fifth Third Bancorp (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 6/30/2023 (a) (b) (d)		5,000		5,144
2.38%, 1/28/2025		20,000		20,013
FirstCash, Inc. 5.38%, 6/1/2024 (c)		22,000		22,770
Ford Motor Credit Co. LLC 4.54%, 8/1/2026		200,000		204,446
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		75,000		76,367
4.55%, 11/14/2024		15,000		15,856
5.45%, 3/15/2043		25,000		25,875

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Frontier Communications Corp.
7.63%, 4/15/2024		11,000		5,307
6.88%, 1/15/2025		24,000		11,640
11.00%, 9/15/2025		31,000		15,035
8.50%, 4/1/2026 (c)		63,000		63,788
Gartner, Inc. 5.13%, 4/1/2025 (c)		20,000		20,825
General Electric Co.
Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (a) (b) (d)		235,000		230,173
3.10%, 1/9/2023		10,000		10,211
General Motors Financial Co., Inc.
Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 9/30/2027 (a) (b) (d)		47,000		47,822
3.85%, 1/5/2028		5,000		5,096
Genesis Energy LP
6.75%, 8/1/2022		15,000		15,150
6.00%, 5/15/2023		15,000		14,850
5.63%, 6/15/2024		10,000		9,650
6.50%, 10/1/2025		5,000		4,838
6.25%, 5/15/2026		5,000		4,775
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (c)		27,000		29,194
Getty Images, Inc. 9.75%, 3/1/2027 (c)		5,000		4,962
Global Partners LP 7.00%, 6/15/2023		45,000		46,350
7.00%, 8/1/2027 (c)		27,000		28,687
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (c)		50,000		52,625
Goldman Sachs Group, Inc. (The)
Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.78%, 1/31/2020 (a) (b) (d)		1,000		1,005
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (a) (b) (d)		84,000		85,039
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (a) (b) (d)		120,000		120,900
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (a) (b) (d)		20,000		20,720
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (b)		15,000		16,067
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		28,000		28,479
5.00%, 5/31/2026		47,000		48,880
4.88%, 3/15/2027 (i)		54,000		55,890

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Gray Television, Inc.
5.13%, 10/15/2024 (c)		20,000		20,750
5.88%, 7/15/2026 (c)		20,000		21,275
7.00%, 5/15/2027 (c)		45,000		50,006
Greif, Inc. 6.50%, 3/1/2027 (c)		36,000		38,880
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (c)		20,000		20,550
H&E Equipment Services, Inc. 5.63%, 9/1/2025		25,000		26,187
Hanesbrands, Inc. 4.88%, 5/15/2026 (c)		60,000		63,525
Harsco Corp. 5.75%, 7/31/2027 (c)		9,000		9,596
HAT Holdings I LLC REIT, 5.25%, 7/15/2024 (c)		13,000		13,666
HCA Healthcare, Inc. 6.25%, 2/15/2021		23,000		23,977
HCA, Inc.
7.50%, 2/15/2022		57,000		62,985
5.88%, 5/1/2023		95,000		104,990
5.38%, 2/1/2025		66,000		72,985
5.88%, 2/15/2026		65,000		73,914
5.63%, 9/1/2028		274,000		312,250
Healthpeak Properties, Inc.
REIT, 3.25%, 7/15/2026		10,000		10,361
REIT, 3.00%, 1/15/2030		5,000		5,012
Herc Holdings, Inc. 5.50%, 7/15/2027 (c)		28,000		29,470
Hertz Corp. (The)
7.63%, 6/1/2022 (c)		8,000		8,320
5.50%, 10/15/2024 (c)		70,000		71,750
7.13%, 8/1/2026 (c)		25,000		27,075
Hilcorp Energy I LP
5.00%, 12/1/2024 (c)		90,000		87,027
5.75%, 10/1/2025 (c)		4,000		3,900
6.25%, 11/1/2028 (c)		39,000		37,050
Hill-Rom Holdings, Inc. 5.00%, 2/15/2025 (c)		15,000		15,600
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		12,000		12,630
4.88%, 1/15/2030		24,000		25,426
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		28,000		30,240
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		14,000		14,385
4.88%, 4/1/2027		32,000		34,000
Holly Energy Partners LP 6.00%, 8/1/2024 (c)		25,000		26,063
Hologic, Inc. 4.38%, 10/15/2025 (c)		34,000		35,105
4.63%, 2/1/2028 (c)		25,000		26,500

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — Continued
United States — continued
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		20,000		22,200
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (a) (b) (d)		5,000		5,187
Icahn Enterprises LP
6.25%, 2/1/2022		43,000		43,817
4.75%, 9/15/2024 (c)		70,000		71,925
6.38%, 12/15/2025		22,000		23,072
iHeartCommunications, Inc.
9.00%, 12/15/2019 ‡ (j)		115,000		—
6.38%, 5/1/2026 (i)		56,945		61,785
8.38%, 5/1/2027		97,589		107,836
5.25%, 8/15/2027 (c)		18,000		18,834
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.90%, 12/21/2065 (b) (c)		100,000		79,000
Infor US, Inc. 6.50%, 5/15/2022		50,000		50,750
International Game Technology plc 6.50%, 2/15/2025 (c)		200,000		224,500
Interstate Power & Light Co. 4.10%, 9/26/2028		10,000		10,957
IRB Holding Corp. 6.75%, 2/15/2026 (c)		56,000		58,660
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024		52,000		52,585
REIT, 4.88%, 9/15/2027 (c)		84,000		86,730
REIT, 5.25%, 3/15/2028 (c)		48,000		49,920
ITC Holdings Corp.
2.70%, 11/15/2022		2,000		2,024
3.35%, 11/15/2027		10,000		10,424
Jack Ohio Finance LLC
6.75%, 11/15/2021 (c)		3,000		3,060
10.25%, 11/15/2022 (c)		20,000		21,110
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c)		31,000		32,705
JBS USA LUX SA
5.88%, 7/15/2024 (c)		10,000		10,284
5.75%, 6/15/2025 (c)		96,000		99,480
6.50%, 4/15/2029 (c)		63,000		70,011
5.50%, 1/15/2030 (c)		42,000		45,112
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (c)		10,000		10,879
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		11,000		11,275
Keurig Dr Pepper, Inc. 2.55%, 9/15/2026		5,000		4,978
KeyCorp Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 9/15/2026 (a) (b) (d)		40,000		42,506

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Kroger Co. (The) 3.88%, 10/15/2046		5,000		4,884
L3Harris Technologies, Inc. 2.90%, 12/15/2029		5,000		5,072
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (c)		48,000		49,800
Lamar Media Corp. 5.75%, 2/1/2026		20,000		21,198
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (c)		59,000		62,540
Lennar Corp.
4.50%, 4/30/2024		15,000		15,844
5.88%, 11/15/2024		45,000		50,062
4.75%, 5/30/2025		5,000		5,375
5.25%, 6/1/2026		14,000		15,330
5.00%, 6/15/2027		20,000		21,700
Level 3 Financing, Inc.
5.13%, 5/1/2023		25,000		25,156
5.38%, 1/15/2024		10,000		10,163
5.38%, 5/1/2025		91,000		94,185
5.25%, 3/15/2026		54,000		56,160
Liberty Interactive LLC 8.25%, 2/1/2030		35,000		34,563
Live Nation Entertainment, Inc. 5.63%, 3/15/2026 (c)		33,000		35,145
Lowe’s Cos., Inc.
3.65%, 4/5/2029		5,000		5,340
3.70%, 4/15/2046		5,000		5,085
LPL Holdings, Inc. 5.75%, 9/15/2025 (c)		50,000		52,313
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		50,000		54,438
4.75%, 1/15/2028 (c)		6,000		6,142
Martin Midstream Partners LP 7.25%, 2/15/2021		50,000		45,500
MasTec, Inc. 4.88%, 3/15/2023		59,000		59,738
Matador Resources Co. 5.88%, 9/15/2026		55,000		55,138
Mattel, Inc.
3.15%, 3/15/2023		37,000		36,445
6.75%, 12/31/2025 (c)		140,000		150,472
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (c)		62,000		63,866
McDonald’s Corp.
3.70%, 2/15/2042		5,000		5,064
3.63%, 9/1/2049		5,000		5,069
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 6/15/2020 (a) (b) (d)		95,000		96,224
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (a) (b) (d)		102,000		113,545
6.40%, 12/15/2036		14,000		17,150

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027 (c)		23,000		25,703
MGM Resorts International 4.63%, 9/1/2026		261,000		276,660
Microsoft Corp. 3.45%, 8/8/2036		15,000		16,399
Midcontinent Communications 5.38%, 8/15/2027 (c)		17,000		17,978
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.61%, 4/15/2020 (a) (b) (d)		174,000		175,531
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (a) (b) (d)		14,000		14,278
(SOFR + 1.15%), 2.72%, 7/22/2025 (b)		10,000		10,121
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		10,000		10,621
Mosaic Co. (The) 4.05%, 11/15/2027		5,000		5,186
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (c)		105,000		101,588
MPLX LP 4.50%, 4/15/2038		5,000		5,076
MSCI, Inc. 5.38%, 5/15/2027 (c)		69,000		74,348
MTS Systems Corp. 5.75%, 8/15/2027 (c)		24,000		25,080
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (b)		20,000		21,669
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (c)		32,000		33,873
9.13%, 7/15/2026 (c)		60,000		66,450
Nationstar Mortgage LLC 6.50%, 6/1/2022		30,000		30,020
NCR Corp.
5.75%, 9/1/2027 (c)		25,000		26,625
6.13%, 9/1/2029 (c)		25,000		27,128
Neiman Marcus Group Ltd. LLC 14.00% (Blend (cash 8.00% + PIK 6.00%), 4/25/2024 (c) (f)		27,886		13,859
8.00%, 10/25/2024 (c)		41,000		13,018
Netflix, Inc.
5.88%, 2/15/2025		100,000		111,500
4.38%, 11/15/2026		15,000		15,375
4.88%, 4/15/2028		15,000		15,580
5.88%, 11/15/2028		60,000		66,514
5.38%, 11/15/2029 (c)		15,000		15,975
New Albertsons LP
7.75%, 6/15/2026		5,000		5,050
6.63%, 6/1/2028		15,000		13,800
7.45%, 8/1/2029		21,000		21,420
8.70%, 5/1/2030		14,000		15,207
8.00%, 5/1/2031		80,000		82,920

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Newell Brands, Inc. 4.20%, 4/1/2026 (g)		125,000		130,222
Nexstar Broadcasting, Inc.
5.63%, 8/1/2024 (c)		25,000		26,063
5.63%, 7/15/2027 (c)		43,000		45,313
NextEra Energy Capital Holdings, Inc. (ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (b)		22,000		24,354
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (c)		23,000		23,949
4.25%, 9/15/2024 (c)		24,000		24,960
4.50%, 9/15/2027 (c)		8,000		8,340
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c)		10,000		10,300
Nielsen Finance LLC 5.00%, 4/15/2022 (c)		112,000		112,420
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (a) (b) (d)		14,000		14,350
Noble Energy, Inc. 3.85%, 1/15/2028		5,000		5,277
Norfolk Southern Corp. 2.55%, 11/1/2029		5,000		4,980
NortonLifeLock, Inc. 5.00%, 4/15/2025 (c)		17,000		17,362
Novelis Corp.
6.25%, 8/15/2024 (c)		45,000		47,194
5.88%, 9/30/2026 (c)		25,000		26,602
NRG Energy, Inc.
7.25%, 5/15/2026		40,000		43,700
6.63%, 1/15/2027		15,000		16,275
5.75%, 1/15/2028		12,000		13,020
5.25%, 6/15/2029 (c)		26,000		28,113
Nuance Communications, Inc. 5.63%, 12/15/2026		59,000		62,878
NuStar Logistics LP
6.00%, 6/1/2026		12,000		12,690
5.63%, 4/28/2027		30,000		30,825
Oasis Petroleum, Inc.
6.88%, 3/15/2022		24,000		23,100
6.25%, 5/1/2026 (c)		50,000		41,500
Occidental Petroleum Corp. 3.50%, 8/15/2029		10,000		10,194
Oceaneering International, Inc. 6.00%, 2/1/2028		14,000		13,720
ONEOK, Inc. 3.40%, 9/1/2029		5,000		5,073
Oracle Corp.
3.90%, 5/15/2035		6,000		6,678
3.85%, 7/15/2036		9,000		9,846

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Outfront Media Capital LLC
5.63%, 2/15/2024		25,000		25,625
5.00%, 8/15/2027 (c)		15,000		15,712
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c)		12,000		11,940
PBF Holding Co. LLC
7.00%, 11/15/2023		10,000		10,375
7.25%, 6/15/2025		25,000		26,688
PBF Logistics LP 6.88%, 5/15/2023		25,000		25,750
Peabody Energy Corp. 6.00%, 3/31/2022 (c)		15,000		14,625
Pennsylvania Electric Co. 3.60%, 6/1/2029 (c)		5,000		5,259
Penske Automotive Group, Inc. 5.50%, 5/15/2026		75,000		78,563
Performance Food Group, Inc. 5.50%, 10/15/2027 (c)		20,000		21,375
PetSmart, Inc.
7.13%, 3/15/2023 (c)		20,000		19,600
5.88%, 6/1/2025 (c)		97,000		98,819
Philip Morris International, Inc. 3.38%, 8/15/2029		10,000		10,486
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (c)		59,000		60,984
5.88%, 9/30/2027 (c)		39,000		42,169
Pitney Bowes, Inc. 5.20%, 4/1/2023 (g)		14,000		13,790
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (a) (b) (d)		8,000		7,460
Plantronics, Inc. 5.50%, 5/31/2023 (c)		61,000		59,628
PNC Financial Services Group, Inc. (The)
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (a) (b) (d)		49,000		50,837
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (a) (b) (d)		29,000		31,012
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (c) (f)		43,000		40,044
Post Holdings, Inc.
5.50%, 3/1/2025 (c)		40,000		41,900
5.00%, 8/15/2026 (c)		84,000		88,725
5.75%, 3/1/2027 (c)		20,000		21,450
5.50%, 12/15/2029 (c)		25,000		26,658
Prime Security Services Borrower LLC
9.25%, 5/15/2023 (c)		32,000		33,560
5.25%, 4/15/2024 (c)		31,000		32,798
5.75%, 4/15/2026 (c)		50,000		54,344

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (a) (b) (d)		25,000		26,274
Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (b)		191,000		205,325
QEP Resources, Inc.
5.38%, 10/1/2022		8,000		8,040
5.25%, 5/1/2023		10,000		9,900
Qorvo, Inc. 5.50%, 7/15/2026		50,000		53,250
Quicken Loans, Inc.
5.75%, 5/1/2025 (c)		74,000		76,498
5.25%, 1/15/2028 (c)		20,000		20,700
Qwest Corp. 6.88%, 9/15/2033		13,000		13,059
Radian Group, Inc.
4.50%, 10/1/2024		40,000		42,300
4.88%, 3/15/2027		12,000		12,630
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (c)		35,000		38,194
8.25%, 11/15/2026 (c)		29,000		32,661
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		43,610		43,664
5.13%, 7/15/2023 (c)		25,000		25,594
Rockwell Collins, Inc. 3.50%, 3/15/2027		15,000		15,915
Ryman Hospitality Properties, Inc. REIT, 4.75%, 10/15/2027 (c)		18,000		18,585
Sabre GLBL, Inc. 5.38%, 4/15/2023 (c)		22,000		22,539
SBA Communications Corp. REIT, 4.00%, 10/1/2022		23,000		23,431
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (c)		5,000		5,320
Scientific Games International, Inc. 5.00%, 10/15/2025 (c)		156,000		163,410
Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026		125,000		133,438
Sealed Air Corp. 5.13%, 12/1/2024 (c)		20,000		21,550
Sensata Technologies BV
4.88%, 10/15/2023 (c)		15,000		15,975
5.63%, 11/1/2024 (c)		125,000		139,062
5.00%, 10/1/2025 (c)		30,000		32,588
Service Corp. International
5.38%, 5/15/2024		30,000		30,900
4.63%, 12/15/2027		12,000		12,510
5.13%, 6/1/2029		5,000		5,313
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		20,000		20,590

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (c)		6,000		6,172
5.88%, 3/15/2026 (c)		50,000		52,563
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (c)		10,000		10,150
5.38%, 4/15/2025 (c)		60,000		61,997
5.38%, 7/15/2026 (c)		42,000		44,612
5.00%, 8/1/2027 (c)		53,000		55,915
5.50%, 7/1/2029 (c)		26,000		28,112
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (c)		12,000		12,435
5.50%, 4/15/2027 (c)		12,000		12,795
SM Energy Co.
6.75%, 9/15/2026		12,000		11,760
6.63%, 1/15/2027 (i)		16,000		15,726
Solera LLC 10.50%, 3/1/2024 (c)		26,000		27,588
Southern California Edison Co. Series E, 3.70%, 8/1/2025		10,000		10,589
Southwestern Electric Power Co. Series M, 4.10%, 9/15/2028		10,000		10,930
Spectrum Brands, Inc.
6.13%, 12/15/2024		18,000		18,585
5.75%, 7/15/2025		133,000		138,821
5.00%, 10/1/2029 (c)		31,000		32,008
Springleaf Finance Corp. 7.75%, 10/1/2021		40,000		43,450
6.13%, 5/15/2022		5,000		5,369
5.63%, 3/15/2023		27,000		29,093
6.13%, 3/15/2024		20,000		21,900
6.88%, 3/15/2025		45,000		51,188
7.13%, 3/15/2026		52,000		60,122
6.63%, 1/15/2028		33,000		37,250
Sprint Capital Corp. 8.75%, 3/15/2032		197,000		239,109
Sprint Communications, Inc. 6.00%, 11/15/2022		38,000		39,853
Sprint Corp.
7.88%, 9/15/2023		189,000		208,530
7.13%, 6/15/2024		71,000		76,591
7.63%, 2/15/2025		194,000		212,886
7.63%, 3/1/2026		39,000		43,009
Sprint eWireless, Inc. 7.00%, 3/1/2020 (j)		25,000		—
SRC Energy, Inc. 6.25%, 12/1/2025		16,000		16,120
SS&C Technologies, Inc. 5.50%, 9/30/2027 (c)		93,000		99,278
Standard Industries, Inc.
6.00%, 10/15/2025 (c)		50,000		52,562
5.00%, 2/15/2027 (c)		18,000		18,765

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
4.75%, 1/15/2028 (c)		17,000		17,425
Staples, Inc.
7.50%, 4/15/2026 (c)		95,000		98,563
10.75%, 4/15/2027 (c)		35,000		35,525
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020 (a) (b) (d)		80,000		82,038
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (a) (b) (d)		21,000		22,287
Station Casinos LLC 5.00%, 10/1/2025 (c)		36,000		36,630
Steel Dynamics, Inc.
4.13%, 9/15/2025		20,000		20,547
5.00%, 12/15/2026		15,000		15,948
Summit Materials LLC
5.13%, 6/1/2025 (c)		35,000		35,963
6.50%, 3/15/2027 (c)		45,000		48,375
Summit Midstream Holdings LLC
5.50%, 8/15/2022		10,000		8,900
5.75%, 4/15/2025		35,000		26,731
Sunoco Logistics Partners Operations LP 4.00%, 10/1/2027		10,000		10,334
Sunoco LP
4.88%, 1/15/2023		23,000		23,518
5.50%, 2/15/2026		13,000		13,488
6.00%, 4/15/2027		36,000		38,430
5.88%, 3/15/2028		3,000		3,185
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (c)		25,000		25,125
5.50%, 1/15/2028 (c)		5,000		4,900
Targa Resources Partners LP
4.25%, 11/15/2023		15,000		15,150
5.13%, 2/1/2025		50,000		51,875
5.88%, 4/15/2026		82,000		87,125
6.50%, 7/15/2027 (c)		11,000		12,045
Team Health Holdings, Inc.
6.38%, 2/1/2025 (c) (i)		85,000		56,738
TEGNA, Inc.
6.38%, 10/15/2023		60,000		61,800
5.50%, 9/15/2024 (c)		10,000		10,350
Tempur Sealy International, Inc.
5.63%, 10/15/2023		42,000		43,208
5.50%, 6/15/2026		64,000		67,440
Tenet Healthcare Corp.
4.63%, 7/15/2024		75,000		76,781
4.63%, 9/1/2024 (c)		11,000		11,469

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — Continued
United States — continued
5.13%, 5/1/2025		57,000		58,710
4.88%, 1/1/2026 (c)		78,000		81,697
6.25%, 2/1/2027 (c)		30,000		32,288
5.13%, 11/1/2027 (c)		189,000		199,631
Tennant Co. 5.63%, 5/1/2025		60,000		62,700
Terraform Global Operating LLC 6.13%, 3/1/2026 (c)		15,000		15,600
TerraForm Power Operating LLC
4.25%, 1/31/2023 (c)		15,000		15,442
5.00%, 1/31/2028 (c)		29,000		30,662
Thermo Fisher Scientific, Inc. 2.60%, 10/1/2029		10,000		9,877
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		10,000		—
T-Mobile USA, Inc.
6.38%, 3/1/2025		11,000		11,367
6.38%, 3/1/2025 ‡		120,000		—
5.13%, 4/15/2025		10,000		10,345
4.50%, 2/1/2026		99,000		101,475
4.75%, 2/1/2028		93,000		97,446
4.75%, 2/1/2028 ‡		10,000		—
TransDigm, Inc. 6.25%, 3/15/2026 (c)		59,000		63,874
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (c)		3,500		3,710
Transocean Pontus Ltd. 6.13%, 8/1/2025 (c)		37,380		38,315
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (c)		50,000		53,000
Transocean Proteus Ltd. 6.25%, 12/1/2024 (c)		23,800		24,514
Transocean, Inc. 9.00%, 7/15/2023 (c)		7,000		7,394
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c)		52,000		52,000
Tronox, Inc. 6.50%, 4/15/2026 (c)		32,000		32,966
Truist Financial Corp.
Series K, (ICE LIBOR USD 3 Month + 3.86%), 5.75%, 3/15/2020 (a) (b) (d)		5,000		5,015
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (a) (b) (d)		35,000		36,137
Series L, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 12/15/2024 (a) (b) (d)		34,000		34,680
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (a) (b) (d)		40,000		41,120
UDR, Inc. REIT, 3.00%, 8/15/2031		10,000		10,002
Ultra Resources, Inc. 11.00% (Blend (cash 9.00% + PIK 2.00%), 7/12/2024 (f)		87,986		13,247

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
United Airlines Holdings, Inc.
5.00%, 2/1/2024		33,000		35,221
4.88%, 1/15/2025		28,000		29,680
United Rentals North America, Inc.
5.50%, 7/15/2025		15,000		15,586
4.63%, 10/15/2025		50,000		51,405
5.88%, 9/15/2026		32,000		34,328
6.50%, 12/15/2026		52,000		57,151
5.50%, 5/15/2027		10,000		10,713
4.88%, 1/15/2028		50,000		52,061
Valaris plc
7.75%, 2/1/2026		3,000		1,695
5.75%, 10/1/2044		26,000		11,700
Verizon Communications, Inc.
4.40%, 11/1/2034		10,000		11,570
4.27%, 1/15/2036		10,000		11,291
3.85%, 11/1/2042		5,000		5,385
ViacomCBS, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		61,000		63,440
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (b)		66,000		73,194
Vistra Energy Corp. 5.88%, 6/1/2023		35,000		35,806
Vistra Operations Co. LLC 5.50%, 9/1/2026 (c)		20,000		21,200
VOC Escrow Ltd. 5.00%, 2/15/2028 (c)		29,000		30,378
Voya Financial, Inc. (ICE LIBOR USD 3 Month + 3.58%), 5.65%, 5/15/2053 (b)		11,000		11,695
W&T Offshore, Inc. 9.75%, 11/1/2023 (c)		55,000		52,456
WellCare Health Plans, Inc. 5.25%, 4/1/2025		75,000		78,000
Wells Fargo & Co. 3.75%, 1/24/2024		15,000		15,843
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (a) (b) (d)		139,000		151,346
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (a) (b) (d)		35,000		38,937
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (b)		5,000		5,183
Welltower, Inc. REIT, 4.13%, 3/15/2029		10,000		10,886
WESCO Distribution, Inc. 5.38%, 6/15/2024		36,000		37,350
Western Digital Corp. 4.75%, 2/15/2026		74,000		77,145
Whiting Petroleum Corp.
5.75%, 3/15/2021		77,000		72,842
6.63%, 1/15/2026		37,000		25,215
William Carter Co. (The) 5.63%, 3/15/2027 (c)		13,000		13,975
Windstream Services LLC 8.63%, 10/31/2025 (c) (g)		32,000		30,720

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
WMG Acquisition Corp.
5.00%, 8/1/2023 (c)		20,000		20,450
5.50%, 4/15/2026 (c)		57,000		59,993
WPX Energy, Inc. 5.75%, 6/1/2026		59,000		62,983
Wyndham Destinations, Inc.
4.25%, 3/1/2022		2,000		2,040
5.40%, 4/1/2024 (g)		17,000		17,999
6.35%, 10/1/2025 (g)		16,000		17,800
5.75%, 4/1/2027 (g)		25,000		27,125
Wynn Las Vegas LLC 5.50%, 3/1/2025 (c)		35,000		37,494
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (c)		224,000		240,520
Xerox Corp. 4.12%, 3/15/2023 (g)		45,000		46,631
XPO Logistics, Inc.
6.13%, 9/1/2023 (c)		40,000		41,292
6.75%, 8/15/2024 (c)		65,000		70,613
Yum! Brands, Inc. 4.75%, 1/15/2030 (c)		24,000		25,140
Zayo Group LLC 6.38%, 5/15/2025		50,000		51,542
Zoetis, Inc.
3.00%, 9/12/2027		10,000		10,270
3.90%, 8/20/2028		10,000		10,838
				25,954,480
Total Corporate Bonds (Cost $29,181,964)				29,912,261
	SHARES
Common Stocks — 30.3%
Australia — 0.8%
Adelaide Brighton Ltd.		4,798		11,666
AGL Energy Ltd.		2,795		40,230
Alumina Ltd.		8,841		14,280
APA Group		1,729		13,459
Atlas Arteria Ltd.		1,650		9,072
AusNet Services		4,610		5,497
Bank of Queensland Ltd.		3,158		16,075
BHP Group plc		845		19,802
CSR Ltd.		2,848		9,105
Dexus, REIT		8,905		73,304
Goodman Group, REIT		9,717		91,312
IOOF Holdings Ltd.		2,354		12,983
Mirvac Group, REIT		45,044		100,822
Rio Tinto plc		3,763		222,751
Sonic Healthcare Ltd.		433		8,731
Spark Infrastructure Group		4,350		6,377
Sydney Airport		3,039		18,464

