UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07874

JPMorgan Insurance Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Noah D. Greenhill, Esq.

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2018 through December 31, 2018

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, 2018

JPMorgan Insurance Trust Core Bond Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	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
Tax Letter	57

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

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

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

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

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholders,

The U.S. economy largely outpaced other leading economies throughout 2018 as the second-longest U.S. expansion on record fed continued job growth, buoyant consumer sentiment and record high corporate profits. However, the end of the year was marked by a sell-off in equity markets, unresolved global trade tensions and a political impasse that led to the shutdown of large parts of the federal government.

  “While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.”

After advancing by 2.2% in the first quarter of 2018, growth in U.S. gross domestic product (GDP) peaked in the second quarter of 2018 at 4.2%, the first time quarterly GDP had breached the 4% ceiling since late 2014. Third quarter 2018 GDP grew at 3.4%. The unemployment rate remained historically low, dipping to 3.7% in September and October before ending the year at 3.9%.

In response, the U.S. Federal Reserve (the “Fed”) raised interest rates four times during the year and indicated further, measured increases during 2019. However, slowing global growth toward the end of 2018 and financial market volatility raised questions about the Fed’s planned path forward.

Meanwhile, aggregate U.S. corporate earnings and revenues reached record levels in both the second and third quarters of 2018, which provided support for U.S. equity prices. Notably, some of that profit growth was attributed to the temporary benefits of late-2017 federal tax cut legislation and the outlook for U.S. corporate earnings growth remained positive, but tempered, by the end of the reporting period.

U.S. equity prices began 2018 with solid gains. The S&P 500 Index (the “S&P 500”) reached 14 new closing highs in January. Then a sharp sell-off drove prices down in early February after a brief spike in yields on the bellwether 10-year U.S. Treasury bond rattled investors. In subsequent months, equity prices

rebounded somewhat, though financial market volatility remained elevated for the rest of the year. In August, the S&P 500 again reached record highs and then another sell-off in early October was followed by gains in November. The following month was the worst December since 1931 for the S&P 500 Index, which fell 9.18% and wiped out any gains made in the previous 11 months.

At the end of the year, investors faced several growing risks to global economic growth and financial market strength. Several leading economies, particularly China and the European Union (the “EU”), showed signs of slowing growth in the latter half of the year. Trade tariffs between the U.S. and China had little apparent direct impact on the U.S. economy in 2018, but absent a negotiated resolution to their trade dispute, the negative impact of protectionist policies could rapidly escalate. Meanwhile, the final months of 2018 also saw an increase in U.S. companies warning about rising costs of materials and labor, even as global oil prices declined somewhat.

At the same time, economists generally remained optimistic about the fundamental strength of the U.S. economy. While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.

Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		0.05%
Bloomberg Barclays U.S. Aggregate Bond Index		0.01%
Net Assets as of 12/31/2018	$	308,323,171
Duration as of 12/31/2018		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?

U.S. bond markets had a lackluster performance during 2018 amid rising interest rates, increased market volatility and investor concerns about U.S.-China trade tensions. The U.S. Federal Reserve raised interest rates four times during the year in response to the continued U.S. economic expansion and falling unemployment rates.

In early February, both equity and bond prices fell sharply. Yields on 10-year U.S. Treasury bonds, which serve as a benchmark for a broad range of financial assets, spiked higher. While equity markets rebounded somewhat in subsequent weeks, financial market volatility remained elevated through the rest of the year.

Overall, investment grade corporate bonds outperformed high yield bonds (also known as junk bonds) during the reporting period. For the twelve months ended December 31, 2018, the Bloomberg Barclays U.S. Aggregate Bond Index returned 0.01%.

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

The Portfolio’s Class 1 shares outperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark”) for the twelve months ended December 31, 2018.

Relative to the Benchmark, the Portfolio’s security selection in U.S. agency bonds, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities made a positive contribution to performance. The Portfolio’s underweight allocation to U.S. Treasury bonds and its security selection in credit were leading detractors from performance.

The Portfolio’s shorter overall duration relative to the Benchmark was a positive contributor to performance as U.S. Treasury bond interest rates rose. Generally, bonds with shorter duration will experience a smaller decrease in price as interest rates rise. The Portfolio’s overweight position in the 5-to-10

year portion of the yield curve detracted from 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 and underweight in the long end of the yield curve. The Portfolio held shorter duration posture for most of 2018 and ended the year with a slightly longer duration than the Benchmark.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	26.9	%
Corporate Bonds	22.3
Mortgage-Backed Securities	15.5
Asset-Backed Securities	11.4
Collateralized Mortgage Obligations	10.2
U.S. Government Agency Securities	7.6
Commercial Mortgage-Backed Securities	5.2
Others (each less than 1.0%)	0.4
Short-Term Investments	0.5

* 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, 2018. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997		0.05	%		2.34	%		4.13	%
CLASS 2 SHARES	August 16, 2006		(0.23	)		2.08			3.87

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

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 Bond Index and the Lipper Variable Underlying Funds Core Bond Funds Index from December 31, 2008 to December 31, 2018. 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 Bond 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 Bond 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, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 26.7%
U.S. Treasury Bonds
8.00%, 11/15/2021		338,000		389,084
5.25%, 11/15/2028		800,000		974,981
5.38%, 2/15/2031		4,500		5,720
4.50%, 2/15/2036		276,000		340,482
5.00%, 5/15/2037		250,000		328,461
4.38%, 2/15/2038		1,214,000		1,488,836
4.25%, 5/15/2039		105,000		126,839
4.38%, 11/15/2039		1,415,000		1,737,242
3.88%, 8/15/2040		100,000		115,006
3.13%, 2/15/2043		500,000		510,915
2.88%, 5/15/2043		2,420,000		2,366,664
3.63%, 8/15/2043		2,715,000		3,010,448
3.75%, 11/15/2043		1,952,000		2,208,406
3.63%, 2/15/2044		2,345,000		2,602,146
2.50%, 2/15/2045		6,000,000		5,447,708
2.88%, 8/15/2045		500,000		487,881
3.00%, 11/15/2045		1,000,000		999,735
3.00%, 2/15/2048		90,000		89,675
3.13%, 5/15/2048		176,200		179,855
U.S. Treasury Inflation Indexed Bonds
3.63%, 4/15/2028		300,000		575,654
2.50%, 1/15/2029		100,000		134,067
U.S. Treasury Notes
0.75%, 2/15/2019		200,000		199,612
3.13%, 5/15/2019		1,000,000		1,002,227
3.50%, 5/15/2020		450,000		455,582
2.50%, 5/31/2020		125,000		124,880
2.13%, 8/31/2020		200,000		198,648
2.63%, 11/15/2020		200,000		200,332
1.38%, 1/31/2021		100,000		97,687
3.63%, 2/15/2021		650,000		664,900
2.25%, 4/30/2021		115,000		114,441
2.63%, 5/15/2021		154,500		154,969
3.13%, 5/15/2021		600,000		608,805
2.13%, 8/15/2021		500,000		495,388
2.00%, 10/31/2021		100,000		98,707
2.13%, 12/31/2021		300,000		297,036
1.75%, 2/28/2022		1,000,000		978,177
1.63%, 8/31/2022		1,000,000		970,014
1.75%, 9/30/2022		150,000		146,042
1.50%, 2/28/2023		525,000		504,405
1.75%, 5/15/2023		3,079,000		2,983,528
2.50%, 8/15/2023		600,000		599,800
1.38%, 8/31/2023		700,000		665,392
1.63%, 10/31/2023		2,000,000		1,919,513

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
2.13%, 2/29/2024		94,000		92,193
2.50%, 5/15/2024		30,000		29,945
2.00%, 6/30/2024		10,000		9,724
2.25%, 11/15/2024		112,000		110,080
2.00%, 2/15/2025		1,000,000		967,453
2.88%, 4/30/2025		146,000		148,565
2.13%, 5/15/2025		500,000		486,681
2.88%, 5/31/2025		318,000		323,561
2.00%, 8/15/2025		728,600		702,659
2.25%, 11/15/2025		500,000		489,185
1.63%, 2/15/2026		59,400		55,634
1.50%, 8/15/2026		28,000		25,847
2.00%, 11/15/2026		84,000		80,241
2.25%, 2/15/2027		108,000		104,948
2.75%, 2/15/2028		65,000		65,384
2.88%, 5/15/2028		1,309,800		1,330,864
U.S. Treasury STRIPS Bonds
1.78%, 2/15/2020 (a)		370,000		359,501
2.46%, 5/15/2020 (a)		3,628,000		3,502,999
1.74%, 8/15/2020 (a)		2,120,000		2,034,205
2.49%, 2/15/2021 (a)		710,000		673,345
2.01%, 5/15/2021 (a)		1,790,000		1,686,453
2.11%, 8/15/2021 (a)		1,800,000		1,685,880
3.29%, 11/15/2021 (a)		615,000		572,666
2.70%, 2/15/2022 (a)		970,000		896,603
2.67%, 5/15/2022 (a)		760,000		697,907
3.02%, 8/15/2022 (a)		200,000		182,534
2.79%, 11/15/2022 (a)		500,000		453,320
2.92%, 2/15/2023 (a)		2,690,000		2,423,201
2.62%, 5/15/2023 (a)		2,420,000		2,165,356
2.18%, 8/15/2023 (a)		1,890,000		1,680,788
2.45%, 11/15/2023 (a)		500,000		441,488
3.24%, 11/15/2024 (a)		110,000		94,534
3.64%, 2/15/2025 (a)		50,000		42,642
4.95%, 5/15/2026 (a)		100,000		82,178
3.42%, 8/15/2026 (a)		23,000		18,772
3.57%, 11/15/2026 (a)		250,000		202,345
4.04%, 2/15/2027 (a)		300,000		241,029
3.57%, 5/15/2027 (a)		725,000		577,254
3.21%, 8/15/2027 (a)		250,000		197,541
3.93%, 11/15/2027 (a)		710,000		556,906
3.00%, 2/15/2028 (a)		27,000		20,988
2.91%, 5/15/2028 (a)		140,000		107,933
7.04%, 8/15/2028 (a)		50,000		38,246
6.94%, 11/15/2028 (a)		100,000		75,764
4.00%, 2/15/2029 (a)		658,000		495,215

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — continued
2.96%, 5/15/2029 (a)		300,000		223,804
3.85%, 11/15/2029 (a)		200,000		146,949
5.15%, 2/15/2030 (a)		975,000		710,730
4.66%, 5/15/2030 (a)		300,000		217,490
3.85%, 8/15/2030 (a)		300,000		215,331
3.53%, 11/15/2030 (a)		500,000		356,347
4.38%, 2/15/2031 (a)		350,000		248,101
3.86%, 5/15/2031 (a)		275,000		193,003
3.24%, 11/15/2031 (a)		760,000		525,194
3.67%, 2/15/2032 (a)		350,000		239,911
3.53%, 5/15/2032 (a)		2,250,000		1,531,634
3.06%, 8/15/2032 (a)		3,300,000		2,230,211
4.16%, 11/15/2032 (a)		800,000		536,224
3.69%, 2/15/2033 (a)		400,000		266,024
3.84%, 5/15/2033 (a)		1,175,000		775,831
6.10%, 8/15/2033 (a)		100,000		65,495
4.28%, 11/15/2033 (a)		1,025,000		666,158
3.79%, 2/15/2034 (a)		775,000		499,476
2.79%, 5/15/2034 (a)		2,200,000		1,407,471
3.30%, 11/15/2034 (a)		50,000		31,507
3.20%, 2/15/2035 (a)		65,000		40,641
3.53%, 5/15/2035 (a)		250,000		155,198
3.14%, 11/15/2041 (a)		600,000		302,264
U.S. Treasury STRIPS Notes
1.62%, 11/15/2019 (a)		1,000,000		977,695
1.68%, 2/15/2020 (a)		5,235,000		5,085,584
Total U.S. Treasury Obligations (Cost $81,930,366)				82,478,720
Corporate Bonds — 22.2%
Aerospace & Defense — 0.2%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		32,000		31,151
Airbus SE (France) 3.15%, 4/10/2027 (b)		164,000		157,793
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024 (b)		45,000		44,905
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (b)		51,000		57,975
Harris Corp. 3.83%, 4/27/2025		60,000		58,879
Lockheed Martin Corp. 4.50%, 5/15/2036		70,000		72,304
Northrop Grumman Corp.
3.20%, 2/1/2027		76,000		71,304
3.25%, 1/15/2028		50,000		46,748
Precision Castparts Corp. 3.25%, 6/15/2025		45,000		44,221
Rockwell Collins, Inc. 3.20%, 3/15/2024		28,000		26,962

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Aerospace & Defense — continued
United Technologies Corp.
3.95%, 8/16/2025		50,000		49,635
4.15%, 5/15/2045		25,000		22,389
				684,266
Air Freight & Logistics — 0.0% (c)
FedEx Corp. 3.90%, 2/1/2035		66,000		59,815
Airlines — 0.0% (c)
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		18,711		18,477
Automobiles — 0.2%
BMW US Capital LLC (Germany)
2.25%, 9/15/2023 (b)		45,000		41,987
Daimler Finance North America LLC (Germany) 1.75%, 10/30/2019 (b)		150,000		148,003
Ford Motor Co.
4.35%, 12/8/2026		46,000		41,062
7.45%, 7/16/2031		46,000		47,457
General Motors Co. 6.60%, 4/1/2036		188,000		183,173
Hyundai Capital America 2.00%, 7/1/2019 (b)		34,000		33,741
Nissan Motor Acceptance Corp.
1.90%, 9/14/2021 (b)		29,000		27,616
2.80%, 1/13/2022 (b)		50,000		48,375
2.60%, 9/28/2022 (b)		60,000		57,138
				628,552
Banks — 4.5%
ABN AMRO Bank NV (Netherlands)
4.75%, 7/28/2025 (b)		200,000		198,988
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (b)		200,000		199,347
3.45%, 1/21/2028 (b)		200,000		190,916
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (d)		250,000		250,028
3.30%, 1/11/2023		150,000		147,721
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		100,000		98,313
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		26,000		25,242
4.00%, 1/22/2025		114,000		111,099
Series L, 3.95%, 4/21/2025		92,000		89,181
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (d)		100,000		95,650
4.45%, 3/3/2026		69,000		68,270
3.25%, 10/21/2027		514,000		475,320

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		260,000		249,547
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		408,000		381,359
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (d)		280,000		272,332
Bank of Montreal (Canada)
1.50%, 7/18/2019		65,000		64,512
2.10%, 12/12/2019		60,000		59,432
Bank of Nova Scotia (The) (Canada) 2.45%, 9/19/2022		200,000		193,093
Barclays plc (United Kingdom)
3.65%, 3/16/2025		200,000		184,348
4.38%, 1/12/2026		220,000		208,985
BB&T Corp. 5.25%, 11/1/2019		50,000		50,836
BNP Paribas SA (France) 3.50%, 3/1/2023 (b)		200,000		193,891
BNZ International Funding Ltd. (New Zealand) 2.90%, 2/21/2022 (b)		250,000		245,100
Canadian Imperial Bank of Commerce (Canada) 1.60%, 9/6/2019		200,000		198,199
Citigroup, Inc.
2.40%, 2/18/2020		50,000		49,540
2.35%, 8/2/2021		23,000		22,343
2.90%, 12/8/2021		100,000		98,378
2.75%, 4/25/2022		200,000		193,911
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (d)		74,000		72,684
4.40%, 6/10/2025		20,000		19,581
5.50%, 9/13/2025		58,000		60,891
3.40%, 5/1/2026		75,000		70,582
4.45%, 9/29/2027		210,000		202,491
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		250,000		236,303
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		50,000		44,941
8.13%, 7/15/2039		56,000		77,697
4.75%, 5/18/2046		50,000		46,170
Citizens Financial Group, Inc. 2.38%, 7/28/2021		24,000		23,378
Commonwealth Bank of Australia (Australia)
2.00%, 9/6/2021 (b)		200,000		192,633
3.45%, 3/16/2023 (b)		80,000		79,922
2.85%, 5/18/2026 (b)		80,000		74,523
Cooperatieve Rabobank UA (Netherlands) 4.38%, 8/4/2025		500,000		491,297

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
3.80%, 6/9/2023		350,000		343,430
3.75%, 3/26/2025		250,000		239,164
Danske Bank A/S (Denmark) 2.00%, 9/8/2021 (b)		200,000		189,243
Fifth Third Bancorp 3.95%, 3/14/2028		70,000		69,547
Glitnir HoldCo ehf (Iceland) 0.00%, 10/15/2008‡ (b) (e)		350,000		—
HSBC Holdings plc (United Kingdom)
2.65%, 1/5/2022		400,000		388,035
3.60%, 5/25/2023		229,000		227,678
4.38%, 11/23/2026		200,000		193,724
Huntington Bancshares, Inc.
3.15%, 3/14/2021		73,000		72,673
2.30%, 1/14/2022		88,000		84,961
ING Groep NV (Netherlands)
4.10%, 10/2/2023		200,000		199,865
3.95%, 3/29/2027		200,000		192,013
KeyCorp
2.90%, 9/15/2020		56,000		55,622
4.15%, 10/29/2025		65,000		66,054
Lloyds Banking Group plc (United Kingdom) 4.58%, 12/10/2025		200,000		189,427
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		38,000		37,466
2.67%, 7/25/2022		80,000		77,743
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (b)		200,000		198,862
National Australia Bank Ltd. (Australia) 3.38%, 1/14/2026		300,000		291,574
Nordea Bank Abp (Finland)
1.63%, 9/30/2019 (b)		200,000		197,794
4.88%, 1/27/2020 (b)		100,000		101,722
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		12,000		12,189
5.13%, 2/8/2020		150,000		153,152
Regions Financial Corp. 3.20%, 2/8/2021		54,000		53,653
Royal Bank of Canada (Canada)
1.88%, 2/5/2020		50,000		49,473
2.75%, 2/1/2022		66,000		64,941
3.70%, 10/5/2023		300,000		301,184
4.65%, 1/27/2026		30,000		30,897
Santander UK plc (United Kingdom) 2.50%, 3/14/2019		87,000		86,903

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
Societe Generale SA (France) 4.25%, 9/14/2023 (b)		200,000		198,615
Standard Chartered plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (b)(d)		220,000		217,791
4.05%, 4/12/2026 (b)		200,000		189,586
Sumitomo Mitsui Banking Corp. (Japan) 2.45%, 1/16/2020		250,000		247,983
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.06%, 7/14/2021		49,000		47,453
2.44%, 10/19/2021		45,000		43,875
2.85%, 1/11/2022		130,000		127,606
2.78%, 10/18/2022		82,000		79,574
3.10%, 1/17/2023		55,000		53,949
3.94%, 10/16/2023		300,000		305,254
3.01%, 10/19/2026		25,000		23,463
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.05%, 10/18/2019 (b)		200,000		198,263
SunTrust Bank (ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (d)		30,000		29,705
SunTrust Banks, Inc. 2.70%, 1/27/2022		91,000		88,747
Toronto-Dominion Bank (The) (Canada) (USD Swap Semi 5 Year + 2.21%), 3.62%, 9/15/2031 (d)		47,000		44,413
UBS Group Funding Switzerland AG (Switzerland) 4.13%, 9/24/2025 (b)		200,000		198,721
US Bancorp
7.50%, 6/1/2026		100,000		120,370
Series V, 2.38%, 7/22/2026		100,000		91,248
Wells Fargo & Co.
3.07%, 1/24/2023		245,000		238,618
3.30%, 9/9/2024		80,000		77,382
3.00%, 2/19/2025		200,000		188,567
3.00%, 4/22/2026		84,000		78,314
4.10%, 6/3/2026		24,000		23,448
5.38%, 11/2/2043		200,000		208,971
Westpac Banking Corp. (Australia)
4.88%, 11/19/2019		121,000		122,878
2.85%, 5/13/2026		100,000		92,987
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (d)		140,000		132,257
				13,948,001
Beverages — 0.5%
Anheuser-Busch Cos. LLC (Belgium)
3.65%, 2/1/2026 (b)		460,000		434,810

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Beverages — continued
4.70%, 2/1/2036 (b)		241,000		224,418
Anheuser-Busch InBev Finance, Inc. (Belgium) 3.30%, 2/1/2023		234,000		227,837
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.38%, 4/15/2038		150,000		133,978
4.75%, 4/15/2058		95,000		82,820
Constellation Brands, Inc.
4.40%, 11/15/2025		50,000		50,121
5.25%, 11/15/2048		25,000		25,120
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		100,000		95,496
4.42%, 5/25/2025 (b)		30,000		29,874
3.43%, 6/15/2027		20,000		18,402
4.99%, 5/25/2038 (b)		43,000		41,269
PepsiCo, Inc. 4.45%, 4/14/2046		107,000		111,901
				1,476,046
Biotechnology — 0.3%
AbbVie, Inc.
3.60%, 5/14/2025		134,000		128,587
4.50%, 5/14/2035		100,000		92,603
Amgen, Inc.
5.70%, 2/1/2019		40,000		40,081
4.66%, 6/15/2051		50,000		47,177
Baxalta, Inc.
3.60%, 6/23/2022		7,000		6,946
5.25%, 6/23/2045		3,000		3,045
Celgene Corp.
3.63%, 5/15/2024		41,000		39,985
3.45%, 11/15/2027		50,000		45,526
5.70%, 10/15/2040		53,000		56,681
Gilead Sciences, Inc.
3.70%, 4/1/2024		64,000		63,889
3.50%, 2/1/2025		40,000		39,488
3.65%, 3/1/2026		29,000		28,440
4.60%, 9/1/2035		130,000		131,385
4.00%, 9/1/2036		29,000		26,466
				750,299
Building Products — 0.1%
Johnson Controls International plc
3.90%, 2/14/2026		26,000		25,510
5.70%, 3/1/2041		30,000		30,738
4.95%, 7/2/2064 (f)		27,000		25,133

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Building Products — continued
Masco Corp. 6.50%, 8/15/2032		80,000		88,500
				169,881
Capital Markets — 2.4%
Ameriprise Financial, Inc. 2.88%, 9/15/2026		63,000		58,694
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		55,000		55,912
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (d)		83,000		80,721
3.25%, 9/11/2024		100,000		98,697
3.00%, 10/30/2028		100,000		91,904
BlackRock, Inc.
Series 2, 5.00%, 12/10/2019		65,000		66,166
4.25%, 5/24/2021		65,000		66,913
Blackstone Holdings Finance Co. LLC
5.88%, 3/15/2021 (b)		100,000		105,268
4.45%, 7/15/2045 (b)		21,000		19,414
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		55,000		51,951
4.70%, 9/20/2047		44,000		40,513
Charles Schwab Corp. (The)
3.55%, 2/1/2024		125,000		125,020
3.20%, 3/2/2027		100,000		95,451
CME Group, Inc.
3.00%, 3/15/2025		97,000		94,491
5.30%, 9/15/2043		16,000		18,698
Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (b)		49,000		48,212
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		100,000		97,771
3.30%, 11/16/2022		100,000		92,670
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		206,000		210,580
2.35%, 11/15/2021		379,000		365,419
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (d)		100,000		97,117
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		438,000		420,455
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		213,000		202,859
3.50%, 1/23/2025		100,000		94,831
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (d)		137,000		128,410
4.25%, 10/21/2025		105,000		100,596
3.50%, 11/16/2026		142,000		131,228

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Capital Markets — continued
3.85%, 1/26/2027		45,000		42,352
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		209,000		194,346
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (d)		130,000		125,185
6.75%, 10/1/2037		80,000		90,431
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		59,000		60,533
Invesco Finance plc
4.00%, 1/30/2024		29,000		28,951
3.75%, 1/15/2026		36,000		35,120
Jefferies Group LLC 6.45%, 6/8/2027		81,000		84,739
Macquarie Bank Ltd. (Australia)
2.85%, 7/29/2020 (b)		100,000		99,122
4.00%, 7/29/2025 (b)		100,000		99,515
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (b)		220,000		225,811
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b)(d)		145,000		132,965
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b)(d)		220,000		216,926
Morgan Stanley
5.63%, 9/23/2019		200,000		202,963
2.65%, 1/27/2020		25,000		24,809
5.50%, 7/28/2021		35,000		36,651
2.63%, 11/17/2021		170,000		165,917
2.75%, 5/19/2022		100,000		97,283
3.75%, 2/25/2023		142,000		141,742
4.10%, 5/22/2023		100,000		100,138
3.70%, 10/23/2024		69,000		67,849
4.00%, 7/23/2025		276,000		272,409
5.00%, 11/24/2025		70,000		71,409
3.88%, 1/27/2026		341,000		332,761
4.35%, 9/8/2026		20,000		19,446
3.63%, 1/20/2027		159,000		151,195
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (d)		222,000		209,822
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (d)		96,000		91,905
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		65,000		67,501
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (d)		29,000		27,000
Nuveen LLC 4.00%, 11/1/2028 (b)		160,000		164,971

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Capital Markets — continued
State Street Corp.
3.10%, 5/15/2023		24,000		23,582
3.70%, 11/20/2023		77,000		77,772
3.55%, 8/18/2025		147,000		146,700
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		17,000		16,817
UBS AG (Switzerland) 2.38%, 8/14/2019		250,000		248,990
				7,255,589
Chemicals — 0.4%
Albemarle Corp. 5.45%, 12/1/2044		50,000		50,043
Chevron Phillips Chemical Co. LLC
3.40%, 12/1/2026 (b)		45,000		43,826
3.70%, 6/1/2028 (b)		80,000		78,844
Dow Chemical Co. (The) 4.25%, 10/1/2034		30,000		27,519
DowDuPont, Inc.
4.49%, 11/15/2025		100,000		103,004
5.32%, 11/15/2038		50,000		51,540
Eastman Chemical Co. 4.50%, 12/1/2028		220,000		218,462
Ecolab, Inc.
3.25%, 1/14/2023		90,000		89,646
3.25%, 12/1/2027		34,000		32,838
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		45,000		45,691
5.00%, 9/26/2048		52,000		51,865
Mosaic Co. (The)
5.45%, 11/15/2033		36,000		37,031
4.88%, 11/15/2041		8,000		7,296
5.63%, 11/15/2043		80,000		81,358
Nutrien Ltd. (Canada)
3.38%, 3/15/2025		22,000		20,678
4.00%, 12/15/2026		70,000		68,284
4.13%, 3/15/2035		90,000		82,017
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		29,000		27,688
Union Carbide Corp.
7.50%, 6/1/2025		100,000		115,672
7.75%, 10/1/2096		80,000		94,746
Westlake Chemical Corp. 4.38%, 11/15/2047		36,000		30,209
				1,358,257
Commercial Services & Supplies — 0.0% (c)
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (b)		70,000		70,125

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Services & Supplies — continued
Republic Services, Inc.
3.55%, 6/1/2022		21,000		21,087
2.90%, 7/1/2026		21,000		19,818
				111,030
Communications Equipment — 0.1%
Cisco Systems, Inc.
1.85%, 9/20/2021		50,000		48,616
3.00%, 6/15/2022		56,000		55,956
5.90%, 2/15/2039		75,000		92,628
				197,200
Construction & Engineering — 0.1%
Mexico City Airport Trust (Mexico) 4.25%, 10/31/2026 (b)		200,000		177,250
Construction Materials — 0.0% (c)
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		52,000		48,057
Consumer Finance — 0.7%
American Express Co. 4.20%, 11/6/2025		150,000		152,978
American Express Credit Corp.
2.25%, 5/5/2021		73,000		71,435
2.70%, 3/3/2022		105,000		102,916
American Honda Finance Corp.
2.25%, 8/15/2019		33,000		32,845
2.30%, 9/9/2026		17,000		15,499
Capital One Financial Corp.
3.75%, 4/24/2024		130,000		126,781
4.20%, 10/29/2025		40,000		38,651
3.75%, 7/28/2026		196,000		179,615
Caterpillar Financial Services Corp.
7.15%, 2/15/2019		50,000		50,231
1.93%, 10/1/2021		175,000		169,444
Ford Motor Credit Co. LLC
5.88%, 8/2/2021		200,000		205,106
3.81%, 1/9/2024		200,000		184,560
General Motors Financial Co., Inc.
3.45%, 4/10/2022		50,000		48,351
3.70%, 5/9/2023		68,000		64,693
3.95%, 4/13/2024		120,000		113,957
3.50%, 11/7/2024		80,000		72,799
4.00%, 1/15/2025		80,000		74,837
4.35%, 4/9/2025		80,000		75,803
4.30%, 7/13/2025		35,000		33,172
HSBC USA, Inc. 2.35%, 3/5/2020		135,000		133,620