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Transurban Group		1,877		19,647
Wesfarmers Ltd.		705		20,489
Woodside Petroleum Ltd.		577		13,951
				728,017
Austria — 0.1%
Erste Group Bank AG *		2,646		99,390
OMV AG		212		11,877
Raiffeisen Bank International AG		383		9,586
Verbund AG		168		8,431
				129,284
Belgium — 0.2%
Ageas		182		10,762
KBC Group NV		211		15,908
Proximus SADP		450		12,894
Shurgard Self Storage SA		1,382		52,707
Telenet Group Holding NV		170		7,642
Warehouses De Pauw CVA, REIT, CVA		412		75,025
				174,938
Brazil — 0.3%
Ambev SA *		22,100		104,383
BB Seguridade Participacoes SA		9,923		93,490
Itau Unibanco Holding SA (Preference)		11,648		106,991
				304,864
Canada — 0.9%
Algonquin Power & Utilities Corp.		884		12,506
Allied Properties, REIT		3,936		157,828
AltaGas Ltd.		667		10,160
Atco Ltd., Class I		140		5,366
BCE, Inc.		400		18,531
Canadian Imperial Bank of Commerce		155		12,898
Canadian Utilities Ltd., Class A		936		28,234
Capital Power Corp.		233		6,171
Emera, Inc.		455		19,548
Enbridge, Inc.		522		20,755
Fortis, Inc.		941		39,044
Great-West Lifeco, Inc.		280		7,172
Hydro One Ltd. (h)		1,630		31,482
IGM Financial, Inc.		314		9,015
Inter Pipeline Ltd.		1,142		19,823
Northland Power, Inc.		429		8,986
Nutrien Ltd.		321		15,368
Pembina Pipeline Corp.		470		17,420
Power Corp. of Canada		847		21,818

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Canada — continued
Power Financial Corp.		759		20,422
Rogers Communications, Inc., Class B		188		9,335
Shaw Communications, Inc., Class B		881		17,877
Superior Plus Corp.		408		3,946
TC Energy Corp.		3,853		205,209
TELUS Corp.		481		18,624
Thomson Reuters Corp.		275		19,672
Toronto-Dominion Bank (The)		770		43,186
				800,396
Chile — 0.0% (e)
Banco Santander Chile, ADR		938		21,640
China — 1.6%
China Construction Bank Corp., Class H		133,000		115,317
China Construction Bank Corp., Class H		57,000		49,250
China Life Insurance Co. Ltd., Class H		16,000		44,506
China Mobile Ltd.		9,000		76,049
China Overseas Land & Investment Ltd.		38,000		147,995
China Pacific Insurance Group Co. Ltd., Class H		19,000		74,860
China Petroleum & Chemical Corp., Class H		158,000		95,137
CNOOC Ltd.		43,000		71,502
Fuyao Glass Industry Group Co. Ltd., Class A		11,794		40,661
Guangdong Investment Ltd.		18,000		37,648
Huayu Automotive Systems Co. Ltd., Class A		27,000		100,892
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		22,411		99,765
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		6,499		103,363
Midea Group Co. Ltd., Class A		17,391		145,899
Ping An Insurance Group Co. of China Ltd., Class H		16,000		189,335
SAIC Motor Corp. Ltd., Class A		7,903		27,098
				1,419,277
Czech Republic — 0.1%
Komercni banka A/S		1,654		60,572
Moneta Money Bank A/S (h)		2,931		10,998
				71,570
Denmark — 0.0% (e)
Tryg A/S		328		9,724
Finland — 0.2%
Elisa OYJ		208		11,491
Fortum OYJ		2,142		52,872
Kone OYJ, Class B		201		13,143
Metso OYJ		248		9,797

INVESTMENTS	SHARES		VALUE($)
Finland — continued
Neste OYJ		366		12,735
Nordea Bank Abp		1,267		10,250
Orion OYJ, Class B		375		17,367
UPM-Kymmene OYJ		420		14,571
Wartsila OYJ Abp		799		8,832
				151,058
France — 1.8%
Aeroports de Paris		54		10,692
Airbus SE		23		3,358
Airbus SE		595		87,325
Alstom SA		117		5,560
Amundi SA (h)		189		14,862
Atos SE		160		13,370
AXA SA		984		27,804
BNP Paribas SA		504		29,957
Bouygues SA		341		14,536
Casino Guichard Perrachon SA (i)		293		13,705
Cie de Saint-Gobain		284		11,634
Cie Generale des Etablissements Michelin SCA		137		16,859
CNP Assurances		573		11,417
Covivio, REIT		1,079		122,542
Credit Agricole SA		1,042		15,163
Eiffage SA		112		12,849
Electricite de France SA		1,948		21,736
Engie SA		3,587		58,103
Eutelsat Communications SA		845		13,734
Gecina SA, REIT		92		16,470
ICADE, REIT		107		11,651
LVMH Moet Hennessy Louis Vuitton SE		120		55,915
Orange SA		1,209		17,768
Peugeot SA		549		13,218
Publicis Groupe SA		279		12,650
Rexel SA		703		9,350
Rubis SCA		143		8,800
Sanofi		1,111		111,575
Schneider Electric SE		2,457		252,432
SCOR SE		259		10,903
Societe Generale SA		1,229		42,890
Suez		1,913		28,988
TOTAL SA		3,678		204,094
Valeo SA		308		10,917
Veolia Environnement SA		1,434		38,156
Vinci SA		2,506		279,102
				1,630,085

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Germany — 1.1%
Allianz SE (Registered)		1,169		286,438
Aroundtown SA		7,694		69,106
BASF SE		386		29,080
Bayer AG (Registered)		602		48,941
Bayerische Motoren Werke AG		229		18,756
Deutsche Lufthansa AG (Registered)		535		9,848
Deutsche Post AG (Registered)		468		17,795
Deutsche Telekom AG (Registered)		1,562		25,527
E.ON SE		3,234		34,561
Fraport AG Frankfurt Airport Services Worldwide		106		8,998
Hannover Rueck SE		63		12,147
HeidelbergCement AG		179		13,007
HOCHTIEF AG		85		10,822
METRO AG		682		10,974
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		360		106,234
Porsche Automobil Holding SE (Preference)		173		12,836
ProSiebenSat.1 Media SE		1,176		18,349
RWE AG		1,262		38,670
Telefonica Deutschland Holding AG		10,000		28,985
TUI AG		1,653		20,861
Uniper SE		367		12,130
Volkswagen AG (Preference)		326		64,169
Vonovia SE		2,170		116,549
				1,014,783
Hong Kong — 0.5%
CK Infrastructure Holdings Ltd.		2,000		14,233
CLP Holdings Ltd.		2,000		20,995
Hang Seng Bank Ltd.		4,300		88,881
HKT Trust & HKT Ltd.		85,000		119,789
Hong Kong & China Gas Co. Ltd.		10,000		19,539
Hong Kong Exchanges & Clearing Ltd.		2,300		74,722
Power Assets Holdings Ltd.		2,500		18,289
Sun Hung Kai Properties Ltd.		4,000		61,260
VTech Holdings Ltd.		800		7,906
WH Group Ltd. (h)		42,000		43,427
Yue Yuen Industrial Holdings Ltd.		4,500		13,281
				482,322
Hungary — 0.1%
OTP Bank Nyrt.		2,363		123,727
India — 0.2%
Infosys Ltd., ADR		15,596		160,951

INVESTMENTS	SHARES		VALUE($)
Indonesia — 0.2%
Bank Rakyat Indonesia Persero Tbk. PT		167,800		53,113
Telekomunikasi Indonesia Persero Tbk. PT, ADR		4,400		125,400
				178,513
Ireland — 0.0% (e)
Bank of Ireland Group plc		1,899		10,382
Smurfit Kappa Group plc		353		13,611
				23,993
Italy — 0.5%
A2A SpA		7,899		14,833
Assicurazioni Generali SpA		958		19,778
Atlantia SpA		859		20,048
Enel SpA		22,450		178,339
Eni SpA		1,038		16,121
ERG SpA		184		3,967
FinecoBank Banca Fineco SpA		3,339		40,054
Hera SpA		2,369		10,376
Intesa Sanpaolo SpA		16,465		43,372
Iren SpA		1,510		4,678
Italgas SpA		1,848		11,298
Mediobanca Banca di Credito Finanziario SpA		1,027		11,308
Poste Italiane SpA (h)		912		10,363
Snam SpA		6,780		35,648
Telecom Italia SpA		18,121		11,097
Terna Rete Elettrica Nazionale SpA		4,631		30,972
UniCredit SpA		1,366		19,967
				482,219
Japan — 1.3%
Aozora Bank Ltd.		800		21,135
Chubu Electric Power Co., Inc.		1,300		18,377
Chugoku Electric Power Co., Inc. (The)		1,000		13,145
Electric Power Development Co. Ltd.		400		9,709
FANUC Corp.		100		18,466
Hokkaido Electric Power Co., Inc.		1,100		5,347
Invesco Office J-Reit, Inc., REIT		340		70,427
Japan Airlines Co. Ltd.		300		9,341
Japan Hotel REIT Investment Corp., REIT		116		86,689
Japan Post Holdings Co. Ltd.		400		3,762
Japan Tobacco, Inc.		600		13,378
JFE Holdings, Inc.		1,500		19,247
JXTG Holdings, Inc.		4,000		18,154
Kamigumi Co. Ltd.		300		6,594
Kansai Electric Power Co., Inc. (The)		3,300		38,230
KDDI Corp.		600		17,902

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Kenedix Office Investment Corp., REIT		10		77,263
Kenedix Retail REIT Corp., REIT		15		38,171
Kyushu Electric Power Co., Inc.		1,600		13,882
Lawson, Inc.		300		17,029
Matsui Securities Co. Ltd.		1,400		11,103
Miraca Holdings, Inc.		400		9,797
Mitsubishi Chemical Holdings Corp.		500		3,726
Mitsubishi Logistics Corp.		300		7,803
Mitsui Fudosan Co. Ltd.		1,700		41,548
Mitsui Fudosan Logistics Park, Inc., REIT		9		39,966
Nippon Accommodations Fund, Inc., REIT		10		63,136
Nippon Prologis REIT, Inc., REIT		25		63,673
Nissan Motor Co. Ltd.		2,700		15,646
NTT DOCOMO, Inc.		800		22,285
Orix JREIT, Inc., REIT		31		67,194
Otsuka Corp.		700		27,954
Shikoku Electric Power Co., Inc.		600		5,927
Takeda Pharmaceutical Co. Ltd.		200		7,910
Tohoku Electric Power Co., Inc.		2,900		28,749
Tokio Marine Holdings, Inc.		2,100		117,576
Tokyo Electron Ltd.		100		21,833
Toyota Motor Corp.		1,800		126,831
				1,198,905
Macau — 0.1%
Sands China Ltd.		14,000		74,803
Mexico — 0.4%
Bolsa Mexicana de Valores SAB de CV		8,835		19,429
Fibra Uno Administracion SA de CV, REIT		41,689		64,559
Grupo Financiero Banorte SAB de CV, Class O		14,622		81,634
Kimberly-Clark de Mexico SAB de CV, Class A *		42,504		84,592
Wal-Mart de Mexico SAB de CV		34,126		97,970
				348,184
Netherlands — 0.3%
Aegon NV		2,931		13,417
Akzo Nobel NV		635		64,849
Eurocommercial Properties NV, REIT, CVA		1,272		35,670
Koninklijke Ahold Delhaize NV		648		16,247
Koninklijke KPN NV		4,313		12,764
NN Group NV		375		14,258
Randstad NV		178		10,907
Royal Dutch Shell plc, Class B		2,687		79,760
				247,872

INVESTMENTS	SHARES		VALUE($)
New Zealand — 0.0% (e)
Auckland International Airport Ltd.		867		5,110
Contact Energy Ltd.		2,563		12,312
Spark New Zealand Ltd.		5,039		14,694
				32,116
Norway — 0.2%
Aker BP ASA		638		20,939
DNB ASA		900		16,842
Equinor ASA		799		15,934
Gjensidige Forsikring ASA		649		13,623
Telenor ASA		6,512		116,732
Yara International ASA		287		11,957
				196,027
Peru — 0.0% (e)
Southern Copper Corp.		453		19,243
Portugal — 0.1%
EDP — Energias de Portugal SA		8,527		37,002
Galp Energia SGPS SA		743		12,473
				49,475
Russia — 0.5%
Alrosa PJSC		30,968		42,072
Evraz plc		3,413		18,276
Moscow Exchange MICEX-RTS PJSC		62,484		108,475
Sberbank of Russia PJSC		54,172		222,492
Severstal PJSC, GDR (h)		1,066		16,092
Severstal PJSC, GDR (h)		300		4,540
				411,947
Singapore — 0.2%
Ascendas, REIT		41,820		92,395
DBS Group Holdings Ltd.		3,900		75,197
SATS Ltd.		1,500		5,646
StarHub Ltd.		5,700		6,016
				179,254
South Africa — 0.4%
Absa Group Ltd.		7,061		75,268
Anglo American plc		784		22,523
AVI Ltd.		5,195		33,000
Bid Corp. Ltd.		2,270		53,530
FirstRand Ltd.		14,055		63,065
SPAR Group Ltd. (The)		1,788		25,259
Vodacom Group Ltd.		5,012		41,260
				313,905

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
South Korea — 0.4%
KT&G Corp.		866		70,066
Samsung Electronics Co. Ltd.		4,884		235,345
Samsung Fire & Marine Insurance Co. Ltd. *		256		53,820
SK Telecom Co. Ltd., ADR		1,011		23,364
				382,595
Spain — 0.8%
Acciona SA		85		8,962
ACS Actividades de Construccion y Servicios SA		299		11,994
Aena SME SA (h)		190		36,426
Atlantica Yield plc		255		6,730
Banco Bilbao Vizcaya Argentaria SA		3,647		20,476
CaixaBank SA		4,274		13,459
Enagas SA		1,206		30,762
Endesa SA		1,259		33,621
Iberdrola SA		21,726		223,899
Industria de Diseno Textil SA		3,364		118,886
Inmobiliaria Colonial Socimi SA, REIT		1,480		18,890
Mapfre SA		3,454		9,158
Merlin Properties Socimi SA, REIT		5,494		78,967
Naturgy Energy Group SA		1,952		49,153
Red Electrica Corp. SA		1,623		32,703
Repsol SA		1,134		17,815
Telefonica SA		2,767		19,350
				731,251
Sweden — 0.3%
Autoliv, Inc.		192		16,207
Boliden AB *		460		12,217
Electrolux AB, Series B		450		11,062
Hennes & Mauritz AB, Class B		749		15,278
Lundin Petroleum AB		402		13,650
Skandinaviska Enskilda Banken AB, Class A		1,715		16,128
Skanska AB, Class B		512		11,582
SKF AB, Class B		583		11,803
Svenska Handelsbanken AB, Class A		8,284		89,221
Swedbank AB, Class A		1,401		20,827
Swedish Match AB		277		14,270
Tele2 AB, Class B		1,046		15,182
Telia Co. AB		3,662		15,734
Volvo AB, Class B		2,327		38,957
				302,118
Switzerland — 1.2%
Adecco Group AG (Registered)		224		14,162
Credit Suisse Group AG (Registered) *		1,554		21,007

INVESTMENTS	SHARES		VALUE($)
Switzerland — continued
Flughafen Zurich AG (Registered)		63		11,499
Nestle SA (Registered)		549		59,438
Novartis AG (Registered)		4,278		405,082
OC Oerlikon Corp. AG (Registered)		1,720		20,156
Roche Holding AG		1,066		346,453
Swiss Re AG		1,022		114,814
UBS Group AG (Registered) *		1,823		23,005
Zurich Insurance Group AG		68		27,894
				1,043,510
Taiwan — 1.3%
Asustek Computer, Inc.		5,000		38,589
Chicony Electronics Co. Ltd.		4,035		11,991
Delta Electronics, Inc.		11,000		55,664
MediaTek, Inc.		5,000		74,085
Mega Financial Holding Co. Ltd.		60,000		61,267
Novatek Microelectronics Corp.		5,000		36,635
President Chain Store Corp.		3,000		30,464
Quanta Computer, Inc.		33,000		70,888
Taiwan Mobile Co. Ltd.		19,000		70,988
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		11,367		660,423
Vanguard International Semiconductor Corp.		24,000		63,489
				1,174,483
Thailand — 0.2%
Siam Cement PCL (The) (Registered)		4,300		55,588
Siam Commercial Bank PCL (The)		11,000		44,731
Thai Oil PCL		15,400		35,796
				136,115
Turkey — 0.0% (e)
Tupras Turkiye Petrol Rafinerileri A/S		1,315		28,019
United Arab Emirates — 0.0% (e)
First Abu Dhabi Bank PJSC		7,021		29,031
United Kingdom — 2.0%
3i Group plc		1,031		15,003
Admiral Group plc		389		11,887
AstraZeneca plc		453		45,342
Aviva plc		3,001		16,657
BAE Systems plc		1,626		12,174
Barclays plc		9,994		23,830
Barratt Developments plc		3,682		36,457
Berkeley Group Holdings plc		173		11,135
BP plc		17,679		111,215
British American Tobacco plc		916		38,932

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
BT Group plc		8,216		20,936
Centrica plc		38,196		45,181
Diageo plc		2,555		107,659
Direct Line Insurance Group plc		5,051		20,899
Drax Group plc		1,297		5,395
easyJet plc		598		11,264
Fiat Chrysler Automobiles NV		920		13,640
GlaxoSmithKline plc		2,842		66,779
GVC Holdings plc		1,425		16,690
Imperial Brands plc		815		20,163
ITV plc		5,493		10,990
J Sainsbury plc		2,506		7,641
John Wood Group plc		4,272		22,657
Legal & General Group plc		4,055		16,289
M&G plc *		4,104		12,895
Micro Focus International plc		1,261		17,699
National Grid plc		3,792		47,389
NewRiver REIT plc, REIT		11,395		30,263
Next plc		184		17,146
Pennon Group plc		814		11,041
Persimmon plc		1,023		36,541
Prudential plc		5,966		114,312
RELX plc		915		23,098
Safestore Holdings plc, REIT		6,579		70,239
Schroders plc		167		7,374
Segro plc, REIT		9,315		110,918
Severn Trent plc		1,030		34,313
Signature Aviation plc		1,870		7,862
SSE plc		3,271		62,385
Standard Chartered plc		1,440		13,569
Standard Life Aberdeen plc		3,379		14,701
Taylor Wimpey plc		27,204		69,753
Tesco plc		6,044		20,427
Tritax Big Box REIT plc, REIT		26,678		52,646
Tritax EuroBox plc (h)		20,743		25,827
Unilever plc		921		52,721
UNITE Group plc (The), REIT		4,892		81,647
United Utilities Group plc		2,625		32,849
Vodafone Group plc		19,982		38,793
Workspace Group plc, REIT		4,613		72,591
WPP plc		1,144		16,099
				1,803,913

INVESTMENTS	SHARES		VALUE($)
United States — 12.0%
3M Co.		108		19,053
AbbVie, Inc.		238		21,073
AES Corp.		2,073		41,253
AGNC Investment Corp., REIT		1,075		19,006
ALLETE, Inc.		197		15,990
Alliant Energy Corp.		271		14,829
Altria Group, Inc.		416		20,763
Ameren Corp.		256		19,661
American Electric Power Co., Inc.		427		40,356
American States Water Co.		149		12,909
American Tower Corp., REIT		404		92,847
Americold Realty Trust, REIT		3,445		120,782
Amgen, Inc.		91		21,937
Analog Devices, Inc.		680		80,811
Annaly Capital Management, Inc., REIT		1,959		18,454
AT&T, Inc.		552		21,572
Automatic Data Processing, Inc.		743		126,681
AvalonBay Communities, Inc., REIT		1,151		241,365
Avangrid, Inc.		766		39,189
Avaya Holdings Corp. *		1,873		25,286
Avista Corp.		362		17,409
Black Hills Corp.		241		18,928
BlackRock, Inc.		143		71,886
Brandywine Realty Trust, REIT		4,644		73,143
Bristol-Myers Squibb Co.		3,415		219,209
Broadcom, Inc.		67		21,173
Cardinal Health, Inc.		390		19,726
Carnival Corp.		390		19,824
CenterPoint Energy, Inc.		1,626		44,341
CenturyLink, Inc.		1,493		19,723
CF Industries Holdings, Inc.		372		17,759
Chevron Corp.		1,596		192,334
Citigroup, Inc.		568		45,378
Clear Channel Outdoor Holdings, Inc. *		4,888		13,980
Clearway Energy, Inc., Class C		455		9,077
CMS Energy Corp.		310		19,480
CNA Financial Corp.		297		13,309
Coca-Cola Co. (The)		8,386		464,166
Comcast Corp., Class A		4,278		192,382
Consolidated Edison, Inc.		434		39,264
Coty, Inc., Class A		1,692		19,035
Diamondback Energy, Inc.		188		17,458
Digital Realty Trust, Inc., REIT		1,089		130,397
Dominion Energy, Inc.		516		42,735

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
Douglas Emmett, Inc., REIT		2,086		91,575
DTE Energy Co.		303		39,351
Duke Energy Corp.		475		43,325
DuPont de Nemours, Inc.		630		40,446
Eastman Chemical Co.		231		18,309
Eaton Corp. plc		2,212		209,521
Edison International		558		42,079
Eli Lilly & Co.		1,122		147,464
Emerson Electric Co.		193		14,718
Entergy Corp.		343		41,091
Equinix, Inc., REIT		247		144,174
Equitrans Midstream Corp.		1,909		25,504
Equity LifeStyle Properties, Inc., REIT		2,410		169,640
Essex Property Trust, Inc., REIT		671		201,877
Evergy, Inc.		584		38,013
Exelon Corp.		453		20,652
Federal Realty Investment Trust, REIT		754		97,062
Ferguson plc		179		16,290
FirstEnergy Corp.		831		40,387
Ford Motor Co.		1,914		17,800
Gap, Inc. (The)		1,114		19,696
General Motors Co.		497		18,190
Gilead Sciences, Inc.		257		16,700
Hanesbrands, Inc.		796		11,821
Harley-Davidson, Inc.		497		18,483
Hawaiian Electric Industries, Inc.		299		14,011
Healthcare Trust of America, Inc., Class A, REIT		3,232		97,865
Healthpeak Properties, Inc., REIT		4,480		154,426
Helmerich & Payne, Inc.		342		15,537
Highwoods Properties, Inc., REIT		1,661		81,240
Honeywell International, Inc.		669		118,413
HP, Inc.		813		16,707
IDACORP, Inc.		176		18,797
iHeartMedia, Inc., Class A *		144		2,434
Intercontinental Exchange, Inc.		749		69,320
International Business Machines Corp.		1,333		178,675
International Flavors & Fragrances, Inc.		38		4,903
International Paper Co.		400		18,420
Interpublic Group of Cos., Inc. (The)		443		10,233
Invesco Ltd.		1,032		18,555
Invitation Homes, Inc., REIT		6,308		189,051
Iron Mountain, Inc., REIT		2,947		93,921
Johnson & Johnson		32		4,668
Johnson Controls International plc		279		11,358

INVESTMENTS	SHARES		VALUE($)
United States — continued
Kellogg Co.		325		22,477
Kilroy Realty Corp., REIT		1,199		100,596
Kimco Realty Corp., REIT		957		19,819
Kohl’s Corp.		385		19,616
Kraft Heinz Co. (The)		624		20,049
L Brands, Inc.		1,017		18,428
Las Vegas Sands Corp.		313		21,610
Leggett & Platt, Inc.		133		6,760
LyondellBasell Industries NV, Class A		205		19,368
Macerich Co. (The), REIT		543		14,618
Macquarie Infrastructure Corp.		439		18,807
Macy’s, Inc.		1,196		20,332
Maxim Integrated Products, Inc.		1,760		108,258
McDonald’s Corp.		727		143,662
MDU Resources Group, Inc.		1,329		39,485
Merck & Co., Inc.		4,129		375,533
Microsoft Corp.		244		38,479
Morgan Stanley		1,553		79,389
National Fuel Gas Co.		409		19,035
National Retail Properties, Inc., REIT		2,370		127,079
New Jersey Resources Corp.		394		17,561
Newell Brands, Inc.		1,132		21,757
Newmont Goldcorp Corp.		340		14,773
NextEra Energy, Inc.		912		220,850
Nielsen Holdings plc		899		18,250
NiSource, Inc.		676		18,820
Nordstrom, Inc.		544		22,266
Norfolk Southern Corp.		706		137,056
Northwest Natural Holding Co.		107		7,889
NorthWestern Corp.		263		18,849
NRG Energy, Inc.		471		18,722
Nucor Corp.		325		18,291
Occidental Petroleum Corp.		435		17,926
OGE Energy Corp.		443		19,700
Old Republic International Corp.		660		14,764
ONE Gas, Inc.		177		16,562
ONEOK, Inc.		254		19,220
PACCAR, Inc.		129		10,204
Packaging Corp. of America		184		20,606
Park Hotels & Resorts, Inc., REIT		5,693		147,278
Pattern Energy Group, Inc., Class A		570		15,250
PepsiCo, Inc.		768		104,963
Pfizer, Inc.		3,798		148,806
Philip Morris International, Inc.		2,122		180,561

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
Pinnacle West Capital Corp.		425		38,220
PNM Resources, Inc.		332		16,836
Portland General Electric Co.		333		18,578
PPL Corp.		1,195		42,877
Progressive Corp. (The)		537		38,873
Prologis, Inc., REIT		4,189		373,407
Public Service Enterprise Group, Inc.		640		37,792
Public Storage, REIT		983		209,340
QUALCOMM, Inc.		103		9,088
Rexford Industrial Realty, Inc., REIT		2,044		93,349
Schlumberger Ltd.		456		18,331
Seagate Technology plc		359		21,361
Simon Property Group, Inc., REIT		114		16,981
South Jersey Industries, Inc.		473		15,600
Southern Co. (The)		690		43,953
Southwest Gas Holdings, Inc.		239		18,157
Spire, Inc.		195		16,245
Steel Dynamics, Inc.		597		20,322
Tapestry, Inc.		700		18,879
Targa Resources Corp.		506		20,660
TerraForm Power, Inc., Class A		622		9,573
Texas Instruments, Inc.		859		110,201
TJX Cos., Inc. (The)		739		45,123
UGI Corp.		428		19,328
United Parcel Service, Inc., Class B		173		20,251
UnitedHealth Group, Inc.		609		179,034
Ventas, Inc., REIT		3,654		210,982
VEREIT, Inc., REIT		15,776		145,770
Verizon Communications, Inc.		6,631		407,143
VICI Properties, Inc., REIT		6,019		153,785
Vornado Realty Trust, REIT		1,744		115,976
WEC Energy Group, Inc.		220		20,291
Weingarten Realty Investors, REIT		2,476		77,350
Western Digital Corp.		337		21,389
Westrock Co.		474		20,339
Williams Cos., Inc. (The)		640		15,181
WP Carey, Inc., REIT		559		44,742
Xcel Energy, Inc.		3,784		240,246
				10,848,512
Total Common Stocks (Cost $24,176,310)				27,458,639
Investment Companies — 12.6%
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (k)		311,639		2,555,439

INVESTMENTS	SHARES		VALUE($)
Investment Companies — continued
JPMorgan Equity Income Fund Class R6 Shares (k)		282,143		5,484,864
JPMorgan Floating Rate Income Fund Class R6 Shares (k)		100,879		918,000
JPMorgan Managed Income Fund Class L Shares (k)		246,805		2,477,922
Total Investment Companies (Cost $10,453,680)				11,436,225
	PRINCIPAL AMOUNT($)
Mortgage-Backed Securities — 7.4%
United States — 7.4%
FHLMC Gold Pools, 30 Year
Pool # G67700, 3.50%, 8/1/2046		272,576		288,407
Pool # G60852, 4.00%, 8/1/2046		45,022		48,399
Pool # G67702, 4.00%, 1/1/2047		32,575		35,019
Pool # G61096, 3.50%, 2/1/2047		128,931		135,839
Pool # G67703, 3.50%, 4/1/2047		312,552		330,696
Pool # G67704, 4.00%, 8/1/2047		18,213		19,824
Pool # G67705, 4.00%, 10/1/2047		23,159		24,896
Pool # Q52307, 3.50%, 11/1/2047		33,079		35,021
Pool # G67706, 3.50%, 12/1/2047		311,321		329,394
Pool # Q53751, 3.50%, 1/1/2048		141,255		146,836
Pool # G67708, 3.50%, 3/1/2048		435,088		458,020
Pool # G67714, 4.00%, 7/1/2048		42,695		45,678
FHLMC UMBS, 30 Year
Pool # SD0105, 3.50%, 6/1/2047		95,120		99,247
Pool # SD0011, 3.50%, 7/1/2049		1,156,500		1,219,784
Pool # SD7506, 4.00%, 9/1/2049 (l)		87,741		93,845
FNMA UMBS, 20 Year
Pool # BM3100, 4.00%, 11/1/2037		22,922		24,463
Pool # BM3569, 3.50%, 2/1/2038		57,409		60,137
Pool # BM3791, 3.50%, 4/1/2038		42,268		44,060
FNMA UMBS, 30 Year
Pool # AS4085, 4.00%, 12/1/2044		19,290		20,727
Pool # BM1909, 4.00%, 2/1/2045		35,154		38,021
Pool # AL7941, 4.00%, 12/1/2045		117,710		126,482
Pool # FM1782, 4.00%, 3/1/2046		97,333		103,966
Pool # MA2670, 3.00%, 7/1/2046		63,968		65,470
Pool # AS8295, 3.00%, 11/1/2046		37,691		38,869
Pool # MA2863, 3.00%, 1/1/2047		179,430		183,490
Pool # AS8684, 3.50%, 1/1/2047		37,415		39,397
Pool # MA2920, 3.00%, 3/1/2047		71,190		72,865
Pool # AS9313, 4.00%, 3/1/2047		35,532		38,187
Pool # FM1504, 3.50%, 6/1/2047		95,885		101,358
Pool # AS9960, 4.00%, 7/1/2047		158,411		169,585

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
United States — continued
Pool # BM3567, 4.00%, 9/1/2047		234,993		252,378
Pool # BM4028, 3.50%, 10/1/2047		33,569		35,493
Pool # BM3357, 3.50%, 11/1/2047		67,003		70,888
Pool # BM3778, 3.50%, 12/1/2047		210,712		222,790
Pool # CA0906, 3.50%, 12/1/2047		116,911		123,699
Pool # MA3210, 3.50%, 12/1/2047		23,658		24,582
Pool # BH9215, 3.50%, 1/1/2048		37,856		39,345
Pool # CA0995, 3.50%, 1/1/2048		135,075		142,927
Pool # BM3788, 3.50%, 3/1/2048		272,612		288,567
Pool # BM5483, 3.50%, 4/1/2048		39,335		40,826
Pool # BM5897, 3.50%, 5/1/2048		45,016		46,762
Pool # MA3802, 3.00%, 10/1/2049 (l)		266,679		270,406
Pool # MA3905, 3.00%, 1/1/2050 (l)		500,000		506,831
FNMA, Other
Pool # AN6368, 3.09%, 9/1/2029		30,000		31,592
Pool # AN7845, 3.08%, 12/1/2029		30,000		31,565
Pool # AN8281, 3.19%, 2/1/2030		20,000		21,074
Pool # AN8572, 3.55%, 4/1/2030		20,000		21,528
Pool # AN9116, 3.61%, 5/1/2030		13,000		14,133
Pool # AN6122, 3.06%, 8/1/2032		20,000		20,768
Pool # BM3226, 3.44%, 10/1/2032		19,817		21,143
Pool # AN7633, 3.13%, 12/1/2032		10,000		10,530
Pool # AN8095, 3.24%, 1/1/2033		18,000		18,984
Total Mortgage-Backed Securities (Cost $6,477,201)				6,694,793
Collateralized Mortgage Obligations — 4.7%
United States — 4.7%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 3.89%, 6/25/2045 (m)		27,542		28,126
Banc of America Funding Trust Series 2006-A, Class 1A1, 4.45%, 2/20/2036 (m)		18,685		18,655
Banc of America Mortgage Trust Series 2005-A, Class 2A2, 4.46%, 2/25/2035 (m)		11,843		11,954
Bear Stearns ALT-A Trust Series 2005-4, Class 23A2, 4.41%, 5/25/2035 (m)		36,908		37,478
Bear Stearns ARM Trust
Series 2004-9, Class 22A1, 4.38%, 11/25/2034 (m)		90,549		93,242
Series 2006-1, Class A1, 3.84%, 2/25/2036 (m)		15,446		15,803
Citigroup Mortgage Loan Trust, Inc. Series 2005-6, Class A1, 3.84%, 9/25/2035 (m)		40,557		40,606

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
COLT Mortgage Loan Trust
Series 2018-2, Class A1, 3.47%, 7/27/2048 (c) (m)		69,965		70,136
Series 2019-1, Class A1, 3.71%, 3/25/2049 (c) (m)		166,547		167,469
Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2, 3.89%, 9/25/2039 ‡ (c) (m)		150,000		151,415
Deephaven Residential Mortgage Trust Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (c) (m)		250,000		249,711
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 4.09%, 9/25/2030 (m)		250,000		252,809
FHLMC, REMIC
Series 4703, Class SA, IF, IO, 4.41%, 7/15/2047 (m)		413,760		83,608
Series 4839, Class WS, IF, IO, 4.36%, 8/15/2056 (m)		212,907		49,156
FHLMC, STRIPS
Series 316, Class S7, IF, IO, 4.36%, 11/15/2043 (m)		422,757		68,858
Series 356, Class S5, IF, IO, 4.26%, 9/15/2047 (m)		450,604		86,441
FNMA, Connecticut Avenue Securities
Series 2017-C05, Class 1M1, 2.34%, 1/25/2030 (m)		936		936
Series 2017-C07, Class 1M1, 2.44%, 5/25/2030 (m)		37,749		37,745
Series 2017-C07, Class 2M2, 4.29%, 5/25/2030 (m)		198,714		201,738
FNMA, REMIC
Series 2012-75, Class DS, IF, IO, 4.16%, 7/25/2042 (m)		360,948		59,808
Series 2018-67, Class SN, IF, IO, 4.41%, 9/25/2048 (m)		542,091		107,034
Series 2018-73, Class SC, IF, IO, 4.41%, 10/25/2048 (m)		409,365		80,896
GNMA
Series 2017-67, Class ST, IF, IO, 4.44%, 5/20/2047 (m)		260,324		55,703
Series 2017-112, Class S, IF, IO, 4.44%, 7/20/2047 (m)		295,615		52,677
Series 2018-36, Class SG, IF, IO, 4.44%, 3/20/2048 (m)		127,694		26,804
Series 2019-22, Class SM, IF, IO, 4.29%, 2/20/2049 (m)		367,690		73,215

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2019-42, Class SJ, IF, IO, 4.29%, 4/20/2049 (m)		456,898		71,750
GSR Mortgage Loan Trust Series 2005-AR3, Class 1A1, 2.23%, 5/25/2035 (m)		40,398		39,003
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (c) (m)		123,754		124,531
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (c) (m)		250,000		252,787
Impac CMB Trust
Series 2004-6, Class 1A2, 2.57%, 10/25/2034 (m)		47,719		47,704
Series 2004-7, Class 1A2, 2.71%, 11/25/2034 (m)		74,578		73,974
Series 2005-4, Class 1A1A, 2.33%, 5/25/2035 (m)		167,154		166,452
Series 2005-8, Class 1AM, 2.49%, 2/25/2036 (m)		131,186		127,875
Lehman Mortgage Trust Series 2005-3, Class 2A3, 5.50%, 1/25/2036		8,728		8,970
LHOME Mortgage Trust Series 2019-RTL1, Class A1, 4.58%, 10/25/2023 (c) (g)		100,000		101,425
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.61%, 4/21/2034 (m)		16,831		17,167
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 4.53%, 1/25/2037 (m)		10,024		10,089
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 4.64%, 7/25/2034 (m)		23,584		23,688
Series 2005-5AR, Class 1M1, 2.54%, 9/25/2035 ‡ (m)		89,342		89,468
New Residential Mortgage Loan Trust
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (c) (m)		102,710		103,244
Series 2019-NQM4, Class M1, 2.99%, 9/25/2059 ‡ (c) (m)		239,000		235,046
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1APT, 2.07%, 12/25/2035 (m)		47,858		45,002
RALI Series Trust Series 2006-QA3, Class A1, 1.99%, 4/25/2036 (m)		102,863		102,724
Residential Asset Securitization Trust Series 2004-A6, Class A1, 5.00%, 8/25/2019		2,031		2,051
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 3.41%, 10/25/2037 (m)		300,638		295,054

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Toorak Mortgage Corp. Ltd.
Series 2019-1, Class A1, 4.46%, 3/25/2022 (c) (g)		100,000		101,534
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 4.42%, 3/25/2035 (m)		16,502		16,367
Series 2005-AR5, Class A6, 4.37%, 5/25/2035 (m)		24,418		24,837
Total Collateralized Mortgage Obligations (Cost $4,121,573)				4,202,765
Asset-Backed Securities — 4.2%
United States — 4.2%
ABFC Trust Series 2003-OPT1, Class M1, 2.83%, 2/25/2033 ‡ (m)		157,117		155,891
ACC Trust Series 2019-1, Class B, 4.47%, 10/20/2022 (c)		100,000		101,551
Accredited Mortgage Loan Trust Series 2005-4, Class A2D, 2.11%, 12/25/2035 (m)		100,261		100,097
ACE Securities Corp. Home Equity Loan Trust Series 2003-HE1, Class M1, 2.77%, 11/25/2033 (m)		88,944		88,221
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (c)		14,000		14,267
Series 2019-1, Class E, 4.84%, 4/14/2025 (c)		100,000		102,685
AmeriCredit Automobile Receivables Trust
Series 2019-1, Class C, 3.36%, 2/18/2025		15,000		15,381
Series 2019-1, Class D, 3.62%, 3/18/2025		15,000		15,401
AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1997-1, Class A7, 7.61%, 3/25/2027 ‡		11,925		11,889
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2003-HE6, Class M2, 4.27%, 11/25/2033 ‡ (m)		68,472		69,455
Bear Stearns Asset-Backed Securities Trust Series 2004-HE5, Class M2, 3.67%, 7/25/2034 ‡ (m)		11,933		12,069
Conn’s Receivables Funding LLC
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (c)		33,068		33,307
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (c)		100,000		100,892
Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (c)		100,000		100,949

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
United States — continued
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 2.54%, 5/25/2034 ‡ (m)		15,496		15,485
Series 2006-19, Class 2A2, 1.95%, 3/25/2037 ‡ (m)		68,087		67,617
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 4.12%, 5/25/2034 (m)		40,169		40,102
Series 2004-5, Class M3, 3.52%, 7/25/2034 ‡ (m)		58,233		58,156
Drive Auto Receivables Trust
Series 2018-4, Class D, 4.09%, 1/15/2026		15,000		15,415
Series 2019-1, Class D, 4.09%, 6/15/2026		35,000		36,026
Series 2019-3, Class D, 3.18%, 10/15/2026		50,000		50,695
Driven Brands Funding LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049 (c)		49,625		51,308
DT Auto Owner Trust
Series 2018-3A, Class D, 4.19%, 7/15/2024 (c)		45,000		46,290
Series 2019-1A, Class D, 3.87%, 11/15/2024 (c)		80,000		81,683
Series 2017-4A, Class E, 5.15%, 11/15/2024 (c)		100,000		103,023
Exeter Automobile Receivables Trust
Series 2018-4A, Class C, 3.97%, 9/15/2023 (c)		20,000		20,333
Series 2018-3A, Class E, 5.43%, 8/15/2024 (c)		10,000		10,428
Series 2018-4A, Class D, 4.35%, 9/16/2024 (c)		10,000		10,307
Series 2019-1A, Class C, 3.82%, 12/16/2024 (c)		25,000		25,537
Series 2019-1A, Class D, 4.13%, 12/16/2024 (c)		45,000		46,411
Series 2018-2A, Class E, 5.33%, 5/15/2025 (c)		120,000		124,839
Series 2018-4A, Class E, 5.38%, 7/15/2025 (c)		10,000		10,367
Series 2019-1A, Class E, 5.20%, 1/15/2026 (c)		65,000		67,455
Series 2019-2A, Class E, 4.68%, 5/15/2026 (c)		220,000		225,128
FREED ABS Trust
Series 2019-1, Class A, 3.42%, 6/18/2026 (c)		51,750		51,962

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2019-1, Class B, 3.87%, 6/18/2026 ‡ (c)		110,000		111,396
Fremont Home Loan Trust Series 2003-A, Class M1, 2.77%, 8/25/2033 ‡ (m)		64,270		63,261
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023 (c)		28,952		28,957
Series 2019-4A, Class B, 2.78%, 9/16/2024 (c)		30,000		30,048
Series 2019-1A, Class C, 3.87%, 12/16/2024 (c)		15,000		15,348
Series 2019-4A, Class C, 3.06%, 8/15/2025 (c)		40,000		40,041
GLS Auto Receivables Trust Series 2018-3A, Class C, 4.18%, 7/15/2024 (c)		10,000		10,276
GSAMP Trust Series 2003-SEA, Class A1, 2.19%, 2/25/2033 ‡ (m)		140,609		139,537
Long Beach Mortgage Loan Trust Series 2004-6, Class A3, 3.09%, 11/25/2034 ‡ (m)		69,997		70,296
MASTR Asset-Backed Securities Trust Series 2004-OPT2, Class M1, 2.69%, 9/25/2034 ‡ (m)		15,679		15,474
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 4.04%, 3/25/2033 ‡ (m)		149,792		145,614
Series 2003-NC10, Class M1, 2.81%, 10/25/2033 ‡ (m)		23,984		23,824
Series 2004-HE3, Class M1, 2.65%, 3/25/2034 ‡ (m)		61,523		60,411
Series 2004-NC7, Class M2, 2.72%, 7/25/2034 ‡ (m)		19,999		19,873
Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (c)		10,000		10,356
RAMP Trust
Series 2005-RS6, Class M4, 2.77%, 6/25/2035 ‡ (m)		250,000		249,869
Series 2006-RZ3, Class M1, 2.14%, 8/25/2036 ‡ (m)		200,000		195,147
Santander Drive Auto Receivables Trust
Series 2019-1, Class C, 3.42%, 4/15/2025		17,000		17,273
Series 2019-1, Class D, 3.65%, 4/15/2025		30,000		30,720
Securitized Asset-Backed Receivables LLC Trust Series 2004-OP2, Class M3, 3.82%, 8/25/2034 ‡ (m)		94,932		94,313

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
United States — continued
Structured Asset Investment Loan Trust Series 2003-BC11, Class M1, 2.77%, 10/25/2033 ‡ (m)		11,096		11,118
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC6, Class A4, 1.96%, 1/25/2037 (m)		80,642		79,460
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 1.94%, 1/25/2037 ‡ (m)		26,207		26,149
Westlake Automobile Receivables Trust
Series 2019-1A, Class C, 3.45%, 3/15/2024 (c)		70,000		70,834
Series 2019-1A, Class D, 3.67%, 3/15/2024 (c)		60,000		61,133
Series 2019-1A, Class E, 4.49%, 7/15/2024 (c)		50,000		51,345
Total Asset-Backed Securities (Cost $3,668,819)				3,752,695
Commercial Mortgage-Backed Securities — 3.1%
Cayman Islands — 0.3%
GPMT Ltd. Series 2018-FL1, Class AS, 2.96%, 11/21/2035 ‡ (c) (m)		250,000		249,361
United States — 2.8%
Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class D, 3.25%, 2/15/2050 ‡ (c)		100,000		91,460
BANK
Series 2017-BNK7, Class D, 2.71%, 9/15/2060 ‡ (c)		100,000		87,178
Series 2018-BN12, Class D, 3.00%, 5/15/2061 ‡ (c)		30,000		26,827
BBCMS Mortgage Trust Series 2018-C2, Class C, 4.97%, 12/15/2051 ‡ (m)		18,750		20,514
Benchmark Mortgage Trust Series 2019-B11, Class D, 3.00%, 5/15/2052 (c)		100,000		89,038
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D, 4.88%, 9/10/2045 ‡ (c) (m)		100,000		99,791
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (c)		20,000		17,952
Series 2017-P7, Class D, 3.25%, 4/14/2050 (c)		23,000		20,396
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		10,000		10,481
Commercial Mortgage Trust
Series 2015-CR23, Class CME, 3.68%, 5/10/2048 ‡ (c) (m)		100,000		99,946

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2016-CR28, Class C, 4.65%, 2/10/2049 ‡ (m)		100,000		107,422
CSAIL Commercial Mortgage Trust
Series 2019-C15, Class C, 4.98%, 3/15/2052 ‡ (m)		100,000		110,391
Series 2019-C16, Class C, 4.24%, 6/15/2052 ‡ (m)		25,000		25,929
DBGS Mortgage Trust Series 2018-5BP, Class B, 2.57%, 6/15/2033 ‡ (c) (m)		100,000		99,411
FHLMC, Multifamily Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.17%, 7/25/2026 (m)		120,000		14,221
Series K087, Class A2, 3.77%, 12/25/2028		50,000		54,863
Series K716, Class X3, IO, 1.80%, 8/25/2042 (m)		105,785		2,797
Series K726, Class X3, IO, 2.13%, 7/25/2044 (m)		151,020		12,292
Series K729, Class X3, IO, 1.97%, 11/25/2044 (m)		1,211,852		104,016
Series K728, Class X3, IO, 1.95%, 11/25/2045 (m)		100,000		8,164
Series K071, Class X3, IO, 2.01%, 11/25/2045 (m)		700,000		94,222
Series K088, Class X3, IO, 2.35%, 2/25/2047 (m)		555,000		97,371
FNMA ACES
Series 2019-M4, Class A2, 3.61%, 2/25/2031		160,000		173,670
Series 2016-M4, Class X2, IO, 2.65%, 1/25/2039 (m)		172,439		13,434
FREMF Series 2018-KF46, Class B, 3.65%, 3/25/2028 (c) (m)		7,166		7,117
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.05%, 5/25/2022 (c) (m)		1,508		1,535
Series 2015-KF10, Class B, 7.80%, 7/25/2022 (c) (m)		3,121		3,262
Series 2017-KF31, Class B, 4.60%, 4/25/2024 (c) (m)		4,662		4,713
Series 2017-KF32, Class B, 4.25%, 5/25/2024 (c) (m)		50,073		50,662
Series 2018-KF45, Class B, 3.65%, 3/25/2025 (c) (m)		13,584		13,384
Series 2018-KF47, Class B, 3.70%, 5/25/2025 (c) (m)		79,246		78,806
Series 2018-KC02, Class B, 4.09%, 7/25/2025 (c) (m)		25,000		25,214

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — Continued
United States — continued
Series 2018-KF53, Class B, 3.75%, 10/25/2025 (m)		83,473		83,410
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (c) (m)		25,000		25,709
Series 2019-KF62, Class B, 3.75%, 4/25/2026 (c) (m)		25,000		25,000
Series 2019-K736, Class C, 3.76%, 7/25/2026 (c) (m)		25,000		24,983
Series 2018-KF43, Class B, 3.85%, 1/25/2028 (c) (m)		51,683		51,662
Series 2018-KF50, Class B, 3.60%, 7/25/2028 (c) (m)		9,465		9,438
Series 2018-K82, Class B, 4.13%, 9/25/2028 (c) (m)		50,000		52,945
Series 2019-KF63, Class B, 4.05%, 5/25/2029 (c) (m)		20,000		20,000
Series 2012-K19, Class C, 4.02%, 5/25/2045 (c) (m)		10,000		10,328
Series 2017-K67, Class C, 3.94%, 9/25/2049 (c) (m)		5,000		5,115
Series 2017-K65, Class B, 4.07%, 7/25/2050 (c) (m)		75,000		78,852
Series 2019-K87, Class C, 4.32%, 1/25/2051 (c) (m)		100,000		102,449
Series 2018-K75, Class B, 3.98%, 4/25/2051 (c) (m)		10,000		10,359
GNMA
Series 2012-44, IO, 0.40%, 3/16/2049 (m)		200,367		2,164
Series 2014-186, IO, 0.76%, 8/16/2054 (m)		422,397		18,562
Series 2013-178, IO, 0.64%, 6/16/2055 (m)		68,599		1,923
Series 2016-71, Class QI, IO, 0.97%, 11/16/2057 (m)		300,171		20,075
Series 2017-86, IO, 0.77%, 5/16/2059 (m)		124,560		7,472
Series 2017-148, IO, 0.66%, 7/16/2059 (m)		114,973		6,179
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.59%, 6/10/2028 ‡ (c) (m)		100,000		100,344
GS Mortgage Securities Trust Series 2015-GC32, Class C, 4.41%, 7/10/2048 ‡ (m)		100,000		105,349
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class E, 4.24%, 1/15/2049 ‡ (c) (m)		100,000		95,769
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		35,614		18,962

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Morgan Stanley Capital I Trust Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (c) (m)		10,000		10,372
Wells Fargo Commercial Mortgage Trust Series 2018-C48, Class C, 5.12%, 1/15/2052 ‡ (m)		20,000		22,252
				2,576,152
Total Commercial Mortgage-Backed Securities (Cost $2,802,345)				2,825,513
Loan Assignments — 0.7% (n)
United States — 0.7%
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 4.07%, 4/6/2024 (b)		7,623		7,623
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 3.69%, 6/1/2024 (b)		24,873		24,908
Bausch Health Cos., Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.74%, 6/2/2025 (b)		92,174		92,635
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.55%, 1/31/2025 (b)		9,914		9,948
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.05%, 10/2/2024 (b)		24,987		25,097
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.53%, 4/6/2024 (b)		20,588		20,529
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.69%, 10/4/2023 (b)		49,156		49,279
iHeartCommunications, Inc., Exit Term Loan
(ICE LIBOR USD 1 Month + 4.00%), 5.69%, 5/1/2026 (b)		19,613		19,752
JBS USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.80%, 5/1/2026 (b)		33,348		33,543
MPH Acquisition Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.69%, 6/7/2023 (b)		98,000		96,477
Navistar, Inc, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.24%, 11/6/2024 (b)		41,450		41,277
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.45%, 9/18/2026 (b)		49,875		50,107

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Loan Assignments — continued
United States — continued
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.30%, 11/1/2024 (b)		63,525		46,797
TransDigm Group, Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.30%, 5/30/2025 (b)		4,739		4,749
TransDigm Group, Inc., Term Loan G (ICE LIBOR USD 1 Month + 2.50%), 4.30%, 8/22/2024 (b)		9,478		9,500
TransDigm, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.50%), 4.30%, 6/9/2023 (b)		12,511		12,545
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.05%, 4/29/2026 (b)		43,525		43,778
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 3.92%, 11/1/2023 (b)		50,000		50,230
Total Loan Assignments (Cost $652,094)				638,774
	SHARES
Preferred Stocks — 0.4%
United States — 0.4%
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (o)		1,000		27,490
Series HH, 5.88%, 7/24/2023 ($25 par value) (o)		1,100		29,788
Dominion Energy, Inc., Series A, 5.25%, 7/30/2076 ($25 par value)		1,825		47,778
Duke Energy Corp., Series A, 5.75%, 6/15/2024 ($25 par value) (o)		300		8,313
Energy Transfer Operating LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 ($25 par value) (b) (o)		1,925		48,741
Goldman Sachs Group, Inc. (The),
Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 5/10/2023 ($25 par value) (b) (o)		750		20,115
Morgan Stanley, Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (b) (o)		1,500		42,540
MYT Holding Co., 10.00%, 6/7/2029 * (c)		8,455		7,483
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		625		17,144
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (b) (o)		300		8,367

INVESTMENTS	SHARES		VALUE($)
United States — continued
SCE Trust II, 5.10%, 2/6/2020 ($25 par value) (o)		750		18,743
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (o)		1,200		28,776
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		100		2,657
Southern Co. (The), 5.25%, 10/1/2076 ($25 par value)		350		9,219
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (b) (o)		375		10,451
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (o)		1,000		27,420
Wells Fargo & Co., Series Y, 5.63%, 6/15/2022 ($25 par value) (o)		1,000		26,690
Total Preferred Stocks (Cost $363,180)				381,715
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 2.00%, 1/31/2020 (p) (Cost $368,833)		369,000		369,098
	NO. OF WARRANTS
Warrants — 0.0% (e)
United States — 0.0% (e)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡ (Cost $19,404)		1,084		16,802
	PRINCIPAL AMOUNT($)
Convertible Bonds — 0.0% (e)
United States — 0.0% (e)
Liberty Interactive LLC
4.00%, 11/15/2029		3,000		2,092
3.75%, 2/15/2030		2,000		1,380
Whiting Petroleum Corp. 1.25%, 4/1/2020		12,000		11,713
Total Convertible Bonds (Cost $15,282)				15,185
	NO. OF RIGHTS
Rights — 0.0% (e)
Spain — 0.0% (e)
Repsol SA, expiring 1/7/2020 * (Cost $536)		1,134		538

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Short-term Investments — 3.2%
Investment Companies — 2.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.70% (k) (q)		2,269,500		2,270,181
JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (k) (q)		331,248		331,348
Total Investment Companies (Cost $2,601,497)				2,601,529
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (k) (q) (Cost $286,003)		286,003		286,003
Total Short-term Investments (Cost $2,887,500)				2,887,532
Total Investments — 100.0% (Cost $85,188,721)				90,592,535
Liabilities in Excess of Other Assets — 0.0% (e)				(2,440	)
NET ASSETS — 100.0%				90,590,095

Percentages indicated are based on net assets.