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
John Deere Capital Corp.
3.15%, 10/15/2021		42,000		42,060
3.35%, 6/12/2024		82,000		81,725
Synchrony Financial 3.70%, 8/4/2026		70,000		59,407
Toyota Motor Credit Corp. 2.13%, 7/18/2019		100,000		99,463
				2,229,948
Containers & Packaging — 0.1%
International Paper Co.
3.00%, 2/15/2027		57,000		51,914
7.30%, 11/15/2039		40,000		47,197
WRKCo, Inc. 3.00%, 9/15/2024 (b)		80,000		75,359
				174,470
Diversified Consumer Services — 0.0% (c)
President & Fellows of Harvard College 3.30%, 7/15/2056		86,000		76,214
Diversified Financial Services — 0.6%
AIG Global Funding 1.90%, 10/6/2021 (b)		100,000		95,718
CK Hutchison International Ltd. (Hong Kong) 1.88%, 10/3/2021 (b)		200,000		191,778
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/2020		251,000		242,220
4.42%, 11/15/2035		600,000		504,785
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (b)		58,000		57,067
3.48%, 6/16/2025 (b)		67,000		66,145
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) 2.65%, 9/19/2022 (b)		200,000		191,468
National Rural Utilities Cooperative Finance Corp.
2.95%, 2/7/2024		44,000		43,294
3.40%, 2/7/2028		100,000		98,597
ORIX Corp. (Japan)
2.90%, 7/18/2022		40,000		39,082
3.25%, 12/4/2024		100,000		96,888
3.70%, 7/18/2027		100,000		96,550
Shell International Finance BV (Netherlands)
2.13%, 5/11/2020		70,000		69,280
4.13%, 5/11/2035		107,000		107,247
Voya Financial, Inc. 3.65%, 6/15/2026		20,000		18,916
				1,919,035

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Diversified Telecommunication Services — 0.6%
AT&T, Inc.
3.95%, 1/15/2025		66,000		64,565
4.13%, 2/17/2026		117,000		114,313
4.30%, 2/15/2030		338,000		319,622
5.25%, 3/1/2037		100,000		98,304
4.90%, 8/15/2037		230,000		214,675
6.00%, 8/15/2040		125,000		127,612
5.35%, 9/1/2040		228,000		222,025
Centel Capital Corp. 9.00%, 10/15/2019		50,000		51,757
Telefonica Emisiones SA (Spain)
5.13%, 4/27/2020		25,000		25,512
5.46%, 2/16/2021		19,000		19,690
7.05%, 6/20/2036		50,000		57,028
Verizon Communications, Inc.
3.45%, 3/15/2021		53,000		53,348
3.38%, 2/15/2025		89,000		86,348
4.50%, 8/10/2033		125,000		123,488
4.40%, 11/1/2034		209,000		201,632
4.27%, 1/15/2036		20,000		18,737
5.25%, 3/16/2037		69,000		71,950
				1,870,606
Electric Utilities — 1.4%
Alabama Power Co. 6.13%, 5/15/2038		62,000		75,994
Avangrid, Inc. 3.15%, 12/1/2024		72,000		69,487
Baltimore Gas & Electric Co. 3.50%, 8/15/2046		47,000		41,508
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		51,000		49,626
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		200,000		191,825
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (b)		95,000		90,556
4.55%, 11/15/2030 (b)		65,000		66,646
Commonwealth Edison Co. 3.65%, 6/15/2046		30,000		27,198
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		41,000		40,534
Duke Energy Corp. 2.65%, 9/1/2026		100,000		91,089
Duke Energy Indiana LLC
6.35%, 8/15/2038		60,000		75,766
3.75%, 5/15/2046		60,000		55,385
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		46,000		41,472
Duke Energy Progress LLC
5.30%, 1/15/2019		25,000		25,017
3.70%, 10/15/2046		54,000		48,848

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Edison International 4.13%, 3/15/2028		35,000		33,146
Electricite de France SA (France)
2.15%, 1/22/2019 (b)		40,000		39,976
6.00%, 1/22/2114 (b)		75,000		73,173
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (b)		220,000		194,179
Entergy Arkansas LLC 3.50%, 4/1/2026		22,000		21,668
Entergy Corp. 2.95%, 9/1/2026		21,000		19,384
Entergy Louisiana LLC
2.40%, 10/1/2026		59,000		54,286
3.05%, 6/1/2031		38,000		34,618
4.00%, 3/15/2033		40,000		40,496
Entergy Mississippi LLC 2.85%, 6/1/2028		33,000		30,870
Evergy, Inc. 4.85%, 6/1/2021		18,000		18,467
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		26,000		26,050
Florida Power & Light Co.
5.40%, 9/1/2035		50,000		56,632
5.95%, 2/1/2038		30,000		36,913
Fortis, Inc. (Canada) 3.06%, 10/4/2026		200,000		182,675
Hydro-Quebec (Canada) Series IO, 8.05%, 7/7/2024		100,000		124,205
ITC Holdings Corp. 2.70%, 11/15/2022		100,000		96,652
Jersey Central Power & Light Co. 6.15%, 6/1/2037		30,000		35,012
Kansas City Power & Light Co.
3.15%, 3/15/2023		24,000		23,740
5.30%, 10/1/2041		50,000		56,679
4.20%, 3/15/2048		50,000		48,564
Massachusetts Electric Co. 4.00%, 8/15/2046 (b)		56,000		52,769
MidAmerican Energy Co.
3.50%, 10/15/2024		59,000		59,983
3.10%, 5/1/2027		93,000		90,568
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (b)		40,000		39,739
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (b)		45,000		41,519
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		27,000		25,779
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (b)		40,000		40,355
3.51%, 10/1/2024 (b)		19,000		19,097
Northern States Power Co. 6.25%, 6/1/2036		65,000		82,253

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Electric Utilities — continued
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029 (b)		25,000		29,196
Pacific Gas & Electric Co.
2.95%, 3/1/2026		43,000		35,371
6.05%, 3/1/2034		100,000		92,762
4.50%, 12/15/2041		24,000		18,905
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		19,000		17,794
Potomac Electric Power Co. 6.50%, 11/15/2037		75,000		94,648
PPL Capital Funding, Inc.
3.40%, 6/1/2023		30,000		29,679
4.00%, 9/15/2047		20,000		17,849
Progress Energy, Inc. 4.40%, 1/15/2021		35,000		35,667
Public Service Co. of Colorado 3.20%, 11/15/2020		18,000		18,079
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		175,000		223,012
Public Service Electric & Gas Co.
3.00%, 5/15/2025		83,000		81,190
5.38%, 11/1/2039		28,000		31,923
Southern California Edison Co.
Series C, 3.50%, 10/1/2023		53,000		52,835
Series B, 3.65%, 3/1/2028		80,000		77,821
Series 05-B, 5.55%, 1/15/2036		80,000		84,765
Tampa Electric Co. 4.45%, 6/15/2049		100,000		97,629
Toledo Edison Co. (The) 6.15%, 5/15/2037		50,000		59,744
Union Electric Co. 2.95%, 6/15/2027		36,000		34,399
Virginia Electric & Power Co. Series A, 3.80%, 4/1/2028		180,000		180,865
6.35%, 11/30/2037		70,000		86,209
Xcel Energy, Inc. 6.50%, 7/1/2036		7,000		8,815
				4,099,555
Electrical Equipment — 0.0% (c)
ABB Finance USA, Inc. (Switzerland)
2.88%, 5/8/2022		23,000		22,646
Electronic Equipment, Instruments & Components — 0.0% (c)
Arrow Electronics, Inc.
4.50%, 3/1/2023		8,000		8,101
3.25%, 9/8/2024		44,000		40,966
3.88%, 1/12/2028		22,000		20,052
				69,119

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 5.13%, 9/15/2040		40,000		38,155
Halliburton Co.
3.50%, 8/1/2023		54,000		53,598
4.85%, 11/15/2035		30,000		29,486
6.70%, 9/15/2038		60,000		70,537
Schlumberger Holdings Corp. 3.63%, 12/21/2022 (b)		60,000		59,738
				251,514
Entertainment — 0.2%
21st Century Fox America, Inc.
7.30%, 4/30/2028		150,000		188,988
6.65%, 11/15/2037		50,000		65,905
NBCUniversal Media LLC 5.95%, 4/1/2041		75,000		86,181
Viacom, Inc.
3.88%, 4/1/2024		36,000		35,309
6.88%, 4/30/2036		70,000		75,190
Walt Disney Co. (The) 1.85%, 7/30/2026		81,000		72,078
Warner Media LLC
4.75%, 3/29/2021		35,000		35,882
3.55%, 6/1/2024		155,000		149,742
3.60%, 7/15/2025		45,000		42,640
				751,915
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp.
5.90%, 11/1/2021		30,000		31,699
3.50%, 1/31/2023		87,000		85,496
5.00%, 2/15/2024		71,000		73,440
3.38%, 10/15/2026		44,000		40,956
American Tower Trust #1 3.07%, 3/15/2023 (b)		80,000		78,757
AvalonBay Communities, Inc.
2.85%, 3/15/2023		50,000		48,886
3.45%, 6/1/2025		50,000		49,195
3.90%, 10/15/2046		32,000		29,473
Boston Properties LP
3.13%, 9/1/2023		30,000		28,981
3.20%, 1/15/2025		61,000		58,272
3.65%, 2/1/2026		67,000		64,874
Brixmor Operating Partnership LP
3.65%, 6/15/2024		50,000		48,553
3.85%, 2/1/2025		50,000		48,350
Crown Castle International Corp.
4.88%, 4/15/2022		30,000		30,868
5.25%, 1/15/2023		60,000		62,302

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
4.00%, 3/1/2027		24,000		22,974
Digital Realty Trust LP 3.70%, 8/15/2027		31,000		29,275
Duke Realty LP 3.25%, 6/30/2026		18,000		17,129
EPR Properties
4.50%, 6/1/2027		54,000		52,075
4.95%, 4/15/2028		40,000		39,603
Equity Commonwealth 5.88%, 9/15/2020		165,000		168,999
ERP Operating LP
3.00%, 4/15/2023		50,000		49,177
2.85%, 11/1/2026		46,000		43,259
3.50%, 3/1/2028		61,000		59,343
GAIF Bond Issuer Pty. Ltd. (Australia) 3.40%, 9/30/2026 (b)		79,000		74,599
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b)		43,000		40,949
Government Properties Income Trust
3.75%, 8/15/2019		320,000		320,318
4.00%, 7/15/2022		78,000		76,759
HCP, Inc. 3.88%, 8/15/2024		115,000		113,170
Liberty Property LP 3.25%, 10/1/2026		19,000		17,751
National Retail Properties, Inc. 3.60%, 12/15/2026		58,000		55,803
Realty Income Corp.
3.88%, 7/15/2024		20,000		20,032
3.88%, 4/15/2025		60,000		59,913
4.65%, 3/15/2047		38,000		38,381
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		170,000		164,762
Select Income 3.60%, 2/1/2020		130,000		129,342
Senior Housing Properties Trust
3.25%, 5/1/2019		60,000		59,700
4.75%, 2/15/2028		80,000		75,518
Simon Property Group LP
4.38%, 3/1/2021		70,000		71,471
2.50%, 7/15/2021		119,000		117,115
SITE Centers Corp. 3.63%, 2/1/2025		61,000		58,270
UDR, Inc. 2.95%, 9/1/2026		28,000		25,823
Ventas Realty LP
4.13%, 1/15/2026		34,000		33,733
3.85%, 4/1/2027		49,000		47,268
VEREIT Operating Partnership LP 4.60%, 2/6/2024		170,000		171,859
Vornado Realty LP 3.50%, 1/15/2025		60,000		57,862
Welltower, Inc.
4.50%, 1/15/2024		37,000		37,940
4.00%, 6/1/2025		70,000		69,115
				3,199,389

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Food & Staples Retailing — 0.2%
Costco Wholesale Corp. 2.75%, 5/18/2024		21,000		20,424
CVS Pass-Through Trust
7.51%, 1/10/2032 (b)		77,003		89,052
4.70%, 1/10/2036 (b)		171,296		167,732
Kroger Co. (The) 5.40%, 7/15/2040		18,000		18,310
Sysco Corp. 3.55%, 3/15/2025		55,000		54,185
Walgreen Co. 4.40%, 9/15/2042		50,000		43,887
Walgreens Boots Alliance, Inc.
3.80%, 11/18/2024		47,000		46,250
4.50%, 11/18/2034		23,000		22,080
				461,920
Food Products — 0.2%
Campbell Soup Co. 3.95%, 3/15/2025		90,000		86,261
Cargill, Inc. 3.25%, 3/1/2023 (b)		25,000		24,960
Conagra Brands, Inc.
4.60%, 11/1/2025		45,000		45,163
5.30%, 11/1/2038		100,000		94,594
General Mills, Inc.
4.00%, 4/17/2025		60,000		59,074
4.20%, 4/17/2028		40,000		39,183
Kellogg Co. 3.40%, 11/15/2027		38,000		35,411
Kraft Heinz Foods Co.
4.00%, 6/15/2023		31,000		30,917
5.00%, 7/15/2035		100,000		94,010
6.88%, 1/26/2039		61,000		68,128
McCormick & Co., Inc. 3.15%, 8/15/2024		54,000		52,050
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		27,000		27,712
Tyson Foods, Inc.
3.95%, 8/15/2024		49,000		48,712
4.88%, 8/15/2034		20,000		19,384
				725,559
Gas Utilities — 0.1%
Atmos Energy Corp. 4.13%, 10/15/2044		50,000		48,299
Boston Gas Co. 4.49%, 2/15/2042 (b)		22,000		22,226
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		80,000		79,044
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		25,000		25,502
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		49,000		48,267
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		53,000		67,562
4.80%, 3/15/2047 (b)		26,000		24,778

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Gas Utilities — continued
Southwest Gas Corp. 3.80%, 9/29/2046		44,000		40,049
				355,727
Health Care Equipment & Supplies — 0.0% (c)
Abbott Laboratories 3.88%, 9/15/2025		90,000		91,173
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		27,000		26,711
				117,884
Health Care Providers & Services — 0.6%
Aetna, Inc. 2.80%, 6/15/2023		30,000		28,529
Anthem, Inc.
3.30%, 1/15/2023		18,000		17,711
3.35%, 12/1/2024		70,000		68,188
4.10%, 3/1/2028		55,000		53,939
4.65%, 1/15/2043		18,000		17,566
4.65%, 8/15/2044		65,000		62,591
CVS Health Corp.
4.00%, 12/5/2023		116,000		116,324
4.10%, 3/25/2025		354,000		350,893
4.30%, 3/25/2028		95,000		93,023
4.78%, 3/25/2038		140,000		134,302
5.05%, 3/25/2048		78,000		75,965
Express Scripts Holding Co.
3.50%, 6/15/2024		48,000		46,610
4.50%, 2/25/2026		127,000		128,778
Magellan Health, Inc. 4.40%, 9/22/2024		125,000		117,470
Mount Sinai Hospitals Group, Inc. Series 2017, 3.98%, 7/1/2048		83,000		77,747
Providence St Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		36,000		33,521
Quest Diagnostics, Inc. 3.45%, 6/1/2026		17,000		16,325
UnitedHealth Group, Inc.
1.63%, 3/15/2019		36,000		35,903
2.13%, 3/15/2021		175,000		171,339
2.75%, 2/15/2023		42,000		41,094
4.63%, 7/15/2035		34,000		36,126
				1,723,944
Hotels, Restaurants & Leisure — 0.0% (c)
McDonald’s Corp. 4.70%, 12/9/2035		60,000		60,325
Household Durables — 0.0% (c)
Newell Brands, Inc. 5.38%, 4/1/2036		39,000		37,142
Household Products — 0.0% (c)
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		27,861		29,539

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Household Products — continued
Procter & Gamble Co. (The) 2.70%, 2/2/2026		80,000		76,607
				106,146
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		50,000		49,210
4.25%, 6/15/2022		38,000		38,521
6.25%, 10/1/2039		100,000		104,393
5.75%, 10/1/2041		29,000		29,005
PSEG Power LLC 4.15%, 9/15/2021		37,000		37,404
Southern Power Co. 5.15%, 9/15/2041		50,000		49,757
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		25,000		23,357
				331,647
Industrial Conglomerates — 0.1%
General Electric Co.
5.50%, 1/8/2020		88,000		89,027
5.88%, 1/14/2038		100,000		95,704
Honeywell International, Inc. 2.50%, 11/1/2026		150,000		140,375
				325,106
Insurance — 1.1%
AIA Group Ltd. (Hong Kong) 3.90%, 4/6/2028 (b)		210,000		210,275
Allstate Corp. (The) 3.15%, 6/15/2023		31,000		30,959
American Financial Group, Inc. 3.50%, 8/15/2026		100,000		94,384
American International Group, Inc.
4.13%, 2/15/2024		59,000		59,237
3.75%, 7/10/2025		24,000		22,990
3.88%, 1/15/2035		80,000		68,868
Assurant, Inc. 4.20%, 9/27/2023		85,000		85,242
Athene Global Funding
2.75%, 4/20/2020 (b)		106,000		105,010
4.00%, 1/25/2022 (b)		44,000		44,448
Athene Holding Ltd. 4.13%, 1/12/2028		90,000		81,799
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		100,000		119,162
4.30%, 5/15/2043		62,000		62,742
Chubb INA Holdings, Inc.
2.88%, 11/3/2022		42,000		41,642
2.70%, 3/13/2023		120,000		117,257
CNA Financial Corp. 3.95%, 5/15/2024		44,000		43,589

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Insurance — continued
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (b) (d) (g) (h)		200,000		184,800
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (b)		75,000		69,968
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		21,000		20,701
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		70,000		65,113
Jackson National Life Global Funding
3.88%, 6/11/2025 (b)		87,000		87,503
3.05%, 4/29/2026 (b)		104,000		98,385
Liberty Mutual Group, Inc.
4.95%, 5/1/2022 (b)		27,000		27,837
6.50%, 3/15/2035 (b)		50,000		58,310
Lincoln National Corp.
4.20%, 3/15/2022		20,000		20,332
4.00%, 9/1/2023		50,000		50,968
3.80%, 3/1/2028		80,000		77,636
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (d)		100,000		94,352
Markel Corp. 3.63%, 3/30/2023		40,000		39,756
Massachusetts Mutual Life Insurance Co. 8.88%, 6/1/2039 (b)		19,000		28,508
MetLife, Inc. 4.13%, 8/13/2042		28,000		26,208
Metropolitan Life Global Funding I 2.30%, 4/10/2019 (b)		175,000		174,702
New York Life Global Funding
2.00%, 4/13/2021 (b)		29,000		28,257
2.35%, 7/14/2026 (b)		65,000		59,664
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		100,000		100,635
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (b) (d)		50,000		43,928
Principal Financial Group, Inc. 3.13%, 5/15/2023		30,000		29,611
Principal Life Global Funding II 2.15%, 1/10/2020 (b)		100,000		98,944
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (d) (g) (h)		50,000		46,853
Protective Life Global Funding 2.00%, 9/14/2021 (b)		180,000		174,237
Prudential Financial, Inc. 3.91%, 12/7/2047		61,000		54,459

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Insurance — continued
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)		150,000		185,152
Reliance Standard Life Global Funding II
2.50%, 1/15/2020 (b)		100,000		99,033
3.85%, 9/19/2023 (b)		105,000		105,874
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (b)		50,000		47,924
Torchmark Corp. 4.55%, 9/15/2028		75,000		76,249
				3,463,503
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc.
2.80%, 8/22/2024		66,000		64,144
4.80%, 12/5/2034		65,000		69,692
3.88%, 8/22/2037		80,000		77,767
4.25%, 8/22/2057		100,000		97,324
Booking Holdings, Inc. 3.55%, 3/15/2028		100,000		93,677
				402,604
IT Services — 0.2%
DXC Technology Co.
4.25%, 4/15/2024		34,000		33,453
7.45%, 10/15/2029		50,000		59,308
IBM Credit LLC 3.00%, 2/6/2023		110,000		107,886
International Business Machines Corp.
2.25%, 2/19/2021		174,000		170,488
6.22%, 8/1/2027		50,000		57,232
Western Union Co. (The)
3.60%, 3/15/2022		100,000		99,608
6.20%, 6/21/2040		30,000		28,417
				556,392
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 2.95%, 9/19/2026		30,000		27,700
Machinery — 0.1%
Illinois Tool Works, Inc. 4.88%, 9/15/2041		80,000		87,242
Nvent Finance SARL (United Kingdom) 4.55%, 4/15/2028		75,000		73,525
Parker-Hannifin Corp.
4.45%, 11/21/2044		30,000		30,294
4.10%, 3/1/2047		21,000		20,134
				211,195
Media — 0.7%
CBS Corp.
3.70%, 8/15/2024		99,000		96,198
4.00%, 1/15/2026		42,000		40,710

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Media — continued
Charter Communications Operating LLC
4.91%, 7/23/2025		194,000		192,818
5.38%, 4/1/2038		38,000		35,415
Comcast Cable Holdings LLC 10.13%, 4/15/2022		75,000		90,151
Comcast Corp.
3.95%, 10/15/2025		119,000		120,463
3.15%, 3/1/2026		127,000		121,576
3.55%, 5/1/2028		66,000		63,745
4.25%, 1/15/2033		167,000		165,996
4.20%, 8/15/2034		89,000		85,899
6.50%, 11/15/2035		35,000		41,935
3.90%, 3/1/2038		32,000		29,657
4.60%, 10/15/2038		145,000		146,583
4.00%, 11/1/2049		52,000		46,665
4.95%, 10/15/2058		180,000		183,280
Cox Communications, Inc.
3.35%, 9/15/2026 (b)		67,000		61,847
4.60%, 8/15/2047 (b)		39,000		35,130
Discovery Communications LLC
4.38%, 6/15/2021		78,000		79,372
3.95%, 3/20/2028		42,000		38,967
6.35%, 6/1/2040		90,000		94,399
Time Warner Cable LLC
6.55%, 5/1/2037		50,000		51,361
7.30%, 7/1/2038		50,000		54,254
5.50%, 9/1/2041		100,000		88,482
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		175,000		213,496
				2,178,399
Metals & Mining — 0.2%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (b)		200,000		180,718
Nucor Corp.
4.00%, 8/1/2023		213,000		215,439
6.40%, 12/1/2037		30,000		35,962
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		80,000		87,664
Vale Overseas Ltd. (Brazil)
6.25%, 8/10/2026		15,000		16,200
6.88%, 11/21/2036		68,000		77,664
				613,647
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		55,000		53,407

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Multi-Utilities — 0.3%
CMS Energy Corp.
3.88%, 3/1/2024		110,000		110,341
2.95%, 2/15/2027		47,000		43,635
Consolidated Edison Co. of New York, Inc.
5.70%, 6/15/2040		38,000		44,432
4.50%, 5/15/2058		54,000		52,309
Consumers Energy Co. 3.25%, 8/15/2046		19,000		16,106
Delmarva Power & Light Co. 4.15%, 5/15/2045		50,000		48,858
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022		60,000		57,762
New York State Electric & Gas Corp. 3.25%, 12/1/2026 (b)		50,000		48,508
NiSource, Inc. 6.25%, 12/15/2040		130,000		153,526
San Diego Gas & Electric Co. 5.35%, 5/15/2035		70,000		76,705
Sempra Energy 4.05%, 12/1/2023		62,000		62,453
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		37,000		36,969
2.45%, 10/1/2023		19,000		18,109
3.25%, 6/15/2026		17,000		15,905
5.88%, 3/15/2041		96,000		108,616
4.40%, 6/1/2043		42,000		39,903
3.95%, 10/1/2046		21,000		18,409
WEC Energy Group, Inc. 3.55%, 6/15/2025		43,000		42,577
				995,123
Oil, Gas & Consumable Fuels — 2.0%
Andeavor Logistics LP 5.25%, 1/15/2025		45,000		45,821
Apache Corp. 6.00%, 1/15/2037		28,000		27,980
APT Pipelines Ltd. (Australia)
4.20%, 3/23/2025 (b)		120,000		116,917
4.25%, 7/15/2027 (b)		73,000		71,071
BP Capital Markets America, Inc.
3.22%, 4/14/2024		221,000		216,359
3.02%, 1/16/2027		35,000		32,895
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		150,000		151,384
3.51%, 3/17/2025		15,000		14,712
3.28%, 9/19/2027		140,000		133,331
Buckeye Partners LP
4.88%, 2/1/2021		15,000		15,166
3.95%, 12/1/2026		23,000		20,216
5.85%, 11/15/2043		100,000		91,738

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Oil, Gas & Consumable Fuels — continued
Canadian Natural Resources Ltd. (Canada)
3.90%, 2/1/2025		65,000		63,142
5.85%, 2/1/2035		50,000		53,198
Cenovus Energy, Inc. (Canada) 6.75%, 11/15/2039		158,000		154,344
Chevron Corp.
2.41%, 3/3/2022		150,000		146,838
2.36%, 12/5/2022		20,000		19,367
2.57%, 5/16/2023		200,000		194,763
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		200,000		202,899
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		28,000		29,113
4.13%, 1/16/2025		33,000		31,268
5.38%, 6/26/2026		39,000		39,185
Enable Midstream Partners LP 4.95%, 5/15/2028		40,000		37,887
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		27,000		25,587
4.50%, 6/10/2044		75,000		71,763
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		60,000		53,978
Encana Corp. (Canada) 7.20%, 11/1/2031		80,000		90,537
Energy Transfer Operating LP
3.60%, 2/1/2023		150,000		144,507
4.90%, 2/1/2024		68,000		68,824
4.05%, 3/15/2025		45,000		42,660
4.75%, 1/15/2026		32,000		31,116
6.05%, 6/1/2041		100,000		95,652
6.50%, 2/1/2042		17,000		16,986
Eni USA, Inc. (United Kingdom) 7.30%, 11/15/2027		50,000		58,217
Enterprise Products Operating LLC
3.90%, 2/15/2024		25,000		25,148
3.75%, 2/15/2025		25,000		24,747
3.70%, 2/15/2026		38,000		37,459
Series D, 6.88%, 3/1/2033		86,000		105,470
7.55%, 4/15/2038		170,000		215,425
5.10%, 2/15/2045		16,000		16,078
4.95%, 10/15/2054		6,000		5,840
EQT Corp. 3.90%, 10/1/2027		60,000		51,754
Equinor ASA (Norway)
2.65%, 1/15/2024		143,000		138,305
3.25%, 11/10/2024		23,000		22,902
Kerr-McGee Corp. 7.88%, 9/15/2031		90,000		107,851

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Kinder Morgan, Inc. 4.30%, 3/1/2028		140,000		137,445
Magellan Midstream Partners LP
3.20%, 3/15/2025		14,000		13,224
6.40%, 5/1/2037		70,000		81,222
4.20%, 12/1/2042		27,000		23,991
Marathon Petroleum Corp. 3.63%, 9/15/2024		29,000		28,216
MPLX LP
4.88%, 12/1/2024		140,000		142,500
4.13%, 3/1/2027		52,000		49,536
4.80%, 2/15/2029		61,000		60,888
Noble Energy, Inc. 6.00%, 3/1/2041		114,000		111,394
Occidental Petroleum Corp. 3.00%, 2/15/2027		55,000		52,434
ONEOK Partners LP
8.63%, 3/1/2019		40,000		40,283
3.38%, 10/1/2022		8,000		7,854
5.00%, 9/15/2023		72,000		74,184
4.90%, 3/15/2025		100,000		101,356
6.65%, 10/1/2036		15,000		16,798
Petro-Canada (Canada) 6.80%, 5/15/2038		105,000		122,272
Petroleos Mexicanos (Mexico)
4.63%, 9/21/2023		100,000		93,850
4.88%, 1/18/2024		20,000		18,645
6.88%, 8/4/2026		26,000		25,220
6.50%, 3/13/2027		416,000		391,040
5.35%, 2/12/2028		42,000		36,645
6.50%, 1/23/2029		63,000		58,615
6.63%, 6/15/2035		150,000		130,838
6.38%, 1/23/2045		42,000		33,757
6.75%, 9/21/2047		110,000		90,958
Phillips 66 3.90%, 3/15/2028		70,000		67,659
Phillips 66 Partners LP 4.90%, 10/1/2046		37,000		33,811
Plains All American Pipeline LP
3.60%, 11/1/2024		50,000		47,579
4.65%, 10/15/2025		30,000		29,517
4.30%, 1/31/2043		30,000		23,717
Spectra Energy Partners LP
3.50%, 3/15/2025		19,000		18,146
5.95%, 9/25/2043		25,000		27,331
4.50%, 3/15/2045		7,000		6,338
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034		60,000		66,847
Sunoco Logistics Partners Operations LP
4.25%, 4/1/2024		13,000		12,611

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Oil, Gas & Consumable Fuels — continued
3.90%, 7/15/2026		24,000		22,186
6.10%, 2/15/2042		60,000		58,025
5.35%, 5/15/2045		53,000		46,966
TC PipeLines LP 3.90%, 5/25/2027		26,000		24,833
Texas Eastern Transmission LP 3.50%, 1/15/2028 (b)		15,000		14,170
Total Capital International SA (France)
2.75%, 6/19/2021		50,000		49,712
3.70%, 1/15/2024		25,000		25,495
TransCanada PipeLines Ltd. (Canada)
7.13%, 1/15/2019		50,000		50,065
6.20%, 10/15/2037		70,000		76,244
4.75%, 5/15/2038		80,000		77,193
Valero Energy Corp. 7.50%, 4/15/2032		20,000		24,684
Western Gas Partners LP
3.95%, 6/1/2025		50,000		47,126
4.50%, 3/1/2028		16,000		14,964
5.45%, 4/1/2044		26,000		22,575
5.30%, 3/1/2048		34,000		29,375
Williams Cos., Inc. (The)
3.90%, 1/15/2025		25,000		24,299
4.85%, 3/1/2048		53,000		48,255
				6,293,288
Pharmaceuticals — 0.3%
Allergan Funding SCS
3.45%, 3/15/2022		52,000		51,202
3.85%, 6/15/2024		42,000		41,422
Allergan, Inc.
3.38%, 9/15/2020		43,000		42,953
2.80%, 3/15/2023		100,000		95,783
Bayer US Finance II LLC (Germany) 4.70%, 7/15/2064 (b)		9,000		7,423
Johnson & Johnson
2.63%, 1/15/2025		121,000		116,551
4.38%, 12/5/2033		19,000		20,322
3.40%, 1/15/2038		123,000		114,627
Merck & Co., Inc.
2.80%, 5/18/2023		63,000		62,148
3.70%, 2/10/2045		10,000		9,618
Mylan NV 3.95%, 6/15/2026		35,000		31,915
Mylan, Inc.
3.13%, 1/15/2023 (b)		25,000		23,442
5.40%, 11/29/2043		21,000		17,793
Pfizer, Inc. 3.00%, 12/15/2026		150,000		144,910

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		83,000		78,456
3.20%, 9/23/2026		70,000		63,378
				921,943
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (b)		200,000		198,541
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
3.00%, 3/15/2023		50,000		49,638
5.75%, 5/1/2040		85,000		99,655
5.40%, 6/1/2041		126,000		142,757
4.38%, 9/1/2042		25,000		24,978
5.15%, 9/1/2043		77,000		86,326
4.70%, 9/1/2045		35,000		36,646
Canadian Pacific Railway Co. (Canada)
4.50%, 1/15/2022		35,000		36,060
6.13%, 9/15/2115		55,000		64,074
CSX Corp.
4.25%, 6/1/2021		33,000		33,729
5.50%, 4/15/2041		50,000		55,497
ERAC USA Finance LLC
4.50%, 8/16/2021 (b)		45,000		45,907
2.60%, 12/1/2021 (b)		50,000		48,647
7.00%, 10/15/2037 (b)		160,000		199,113
5.63%, 3/15/2042 (b)		12,000		13,134
JB Hunt Transport Services, Inc. 3.85%, 3/15/2024		70,000		70,866
Norfolk Southern Corp.
3.95%, 10/1/2042		70,000		64,268
4.05%, 8/15/2052		40,000		35,778
Penske Truck Leasing Co. LP
3.95%, 3/10/2025 (b)		25,000		24,501
3.40%, 11/15/2026 (b)		25,000		23,377
4.20%, 4/1/2027 (b)		75,000		73,384
Ryder System, Inc. 2.25%, 9/1/2021		100,000		96,738
Union Pacific Corp. 4.10%, 9/15/2067		70,000		59,589
				1,384,662
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 4.50%, 12/5/2036		64,000		60,490
Broadcom Corp.
3.63%, 1/15/2024		120,000		113,524
3.88%, 1/15/2027		100,000		89,770

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Semiconductors & Semiconductor Equipment — continued
Intel Corp. 3.70%, 7/29/2025		49,000		49,450
4.00%, 12/15/2032		60,000		61,825
4.10%, 5/19/2046		38,000		37,262
3.73%, 12/8/2047		26,000		24,064
QUALCOMM, Inc. 3.25%, 5/20/2027		75,000		70,089
				506,474
Software — 0.5%
Microsoft Corp.
2.38%, 2/12/2022		30,000		29,645
2.65%, 11/3/2022		160,000		158,899
2.38%, 5/1/2023		53,000		51,862
2.00%, 8/8/2023		125,000		120,175
2.88%, 2/6/2024		90,000		89,145
3.50%, 2/12/2035		68,000		64,969
3.45%, 8/8/2036		125,000		118,428
4.00%, 2/12/2055		19,000		18,690
3.95%, 8/8/2056		48,000		46,912
4.50%, 2/6/2057		119,000		127,000
Oracle Corp.
2.50%, 5/15/2022		52,000		50,898
2.40%, 9/15/2023		101,000		96,916
4.30%, 7/8/2034		200,000		200,954
3.90%, 5/15/2035		200,000		191,646
VMware, Inc. 2.95%, 8/21/2022		101,000		96,265
				1,462,404
Specialty Retail — 0.1%
Home Depot, Inc. (The)
2.13%, 9/15/2026		58,000		52,238
3.90%, 12/6/2028		110,000		112,739
4.20%, 4/1/2043		34,000		33,464
Lowe’s Cos., Inc. 3.38%, 9/15/2025		72,000		68,356
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		80,000		76,884
3.60%, 9/1/2027		49,000		46,711
				390,392
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
2.85%, 5/6/2021		126,000		126,081
2.15%, 2/9/2022		181,000		176,467
3.00%, 2/9/2024		197,000		194,537
2.85%, 5/11/2024		62,000		60,460
2.75%, 1/13/2025		150,000		144,701
3.20%, 5/13/2025		32,000		31,516
2.45%, 8/4/2026		74,000		68,430

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — continued
3.20%, 5/11/2027		57,000		55,041
3.00%, 6/20/2027		56,000		53,395
4.50%, 2/23/2036		43,000		45,595
3.45%, 2/9/2045		31,000		27,490
3.85%, 8/4/2046		117,000		110,323
3.75%, 9/12/2047		140,000		128,783
Dell International LLC 6.02%, 6/15/2026 (b)		135,000		135,672
Dell, Inc. 7.10%, 4/15/2028		25,000		25,750
				1,384,241
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) 4.63%, 7/11/2024 (b)		200,000		196,651
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		75,000		61,450
Trading Companies & Distributors — 0.3%
Air Lease Corp.
3.25%, 3/1/2025		48,000		44,204
3.63%, 4/1/2027		85,000		76,064
Aircastle Ltd. 4.40%, 9/25/2023		95,000		93,429
Aviation Capital Group LLC 2.88%, 1/20/2022 (b)		100,000		96,758
BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021 (b)		200,000		192,378
International Lease Finance Corp.
8.63%, 1/15/2022		70,000		77,820
5.88%, 8/15/2022		150,000		157,110
WW Grainger, Inc. 4.60%, 6/15/2045		77,000		79,216
				816,979
Water Utilities — 0.0% (c)
American Water Capital Corp.
3.40%, 3/1/2025		34,000		33,606
4.00%, 12/1/2046		52,000		49,048
				82,654
Wireless Telecommunication Services — 0.2%
Crown Castle Towers LLC
3.22%, 5/15/2022 (b)		42,000		41,301
3.66%, 5/15/2025 (b)		60,000		58,288
Rogers Communications, Inc. (Canada) 8.75%, 5/1/2032		25,000		34,085
Sprint Spectrum Co. LLC 3.36%, 9/20/2021 (b)		137,500		135,781
Vodafone Group plc (United Kingdom)
4.13%, 5/30/2025		64,000		63,253

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Wireless Telecommunication Services — continued
5.00%, 5/30/2038		114,000		106,933
5.25%, 5/30/2048		64,000		60,162
				499,803
Total Corporate Bonds (Cost $70,718,175)				68,493,983
Mortgage-Backed Securities — 15.5%
FHLMC
Pool # 611141, ARM, 4.18%, 1/1/2027 (i)		29,201		30,166
Pool # 846812, ARM, 4.45%, 4/1/2030 (i)		5,397		5,639
Pool # 1B1665, ARM, 4.07%, 4/1/2034 (i)		24,977		26,114
Pool # 1B2844, ARM, 3.59%, 3/1/2035 (i)		31,964		33,126
Pool # 1B3209, ARM, 4.01%, 1/1/2037 (i)		16,527		17,296
FHLMC Gold Pools, 30 Year, Single Family
Pool # D70244, 6.00%, 4/1/2026		51,437		55,316
Pool # G00981, 8.50%, 7/1/2028		1,853		2,094
Pool # C22459, 6.50%, 2/1/2029		6,203		6,734
Pool # C00785, 6.50%, 6/1/2029		11,897		13,062
Pool # C01292, 6.00%, 2/1/2032		6,874		7,500
Pool # C66034, 6.50%, 4/1/2032		33,167		36,008
Pool # A13625, 5.50%, 10/1/2033		41,329		44,827
Pool # A28796, 6.50%, 11/1/2034		13,266		15,203
Pool # A46417, 7.00%, 4/1/2035		40,053		46,253
Pool # A84629, 6.00%, 2/1/2039		16,069		17,281
Pool # Q48338, 4.50%, 5/1/2047		258,985		269,225
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		35,574		38,355
Pool # U80265, 3.50%, 4/1/2033		538,028		545,764
Pool # U90690, 3.50%, 6/1/2042		518,653		521,662
Pool # U90975, 4.00%, 6/1/2042		258,761		265,509
Pool # U99134, 4.00%, 1/1/2046		281,163		288,503
FHLMC, 30 Year, Single Family
Pool # 546257, 10.00%, 1/1/2020		541		544
FNMA
Pool # 116612, ARM, 3.62%, 3/1/2019 (i)		5		5
Pool # 303532, ARM, 4.02%, 3/1/2029 (i)		836		861
Pool # 745446, ARM, 4.46%, 4/1/2033 (i)		29,845		31,459
Pool # 722985, ARM, 4.32%, 7/1/2033 (i)		16,275		17,001

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
Pool # 766610, ARM, 4.49%, 1/1/2034 (i)		42,473		44,280
Pool # 735332, ARM, 4.33%, 8/1/2034 (i)		48,968		51,523
Pool # 735740, ARM, 4.26%, 10/1/2034 (i)		41,466		43,550
Pool # 810896, ARM, 4.14%, 1/1/2035 (i)		106,353		109,645
Pool # 823660, ARM, 4.12%, 5/1/2035 (i)		29,556		30,706
FNMA, 15 Year, Single Family
Pool # 788380, 6.00%, 7/1/2019		1,333		1,333
Pool # 735911, 6.50%, 8/1/2020		1,757		1,769
Pool # 840495, 5.50%, 4/1/2022		6,899		6,906
Pool # 899316, 5.50%, 4/1/2022		454		461
Pool # 928637, 6.00%, 9/1/2022		3,360		3,446
Pool # 949415, 4.50%, 3/1/2023		7,973		8,116
Pool # 962871, 4.50%, 5/1/2023		11,564		11,899
FNMA, 20 Year, Single Family
Pool # 252348, 6.50%, 3/1/2019		107		107
Pool # 254305, 6.50%, 5/1/2022		5,623		6,035
Pool # 555791, 6.50%, 12/1/2022		5,187		5,567
Pool # 762498, 5.00%, 11/1/2023		91,681		96,071
Pool # 255609, 4.50%, 1/1/2025		12,629		13,081
FNMA, 30 Year, FHA/VA
Pool # 506427, 9.00%, 4/1/2025		17,666		18,920
Pool # 449336, 8.50%, 10/1/2026		7,547		7,578
Pool # 535442, 8.50%, 6/1/2030		2,845		3,075
FNMA, 30 Year, Single Family
Pool # 250375, 6.50%, 9/1/2025		1,714		1,840
Pool # 338417, 6.50%, 5/1/2026		847		909
Pool # 689977, 8.00%, 3/1/2027		12,361		13,338
Pool # 755973, 8.00%, 11/1/2028		32,312		36,486
Pool # 252211, 6.00%, 1/1/2029		2,048		2,232
Pool # 524949, 7.50%, 3/1/2030		8,011		8,169
Pool # 622534, 3.00%, 9/1/2031		123,539		120,609
Pool # 788150, 6.00%, 3/1/2032		28,541		30,761
Pool # 545639, 6.50%, 4/1/2032		46,632		52,728
Pool # 649624, 7.00%, 8/1/2032		652		659
Pool # 674349, 6.00%, 3/1/2033		7,301		7,840
Pool # 833039, 5.00%, 9/1/2035		31,866		33,837
Pool # 745932, 6.50%, 11/1/2036		60,658		69,030
Pool # 944831, 5.50%, 2/1/2038		5,409		5,759
Pool # 961799, 5.50%, 3/1/2038		3,410		3,635
Pool # 976582, 4.50%, 4/1/2038		2,510		2,600
Pool # 985558, 5.50%, 6/1/2038		1,717		1,832
Pool # AL3438, 6.50%, 10/1/2038		687,912		761,442

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Pool # 935241, 4.50%, 5/1/2039		7,208		7,513
Pool # MA2535, 4.50%, 2/1/2046		682,098		707,261
Pool # BH4683, 4.00%, 6/1/2047		461,002		473,035
Pool # BH4684, 4.00%, 6/1/2047		481,229		493,153
Pool # BH4685, 4.00%, 6/1/2047		478,206		488,884
Pool # BK9030, 5.00%, 10/1/2048		1,496,820		1,570,155
FNMA, Other
Pool # AM3498, 2.01%, 6/1/2020		1,000,000		986,401
Pool # AM0806, 2.45%, 11/1/2022		500,000		494,529
Pool # AM1619, 2.34%, 12/1/2022		268,942		264,397
Pool # AM0939, 2.40%, 12/1/2022		491,151		484,367
Pool # AM2747, 2.50%, 4/1/2023		500,000		495,089
Pool # AM3244, 2.52%, 5/1/2023		1,000,000		990,846
Pool # AM3851, 3.02%, 7/1/2023		1,000,000		1,009,043
Pool # AM4070, 3.98%, 8/1/2025		1,991,658		2,091,550
Pool # AN0029, 3.10%, 9/1/2025		996,379		1,005,954
Pool # AM4660, 3.77%, 12/1/2025		300,000		311,675
Pool # AN0890, 2.63%, 3/1/2026		493,574		481,372
Pool # AM6381, 3.29%, 8/1/2026		1,000,000		1,016,019
Pool # AM6392, 3.29%, 8/1/2026		925,000		939,786
Pool # BL0044, 3.71%, 8/1/2026		800,000		825,919
Pool # AM7321, 3.12%, 11/1/2026		982,499		979,019
Pool # AM7515, 3.34%, 2/1/2027		1,000,000		1,010,824
Pool # AN1600, 2.59%, 6/1/2028		892,354		850,228
Pool # AN9686, 3.52%, 6/1/2028		500,000		506,028
Pool # AN9656, 3.57%, 7/1/2028		599,103		608,966
Pool # AN2466, 2.57%, 8/1/2028		500,000		474,350
Pool # 109452, 3.64%, 8/1/2028		995,944		1,017,610
Pool # 405220, 6.00%, 9/1/2028		17,086		18,342
Pool # BL1040, 3.81%, 12/1/2028		300,000		310,101
Pool # AN4559, 3.28%, 2/1/2029		1,500,000		1,484,686
Pool # AN4975, 3.21%, 3/1/2029		2,500,000		2,457,947
Pool # AN5672, 3.20%, 6/1/2029		1,500,000		1,473,918
Pool # AN6099, 3.04%, 7/1/2029		900,000		870,827
Pool # AN5998, 3.06%, 7/1/2029		2,930,602		2,862,279
Pool # AN5971, 2.99%, 8/1/2029		1,400,000		1,347,985
Pool # AN6846, 2.93%, 10/1/2029		1,100,000		1,047,054
Pool # AM6811, 3.69%, 10/1/2029		652,401		673,250
Pool # AN9976, 3.96%, 2/1/2030		1,200,000		1,248,074
Pool # AM8692, 3.03%, 4/1/2030		650,000		621,834
Pool # AM8544, 3.08%, 4/1/2030		494,371		480,934
Pool # 754922, 5.50%, 9/1/2033		39,034		41,551
Pool # 847108, 6.50%, 10/1/2035		78,017		83,065
Pool # AN1330, 3.19%, 3/1/2036		1,136,366		1,123,635
Pool # 257172, 5.50%, 4/1/2038		5,763		5,983
Pool # AO9352, 4.00%, 7/1/2042		274,658		281,837

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
Pool # MA1125, 4.00%, 7/1/2042		463,916		475,975
Pool # MA1178, 4.00%, 9/1/2042		222,967		228,850
Pool # MA1437, 3.50%, 5/1/2043		600,026		603,774
Pool # AL6167, 3.50%, 1/1/2044		647,621		651,659
Pool # MA2545, 3.50%, 2/1/2046		1,179,002		1,182,363
Pool # MA2793, 3.50%, 10/1/2046		309,271		310,157
GNMA I, 30 Year, Single Family
Pool # 326977, 7.50%, 5/15/2023		2,587		2,690
Pool # 359588, 7.50%, 6/15/2023		522		523
Pool # 782507, 9.50%, 10/15/2024		7,406		7,672
Pool # 780029, 9.00%, 11/15/2024		539		557
Pool # 405535, 7.00%, 12/15/2025		1,253		1,321
Pool # 412336, 8.00%, 10/15/2027		2,531		2,765
Pool # 451507, 8.00%, 10/15/2027		2,423		2,455
Pool # 412369, 7.00%, 11/15/2027		1,777		1,870
Pool # 467705, 6.50%, 3/15/2028		1,785		1,921
Pool # 472679, 7.00%, 6/15/2028		4,974		5,359
Pool # 486537, 7.50%, 9/15/2028		3,274		3,523
Pool # 781614, 7.00%, 6/15/2033		6,059		7,050
Pool # 617653, 6.00%, 5/15/2037		30,771		33,025
Pool # 678574, 5.50%, 6/15/2038		737,623		819,566
Pool # 681554, 5.50%, 7/15/2038		696,802		768,029
Pool # 678169, 5.50%, 9/15/2038		386,855		426,453
Pool # 681568, 5.50%, 9/15/2038		785,986		866,387
Pool # 694458, 6.00%, 10/15/2038		9,741		10,455
Pool # 782510, 6.50%, 12/15/2038		28,714		32,381
GNMA II
Pool # 81008, ARM, 4.25%, 7/20/2034 (i)		56,645		57,035
Pool # 81074, ARM, 4.25%, 9/20/2034 (i)		77,771		77,776
GNMA II, 30 Year, Single Family
Pool # 2006, 8.50%, 5/20/2025		1,068		1,140
Pool # 2324, 8.00%, 11/20/2026		23,304		26,147
Pool # 2341, 7.50%, 12/20/2026		1,196		1,334
Pool # 2362, 8.00%, 1/20/2027		3,205		3,522
GNMA II, Other
Pool # AD0018, 3.75%, 12/20/2032		134,227		135,654
Total Mortgage-Backed Securities (Cost $48,616,707)				47,719,944
Asset-Backed Securities — 11.4%
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		114,991		113,944
Series 2015-1, Class A, 3.60%, 3/15/2027 (b)		86,375		83,024

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		260,000		248,205
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		185,000		176,815
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		13,841		14,135
Series 2013-1, Class A, 4.00%, 7/15/2025		74,978		74,404
Series 2017-2, Class B, 3.70%, 10/15/2025		107,288		103,741
Series 2014-1, Class A, 3.70%, 10/1/2026		38,887		37,651
Series 2016-2, Class A, 3.65%, 6/15/2028		14,392		13,667
Series 2016-3, Class AA, 3.00%, 10/15/2028		218,555		206,483
Series 2017-1, Class AA, 3.65%, 2/15/2029		148,724		146,378
American Credit Acceptance Receivables Trust Series 2016-4, Class C, 2.91%, 2/13/2023‡ (b)		92,905		92,721
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036‡ (b)		418,317		422,095
Series 2014-SFR2, Class C, 4.71%, 10/17/2036 (b)		200,000		209,384
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		232,136		233,000
Series 2014-SFR3, Class E, 6.42%, 12/17/2036‡ (b)		200,000		222,699
Series 2015-SFR2, Class C, 4.69%, 10/17/2045 (b)		200,000		207,180
Series 2015-SFR1, Class D, 4.41%, 4/17/2052 (b)		380,000		385,355
Series 2015-SFR1, Class E, 5.64%, 4/17/2052‡ (b)		100,000		107,043
AmeriCredit Automobile Receivables Trust
Series 2016-3, Class A3, 1.46%, 5/10/2021		20,292		20,208
Series 2016-4, Class B, 1.83%, 12/8/2021		600,000		592,832
AXIS Equipment Finance Receivables IV LLC Series 2016-1A, Class A, 2.21%, 11/20/2021 (b)		98,593		98,214
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (b)		28,740		28,425
Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		131,021		130,486

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
BCC Funding XIII LLC Series 2016-1, Class A2, 2.20%, 12/20/2021 (b)		40,586		40,419
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.88%, 4/25/2036‡ (i)		3,455		3,441
BMW Vehicle Lease Trust Series 2016-2, Class A4, 1.57%, 2/20/2020		250,000		249,069
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		85,920		84,238
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		114,943		113,299
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033(b)		293,691		295,339
Series 2018-2, Class A, 4.45%, 6/15/2033 (b)		380,628		384,689
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		77,000		76,078
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023‡		370,139		369,330
Capital Auto Receivables Asset Trust
Series 2016-2, Class A4, 1.63%, 1/20/2021		63,000		62,635
Series 2018-1, Class A3, 2.79%, 1/20/2022 (b)		625,000		623,411
Carnow Auto Receivables Trust Series 2017-1A, Class A, 2.92%, 9/15/2022 (b)		71,339		71,013
Chrysler Capital Auto Receivables Trust
Series 2016-AA, Class A3, 1.77%, 10/15/2020 (b)		3,513		3,511
Series 2016-BA, Class A3, 1.64%, 7/15/2021 (b)		176,479		175,608
Continental Airlines Pass-Through Trust Series 2012-1, Class A, 4.15%, 4/11/2024		145,859		145,480
CPS Auto Receivables Trust Series 2015-C, Class D, 4.63%, 8/16/2021‡ (b)		172,000		174,152
CPS Auto Trust Series 2018-C, Class C, 3.68%, 6/17/2024 (b)		1,901,000		1,911,764
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A, 2.56%, 10/15/2025 (b)		250,000		248,397
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		250,000		248,065
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)		81,073		87,363

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
CWABS Revolving Home Equity Loan Trust Series 2004-K, Class 2A, 2.76%, 2/15/2034‡ (i)		2,867		2,861
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M1, 3.26%, 3/25/2034‡ (i)		34,694		34,745
Series 2004-1, Class M2, 3.33%, 3/25/2034‡ (i)		7,193		7,109
Series 2004-1, Class 3A, 3.07%, 4/25/2034‡ (i)		1,056		1,010
Delta Air Lines Pass-Through Trust Series 2010-2, Class A, 4.95%, 5/23/2019		6,220		6,254
Drive Auto Receivables Trust
Series 2017-3, Class B, 2.30%, 5/17/2021		656,203		655,470
Series 2016-AA, Class C, 3.91%, 5/17/2021 (b)		62,152		62,259
Series 2017-AA, Class C, 2.98%, 1/18/2022 (b)		87,688		87,600
Series 2017-1, Class C, 2.84%, 4/15/2022		231,000		230,707
Series 2015-DA, Class D, 4.59%, 1/17/2023‡ (b)		132,000		132,865
Series 2017-1, Class D, 3.84%, 3/15/2023		262,000		262,945
Series 2017-2, Class C, 2.75%, 9/15/2023		367,000		366,258
Series 2017-3, Class D, 3.53%, 12/15/2023 (b)		570,000		570,468
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		220,000		221,122
Series 2017-AA, Class D, 4.16%, 5/15/2024 (b)		127,000		128,433
DT Auto Owner Trust
Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		113,300		113,471
Series 2017-1A, Class D, 3.55%, 11/15/2022 (b)		115,000		115,132
Series 2017-2A, Class C, 3.03%, 1/17/2023 (b)		196,000		195,795
Series 2017-3A, Class D, 3.58%, 5/15/2023 (b)		105,000		104,829
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		104,838		104,241
Exeter Automobile Receivables Trust
Series 2016-3A, Class B, 2.84%, 8/16/2021 (b)		81,131		81,014

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Series 2016-1A, Class C, 5.52%, 10/15/2021 (b)		135,000		136,639
Series 2017-3A, Class A, 2.05%, 12/15/2021 (b)		47,681		47,391
Series 2018-4A, Class B, 3.64%, 11/15/2022 (b)		196,000		195,958
Series 2017-1A, Class C, 3.95%, 12/15/2022 (b)		60,000		60,501
Series 2018-1A, Class C, 3.03%, 1/17/2023 (b)		155,000		154,020
Flagship Credit Auto Trust
Series 2015-3, Class A, 2.38%, 10/15/2020 (b)		12,224		12,214
Series 2016-1, Class A, 2.77%, 12/15/2020 (b)		25,440		25,424
Series 2014-2, Class C, 3.95%, 12/15/2020 (b)		16,921		16,951
Series 2016-4, Class A2, 1.96%, 2/16/2021 (b)		123,921		123,692
Series 2015-3, Class B, 3.68%, 3/15/2022 (b)		126,000		126,288
Series 2015-3, Class C, 4.65%, 3/15/2022 (b)		76,000		77,117
Series 2016-1, Class C, 6.22%, 6/15/2022 (b)		250,000		258,466
Series 2016-4, Class C, 2.71%, 11/15/2022 (b)		249,000		247,195
Ford Credit Auto Lease Trust Series 2017-B, Class A3, 2.03%, 12/15/2020		146,000		144,903
FORT CRE LLC Series 2018-1A, Class C, 5.31%, 12/21/2023 (b) (i)		760,000		759,664
FREED ABS Trust Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		525,527		526,090
GM Financial Automobile Leasing Trust
Series 2018-1, Class A3, 2.61%, 1/20/2021		320,000		318,474
Series 2018-2, Class A3, 3.06%, 6/21/2021		404,000		403,401
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)		27,247		27,084
Goodgreen Trust
Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		78,466		79,294
Series 2017-2A, Class A, 3.26%, 10/15/2053 (b)		314,158		309,264
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		270,377		270,039

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Hero Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		287,806		293,819
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		76,272		74,618
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		200,874		208,311
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		147,141		145,618
Hyundai Auto Receivables Trust Series 2016-A, Class D, 3.23%, 12/15/2022		1,220,000		1,215,678
Kabbage Asset Securitization LLC Series 2017-1, Class A, 4.57%, 3/15/2022 (b)		700,000		704,687
Lendmark Funding Trust Series 2017-1A, Class A, 2.83%, 12/22/2025 (b)		162,000		159,840
Long Beach Mortgage Loan Trust
Series 2003-4, Class M1, 3.53%, 8/25/2033‡ (i)		33,364		33,357
Series 2004-1, Class M1, 3.26%, 2/25/2034‡ (i)		70,064		69,268
Series 2004-1, Class M2, 3.33%, 2/25/2034‡ (i)		7,316		7,305
Mariner Finance Issuance Trust Series 2017-AA, Class A, 3.62%, 2/20/2029 (b)		176,000		176,003
Marlette Funding Trust
Series 2017-1A, Class A, 2.83%, 3/15/2024 (b)		33,818		33,801
Series 2018-1A, Class A, 2.61%, 3/15/2028 (b)		167,894		167,364
New Century Home Equity Loan Trust Series 2005-1, Class M1, 3.18%, 3/25/2035‡ (i)		116,952		116,335
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (b)		90,000		89,440
Ocwen Master Advance Receivables Trust Series 2018-T2, Class AT2, 3.60%, 8/15/2050 (b)		485,000		486,169
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		129,000		129,153
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (b)		270,000		272,865