Summary of Investments by Industry, December 31, 2019

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

PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Mortgage-Backed Securities		7.4	%
Equity Real Estate Investment Trusts (REITs)		6.8
Equity Funds		6.1
Investment Companies		5.6
Banks		4.7
Collateralized Mortgage Obligations		4.6
Asset-Backed Securities		4.1
Oil, Gas & Consumable Fuels		4.0
Diversified Telecommunication Services		3.8
Media		3.4
Commercial Mortgage-Backed Securities		3.1
Pharmaceuticals		3.1
Electric Utilities		2.7
Hotels, Restaurants & Leisure		2.6
Insurance		2.4
Health Care Providers & Services		2.3
Capital Markets		2.1
Semiconductors & Semiconductor Equipment		1.5
Wireless Telecommunication Services		1.3
Consumer Finance		1.3
Food Products		1.2
Beverages		1.0
Fixed Income Funds		1.0
Multi-Utilities		1.1
Others (each less than 1.0%)		19.9
Short-Term Investments		2.9

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
CVA	Dutch Certification
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of December 31, 2019. The rate may be subject to a cap and floor.

IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RTS	Russian Trading System
SCA	Limited partnership with share capital
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2019.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2019.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Security is an interest bearing note with preferred security characteristics.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(g)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2019.

(h)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(i)	The security or a portion of this security is on loan at December 31, 2019. The total value of securities on loan at December 31, 2019 is $272,777.
(j)	Defaulted security.
(k)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(l)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(m)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2019.
(n)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(o)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of December 31, 2019.
(p)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(q)	The rate shown is the current yield as of December 31, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

Futures contracts outstanding as of December 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		12			03/2020		USD		1,939,200			36,636
U.S. Treasury 10 Year Note		61			03/2020		USD		7,823,250			(78,291	)
												(41,655	)
Short Contracts
EURO STOXX 50 Index		(56	)		03/2020		EUR		(2,344,660	)		(3,578	)
Foreign Exchange GBP/USD		(16	)		03/2020		USD		(1,327,400	)		(5,543	)
MSCI Emerging Markets E-Mini Index		(9	)		03/2020		USD		(503,370	)		(14,694	)
												(23,815	)
												(65,470	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2019

	JPMorgan Insurance Trust Income Builder Portfolio
ASSETS:
Investments in non-affiliates, at value	$	76,268,778
Investments in affiliates, at value		14,037,754
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		286,003
Cash		90,445
Foreign currency, at value		41,677
Receivables:
Investment securities sold		477,364
Portfolio shares sold		5,160
Interest and dividends from non-affiliates		567,644
Dividends from affiliates		9,963
Tax reclaims		40,951
Securities lending income (See Note 2.B.)		339
Variation margin on futures contracts		82
Total Assets		91,826,160
LIABILITIES:
Payables:
Investment securities purchased		1,150
Investment securities purchased — delayed delivery securities		799,046
Collateral received on securities loaned (See Note 2.B.)		286,003
Portfolio shares redeemed		10,071
Accrued liabilities:
Investment advisory fees		23,214
Distribution fees		15,914
Custodian and accounting fees		32,364
Trustees’ and Chief Compliance Officer’s fees		102
Other		68,201
Total Liabilities		1,236,065
Net Assets	$	90,590,095
NET ASSETS:
Paid-in-Capital	$	83,021,842
Total distributable earnings (loss)		7,568,253
Total Net Assets	$	90,590,095
Net Assets:
Class 1	$	14,606,803
Class 2		75,983,292
Total	$	90,590,095
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class 1		1,309,055
Class 2		6,833,897
Net Asset Value, offering and redemption price per share (a):
Class 1	$	11.16
Class 2		11.12
Cost of investments in non-affiliates	$	71,847,541
Cost of investments in affiliates		13,055,177
Cost of foreign currency		42,999
Investment securities on loan, at value (See Note 2.B.)		272,777
Cost of investment of cash collateral (See Note 2.B.)		286,003

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 33

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2019

	JPMorgan Insurance Trust Income Builder Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	2,151,961
Interest income from affiliates		1,462
Dividend income from non-affiliates		870,188
Dividend income from affiliates		506,840
Income from securities lending (net) (See Note 2.B.)		347
Foreign taxes withheld (net)		(57,633	)
Total investment income		3,473,165
EXPENSES:
Investment advisory fees		352,086
Administration fees		60,174
Distribution fees — Class 2		165,296
Custodian and accounting fees		180,171
Interest expense to affiliates		337
Professional fees		111,889
Trustees’ and Chief Compliance Officer’s fees		25,309
Printing and mailing costs		25,978
Transfer agency fees — Class 1		307
Transfer agency fees — Class 2		2,449
Other		10,370
Total expenses		934,366
Less fees waived		(270,743	)
Less expense reimbursements		(19,563	)
Net expenses		644,060
Net investment income (loss)		2,829,105
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(106,277	)
Investments in affiliates		14,801
Futures contracts		(5,716	)
Foreign currency transactions		494
Net realized gain (loss)		(96,698	)
Distributions of capital gains received from investment company affiliates		59,787
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,463,414
Investments in affiliates		1,183,737
Futures contracts		(167,884	)
Foreign currency translations		1,396
Change in net unrealized appreciation/depreciation		7,480,663
Net realized/unrealized gains (losses)		7,443,752
Change in net assets resulting from operations	$	10,272,857

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Income Builder Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,829,105		$	2,383,643
Net realized gain (loss)		(96,698	)		(156,368	)
Distributions of capital gains received from investment company affiliates		59,787			106,866
Change in net unrealized appreciation/depreciation		7,480,663			(5,542,945	)
Change in net assets resulting from operations		10,272,857			(3,208,804	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(498,861	)		(19,883	)
Class 2		(2,194,838	)		(92,037	)
Total distributions to shareholders		(2,693,699	)		(111,920	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		16,580,061			18,853,284
NET ASSETS:
Change in net assets		24,159,219			15,532,560
Beginning of period		66,430,876			50,898,316
End of period	$	90,590,095		$	66,430,876
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	4,350,849		$	2,764,306
Distributions reinvested		498,861			19,883
Cost of shares redeemed		(2,505,609	)		(60,976	)
Change in net assets resulting from Class 1 capital transactions	$	2,344,101		$	2,723,213
Class 2
Proceeds from shares issued	$	19,866,640		$	25,105,711
Distributions reinvested		2,194,838			92,037
Cost of shares redeemed		(7,825,518	)		(9,067,677	)
Change in net assets resulting from Class 2 capital transactions	$	14,235,960		$	16,130,071
Total change in net assets resulting from capital transactions	$	16,580,061		$	18,853,284
SHARE TRANSACTIONS:
Class 1
Issued		403,891			260,078
Reinvested		47,647			1,899
Redeemed		(224,987	)		(5,832	)
Change in Class 1 Shares		226,551			256,145
Class 2
Issued		1,849,778			2,389,769
Reinvested		210,233			8,799
Redeemed		(729,199	)		(863,482	)
Change in Class 2 Shares		1,330,812			1,535,086

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 35

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)(b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Insurance Trust Income Builder Portfolio
Class 1
Year Ended December 31, 2019	$	10.11	$	0.40	$	1.05		$	1.45		$	(0.37	)	$	(0.03	)	$	—		$	(0.40	)
Year Ended December 31, 2018		10.62		0.42		(0.91	)		(0.49	)		—			(0.02	)		—			(0.02	)
Year Ended December 31, 2017		9.93		0.37		0.81			1.18			(0.39	)		(0.10	)		—			(0.49	)
Year Ended December 31, 2016		9.63		0.37		0.26			0.63			(0.32	)		—			(0.01	)		(0.33	)
Year Ended December 31, 2015		9.95		0.36		(0.40	)		(0.04	)		(0.27	)		(0.01	)		—			(0.28	)
Class 2
Year Ended December 31, 2019		10.08		0.37		1.04			1.41			(0.34	)		(0.03	)		—			(0.37	)
Year Ended December 31, 2018		10.62		0.39		(0.91	)		(0.52	)		—			(0.02	)		—			(0.02	)
Year Ended December 31, 2017		9.92		0.35		0.81			1.16			(0.36	)		(0.10	)		—			(0.46	)
Year Ended December 31, 2016		9.63		0.35		0.25			0.60			(0.30	)		—			(0.01	)		(0.31	)
Year Ended December 31, 2015		9.95		0.33		(0.39	)		(0.06	)		(0.25	)		(0.01	)		—			(0.26	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Does not include expenses of Underlying Funds.

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

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

Ratios/Supplemental data
					Ratios to average net assets
Net asset value, end of period		Total return (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (a)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate
$	11.16		14.56	%	$	14,606,803		0.60	%		3.71	%		0.95	%		51	%
	10.11		(4.63	)		10,946,497		0.59			4.02			1.14			68
	10.62		11.89			8,776,419		0.59			3.40			1.26			85
	9.93		6.53			106,032		0.60			3.72			1.27			46
	9.63		(0.31	)		99,526		0.60	(g)		3.56	(g)		1.44	(g)		42
	11.12		14.27			75,983,292		0.85			3.49			1.21			51
	10.08		(4.92	)		55,484,379		0.84			3.76			1.39			68
	10.62		11.70			42,121,897		0.84			3.31			1.40			85
	9.92		6.21			48,465,426		0.85			3.47			1.49			46
	9.63		(0.50	)		29,991,045		0.85	(g)		3.30	(g)		1.71	(g)		42

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019

1. Organization

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

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

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

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

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

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

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

2. Significant Accounting Policies

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

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

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

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Portfolio are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

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, 2019.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	1,900,703	$	1,851,992	$	3,752,695
Collateralized Mortgage Obligations
United States		—		3,224,338		978,427		4,202,765
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		249,361		249,361
United States		—		1,425,802		1,150,350		2,576,152
Total Commercial Mortgage-Backed Securities		—		1,425,802		1,399,711		2,825,513
Common Stocks
Australia		—		728,017		—		728,017
Austria		8,431		120,853		—		129,284
Belgium		52,707		122,231		—		174,938
China		—		1,419,277		—		1,419,277
Czech Republic		—		71,570		—		71,570
Finland		24,226		126,832		—		151,058
France		47,267		1,582,818		—		1,630,085
Germany		57,182		957,601		—		1,014,783
Hong Kong		—		482,322		—		482,322
Hungary		—		123,727		—		123,727
Indonesia		125,400		53,113		—		178,513
Ireland		—		23,993		—		23,993
Italy		8,645		473,574		—		482,219
Japan		227,962		970,943		—		1,198,905
Macau		—		74,803		—		74,803
Netherlands		35,670		212,202		—		247,872
New Zealand		—		32,116		—		32,116
Norway		—		196,027		—		196,027
Portugal		—		49,475		—		49,475
Russia		157,443		254,504		—		411,947
Singapore		—		179,254		—		179,254
South Africa		149,528		164,377		—		313,905
South Korea		23,364		359,231		—		382,595
Spain		37,492		693,759		—		731,251
Sweden		32,335		269,783		—		302,118

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Switzerland	$	—		$	1,043,510		$	—		$	1,043,510
Taiwan		731,411			443,072			—			1,174,483
Thailand		35,796			100,319			—			136,115
Turkey		—			28,019			—			28,019
United Arab Emirates		—			29,031			—			29,031
United Kingdom		406,176			1,397,737			—			1,803,913
United States		10,832,222			16,290			—			10,848,512
Other Common Stocks		1,665,002			—			—			1,665,002
Total Common Stocks		14,658,259			12,800,380			—			27,458,639
Convertible Bonds		—			15,185			—			15,185
Corporate Bonds
United States		—			25,954,480			—	(a)		25,954,480
Other Corporate Bonds		—			3,957,781			—			3,957,781
Total Corporate Bonds		—			29,912,261			—	(a)		29,912,261
Investment Companies		11,436,225			—			—			11,436,225
Loan Assignments		—			638,774			—			638,774
Mortgage-Backed Securities		—			6,694,793			—			6,694,793
Preferred Stocks
United States		374,232			7,483			—			381,715
Rights		538			—			—			538
U.S. Treasury Obligations		—			369,098			—			369,098
Warrants		—			—			16,802			16,802
Short-Term Investments
Investment Companies		2,601,529			—			—			2,601,529
Investment of cash collateral from securities loaned		286,003			—			—			286,003
Total Short-Term Investments		2,887,532			—			—			2,887,532
Total Investments in Securities	$	29,356,786		$	56,988,817		$	4,246,932		$	90,592,535
Appreciation in Other Financial Instruments
Futures Contracts	$	36,636		$	—		$	—		$	36,636
Depreciation in Other Financial Instruments
Futures Contracts	$	(98,528	)	$	(3,578	)	$	—		$	(102,106	)

(a) Value is zero.

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

	Balance as of December 31, 2018		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of December 31, 2019
Investments in Securities
Asset-Backed Securities — United States	$	1,973,287	$	4,438		$	(7,010	)	$	3,633	$	395,428	$	(517,784	)	$	—	$	—	$	1,851,992
Collateralized Mortgage Obligations — United States		—		—			167			2		1,002,847		(24,589	)		—		—		978,427
Commercial Mortgage-Backed Securities — Cayman Islands		249,642		—			(281	)		—		—		—			—		—		249,361
Commercial Mortgage-Backed Securities — United States		143,604		3,074			27,142			359		744,457		(45,738	)		277,452		—		1,150,350
Corporate Bonds — United States		73,899		(54,423	)		45,887			22		—		(65,385	)		—		—		—	(a)
Warrants		—		—			(2,602	)		—		19,404		—			—		—		16,802
Total	$	2,440,432	$	(46,911	)	$	63,303		$	4,016	$	2,162,136	$	(653,496	)	$	277,452	$	—	$	4,246,932

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

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

(a) Value is zero.

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2019, which were valued using significant unobservable inputs (level 3) amounted to $25,886. This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

There were no significant transfers into or out of level 3 for the year ended December 31, 2019.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at December 31, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	1,851,992		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (5.90%)
					Constant Default Rate		2.00% - 5.43% (2.67%)
					Yield (Discount Rate of Cash Flows)		2.16% - 6.41% (3.43%)
Asset-Backed Securities		1,851,992
		1,150,350		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (8.72%)
					Yield (Discount Rate of Cash Flows)		2.80% - 199.00% (7.16%)
Commercial Mortgage-Backed Securities		1,150,350
		978,427		Discounted Cash Flow	Constant Prepayment Rate		10.00% - 25.00% (18.86%)
					Constant Default Rate		0.00% - 1.43% (0.13%)
					Yield (Discount Rate of Cash Flows)		2.29% - 3.97% (3.49%)
Collateralized Mortgage Obligations		978,427
		—	(b)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Corporate Bonds		—	(b)
Total	$	3,980,769

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At December 31, 2019, the value of these investments was $266,163. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

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

(b) Value is zero.

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

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

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

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

The following table presents the Portfolio’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Portfolio as of December 31, 2019.

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
$	272,777	$	(272,777	)	$	—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. For the year ended December 31, 2019, JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$ 8

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

C. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

	For the year ended December 31, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)	$	1,341,645	$	1,068,414	$	—	$	—		$	145,380	$	2,555,439		311,639	$	106,345		$	—
JPMorgan Equity Income Fund Class R6 Shares (a)		4,032,209		1,368,774		904,315		72,700			915,496		5,484,864		282,143		108,422			57,399
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,616,859		497,682		2,242,890		(62,137	)		108,486		918,000		100,879		107,862			—
JPMorgan Managed Income Fund Class L Shares (a)		7,805,932		3,782,598		9,129,306		4,355			14,343		2,477,922		246,805		120,907			2,388
JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (a) (b)		—		2,146,067		1,814,711		(10	)		2		331,348		331,248		6,105			—
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.70% (a) (b)		—		29,899,212		27,628,954		(107	)		30		2,270,181		2,269,500		47,839			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a) (b)		—		698,056		412,053		—			—		286,003		286,003		574	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		1,416,737		5,249,653		6,666,390		—			—		—		—		9,360			—
Total	$	17,213,382	$	44,710,456	$	48,798,619	$	14,801		$	1,183,737	$	14,323,757			$	507,414		$	59,787

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

(b) The rate shown is the current yield as of December 31, 2019.

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

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

D. Loan Assignments — The Portfolio invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Portfolio invests in loan assignments of all or a portion of the loans. When a portfolio purchases a loan assignment, the portfolio has direct rights against the Borrower on a loan, provided, however, the portfolio’s rights may be more limited than the Lender from which they acquired the assignment and the portfolio may be able to enforce its rights only through the Agent. As a result, the portfolio assumes the credit risk of the Borrower as well as any other persons interpositioned between the portfolio and the Borrower (“Intermediate Participants”). A portfolio may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a portfolio could experience delays or limitations in realizing the value on such collateral or have their interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a portfolio may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

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

The Portfolio had delayed delivery securities outstanding as of December 31, 2019, which are shown as a Payable for Investment securities purchased – delayed delivery securities on the Statement of Assets and Liabilities.

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2019:

Futures Contracts — Equity:
Average Notional Balance Long	$	1,310,965
Average Notional Balance Short		2,860,303
Ending Notional Balance Long		1,939,200
Ending Notional Balance Short		2,848,030
Futures Contracts — Foreign Exchange:
Average Notional Balance Short		1,281,777
Ending Notional Balance Short		1,327,400
Futures Contracts — Interest Rate:
Average Notional Balance Long		9,573,553
Ending Notional Balance Long		7,823,250

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

G. Summary of Derivatives Information — The following table presents the value of derivatives held as of December 31, 2019, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	36,636
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(18,272	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		(5,543	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(78,291	)
		$	(102,106	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statement of Operations for the year ended December 31, 2019, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(518,576	)
Foreign exchange contracts		(38,062	)
Interest rate contracts		550,922
Total	$	(5,716	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	79,498
Foreign exchange contracts		9,094
Interest rate contracts		(256,476	)
Total	$	(167,884	)

The Portfolio’s derivatives contracts held at December 31, 2019 are not accounted for as hedging instruments under GAAP.

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

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

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

J. Allocation of Income and Expenses — Expenses directly attributable to the Portfolio are charged directly to the Portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the applicable portfolios. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

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

K. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of December 31, 2019, no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

L. Foreign Taxes — The Portfolio may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Portfolio will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gain tax is determined to apply, the Portfolio records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

The following amounts were reclassified within the capital accounts:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	37,369	$	(11,589	)	$	(25,780	)

The reclassifications for the Portfolio relate primarily to callable bonds.

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

3. Fees and Other Transactions with Affiliates

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the year ended December 31, 2019, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

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

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

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

Class 1			Class 2
	0.60	%		0.85	%

The expense limitation agreement was in effect for the year ended December 31, 2019 and is in place until at least April 30, 2020.

For the year ended December 31, 2019, the Portfolio’s service providers waived fees and/or reimbursed expenses for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
$	160,615	$	55,959	$	216,574	$	19,563

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2019 was $5,181.

The Underlying Funds may impose separate advisory fees. The Adviser has agreed to voluntarily waive the Portfolio’s investment advisory fees in the weighted average pro-rata amount of the advisory fees charged by the affiliated Underlying Funds. During the year ended December 31, 2019, the Adviser waived $48,988. These waivers may be in addition to any waivers required to meet the Portfolio’s contractual expense limitations, but will not exceed the Portfolio’s advisory fee.

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

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

During the year ended December 31, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	55,188,291	$	39,093,647	$	447,409	$	275,954

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2019 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	85,553,413	$	6,013,971	$	1,040,319	$	4,973,652

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

The tax character of distributions paid during the year ended December 31, 2019 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,486,739	$	206,960	$	2,693,699

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

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Net Long-Term Capital Gains
$	111,920

As of December 31, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	2,839,150	$	(194,870	)	$	4,935,764

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 47

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

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

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

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Portfolio had no borrowings outstanding from another fund during the year ended December 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2019.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of December 31, 2019, the Portfolio had four individual shareholder and/or non-affiliated omnibus accounts, which owned 77.1% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance and liquidity.

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

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

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

Because of the Portfolio’s investments in the Underlying Funds, the Portfolio indirectly pays a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Portfolio may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Portfolio is also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 49

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Income Builder Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent, agent banks, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 14, 2020

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

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.(3)	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dr. Matthew Goldstein (1941); Chairman (2013-2019); Trustee of Trust (2005-2019); Trustee of heritage J.P. Morgan Funds (2003-2019).(4)	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	128	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 51

TRUSTEES

(Unaudited) (continued)

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

52 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

(3) Mr. Finn became chairman of the Trust effective January 1, 2020.

(4) Dr. Goldstein retired from the Board of Trustees effective the close of business on December 31, 2019.

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 53

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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

54 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2019, and continued to hold your shares at the end of the reporting period, December 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Income Builder Portfolio
Class 1
Actual	$	1,000.00	$	1,043.00	$	3.09		0.60	%
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class 2
Actual		1,000.00		1,041.20		4.37		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, 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 Portfolio and the other J.P. Morgan Funds overseen by the Board in which the Portfolio may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “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 14, 2019.

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

the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Portfolio and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Portfolio and Underlying

56 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Portfolio and Underlying Funds.

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

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

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

The Trustees also considered that the Adviser earns fees from the Portfolio and Underlying Funds for providing 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 for the Portfolio and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its

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

Economies of Scale

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

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 57

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge/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 Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one- and three-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/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 Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/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 that the Portfolio’s performance for Class 2 shares was in the second and fourth quintiles based upon the

Peer Group, and in the first and fifth quintiles based upon the Universe, for the one- and three-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and various other factors, concluded that the Portfolio’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Portfolio. The Trustees recognized that Broadridge/Lipper reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019 were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. In addition, the Trustees noted the reduction to the contractual advisory fee rate from 0.45% to 0.42% effective September 1, 2019. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

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

58 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 6.59%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2019.

Long Term Capital Gain

The Portfolio distributed $206,960, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2019.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 59

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, the Portfolio filed a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. December 2019. AN-JPMITIBP-1219

Annual Report

JPMorgan Insurance Trust

December 31, 2019

JPMorgan Insurance Trust Global Allocation Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

Letter to Shareholders	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	26
Financial Highlights	30
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	46
Trustees	47
Officers	50
Schedule of Shareholder Expenses	51
Board Approval of Investment Advisory Agreement	52
Tax Letter	55

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

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

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

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

LETTER TO SHAREHOLDERS

February 10, 2020 (Unaudited)

Dear Shareholders,

We’ve entered 2020 with strong momentum at J.P. Morgan Asset Management, propelled by a strong 2019 for financial markets that included a 31.5% total return in the S&P 500 Index.

  “Our goal remains being the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.” — Andrea L. Lisher

In the first half of 2019, equity markets largely experienced steady gains, bolstered by the U.S. Federal Reserve’s decision to hold off increases in interest rates as well as investor optimism over U.S.-China trade negotiations and continued growth in corporate earnings. In the second half of the year, global equity prices were also supported by an initial U.S.-China trade agreement and by accommodative policies of leading global central banks, including a reduction in interest rates and a resumption of monthly asset purchases by the European Central Bank. These tailwinds overshadowed investor concerns about Brexit and weak economic data.

While 2019 was largely a rewarding year for investors, 2020 may bring increased market volatility amid geo-political tensions, the U.S. elections and the late-economic-cycle backdrop. On the other hand, leading central banks have clearly signaled they will remain supportive of continued economic expansion, which should also support financial markets. We believe investors who maintain a well-diversified portfolio and a long-term outlook will be best positioned in the year ahead.

Our goal remains to be the most trusted asset manager in the world by using our unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		16.58%
MSCI World Index (net of foreign withholding taxes)		27.67%
Global Allocation Composite Benchmark		20.01%
Net Assets as of 12/31/2019	$	99,100,531

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Global equity markets provided strong returns for 2019, supported by low interest rates, strong corporate earnings and continued global economic growth. An apparent easing in U.S.-China trade tensions also bolstered global financial markets toward the end of the year. U.S. equity generally outperformed other developed markets and emerging markets equity. Global bond markets also provided positive returns for the year, led by emerging markets debt and high yield bonds (also known as “junk bonds”) amid investor demand for higher yielding fixed income assets.