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
OneMain Financial Issuance Trust
Series 2015-2A, Class B, 3.10%, 7/18/2025‡ (b)		39,744		39,724
Series 2015-1A, Class A, 3.19%, 3/18/2026 (b)		44,709		44,672
Series 2015-1A, Class B, 3.85%, 3/18/2026 (b)		100,000		100,272
Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		215,000		215,392
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (b)		250,000		247,746
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (b)		253,000		250,716
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (b)		801,000		808,468
Pretium Mortgage Credit Partners I LLC Series 2018-NPL4, Class A1, 4.83%, 9/25/2058 (b) (f)		400,000		400,722
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (b)		224,112		221,275
Series 2015-SFR2, Class B, 3.14%, 6/12/2032‡ (b)		150,000		148,674
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (b)		433,559		429,608
Series 2015-SFR3, Class D, 4.67%, 11/12/2032‡ (b)		100,000		101,235
Prosper Marketplace Issuance Trust
Series 2017-2A, Class A, 2.41%, 9/15/2023 (b)		9,209		9,203
Series 2017-3A, Class A, 2.36%, 11/15/2023 (b)		78,195		77,985
Purchasing Power Funding LLC Series 2018-A, Class A, 3.34%, 8/15/2022 (b)		730,000		727,762
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		81,509		82,007
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 (b)		310,678		309,492
Santander Drive Auto Receivables Trust
Series 2016-3, Class B, 1.89%, 6/15/2021‡		213,860		213,311
Series 2018-3, Class A3, 3.03%, 2/15/2022		321,000		321,185
Series 2018-1, Class D, 3.32%, 3/15/2024		346,000		343,590
Santander Retail Auto Lease Trust Series 2018-A, Class A3, 2.93%, 5/20/2021 (b)		300,000		299,628

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		41,654		41,567
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		59,853		57,278
Spirit Master Funding LLC Series 2017-1A, Class A, 4.36%, 12/20/2047 (b)		278,093		281,278
Springleaf Funding Trust Series 2015-AA, Class A, 3.16%, 11/15/2024(b)		77,385		77,278
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (b)		54,496		54,855
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		370,000		373,279
TCF Auto Receivables Owner Trust Series 2016-PT1A, Class A, 1.93%, 6/15/2022 (b)		174,863		173,117
Tricolor Auto Securitization Trust Series 2018-1A, Class A, 5.05%, 12/15/2020 (b)		578,263		578,072
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (b)		130,313		126,601
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025		160,497		163,875
Series 2016-1, Class B, 3.65%, 1/7/2026		60,347		58,984
Series 2018-1, Class B, 4.60%, 3/1/2026		40,000		40,012
Series 2014-1, Class A, 4.00%, 4/11/2026		60,417		60,200
Series 2016-2, Class AA, 2.88%, 10/7/2028		94,714		86,976
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (b)		215,042		214,906
Upstart Securitization Trust Series 2017-1, Class A, 2.64%, 6/20/2024 (b)		12,638		12,625
US Auto Funding LLC Series 2018-1A, Class A, 5.50%, 7/15/2023 (b)		468,407		471,969
Verizon Owner Trust
Series 2017-2A, Class A, 1.92%, 12/20/2021(b)		393,000		388,983
Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (b)		388,000		383,342
Series 2018-A, Class A1A, 3.23%, 4/20/2023		400,000		402,412
Veros Automobile Receivables Trust Series 2017-1, Class A, 2.84%, 4/17/2023 (b)		60,617		60,436

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024‡ (b)		325,956		325,956
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047‡ (b)(f)		89,517		89,082
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047‡ (b)(f)		426,985		422,634
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048‡ (b)(f)		234,811		234,851
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048‡ (b)(f)		293,290		293,260
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048‡ (b)(f)		238,537		238,228
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048‡ (b)(f)		736,152		734,716
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (b)		153,336		152,287
Westlake Automobile Receivables Trust
Series 2015-3A, Class D, 4.40%, 5/17/2021 (b)		53,725		53,740
Series 2016-3A, Class C, 2.46%, 1/18/2022 (b)		645,000		642,694
Series 2017-1A, Class C, 2.70%, 10/17/2022 (b)		77,000		76,613
Series 2018-1A, Class C, 2.92%, 5/15/2023 (b)		830,000		822,279
Total Asset-Backed Securities (Cost $35,211,242)				35,110,730
Collateralized Mortgage Obligations — 10.1%
Acre 12/15/2020		500,000		500,000
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		963,835		1,000,409
Series 2005-J1, Class 1A4, IF, IO, 2.59%, 2/25/2035‡ (i)		62,395		880
Series 2005-22T1, Class A2, IF, IO, 2.56%, 6/25/2035‡ (i)		454,686		42,847
Series 2005-20CB, Class 3A8, IF, IO, 2.24%, 7/25/2035‡ (i)		274,486		22,596
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		382,994		364,746
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		160,602		148,999
ARIVO 9/15/2019‡		262,125		262,125
Banc of America Alternative Loan Trust
Series 2004-6, Class 15PO, PO, 7/25/2019‡		2,796		2,558
Series 2004-5, Class 3A3, PO, 6/25/2034‡		133,429		116,856

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034‡		18,856		15,942
Series 2005-E, Class 4A1, 4.56%, 3/20/2035 (i)		30,485		30,617
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		94,932		90,050
Series 2005-7, Class 30PO, PO, 11/25/2035‡		18,220		15,160
Banc of America Mortgage Trust Series 2004-J, Class 3A1, 4.87%, 11/25/2034 (i)		41,156		41,184
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 4.20%, 10/25/2033 (i)		21,712		21,632
Series 2006-1, Class A1, 4.91%, 2/25/2036 (i)		106,629		107,210
CHL Mortgage Pass-Through Trust
Series 2004-J8, Class POA, PO, 11/25/2019‡		286		286
Series 2004-HYB1, Class 2A, 4.00%, 5/20/2034 (i)		13,661		13,608
Series 2004-HYB3, Class 2A, 3.63%, 6/20/2034 (i)		30,073		30,133
Series 2004-7, Class 2A1, 3.96%, 6/25/2034 (i)		28,009		28,820
Series 2005-16, Class A23, 5.50%, 9/25/2035		59,990		56,881
Series 2005-22, Class 2A1, 4.08%, 11/25/2035 (i)		131,508		115,676
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-HYB1, Class A, 4.74%, 9/25/2033 (i)		14,601		14,702
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		2,826		2,821
Series 2005-1, Class 2A1A, 3.41%, 2/25/2035 (i)		56,213		48,178
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-5, Class 5P, PO, 8/25/2019‡		88		88
CVS Pass-Through Trust 8.35%, 7/10/2031 (b)		76,469		92,522
DT Asset Trust 5.84%, 12/16/2022		500,000		499,615
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		36,731		38,254
FHLMC REMIC
Series 2134, Class PI, IO, 6.50%, 3/15/2019		98		—	(j)
Series 2827, Class DG, 4.50%, 7/15/2019		793		792

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 99, Class Z, 9.50%, 1/15/2021		14		14
Series 1065, Class J, 9.00%, 4/15/2021		143		150
Series 1113, Class J, 8.50%, 6/15/2021		69		69
Series 1250, Class J, 7.00%, 5/15/2022		821		833
Series 1316, Class Z, 8.00%, 6/15/2022		2,389		2,523
Series 1324, Class Z, 7.00%, 7/15/2022		4,036		4,191
Series 1343, Class LB, 7.50%, 8/15/2022		3,551		3,763
Series 1343, Class LA, 8.00%, 8/15/2022		17,248		18,287
Series 1395, Class G, 6.00%, 10/15/2022		2,102		2,171
Series 1394, Class ID, IF, 9.57%, 10/15/2022 (i)		2,503		2,755
Series 2535, Class BK, 5.50%, 12/15/2022		19,184		19,589
Series 1798, Class F, 5.00%, 5/15/2023		8,364		8,557
Series 1518, Class G, IF, 6.48%, 5/15/2023 (i)		3,217		3,387
Series 1505, Class Q, 7.00%, 5/15/2023		1,630		1,730
Series 1541, Class O, 2.20%, 7/15/2023 (i)		3,390		3,381
Series 2638, Class DS, IF, 6.14%, 7/15/2023 (i)		19,729		20,209
Series 1577, Class PV, 6.50%, 9/15/2023		97,306		102,672
Series 1584, Class L, 6.50%, 9/15/2023		55,139		58,215
Series 1633, Class Z, 6.50%, 12/15/2023		57,431		59,983
Series 1638, Class H, 6.50%, 12/15/2023		75,792		80,044
Series 2283, Class K, 6.50%, 12/15/2023		8,798		9,260
Series 1700, Class GA, PO, 2/15/2024		1,710		1,645
Series 1865, Class D, PO, 2/15/2024		4,026		3,699
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (i)		2,387		2,887
Series 1694, Class PK, 6.50%, 3/15/2024		6,675		7,028
Series 2033, Class SN, HB, IF, 26.59%, 3/15/2024 (i)		1,901		434
Series 2306, Class K, PO, 5/15/2024		2,430		2,287
Series 2306, Class SE, IF, IO, 7.54%, 5/15/2024 (i)		5,830		857

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 1863, Class Z, 6.50%, 7/15/2026		16,449		17,347
Series 1981, Class Z, 6.00%, 5/15/2027		7,532		7,972
Series 1987, Class PE, 7.50%, 9/15/2027		12,168		13,709
Series 1999, Class PU, 7.00%, 10/15/2027		32,830		35,370
Series 2031, Class PG, 7.00%, 2/15/2028		60,677		67,309
Series 2035, Class PC, 6.95%, 3/15/2028		62,006		67,529
Series 2038, Class PN, IO, 7.00%, 3/15/2028		4,284		753
Series 2057, Class PE, 6.75%, 5/15/2028		79,083		87,110
Series 2054, Class PV, 7.50%, 5/15/2028		12,054		13,459
Series 2064, Class TE, 7.00%, 6/15/2028		14,434		15,929
Series 2075, Class PH, 6.50%, 8/15/2028		13,382		14,614
Series 2095, Class PE, 6.00%, 11/15/2028		42,777		46,129
Series 2132, Class SB, HB, IF, 20.37%, 3/15/2029 (i)		2,566		3,661
Series 2178, Class PB, 7.00%, 8/15/2029		24,838		27,641
Series 2182, Class ZB, 8.00%, 9/15/2029		42,181		47,910
Series 2204, Class GB, IO, 8.27%, 12/20/2029‡ (i)		483		483
Series 2247, Class Z, 7.50%, 8/15/2030		8,258		9,231
Series 2259, Class ZC, 7.35%, 10/15/2030		125,169		143,516
Series 2261, Class ZY, 7.50%, 10/15/2030		188		188
Series 2325, Class PM, 7.00%, 6/15/2031		6,318		7,114
Series 2359, Class ZB, 8.50%, 6/15/2031		26,020		30,327
Series 2344, Class ZD, 6.50%, 8/15/2031		47,495		54,418
Series 2344, Class ZJ, 6.50%, 8/15/2031		7,735		8,383
Series 2345, Class NE, 6.50%, 8/15/2031		4,056		4,474
Series 2367, Class ME, 6.50%, 10/15/2031		65,697		71,356

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2390, Class DO, PO, 12/15/2031		7,282		6,631
Series 2410, Class QX, IF, IO, 6.19%, 2/15/2032 (i)		14,337		2,988
Series 2410, Class OE, 6.38%, 2/15/2032		11,663		12,447
Series 2412, Class SP, IF, 11.19%, 2/15/2032 (i)		14,685		17,520
Series 2410, Class QS, IF, 13.12%, 2/15/2032 (i)		11,519		14,388
Series 2444, Class ES, IF, IO, 5.49%, 3/15/2032 (i)		17,244		2,955
Series 2450, Class SW, IF, IO, 5.54%, 3/15/2032 (i)		11,496		1,904
Series 2423, Class MC, 7.00%, 3/15/2032		27,904		31,291
Series 2423, Class MT, 7.00%, 3/15/2032		44,574		50,232
Series 2647, Class A, 3.25%, 4/15/2032		51,771		52,382
Series 3688, Class NI, IO, 5.00%, 4/15/2032		32,983		608
Series 2435, Class CJ, 6.50%, 4/15/2032		96,063		106,472
Series 2455, Class GK, 6.50%, 5/15/2032		28,056		31,340
Series 2484, Class LZ, 6.50%, 7/15/2032		20,277		22,969
Series 2500, Class MC, 6.00%, 9/15/2032		63,376		69,748
Series 2543, Class YX, 6.00%, 12/15/2032		845,334		934,485
Series 2544, Class HC, 6.00%, 12/15/2032		66,446		72,471
Series 2574, Class PE, 5.50%, 2/15/2033		323,154		353,579
Series 2575, Class ME, 6.00%, 2/15/2033		122,191		133,586
Series 2586, Class WI, IO, 6.50%, 3/15/2033		9,688		2,201
Series 4189, Class MI, IO, 3.00%, 6/15/2033		5,092,310		311,366
Series 2764, Class UG, 5.00%, 3/15/2034		249,355		267,358
Series 2949, Class GE, 5.50%, 3/15/2035		323,798		351,196
Series 3047, Class OD, 5.50%, 10/15/2035		300,000		327,007
Series 3085, Class VS, IF, 18.90%, 12/15/2035 (i)		71,349		105,274

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 3117, Class EO, PO, 2/15/2036		23,003		19,716
Series 3260, Class CS, IF, IO, 3.68%, 1/15/2037 (i)		22,675		3,110
Series 3759, Class HI, IO, 4.00%, 8/15/2037		9,818		176
Series 3380, Class SI, IF, IO, 3.91%, 10/15/2037 (i)		1,251,802		170,645
Series 3385, Class SN, IF, IO, 3.54%, 11/15/2037 (i)		23,080		1,956
Series 3387, Class SA, IF, IO, 3.96%, 11/15/2037 (i)		52,182		4,889
Series 3423, Class PB, 5.50%, 3/15/2038		266,130		290,808
Series 3451, Class SA, IF, IO, 3.59%, 5/15/2038 (i)		24,196		2,663
Series 3455, Class SE, IF, IO, 3.74%, 6/15/2038 (i)		187,934		24,114
Series 3786, Class PD, 4.50%, 1/15/2041		407,000		441,777
FHLMC STRIPS
Series 233, Class 11, IO, 5.00%, 9/15/2035		46,097		8,553
Series 239, Class S30, IF, IO, 5.24%, 8/15/2036 (i)		50,227		8,350
Series 262, Class 35, 3.50%, 7/15/2042		255,933		258,757
Series 299, Class 300, 3.00%, 1/15/2043		248,721		247,791
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.49%, 7/25/2032 (i)		10,300		10,976
Series T-54, Class 2A, 6.50%, 2/25/2043		69,476		79,435
Series T-54, Class 3A, 7.00%, 2/25/2043		30,057		34,308
Series T-56, Class APO, PO, 5/25/2043		156,805		131,195
Series T-58, Class APO, PO, 9/25/2043		15,047		12,025
First Horizon Alternative Mortgage Securities Trust Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		104,748		85,311
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 4.01%, 2/25/2035 (i)		56,734		56,843
Series 2005-AR1, Class 2A2, 3.93%, 4/25/2035 (i)		31,804		32,301
FNMA REMIC
Series 1989-83, Class H, 8.50%, 11/25/2019		319		323

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 1990-1, Class D, 8.80%, 1/25/2020		61		62
Series 1990-10, Class L, 8.50%, 2/25/2020		474		483
Series 1990-93, Class G, 5.50%, 8/25/2020		51		52
Series 1990-143, Class J, 8.75%, 12/25/2020		108		112
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		2		12
Series 2001-4, Class PC, 7.00%, 3/25/2021		10,988		11,158
Series 2002-1, Class HC, 6.50%, 2/25/2022		5,681		5,832
Series 1992-101, Class J, 7.50%, 6/25/2022		7,397		7,853
Series G92-42, Class Z, 7.00%, 7/25/2022		444		456
Series G92-44, Class ZQ, 8.00%, 7/25/2022		207		216
Series 1996-59, Class J, 6.50%, 8/25/2022		957		996
Series 1992-143, Class MA, 5.50%, 9/25/2022		1,437		1,470
Series G92-54, Class ZQ, 7.50%, 9/25/2022		3,247		3,373
Series G92-59, Class F, 1.78%, 10/25/2022 (i)		329		332
Series G92-61, Class Z, 7.00%, 10/25/2022		1,160		1,215
Series G92-66, Class KA, 6.00%, 12/25/2022		2,716		2,807
Series G92-66, Class KB, 7.00%, 12/25/2022		12,843		13,568
Series G93-1, Class KA, 7.90%, 1/25/2023		3,395		3,619
Series 1997-61, Class ZC, 7.00%, 2/25/2023		26,606		28,071
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (i)		3,685		3,940
Series 1998-43, Class SA, IF, IO, 15.37%, 4/25/2023 (i)		10,115		2,393
Series 1993-146, Class E, PO, 5/25/2023		8,214		7,764
Series 1993-84, Class M, 7.50%, 6/25/2023		542,984		580,119
Series 1993-205, Class H, PO, 9/25/2023		2,772		2,614
Series 1993-155, Class PJ, 7.00%, 9/25/2023		21,291		22,701

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (i)		3,231		3,486
Series 1993-165, Class SD, IF, 12.57%, 9/25/2023 (i)		648		702
Series 1993-203, Class PL, 6.50%, 10/25/2023		27,623		29,645
Series 1995-19, Class Z, 6.50%, 11/25/2023		32,496		34,874
Series 1993-230, Class FA, 3.11%, 12/25/2023 (i)		878		884
Series 1993-223, Class PZ, 6.50%, 12/25/2023		76,021		79,662
Series 1993-225, Class UB, 6.50%, 12/25/2023		29,313		31,245
Series 2003-128, Class DY, 4.50%, 1/25/2024		346,049		353,324
Series 1994-37, Class L, 6.50%, 3/25/2024		61,871		65,273
Series 1994-72, Class K, 6.00%, 4/25/2024		553,772		594,151
Series 1995-2, Class Z, 8.50%, 1/25/2025		6,842		7,499
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (i)		28,592		773
Series 1997-39, Class PD, 7.50%, 5/20/2027		8,165		9,164
Series 1997-46, Class PL, 6.00%, 7/18/2027		13,612		14,505
Series 1998-36, Class ZB, 6.00%, 7/18/2028		4,789		5,192
Series 1998-46, Class GZ, 6.50%, 8/18/2028		15,931		17,098
Series 1998-58, Class PC, 6.50%, 10/25/2028		31,772		34,580
Series 1999-39, Class JH, IO, 6.50%, 8/25/2029		75,549		7,911
Series 2000-52, IO, 8.50%, 1/25/2031		2,751		610
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		87,469		18,390
Series 2001-30, Class PM, 7.00%, 7/25/2031		26,408		29,978
Series 2001-36, Class DE, 7.00%, 8/25/2031		44,686		49,713
Series 2001-44, Class PD, 7.00%, 9/25/2031		4,273		4,795
Series 2001-61, Class Z, 7.00%, 11/25/2031		68,177		77,218
Series 2002-1, Class SA, IF, 17.04%, 2/25/2032 (i)		1,293		1,719

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (i)		76,129		3,502
Series 2002-15, PO, 4/25/2032		54,080		48,829
Series 2002-28, Class PK, 6.50%, 5/25/2032		28,567		31,607
Series 2002-68, Class SH, IF, IO, 5.55%, 10/18/2032 (i)		58,030		9,249
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (i)		32,150		35,668
Series 2002-77, Class S, IF, 9.89%, 12/25/2032 (i)		6,103		7,054
Series 2003-66, Class PA, 3.50%, 2/25/2033		426		427
Series 2003-22, Class UD, 4.00%, 4/25/2033		142,058		146,994
Series 2003-47, Class PE, 5.75%, 6/25/2033		23,732		25,685
Series 2003-44, Class IU, IO, 7.00%, 6/25/2033		33,296		7,943
Series 2004-4, Class QM, IF, 9.19%, 6/25/2033 (i)		32,304		34,654
Series 2003-64, Class SX, IF, 7.88%, 7/25/2033 (i)		5,664		6,294
Series 2003-132, Class OA, PO, 8/25/2033		8,307		7,776
Series 2003-71, Class DS, IF, 4.33%, 8/25/2033 (i)		30,935		30,711
Series 2003-91, Class SD, IF, 8.32%, 9/25/2033 (i)		8,227		9,139
Series 2003-116, Class SB, IF, IO, 5.09%, 11/25/2033 (i)		80,919		13,051
Series 2003-131, Class CH, 5.50%, 1/25/2034		112,454		122,170
Series 2003-130, Class SX, IF, 7.76%, 1/25/2034 (i)		2,521		2,779
Series 2004-10, Class SC, IF, 18.57%, 2/25/2034 (i)		3,024		3,080
Series 2004-35, Class AZ, 4.50%, 5/25/2034		133,887		139,380
Series 2004-46, Class SK, IF, 9.61%, 5/25/2034 (i)		30,695		35,560
Series 2004-36, Class SA, IF, 12.63%, 5/25/2034 (i)		61,763		81,241
Series 2004-51, Class SY, IF, 9.23%, 7/25/2034 (i)		5,193		5,967
Series 2004-79, Class ZE, 5.50%, 11/25/2034		486,299		547,130
Series 2004-91, Class HC, 6.00%, 12/25/2034		687,847		786,373

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2005-68, Class BC, 5.25%, 6/25/2035		57,327		57,724
Series 2005-45, Class DC, IF, 15.12%, 6/25/2035 (i)		93,992		117,212
Series 2005-84, Class XM, 5.75%, 10/25/2035		70,575		76,346
Series 2006-22, Class AO, PO, 4/25/2036		38,218		32,214
Series 2006-46, Class SW, IF, 15.01%, 6/25/2036 (i)		12,237		16,854
Series 2007-7, Class SG, IF, IO, 3.99%, 8/25/2036 (i)		42,337		9,109
Series 2006-110, PO, 11/25/2036		32,133		27,500
Series 2006-117, Class GS, IF, IO, 4.14%, 12/25/2036 (i)		50,207		6,914
Series 2007-53, Class SH, IF, IO, 3.59%, 6/25/2037 (i)		65,604		8,561
Series 2007-88, Class VI, IF, IO, 4.03%, 9/25/2037 (i)		100,490		17,363
Series 2007-100, Class SM, IF, IO, 3.94%, 10/25/2037 (i)		64,632		8,706
Series 2008-1, Class BI, IF, IO, 3.40%, 2/25/2038 (i)		63,187		7,491
Series 2008-16, Class IS, IF, IO, 3.69%, 3/25/2038 (i)		12,149		1,559
Series 2008-46, Class HI, IO, 1.62%, 6/25/2038 (i)		55,521		3,108
Series 2008-53, Class CI, IF, IO, 4.69%, 7/25/2038 (i)		24,628		3,522
Series 2009-112, Class ST, IF, IO, 3.74%, 1/25/2040 (i)		52,229		6,619
Series 2010-35, Class SB, IF, IO, 3.91%, 4/25/2040 (i)		21,287		2,742
Series 2010-80, Class PZ, 5.00%, 7/25/2040		305,648		348,599
Series 2010-102, Class PN, 5.00%, 9/25/2040		580,000		633,657
Series 2010-134, Class KZ, 4.50%, 12/25/2040		1,343,819		1,439,918
Series 2003-7, Class A1, 6.50%, 12/25/2042		145,014		160,246
Series 2013-67, Class KZ, 2.50%, 4/25/2043		803,066		707,619
Series 2013-128, PO, 12/25/2043		226,709		182,191
Series 2014-19, Class Z, 4.50%, 4/25/2044		457,993		502,006
Series 2016-38, Class NA, 3.00%, 1/25/2046		182,936		181,474
FNMA REMIC Trust
Series 1999-W1, PO, 2/25/2029		19,589		16,976

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 1999-W4, Class A9, 6.25%, 2/25/2029		86,429		91,574
Series 2002-W7, Class A4, 6.00%, 6/25/2029		224,766		245,483
Series 2003-W1, Class 1A1, 5.38%, 12/25/2042 (i)		201,093		211,194
Series 2003-W1, Class 2A, 5.89%, 12/25/2042 (i)		29,216		31,313
FNMA STRIPS
Series 329, Class 1, PO, 1/25/2033		4,738		4,185
Series 365, Class 8, IO, 5.50%, 5/25/2036		19,795		4,455
FNMA Trust Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		18,310		20,499
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035 (i)		135,247		131,875
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		52,528		52,454
Series 2000-36, Class PB, 7.50%, 11/16/2030		177,666		177,391
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		1,018		—	(j)
Series 2001-10, Class PE, 6.50%, 3/16/2031		468,818		468,258
Series 2001-22, Class PS, IF, 14.62%, 3/17/2031 (i)		65,165		66,525
Series 2001-36, Class S, IF, IO, 5.59%, 8/16/2031 (i)		40,278		432
Series 2002-24, Class SB, IF, 8.24%, 4/16/2032 (i)		5,416		5,736
Series 2003-24, PO, 3/16/2033		2,425		2,209
Series 2004-28, Class S, IF, 12.91%, 4/16/2034 (i)		19,119		25,492
Series 2006-38, Class OH, 6.50%, 8/20/2036		500,000		582,921
Series 2007-45, Class QA, IF, IO, 4.17%, 7/20/2037 (i)		79,350		9,205
Series 2009-79, Class OK, PO, 11/16/2037		49,160		42,756
Series 2007-76, Class SA, IF, IO, 4.06%, 11/20/2037 (i)		61,030		7,444
Series 2008-2, Class MS, IF, IO, 4.70%, 1/16/2038 (i)		56,163		8,405
Series 2015-137, Class WA, 5.48%, 1/20/2038 (i)		348,368		382,015
Series 2009-106, Class ST, IF, IO, 3.53%, 2/20/2038 (i)		212,000		29,585

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2008-55, Class SA, IF, IO, 3.73%, 6/20/2038 (i)		37,925		3,897
Series 2009-6, Class SA, IF, IO, 3.64%, 2/16/2039 (i)		25,822		3,094
Series 2009-6, Class SH, IF, IO, 3.57%, 2/20/2039 (i)		79,491		6,755
Series 2009-31, Class TS, IF, IO, 3.83%, 3/20/2039 (i)		91,001		6,303
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		56,827		12,544
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		43,419		11,250
Series 2009-22, Class SA, IF, IO, 3.80%, 4/20/2039 (i)		111,145		10,980
Series 2009-102, Class SM, IF, IO, 3.94%, 6/16/2039 (i)		17,945		580
Series 2009-64, Class SN, IF, IO, 3.64%, 7/16/2039 (i)		94,098		9,050
Series 2010-130, Class CP, 7.00%, 10/16/2040		70,460		79,540
Series 2011-75, Class SM, IF, IO, 4.13%, 5/20/2041 (i)		128,230		18,793
Series 2011-H19, Class FA, 2.78%, 8/20/2061 (i)		572,703		573,664
Series 2012-H23, Class SA, 2.84%, 10/20/2062 (i)		563,362		564,678
Series 2013-H08, Class FC, 2.76%, 2/20/2063 (i)		604,728		605,482
Series 2013-H09, Class HA, 1.65%, 4/20/2063		325,181		318,918
Series 2014-H17, Class FC, 2.81%, 7/20/2064 (i)		302,677		303,912
Series 2015-H16, Class FG, 2.75%, 7/20/2065 (i)		660,991		662,062
Series 2015-H30, Class FE, 2.91%, 11/20/2065 (i)		810,379		817,172
Series 2016-H11, Class FD, 3.06%, 5/20/2066 (i)		198,410		200,236
Series 2016-H26, Class FC, 3.31%, 12/20/2066 (i)		157,938		161,410
Series 2017-H14, Class FV, 2.81%, 6/20/2067 (i)		441,981		443,731
Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051		386,813		378,032
GSR Mortgage Loan Trust
Series 2004-6F, Class 1A2, 5.00%, 5/25/2034		45,341		45,224
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		136,746		144,498

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		52,305		53,101
Headlands Residential LLC Series 2017-RPL1, Class A, 3.88%, 8/25/2022 (b) (f)		390,000		385,047
Impac Secured Assets Trust Series 2006-1, Class 2A1, 2.86%, 5/25/2036 (i)		35,507		34,802
JP Morgan Mortgage Trust Series 2006-A2, Class 5A3, 4.61%, 11/25/2033 (i)		33,477		34,261
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.67%, 4/21/2034 (i)		21,036		21,540
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		5,170		5,156
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		4,978		5,025
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		74,876		76,717
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		63,641		64,497
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		94,306		95,720
Series 2004-7, Class 30PO, PO, 8/25/2034‡		10,367		8,664
MASTR Asset Securitization Trust
Series 2004-6, Class 15PO, PO, 7/25/2019‡		420		419
Series 2004-8, PO, 8/25/2019‡		712		679
Series 2004-10, Class 15PO, PO, 10/25/2019‡		2,073		2,055
Series 2003-11, Class 9A6, 5.25%, 12/25/2033		115,587		115,186
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 (b)		17,583		14,258
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b)(i)		31,090		30,182
PHH Alternative Mortgage Trust Series 2007-2, Class 2X, IO, 6.00%, 5/25/2037‡		194,664		45,319
RALI Trust
Series 2002-QS8, Class A5, 6.25%, 6/25/2017		597		465
Series 2003-QS9, Class A3, IF, IO, 5.04%, 5/25/2018‡ (i)		607		—	(j)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		663		660

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		801		802
Residential Asset Securitization Trust Series 2003-A14, Class A1, 4.75%, 2/25/2019		497		439
RFMSI Trust Series 2005-SA4, Class 1A1, 4.00%, 9/25/2035 (i)		38,211		34,319
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (b)		2,772		2,760
SART
4.75%, 7/15/2024		877,273		878,097
6/15/2025‡		1,000,000		1,000,000
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.36%, 2/15/2024 (i)		26,668		27,772
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		309,280		327,191
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		65,273		71,607
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		35,164		38,472
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		138,521		152,427
Series 1998-1, Class 2E, 7.00%, 3/15/2028		35,924		39,882
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.24%, 8/25/2033 (i)		7,786		7,895
Series 2003-AR9, Class 1A6, 4.33%, 9/25/2033 (i)		35,807		36,572
Series 2004-AR3, Class A2, 3.96%, 6/25/2034 (i)		13,762		13,976
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-4, Class DP, PO, 6/25/2020‡		6,220		6,051
Series 2005-2, Class 2A3, IF, IO, 2.49%, 4/25/2035‡ (i)		254,861		24,675
Series 2005-2, Class 1A4, IF, IO, 2.54%, 4/25/2035‡ (i)		633,253		57,026
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035‡		185,268		35,483
Series 2005-4, Class CB7, 5.50%, 6/25/2035		165,627		157,919
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		48,826		46,325
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.69%, 11/25/2033 (i)		10,450		10,597

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2003-K, Class 1A2, 4.69%, 11/25/2033 (i)		20,900		21,291
Series 2005-AR16, Class 2A1, 4.53%, 2/25/2034 (i)		27,828		28,494
Series 2004-P, Class 2A1, 4.64%, 9/25/2034 (i)		55,088		56,518
Series 2004-EE, Class 3A1, 4.57%, 12/25/2034 (i)		23,419		24,240
Series 2005-AR3, Class 1A1, 4.48%, 3/25/2035 (i)		97,545		100,245
Series 2005-AR8, Class 2A1, 4.42%, 6/25/2035 (i)		30,004		30,824
Total Collateralized Mortgage Obligations (Cost $30,780,826)				31,252,124
U.S. Government Agency Securities — 7.6%
FNMA 5.91%, 10/9/2019 (a)		5,770,000		5,646,180
FNMA STRIPS 15.76%, 3/23/2028 (a)		630,000		470,299
Resolution Funding Corp. STRIPS
1.26%, 10/15/2019 (a)		5,230,000		5,118,381
13.33%, 7/15/2020 (a)		4,100,000		3,937,451
2.01%, 10/15/2020 (a)		8,000,000		7,632,969
1.42%, 1/15/2021 (a)		65,000		61,606
DN, 2.95%, 1/15/2026 (a)		20,000		16,263
DN, 2.81%, 10/15/2027 (a)		15,000		11,508
Tennessee Valley Authority
5.88%, 4/1/2036		140,000		182,458
4.63%, 9/15/2060		93,000		112,992
4.25%, 9/15/2065		101,000		115,133
Total U.S. Government Agency Securities (Cost $23,079,462)				23,305,240
Commercial Mortgage-Backed Securities — 5.2%
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		300,000		300,080
BXMT Ltd. Series 2017-FL1, Class C, 4.41%, 6/15/2035‡ (b) (i)		300,000		300,034
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.75%, 12/11/2049 (b) (i)		36,663		397
Commercial Mortgage Trust
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (b) (i)		125,000		124,228
Series 2014-CR19, Class A5, 3.80%, 8/10/2047		200,000		203,988
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		156,000		158,188
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (b)		885,000		895,154

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2014-USA, Class D, 4.37%, 9/15/2037 (b)		100,000		94,693
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		18,406		18,306
Series KJ09, Class A2, 2.84%, 9/25/2022		196,000		195,959
Series KF12, Class A, 3.05%, 9/25/2022 (i)		100,452		100,514
Series KJ11, Class A2, 2.93%, 1/25/2023		282,993		284,547
Series K038, Class A2, 3.39%, 3/25/2024		229,000		232,884
Series KJ14, Class A2, 2.81%, 9/25/2024		591,000		583,831
Series KPLB, Class A, 2.77%, 5/25/2025		250,000		245,543
Series K065, Class A2, 3.24%, 4/25/2027		215,000		214,644
Series K065, Class AM, 3.33%, 5/25/2027		115,000		115,003
Series K066, Class A2, 3.12%, 6/25/2027		267,000		264,053
Series K070, Class A2, 3.30%, 11/25/2027 (i)		208,000		207,695
Series K072, Class AM, 3.50%, 12/25/2027 (i)		1,000,000		1,009,076
Series K073, Class A2, 3.35%, 1/25/2028		346,000		346,581
Series K079, Class AM, 3.93%, 6/25/2028		588,000		612,032
Series K081, Class A2, 3.90%, 8/25/2028 (i)		395,000		411,866
Series K082, Class A2, 3.92%, 9/25/2028 (i)		1,054,000		1,100,794
FNMA ACES
Series 2015-M17, Class FA, 3.23%, 11/25/2022 (i)		156,516		157,834
Series 2016-M2, Class AV2, 2.15%, 1/25/2023		500,000		487,842
Series 2014-M3, Class A2, 3.46%, 1/25/2024 (i)		1,000,000		1,023,981
Series 2015-M3, Class A2, 2.72%, 10/25/2024		1,000,000		982,223
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (i)		278,000		270,573
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (i)		389,000		382,092
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (i)		335,000		328,128

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2017-M12, Class A2, 3.08%, 6/25/2027 (i)		381,000		374,807
Series 2018-M10, Class A2, 3.39%, 7/25/2028 (i)		460,000		459,592
Series 2017-M5, Class A2, 3.18%, 4/25/2029 (i)		305,000		299,946
Series 2018-M3, Class A2, 3.09%, 2/25/2030 (i)		185,000		177,605
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		428,463		409,007
FREMF Mortgage Trust
Series 2014-K40, Class C, 4.07%, 11/25/2047 (b) (i)		168,000		163,988
Series 2015-K44, Class B, 3.68%, 1/25/2048 (b) (i)		640,000		623,772
Series 2015-K45, Class B, 3.59%, 4/25/2048 (b) (i)		500,000		485,314
Series 2016-K722, Class B, 3.84%, 7/25/2049 (b) (i)		110,000		111,710
Series 2016-K59, Class B, 3.58%, 11/25/2049 (b) (i)		180,000		172,651
Series 2018-K730, Class B, 3.80%, 2/25/2050 (b) (i)		551,000		544,358
Morgan Stanley Capital I Trust Series 2006-IQ12, Class X1, IO, 0.63%, 12/15/2043‡ (b) (i)		141,928		1
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		116,000		116,683
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		104,000		105,103
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		200,000		201,829
WFRBS Commercial Mortgage Trust Series 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		110,000		112,229
Total Commercial Mortgage-Backed Securities (Cost $16,086,557)				16,011,358
Foreign Government Securities — 0.3%
Republic of Colombia (Colombia) 7.38%, 9/18/2037		100,000		121,125
United Mexican States (Mexico)
3.60%, 1/30/2025		200,000		190,850
4.13%, 1/21/2026		200,000		195,250
3.75%, 1/11/2028		280,000		261,590
5.55%, 1/21/2045		48,000		48,660
4.35%, 1/15/2047		58,000		49,865
Total Foreign Government Securities (Cost $922,077)				867,340

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — 0.1% (k)
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		35,857
Transportation — 0.1%
Port Authority of New York & New Jersey, Consolidated, 164th Series Series 164, Rev., 5.65%, 11/1/2040		130,000		159,649
Total New York				195,506
Ohio — 0.0% (c)
Education — 0.0% (c)
Ohio State University (The) Series A, Rev., 4.80%, 6/1/2111		98,000		106,475
Total Municipal Bonds (Cost $256,175)				301,981
	SHARES
Short-Term Investments — 0.5%
Investment Companies — 0.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.55% (l) (m) (Cost $1,407,137)		1,407,037		1,407,177
Total Investments — 99.6% (Cost $309,008,724)				306,948,597
Other Assets Less Liabilities — 0.4%				1,374,574
NET ASSETS — 100.0%				308,323,171

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 33

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of December 31, 2018.
CSMC	Credit Suisse Mortgage Trust
DN	Discount Notes
ESOP	Employee Stock Ownership Program
FHA	Federal Housing Administration
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, 2018. 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

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.
USD	United States Dollar
VA	Veterans Administration
(a)	The rate shown is the effective yield as of December 31, 2018.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(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, 2018.
(e)	Defaulted security.
(f)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2018.
(g)	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, 2018.
(h)	Security is an interest bearing note with preferred security characteristics.
(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, 2018.
(j)	Amount rounds to less than 1.
(k)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(l)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(m)	The rate shown is the current yield as of December 31, 2018.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018

	JPMorgan Insurance Trust Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	305,541,420
Investments in affiliates, at value		1,407,177
Cash		18,695
Receivables:
Investment securities sold		8,404
Portfolio shares sold		499,120
Interest from non-affiliates		1,478,201
Dividends from affiliates		4,391
Total Assets		308,957,408
LIABILITIES:
Payables:
Portfolio shares redeemed		350,539
Accrued liabilities:
Investment advisory fees		116,051
Administration fees		29,141
Distribution fees		31,876
Custodian and accounting fees		36,811
Trustees’ and Chief Compliance Officer’s fees		83
Audit fees		53,336
Other		16,400
Total Liabilities		634,237
Net Assets	$	308,323,171
NET ASSETS:
Paid-in-Capital	$	303,533,288
Total distributable earnings (loss) (a)		4,789,883
Total Net Assets	$	308,323,171
Net Assets:
Class 1	$	158,166,910
Class 2		150,156,261
Total	$	308,323,171
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		14,843,907
Class 2		14,260,665
Net Asset Value, offering and redemption price per share (b):
Class 1	$	10.66
Class 2		10.53
Cost of investments in non-affiliates	$	307,601,587
Cost of investments in affiliates		1,407,137

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 35

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2018

	JPMorgan Insurance Trust Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	9,904,653
Interest income from affiliates		27
Dividend income from affiliates		112,248
Total investment income		10,016,928
EXPENSES:
Investment advisory fees		1,205,420
Administration fees		244,413
Distribution fees — Class 2		344,503
Custodian and accounting fees		166,348
Professional fees		95,335
Trustees’ and Chief Compliance Officer’s fees		25,781
Printing and mailing costs		54,283
Transfer agency fees — Class 1		2,945
Transfer agency fees — Class 2		1,168
Other		26,097
Total expenses		2,166,293
Less fees waived		(131,494	)
Less expense reimbursements		(1,126	)
Net expenses		2,033,673
Net investment income (loss)		7,983,255
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(778,032	)
Investments in affiliates		(271	)
Net realized gain (loss)		(778,303	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(7,243,632	)
Investments in affiliates		620
Change in net unrealized appreciation/depreciation		(7,243,012	)
Net realized/unrealized gains (losses)		(8,021,315	)
Change in net assets resulting from operations	$	(38,060	)

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Core Bond Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,983,255		$	6,964,245
Net realized gain (loss)		(778,303	)		492,048
Change in net unrealized appreciation/depreciation		(7,243,012	)		1,596,482
Change in net assets resulting from operations		(38,060	)		9,052,775
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class 1		(4,186,764	)		(4,505,586	)
Class 2		(3,289,708	)		(2,166,547	)
Total distributions to shareholders		(7,476,472	)		(6,672,133	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		21,173,475			41,777,773
NET ASSETS:
Change in net assets		13,658,943			44,158,415
Beginning of period		294,664,228			250,505,813
End of period	$	308,323,171		$	294,664,228
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	30,672,544		$	22,714,827
Distributions reinvested		4,186,764			4,505,586
Cost of shares redeemed		(43,702,909	)		(34,060,959	)
Change in net assets resulting from Class 1 capital transactions	$	(8,843,601	)	$	(6,840,546	)
Class 2
Proceeds from shares issued	$	50,243,204		$	67,288,642
Distributions reinvested		3,289,708			2,166,547
Cost of shares redeemed		(23,515,836	)		(20,836,870	)
Change in net assets resulting from Class 2 capital transactions	$	30,017,076		$	48,618,319
Total change in net assets resulting from capital transactions	$	21,173,475		$	41,777,773
SHARE TRANSACTIONS:
Class 1
Issued		2,896,449			2,081,814
Reinvested		401,416			417,571
Redeemed		(4,121,806	)		(3,120,491	)
Change in Class 1 Shares		(823,941	)		(621,106	)
Class 2
Issued		4,788,846			6,231,833
Reinvested		318,770			202,670
Redeemed		(2,241,131	)		(1,931,490	)
Change in Class 2 Shares		2,866,485			4,503,013

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

Class 1
From net investment income	$(4,505,586)
Class 2
From net investment income	(2,166,547)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 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, 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	)
Year Ended December 31, 2014		11.09		0.38		0.16			0.54			(0.44	)		—			(0.44	)
Class 2
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	)
Year Ended December 31, 2014		11.01		0.35		0.16			0.51			(0.42	)		—			(0.42	)

(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, 2018

		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
$	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
	11.19		4.92			152,618,612		0.59			3.40			0.64			18
	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
	11.10		4.71			46,498,141		0.84			3.14			0.88			18

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
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 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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. 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 (the “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, 2018.

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	30,472,723	$	4,638,007		$	35,110,730
Collateralized Mortgage Obligations		—		29,591,932		1,660,192			31,252,124
Commercial Mortgage-Backed Securities		—		15,711,323		300,035			16,011,358
Corporate Bonds
Banks		—		13,948,001		—	(a)		13,948,001
Other Corporate Bonds		—		54,545,982		—			54,545,982
Total Corporate Bonds		—		68,493,983		—	(a)		68,493,983
Foreign Government Securities		—		867,340		—			867,340
Mortgage-Backed Securities		—		47,719,944		—			47,719,944
Municipal Bonds		—		301,981		—			301,981
U.S. Government Agency Securities		—		23,305,240		—			23,305,240
U.S. Treasury Obligations		—		82,478,720		—			82,478,720
Short-Term Investments
Investment Companies		1,407,177		—		—			1,407,177
Total Investments in Securities	$	1,407,177	$	298,943,186	$	6,598,234		$	306,948,597

(a) Value is zero.

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

JPMorgan Insurance Trust Core Bond Portfolio	Balance as of December 31, 2017			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2018
Investments in Securities:
Asset-Backed Securities	$	8,402,501		$	2,277		$	(34,856)		$	(611)		$	1,653,372	$	(2,397,215)		$	373,199	$	(3,360,660)		$	4,638,007
Collateralized Mortgage Obligations		2,014,990			(122	)		(88,208	)		(3,351	)		1,288,076		(82,511	)		—		(1,468,682	)		1,660,192
Commercial Mortgage-Backed Securities		1,389,232			—			(217	)		—	(a)		90		(250,090	)		300,000		(1,138,980	)		300,035
Corporate Bond — Banks		—	(b)		—			—			—			—		—			—		—			—	(b)
	$	11,806,723		$	2,155		$	(123,281)		$	(3,962)		$	2,941,538	$	(2,729,816)		$	673,199	$	(5,968,322)		$	6,598,234

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

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

(a) Amount rounds to less than 1.

(b) Value is zero.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2018, which were valued using significant unobservable inputs (level 3) amounted to $(117,271). This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

Transfers from level 3 to level 2 are due to an increase in market activity (e.g. frequency of trades), which resulted in an increase of available market inputs to determine the price for the year ended December 31, 2018.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at December 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	3,942,721	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (9.65%)
				Constant Default Rate		0.00% - 3.85% (0.24%)
				Yield (Discount Rate of Cash Flows)		3.05% - 4.38% (3.96%)
Asset-Backed Securities		3,942,721
		397,584	Discounted Cash Flow	Constant Prepayment Rate		3.71% - 26.00% (12.07%)
				Constant Default Rate		0.00% - 6.40% (2.56%)
				Yield (Discount Rate of Cash Flows)		0.29% - 56.97% (7.01%)
		1,262,608	Pending Distribution Amount	Expected Recovery		100.00% (100.00%)
Collateralized Mortgage Obligations		1,660,192
		1	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
				Yield (Discount Rate of Cash Flows)		3.13% (3.13%)
Commercial Mortgage-Backed Securities		1
		—(a)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Corporate Bonds		—(a)
Total	$	5,602,914

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At December 31, 2018, the value of these investments was $995,320. 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) 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, 2018, 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 — Effective October 5, 2018, the Portfolio became authorized to engage in securities lending in order to generate additional income. The Portfolio is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Portfolio, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Portfolio retains 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.

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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).

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

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

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

The Portfolio did not lend out any securities during the period October 5, 2018 through December 31, 2018.

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

	For the year ended December 31, 2018
Security Description	Value at December 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.55% (a) (b)	$	9,644,061	$	76,716,533	$	84,953,766	$	(271	)	$	620	$	1,407,177		1,407,037	$	112,248	$	—

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

(b) The rate shown is the current yield as of December 31, 2018.

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

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, 2018, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, 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”

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

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)
$	—	$	(198	)	$	198

The reclassifications for the Portfolio relate primarily to redesignation of distributions.

3. Fees and Other Transactions with Affiliates

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

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 during the year ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2018, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

Effective January 1, 2019, 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, 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion and 0.01% of the Portfolio’s daily average net assets in excess of $25 billion.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’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 in accordance with Rule 12b-1 under the 1940 Act. The Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay 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. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately 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 expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board’s deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	0.60	%		0.85	%

The expense limitation agreement was in effect for the year ended December 31, 2018 and is in place until at least April 30, 2019.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the year ended December 31, 2018, the Portfolio’s service providers waived/reimbursed fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers								Voluntary Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements		Investment Advisory Fees
$	8,730	$	5,760	$	14,490	$	1,126	$	103,001

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (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.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2018 was $14,003.

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 appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees 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, 2018, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2018, the Portfolio did not incur any brokerage commissions with broker-dealers 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, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	87,303,311	$	58,242,556

During the year ended December 31, 2018, 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, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	309,007,943	$	3,853,193	$	5,912,539	$	(2,059,346	)

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

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.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income*		Total Distributions Paid
$	6,672,133	$	6,672,133

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

As of December 31, 2018, 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 or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	7,655,191	$	(778,394	)	$	(2,059,346	)

The cumulative timing differences primarily consist of trustee deferred compensation.

As of December 31, 2018, the Portfolio had the following net capital loss carryforwards:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	349,573	$	428,821

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 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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2018.

The Trust, along with certain other trusts (“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 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 14, 2018, 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, 2018.

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 that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

As of December 31, 2018, the Portfolio had three omnibus accounts which collectively represented 48.8% of the Portfolio’s net assets. 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. Given that the Federal Reserve has been raising interest rates and may continue to do so, the Portfolio may face a heightened level of interest rate risk. 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.

8. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. We have evaluated the implications of these changes and the amendments will have no effect on the Portfolio’s net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to

improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Portfolio’s net assets or results of operation.

DECEMBER 31, 2018 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, 2018, the related statement of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (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, 2018, 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, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 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, 2018 and held by the custodian and confirmation of securities owned as of December 31, 2018 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, 2019

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

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	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).	136	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 Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and 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 since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	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).	136	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 (serving in various roles 1984-2012).	136	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).	136	None

DECEMBER 31, 2018 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).	136	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).	136	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).	136	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).	136	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 (registered investment adviser) (1985-2005).	136	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).	136	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).	136	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, 2018

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)
James J. Schonbachler**** (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (serving in various roles 1968-1998).	136	None

(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 eleven registered investment companies (136 funds).

     * 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.

**** Mr. Schonbachler retired effective December 31, 2018.

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

DECEMBER 31, 2018 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.) (2014–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 (1999-2014).
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.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015–present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
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.
Gregory S. Samuels (1980), Assistant Secretary (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.
Pamela L. Woodley (1971), Assistant Secretary (2012)*	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
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.
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 270 Park Avenue, New York, NY 10017.

    * 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, 2018

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, 2018 and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	1,017.20	$	2.90		0.57	%
Hypothetical		1,000.00		1,022.33		2.91		0.57
Class 2
Actual		1,000.00		1,015.40		4.17		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, 2018 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 2018, 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 15, 2018.

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 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. 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 the 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,

54 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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

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

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Portfolio. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Portfolio, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, 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 also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which

the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Portfolio’s shareholders to share potential economies of scale from the Portfolio’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Portfolio over time, noting the Adviser’s substantial investments in its business in support of the Portfolio, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels. 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 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.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 Peer Group and Universe. 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 fourth and third quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three-, and five-year periods ended December 31, 2017. 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. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

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

56 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

TAX LETTER

(Unaudited)

Long Term Capital Gain

The Portfolio distributed $492,037, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2018.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 57

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

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

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

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the 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 marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018.  All rights reserved. December 2018. AN-JPMITCBP-1218

Annual Report

JPMorgan Insurance Trust

December 31, 2018

JPMorgan Insurance Trust Mid Cap Value Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	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 prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholders,

The U.S. economy largely outpaced other leading economies throughout 2018 as the second-longest U.S. expansion on record fed continued job growth, buoyant consumer sentiment and record high corporate profits. However, the end of the year was marked by a sell-off in equity markets, unresolved global trade tensions and a political impasse that led to the shutdown of large parts of the federal government.

  “While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.”

After advancing by 2.2% in the first quarter of 2018, growth in U.S. gross domestic product (GDP) peaked in the second quarter of 2018 at 4.2%, the first time quarterly GDP had breached the 4% ceiling since late 2014. Third quarter 2018 GDP grew at 3.4%. The unemployment rate remained historically low, dipping to 3.7% in September and October before ending the year at 3.9%.

In response, the U.S. Federal Reserve (the “Fed”) raised interest rates four times during the year and indicated further, measured increases during 2019. However, slowing global growth toward the end of 2018 and financial market volatility raised questions about the Fed’s planned path forward.

Meanwhile, aggregate U.S. corporate earnings and revenues reached record levels in both the second and third quarters of 2018, which provided support for U.S. equity prices. Notably, some of that profit growth was attributed to the temporary benefits of late-2017 federal tax cut legislation and the outlook for U.S. corporate earnings growth remained positive, but tempered, by the end of the reporting period.

U.S. equity prices began 2018 with solid gains. The S&P 500 Index (the “S&P 500”) reached 14 new closing highs in January. Then a sharp sell-off drove prices down in early February after a brief spike in yields on the bellwether 10-year U.S. Treasury bond rattled investors. In subsequent months, equity prices

rebounded somewhat, though financial market volatility remained elevated for the rest of the year. In August, the S&P 500 again reached record highs and then another sell-off in early October was followed by gains in November. The following month was the worst December since 1931 for the S&P 500 Index, which fell 9.18% and wiped out any gains made in the previous 11 months.

At the end of the year, investors faced several growing risks to global economic growth and financial market strength. Several leading economies, particularly China and the European Union (the “EU”), showed signs of slowing growth in the latter half of the year. Trade tariffs between the U.S. and China had little apparent direct impact on the U.S. economy in 2018, but absent a negotiated resolution to their trade dispute, the negative impact of protectionist policies could rapidly escalate. Meanwhile, the final months of 2018 also saw an increase in U.S. companies warning about rising costs of materials and labor, even as global oil prices declined somewhat.

At the same time, economists generally remained optimistic about the fundamental strength of the U.S. economy. While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.

Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		(11.84)%
Russell Midcap Value Index		(12.29)%
Net Assets as of 12/31/2018	$	445,962,623

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets.

Though U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy, financial markets experienced a sharp sell-off in early February. While equity prices rebounded somewhat in subsequent months, market volatility remained elevated. In August, U.S. equity prices returned to record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous twelve months.

Overall, U.S. mid cap stocks outperformed small cap stocks but underperformed large cap stocks, while value stocks underperformed growth stocks for the twelve months ended December 31, 2018.

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

The Portfolio’s Class 1 Shares outperformed the Russell Midcap Value Index (the “Benchmark”) for the twelve months ended December 31, 2018. Relative to the Benchmark, the Portfolio’s security selection in the materials and energy sectors was a leading contributor to performance. The Portfolio’s security selection in the real estate and communication services sectors was a leading detractor from performance relative to the Benchmark.

Leading individual contributors to performance included the Portfolio’s overweight positions in XL Group Ltd., Keurig Dr. Pepper Inc. and Energen Corp. Shares of XL Group, a property and casualty insurer, rose amid news reports that the company would be acquired by AXA for an estimated $15.3 billion. Shares of Keurig Dr. Pepper, a maker of non-alcoholic beverages that was not held in the Benchmark, rose as investors responded positively to the merger of Keurig and Dr. Pepper during 2018. Shares of Energen, an oil and natural gas exploration and production company, rose amid news reports the company would be acquired by Diamondback Energy Inc. for an estimated $9.2 billion.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Mohawk Industries Inc., EQT Corp. and CommScope Holding Co. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell amid a slump in the U.S. housing sector. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018. Shares of CommScope Holding, a maker of communications infrastructure and networking products, fell amid news reports that the company would acquire Arris International PLC for an estimated $7.4 billion.