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

The Portfolio’s Class 2 Shares underperformed both the MSCI World Index (net of foreign withholding taxes) and the Global Allocation Composite Benchmark (the “Composite”), which consists of 60% MSCI World Index and 40% Bloomberg Barclays Global Aggregate Index, for the twelve months ended December 31, 2019.

Amid strong returns for global equity, the Portfolio’s allocation to fixed income securities detracted from performance relative to the MSCI World Index, which is an all-equity index. The Portfolio’s allocation to U.S. and other developed markets equity helped performance relative to the MSCI World Index.

Relative to the Composite, the Portfolio’s short positions in equity securities detracted from performance, while the Portfolio’s balanced allocation to value and growth stocks in the U.S. and its allocation to emerging markets equity helped performance.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to maximize total return while managing risk. At the start of 2019, the portfolio managers decreased their overall allocation to equity. Beginning in March 2019, the portfolio managers increased their position in U.S. equity and reduced their allocations to international developed markets. In the fourth quarter of 2019, the portfolio managers added to positions in emerging markets equity, as their outlook for global economic growth improved. The portfolio managers also increased their allocation to credit, specifically adding to U.S. high yield debt and non-agency securitized credit. The portfolio managers also removed the Portfolio’s allocations to agency mortgages and floating rate fixed income.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	JPMorgan High Yield Fund, Class R6 Shares	9.9	%
	2.	JPMorgan Emerging Markets Equity Fund, Class R6 Shares	6.7
	3.	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares	2.0
	4.	U.S. Treasury Notes, 2.00%, 01/31/20	1.3
	5.	Microsoft Corp.	1.0
	6.	Alphabet, Inc., Class C	0.7
	7.	Nestle SA (Registered) (Switzerland)	0.6
	8.	Amazon.com, Inc.	0.6
	9.	UnitedHealth Group, Inc.	0.6
	10.	Apple, Inc.	0.6

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	SPDR S&P 500 ETF Trust	19.8	%
	2.	Host Hotels & Resorts, Inc.	12.5
	3.	Clorox Co. (The)	12.2
	4.	Mohawk Industries, Inc.	12.2
	5.	Harley-Davidson, Inc.	10.1
	6.	CSX Corp.	9.7
	7.	Conagra Brands, Inc.	8.6
	8.	General Motors Co.	7.5
	9.	Kimberly-Clark Corp.	7.3

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	43.4	%
Investment Companies	18.6
Foreign Government Securities	9.0
Asset-Backed Securities	4.5
Commercial Mortgage-Backed Securities	3.8
Collateralized Mortgage Obligations	3.4
Corporate Bonds	2.7
U.S. Treasury Obligations	1.5
Others (each less than 1.0%)	0.5
Short-Term Investments	12.6

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	80.2	%
Exchange-Traded Funds	19.8

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

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

*** Percentages indicated are based on total long investments as of December 31, 2019. The Portfolio’s composition is subject to change.

**** Percentages indicated are based on total short investments as of December 31, 2019. The Portfolio’s composition is subject to change.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS 1 SHARES	December 9, 2014		16.87	%		6.19	%		6.06	%
CLASS 2 SHARES	December 9, 2014		16.58			5.92			5.79

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 12/31/19)

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

The Portfolio commenced operations on December 9, 2014.

The graph illustrates comparative performance for $10,000 invested in Class 2 Shares of the JPMorgan Insurance Trust Global Allocation Portfolio, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index — Unhedged USD, the Global Allocation Composite Benchmark and the Lipper Variable Underlying Funds Flexible Funds Index from December 9, 2014 to December 31, 2019. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World Index (net of foreign withholding taxes), Bloomberg Barclays Global Aggregate Index — Unhedged USD, and Global Allocation Composite Benchmark do not reflect the deduction of expenses associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Variable Underlying Funds Flexible Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is

designed to measure the equity market performance of developed markets. The Bloomberg Barclays Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged indices that includes the MSCI World Index (net of foreign withholding taxes) (60%) and the Bloomberg Barclays Global Aggregate Bond Index (40%). The Lipper Variable Underlying Funds Flexible Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — 99.7%
Common Stocks — 43.2%
Australia — 0.9%
AGL Energy Ltd.		311		4,476
Alumina Ltd.		3,260		5,266
APA Group		853		6,640
Aristocrat Leisure Ltd.		201		4,750
Aurizon Holdings Ltd.		1,983		7,277
Australia & New Zealand Banking Group Ltd.		2,149		37,062
BHP Group Ltd.		1,927		52,766
BHP Group plc		7,140		167,318
Boral Ltd.		617		1,941
Brambles Ltd.		927		7,630
Caltex Australia Ltd.		223		5,317
Coca-Cola Amatil Ltd.		630		4,892
Cochlear Ltd.		55		8,668
Coles Group Ltd.		675		7,027
Commonwealth Bank of Australia		915		51,330
Computershare Ltd.		548		6,461
CSL Ltd.		271		52,542
Fortescue Metals Group Ltd.		483		3,641
Goodman Group, REIT		1,272		11,953
GPT Group (The), REIT		4,086		16,095
Incitec Pivot Ltd.		770		1,720
Insurance Australia Group Ltd.		1,020		5,481
Lendlease Group		345		4,265
Macquarie Group Ltd.		208		20,144
Mirvac Group, REIT		8,414		18,833
National Australia Bank Ltd.		1,320		22,841
Newcrest Mining Ltd.		416		8,786
Oil Search Ltd.		894		4,559
Orica Ltd.		329		5,073
Origin Energy Ltd.		943		5,591
QBE Insurance Group Ltd.		1,414		12,778
Ramsay Health Care Ltd.		103		5,240
REA Group Ltd.		67		4,867
Rio Tinto Ltd.		307		21,720
Rio Tinto plc		1,940		114,838
Santos Ltd.		820		4,717
Sonic Healthcare Ltd.		163		3,287
South32 Ltd.		3,731		7,045
Stockland, REIT		1,658		5,380
Suncorp Group Ltd.		1,338		12,154
Sydney Airport		986		5,991
Tabcorp Holdings Ltd.		1,537		4,886
Telstra Corp. Ltd.		986		2,449

INVESTMENTS	SHARES		VALUE($)
Australia — continued
TPG Telecom Ltd.		554		2,610
Transurban Group		1,467		15,355
Treasury Wine Estates Ltd.		321		3,656
Wesfarmers Ltd.		656		19,065
Westpac Banking Corp.		2,294		39,174
Woodside Petroleum Ltd.		446		10,784
Woolworths Group Ltd.		905		22,954
				879,295
Austria — 0.2%
Erste Group Bank AG *		6,691		251,328
Belgium — 0.1%
Anheuser-Busch InBev SA/NV		531		43,489
KBC Group NV		220		16,587
				60,076
Brazil — 0.1%
Itau Unibanco Holding SA (Preference)		8,227		75,568
Canada — 0.6%
Alimentation Couche-Tard, Inc., Class B		4,140		131,385
Canadian National Railway Co.		1,289		116,606
Canadian Pacific Railway Ltd.		474		120,833
Canadian Pacific Railway Ltd.		155		39,517
Fairfax Financial Holdings Ltd.		106		49,726
Shopify, Inc., Class A *		100		39,758
Toronto-Dominion Bank (The)		1,980		111,050
				608,875
China — 0.6%
Alibaba Group Holding Ltd., ADR *		884		187,496
BOC Hong Kong Holdings Ltd.		4,000		13,886
Ping An Insurance Group Co. of China Ltd., Class H		17,500		207,086
Prosus NV *		145		10,852
Tencent Holdings Ltd.		4,300		207,158
Yangzijiang Shipbuilding Holdings Ltd.		1,200		1,000
				627,478
Denmark — 0.5%
Carlsberg A/S, Class B		234		34,921
Chr Hansen Holding A/S		232		18,436
Novo Nordisk A/S, Class B		6,102		353,604
Novozymes A/S, Class B		531		25,985
Orsted A/S (a)		339		35,061
				468,007

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Finland — 0.1%
Elisa OYJ		438		24,197
UPM-Kymmene OYJ		1,248		43,298
Wartsila OYJ Abp		1,194		13,198
				80,693
France — 2.5%
Accor SA		757		35,533
Air Liquide SA		339		48,060
Airbus SE		2,228		326,993
Alstom SA		1,618		76,886
Arkema SA		282		30,154
AXA SA		1,972		55,721
BioMerieux		272		24,250
BNP Paribas SA		2,349		139,620
Capgemini SE		717		87,693
Dassault Systemes SE		184		30,346
Eiffage SA		278		31,894
Ipsen SA		126		11,185
Kering SA		80		52,713
L’Oreal SA		96		28,388
LVMH Moet Hennessy Louis Vuitton SE		689		321,042
Orange SA		5,480		80,535
Pernod Ricard SA (b)		224		40,082
Renault SA		453		21,512
Safran SA		1,377		212,691
Sanofi		513		51,519
Schneider Electric SE		3,645		374,486
Thales SA		349		36,315
TOTAL SA		1,836		101,881
Vinci SA		1,871		208,380
Vivendi SA		849		24,585
				2,452,464
Germany — 1.7%
adidas AG		162		52,661
Allianz SE (Registered)		829		203,128
BASF SE		345		25,991
Bayer AG (Registered)		582		47,315
Continental AG		934		120,701
Daimler AG (Registered)		578		31,954
Delivery Hero SE * (a)		1,801		142,746
Deutsche Boerse AG		708		111,023
Deutsche Post AG (Registered)		1,651		62,778
Deutsche Telekom AG (Registered)		3,590		58,668
Fresenius SE & Co. KGaA		436		24,535

INVESTMENTS	SHARES		VALUE($)
Germany — continued
Infineon Technologies AG		5,618		126,935
Merck KGaA		277		32,657
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		645		190,335
RWE AG		961		29,447
SAP SE		1,806		243,085
Siemens AG (Registered)		481		62,815
Volkswagen AG (Preference)		599		117,906
				1,684,680
Hong Kong — 0.8%
AIA Group Ltd.		39,600		416,511
ASM Pacific Technology Ltd.		200		2,776
CK Asset Holdings Ltd.		18,052		130,267
CK Infrastructure Holdings Ltd.		1,000		7,117
CLP Holdings Ltd.		1,000		10,497
Hang Seng Bank Ltd.		500		10,335
Henderson Land Development Co. Ltd.		1,000		4,907
HKT Trust & HKT Ltd.		2,000		2,819
Hong Kong & China Gas Co. Ltd.		5,000		9,769
Hong Kong Exchanges & Clearing Ltd.		2,700		87,717
Hongkong Land Holdings Ltd.		800		4,602
Jardine Matheson Holdings Ltd.		100		5,565
Kerry Properties Ltd.		1,000		3,176
Link REIT, REIT		1,000		10,594
MTR Corp. Ltd.		500		2,955
New World Development Co. Ltd.		2,000		2,741
NWS Holdings Ltd.		1,000		1,401
Power Assets Holdings Ltd.		1,000		7,316
Sino Land Co. Ltd.		4,000		5,806
Sun Hung Kai Properties Ltd.		1,000		15,315
Swire Pacific Ltd., Class A		500		4,645
Techtronic Industries Co. Ltd.		500		4,081
WH Group Ltd. (a)		3,000		3,102
Wharf Real Estate Investment Co. Ltd.		1,000		6,102
Wheelock & Co. Ltd.		1,000		6,666
Yue Yuen Industrial Holdings Ltd.		500		1,476
				768,258
India — 0.3%
HDFC Bank Ltd., ADR		4,430		280,729
Indonesia — 0.1%
Bank Central Asia Tbk. PT		53,500		128,668
Ireland — 0.1%
CRH plc		1,375		55,150

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Ireland — continued
Kerry Group plc, Class A		228		28,414
Kingspan Group plc		567		34,630
Ryanair Holdings plc, ADR *		314		27,509
				145,703
Italy — 0.3%
Davide Campari-Milano SpA		2,870		26,224
Enel SpA		16,760		133,139
FinecoBank Banca Fineco SpA		6,090		73,054
Snam SpA		5,385		28,313
UniCredit SpA		3,015		44,070
				304,800
Japan — 3.3%
Alfresa Holdings Corp.		100		2,031
Amada Holdings Co. Ltd.		600		6,824
Asahi Group Holdings Ltd.		500		22,810
Asahi Intecc Co. Ltd.		100		2,928
Asahi Kasei Corp.		1,600		17,965
Astellas Pharma, Inc.		1,100		18,777
Bandai Namco Holdings, Inc.		200		12,166
Bridgestone Corp.		300		11,145
Canon, Inc.		400		10,947
Central Japan Railway Co.		100		20,107
Chubu Electric Power Co., Inc.		700		9,895
Chugai Pharmaceutical Co. Ltd.		100		9,210
Dai Nippon Printing Co. Ltd.		100		2,705
Daicel Corp.		600		5,736
Dai-ichi Life Holdings, Inc.		600		9,888
Daiichi Sankyo Co. Ltd.		500		33,022
Daikin Industries Ltd.		200		28,218
Daiwa House Industry Co. Ltd.		700		21,670
Daiwa House REIT Investment Corp., REIT		1		2,615
Denso Corp.		500		22,581
Dentsu Group, Inc.		200		6,891
East Japan Railway Co.		200		18,052
Eisai Co. Ltd.		100		7,483
Electric Power Development Co. Ltd.		500		12,136
FANUC Corp.		100		18,466
FUJIFILM Holdings Corp.		400		19,102
Fujitsu Ltd.		100		9,406
Fukuoka Financial Group, Inc.		400		7,642
Hankyu Hanshin Holdings, Inc.		200		8,555
Hino Motors Ltd.		500		5,288

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Hitachi High-Technologies Corp.		100		7,082
Hitachi Ltd.		900		37,976
Honda Motor Co. Ltd.		1,400		39,622
Hoya Corp.		300		28,639
Idemitsu Kosan Co. Ltd.		100		2,763
Inpex Corp.		200		2,072
ITOCHU Corp.		1,300		30,130
J Front Retailing Co. Ltd.		700		9,763
Japan Airlines Co. Ltd.		400		12,454
Japan Exchange Group, Inc.		1,700		29,929
Japan Post Holdings Co. Ltd.		300		2,821
Japan Prime Realty Investment Corp., REIT		1		4,397
Japan Real Estate Investment Corp., REIT		1		6,636
Japan Retail Fund Investment Corp., REIT		2		4,304
Japan Tobacco, Inc.		800		17,837
JFE Holdings, Inc.		100		1,283
JTEKT Corp.		200		2,363
JXTG Holdings, Inc.		3,900		17,700
Kajima Corp.		900		11,966
Kansai Paint Co. Ltd.		100		2,443
Kao Corp.		500		41,238
KDDI Corp.		900		26,853
Keikyu Corp.		100		1,928
Keyence Corp.		600		210,683
Kintetsu Group Holdings Co. Ltd.		100		5,424
Kirin Holdings Co. Ltd.		700		15,279
Komatsu Ltd.		5,300		127,208
Konami Holdings Corp.		200		8,219
Kubota Corp.		1,200		18,844
Kuraray Co. Ltd.		700		8,482
Kyocera Corp.		200		13,631
Kyowa Kirin Co. Ltd.		700		16,492
M3, Inc.		400		12,062
Marui Group Co. Ltd.		500		12,191
MINEBEA MITSUMI, Inc.		400		8,262
MISUMI Group, Inc.		100		2,475
Mitsubishi Corp.		1,300		34,439
Mitsubishi Electric Corp.		1,000		13,616
Mitsubishi Estate Co. Ltd.		1,000		19,135
Mitsubishi UFJ Financial Group, Inc.		9,600		51,901
Mitsui & Co. Ltd.		1,000		17,776
Mitsui Chemicals, Inc.		500		12,180
Mitsui Fudosan Co. Ltd.		3,400		83,096

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Japan — continued
Mizuho Financial Group, Inc.		9,100		14,018
MS&AD Insurance Group Holdings, Inc.		200		6,602
Murata Manufacturing Co. Ltd.		500		30,774
Nabtesco Corp.		300		8,840
Nexon Co. Ltd. *		300		3,980
NGK Spark Plug Co. Ltd.		400		7,754
NH Foods Ltd.		100		4,142
Nidec Corp.		200		27,317
Nintendo Co. Ltd.		100		39,996
Nippon Building Fund, Inc., REIT		1		7,330
Nippon Prologis REIT, Inc., REIT		1		2,547
Nippon Steel Corp.		800		12,058
Nippon Telegraph & Telephone Corp.		1,400		35,383
Nippon Yusen KK		300		5,407
Nissan Motor Co. Ltd.		1,500		8,692
Nissin Foods Holdings Co. Ltd.		100		7,427
Nitori Holdings Co. Ltd.		100		15,785
Nitto Denko Corp.		100		5,623
Nomura Holdings, Inc.		1,000		5,146
Nomura Real Estate Master Fund, Inc., REIT		2		3,421
Nomura Research Institute Ltd.		600		12,832
NTT DOCOMO, Inc.		1,300		36,213
Oji Holdings Corp.		400		2,163
Olympus Corp.		500		7,706
Ono Pharmaceutical Co. Ltd.		500		11,415
Oriental Land Co. Ltd.		100		13,644
ORIX Corp.		1,300		21,543
Otsuka Corp.		300		11,980
Otsuka Holdings Co. Ltd.		500		22,287
Pan Pacific International Holdings Corp.		100		1,659
Panasonic Corp.		900		8,441
Persol Holdings Co. Ltd.		200		3,748
Rakuten, Inc.		300		2,563
Recruit Holdings Co. Ltd.		900		33,710
Renesas Electronics Corp. *		1,300		8,882
Resona Holdings, Inc.		2,800		12,204
Rohm Co. Ltd.		100		7,979
Ryohin Keikaku Co. Ltd.		1,700		39,621
Santen Pharmaceutical Co. Ltd.		200		3,809
SBI Holdings, Inc.		300		6,334
Secom Co. Ltd.		100		8,924
Sega Sammy Holdings, Inc.		400		5,792
Seibu Holdings, Inc.		700		11,515

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Sekisui House Ltd.		200		4,271
Seven & i Holdings Co. Ltd.		600		21,993
Shimadzu Corp.		200		6,255
Shin-Etsu Chemical Co. Ltd.		300		32,992
Shionogi & Co. Ltd.		100		6,186
Shiseido Co. Ltd.		400		28,404
SMC Corp.		300		137,195
Softbank Corp.		600		8,046
SoftBank Group Corp.		1,000		43,417
Sompo Holdings, Inc.		100		3,927
Sony Corp.		2,600		176,534
Stanley Electric Co. Ltd.		100		2,888
Subaru Corp.		100		2,477
Sumitomo Electric Industries Ltd.		800		12,015
Sumitomo Metal Mining Co. Ltd.		100		3,220
Sumitomo Mitsui Financial Group, Inc.		1,100		40,629
Sumitomo Mitsui Trust Holdings, Inc.		300		11,859
Sumitomo Realty & Development Co. Ltd.		300		10,467
Suntory Beverage & Food Ltd.		100		4,175
Suzuken Co. Ltd.		200		8,152
Suzuki Motor Corp.		400		16,697
T&D Holdings, Inc.		1,100		13,910
Taiheiyo Cement Corp.		300		8,806
Taisei Corp.		300		12,426
Takeda Pharmaceutical Co. Ltd.		900		35,597
Terumo Corp.		500		17,737
Tohoku Electric Power Co., Inc.		400		3,965
Tokio Marine Holdings, Inc.		2,000		111,978
Tokyo Electric Power Co. Holdings, Inc. *		400		1,712
Tokyo Electron Ltd.		100		21,833
Tokyo Gas Co. Ltd.		500		12,149
Tokyu Corp.		6,200		114,655
Toppan Printing Co. Ltd.		200		4,132
Toray Industries, Inc.		800		5,420
Toshiba Corp.		300		10,183
Toyota Motor Corp.		4,100		288,892
Toyota Tsusho Corp.		100		3,513
Unicharm Corp.		100		3,377
United Urban Investment Corp., REIT		2		3,756
Yamato Holdings Co. Ltd.		200		3,410
Yaskawa Electric Corp.		100		3,767
Z Holdings Corp.		2,300		9,711
				3,237,789

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Macau — 0.0% (c)
Galaxy Entertainment Group Ltd.		2,000		14,723
Sands China Ltd.		2,000		10,686
Wynn Macau Ltd.		800		1,972
				27,381
Mexico — 0.1%
Grupo Financiero Banorte SAB de CV, Class O		10,770		60,129
Netherlands — 1.2%
Akzo Nobel NV		1,373		140,216
ASML Holding NV		1,295		383,393
Heineken NV		319		34,046
ING Groep NV		5,505		66,183
Koninklijke Ahold Delhaize NV		1,796		45,030
Koninklijke Philips NV		573		28,010
NN Group NV		666		25,323
NXP Semiconductors NV		454		57,776
Randstad NV		322		19,731
Royal Dutch Shell plc, Class A		6,268		184,812
Royal Dutch Shell plc, Class A		3,265		96,691
Royal Dutch Shell plc, Class B		2,031		60,288
Wolters Kluwer NV		393		28,695
				1,170,194
New Zealand — 0.0% (c)
Auckland International Airport Ltd.		928		5,470
Fletcher Building Ltd.		827		2,835
Ryman Healthcare Ltd.		382		4,198
Spark New Zealand Ltd.		1,689		4,925
				17,428
Norway — 0.1%
Telenor ASA		3,614		64,783
Peru — 0.1%
Credicorp Ltd.		279		59,463
Singapore — 0.1%
Ascendas, REIT		1,500		3,314
CapitaLand Ltd.		2,600		7,255
CapitaLand Mall Trust, REIT		1,300		2,380
ComfortDelGro Corp. Ltd.		900		1,593
DBS Group Holdings Ltd.		1,600		30,850
Genting Singapore Ltd.		2,600		1,780
Keppel Corp. Ltd.		1,400		7,054
Oversea-Chinese Banking Corp. Ltd.		3,300		26,996
Singapore Airlines Ltd.		400		2,689

INVESTMENTS	SHARES		VALUE($)
Singapore — continued
Singapore Telecommunications Ltd.		7,600		19,054
United Overseas Bank Ltd.		300		5,900
Wilmar International Ltd.		1,800		5,515
				114,380
Spain — 0.3%
Amadeus IT Group SA		558		45,698
Banco Santander SA		10,421		43,693
Endesa SA		539		14,394
Iberdrola SA		10,617		109,414
Industria de Diseno Textil SA		2,085		73,685
Telefonica SA		1,347		9,420
				296,304
Sweden — 0.3%
Boliden AB *		784		20,822
Lundin Petroleum AB		423		14,363
Sandvik AB		1,598		31,125
SKF AB, Class B		876		17,736
Svenska Handelsbanken AB, Class A		22,198		239,078
Volvo AB, Class B		949		15,887
				339,011
Switzerland — 1.7%
ABB Ltd. (Registered)		757		18,261
Alcon, Inc. *		1,103		62,476
Cie Financiere Richemont SA (Registered)		433		33,839
Credit Suisse Group AG (Registered) *		3,762		50,853
LafargeHolcim Ltd. (Registered) *		3,115		172,812
Lonza Group AG (Registered) *		136		49,614
Nestle SA (Registered)		5,761		623,716
Novartis AG (Registered)		4,486		424,778
Roche Holding AG		535		173,877
Swiss Re AG		678		76,168
UBS Group AG (Registered) *		1,404		17,718
Zurich Insurance Group AG		38		15,588
				1,719,700
Taiwan — 0.3%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		5,371		312,055
United Kingdom — 2.9%
3i Group plc		2,731		39,741
AstraZeneca plc		507		50,747
Barclays plc		16,984		40,498
Beazley plc		2,910		21,411

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United Kingdom — continued
BP plc		42,813		269,328
British American Tobacco plc		1,360		57,803
Burberry Group plc		4,279		124,928
CK Hutchison Holdings Ltd.		2,552		24,335
Compass Group plc		592		14,837
Diageo plc		8,339		351,378
Fiat Chrysler Automobiles NV		2,061		30,557
GlaxoSmithKline plc		8,920		209,594
HSBC Holdings plc		9,914		77,611
InterContinental Hotels Group plc		546		37,518
Intertek Group plc		371		28,748
Legal & General Group plc		37,901		152,251
Linde plc		550		118,014
Lloyds Banking Group plc		31,018		25,696
London Stock Exchange Group plc		1,472		151,281
M&G plc *		17,238		54,161
Persimmon plc		636		22,717
Prudential plc		9,276		177,734
Reckitt Benckiser Group plc		442		35,903
RELX plc		4,318		108,912
RELX plc		2,251		56,823
Smith & Nephew plc		5,283		127,324
SSE plc		2,520		48,062
St James’s Place plc		1,590		24,509
Standard Chartered plc		3,970		37,410
Taylor Wimpey plc		16,041		41,130
Tesco plc		12,681		42,857
Unilever NV		3,147		180,609
Unilever plc		686		39,268
Vodafone Group plc		10,314		20,023
				2,843,718
United States — 23.9%
AbbVie, Inc.		817		72,337
Acadia Healthcare Co., Inc. *		858		28,503
Advanced Micro Devices, Inc. *		2,945		135,058
AdvanSix, Inc. *		717		14,311
Air Products & Chemicals, Inc.		188		44,178
Alexion Pharmaceuticals, Inc. *		580		62,727
Alleghany Corp. *		54		43,177
Allergan plc		495		94,629
Alphabet, Inc., Class A *		104		139,297
Alphabet, Inc., Class C * (d)		506		676,532
Altice USA, Inc., Class A *		1,874		51,235
Amazon.com, Inc. * (d)		322		595,004