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 real estate and industrials sectors.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	CMS Energy Corp.	2.1	%
	2.	WEC Energy Group, Inc.	2.0
	3.	Xcel Energy, Inc.	2.0
	4.	Loews Corp.	1.9
	5.	Diamondback Energy, Inc.	1.8
	6.	M&T Bank Corp.	1.7
	7.	Ball Corp.	1.7
	8.	Williams Cos., Inc. (The)	1.7
	9.	T. Rowe Price Group, Inc.	1.4
	10.	AutoZone, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.3	%
Consumer Discretionary	13.2
Real Estate	11.9
Utilities	9.7
Information Technology	7.6
Industrials	7.4
Health Care	6.7
Energy	5.9
Consumer Staples	5.4
Materials	4.9
Investment of cash collateral from securities loaned	3.1
Communication Services	1.7
Short-Term Investments	1.2

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

** 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, 2018. The Portfolio’s composition is subject to change.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		September 28, 2001		(11.84	)%		5.21	%		12.61	%

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

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

Inception date for JPMorgan Insurance Trust Mid Cap Value Portfolio is September 28, 2001, which is the inception date of JPMorgan Mid Cap Value Portfolio (“Predecessor Portfolio”). JPMorgan Insurance Trust Mid Cap Value Portfolio acquired all of the assets and liabilities of the Predecessor Portfolio in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by JPMorgan Insurance Trust Mid Cap Value Portfolio and have been used since the reorganization. As a result, the performance prior to April 25, 2009 is the performance of the Predecessor Portfolio.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Mid Cap Value Portfolio, the Russell Midcap Value Index and the Lipper Variable Underlying Funds Multi-Cap Core Index from December 31, 2008 to December 31, 2018. 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 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, 2018

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.8%
Auto Components — 0.7%
BorgWarner, Inc.		90,930		3,158,908
Banks — 8.1%
Citizens Financial Group, Inc.		137,890		4,099,469
Comerica, Inc.		30,520		2,096,419
Fifth Third Bancorp		261,660		6,156,860
First Republic Bank		48,830		4,243,327
Huntington Bancshares, Inc.		285,500		3,403,160
M&T Bank Corp.		55,918		8,003,543
SunTrust Banks, Inc.		125,100		6,310,044
Zions Bancorp		41,420		1,687,451
				36,000,273
Beverages — 1.7%
Constellation Brands, Inc., Class A		22,440		3,608,801
Keurig Dr Pepper, Inc. (a)		71,591		1,835,593
Molson Coors Brewing Co., Class B		37,370		2,098,699
				7,543,093
Building Products — 0.6%
Fortune Brands Home & Security, Inc.		68,970		2,620,170
Capital Markets — 4.8%
Ameriprise Financial, Inc.		39,210		4,092,348
Invesco Ltd.		123,410		2,065,883
Northern Trust Corp.		57,160		4,778,005
Raymond James Financial, Inc.		55,780		4,150,590
T. Rowe Price Group, Inc.		71,260		6,578,723
				21,665,549
Chemicals — 0.9%
Sherwin-Williams Co. (The)		10,553		4,152,183
Communications Equipment — 0.4%
CommScope Holding Co., Inc. *		108,470		1,777,823
Construction Materials — 0.7%
Martin Marietta Materials, Inc. (a)		18,340		3,152,096
Consumer Finance — 0.9%
Ally Financial, Inc.		171,470		3,885,510
Containers & Packaging — 3.5%
Ball Corp.		168,210		7,734,296
Silgan Holdings, Inc.		171,440		4,049,413
Westrock Co.		95,820		3,618,163
				15,401,872
Distributors — 0.7%
Genuine Parts Co.		33,759		3,241,539
Electric Utilities — 3.5%
Edison International		32,890		1,867,165

INVESTMENTS	SHARES		VALUE($)
Electric Utilities — continued
Evergy, Inc.		80,620		4,576,798
Xcel Energy, Inc.		182,800		9,006,556
				15,450,519
Electrical Equipment — 2.5%
Acuity Brands, Inc. (a)		37,200		4,276,140
AMETEK, Inc.		69,670		4,716,659
Hubbell, Inc.		22,840		2,268,926
				11,261,725
Electronic Equipment, Instruments & Components — 4.4%
Amphenol Corp., Class A		55,960		4,533,879
Arrow Electronics, Inc. *		82,950		5,719,403
CDW Corp.		62,930		5,100,477
Keysight Technologies, Inc. *		67,580		4,195,366
				19,549,125
Equity Real Estate Investment Trusts (REITs) — 11.0%
American Campus Communities, Inc.		61,520		2,546,313
American Homes 4 Rent, Class A		122,200		2,425,670
AvalonBay Communities, Inc.		32,820		5,712,321
Boston Properties, Inc.		44,760		5,037,738
Brixmor Property Group, Inc.		218,680		3,212,409
Essex Property Trust, Inc.		14,010		3,435,392
Federal Realty Investment Trust		38,170		4,505,587
JBG SMITH Properties		51,372		1,788,259
Kimco Realty Corp.		182,130		2,668,205
Outfront Media, Inc.		172,867		3,132,350
Rayonier, Inc.		122,115		3,381,364
Regency Centers Corp.		46,660		2,738,009
Vornado Realty Trust		73,434		4,555,111
Weyerhaeuser Co.		93,200		2,037,352
WP Carey, Inc. (a)		29,450		1,924,263
				49,100,343
Food & Staples Retailing — 0.8%
Kroger Co. (The)		134,554		3,700,235
Food Products — 1.7%
Conagra Brands, Inc.		162,341		3,467,604
Post Holdings, Inc. * (a)		44,651		3,979,743
				7,447,347
Gas Utilities — 1.1%
National Fuel Gas Co. (a)		93,310		4,775,606
Health Care Equipment & Supplies — 1.3%
Zimmer Biomet Holdings, Inc.		52,900		5,486,788
Health Care Providers & Services — 5.7%
AmerisourceBergen Corp.		67,600		5,029,440

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
Cigna Corp.		30,080		5,712,794
Henry Schein, Inc. *		39,020		3,063,850
Humana, Inc.		9,310		2,667,129
Laboratory Corp. of America Holdings *		33,200		4,195,152
Universal Health Services, Inc., Class B		41,881		4,881,649
				25,550,014
Hotels, Restaurants & Leisure — 1.3%
Hilton Worldwide Holdings, Inc.		81,366		5,842,079
Household Durables — 1.7%
Mohawk Industries, Inc. *		40,450		4,731,032
Newell Brands, Inc. (a)		148,769		2,765,616
				7,496,648
Household Products — 0.5%
Energizer Holdings, Inc.		53,010		2,393,402
Industrial Conglomerates — 0.8%
Carlisle Cos., Inc.		33,980		3,415,670
Insurance — 8.1%
Alleghany Corp.		5,008		3,121,587
Hartford Financial Services Group, Inc. (The)		139,010		6,178,994
Lincoln National Corp.		52,430		2,690,183
Loews Corp.		190,050		8,651,076
Marsh & McLennan Cos., Inc.		54,300		4,330,425
Principal Financial Group, Inc.		51,430		2,271,663
Progressive Corp. (The)		73,050		4,407,107
Unum Group		61,180		1,797,468
WR Berkley Corp.		38,710		2,861,056
				36,309,559
Interactive Media & Services — 0.6%
Match Group, Inc.		65,530		2,802,718
Internet & Direct Marketing Retail — 1.4%
Expedia Group, Inc.		55,650		6,268,972
IT Services — 1.0%
Jack Henry & Associates, Inc.		35,040		4,433,261
Machinery — 2.8%
IDEX Corp.		32,340		4,083,248
Middleby Corp. (The) * (a)		30,200		3,102,446
Snap-on, Inc.		37,120		5,393,165
				12,578,859
Media — 1.1%
CBS Corp. (Non-Voting), Class B		59,164		2,586,650
DISH Network Corp., Class A *		92,010		2,297,490
				4,884,140

INVESTMENTS	SHARES		VALUE($)
Multiline Retail — 1.9%
Kohl’s Corp.		82,360		5,463,763
Nordstrom, Inc.		62,710		2,922,913
				8,386,676
Multi-Utilities — 5.4%
CMS Energy Corp.		192,370		9,551,170
Sempra Energy (a)		52,100		5,636,699
WEC Energy Group, Inc.		132,170		9,154,094
				24,341,963
Oil, Gas & Consumable Fuels — 6.1%
Cabot Oil & Gas Corp.		110,370		2,466,769
Diamondback Energy, Inc.		91,280		8,461,656
EQT Corp.(a)		154,060		2,910,193
Equitrans Midstream Corp. * (a)		141,588		2,834,592
PBF Energy, Inc., Class A		84,380		2,756,695
Williams Cos., Inc. (The)		346,090		7,631,285
				27,061,190
Personal Products — 0.9%
Coty, Inc., Class A		243,170		1,595,195
Edgewell Personal Care Co. *		60,200		2,248,470
				3,843,665
Real Estate Management & Development — 1.3%
CBRE Group, Inc., Class A *		116,670		4,671,467
Cushman & Wakefield plc *		82,080		1,187,697
				5,859,164
Semiconductors & Semiconductor Equipment — 1.1%
Analog Devices, Inc.		56,790		4,874,286
Software — 1.0%
Synopsys, Inc. *		52,630		4,433,551
Specialty Retail — 4.1%
AutoZone, Inc. *		7,788		6,528,992
Best Buy Co., Inc.		68,420		3,623,523
Gap, Inc. (The)		155,350		4,001,816
Tiffany & Co. (a)		48,420		3,898,294
				18,052,625
Textiles, Apparel & Luxury Goods — 1.8%
PVH Corp.		43,830		4,073,999
Ralph Lauren Corp.		39,850		4,122,881
				8,196,880
Trading Companies & Distributors — 0.9%
MSC Industrial Direct Co., Inc., Class A		51,050		3,926,766
Total Common Stocks (Cost $322,106,820)				440,322,792

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $5,445,508)		5,445,508		5,445,508
Investment of Cash Collateral from Securities Loaned — 3.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		9,000,900		9,000,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		5,484,986		5,484,986
Total Investment Of Cash Collateral From Securities Loaned (Cost $14,484,986)				14,484,986
Total Investments — 103.2% (Cost $342,037,314)				460,253,286
Liabilities in Excess of Other Assets — (3.2%)				(14,290,663	)
NET ASSETS — 100.0%				445,962,623

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is $14,319,510.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018

	JPMorgan Insurance Trust Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	440,322,792
Investments in affiliates, at value		5,445,508
Investment of cash collateral received from securities loaned, at value (Note 2.B.)		14,484,986
Receivables:
Portfolio shares sold		931,671
Dividends from non-affiliates		740,528
Dividends from affiliates		13,340
Securities lending income (Note 2.B.)		1,663
Total Assets		461,940,488
LIABILITIES:
Payables:
Collateral received on securities loaned (Note 2.B.)		14,484,986
Portfolio shares redeemed		1,113,860
Accrued liabilities:
Investment advisory fees		253,961
Administration fees		31,976
Custodian and accounting fees		7,123
Other		85,959
Total Liabilities		15,977,865
Net Assets	$	445,962,623
NET ASSETS:
Paid-in-Capital	$	290,674,367
Total distributable earnings (loss) (a)		155,288,256
Total Net Assets	$	445,962,623
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):		43,907,476
Net Asset Value, offering and redemption price per share (b):	$	10.16
Cost of investments in non-affiliates	$	322,106,820
Cost of investments in affiliates		5,445,508
Investment securities on loan, at value		14,319,510
Cost of investment of cash collateral		14,484,986

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2018

	JPMorgan Insurance Trust Mid Cap Value Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	2
Dividend income from non-affiliates		11,552,710
Dividend income from affiliates		187,940
Income from securities lending (net)		2,899
Total investment income		11,743,551
EXPENSES:
Investment advisory fees		3,480,922
Administration fees		434,368
Custodian and accounting fees		30,307
Professional fees		58,924
Trustees’ and Chief Compliance Officer’s fees		26,431
Printing and mailing costs		57,883
Transfer agency fees		5,731
Other		41,821
Total expenses		4,136,387
Less fees waived		(47,052	)
Net expenses		4,089,335
Net investment income (loss)		7,654,216
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		32,264,800
Change in net unrealized appreciation/depreciation on investments in non-affiliates		(100,081,688	)
Net realized/unrealized gains (losses)		(67,816,888	)
Change in net assets resulting from operations	$	(60,162,672	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 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, 2018			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,654,216		$	5,388,768
Net realized gain (loss)		32,264,800			10,533,790
Change in net unrealized appreciation/depreciation		(100,081,688	)		56,823,802
Change in net assets resulting from operations		(60,162,672	)		72,746,360
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Total distributions to shareholders		(13,937,911	)		(30,272,029	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(52,456,584	)		(14,124,058	)
NET ASSETS:
Change in net assets		(126,557,167	)		28,350,273
Beginning of period		572,519,790			544,169,517
End of period	$	445,962,623		$	572,519,790
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	54,893,870		$	82,826,144
Distributions reinvested		13,937,911			30,272,029
Cost of shares redeemed		(121,288,365	)		(127,222,231	)
Change in net assets resulting from capital transactions	$	(52,456,584	)	$	(14,124,058	)
SHARE TRANSACTIONS:
Issued		4,755,656			7,342,610
Reinvested		1,220,483			2,792,623
Redeemed		(10,462,849	)		(11,291,321	)
Change in Shares		(4,486,710	)		(1,156,088	)

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

From net investment income	$(4,602,779)
From net realized gains	(25,669,250)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust Mid Cap Value Portfolio
Year Ended December 31, 2018	$	11.83	$	0.17	(d)	$	(1.54	)	$	(1.37	)	$	(0.11	)	$	(0.19	)	$	(0.30	)
Year Ended December 31, 2017		10.98		0.11	(d)		1.34			1.45			(0.09	)		(0.51	)		(0.60	)
Year Ended December 31, 2016		10.19		0.10	(d)		1.33			1.43			(0.09	)		(0.55	)		(0.64	)
Year Ended December 31, 2015		11.41		0.09	(d)		(0.34	)		(0.25	)		(0.11	)		(0.86	)		(0.97	)
Year Ended December 31, 2014		10.57		0.11	(e)		1.41			1.52			(0.09	)		(0.59	)		(0.68	)

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

(b) 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.

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

(d) Calculated based upon average shares outstanding.

(e) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.08 and the net investment income (loss) ratio would have been 0.77%.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)(b)			Net assets, end of period		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	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
	11.41		15.11			466,265,863		0.79			1.03	(e)		0.79			25

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018

1. Organization

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

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

	Class Offered	Diversified/Non-Diversified
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.

The Portfolio is offered only on a limited basis. Investors are not eligible to purchase shares of the Portfolio unless they meet certain requirements as described in its prospectus.

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 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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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 (the “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, 2018

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)	$	460,253,286	$	—	$	—	$	460,253,286

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

There were no transfers among any levels during the year ended December 31, 2018.

B. Securities Lending — Effective October 5, 2018, the Portfolio became 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 IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL 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.

Dividend Income
$	32,936

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).

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. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows:

Value of Securities on Loan	Cash Collateral Posted by Borrower	Total value of Collateral Investments
$ 14,319,510	$ 14,484,986	$	14,484,986

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 collated received or posted by the Portfolio as of December 31, 2018.

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
$	14,319,510	$	(14,319,510	)	$	—

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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

JPMIM voluntarily waived investment advisory fees charged to the Portfolio to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$  737

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 or its affiliates. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the 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, 2018
Security Description	Value at December 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	13,000,000	$	4,000,000	$	—	$	—	$	9,000,000		9,000,900	$	15,561	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		27,765,682		22,280,696		—		—		5,484,986		5,484,986		17,375	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		14,019,342		63,257,030		71,830,864		—		—		5,445,508		5,445,508		187,940			—
Total	$	14,019,342	$	104,022,712	$	98,111,560	$	—	$	—	$	19,930,494			$	220,876		$	—

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

(b) The rate shown is the current yield as of December 31, 2018.

* Amount is included on the Statement of Operations as Income from securities lending (net).

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

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, 2018, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distributions from net investment income 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.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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)
	$—	$	(319,173	)	$	319,173

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 supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.65%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services during the year ended December 31, 2018 the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2018, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

Effective January 1, 2019, 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, 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion and 0.01% of the Portfolio’s daily average net assets in excess of $25 billion.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’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. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately 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 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, 2018 and is in place until at least April 30, 2019.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the year ended December 31, 2018, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Voluntary Waivers
Investment Advisory Fees
$	22,984

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (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.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2018 was $24,068.

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 appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees 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, 2018, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2018, the Portfolio did not incur any brokerage commissions with broker-dealers 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, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	66,053,001	$	110,270,933

During the year ended December 31, 2018, 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, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	344,410,001	$	145,335,865	$	29,492,580	$	115,843,285

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, 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.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	4,602,779	$	25,669,250	$	30,272,029

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

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

As of December 31, 2018, 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 or (Tax Basis Capital Loss  Carryover)		Unrealized Appreciation (Depreciation)
$	8,653,541	$	30,736,014	$	115,843,285

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

At December 31, 2018, 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 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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2018.

The Trust, along with certain other trusts (“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 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had three omnibus accounts which collectively owned 75.7% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Portfolio’s net assets or results of operation.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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, 2018, the related statement of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (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, 2018, 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, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 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, 2018 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, 2019

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

DECEMBER 31, 2018 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.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	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).	136	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 Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and 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 since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	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).	136	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 (serving in various roles 1984-2012).	136	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).	136	None

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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).	136	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).	136	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).	136	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).	136	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 (registered investment adviser) (1985-2005).	136	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).	136	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).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 23

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
James J. Schonbachler**** (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (serving in various roles 1968-1998).	136	None

(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 eleven registered investment companies (136 funds).

     * 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.

**** Mr. Schonbachler retired effective December 31, 2018.

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

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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.) (2014–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 (1999-2014).
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.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
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.
Gregory S. Samuels (1980), Assistant Secretary (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.
Pamela L. Woodley (1971), Assistant Secretary (2012)*	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
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.
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 270 Park Avenue, New York, NY 10017.

    * 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, 2018 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 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 assumes that you had a $1,000 investment in the Portfolio at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	883.50	$	3.61		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).

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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 2018, 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 15, 2018.

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 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. 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 the 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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 27

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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, 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 also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Portfolio’s shareholders to share potential economies of scale from the Portfo-

lio’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Portfolio over time, noting the Adviser’s substantial investments in its business in support of the Portfolio, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels. 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 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

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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 Peer Group and Universe. 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 third quintiles based upon the Peer Group and in the fifth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017 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. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

The Trustees noted that the Portfolio’s net advisory fee for Class 1 shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that 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, 2018 JPMORGAN INSURANCE TRUST 29

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 100.00%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate rate shareholders for the fiscal year ended December 31, 2018.

Long Term Capital Gain

The Portfolio distributed $7,076,948, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2018.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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

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

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

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the 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 marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018.  All rights reserved. December 2018. AN-JPMITMCVP-1218

Annual Report

JPMorgan Insurance Trust

December 31, 2018

JPMorgan Insurance Trust Small Cap Core Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	12
Financial Highlights	16
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	26
Trustees	27
Officers	30
Schedule of Shareholder Expenses	31
Board Approval of Investment Advisory Agreement	32
Tax Letter	35

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

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

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

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

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholders,

The U.S. economy largely outpaced other leading economies throughout 2018 as the second-longest U.S. expansion on record fed continued job growth, buoyant consumer sentiment and record high corporate profits. However, the end of the year was marked by a sell-off in equity markets, unresolved global trade tensions and a political impasse that led to the shutdown of large parts of the federal government.

  “While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.”

After advancing by 2.2% in the first quarter of 2018, growth in U.S. gross domestic product (GDP) peaked in the second quarter of 2018 at 4.2%, the first time quarterly GDP had breached the 4% ceiling since late 2014. Third quarter 2018 GDP grew at 3.4%. The unemployment rate remained historically low, dipping to 3.7% in September and October before ending the year at 3.9%.

In response, the U.S. Federal Reserve (the “Fed”) raised interest rates four times during the year and indicated further, measured increases during 2019. However, slowing global growth toward the end of 2018 and financial market volatility raised questions about the Fed’s planned path forward.

Meanwhile, aggregate U.S. corporate earnings and revenues reached record levels in both the second and third quarters of 2018, which provided support for U.S. equity prices. Notably, some of that profit growth was attributed to the temporary benefits of late-2017 federal tax cut legislation and the outlook for U.S. corporate earnings growth remained positive, but tempered, by the end of the reporting period.

U.S. equity prices began 2018 with solid gains. The S&P 500 Index (the “S&P 500”) reached 14 new closing highs in January. Then a sharp sell-off drove prices down in early February after a brief spike in yields on the bellwether 10-year U.S. Treasury bond rattled investors. In subsequent months, equity prices

rebounded somewhat, though financial market volatility remained elevated for the rest of the year. In August, the S&P 500 again reached record highs and then another sell-off in early October was followed by gains in November. The following month was the worst December since 1931 for the S&P 500 Index, which fell 9.18% and wiped out any gains made in the previous 11 months.

At the end of the year, investors faced several growing risks to global economic growth and financial market strength. Several leading economies, particularly China and the European Union (the “EU”), showed signs of slowing growth in the latter half of the year. Trade tariffs between the U.S. and China had little apparent direct impact on the U.S. economy in 2018, but absent a negotiated resolution to their trade dispute, the negative impact of protectionist policies could rapidly escalate. Meanwhile, the final months of 2018 also saw an increase in U.S. companies warning about rising costs of materials and labor, even as global oil prices declined somewhat.

At the same time, economists generally remained optimistic about the fundamental strength of the U.S. economy. While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.

Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		(11.93)%
Russell 2000 Index		(11.01)%
Net Assets as of 12/31/2018	$	154,459,615

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets.

Though U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy, financial markets experienced a sharp sell-off in early February. While equity prices rebounded somewhat in subsequent months, market volatility remained elevated. In August, U.S. equity prices returned to record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous twelve months.

Overall, U.S. small cap stocks underperformed both large cap and mid cap stocks, while growth stocks outperformed value stocks for the twelve months ended December 31, 2018.

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

The Portfolio’s Class 1 Shares underperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended December 31, 2018. The Portfolio’s security selection in the media and retail sectors was a leading detractor from performance relative to the Benchmark, while the Portfolio’s security selection in the software & services sector and the energy sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Quad/Graphics Inc., Tenet Healthcare Corp, and Cooper Standard Holdings Inc. Shares of Quad/Graphics, a provider of printing and media

services, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2018 and after the company announced it would acquire LSC Communications Inc. Shares of Tenet Healthcare, an operator of hospitals and other health care facilities, fell after the company reported lower-than-expected hospital admissions for the third quarter of 2018 and amid regulatory uncertainty about the Affordable Care Act. Shares of Cooper Standard, a maker of automotive components, fell after the company reported lower-than-expected results for the third quarter of 2018 amid rising commodity costs and challenging market conditions in Asia and Europe.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Insperity Inc., Renewable Energy Group Inc. and Popular Inc. Shares of Insperity, a provider of employee administrative services, rose after the company reported better-than-expected earnings for several quarters. Shares of Renewable Energy Group, a producer of biofuel and renewable chemicals, rose after the company reported strong growth in quarterly earnings and the shares were added to the S&P Small Cap 600 Index. Shares of Popular, a Puerto Rico-based bank holding company that was not held in the Benchmark, rose as the company reported better-than-expected quarter results throughout 2018 and after the company announced an accelerated share repurchase program.

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

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Helen of Troy Ltd.	1.0	%
	2.	First BanCorp (Puerto Rico)	1.0
	3.	Tech Data Corp.	1.0
	4.	Fabrinet (Thailand)	1.0
	5.	Integer Holdings Corp.	0.9
	6.	Travelport Worldwide Ltd.	0.9
	7.	Cornerstone OnDemand, Inc.	0.9
	8.	TCF Financial Corp.	0.9
	9.	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)	0.9
	10.	Haemonetics Corp.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	15.4	%
Financials	14.6
Health Care	14.2
Information Technology	13.5
Consumer Discretionary	8.6
Real Estate	7.3
Materials	3.5
Energy	3.1
Investment of cash collateral from securities loaned	2.7
Utilities	2.6
Communication Services	2.0
Consumer Staples	1.9
Short-Term Investments	10.6

* 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, 2018. The Portfolio’s composition is subject to change.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		(11.93	)%		4.84	%		12.34	%
CLASS 2 SHARES	April 24, 2009		(12.19	)		4.56			12.05

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

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

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

Returns for Class 2 Shares prior to April 25, 2009 are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than those shown because Class 2 Shares have higher expenses than Class 1 Shares and the Predecessor Portfolio.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Small Cap Core Portfolio, the Russell 2000 Index and the Lipper Variable Underlying Funds Small-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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, 2018

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 95.5%
Aerospace & Defense — 0.9%
AAR Corp.		11,300		421,942
Engility Holdings, Inc. *		8,900		253,294
Moog, Inc., Class A		2,300		178,204
Vectrus, Inc. *		24,300		524,394
				1,377,834
Air Freight & Logistics — 0.0% (a)
Forward Air Corp.		1,500		82,275
Airlines — 0.6%
Hawaiian Holdings, Inc.		6,900		182,229
SkyWest, Inc.		17,200		764,884
				947,113
Auto Components — 1.7%
American Axle & Manufacturing Holdings, Inc. *		58,000		643,800
Cooper-Standard Holdings, Inc. *		11,700		726,804
Dana, Inc.		11,500		156,745
Modine Manufacturing Co. *		3,700		39,997
Stoneridge, Inc. *		1,100		27,115
Tenneco, Inc., Class A		35,300		966,867
Tower International, Inc.		3,500		83,300
				2,644,628
Banks — 9.5%
Bancorp, Inc. (The) *		32,800		261,088
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		47,200		1,479,720
Cathay General Bancorp		5,500		184,415
Central Valley Community Bancorp		2,100		39,627
Community Trust Bancorp, Inc.		964		38,184
East West Bancorp, Inc.		20,655		899,112
Enterprise Financial Services Corp.		1,100		41,393
Fidelity Southern Corp.		9,744		253,539
Financial Institutions, Inc.		12,500		321,250
First BanCorp (Puerto Rico)		195,900		1,684,740
First Business Financial Services, Inc.		3,200		62,432
First Community Bancshares, Inc.		3,900		122,772
First Financial Bancorp		3,901		92,532
First Merchants Corp.		24,600		843,042
Fulton Financial Corp.		35,000		541,800
Hancock Whitney Corp.		26,300		911,295
Hanmi Financial Corp.		23,125		455,562
IBERIABANK Corp.		3,575		229,801
NBT Bancorp, Inc.		2,171		75,095
Northeast Bancorp		2,700		45,171
Pacific Mercantile Bancorp *		3,300		23,595
PacWest Bancorp		16,733		556,874

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Popular, Inc. (Puerto Rico)		29,400		1,388,268
Premier Financial Bancorp, Inc.		1,700		25,347
Shore Bancshares, Inc.		4,300		62,522
Sierra Bancorp		1,950		46,859
TCF Financial Corp.		76,200		1,485,138
Towne Bank		1,277		30,584
TriCo Bancshares		2,900		97,991
TriState Capital Holdings, Inc. *		4,900		95,354
Umpqua Holdings Corp.		55,200		877,680
United Community Banks, Inc.		12,200		261,812
Wintrust Financial Corp.		18,100		1,203,469
				14,738,063
Biotechnology — 5.8%
Acorda Therapeutics, Inc. *		6,500		101,270
Aduro Biotech, Inc. *		41,900		110,616
Akebia Therapeutics, Inc. * (b)		23,800		131,614
Allena Pharmaceuticals, Inc. *		17,600		95,920
AMAG Pharmaceuticals, Inc. *		22,800		346,332
Amicus Therapeutics, Inc. *		39,500		378,410
AnaptysBio, Inc. *		4,300		274,297
Aptinyx, Inc. * (b)		500		8,270
Arrowhead Pharmaceuticals, Inc. * (b)		25,500		316,710
Audentes Therapeutics, Inc. *		10,100		215,332
Bellicum Pharmaceuticals, Inc. *		64,900		189,508
Bluebird Bio, Inc. * (b)		2,700		267,840
Blueprint Medicines Corp. *		5,700		307,287
Cara Therapeutics, Inc. * (b)		11,500		149,500
Catalyst Pharmaceuticals, Inc. *		82,800		158,976
Coherus Biosciences, Inc. *		25,400		229,870
Concert Pharmaceuticals, Inc. *		13,000		163,150
Dynavax Technologies Corp. * (b)		22,900		209,535
Esperion Therapeutics, Inc. * (b)		5,900		271,400
FibroGen, Inc. *		8,400		388,752
Forty Seven, Inc. *		9,600		150,912
Gritstone Oncology, Inc. * (b)		5,700		88,065
Heron Therapeutics, Inc. *		17,200		446,168
Homology Medicines, Inc. *		15,300		342,108
Insmed, Inc. *		17,900		234,848
Jounce Therapeutics, Inc. *		16,100		54,257
Loxo Oncology, Inc. *		4,800		672,336
Mersana Therapeutics, Inc. *		13,500		55,080
Principia Biopharma, Inc. *		600		16,434
Ra Pharmaceuticals, Inc. *		21,300		387,660
Radius Health, Inc. *		2,000		32,980
Rhythm Pharmaceuticals, Inc. *		10,100		271,488

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Biotechnology — continued
Sage Therapeutics, Inc. *		3,800		364,002
Sarepta Therapeutics, Inc. * (b)		3,900		425,607
Selecta Biosciences, Inc. *		27,746		73,804
Spark Therapeutics, Inc. *		6,700		262,238
Sutro Biopharma, Inc. *		4,700		42,394
Syros Pharmaceuticals, Inc. *		36,100		201,077
Twist Bioscience Corp.* (b)		8,400		193,956
Xencor, Inc. *		7,600		274,816
Y-mAbs Therapeutics, Inc. * (b)		1,400		28,476
				8,933,295
Building Products — 0.6%
Insteel Industries, Inc.		1,500		36,420
Masonite International Corp. *		3,900		174,837
Universal Forest Products, Inc.		25,400		659,384
				870,641
Capital Markets — 1.8%
BGC Partners, Inc., Class A		56,000		289,520
Blucora, Inc. *		37,500		999,000
BrightSphere Investment Group plc		29,500		315,060
Houlihan Lokey, Inc.		5,600		206,080
INTL. FCStone, Inc. *		1,000		36,580
Investment Technology Group, Inc.		25,200		762,048
Pzena Investment Management, Inc., Class A		4,600		39,790
Stifel Financial Corp.		1,100		45,562
				2,693,640
Chemicals — 1.5%
AdvanSix, Inc. *		8,600		209,324
FutureFuel Corp.		12,500		198,250
OMNOVA Solutions, Inc. *		9,900		72,567
Rayonier Advanced Materials, Inc.		3,700		39,405
Stepan Co.		7,200		532,800
Trinseo SA		29,000		1,327,620
				2,379,966
Commercial Services & Supplies — 2.6%
ABM Industries, Inc.		9,600		308,256
ACCO Brands Corp.		122,800		832,584
Essendant, Inc.		37,100		466,718
Herman Miller, Inc.		1,900		57,475
Kimball International, Inc., Class B		8,300		117,777
Knoll, Inc.		20,400		336,192
LSC Communications, Inc.		36,000		252,000
Quad/Graphics, Inc.		59,300		730,576
Steelcase, Inc., Class A		17,900		265,457
UniFirst Corp.		3,900		557,973

INVESTMENTS	SHARES		VALUE($)
Commercial Services & Supplies — continued
VSE Corp.		900		26,919
				3,951,927
Communications Equipment — 0.6%
Ciena Corp. *		27,000		915,570
Construction & Engineering — 2.2%
EMCOR Group, Inc.		16,075		959,517
HC2 Holdings, Inc. * (b)		64,600		170,544
KBR, Inc.		76,400		1,159,752
MasTec, Inc. * (b)		22,000		892,320
Sterling Construction Co., Inc. *		13,500		147,015
Tutor Perini Corp. *		8,918		142,420
				3,471,568
Consumer Finance — 1.4%
Enova International, Inc. *		8,000		155,680
FirstCash, Inc.		20,020		1,448,447
Green Dot Corp., Class A *		7,800		620,256
				2,224,383
Containers & Packaging — 0.1%
Berry Global Group, Inc. *		2,059		97,864
Distributors — 0.2%
Core-Mark Holding Co., Inc.		11,400		265,050
Diversified Consumer Services — 0.5%
K12, Inc. *		14,600		361,934
Strategic Education, Inc.		937		106,275
Weight Watchers International, Inc. *		6,800		262,140
				730,349
Diversified Financial Services — 0.0% (a)
Marlin Business Services Corp.		2,000		44,660
Diversified Telecommunication Services — 0.2%
Ooma, Inc. *		21,200		294,256
Electric Utilities — 1.4%
IDACORP, Inc.		3,900		362,934
MGE Energy, Inc.		2,450		146,902
PNM Resources, Inc.		5,500		225,995
Portland General Electric Co.		22,675		1,039,649
Spark Energy, Inc., Class A (b)		52,067		386,858
				2,162,338
Electrical Equipment — 0.7%
Atkore International Group, Inc. *		14,300		283,712
Bloom Energy Corp., Class A * (b)		1,100		10,978
EnerSys		4,100		318,201
Generac Holdings, Inc. *		7,700		382,690
Regal Beloit Corp.		2,400		168,120
				1,163,701

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — 5.0%
Fabrinet (Thailand) *		31,900		1,636,789
Insight Enterprises, Inc. *		16,900		688,675
KEMET Corp.		47,400		831,396
Kimball Electronics, Inc. *		17,225		266,815
Littelfuse, Inc.		1,800		308,664
Methode Electronics, Inc.		32,400		754,596
Sanmina Corp. *		40,100		964,806
Tech Data Corp. *		20,500		1,677,105
Vishay Intertechnology, Inc.		23,200		417,832
Vishay Precision Group, Inc. *		6,500		196,495
				7,743,173
Energy Equipment & Services — 0.9%
Exterran Corp. *		17,600		311,520
FTS International, Inc. *		25,400		180,594
Matrix Service Co. *		17,600		315,744
McDermott International, Inc. * (b)		18,433		120,552
Nine Energy Service, Inc. *		13,800		311,052
RigNet, Inc. *		14,600		184,544
				1,424,006
Equity Real Estate Investment Trusts (REITs) — 7.2%
American Assets Trust, Inc.		8,100		325,377
Americold Realty Trust		33,800		863,252
Armada Hoffler Properties, Inc.		54,800		770,488
Ashford Hospitality Trust, Inc.		7,100		28,400
Chatham Lodging Trust		6,300		111,384
Chesapeake Lodging Trust		7,300		177,755
CoreCivic, Inc.		21,700		386,911
CorEnergy Infrastructure Trust, Inc. (b)		600		19,848
CorePoint Lodging, Inc.		33,900		415,275
CoreSite Realty Corp.		3,900		340,197
Cousins Properties, Inc.		143,738		1,135,530
DiamondRock Hospitality Co.		24,100		218,828
First Industrial Realty Trust, Inc.		29,800		860,028
GEO Group, Inc. (The)		54,350		1,070,695
Getty Realty Corp.		17,800		523,498
Highwoods Properties, Inc.		5,000		193,450
Hudson Pacific Properties, Inc.		3,800		110,428
InfraREIT, Inc. *		6,600		138,732
Jernigan Capital, Inc.		9,500		188,290
Pebblebrook Hotel Trust		3,218		91,102
Preferred Apartment Communities, Inc., Class A		15,000		210,900
PS Business Parks, Inc.		550		72,050
Retail Opportunity Investments Corp.		18,900		300,132
Rexford Industrial Realty, Inc.		10,000		294,700
RLJ Lodging Trust		14,700		241,080

INVESTMENTS	SHARES		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
Sun Communities, Inc.		1,900		193,249
Sunstone Hotel Investors, Inc.		48,425		630,009
Tier REIT, Inc.		16,300		336,269
Xenia Hotels & Resorts, Inc.		56,300		968,360
				11,216,217
Food & Staples Retailing — 1.1%
BJ’s Wholesale Club Holdings, Inc. *		22,800		505,248
Performance Food Group Co. *		20,200		651,854
SpartanNash Co.		21,480		369,026
US Foods Holding Corp. *		7,500		237,300
				1,763,428
Food Products — 0.5%
Dean Foods Co.		23,900		91,059
Pilgrim’s Pride Corp. *		19,200		297,792
Sanderson Farms, Inc.		2,400		238,296
TreeHouse Foods, Inc. *		1,700		86,207
				713,354
Gas Utilities — 0.7%
New Jersey Resources Corp.		9,300		424,731
Southwest Gas Holdings, Inc.		8,700		665,550
				1,090,281
Health Care Equipment & Supplies — 3.4%
Axonics Modulation Technologies, Inc. *		20,000		302,200
CONMED Corp.		2,200		141,240
FONAR Corp. *		3,800		76,912
Globus Medical, Inc., Class A *		3,800		164,464
Haemonetics Corp. *		14,500		1,450,725
Inogen, Inc. *		4,200		521,514
Integer Holdings Corp. *		20,400		1,555,704
Lantheus Holdings, Inc. *		28,500		446,025
Masimo Corp. *		2,200		236,214
OraSure Technologies, Inc. *		28,000		327,040
SI-BONE, Inc. *		1,800		37,602
				5,259,640
Health Care Providers & Services — 4.2%
Addus HomeCare Corp. *		15,300		1,038,564
American Renal Associates Holdings, Inc. *		9,100		104,832
Cross Country Healthcare, Inc. *		23,100		169,323
Encompass Health Corp.		14,900		919,330
Guardant Health, Inc. * (b)		2,100		78,939
HealthEquity, Inc. *		3,100		184,915
Molina Healthcare, Inc. *		11,850		1,377,207
Owens & Minor, Inc.		66,900		423,477

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
RadNet, Inc. *		20,800		211,536
Tenet Healthcare Corp. *		52,300		896,422
Triple-S Management Corp., Class B (Puerto Rico) *		24,454		425,255
WellCare Health Plans, Inc. *		2,500		590,225
				6,420,025
Health Care Technology — 0.1%
HMS Holdings Corp. *		7,000		196,910
Hotels, Restaurants & Leisure — 0.6%
Marriott Vacations Worldwide Corp.		5,000		352,550
Penn National Gaming, Inc. *		8,136		153,201
Ruth’s Hospitality Group, Inc.		14,000		318,220
Texas Roadhouse, Inc.		1,400		83,580
				907,551
Household Durables — 2.2%
Hamilton Beach Brands Holding Co., Class A		2,400		56,304
Helen of Troy Ltd. *		13,200		1,731,576
Hooker Furniture Corp.		6,200		163,308
KB Home		22,600		431,660
Lifetime Brands, Inc.		9,400		94,282
Taylor Morrison Home Corp., Class A *		58,700		933,330
				3,410,460
Household Products — 0.3%
Central Garden & Pet Co., Class A *		16,800		525,000
Independent Power and Renewable Electricity Producers — 0.7%
Atlantic Power Corp. *		32,000		69,440
Clearway Energy, Inc., Class A		3,000		50,760
Clearway Energy, Inc., Class C		47,000		810,750
Vistra Energy Corp. *		6,541		149,723
				1,080,673
Insurance — 2.2%
American Equity Investment Life Holding Co.		28,000		782,320
CNO Financial Group, Inc.		36,400		541,632
FedNat Holding Co.		7,400		147,408
First American Financial Corp.		7,800		348,192
HCI Group, Inc.		4,200		213,402
Heritage Insurance Holdings, Inc.		2,600		38,272
National General Holdings Corp.		3,800		91,998
Selective Insurance Group, Inc. (b)		2,600		158,444
Stewart Information Services Corp.		11,000		455,400
Third Point Reinsurance Ltd. (Bermuda) *		38,500		371,140
United Fire Group, Inc.		2,800		155,260

INVESTMENTS	SHARES		VALUE($)
Insurance — continued
Universal Insurance Holdings, Inc.		2,100		79,632
				3,383,100
Interactive Media & Services — 0.2%
QuinStreet, Inc. *		16,800		272,664
Internet & Direct Marketing Retail — 0.5%
Groupon, Inc. *		55,400		177,280
Liberty Expedia Holdings, Inc., Class A *		17,600		688,336
				865,616
IT Services — 2.9%
CACI International, Inc., Class A *		3,900		561,717
Limelight Networks, Inc. *		165,500		387,270
ManTech International Corp., Class A		13,100		685,065
MAXIMUS, Inc.		1,400		91,126
Perspecta, Inc.		10,400		179,088
Travelport Worldwide Ltd.		97,900		1,529,198
Unisys Corp. *		54,700		636,161
Virtusa Corp. *		8,800		374,792
				4,444,417
Leisure Products — 0.1%
YETI Holdings, Inc. *		7,100		105,364
Machinery — 3.9%
Barnes Group, Inc.		2,300		123,326
Columbus McKinnon Corp.		13,300		400,862
Federal Signal Corp.		10,900		216,910
Global Brass & Copper Holdings, Inc.		34,700		872,705
Greenbrier Cos., Inc. (The)		3,600		142,344
Hillenbrand, Inc.		22,200		842,046
Hurco Cos., Inc.		1,200		42,840
Hyster-Yale Materials Handling, Inc.		2,700		167,292
Kadant, Inc.		5,100		415,446
Meritor, Inc. *		76,500		1,293,615
Milacron Holdings Corp. *		24,500		291,305
Park-Ohio Holdings Corp.		2,600		79,794
SPX FLOW, Inc. *		7,800		237,276
Standex International Corp.		800		53,744
TriMas Corp. *		6,700		182,843
Wabash National Corp.		48,700		636,996
				5,999,344
Media — 1.8%
Beasley Broadcast Group, Inc., Class A		6,500		24,375
Entravision Communications Corp., Class A		79,200		230,472
Gannett Co., Inc.		65,100		555,303
Gray Television, Inc. *		26,200		386,188

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — continued
Liberty Latin America Ltd., Class A (Chile) *		33,900		490,872
Nexstar Media Group, Inc., Class A		1,600		125,824
Sinclair Broadcast Group, Inc., Class A (b)		34,800		916,632
TEGNA, Inc.		11,300		122,831
				2,852,497
Metals & Mining — 0.7%
Cleveland-Cliffs, Inc.		32,700		251,463
Commercial Metals Co.		12,900		206,658
Ramaco Resources, Inc. *		14,100		69,795
Ryerson Holding Corp. *		9,600		60,864
Warrior Met Coal, Inc.		20,200		487,022
				1,075,802
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Cherry Hill Mortgage Investment Corp.		6,200		108,748
Redwood Trust, Inc.		29,600		446,072
				554,820
Oil, Gas & Consumable Fuels — 2.6%
Abraxas Petroleum Corp. *		108,225		117,965
Arch Coal, Inc., Class A		5,000		414,950
CVR Energy, Inc.		5,000		172,400
Delek US Holdings, Inc.		41,700		1,355,667
Denbury Resources, Inc. *		195,100		333,621
Peabody Energy Corp.		13,800		420,624
Renewable Energy Group, Inc. *		24,100		619,370
REX American Resources Corp. *		300		20,433
W&T Offshore, Inc. *		108,500		447,020
				3,902,050
Paper & Forest Products — 1.5%
Boise Cascade Co.		9,100		217,035
Louisiana-Pacific Corp.		38,500		855,470
Schweitzer-Mauduit International, Inc.		21,300		533,565
Verso Corp., Class A *		33,400		748,160
				2,354,230
Personal Products — 0.1%
USANA Health Sciences, Inc. *		900		105,957
Pharmaceuticals — 2.2%
Aclaris Therapeutics, Inc. *		16,800		124,152
Arvinas, Inc. *		400		5,140
Assembly Biosciences, Inc. *		7,200		162,864
Dermira, Inc. *		39,500		284,005
Endo International plc *		58,600		427,780
Horizon Pharma plc *		42,900		838,266
Lannett Co., Inc. * (b)		33,500		166,160

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals — continued
Mallinckrodt plc *		15,600		246,480
Medicines Co. (The) * (b)		2,000		38,280
Menlo Therapeutics, Inc. *		38,000		156,560
Phibro Animal Health Corp., Class A		6,900		221,904
Revance Therapeutics, Inc. *		3,400		68,442
TherapeuticsMD, Inc. * (b)		67,200		256,032
WaVe Life Sciences Ltd. * (b)		10,200		428,808
				3,424,873
Professional Services — 3.8%
Acacia Research Corp. *		8,900		26,522
Barrett Business Services, Inc.		17,400		996,150
CBIZ, Inc. *		20,300		399,910
CRA International, Inc.		3,200		136,160
ICF International, Inc.		900		58,302
Insperity, Inc.		11,800		1,101,648
Kelly Services, Inc., Class A		1,100		22,528
Kforce, Inc.		2,000		61,840
Korn/Ferry International		4,000		158,160
TriNet Group, Inc. *		21,300		893,535
TrueBlue, Inc. *		33,500		745,375
Upwork, Inc. * (b)		13,200		239,052
WageWorks, Inc. *		40,633		1,103,593
				5,942,775
Real Estate Management & Development — 0.8%
Cushman & Wakefield plc *		34,400		497,768
Marcus & Millichap, Inc. *		13,900		477,187
Newmark Group, Inc., Class A		26,598		213,316
				1,188,271
Road & Rail — 1.0%
ArcBest Corp.		36,200		1,240,212
Covenant Transportation Group, Inc., Class A *		3,000		57,600
Schneider National, Inc., Class B		6,900		128,823
Universal Logistics Holdings, Inc.		1,300		23,517
YRC Worldwide, Inc. *		8,400		26,460
				1,476,612
Semiconductors & Semiconductor Equipment — 2.0%
Advanced Energy Industries, Inc. *		8,900		382,077
Alpha & Omega Semiconductor Ltd. *		19,350		197,176
Cirrus Logic, Inc. *		20,600		683,508
Cohu, Inc.		20,600		331,042
Cypress Semiconductor Corp.		43,615		554,783
Ichor Holdings Ltd. *		14,400		234,720
Rambus, Inc. *		34,900		267,683
Rudolph Technologies, Inc. *		4,800		98,256

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Ultra Clean Holdings, Inc. *		37,600		318,472
				3,067,717
Software — 3.9%
Anaplan, Inc. * (b)		15,200		403,408
Bottomline Technologies de, Inc. *		4,100		196,800
CommVault Systems, Inc. *		21,400		1,264,526
Cornerstone OnDemand, Inc. *		30,300		1,528,029
Elastic NV * (b)		9,400		671,912
Imperva, Inc. *		11,800		657,142
MicroStrategy, Inc., Class A *		1,800		229,950
QAD, Inc., Class A		1,900		74,727
SailPoint Technologies Holding, Inc. *		16,500		387,585
SPS Commerce, Inc. *		2,600		214,188
SVMK, Inc. * (b)		29,900		366,873
				5,995,140
Specialty Retail — 2.8%
America’s Car-Mart, Inc. *		1,000		72,450
Asbury Automotive Group, Inc. *		1,700		113,322
Caleres, Inc.		18,900		525,987
Conn’s, Inc. * (b)		6,700		126,362
DSW, Inc., Class A		14,100		348,270
Express, Inc. *		12,700		64,897
Five Below, Inc. *		3,000		306,960
Group 1 Automotive, Inc.		4,800		253,056
Office Depot, Inc.		376,745		972,002
Party City Holdco, Inc. *		16,800		167,664
RH * (b)		4,400		527,208
Signet Jewelers Ltd.		2,900		92,133
Tilly’s, Inc., Class A		31,900		346,434
Zumiez, Inc. *		19,600		375,732
				4,292,477
Technology Hardware, Storage & Peripherals — 0.5%
Immersion Corp. *		86,100		771,456
Textiles, Apparel & Luxury Goods — 0.7%
Deckers Outdoor Corp. *		8,300		1,061,985
Fossil Group, Inc. *		3,700		58,201
				1,120,186
Thrifts & Mortgage Finance — 0.8%
BankFinancial Corp.		2,900		43,355
HomeStreet, Inc. *		6,400		135,872
MGIC Investment Corp. *		41,800		437,228
OceanFirst Financial Corp.		8,100		182,331
PennyMac Financial Services, Inc.		6,000		127,560

INVESTMENTS	SHARES		VALUE($)
Thrifts & Mortgage Finance — continued
Radian Group, Inc.		5,800		94,888
Walker & Dunlop, Inc.		6,000		259,500
				1,280,734
Tobacco — 0.1%
Turning Point Brands, Inc.		7,300		198,706
Trading Companies & Distributors — 0.8%
Applied Industrial Technologies, Inc.		5,800		312,852
MRC Global, Inc. *		46,600		569,918
NOW, Inc. *		14,600		169,944
Rush Enterprises, Inc., Class A		2,400		82,752
Veritiv Corp. *		4,700		117,359
				1,252,825
Water Utilities — 0.0% (a)
Consolidated Water Co. Ltd. (Cayman Islands)		1,700		19,822
Total Common Stocks (Cost $140,608,563)				147,687,294
	NO. OF WARRANTS
Warrants — 0.0%
Consumer Finance — 0.0%
Emergent Capital, Inc.
expiring 10/1/2019, price 10.75 * (Cost $ — )		355		—
	SHARES
Short-Term Investments — 11.7%
Investment Companies — 11.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) (Cost $17,998,257)		17,998,257		17,998,257
Investment of Cash Collateral from Securities Loaned — 3.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (c) (d) (Cost $4,600,040)		4,600,040		4,600,040
Total Investments — 110.2% (Cost $163,206,860)				170,285,591
Liabilities in Excess of Other Assets — (10.2%)				(15,825,976	)
NET ASSETS — 100.0%				154,459,615

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

Abbreviations
REIT	Real Estate Investment Trust
(a)	Amount rounds to less than 0.1% of net assets.
(b)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is $4,565,885.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018:
Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount($)		Value and Unrealized Appreciation (Depreciation)($)
Long Contracts
Russell 2000 E-Mini Index		89		03/2019		USD		6,005,720		(67,131	)
										(67,131	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018

	JPMorgan Insurance Trust Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	147,687,294
Investments in affiliates, at value		17,998,257
Investment of cash collateral received from securities loaned, at value (Note 2.C.)		4,600,040
Cash		2,237
Deposits at broker for futures contracts		340,000
Receivables:
Investment securities sold		662,359
Portfolio shares sold		474,088
Dividends from non-affiliates		202,761
Dividends from affiliates		22,991
Securities lending income (Note 2.C.)		3,889
Variation margin on futures contracts		49,936
From affiliate (Note 3.F.)		88,189
Total Assets		172,132,041
LIABILITIES:
Payables:
Due to affiliate (Note 3.F.)		11,747,847
Investment securities purchased		1,123,426
Collateral received on securities loaned (Note 2.C.)		4,600,040
Portfolio shares redeemed		55,104
Accrued liabilities:
Investment advisory fees		86,208
Administration fees		10,930
Distribution fees		226
Custodian and accounting fees		9,639
Other		39,006
Total Liabilities		17,672,426
Net Assets	$	154,459,615
NET ASSETS:
Paid-in-Capital	$	125,386,670
Total distributable earnings (loss) (a)		29,072,945
Total Net Assets	$	154,459,615
Net Assets:
Class 1	$	153,428,808
Class 2		1,030,807
Total	$	154,459,615
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		7,270,257
Class 2		49,302
Net Asset Value, offering and redemption price per share (b):
Class 1	$	21.10
Class 2		20.91
Cost of investments in non-affiliates	$	140,608,563
Cost of investments in affiliates		17,998,257
Investment securities on loan, at value		4,565,885
Cost of investment of cash collateral		4,600,040

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2018

	JPMorgan Insurance Trust Small Cap Core Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,345,566
Dividend income from affiliates		102,403
Interest income from affiliates		12
Income from securities lending (net)		11,967
Total investment income		2,459,948
EXPENSES:
Investment advisory fees		1,236,761
Administration fees		154,326
Distribution fees — Class 2		2,975
Custodian and accounting fees		49,755
Professional fees		53,382
Trustees’ and Chief Compliance Officer’s fees		25,108
Printing and mailing costs		36,261
Transfer agency fees — Class 1		4,780
Transfer agency fees — Class 2		277
Other		16,887
Total expenses		1,580,512
Less fees waived		(12,152	)
Net expenses		1,568,360
Net investment income (loss)		891,588
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		22,409,204
Futures contracts		(398,289	)
Net realized gain (loss)		22,010,915
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(43,203,084	)
Futures contracts		(51,844	)
Change in net unrealized appreciation/depreciation		(43,254,928	)
Net realized/unrealized gains (losses)		(21,244,013	)
Change in net assets resulting from operations	$	(20,352,425	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 13

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Small Cap Core Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	891,588		$	711,248
Net realized gain (loss)		22,010,915			12,456,575
Change in net unrealized appreciation/depreciation		(43,254,928	)		12,369,850
Change in net assets resulting from operations		(20,352,425	)		25,537,673
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class 1		(12,803,929	)		(1,828,495	)
Class 2		(74,744	)		(12,660	)
Total distributions to shareholders		(12,878,673	)		(1,841,155	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,605,999	)		3,529,189
NET ASSETS:
Change in net assets		(35,837,097	)		27,225,707
Beginning of period		190,296,712			163,071,005
End of period	$	154,459,615		$	190,296,712
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	34,029,343		$	40,588,699
Distributions reinvested		12,803,929			1,828,495
Cost of shares redeemed		(49,573,895	)		(38,267,557	)
Change in net assets resulting from Class 1 capital transactions	$	(2,740,623	)	$	4,149,637
Class 2
Proceeds from shares issued	$	631,138		$	148,469
Distributions reinvested		74,744			12,660
Cost of shares redeemed		(571,258	)		(781,577	)
Change in net assets resulting from Class 2 capital transactions	$	134,624		$	(620,448	)
Total change in net assets resulting from capital transactions	$	(2,605,999	)	$	3,529,189
SHARE TRANSACTIONS:
Class 1
Issued		1,349,757			1,735,157
Reinvested		495,892			80,057
Redeemed		(1,953,186	)		(1,619,403	)
Change in Class 1 Shares		(107,537	)		195,811
Class 2
Issued		24,740			6,269
Reinvested		2,917			558
Redeemed		(22,051	)		(33,547	)
Change in Class 2 Shares		5,606			(26,720	)

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:

Class 1
From net investment income	$	(572,218	)
From net realized gains		(1,256,277	)
Class 2
From net investment income		(1,794	)
From net realized gains		(10,866	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 15

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Core Portfolio
Class 1
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	)
Year Ended December 31, 2014		24.03		0.04			1.98			2.02			(0.03	)		(1.96	)		(1.99	)
Class 2
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	)
Year Ended December 31, 2014		23.91		(0.02	)		1.97			1.95			—			(1.96	)		(1.96	)

(a) Calculated based upon average shares outstanding.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

		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
$	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
	24.06		9.59			111,175,638		0.87			0.19			0.87			54
	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
	23.90		9.30			1,600,865		1.12			(0.09	)		1.13			54

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
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 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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Portfolio are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	170,285,591		$	—	(b)	$	—	$	170,285,591
Depreciation in Other Financial Instruments
Futures Contracts	$	(67,131	)	$	—		$	—	$	(67,131	)

(a) All portfolio holdings designated in level 1 and level 2 are disclosed individually in the SOI. Level 2 consists of warrants. Please refer to the SOI for industry specifics of the portfolio holdings.

(b) Value is zero.

There were no transfers among any levels during the year ended December 31, 2018.

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. The use of futures contracts exposes the Portfolio to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Portfolio is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Portfolio periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation 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 and 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 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, 2018:

Futures Contracts:
Average Notional Balance Long	$	5,253,270
Ending Notional Balance Long		6,005,720

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 — Effective October 5, 2018, the Portfolio became 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 IM Shares of 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.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

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.

Dividend Income
$	14,051

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).

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. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows:

Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
$	4,565,885	$	4,600,040	$	4,600,040

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 collated received or posted by the Portfolio as of December 31, 2018.

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)
$4,565,885	$	(4,565,885	)	$	—

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 investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$ 597

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 or its affiliates. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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, 2018
Security Description	Value at December 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)	$	—	$	11,813,215	$	7,213,175	$	—	$	—	$	4,600,040		4,600,040	$	14,051	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		3,446,991		68,846,973		54,295,707		—		—		17,998,257		17,998,257		102,403			—
Total	$	3,446,991	$	80,660,188	$	61,508,882	$	—	$	—	$	22,598,297			$	116,454		$	—

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

(b) The rate shown is the current yield as of December 31, 2018.

* Amount is included on the Statement of Operations as Income from securities lending (net).

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

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, 2018, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, 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)
$	—	$	(52,662	)	$	52,662

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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

3. Fees and Other Transactions with Affiliates

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services during the year ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2018, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

Effective January 1, 2019, 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, 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion and 0.01% of the Portfolio’s daily average net assets in excess of $25 billion.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’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 in accordance with Rule 12b-1 under the 1940 Act. The Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay 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. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately 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 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, 2018 and is in place until at least April 30, 2019.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the year ended December 31, 2018, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Voluntary Waivers
Investment Advisory Fees
$	1,904

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (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.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2018 was $10,248.

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 appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees 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, 2018, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2018, the Portfolio did not incur any brokerage commissions with broker-dealers 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.

As of December 31, 2018, the Portfolio had an amount payable to and a receivable from affiliates due to an operational error.

4. Investment Transactions

During the year ended December 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	108,841,061	$	126,804,562

During the year ended December 31, 2018, 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, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	163,949,816	$	27,862,026	$	21,593,382	$	6,268,644

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, 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.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	574,009	$	1,267,146	$	1,841,155

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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 23

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

As of December 31, 2018, 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  or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	2,816,895	$	19,948,400	$	6,268,644

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

At December 31, 2018, 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 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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2018.

The Trust, along with certain other trusts (“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 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had two omnibus accounts which collectively represented 56.3% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Portfolio’s net assets or results of operation.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 25

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Insurance Trust Small Cap Core Portfolio (one of the portfolios constituting JPMorgan Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2018, the related statement of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (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, 2018, 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, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 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, 2018 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, 2019

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

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	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).	136	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 Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and 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 since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	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).	136	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 (serving in various roles 1984-2012).	136	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).	136	None

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 27

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	136	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).	136	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).	136	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).	136	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 (registered investment adviser) (1985-2005).	136	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).	136	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).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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)
James J. Schonbachler**** (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (serving in various roles 1968-1998).	136	None

(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 eleven registered investment companies (136 funds).