INVESTMENTS	SHARES		VALUE($)
United States — continued
American Electric Power Co., Inc.		1,378		130,235
American Express Co.		1,226		152,625
American Homes 4 Rent, Class A, REIT		1,886		49,432
American International Group, Inc.		1,468		75,352
AmerisourceBergen Corp.		550		46,761
AMETEK, Inc.		601		59,944
Amgen, Inc.		372		89,678
Amphenol Corp., Class A		474		51,301
Analog Devices, Inc.		1,799		213,793
Anthem, Inc.		186		56,178
Apple, Inc. (d)		1,926		565,570
Arista Networks, Inc. *		150		30,510
Arrow Electronics, Inc. *		687		58,216
Automatic Data Processing, Inc.		579		98,719
AutoZone, Inc. *		99		117,940
Avery Dennison Corp.		467		61,093
Ball Corp.		2,378		153,785
Bank of America Corp.		10,423		367,098
Berkshire Hathaway, Inc., Class B *		1,150		260,475
Best Buy Co., Inc.		663		58,211
BlackRock, Inc.		100		50,270
Booking Holdings, Inc. *		38		78,042
Booz Allen Hamilton Holding Corp.		882		62,737
Boston Scientific Corp. *		2,616		118,296
Brinker International, Inc.		1,155		48,510
Bristol-Myers Squibb Co.		3,919		251,561
Brixmor Property Group, Inc., REIT		2,784		60,162
Cabot Oil & Gas Corp.		1,950		33,949
Capital One Financial Corp.		2,070		213,024
Carlisle Cos., Inc. (d)		322		52,112
Catalent, Inc. *		664		37,383
CBRE Group, Inc., Class A *		2,652		162,541
Charles Schwab Corp. (The)		3,110		147,912
Charter Communications, Inc., Class A *		506		245,450
Chevron Corp.		2,660		320,557
Chubb Ltd.		479		74,561
Cigna Corp.		1,183		241,912
Cisco Systems, Inc.		1,559		74,770
Citigroup, Inc.		4,835		386,268
Citizens Financial Group, Inc.		2,644		107,373
Clorox Co. (The)		163		25,027
Coca-Cola Co. (The)		4,145		229,426
Columbia Sportswear Co.		392		39,274
Comcast Corp., Class A		3,309		148,806

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
CommScope Holding Co., Inc. *		2,951		41,875
ConocoPhillips		2,353		153,016
Constellation Brands, Inc., Class A		104		19,734
Copart, Inc. *		776		70,569
Coty, Inc., Class A		2,686		30,217
Delta Air Lines, Inc.		2,590		151,463
DexCom, Inc. *		287		62,778
Diamondback Energy, Inc.		1,754		162,876
Discovery, Inc., Class A *		1,853		60,667
DISH Network Corp., Class A *		2,152		76,331
Dover Corp.		753		86,791
Duke Energy Corp.		555		50,622
DuPont de Nemours, Inc.		753		48,343
East West Bancorp, Inc.		924		44,999
EastGroup Properties, Inc., REIT		205		27,197
Edison International		1,085		81,820
Elanco Animal Health, Inc. *		1,111		32,719
Eli Lilly & Co.		1,020		134,059
Energizer Holdings, Inc.		1,390		69,806
Entercom Communications Corp., Class A (d)		6,544		30,364
Entergy Corp.		404		48,399
EOG Resources, Inc.		446		37,357
EQT Corp.		2,911		31,730
Equitrans Midstream Corp.		2,456		32,812
Exact Sciences Corp. *		570		52,714
Exelixis, Inc. *		1,702		29,989
Facebook, Inc., Class A *		256		52,544
Fair Isaac Corp. *		75		28,101
Federal Realty Investment Trust, REIT		401		51,621
FedEx Corp.		59		8,921
Ferguson plc		1,308		119,037
Fidelity National Information Services, Inc.		678		94,303
Fifth Third Bancorp		1,642		50,475
First Republic Bank		952		111,812
Fiserv, Inc. *		1,825		211,025
Fortune Brands Home & Security, Inc.		910		59,459
FTI Consulting, Inc. *		225		24,899
Gardner Denver Holdings, Inc. *		689		25,273
Garmin Ltd.		541		52,780
Generac Holdings, Inc. *		773		77,756
General Dynamics Corp.		163		28,745
Global Payments, Inc.		791		144,405

INVESTMENTS	SHARES		VALUE($)
United States — continued
Graphic Packaging Holding Co.		3,616		60,206
Hartford Financial Services Group, Inc. (The)		1,257		76,388
HCA Healthcare, Inc.		343		50,699
Hewlett Packard Enterprise Co.		1,286		20,396
Hilton Worldwide Holdings, Inc.		768		85,179
Home Depot, Inc. (The)		1,480		323,202
Honeywell International, Inc.		2,118		374,886
IHS Markit Ltd. *		742		55,910
Illinois Tool Works, Inc.		477		85,684
Illumina, Inc. *		164		54,405
Ingersoll-Rand plc		373		49,579
Intercept Pharmaceuticals, Inc. *		248		30,732
Intercontinental Exchange, Inc.		886		81,999
Intuit, Inc.		334		87,485
Intuitive Surgical, Inc. *		110		65,027
Invesco Ltd.		1,352		24,309
James Hardie Industries plc, CHDI		359		7,016
Jazz Pharmaceuticals plc *		372		55,532
Johnson & Johnson		866		126,323
Keurig Dr Pepper, Inc.		1,376		39,835
KeyCorp		5,736		116,097
Keysight Technologies, Inc. *		618		63,425
Kimco Realty Corp., REIT		3,069		63,559
Kinder Morgan, Inc.		4,547		96,260
KLA Corp.		330		58,796
Kohl’s Corp.		1,276		65,012
Loews Corp. (d)		3,413		179,148
Lowe’s Cos., Inc.		323		38,682
Lululemon Athletica, Inc. *		261		60,466
Lyft, Inc., Class A *		1,457		62,680
M&T Bank Corp.		805		136,649
Marathon Petroleum Corp.		1,290		77,723
Marsh & McLennan Cos., Inc.		648		72,194
Martin Marietta Materials, Inc.		426		119,127
Mastercard, Inc., Class A (d)		1,271		379,508
McKesson Corp.		340		47,029
Medtronic plc		628		71,247
Merck & Co., Inc.		2,946		267,939
Microchip Technology, Inc.		272		28,484
Microsoft Corp. (d)		6,461		1,018,900
Mid-America Apartment Communities, Inc., REIT		597		78,720
Middleby Corp. (The) *		361		39,537
Mondelez International, Inc., Class A		438		24,125

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
Morgan Stanley		6,016		307,538
Murphy USA, Inc. *		442		51,714
Nasdaq, Inc.		489		52,372
National Vision Holdings, Inc. *		884		28,668
Netflix, Inc. *		531		171,816
New York Times Co. (The), Class A		891		28,663
Nexstar Media Group, Inc., Class A		647		75,861
NextEra Energy, Inc.		1,409		341,203
NiSource, Inc.		830		23,107
Nordson Corp.		226		36,802
Nordstrom, Inc.		1,375		56,279
Norfolk Southern Corp.		740		143,656
Northern Trust Corp.		595		63,213
NVIDIA Corp.		372		87,532
Old Dominion Freight Line, Inc.		294		55,795
O’Reilly Automotive, Inc. *		464		203,353
Outfront Media, Inc., REIT		2,297		61,606
Packaging Corp. of America		629		70,442
Parker-Hannifin Corp.		189		38,900
Parsley Energy, Inc., Class A		1,397		26,417
PayPal Holdings, Inc. *		1,088		117,689
PBF Energy, Inc., Class A		1,128		35,385
Pfizer, Inc.		4,081		159,894
Philip Morris International, Inc.		885		75,305
Phillips 66		428		47,683
Pioneer Natural Resources Co.		607		91,882
PNC Financial Services Group, Inc. (The)		1,280		204,326
Post Holdings, Inc. *		691		75,388
Procter & Gamble Co. (The)		1,026		128,147
Progressive Corp. (The)		853		61,749
Prologis, Inc., REIT		772		68,816
Prudential Financial, Inc.		299		28,028
Public Storage, REIT		459		97,749
QUALCOMM, Inc.		1,277		112,670
Rayonier, Inc., REIT		1,774		58,116
Regeneron Pharmaceuticals, Inc. *		225		84,483
Ross Stores, Inc.		1,108		128,993
S&P Global, Inc.		348		95,021
Sage Therapeutics, Inc. *		217		15,665
salesforce.com, Inc. *		1,377		223,955
ServiceNow, Inc. *		236		66,628
Slack Technologies, Inc., Class A *		1,444		32,461
Southwest Airlines Co.		731		39,459
Spotify Technology SA *		381		56,979

INVESTMENTS	SHARES		VALUE($)
United States — continued
Stanley Black & Decker, Inc.		871		144,360
Synopsys, Inc. *		363		50,530
T. Rowe Price Group, Inc.		934		113,799
Take-Two Interactive Software, Inc. *		706		86,436
TD Ameritrade Holding Corp.		381		18,936
Teladoc Health, Inc. *		859		71,915
Tesla, Inc. *		260		108,766
Texas Instruments, Inc. (d)		1,653		212,063
TherapeuticsMD, Inc. * (b)		3,427		8,293
Thermo Fisher Scientific, Inc.		252		81,867
Tiffany & Co.		578		77,250
TJX Cos., Inc. (The)		2,136		130,424
Tractor Supply Co.		529		49,430
Trade Desk, Inc. (The), Class A *		235		61,048
Travelers Cos., Inc. (The)		1,031		141,195
Truist Financial Corp.		2,217		124,861
Twilio, Inc., Class A *		586		57,592
Uber Technologies, Inc. *		839		24,952
Union Pacific Corp.		448		80,994
United Parcel Service, Inc., Class B		635		74,333
United Technologies Corp.		644		96,445
UnitedHealth Group, Inc. (d)		2,012		591,488
US Bancorp		1,567		92,907
Veeva Systems, Inc., Class A *		225		31,649
Ventas, Inc., REIT		1,226		70,789
Verizon Communications, Inc.		2,346		144,044
Vertex Pharmaceuticals, Inc. *		355		77,727
ViacomCBS, Inc.		1,210		50,784
Visa, Inc., Class A		565		106,164
Vulcan Materials Co.		406		58,460
Walgreens Boots Alliance, Inc.		1,495		88,145
Waste Connections, Inc.		1,182		107,314
Wells Fargo & Co.		3,483		187,385
Westrock Co.		1,406		60,331
Weyerhaeuser Co., REIT		1,125		33,975
Williams Cos., Inc. (The)		3,465		82,190
Willis Towers Watson plc		287		57,957
Xcel Energy, Inc.		3,007		190,914
Xilinx, Inc.		359		35,099
Zebra Technologies Corp., Class A *		314		80,208
Zimmer Biomet Holdings, Inc.		694		103,878
Zscaler, Inc. *		465		21,623
				23,714,257
Total Common Stocks (Cost $33,657,635)				42,793,214

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Investment Companies — 18.5%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (e)		203,225		6,639,362
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (e)		239,236		1,961,738
JPMorgan High Yield Fund Class R6 Shares (e)		1,343,728		9,768,901
Total Investment Companies (Cost $16,611,218)				18,370,001
	PRINCIPAL AMOUNT($)
Foreign Government Securities — 9.0%
Australia — 0.2%
Australia Government Bond
2.00%, 12/21/2021 (a)	AUD	37,000		26,506
2.75%, 4/21/2024 (a)	AUD	6,000		4,521
3.25%, 4/21/2025 (a)	AUD	23,000		17,954
4.75%, 4/21/2027 (a)	AUD	39,000		34,077
2.25%, 5/21/2028 (a)	AUD	115,000		86,617
2.75%, 11/21/2029 (a)	AUD	8,000		6,324
3.75%, 4/21/2037 (a)	AUD	28,000		25,659
2.75%, 5/21/2041 (a)	AUD	1,000		809
3.00%, 3/21/2047 (a)	AUD	15,000		12,752
				215,219
Belgium — 0.2%
Belgium Government Bond
0.50%, 10/22/2024 (a)	EUR	32,000		37,323
3.00%, 6/22/2034 (a)	EUR	31,000		47,552
1.90%, 6/22/2038 (a)	EUR	43,000		59,090
1.60%, 6/22/2047 (a)	EUR	8,000		10,632
2.15%, 6/22/2066 (a)	EUR	8,000		12,344
				166,941
Canada — 0.1%
Canada Government Bond
1.00%, 9/1/2022	CAD	42,000		31,767
1.50%, 9/1/2024	CAD	11,000		8,399
1.00%, 6/1/2027	CAD	36,000		26,335
2.25%, 6/1/2029	CAD	8,000		6,453
5.00%, 6/1/2037	CAD	8,000		9,130
3.50%, 12/1/2045	CAD	22,000		22,990
2.75%, 12/1/2048	CAD	14,000		13,186
2.75%, 12/1/2064	CAD	3,000		3,030
				121,290

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
China — 0.2%
China Development Bank 0.88%, 1/24/2024 (a)	EUR	100,000		115,518
Export-Import Bank of China (The) 0.75%, 5/28/2023 (a)	EUR	100,000		114,238
				229,756
Denmark — 0.1%
Denmark Government Bond
3.00%, 11/15/2021	DKK	42,000		6,738
1.50%, 11/15/2023	DKK	36,000		5,830
1.75%, 11/15/2025	DKK	28,000		4,738
0.50%, 11/15/2027	DKK	111,000		17,709
4.50%, 11/15/2039	DKK	91,000		25,484
				60,499
France — 0.8%
France Government Bond
0.00%, 5/25/2022 (a)	EUR	96,000		109,171
0.00%, 3/25/2024 (a)	EUR	28,000		31,985
1.75%, 11/25/2024 (a)	EUR	80,500		99,690
0.25%, 11/25/2026 (a)	EUR	48,000		55,333
0.50%, 5/25/2029 (a)	EUR	84,000		97,967
1.50%, 5/25/2031 (a)	EUR	12,000		15,430
1.25%, 5/25/2034 (a)	EUR	58,030		72,910
4.75%, 4/25/2035 (a)	EUR	23,500		43,356
1.75%, 6/25/2039 (a)	EUR	36,000		48,864
3.25%, 5/25/2045 (a)	EUR	54,000		94,934
2.00%, 5/25/2048 (a)	EUR	17,000		24,491
4.00%, 4/25/2055 (a)	EUR	12,000		25,628
4.00%, 4/25/2060 (a)	EUR	2,000		4,459
1.75%, 5/25/2066 (a)	EUR	28,000		39,166
				763,384
Germany — 0.3%
Federal Republic of Germany
1.00%, 8/15/2024 (a)	EUR	68,000		81,620
4.00%, 1/4/2037 (a)	EUR	19,000		35,528
3.25%, 7/4/2042 (a)	EUR	3,000		5,627
2.50%, 8/15/2046 (a)	EUR	87,000		152,940
0.00%, 8/15/2050	EUR	9,000		9,079
				284,794
Indonesia — 0.2%
Republic of Indonesia
2.15%, 7/18/2024 (a)	EUR	100,000		119,672
1.40%, 10/30/2031	EUR	100,000		111,749
				231,421

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Foreign Government Securities — continued
Italy — 1.5%
Italy Government Bond
4.25%, 3/1/2020 (a)	EUR	156,000		176,233
0.20%, 10/15/2020	EUR	180,000		202,588
5.00%, 3/1/2022	EUR	17,000		21,122
1.35%, 4/15/2022	EUR	33,000		38,075
1.45%, 9/15/2022	EUR	41,000		47,603
0.95%, 3/15/2023	EUR	78,000		89,451
2.45%, 10/1/2023 (a)	EUR	46,000		55,553
1.85%, 5/15/2024	EUR	29,000		34,440
2.50%, 12/1/2024	EUR	46,000		56,212
1.45%, 5/15/2025 (a)	EUR	59,000		68,662
1.60%, 6/1/2026	EUR	109,000		127,858
2.80%, 12/1/2028 (a)	EUR	128,000		162,533
3.00%, 8/1/2029 (a)	EUR	20,000		25,837
1.35%, 4/1/2030 (a)	EUR	24,000		26,770
1.65%, 3/1/2032 (a)	EUR	70,000		79,342
2.45%, 9/1/2033 (a)	EUR	33,000		40,263
2.25%, 9/1/2036 (a)	EUR	48,000		56,451
4.00%, 2/1/2037 (a)	EUR	19,000		27,397
4.75%, 9/1/2044 (a)	EUR	19,000		30,833
3.45%, 3/1/2048 (a)	EUR	30,000		40,922
3.85%, 9/1/2049 (a)	EUR	24,000		34,838
2.80%, 3/1/2067 (a)	EUR	7,000		8,174
				1,451,157
Japan — 3.2%
Japan Finance Organization for Municipalities
0.88%, 9/22/2021 (a)	EUR	100,000		114,279
Japan Government Bond
0.10%, 9/20/2021	JPY	29,500,000		272,607
0.10%, 9/20/2022	JPY	11,100,000		102,823
0.10%, 12/20/2022	JPY	17,150,000		158,938
0.60%, 12/20/2023	JPY	40,600,000		384,515
0.10%, 9/20/2024	JPY	12,900,000		119,966
2.10%, 12/20/2026	JPY	18,550,000		197,154
0.10%, 6/20/2029	JPY	18,400,000		171,338
0.10%, 9/20/2029	JPY	11,850,000		110,290
1.70%, 12/20/2032	JPY	11,800,000		131,199
1.80%, 12/20/2032	JPY	13,000,000		146,077
1.50%, 3/20/2034	JPY	25,800,000		283,528
0.70%, 3/20/2037	JPY	17,750,000		176,727
0.60%, 12/20/2037	JPY	25,600,000		250,534
2.50%, 3/20/2038	JPY	4,150,000		53,530
1.70%, 9/20/2044	JPY	800,000		9,715

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Japan — continued
1.40%, 9/20/2045	JPY	4,200,000		48,475
1.40%, 12/20/2045	JPY	11,150,000		128,921
0.80%, 3/20/2047	JPY	6,400,000		65,186
0.80%, 12/20/2047	JPY	7,700,000		78,418
0.40%, 9/20/2049	JPY	900,000		8,242
0.90%, 3/20/2057	JPY	12,350,000		131,703
				3,144,165
Mexico — 0.1%
United Mexican States 2.38%, 4/9/2021	EUR	100,000		115,640
Romania — 0.0% (c)
Republic of Romania 2.12%, 7/16/2031 (f)	EUR	34,000		38,948
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia 0.75%, 7/9/2027 (f)	EUR	100,000		115,703
Spain — 1.0%
Kingdom of Spain
0.05%, 1/31/2021	EUR	4,000		4,510
0.45%, 10/31/2022	EUR	80,000		91,684
3.80%, 4/30/2024 (a)	EUR	13,000		17,040
2.75%, 10/31/2024 (a)	EUR	222,000		282,909
1.60%, 4/30/2025 (a)	EUR	105,000		127,804
1.45%, 10/31/2027 (a)	EUR	47,000		57,511
1.40%, 4/30/2028 (a)	EUR	31,000		37,821
1.40%, 7/30/2028 (a)	EUR	15,000		18,307
1.45%, 4/30/2029 (a)	EUR	45,000		55,151
0.60%, 10/31/2029 (a)	EUR	121,000		137,478
2.35%, 7/30/2033 (a)	EUR	15,000		20,345
4.20%, 1/31/2037 (a)	EUR	31,000		53,017
5.15%, 10/31/2044 (a)	EUR	24,000		49,758
2.90%, 10/31/2046 (a)	EUR	14,000		21,465
2.70%, 10/31/2048 (a)	EUR	6,000		8,931
3.45%, 7/30/2066 (a)	EUR	9,000		16,015
				999,746
Sweden — 0.1%
Sweden Government Bond
5.00%, 12/1/2020	SEK	55,000		6,157
3.50%, 6/1/2022	SEK	35,000		4,083
2.50%, 5/12/2025	SEK	210,000		25,627
2.25%, 6/1/2032 (a)	SEK	15,000		1,973
3.50%, 3/30/2039	SEK	35,000		5,754
				43,594

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Foreign Government Securities — continued
United Kingdom — 0.9%
U.K. Treasury Bonds
4.00%, 3/7/2022 (a)	GBP	34,000		48,415
1.75%, 9/7/2022 (a)	GBP	35,000		47,847
5.00%, 3/7/2025 (a)	GBP	6,000		9,717
2.00%, 9/7/2025 (a)	GBP	18,000		25,719
4.25%, 12/7/2027 (a)	GBP	40,000		67,560
0.88%, 10/22/2029 (a)	GBP	78,000		103,721
4.50%, 9/7/2034 (a)	GBP	6,000		11,611
4.25%, 3/7/2036 (a)	GBP	24,000		46,246
1.75%, 9/7/2037 (a)	GBP	27,000		38,632
4.75%, 12/7/2038 (a)	GBP	34,000		71,922
3.25%, 1/22/2044 (a)	GBP	16,000		29,475
3.50%, 1/22/2045 (a)	GBP	16,000		30,893
4.25%, 12/7/2046 (a)	GBP	46,000		100,960
1.50%, 7/22/2047 (a)	GBP	43,000		59,010
3.75%, 7/22/2052 (a)	GBP	21,000		45,944
4.25%, 12/7/2055 (a)	GBP	10,500		25,872
1.75%, 7/22/2057 (a)	GBP	23,600		35,928
2.50%, 7/22/2065 (a)	GBP	35,660		67,983
3.50%, 7/22/2068 (a)	GBP	12,000		28,999
				896,454
Total Foreign Government Securities (Cost $8,733,831)				8,878,711
Asset-Backed Securities — 4.5%
United States — 4.5%
ACC Trust Series 2019-1, Class B, 4.47%, 10/20/2022 (f)		100,000		101,551
Accredited Mortgage Loan Trust Series 2005-4, Class A2D, 2.11%, 12/25/2035 (g)		165,266		164,996
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (f)		32,000		32,610
Series 2018-4, Class D, 4.40%, 1/13/2025 (f)		100,000		102,842
Series 2019-1, Class E, 4.84%, 4/14/2025 (f)		100,000		102,685
Series 2019-2, Class D, 3.41%, 6/12/2025 (f)		20,000		20,239
Series 2019-3, Class D, 2.89%, 9/12/2025 (f)		61,000		60,860

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
AmeriCredit Automobile Receivables Trust
Series 2019-1, Class C, 3.36%, 2/18/2025		15,000		15,381
Series 2019-1, Class D, 3.62%, 3/18/2025		20,000		20,534
AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1997-1, Class A7, 7.61%, 3/25/2027 ‡		19,874		19,814
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE6, Class M2, 4.27%, 11/25/2033 ‡ (g)		65,049		65,982
Series 2004-HE3, Class M2, 3.47%, 6/25/2034 ‡ (g)		64,563		64,486
Series 2005-HE6, Class M3, 2.59%, 7/25/2035 ‡ (g)		38,568		38,587
Bear Stearns Asset-Backed Securities Trust
Series 2004-HE5, Class M2, 3.67%, 7/25/2034 ‡ (g)		11,933		12,069
Series 2003-2, Class M1, 3.59%, 3/25/2043 ‡ (g)		29,097		29,231
Conn’s Receivables Funding LLC
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (f)		33,068		33,306
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (f)		100,000		100,892
Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (f)		200,000		201,898
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 2.54%, 5/25/2034 ‡ (g)		25,827		25,809
Series 2006-19, Class 2A2, 1.95%, 3/25/2037 ‡ (g)		68,087		67,617
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 2.62%, 3/25/2034 ‡ (g)		44,294		44,140
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 4.12%, 5/25/2034 (g)		40,169		40,102
Series 2004-5, Class M3, 3.52%, 7/25/2034 ‡ (g)		58,233		58,156
Drive Auto Receivables Trust
Series 2018-4, Class D, 4.09%, 1/15/2026		35,000		35,970
Series 2018-5, Class D, 4.30%, 4/15/2026		35,000		36,134

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series 2019-1, Class D, 4.09%, 6/15/2026		65,000		66,906
Series 2019-3, Class D, 3.18%, 10/15/2026		70,000		70,972
Driven Brands Funding LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049 (f)		64,513		66,700
DT Auto Owner Trust
Series 2018-3A, Class D, 4.19%, 7/15/2024 (f)		80,000		82,294
Series 2019-1A, Class D, 3.87%, 11/15/2024 (f)		130,000		132,734
Series 2017-4A, Class E, 5.15%, 11/15/2024 (f)		110,000		113,326
Series 2019-1A, Class E, 4.94%, 2/17/2026 (f)		100,000		102,579
Series 2019-3A, Class E, 3.85%, 8/17/2026 (f)		100,000		99,527
Exeter Automobile Receivables Trust
Series 2018-4A, Class C, 3.97%, 9/15/2023 (f)		55,000		55,915
Series 2018-3A, Class E, 5.43%, 8/15/2024 (f)		10,000		10,428
Series 2018-4A, Class D, 4.35%, 9/16/2024 (f)		20,000		20,615
Series 2019-1A, Class C, 3.82%, 12/16/2024 (f)		50,000		51,074
Series 2019-1A, Class D, 4.13%, 12/16/2024 (f)		95,000		97,978
Series 2019-2A, Class D, 3.71%, 3/17/2025 (f)		20,000		20,486
Series 2018-4A, Class E, 5.38%, 7/15/2025 (f)		20,000		20,734
Series 2019-3A, Class D, 3.11%, 8/15/2025 (f)		35,000		35,247
Series 2019-1A, Class E, 5.20%, 1/15/2026 (f)		280,000		290,574
Series 2019-2A, Class E, 4.68%, 5/15/2026 (f)		420,000		429,791
First Franklin Mortgage Loan Trust Series 2004-FFH3, Class M1, 2.66%, 10/25/2034 ‡ (g)		65,859		65,921
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023 (f)		38,602		38,608
Series 2019-4A, Class B, 2.78%, 9/16/2024 (f)		50,000		50,081

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2019-1A, Class C, 3.87%, 12/16/2024 (f)		30,000		30,696
Series 2019-4A, Class C, 3.06%, 8/15/2025 (f)		40,000		40,041
GLS Auto Receivables Trust Series 2018-3A, Class C, 4.18%, 7/15/2024 (f)		25,000		25,691
KREF Ltd. Series 2018-FL1, Class D, 4.29%, 6/15/2036 ‡ (f) (g)		100,000		100,375
Long Beach Mortgage Loan Trust
Series 2004-4, Class M1, 2.69%, 10/25/2034 ‡ (g)		75,279		75,139
Series 2004-6, Class A3, 3.09%, 11/25/2034 ‡ (g)		25,199		25,307
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-NC10, Class M1, 2.81%, 10/25/2033 ‡ (g)		39,973		39,707
Santander Drive Auto Receivables Trust
Series 2019-1, Class C, 3.42%, 4/15/2025		29,000		29,466
Series 2019-1, Class D, 3.65%, 4/15/2025		35,000		35,840
Saxon Asset Securities Trust Series 2003-3, Class M1, 2.77%, 12/25/2033 ‡ (g)		39,057		38,560
Structured Asset Investment Loan Trust Series 2003-BC11, Class M1, 2.77%, 10/25/2033 ‡ (g)		15,534		15,566
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 1.96%, 1/25/2037 (g)		80,642		79,460
Series 2007-WF2, Class A1, 2.79%, 8/25/2037 ‡ (g)		37,122		37,236
Vericrest Opportunity Loan Trust Series 2019-NPL3, Class A1, 3.97%, 3/25/2049 ‡ (f) (h)		215,087		216,191
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 1.94%, 1/25/2037 ‡ (g)		30,474		30,406
Westlake Automobile Receivables Trust
Series 2019-1A, Class C, 3.45%, 3/15/2024 (f)		85,000		86,012
Series 2019-1A, Class D, 3.67%, 3/15/2024 (f)		75,000		76,416
Series 2019-1A, Class E, 4.49%, 7/15/2024 (f)		60,000		61,615
Total Asset-Backed Securities (Cost $4,365,199)				4,462,105

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Commercial Mortgage-Backed Securities — 3.8%
United States — 3.8%
Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class D, 3.25%, 2/15/2050 ‡ (f)		100,000		91,460
BANK
Series 2017-BNK7, Class B, 3.95%, 9/15/2060		25,000		26,152
Series 2019-BN22, Class E, 2.50%, 11/15/2062 ‡ (f)		100,000		80,124
BBCMS Mortgage Trust Series 2018-C2, Class C, 4.97%, 12/15/2051 ‡ (g)		25,000		27,352
Benchmark Mortgage Trust
Series 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (f)		125,000		107,911
BXMT Ltd. Series 2017-FL1, Class B, 3.24%, 6/15/2035 ‡ (f) (g)		100,000		99,994
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class E, 3.89%, 12/15/2037 ‡ (f) (g)		100,000		100,341
Series 2019-LIFE, Class G, 4.99%, 12/15/2037 ‡ (f) (g)		100,000		100,589
CD Mortgage Trust
Series 2017-CD4, Class C, 4.35%, 5/10/2050 ‡ (g)		100,000		104,549
Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (f)		10,000		8,778
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.74%, 1/10/2036 ‡ (f) (g)		100,000		105,023
Series 2019-PRM, Class E, 4.89%, 5/10/2036 ‡ (f)		100,000		102,572
Series 2012-GC8, Class D, 4.88%, 9/10/2045 ‡ (f) (g)		100,000		99,792
Series 2015-P1, Class C, 4.34%, 9/15/2048 ‡ (g)		75,000		78,366
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (f)		20,000		17,952
Series 2017-P7, Class D, 3.25%, 4/14/2050 (f)		23,000		20,396
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (g)		15,000		15,721
Commercial Mortgage Trust
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (f)		100,000		88,309
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (f)		100,000		94,907
Series 2015-CR23, Class CME, 3.68%, 5/10/2048 ‡ (f) (g)		100,000		99,946

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2015-LC21, Class D, 4.30%, 7/10/2048 (g)		130,000		130,239
Series 2016-CR28, Class C, 4.65%, 2/10/2049 ‡ (g)		100,000		107,422
CSAIL Commercial Mortgage Trust Series 2019-C16, Class C, 4.24%, 6/15/2052 ‡ (g)		25,000		25,929
DBGS Mortgage Trust Series 2018-5BP, Class B, 2.57%, 6/15/2033 ‡ (f) (g)		100,000		99,411
DBJPM Mortgage Trust Series 2017-C6, Class D, 3.24%, 6/10/2050 ‡ (f) (g)		50,000		45,114
FHLMC, Multifamily Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.17%, 7/25/2026 (g)		180,000		21,331
Series K083, Class X1, IO, 0.03%, 9/25/2028 (g)		14,572,987		93,442
Series K094, Class X1, IO, 0.88%, 6/25/2029 (g)		1,275,131		90,420
Series K092, Class X3, IO, 2.25%, 7/25/2029 (g)		100,000		17,177
Series K723, Class X3, IO, 1.92%, 10/25/2034 (g)		119,125		7,746
Series K153, Class X3, IO, 3.77%, 4/25/2035 (g)		100,000		33,407
Series K716, Class X3, IO, 1.80%, 8/25/2042 (g)		317,355		8,391
Series K040, Class X3, IO, 2.04%, 11/25/2042 (g)		2,000,000		171,676
Series K726, Class X3, IO, 2.13%, 7/25/2044 (g)		302,035		24,585
Series K728, Class X3, IO, 1.95%, 11/25/2045 (g)		151,300		12,352
Series K071, Class X3, IO, 2.01%, 11/25/2045 (g)		700,000		94,222
Series K094, Class X3, IO, 2.12%, 7/25/2047 (g)		588,425		96,247
FNMA ACES Series 2016-M4, Class X2, IO, 2.65%, 1/25/2039 (g)		219,468		17,097
FREMF Series 2018-KF46, Class B, 3.65%, 3/25/2028 (f) (g)		7,166		7,117
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.05%, 5/25/2022 (f) (g)		2,262		2,302
Series 2015-KF10, Class B, 7.80%, 7/25/2022 (f) (g)		7,022		7,340
Series 2017-KF32, Class B, 4.25%, 5/25/2024 (f) (g)		10,705		10,831

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2017-KF38, Class B, 4.20%, 9/25/2024 (f) (g)		7,847		7,884
Series 2018-KF42, Class B, 3.90%, 12/25/2024 (f) (g)		9,790		9,796
Series 2018-KF45, Class B, 3.65%, 3/25/2025 (f) (g)		20,375		20,076
Series 2018-KF49, Class B, 3.60%, 6/25/2025 (f) (g)		8,036		7,967
Series 2018-KC02, Class B, 4.09%, 7/25/2025 (f) (g)		35,000		35,300
Series 2018-KF53, Class B, 3.75%, 10/25/2025 (g)		83,473		83,410
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (f) (g)		30,000		30,851
Series 2019-KF62, Class B, 3.75%, 4/25/2026 (f) (g)		25,000		24,999
Series 2018-KF50, Class B, 3.60%, 7/25/2028 (f) (g)		9,465		9,438
Series 2019-KF63, Class B, 4.05%, 5/25/2029 (f) (g)		59,000		59,000
Series 2012-K19, Class C, 4.02%, 5/25/2045 (f) (g)		10,000		10,328
Series 2017-K67, Class C, 3.94%, 9/25/2049 (f) (g)		15,000		15,347
Series 2019-K87, Class C, 4.32%, 1/25/2051 (f) (g)		120,000		122,939
GNMA
Series 2012-44, IO, 0.40%, 3/16/2049 (g)		255,514		2,759
Series 2013-80, IO, 0.94%, 3/16/2052 (g)		190,571		10,466
Series 2014-186, IO, 0.76%, 8/16/2054 (g)		547,279		24,050
Series 2013-178, IO, 0.64%, 6/16/2055 (g)		89,179		2,501
Series 2015-172, IO, 0.84%, 3/16/2057 (g)		166,786		8,352
Series 2016-40, IO, 0.72%, 7/16/2057 (g)		514,080		24,411
Series 2016-71, Class QI, IO, 0.97%, 11/16/2057 (g)		377,138		25,222
Series 2016-96, IO, 0.98%, 12/16/2057 (g)		82,029		5,827
Series 2016-155, IO, 0.88%, 2/16/2058 (g)		483,950		34,606
Series 2017-86, IO, 0.77%, 5/16/2059 (g)		268,283		16,093

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2017-148, IO, 0.66%, 7/16/2059 (g)		143,716		7,723
Series 2017-69, IO, 0.80%, 7/16/2059 (g)		476,099		30,618
Series 2017-171, IO, 0.70%, 9/16/2059 (g)		96,628		5,907
Series 2018-119, IO, 0.65%, 5/16/2060 (g)		383,909		25,022
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.59%, 6/10/2028 ‡ (f) (g)		100,000		100,344
GS Mortgage Securities Trust
Series 2013-GC12, Class D, 4.45%, 6/10/2046 (f) (g)		200,000		199,026
Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (f) (g)		100,000		93,896
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.91%, 7/15/2044 (g)		4,469		4,471
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (g)		56,482		30,074
Morgan Stanley Capital I Trust Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (f) (g)		15,000		15,558
Wells Fargo Commercial Mortgage Trust Series 2018-C48, Class C, 5.12%, 1/15/2052 ‡ (g)		35,000		38,941
Total Commercial Mortgage-Backed Securities (Cost $3,694,158)				3,737,234
Collateralized Mortgage Obligations — 3.4%
United States — 3.4%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 3.89%, 6/25/2045 (g)		27,542		28,126
Angel Oak Mortgage Trust I LLC Series 2018-2, Class A1, 3.67%, 7/27/2048 (f) (g)		113,227		114,271
Banc of America Funding Trust Series 2006-A, Class 1A1, 4.45%, 2/20/2036 (g)		18,685		18,655
Banc of America Mortgage Trust Series 2005-A, Class 2A2, 4.46%, 2/25/2035 (g)		19,829		20,016
Bear Stearns ALT-A Trust Series 2005-4, Class 23A2, 4.41%, 5/25/2035 (g)		36,908		37,478

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
COLT Mortgage Loan Trust
Series 2018-2, Class A1, 3.47%, 7/27/2048 (f) (g)		34,982		35,068
Series 2019-1, Class A1, 3.71%, 3/25/2049 (f) (g)		166,547		167,469
Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2, 3.89%, 9/25/2039 ‡ (f) (g)		150,000		151,415
Deephave Residential Mortgage Trust Series 2019-2A, Class M1, 3.92%, 4/25/2059 ‡ (f) (g)		175,000		177,441
Deephaven Residential Mortgage Trust Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (f) (g)		140,000		139,838
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 2.54%, 10/25/2047 (g)		255,872		244,050
FNMA, Connecticut Avenue Securities
Series 2014-C04, Class 2M2, 6.79%, 11/25/2024 (g)		59,872		64,695
Series 2017-C07, Class 2M2, 4.29%, 5/25/2030 (g)		223,553		226,955
GCAT Trust Series 2019-NQM2, Class A3, 3.16%, 9/25/2059 (f) (h)		284,429		284,896
GSR Mortgage Loan Trust Series 2005-AR3, Class 1A1, 2.23%, 5/25/2035 (g)		67,345		65,019
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (f) (g)		92,816		93,399
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (f) (g)		250,000		252,787
Impac CMB Trust Series 2004-7, Class 1A2, 2.71%, 11/25/2034 (g)		74,578		73,974
JP Morgan Mortgage Trust Series 2005-A3, Class 4A1, 4.67%, 6/25/2035 (g)		10,504		10,845
Lehman Mortgage Trust Series 2005-3, Class 2A3, 5.50%, 1/25/2036		8,848		9,093
LHOME Mortgage Trust Series 2019-RTL1, Class A1, 4.58%, 10/25/2023 (f) (h)		100,000		101,425
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 4.53%, 1/25/2037 (g)		16,706		16,815
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 4.64%, 7/25/2034 (g)		17,432		17,508

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2005-5AR, Class 1M1, 2.54%, 9/25/2035 ‡ (g)		89,342		89,469
New Residential Mortgage Loan Trust Series 2019-NQM4, Class M1, 2.99%, 9/25/2059 ‡ (f) (g)		300,000		295,037
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1APT, 2.07%, 12/25/2035 (g)		47,857		45,001
Residential Asset Securitization Trust Series 2004-A6, Class A1, 5.00%, 8/25/2019		3,385		3,418
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 3.41%, 10/25/2037 (g)		300,638		295,054
Toorak Mortgage Corp. Ltd.
Series 2019-1, Class A1, 4.46%, 3/25/2022 (f) (h)		120,000		121,841
Series 2019-2, Class A1, 3.72%, 9/25/2022 (h)		110,000		110,145
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 4.42%, 3/25/2035 (g)		16,502		16,366
Series 2005-AR5, Class A6, 4.37%, 5/25/2035 (g)		24,418		24,837
Series 2005-AR10, Class 1A3, 4.14%, 9/25/2035 (g)		25,903		26,039
Total Collateralized Mortgage Obligations (Cost $3,346,830)				3,378,445
Corporate Bonds — 2.7%
Canada — 0.3%
Bank of Montreal 3.10%, 7/13/2020		150,000		151,036
Canadian Imperial Bank of Commerce 2.70%, 2/2/2021		141,000		142,281
				293,317
France — 0.5%
BNP Paribas SA 5.00%, 1/15/2021		250,000		257,888
Dexia Credit Local SA
0.75%, 1/25/2023 (a)	EUR	100,000		115,466
1.63%, 12/8/2023 (a)	GBP	100,000		134,896
				508,250
Netherlands — 0.0% (c)
BNG Bank NV 4.75%, 3/6/2023 (a)	AUD	15,000		11,627

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Corporate Bonds — continued
Singapore — 0.2%
Temasek Financial I Ltd. 0.50%, 3/1/2022 (a)	EUR	150,000		170,631
United States — 1.7%
American Electric Power Co., Inc. 2.15%, 11/13/2020		200,000		200,381
Bank of New York Mellon Corp. (The) 2.60%, 8/17/2020		65,000		65,262
Citigroup, Inc. 2.65%, 10/26/2020		250,000		251,352
Goldman Sachs Bank USA (SOFR + 0.60%), 2.14%, 5/24/2021 (i)		23,000		23,011
Huntington National Bank (The) 2.88%, 8/20/2020		250,000		251,255
KeyCorp 5.10%, 3/24/2021		200,000		207,536
PNC Bank NA 2.45%, 11/5/2020		250,000		251,165
Simon Property Group LP REIT, 2.50%, 9/1/2020		250,000		250,609
Truist Bank (ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (i)		200,000		200,403
				1,700,974
Total Corporate Bonds (Cost $2,686,070)				2,684,799
U.S. Treasury Obligations — 1.5%
U.S. Treasury Notes
2.00%, 1/31/2020 (j)		1,285,000		1,285,340
2.13%, 8/31/2020		240,000		240,726
				1,526,066
Total U.S. Treasury Obligations (Cost $1,524,592)				1,526,066
	NO. OF CONTRACTS
Options Purchased — 0.4%
Call Options Purchased — 0.4%
United States — 0.4%
iShares MSCI Emerging Markets ETF 3/20/2020 at USD 43.73, American Style Notional Amount: USD 7,511,238 Exchange Traded *		1,674		369,117
Total Options Purchased (Cost $261,981)				369,117

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Supranational — 0.2%
Supranational — 0.2%
European Investment Bank
2.80%, 1/15/2021	AUD	33,000		23,551
2.25%, 7/30/2021 (f)	CAD	50,000		38,755
0.50%, 6/21/2023	AUD	30,000		20,394
Inter-American Development Bank
0.50%, 5/23/2023	CAD	63,000		46,084
4.40%, 1/26/2026	CAD	16,000		13,881
				142,665
Total Supranational (Cost $144,192)				142,665
	NO. OF RIGHTS
Rights — 0.0%
United States — 0.0%
Media General, Inc., CVR * ‡ (Cost $—)		902		—
	PRINCIPAL AMOUNT($)
Short-Term Investments — 12.5%
Certificates Of Deposit — 0.5%
Agricultural Bank of China Ltd.
2.30%, 3/16/2020		95,000		95,010
2.30%, 4/8/2020		147,000		146,993
Natixis SA 1.93%, 11/13/2020		250,000		249,958
Total Certificates of Deposit (Cost $492,000)				491,961
Commercial Paper — 0.5%
Enel Finance America LLC 2.24%, 1/22/2020 (f) (k)		250,000		249,697
Parker-Hannifin Corp. 2.06%, 3/4/2020 (f) (k)		250,000		249,171
Total Commercial Paper (Cost $498,778)				498,868
Foreign Government Treasury Bills — 4.0%
Canadian Treasury Bills
1.69%, 4/2/2020 (k)	CAD	1,693,000		1,298,273
1.70%, 4/30/2020 (k)	CAD	1,695,000		1,298,071
1.70%, 5/28/2020 (k)	CAD	1,695,000		1,296,061
Italy Buoni Ordinari del Tesoro BOT (0.36)%, 1/14/2020 (a) (k)	EUR	91,000		102,082
Total Foreign Government Treasury Bills (Cost $3,929,780)				3,994,487

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

INVESTMENTS	SHARES			VALUE ($)
Long Positions — continued
Short-Term Investments — continued
Investment Companies — 7.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.70% (e) (l)(Cost $7,419,821)		7,417,880			7,420,105
Investment Of Cash Collateral From Securities Loaned — 0.0% (c)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (e) (l) (Cost $22,900)		22,900			22,900
Total Short-Term Investments (Cost $12,363,279)					12,428,321
Total Long Positions (Cost $87,388,985)					98,770,678
Short Positions — (0.2)%
Common Stocks — (0.2)%
United States — (0.2)%
Clorox Co. (The)		(158	)		(24,259	)
Conagra Brands, Inc.		(498	)		(17,052	)
CSX Corp.		(265	)		(19,176	)
General Motors Co.		(407	)		(14,896	)
Harley-Davidson, Inc.		(547	)		(20,343	)
Host Hotels & Resorts, Inc., REIT		(1,336	)		(24,783	)
Kimberly-Clark Corp.		(106	)		(14,580	)
Mohawk Industries, Inc. *		(177	)		(24,139	)
Total Common Stocks (Proceeds $(154,055))					(159,228	)
Exchange-Traded Funds — 0.0% (c)
United States — 0.0% (c)
SPDR S&P 500 ETF Trust (Proceeds $(37,672))		(122	)		(39,267	)
Total Short Positions (Proceeds $(191,727))					(198,495	)
Total Investments — 99.5% (Cost $87,197,258)					98,572,183
Other Assets Less Liabilities — 0.5%					528,348
NET ASSETS — 100.0%					99,100,531

Percentages indicated are based on net assets.

Summary of Investments by Industry, December 31, 2019

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

LONG PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Investment Companies		18.6	%
Foreign Government Securities		9.0
Banks		6.3
Asset-Backed Securities		4.5
Foreign Government Treasury Bills		4.0
Commercial Mortgage-Backed Securities		3.8
Collateralized Mortgage Obligations		3.4
Pharmaceuticals		2.7
Insurance		2.6
Oil, Gas & Consumable Fuels		2.0
Software		1.9
Semiconductors & Semiconductor Equipment		1.8
Capital Markets		1.8
IT Services		1.5
Electric Utilities		1.4
Specialty Retail		1.3
U.S. Treasury Obligations		1.3
Health Care Providers & Services		1.1
Interactive Media & Services		1.1
Equity Real Estate Investment Trusts (REITs)		1.1
Internet & Direct Marketing Retail		1.0
Machinery		1.0
Others (each less than 1.0%)		19.3
Short-Term Investments		7.5

SHORT PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Exchange-Traded Funds		19.8	%
Household Products		19.6
Automobiles		17.8
Equity Real Estate Investment Trusts (REITs)		12.5
Household Durables		12.2
Road & Rail		9.6
Food Products		8.5

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVR	Contingent Value Rights
DKK	Danish Krone
ETF	Exchange-Traded Fund
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
SEK	Swedish Krona
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipts
USD	United States Dollar
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(b)	The security or a portion of this security is on loan at December 31, 2019. The total value of securities on loan at December 31, 2019 is $21,778.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $1,901,795 and $198,170, respectively.
(e)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2019.
(h)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2019.
(i)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2019.
(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the effective yield as of December 31, 2019.
(l)	The rate shown is the current yield as of December 31, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

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

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

Futures contracts outstanding as of December 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
DJ US Real Estate Index		137			03/2020		USD		5,032,010			180,252
EURO STOXX 50 Index		3			03/2020		EUR		125,607			26
Euro-OAT		1			03/2020		EUR		182,579			(1,258	)
Foreign Exchange EUR/USD		23			03/2020		USD		3,240,556			21,674
Foreign Exchange JPY/USD		34			03/2020		USD		3,926,575			7,283
FTSE 100 Index		3			03/2020		GBP		297,655			7,496
Japan 10 Year Bond Mini		3			03/2020		JPY		419,815			(658	)
S&P 500 E-Mini Index		49			03/2020		USD		7,918,400			149,596
Short-Term Euro-BTP		1			03/2020		EUR		126,113			287
TOPIX Index		1			03/2020		JPY		157,178			(306	)
U.S. Treasury 5 Year Note		43			03/2020		USD		5,095,836			(22,934	)
U.S. Treasury 10 Year Note		31			03/2020		USD		3,975,750			(38,271	)
3 Month Euro Euribor		3			03/2021		EUR		844,220			(1,640	)
3 Month Euro Euribor		3			06/2021		EUR		844,051			(1,819	)
												299,728
Short Contracts
3 Month Euro Euribor		(3	)		03/2020		EUR		(844,514	)		966
Euro-Bobl		(3	)		03/2020		EUR		(449,678	)		1,165
Euro-Bund		(12	)		03/2020		EUR		(2,294,864	)		18,716
MSCI EAFE E-Mini Index		(3	)		03/2020		USD		(305,445	)		(2,781	)
MSCI Emerging Markets E-Mini Index		(24	)		03/2020		USD		(1,342,320	)		(37,490	)
U.S. Treasury 10 Year Note		(1	)		03/2020		USD		(128,250	)		341
3 Month Euro Euribor		(3	)		06/2020		EUR		(844,514	)		1,174
												(17,909	)
												281,819

Abbreviations
EAFE	Europe, Australasia, and Far East
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound

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

Forward foreign currency exchange contracts outstanding as of December 31, 2019:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
AUD	225,072		USD	153,035	Merrill Lynch International		1/3/2020		4,910
EUR	13,849		DKK	103,454	Merrill Lynch International		1/3/2020		6
EUR	43,977		USD	48,826	BNP Paribas		1/3/2020		502
EUR	19,634		USD	21,819	Merrill Lynch International		1/3/2020		204

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (continued)

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
JPY	1,818,833		USD	16,646	Barclays Bank plc		1/6/2020		96
USD	36,618		JPY	3,968,884	BNP Paribas		1/6/2020		85
USD	122,143		JPY	13,240,534	HSBC Bank, NA		1/6/2020		262
USD	15,374		JPY	1,662,777	Standard Chartered Bank		1/6/2020		68
CAD	10,685		USD	8,140	Merrill Lynch International		1/17/2020		89
USD	3,125,372		EUR	2,777,699	Citibank, NA		2/5/2020		3,062
USD	46,800		SEK	435,656	State Street Corp.		2/5/2020		211
Total unrealized appreciation									9,495
GBP	14,806		USD	19,834	Barclays Bank plc		1/3/2020		(222	)
USD	412,915		AUD	608,933	Barclays Bank plc		1/3/2020		(14,404	)
USD	208,183		CAD	276,554	Merrill Lynch International		1/3/2020		(4,788	)
USD	45,129		DKK	305,613	Goldman Sachs International		1/3/2020		(746	)
USD	23,098		EUR	20,735	Barclays Bank plc		1/3/2020		(160	)
USD	22,716		EUR	20,414	BNP Paribas		1/3/2020		(183	)
USD	1,713,491		EUR	1,553,628	Citibank, NA		1/3/2020		(29,214	)
USD	1,396,425		EUR	1,266,249	Goldman Sachs International		1/3/2020		(23,926	)
USD	1,709,406		EUR	1,550,123	HSBC Bank, NA		1/3/2020		(29,367	)
USD	14,979		EUR	13,572	Royal Bank of Canada		1/3/2020		(245	)
USD	143,379		EUR	129,056	Standard Chartered Bank		1/3/2020		(1,383	)
USD	175,045		GBP	135,183	Goldman Sachs International		1/3/2020		(4,019	)
USD	903,292		GBP	698,943	Merrill Lynch International		1/3/2020		(22,528	)
USD	45,752		SEK	435,656	Goldman Sachs International		1/3/2020		(761	)
JPY	1,550,129		USD	14,296	BNP Paribas		1/6/2020		(27	)
USD	2,801,497		JPY	306,052,025	BNP Paribas		1/6/2020		(15,737	)
USD	78,379		JPY	8,561,971	Goldman Sachs International		1/6/2020		(434	)
USD	115,323		CAD	152,766	BNP Paribas		1/17/2020		(2,330	)
USD	20,725		CAD	27,104	Merrill Lynch International		1/17/2020		(149	)
USD	3,697,767		CAD	4,885,175	State Street Corp.		1/17/2020		(64,573	)
USD	269,357		AUD	383,861	Merrill Lynch International		2/5/2020		(246	)
USD	212,282		CAD	276,554	TD Bank Financial Group		2/5/2020		(725	)
USD	61,438		DKK	409,067	Merrill Lynch International		2/5/2020		(109	)
USD	1,909,081		EUR	1,698,618	Citibank, NA		2/5/2020		(274	)
USD	1,079,272		GBP	819,320	Merrill Lynch International		2/5/2020		(7,049	)
USD	3,020,797		JPY	330,117,229	Goldman Sachs International		2/5/2020		(23,094	)
Total unrealized depreciation									(246,693	)
Net unrealized depreciation									(237,198	)

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

Abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
SEK	Swedish Krona
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 25

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2019

	JPMorgan Insurance Trust Global Allocation Portfolio
ASSETS:
Investments in non-affiliates, at value	$	72,588,555
Investments in affiliates, at value		25,790,106
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		22,900
Options purchased, at value		369,117
Cash		82,237
Foreign currency, at value		81,240
Deposits at broker for futures contracts		38,000
Deposits at broker for securities sold short		198,170
Receivables:
Investment securities sold		330,185
Portfolio shares sold		48,899
Interest and dividends from non-affiliates		138,205
Dividends from affiliates		10,093
Tax reclaims		44,019
Securities lending income (See Note 2.C.)		41
Variation margin on futures contracts		149,819
Unrealized appreciation on forward foreign currency exchange contracts		9,495
Total Assets		99,901,081
LIABILITIES:
Payables:
Securities sold short, at value		198,495
Dividend expense to non-affiliates on securities sold short		662
Investment securities purchased		208,240
Collateral received on securities loaned (See Note 2.C.)		22,900
Portfolio shares redeemed		4,475
Unrealized depreciation on forward foreign currency exchange contracts		246,693
Accrued liabilities:
Investment advisory fees		4,909
Distribution fees		12,082
Custodian and accounting fees		33,872
Trustees’ and Chief Compliance Officer’s fees		150
Audit fees		56,936
Other		11,136
Total Liabilities		800,550
Net Assets	$	99,100,531

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

	JPMorgan Insurance Trust Global Allocation Portfolio
NET ASSETS:
Paid-in-Capital	$	87,280,215
Total distributable earnings (loss)		11,820,316
Total Net Assets	$	99,100,531
Net Assets:
Class 1	$	41,311,047
Class 2		57,789,484
Total	$	99,100,531
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class 1		2,340,811
Class 2		3,286,902
Net Asset Value, offering and redemption price per share (a):
Class 1	$	17.65
Class 2		17.58
Cost of investments in non-affiliates	$	63,073,065
Cost of investments in affiliates		24,031,039
Cost of options purchased		261,981
Cost of foreign currency		80,252
Investment securities on loan, at value (See Note 2.C.)		21,778
Cost of investment of cash collateral (See Note 2.C.)		22,900
Proceeds from securities sold short		191,727

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 27

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2019

	JPMorgan Insurance Trust Global Allocation Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	703,798
Interest income from affiliates		1,051
Interest income from non-affiliates on securities sold short		18,316
Dividend income from non-affiliates		958,162
Dividend income from affiliates		811,248
Income from securities lending (net) (See Note 2.C.)		359
Foreign taxes withheld (net)		(46,490	)
Total investment income		2,446,444
EXPENSES:
Investment advisory fees		513,283
Administration fees		66,116
Distribution fees — Class 2		131,481
Custodian and accounting fees		155,463
Interest expense to affiliates		505
Professional fees		110,554
Trustees’ and Chief Compliance Officer’s fees		25,435
Printing and mailing costs		28,423
Transfer agency fees — Class 1		339
Transfer agency fees — Class 2		1,119
Dividend expense to non-affiliates on securities sold short		19,714
Other		8,961
Total expenses		1,061,393
Less fees waived		(230,428	)
Less expense reimbursements		(650	)
Net expenses		830,315
Net investment income (loss)		1,616,129
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		406,559
Investments in affiliates		(112,215	)
Options purchased		482,264
Futures contracts		508,147
Securities sold short		(364,854	)
Foreign currency transactions		(186,291	)
Forward foreign currency exchange contracts		447,411
Net realized gain (loss)		1,181,021
Distributions of capital gains received from investment company affiliates		195
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		8,958,294
Investments in affiliates		1,876,300
Options purchased		241,317
Futures contracts		47,573
Securities sold short		(67,784	)
Foreign currency translations		26,527
Forward foreign currency exchange contracts		(351,441	)
Change in net unrealized appreciation/depreciation		10,730,786
Net realized/unrealized gains (losses)		11,912,002
Change in net assets resulting from operations	$	13,528,131

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Global Allocation Portfolio
	Year Ended December 31, 2019			Year Ended December 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,616,129		$	1,216,101
Net realized gain (loss)		1,181,021			(487,087	)
Distributions of capital gains received from investment company affiliates		195			528
Change in net unrealized appreciation/depreciation		10,730,786			(6,038,474	)
Change in net assets resulting from operations		13,528,131			(5,308,932	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1		(809,646	)		(167,469	)
Class 2		(1,095,100	)		(330,463	)
Total distributions to shareholders		(1,904,746	)		(497,932	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,281,858			22,224,332
NET ASSETS:
Change in net assets		19,905,243			16,417,468
Beginning of period		79,195,288			62,777,820
End of period	$	99,100,531		$	79,195,288
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	8,715,992		$	19,444,733
Distributions reinvested		809,646			167,469
Cost of shares redeemed		(3,254,037	)		(1,387,647	)
Change in net assets resulting from Class 1 capital transactions	$	6,271,601		$	18,224,555
Class 2
Proceeds from shares issued	$	12,006,847		$	17,535,698
Distributions reinvested		1,095,100			330,463
Cost of shares redeemed		(11,091,690	)		(13,866,384	)
Change in net assets resulting from Class 2 capital transactions	$	2,010,257		$	3,999,777
Total change in net assets resulting from capital transactions	$	8,281,858		$	22,224,332
SHARE TRANSACTIONS:
Class 1
Issued		525,183			1,174,334
Reinvested		50,040			10,174
Redeemed		(197,551	)		(84,853	)
Change in Class 1 Shares		377,672			1,099,655
Class 2
Issued		721,402			1,062,803
Reinvested		67,850			20,126
Redeemed		(670,860	)		(843,413	)
Change in Class 2 Shares		118,392			239,516

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)(b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Year Ended December 31, 2019	$	15.47	$	0.33	$	2.24		$	2.57		$	(0.39	)	$	—		$	(0.39	)
Year Ended December 31, 2018		16.57		0.29		(1.29	)		(1.00	)		—			(0.10	)		(0.10	)
Year Ended December 31, 2017		14.89		0.29		2.25			2.54			(0.20	)		(0.66	)		(0.86	)
Year Ended December 31, 2016		14.46		0.35		0.54			0.89			(0.46	)		—	(i)		(0.46	)
Year Ended December 31, 2015		14.93		0.30		(0.46	)		(0.16	)		(0.23	)		(0.08	)		(0.31	)
Class 2
Year Ended December 31, 2019		15.41		0.29		2.23			2.52			(0.35	)		—			(0.35	)
Year Ended December 31, 2018		16.55		0.25		(1.29	)		(1.04	)		—			(0.10	)		(0.10	)
Year Ended December 31, 2017		14.87		0.26		2.24			2.50			(0.16	)		(0.66	)		(0.82	)
Year Ended December 31, 2016		14.45		0.30		0.54			0.84			(0.42	)		—	(i)		(0.42	)
Year Ended December 31, 2015		14.93		0.22		(0.42	)		(0.20	)		(0.20	)		(0.08	)		(0.28	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Does not include expenses of Underlying Funds.

(g) Commencing on December 31, 2016, the Portfolio presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For periods prior to December 31, 2016, the Portfolio did not transact in securities sold short.

(h) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class 1 are 0.77% and 1.03% for the year ended December 31, 2019, 0.77% and 1.10% for the year ended December 31, 2018 and 0.76% and 1.11% for the year ended December 31, 2017; for Class 2 are 1.02% and 1.28% for the year ended December 31, 2019, 1.02% and 1.34% for the year ended December 31, 2018 and 1.01% and 1.32% for the year ended December 31, 2017, respectively.

(i) Amount rounds to less than $0.005.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (c)(d)			Net assets, end of period		Net expenses (including dividend expense for securities sold short) (e)(f)			Net investment income (loss) (a)			Expenses without waivers, reimbursements and earnings credits (including dividend expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (g)			Portfolio turnover rate (including securities sold short) (g)
$	17.65		16.87	%	$	41,311,047		0.79	%(h)		1.99	%		1.05	%(h)		98	%		116	%
	15.47		(6.06	)		30,366,130		0.81	(h)		1.79			1.14	(h)		110			141
	16.57		17.11			14,307,557		0.79	(h)		1.76			1.14	(h)		80			92
	14.89		6.13			4,664,040		0.77	(j)		2.34			1.20	(j)		60			61
	14.46		(1.06	)		489,826		0.77	(k)		2.00	(k)		1.18	(k)		50			—
	17.58		16.58			57,789,484		1.04	(h)		1.73			1.30	(h)		98			116
	15.41		(6.31	)		48,829,158		1.06	(h)		1.52			1.38	(h)		110			141
	16.55		16.85			48,470,263		1.04	(h)		1.59			1.35	(h)		80			92
	14.87		5.84			49,869,415		1.02	(j)		2.04			1.45	(j)		60			61
	14.45		(1.32	)		32,065,138		1.03	(k)		1.48	(k)		1.58	(k)		50			—

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019

1. Organization

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

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

	Classes Offered	Diversification Classification
JPMorgan Insurance Trust Global Allocation Portfolio	Class 1 and Class 2	Diversified

The investment objective of the Portfolio is to seek to maximize long-term total return.

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

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

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

2. Significant Accounting Policies

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

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

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

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Portfolio are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

Futures contracts and options are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Portfolio at December 31, 2019.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	3,055,710	$	1,406,395	$	4,462,105
Collateralized Mortgage Obligations
United States		—		2,272,458		1,105,987		3,378,445
Commercial Mortgage-Backed Securities
United States		—		1,756,859		1,980,375		3,737,234
Common Stocks
Australia		—		879,295		—		879,295
Austria		—		251,328		—		251,328
Belgium		—		60,076		—		60,076
China		187,496		439,982		—		627,478
Denmark		79,482		388,525		—		468,007
Finland		24,197		56,496		—		80,693
France		—		2,452,464		—		2,452,464
Germany		52,661		1,632,019		—		1,684,680
Hong Kong		—		768,258		—		768,258
Indonesia		—		128,668		—		128,668
Ireland		90,553		55,150		—		145,703
Italy		—		304,800		—		304,800
Japan		—		3,237,789		—		3,237,789
Macau		—		27,381		—		27,381
Netherlands		57,776		1,112,418		—		1,170,194
New Zealand		—		17,428		—		17,428
Norway		—		64,783		—		64,783
Singapore		—		114,380		—		114,380
Spain		—		296,304		—		296,304
Sweden		—		339,011		—		339,011
Switzerland		—		1,719,700		—		1,719,700
United Kingdom		54,161		2,789,557		—		2,843,718
United States		23,588,204		126,053		—		23,714,257
Other Common Stocks		1,396,819		—		—		1,396,819
Total Common Stocks		25,531,349		17,261,865		—		42,793,214

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Corporate Bonds	$	—		$	2,684,799		$	—		$	2,684,799
Foreign Government Securities		—			8,878,711			—			8,878,711
Investment Companies		18,370,001			—			—			18,370,001
Supranational		—			142,665			—			142,665
Rights		—			—			—	(a)		—	(a)
Options Purchased		369,117			—			—			369,117
U.S. Treasury Obligations		—			1,526,066			—			1,526,066
Short-Term Investments
Certificates of Deposit		—			491,961			—			491,961
Commercial Paper		—			498,868			—			498,868
Foreign Government Treasury Bills		—			3,994,487			—			3,994,487
Investment Companies		7,420,105			—			—			7,420,105
Investment of cash collateral from securities loaned		22,900			—			—			22,900
Total Short-Term Investments		7,443,005			4,985,316			—			12,428,321
Total Investments in Securities	$	51,713,472		$	42,564,449		$	4,492,757		$	98,770,678
Liabilities
Common Stocks	$	(159,228	)	$	—		$	—		$	(159,228	)
Exchange-Traded Funds		(39,267	)		—			—			(39,267	)
Total Liabilities in Securities Sold Short	$	(198,495	)	$	—		$	—		$	(198,495	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	9,495		$	—		$	9,495
Futures Contracts		381,454			7,522			—			388,976
Total Appreciation in Other Financial Instruments	$	381,454		$	17,017		$	—		$	398,471
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(246,693	)	$	—		$	(246,693	)
Futures Contracts		(106,851	)		(306	)		—			(107,157	)
Total Depreciation in Other Financial Instruments	$	(106,851	)	$	(246,999	)	$	—		$	(353,850	)

(a) Value is zero.

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

	Balance as of December 31, 2018		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2019
Investments in Securities
Asset-Backed Securities — United States	$	1,677,662	$	1,976	$	(6,496	)	$	2,507	$	636,418	$	(997,529	)	$	91,857	$	—		$	1,406,395
Collateralized Mortgage Obligations — United States		—		—		1,727			2		1,128,847		(24,589	)		—		—			1,105,987
Commercial Mortgage-Backed Securities — United States		685,666		5,100		46,584			1,577		1,084,238		(231,441	)		487,690		(99,039	)		1,980,375
Rights — United States		44		—		(44	)		—		—		—			—		—			—	(a)
Total	$	2,363,372	$	7,076	$	41,771		$	4,086	$	2,849,503	$	(1,253,559	)	$	579,547	$	(99,039	)	$	4,492,757

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

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

(a) Value is zero.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2019, which were valued using significant unobservable inputs (level 3) amounted to $43,339. This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the year ended December 31, 2019.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at December 31, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	1,306,019	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 44.00% (10.61%)
				Constant Default Rate		0.00% - 4.00% (1.75%)
				Yield (Discount Rate of Cash Flows)		2.16% - 6.41% (3.30%)
Asset-Backed Securities		1,306,019
		1,880,381	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (5.34%)
				Yield (Discount Rate of Cash Flows)		2.80% - 199.00% (7.31%)
Commercial Mortgage-Backed Securities		1,880,381
		1,105,987	Discounted Cash Flow	Constant Prepayment Rate		10.00% - 25.00% (19.30%)
				Constant Default Rate		0.00% - 1.43% (0.12%)
				Yield (Discount Rate of Cash Flows)		2.29% - 3.97% (3.41%)
Collateralized Mortgage Obligations		1,105,987
		—(b)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Rights		—(b)
Total	$	4,292,387

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At December 31, 2019, the value of these investments was $200,370. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

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

(b) Value is zero.

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

B. Restricted Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Portfolio.

As of December 31, 2019, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A or Regulation S under the Securities Act.

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

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

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

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

The following table presents the Portfolio’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Portfolio as of December 31, 2019.

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
$	21,778	$	(21,778	)	$	—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. For the year ended December 31, 2019, JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$ 25

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

D. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

	For the year ended December 31, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2019		Shares at December 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)	$	3,990,958	$	1,793,446	$	464,543	$	(31,116	)	$	1,350,617	$	6,639,362		203,225	$	58,171	$	—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,565,960		389,676		131,778		(3,984	)		141,864		1,961,738		239,236		79,510		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,889,319		193,887		3,160,636		(59,753	)		137,183		—		—		74,986		—
JPMorgan High Yield Fund Class R6 Shares (a)		2,878,294		8,988,491		2,319,477		(23,190	)		244,783		9,768,901		1,343,728		466,603		—
JPMorgan Managed Income Fund Class L Shares (a)		2,706,758		22,272		2,737,230		6,631			1,569		—		—		23,019		195
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.70% (a) (b)		—		39,065,819		31,645,195		(803	)		284		7,420,105		7,417,880		84,777		—

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

	For the year ended December 31, 2019
Security Description	Value at December 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a) (b)	$	—	$	1,050,886	$	1,027,986	$	—		$	—	$	22,900		22,900	$	745	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		4,052,227		9,146,776		13,199,003		—			—		—		—		20,874			—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		484,975		537,847		1,022,822		—			—		—		—		3,308			—
Total	$	18,568,491	$	61,189,100	$	55,708,670	$	(112,215	)	$	1,876,300	$	25,813,006			$	811,993		$	195

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

(b) The rate shown is the current yield as of December 31, 2019.

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

E. Derivatives — The Portfolio used derivative instruments including futures, forward foreign currency exchange contracts and options, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Portfolio can invest, to hedge portfolio investments or to generate income or gain to the Portfolio. Derivatives may also be used for risk management purposes and to seek to enhance portfolio performance.

The Portfolio may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the Portfolio to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Portfolio’s risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

The Portfolio is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Portfolio’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Portfolio in the event the Portfolio’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Portfolio to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Portfolio often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Portfolio. The ISDA agreements give the Portfolio and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Portfolio.

Notes E(1) — E(3) below describe the various derivatives used by the Portfolio.

(1). Options — The Portfolio may purchase and/or sell (“write”) put and call options on various instruments including futures, securities, currencies and swaps (“swaptions”) to manage and hedge interest rate risks within the Portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Portfolio for options purchased are included on the Statement of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statement of Operations. If the option is allowed to expire, the Portfolio will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

The Portfolio’s exchange-traded options contracts are not subject to master netting agreements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Portfolio’s over the counter (“OTC”) options are subject to master netting arrangements. The Portfolio may be required to post or receive collateral for over-the-counter options. Cash collateral posted by the Portfolio is considered restricted.

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

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

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

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

(3). Forward Foreign Currency Exchange Contracts — The Portfolio is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Portfolio also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Portfolio also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Portfolio’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Portfolio may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of December 31, 2019, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Options		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	369,117	$	337,370	$	—	$	706,487
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		—		28,957		9,495		38,452
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		—		22,649		—		22,649
Total		$	369,117	$	388,976	$	9,495	$	767,588

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Liabilities:		Options		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(40,577	)	$	—		$	(40,577	)
Foreign exchange contracts	Payables		—		—			(246,693	)		(246,693	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		(66,580	)		—			(66,580	)
Total		$	—	$	(107,157	)	$	(246,693	)	$	(353,850	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statement of Operations for the year ended December 31, 2019, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	482,264	$	131,130		$	—	$	613,394
Foreign exchange contracts		—		(147,417	)		447,411		299,994
Interest rate contracts		—		524,434			—		524,434
Total	$	482,264	$	508,147		$	447,411	$	1,437,822

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	241,317	$	326,894		$	—		$	568,211
Foreign exchange contracts		—		(111,740	)		(351,441	)		(463,181	)
Interest rate contracts		—		(167,581	)		—			(167,581	)
Total	$	241,317	$	47,573		$	(351,441	)	$	(62,551	)

The Portfolio’s derivatives contracts held at December 31, 2019 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The tables below disclose the volume of the Portfolio’s futures contracts, forward foreign currency exchange contracts and options activity during the year ended December 31, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts — Equity:
Average Notional Balance Long	$	8,935,463
Average Notional Balance Short		6,396,694
Ending Notional Balance Long		13,530,850
Ending Notional Balance Short		1,647,765
Futures Contracts — Foreign Exchange:
Average Notional Balance Long		7,143,175
Average Notional Balance Short		1,378,009	(a)
Ending Notional Balance Long		7,167,131
Futures Contracts — Interest Rate:
Average Notional Balance Long		11,048,639
Average Notional Balance Short		2,242,331
Ending Notional Balance Long		11,488,364
Ending Notional Balance Short		4,561,820

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	3,267,981
Average Settlement Value Sold		18,618,201
Ending Settlement Value Purchased		298,127
Ending Settlement Value Sold		23,426,035
Exchange-Traded Options:
Average Number of Contracts Purchased		1,183
Ending Number of Contracts Purchased		1,674

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

F. Short Sales — The Portfolio engaged in short sales as part of its normal investment activities. In a short sale, the Portfolio sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Portfolio borrows securities from a broker. To close out a short position, the Portfolio delivers the same securities to the broker.

The Portfolio is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Portfolio’s custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statement of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. The Portfolio may receive or pay the net of the following amounts:(i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statement of Operations.

The Portfolio is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statement of Operations as Dividend expense on securities sold short. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Portfolio is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Portfolio will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. The Portfolio will record a realized gain if the price of the borrowed security declines between those dates.

As of December 31, 2019, the Portfolio had outstanding short sales as listed on the SOI.

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

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

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

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

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

The Portfolio had no delayed delivery securities outstanding as of December 31, 2019.

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

J. Allocation of Income and Expenses — Expenses directly attributable to the Portfolio are charged directly to the Portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the applicable portfolios. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

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

K. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of December 31, 2019, no liability for Federal income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

L. Foreign Taxes — The Portfolio may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Portfolio will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gain tax is determined to apply, the Portfolio records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

The following amounts were reclassified within the capital accounts:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	973	$	264,697	$	(265,670	)

The reclassifications for the Portfolio relate primarily to foreign currency gains or losses.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Portfolio and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.55%. Prior to September 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.60% of the Portfolio’s average daily net assets.

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Portfolio’s average daily net assets, plus 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Portfolio’s average daily net assets in excess of $25 billion. For the year ended December 31, 2019, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio pursuant to Rule 12b-1 under the 1940 Act. The Class 1 Shares of the Portfolio do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

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

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

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

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

Class 1			Class 2
	0.78	%		1.03	%

The expense limitation agreement was in effect for the year ended December 31, 2019 and is in place until at least April 30, 2020.

For the year ended December 31, 2019, the Portfolio’s service providers waived fees and/or reimbursed expenses for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
$	61,479	$	66,116	$	127,595	$	650

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2019 was $9,039.

The Underlying Funds may impose separate advisory fees. The Adviser has agreed to voluntarily waive the Portfolio’s investment advisory fees in the weighted average pro-rata amount of the advisory fees charged by the affiliated Underlying Funds. During the year ended December 31, 2019, the Adviser waived $93,794. These waivers may be in addition to any waivers required to meet the Portfolio’s contractual expense limitations, but will not exceed the Portfolio’s advisory fee.

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

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

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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, 2019, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended December 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government		Securities Sold Short		Covers on Securities Sold Short
$	80,992,017	$	72,643,247	$	1,767,737	$	974,912	$	14,089,833	$	15,442,031

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2019 were as follows:

Aggregate Cost*		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	88,183,831	$	11,293,929	$	860,956	$	10,432,973

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

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, mark to market of forward foreign currency contracts and mark to market of futures contracts.

The tax character of distributions paid during the year ended December 31, 2019 was as follows:

Ordinary Income*		Total Distributions Paid
$	1,904,746	$	1,904,746

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

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	270,474	$	227,458	$	497,932

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

As of December 31, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss  Carryover)		Unrealized Appreciation (Depreciation)
$	2,056,201	$	519,056	$	9,267,928

The cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of forward foreign currency contracts, mark to market of futures contracts and straddle loss deferrals.

As of December 31, 2019, the Portfolio did not have any net capital loss carryforwards.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (continued)

During the year ended December 31, 2019, the Portfolio utilized capital loss carryforwards as follows:

Capital Loss Utilized
Short-Term
$	544,704

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Portfolio had no borrowings outstanding from another fund during the year ended December 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2019.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Portfolio did not utilize the Credit Facility during the year ended December 31, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Portfolio. However, based on experience, the Portfolio expects the risk of loss to be remote.

As of December 31, 2019, the Portfolio had four individual shareholder and/or non-affiliated omnibus accounts, which owned 90.2% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance and liquidity.

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

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

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

The Portfolio is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Portfolio such as option contracts and forward foreign currency exchange contracts.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of December 31, 2019, a portion of the Portfolio’s investments consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives, including futures, options and forwards, may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Portfolio’s original investment. Many derivatives create leverage thereby causing the Portfolio to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Portfolio to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Portfolio to sell or otherwise close a derivatives position could expose the Portfolio to losses. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Portfolio does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Portfolio may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Portfolio to risks of mispricing or improper valuation.

Because of the Portfolio’s investments in the Underlying Funds, the Portfolio indirectly pays a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Portfolio may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Portfolio is also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

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

As of December 31, 2019, the Portfolio pledged a portion of its assets for securities sold short to Citigroup Global Markets, Inc. Deposits at broker for securities sold short, as noted on the Statement of Assets and Liabilities are held at Citigroup Global Markets, Inc.

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 45

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Insurance Trust and Shareholders of JPMorgan Insurance Trust Global Allocation Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Global Allocation Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 14, 2020

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

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.(3)	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	128	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	128	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	128	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dr. Matthew Goldstein (1941); Chairman (2013-2019); Trustee of Trust (2005-2019); Trustee of heritage J.P. Morgan Funds (2003-2019).(4)	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	128	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	128	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	128	None

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 47

TRUSTEES

(Unaudited) (continued)

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

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

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

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

(3) Mr. Finn became chairman of the Trust effective January 1, 2020.

(4) Dr. Goldstein retired from the Board of Trustees effective the close of business on December 31, 2019.

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

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

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

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 49

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2019, and continued to hold your shares at the end of the reporting period, December 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Actual	$	1,000.00	$	1,056.90	$	4.10		0.79	%
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class 2
Actual		1,000.00		1,055.20		5.39		1.04
Hypothetical		1,000.00		1,019.96		5.30		1.04

* 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, 2019 JPMORGAN INSURANCE TRUST 51

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, 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 Portfolio and the other J.P. Morgan Funds overseen by the Board in which the Portfolio may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “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 14, 2019.

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

in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Portfolio and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Portfolio and Underlying

52 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Portfolio and Underlying Funds.

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

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

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

The Trustees also considered that the Adviser earns fees from the Portfolio and Underlying Funds for providing 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 for the Portfolio and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a

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

Economies of Scale

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

Independent Written Evaluation of the Portfolio’s Chief Compliance Officer

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

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 53

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Portfolio in a report prepared by Broadridge/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 Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one- and three-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Portfolio’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/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 Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/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 that the Portfolio’s performance for Class 2 shares was in the first quintile based upon the Peer Group for

both the one- and three-year periods ended December 31, 2018, and in the third and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Portfolio with the Adviser and based upon this discussion and various other factors, concluded that the Portfolio’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Portfolio to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Portfolio. The Trustees recognized that Broadridge/Lipper reported the Portfolio’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019 were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place, for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. In addition, the Trustees noted the reduction to the contractual advisory fee rate from 0.60% to 0.55% effective September 1, 2019. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

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

54 JPMORGAN INSURANCE TRUST DECEMBER 31, 2019

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 18.70%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended December 31, 2019.

DECEMBER 31, 2019 JPMORGAN INSURANCE TRUST 55

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

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

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, the Portfolio filed a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Portfolio’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. December 2019. AN-JPMITGAP-1219

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2019 – $345,852

2018 – $343,823

(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

2019 – $51,850

2018 – $51,850

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2019 – $63,495

2018 – $63,548

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, 2019 and 2018, 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

2019 – Not applicable

2018 – 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.

2019 – 0.0%

2018 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable - Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2019 - $30.6 million

2018 - $32.1 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Insurance Trust
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	February 20, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	February 20, 2020
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	February 20, 2020