     * 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.

**** Mr. Schonbachler retired effective December 31, 2018.

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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 29

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014–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 (1999-2014).
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.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
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.
Gregory S. Samuels (1980), Assistant Secretary (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.
Pamela L. Woodley (1971), Assistant Secretary (2012)*	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
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.
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 270 Park Avenue, New York, NY 10017.

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

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

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	814.70	$	3.75		0.82	%
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class 2
Actual		1,000.00		813.90		5.03		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10

* 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, 2018 JPMORGAN INSURANCE TRUST 31

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, 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 15, 2018.

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 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. 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 the 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.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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, 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 also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Portfolio’s share-

holders to share potential economies of scale from the Portfolio’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Portfolio over time, noting the Adviser’s substantial investments in its business in support of the Portfolio, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels. 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 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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 33

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 Peer Group and Universe. 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, third and first quintiles based upon the Peer Group, and in the first, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, 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. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio. 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.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 38.95%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate rate shareholders for the fiscal year ended December 31, 2018.

Long Term Capital Gain

The Portfolio distributed $8,624,705, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2018.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 35

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

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

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

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the 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 marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018. All rights reserved December 2018. AN-JPMITSCCP-1218

Annual Report

JPMorgan Insurance Trust

December 31, 2018

JPMorgan Insurance Trust U.S. Equity Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	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.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholders,

The U.S. economy largely outpaced other leading economies throughout 2018 as the second-longest U.S. expansion on record fed continued job growth, buoyant consumer sentiment and record high corporate profits. However, the end of the year was marked by a sell-off in equity markets, unresolved global trade tensions and a political impasse that led to the shutdown of large parts of the federal government.

  “While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.”

After advancing by 2.2% in the first quarter of 2018, growth in U.S. gross domestic product (GDP) peaked in the second quarter of 2018 at 4.2%, the first time quarterly GDP had breached the 4% ceiling since late 2014. Third quarter 2018 GDP grew at 3.4%. The unemployment rate remained historically low, dipping to 3.7% in September and October before ending the year at 3.9%.

In response, the U.S. Federal Reserve (the “Fed”) raised interest rates four times during the year and indicated further, measured increases during 2019. However, slowing global growth toward the end of 2018 and financial market volatility raised questions about the Fed’s planned path forward.

Meanwhile, aggregate U.S. corporate earnings and revenues reached record levels in both the second and third quarters of 2018, which provided support for U.S. equity prices. Notably, some of that profit growth was attributed to the temporary benefits of late-2017 federal tax cut legislation and the outlook for U.S. corporate earnings growth remained positive, but tempered, by the end of the reporting period.

U.S. equity prices began 2018 with solid gains. The S&P 500 Index (the “S&P 500”) reached 14 new closing highs in January. Then a sharp sell-off drove prices down in early February after a brief spike in yields on the bellwether 10-year U.S. Treasury bond rattled investors. In subsequent months, equity prices

rebounded somewhat, though financial market volatility remained elevated for the rest of the year. In August, the S&P 500 again reached record highs and then another sell-off in early October was followed by gains in November. The following month was the worst December since 1931 for the S&P 500 Index, which fell 9.18% and wiped out any gains made in the previous 11 months.

At the end of the year, investors faced several growing risks to global economic growth and financial market strength. Several leading economies, particularly China and the European Union (the “EU”), showed signs of slowing growth in the latter half of the year. Trade tariffs between the U.S. and China had little apparent direct impact on the U.S. economy in 2018, but absent a negotiated resolution to their trade dispute, the negative impact of protectionist policies could rapidly escalate. Meanwhile, the final months of 2018 also saw an increase in U.S. companies warning about rising costs of materials and labor, even as global oil prices declined somewhat.

At the same time, economists generally remained optimistic about the fundamental strength of the U.S. economy. While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.

Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	(7.85)%
S&P 500 Index**	(6.85)%
Net Assets as of 12/31/2018	$97,824,846

INVESTMENT OBJECTIVE***

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

HOW DID THE MARKET PERFORM?

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets.

Though U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy, financial markets experienced a sharp sell-off in early February. While equity prices rebounded somewhat in subsequent months, market volatility remained elevated. In August, U.S. equity prices returned to record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous twelve months.

Overall, U.S. large cap stocks outperformed both mid cap and small cap stocks, while value stocks underperformed growth stocks for the twelve months ended December 31, 2018.

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

The Portfolio’s Class 1 Shares underperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended December 31, 2018. Relative to the Benchmark, the Portfolio’s security selection in the semiconductors & hardware sector and the insurance sector was a leading detractor from performance, while the Portfolio’s security selection in the pharmaceutical/medical technology and retail sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Nvidia Corp. and Broadcom Inc. and its underweight position in Berkshire Hathaway Inc. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for specialty semiconductors. Shares of Broadcom, a semiconductor manufacturer, fell after the company announced a $19 billion acquisition offer for CA Inc. Shares of Berkshire Hathaway, an investment company that was not held by the Portfolio, rose amid analysts’ expectations for further growth in earnings in 2019.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in O’Reilly Automotive Inc. and Boston Scientific Co. and its underweight position in General Electric Co. Shares of O’Reilly Automotive, an automotive parts retailer, rose amid a healthy environment for the auto parts sector and investor expectations that the company will perform well in the later stages of the economic expansion. Shares of Boston Scientific, a maker of medical devices, rose amid better-than-expected results for the third quarter of 2018 and management’s execution on its long-term strategy. Shares of General Electric, an industrial conglomerate, fell amid continued investor concerns about the company’s ability to restructure and shed underperforming operations.

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 was in the media and health services & systems sectors and its largest underweight positions were in the financial services and real estate investment trust sectors.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	5.1	%
	2.	Amazon.com, Inc.	3.9
	3.	Pfizer, Inc.	2.8
	4.	Alphabet, Inc., Class A	2.6
	5.	Apple, Inc.	2.6
	6.	UnitedHealth Group, Inc.	2.3
	7.	Coca-Cola Co. (The)	2.0
	8.	Johnson & Johnson	1.9
	9.	General Dynamics Corp.	1.8
	10.	salesforce.com, Inc.	1.8

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	19.4	%
Health Care	17.0
Consumer Discretionary	11.2
Communication Services	11.0
Industrials	10.8
Financials	10.4
Energy	5.6
Consumer Staples	4.7
Utilities	3.1
Materials	2.6
Real Estate	2.1
Others (each less than 1.0%)	0.4
Short-Term Investments	1.7

* 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, 2018. The Portfolio’s composition is subject to change.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		March 30, 1995		(6.16	)%		7.91	%		13.32	%
CLASS 2 SHARES		August 16, 2006		(6.42	)		7.64			13.04

* Not annualized.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

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, 2008 to December 31, 2018. 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, 2018

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.3%
Aerospace & Defense — 3.3%
General Dynamics Corp.		11,265		1,770,970
Northrop Grumman Corp.		4,989		1,221,806
United Technologies Corp.		2,589		275,677
				3,268,453
Air Freight & Logistics — 0.2%
United Parcel Service, Inc., Class B		1,757		171,360
Airlines — 0.3%
Delta Air Lines, Inc.		6,194		309,081
Auto Components — 0.2%
BorgWarner, Inc.		5,260		182,732
Automobiles — 0.1%
Ford Motor Co.		10,239		78,328
Banks — 5.7%
Bank of America Corp.		64,862		1,598,200
Citigroup, Inc.		13,210		687,713
Huntington Bancshares, Inc.		35,879		427,678
KeyCorp		55,989		827,517
SunTrust Banks, Inc.		14,109		711,658
SVB Financial Group*		3,418		649,146
Wells Fargo & Co.		14,329		660,280
				5,562,192
Beverages — 2.4%
Coca-Cola Co. (The)		42,418		2,008,492
Molson Coors Brewing Co., Class B		3,397		190,775
PepsiCo, Inc.		1,399		154,562
				2,353,829
Biotechnology — 2.0%
Alexion Pharmaceuticals, Inc.*		3,410		331,998
Biogen, Inc.*		2,060		619,895
Gilead Sciences, Inc.		4,071		254,641
Vertex Pharmaceuticals, Inc.*		4,529		750,500
				1,957,034
Building Products — 0.1%
Allegion plc		1,256		100,116
Capital Markets — 3.2%
Ameriprise Financial, Inc.		5,720		596,997
Bank of New York Mellon Corp. (The)		8,316		391,434
Charles Schwab Corp. (The)		8,938		371,195
Intercontinental Exchange, Inc.		2,878		216,800
Morgan Stanley		39,234		1,555,628
				3,132,054

INVESTMENTS	SHARES		VALUE($)
Chemicals — 1.6%
DowDuPont, Inc.		9,464		506,135
Eastman Chemical Co.		10,454		764,292
Linde plc (United Kingdom)		2,078		324,251
				1,594,678
Consumer Finance — 0.2%
Capital One Financial Corp.		2,401		181,492
Containers & Packaging — 1.0%
Crown Holdings, Inc.* (a)		16,316		678,256
Westrock Co.		6,463		244,043
				922,299
Diversified Telecommunication Services — 1.9%
AT&T, Inc.		38,219		1,090,770
Verizon Communications, Inc.		14,271		802,316
				1,893,086
Electric Utilities — 2.7%
NextEra Energy, Inc.		9,813		1,705,696
Xcel Energy, Inc.		18,497		911,347
				2,617,043
Electrical Equipment — 0.7%
Eaton Corp. plc		9,806		673,280
Entertainment — 2.0%
Electronic Arts, Inc.*		5,511		434,873
Netflix, Inc.*		5,505		1,473,468
				1,908,341
Equity Real Estate Investment Trusts (REITs) — 2.1%
AvalonBay Communities, Inc.		1,787		311,028
Brixmor Property Group, Inc.		3,670		53,912
Prologis, Inc.		20,436		1,200,002
Ventas, Inc.		3,236		189,597
Vornado Realty Trust		5,296		328,511
				2,083,050
Food Products — 1.5%
Kraft Heinz Co. (The)		4,368		187,999
Mondelez International, Inc., Class A		32,755		1,311,182
				1,499,181
Health Care Equipment & Supplies — 3.0%
Becton Dickinson and Co.		734		165,385
Boston Scientific Corp.*		38,366		1,355,854
Intuitive Surgical, Inc.*		799		382,657
Medtronic plc		5,538		503,737
Zimmer Biomet Holdings, Inc.		5,257		545,256
				2,952,889

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — 4.7%
Cigna Corp.		7,570		1,437,694
CVS Health Corp.		10,353		678,328
UnitedHealth Group, Inc.		9,214		2,295,392
Universal Health Services, Inc., Class B		1,512		176,239
				4,587,653
Hotels, Restaurants & Leisure — 1.1%
Hilton Worldwide Holdings, Inc.		1,096		78,693
Royal Caribbean Cruises Ltd.		8,668		847,644
Yum! Brands, Inc.		1,445		132,824
				1,059,161
Household Durables — 0.3%
Lennar Corp., Class A		8,159		319,425
Household Products — 0.2%
Procter & Gamble Co. (The)		1,953		179,520
Industrial Conglomerates — 1.3%
Honeywell International, Inc.		9,985		1,319,218
Insurance — 1.3%
Allstate Corp. (The)		3,378		279,124
American International Group, Inc.		4,081		160,832
Arthur J Gallagher & Co.		3,715		273,795
Hartford Financial Services Group, Inc. (The)		5,906		262,522
Lincoln National Corp.		4,076		209,140
Willis Towers Watson plc		1,005		152,619
				1,338,032
Interactive Media & Services — 4.5%
Alphabet, Inc., Class A*		2,495		2,607,175
Alphabet, Inc., Class C*		1,420		1,470,566
Facebook, Inc., Class A*		2,114		277,125
				4,354,866
Internet & Direct Marketing Retail — 4.0%
Amazon.com, Inc.*		2,532		3,802,988
Expedia Group, Inc.		588		66,238
				3,869,226
IT Services — 4.8%
Accenture plc, Class A		4,878		687,847
Alliance Data Systems Corp.		1,629		244,480
Automatic Data Processing, Inc.		3,202		419,846
First Data Corp., Class A*		8,125		137,394
International Business Machines Corp.		393		44,672
Mastercard, Inc., Class A		6,895		1,300,742
PayPal Holdings, Inc.*		6,608		555,667
Visa, Inc., Class A		9,625		1,269,922
				4,660,570

INVESTMENTS	SHARES		VALUE($)
Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc.		1,870		126,150
Thermo Fisher Scientific, Inc.		2,050		458,770
				584,920
Machinery — 2.5%
Caterpillar, Inc.		9,181		1,166,630
Deere & Co.		1,509		225,097
Ingersoll-Rand plc		3,036		276,974
Stanley Black & Decker, Inc.		6,177		739,634
				2,408,335
Media — 2.3%
Charter Communications, Inc., Class A*		4,371		1,245,604
Comcast Corp., Class A		14,067		478,981
Discovery, Inc., Class A*		4,271		105,665
Discovery, Inc., Class C*		13,968		322,381
DISH Network Corp., Class A*		4,641		115,886
				2,268,517
Multiline Retail — 0.3%
Dollar Tree, Inc.*		3,251		293,630
Multi-Utilities — 0.4%
Public Service Enterprise Group, Inc.		2,193		114,146
Sempra Energy		2,598		281,077
				395,223
Oil, Gas & Consumable Fuels — 5.7%
Chevron Corp.		1,982		215,622
Concho Resources, Inc.*		5,324		547,254
Diamondback Energy, Inc.		8,330		772,191
EOG Resources, Inc.		10,865		947,537
Marathon Petroleum Corp.		15,921		939,498
Occidental Petroleum Corp.		8,399		515,530
Parsley Energy, Inc., Class A*		24,264		387,739
Pioneer Natural Resources Co.		9,385		1,234,315
				5,559,686
Pharmaceuticals — 6.7%
Bristol-Myers Squibb Co.		1,683		87,482
Eli Lilly & Co.		3,939		455,821
Johnson & Johnson		14,369		1,854,320
Merck & Co., Inc.		17,574		1,342,829
Nektar Therapeutics*		2,612		85,857
Pfizer, Inc.		63,306		2,763,307
				6,589,616
Road & Rail — 2.2%
Norfolk Southern Corp.		11,099		1,659,744
Union Pacific Corp.		3,339		461,550
				2,121,294

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 5.0%
Analog Devices, Inc.		15,599		1,338,862
Broadcom, Inc.		455		115,697
NVIDIA Corp.		10,283		1,372,781
NXP Semiconductors NV (Netherlands)		3,708		271,722
Texas Instruments, Inc.		17,826		1,684,557
Universal Display Corp.		1,093		102,272
				4,885,891
Software — 7.1%
Microsoft Corp.		49,422		5,019,793
Oracle Corp.		1,398		63,120
salesforce.com, Inc.*		12,715		1,741,574
Workday, Inc., Class A*		754		120,399
				6,944,886
Specialty Retail — 4.5%
AutoZone, Inc.*		1,417		1,187,928
Best Buy Co., Inc.		1,266		67,047
Home Depot, Inc. (The)		5,189		891,574
O’Reilly Automotive, Inc.*		2,923		1,006,477
Ross Stores, Inc.		13,875		1,154,400
TJX Cos., Inc. (The)		3,031		135,607
				4,443,033
Technology Hardware, Storage & Peripherals — 2.6%
Apple, Inc.		16,229		2,559,963
Textiles, Apparel & Luxury Goods — 0.8%
PVH Corp.		8,229		764,886
Tobacco — 0.6%
Philip Morris International, Inc.		8,221		548,834

INVESTMENTS	SHARES		VALUE($)
Trading Companies & Distributors — 0.2%
HD Supply Holdings, Inc.*		5,974		224,145
Wireless Telecommunication Services — 0.4%
T-Mobile US, Inc.*		6,450		410,284
Total Common Stocks (Cost $82,041,173)				96,131,332
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $1,626,949)		1,626,949		1,626,949
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b)(c) (Cost $429,023)		429,023		429,023
Total Investments — 100.4% (Cost $84,097,145)				98,187,304
Liabilities in Excess of Other Assets — (0.4%)				(362,458	)
Net Assets — 100.0%				97,824,846

Percentages indicated are based on net assets.

(a) The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is $427,173.

(b) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(c) The rate shown is the current yield as of December 31, 2018.

* Non-income producing security.

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		9		03/2019		USD		1,126,350		2,582
										2,582

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018

	JPMorgan Insurance Trust U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	96,131,332
Investments in affiliates, at value		1,626,949
Investment of cash collateral received from securities loaned, at value (Note 2.C.)		429,023
Deposits at broker for futures contracts		85,000
Receivables:
Investment securities sold		302,447
Portfolio shares sold		36,739
Interest and dividends from non-affiliates		95,859
Dividends from affiliates		1,989
Securities lending income (Note 2.C.)		39
Variation margin on futures contracts		7,623
Other		43,754
Total Assets		98,760,754
LIABILITIES:
Payables:
Due to affiliate (Note 3.F.)		88,189
Investment securities purchased		215,107
Collateral received on securities loaned (Note 2.C.)		429,023
Portfolio shares redeemed		98,029
Accrued liabilities:
Investment advisory fees		46,334
Administration fees		6,740
Distribution fees		2,942
Custodian and accounting fees		12,940
Other		36,604
Total Liabilities		935,908
Net Assets	$	97,824,846
NET ASSETS:
Paid-in-Capital	$	76,757,901
Total distributable earnings (loss) (a)		21,066,945
Total Net Assets	$	97,824,846
Net Assets:
Class 1	$	84,126,154
Class 2		13,698,692
Total	$	97,824,846
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,158,991
Class 2		521,002
Net Asset Value, offering and redemption price per share (b):
Class 1	$	26.63
Class 2		26.29
Cost of investments in non-affiliates	$	82,041,173
Cost of investments in affiliates		1,626,949
Investment securities on loan, at value		427,173
Cost of investment of cash collateral		429,023

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2018

	JPMorgan Insurance Trust U.S. Equity Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	7
Interest income from affiliates		2
Dividend income from non-affiliates		1,789,761
Dividend income from affiliates		21,780
Income from securities lending (net)		163
Total investment income		1,811,713
EXPENSES:
Investment advisory fees		612,142
Administration fees		90,272
Distribution fees — Class 2		37,891
Custodian and accounting fees		54,958
Professional fees		52,409
Trustees’ and Chief Compliance Officer’s fees		24,878
Printing and mailing costs		29,518
Transfer agency fees — Class 1		2,086
Transfer agency fees — Class 2		154
Other		11,487
Total expenses		915,795
Less fees waived		(57,705	)
Less expense reimbursements		(373	)
Net expenses		857,717
Net investment income (loss)		953,996
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,620,592
Futures contracts		(54,637	)
Net realized gain (loss)		7,565,955
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(14,592,717	)
Futures contracts		(1,583	)
Change in net unrealized appreciation/depreciation		(14,594,300	)
Net realized/unrealized gains (losses)		(7,028,345	)
Change in net assets resulting from operations	$	(6,074,349	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 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, 2018			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	953,996		$	908,113
Net realized gain (loss)		7,565,955			13,318,306
Change in net unrealized appreciation/depreciation		(14,594,300	)		6,996,136
Change in net assets resulting from operations		(6,074,349	)		21,222,555
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class 1		(12,030,156	)		(1,695,223	)
Class 2		(1,934,068	)		(233,351	)
Total distributions to shareholders		(13,964,224	)		(1,928,574	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		6,302,791			(7,690,499	)
NET ASSETS:
Change in net assets		(13,735,782	)		11,603,482
Beginning of period		111,560,628			99,957,146
End of period	$	97,824,846		$	111,560,628
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	10,974,767		$	10,490,572
Distributions reinvested		12,030,156			1,695,223
Cost of shares redeemed		(18,980,090	)		(19,596,047	)
Change in net assets resulting from Class 1 capital transactions	$	4,024,833		$	(7,410,252	)
Class 2
Proceeds from shares issued	$	4,137,962		$	3,044,402
Distributions reinvested		1,934,068			233,351
Cost of shares redeemed		(3,794,072	)		(3,558,000	)
Change in net assets resulting from Class 2 capital transactions	$	2,277,958		$	(280,247	)
Total change in net assets resulting from capital transactions	$	6,302,791		$	(7,690,499	)
SHARE TRANSACTIONS:
Class 1
Issued		354,936			353,589
Reinvested		414,976			58,638
Redeemed		(610,477	)		(664,413	)
Change in Class 1 Shares		159,435			(252,186	)
Class 2
Issued		133,768			104,979
Reinvested		67,483			8,148
Redeemed		(125,232	)		(119,787	)
Change in Class 2 Shares		76,019			(6,660	)

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

Class 1
From net investment income	$	(798,168	)
From net realized gains		(897,055	)
Class 2
From net investment income		(94,733	)
From net realized gains		(138,618	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Year Ended December 31, 2018	$	32.43	$	0.27	(d)	$	(1.93	)	$	(1.66	)	$	(0.27	)	$	(3.87	)	$	(4.14	)
Year Ended December 31, 2017		27.03		0.26	(d)		5.69			5.95			(0.26	)		(0.29	)		(0.55	)
Year Ended December 31, 2016		25.50		0.26	(d)		2.42			2.68			(0.25	)		(0.90	)		(1.15	)
Year Ended December 31, 2015		26.75		0.26	(d)		0.01			0.27			(0.30	)		(1.22	)		(1.52	)
Year Ended December 31, 2014		23.71		0.31	(e)		2.96			3.27			(0.23	)		—			(0.23	)
Class 2
Year Ended December 31, 2018		32.08		0.20	(d)		(1.92	)		(1.72	)		(0.20	)		(3.87	)		(4.07	)
Year Ended December 31, 2017		26.74		0.19	(d)		5.64			5.83			(0.20	)		(0.29	)		(0.49	)
Year Ended December 31, 2016		25.24		0.18	(d)		2.40			2.58			(0.18	)		(0.90	)		(1.08	)
Year Ended December 31, 2015		26.51		0.19	(d)		0.02			0.21			(0.26	)		(1.22	)		(1.48	)
Year Ended December 31, 2014		23.53		0.27	(e)		2.91			3.18			(0.20	)		—			(0.20	)

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

(b) 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.

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

(d) Calculated based upon average shares outstanding.

(e) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.25 and $0.20 for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.88% and 0.72% for Class 1 and Class 2 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)(b)			Net assets, end of period		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	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
	26.75		13.90			91,227,570		0.78			1.16	(e)		0.80			78
	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
	26.51		13.61			13,930,084		1.03			1.01	(e)		1.04			78

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
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 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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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 (the “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, 2018

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)	$	98,187,304	$	—	$	—	$	98,187,304
Appreciation in Other Financial Instruments
Futures Contracts	$	2,582	$	—	$	—	$	2,582

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

There were no transfers among any levels during the year ended December 31, 2018.

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 and 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, 2018:

Futures Contracts — Equity:
Average Notional Balance Long	$	859,323
Ending Notional Balance Long		1,126,350

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 — Effective October 5, 2018, the Portfolio became 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 IM Shares of 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.

Dividend Income

$2,194

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (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).

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. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows:

Value of Securities on Loan	Cash Collateral Posted by Borrower	Total value of Collateral Investments
$427,173	$429,023	$429,023

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 collated received or posted by the Portfolio as of December 31, 2018.

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)
$427,173	$(427,173)	$—

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 investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Portfolio’s investment in JPMorgan U.S. Government Money Market Fund as follows:

$ 93

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 or its affiliates. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amounts in the table below.

For the year ended December 31, 2018
Security Description	Value at December 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)	$	—	$	2,858,867	$	2,429,844	$	—	$	—	$	429,023		429,023	$	2,194	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		1,222,588		25,837,836		25,433,475		—		—		1,626,949		1,626,949		21,780			—
Total	$	1,222,588	$	28,696,703	$	27,863,319	$	—	$	—	$	2,055,972			$	23,974		$	—

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

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

(b) The rate shown is the current yield as of December 31, 2018.

* Amount is included on the Statement of Operations as Income from securities lending (net).

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

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

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

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, 2018, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, 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)
$	—	$	(57,238	)	$	57,238

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 supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.55%.

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 during the year ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2018, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

Effective January 1, 2019, 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, 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion and 0.01% of the Portfolio’s daily average net assets in excess of $25 billion.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’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 in accordance with Rule 12b-1 under the 1940 Act. The Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the 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. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately 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, 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, 2018 and is in place until at least April 30, 2019.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the year ended December 31, 2018, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers						Contractual Reimbursements		Voluntary Waivers
Investment Advisory Fees		Administration Fees		Total				Investment Advisory Fees
$	606	$	404	$	1,010	$	373	$	53,872

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (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.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2018 was $2,823.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the 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 appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees 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, 2018, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2018, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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.

As of December 31, 2018, the Portfolio had an amount payable to an affiliate due to an operational error.

4. Investment Transactions

During the year ended December 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	103,917,787	$	111,185,460

During the year ended December 31, 2018, 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, 2018, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	85,682,078	$	18,604,843	$	6,097,035	$	12,507,808

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, 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.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income*	Net Long-Term Capital Gains		Total Distributions Paid
$1,043,674	$	884,900	$	1,928,574

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

As of December 31, 2018, 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 or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	2,406,198	$	6,170,833	$	12,507,808

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

At December 31, 2018, the Portfolio did not have any net capital loss carryforwards.

6. Borrowings

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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2018.

The Trust, along with certain other trusts (“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 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had three omnibus accounts which collectively represented 63.8% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance and liquidity.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Portfolio’s net assets or results of operation.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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, 2018, the related statement of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (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, 2018, 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, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 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, 2018 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, 2019

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

DECEMBER 31, 2018 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.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	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).	136	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 Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and 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 since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	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).	136	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 (serving in various roles 1984-2012).	136	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).	136	None

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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).	136	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).	136	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).	136	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).	136	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 (registered investment adviser) (1985-2005).	136	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).	136	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).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 23

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Portfolio (1)	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
James J. Schonbachler**** (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (serving in various roles 1968-1998).	136	None

(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 eleven registered investment companies (136 funds).

     * 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.

**** Mr. Schonbachler retired effective December 31, 2018.

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

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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.) (2014–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 (1999-2014).
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.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
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.
Gregory S. Samuels (1980), Assistant Secretary (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.
Pamela L. Woodley (1971), Assistant Secretary (2012)*	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
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.
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 270 Park Avenue, New York, NY 10017.

    * 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, 2018 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, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Expense Example
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	921.40	$	3.68		0.76	%
Hypothetical		1,000.00		1,021.37		3.87		0.76
Class 2
Actual		1,000.00		920.20		4.89		1.01
Hypothetical		1,000.00		1,020.11		5.14		1.01

* 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, 2018

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 2018, 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 15, 2018.

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 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. 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 the 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, 2018 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, 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 also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted 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 the Portfolio’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Portfolio over time, noting the Adviser’s substantial investments in its business in support of the Portfolio, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels. 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 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

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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 Peer Group and Universe. 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 quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2017, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, 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. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio. The Trustees considered the Fee Caps currently in place for the Portfolio, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Portfolio’s advisory fees and expense ratios are summarized below:

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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 29

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 40.52%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate rate shareholders for the fiscal year ended December 31, 2018.

Long Term Capital Gain

The Portfolio distributed $10,054,475, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2018.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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

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

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

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the 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 marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018.  All rights reserved. December 2018. AN-JPMITUSEP-1218

Annual Report

JPMorgan Insurance Trust

December 31, 2018

JPMorgan Insurance Trust Income Builder Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	26
Financial Highlights	30
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	43
Trustees	44
Officers	47
Schedule of Shareholder Expenses	48
Board Approval of Investment Advisory Agreement	49
Tax Letter	52

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

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

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

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

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholders,

The U.S. economy largely outpaced other leading economies throughout 2018 as the second-longest U.S. expansion on record fed continued job growth, buoyant consumer sentiment and record high corporate profits. However, the end of the year was marked by a sell-off in equity markets, unresolved global trade tensions and a political impasse that led to the shutdown of large parts of the federal government.

  “While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.”

After advancing by 2.2% in the first quarter of 2018, growth in U.S. gross domestic product (GDP) peaked in the second quarter of 2018 at 4.2%, the first time quarterly GDP had breached the 4% ceiling since late 2014. Third quarter 2018 GDP grew at 3.4%. The unemployment rate remained historically low, dipping to 3.7% in September and October before ending the year at 3.9%.

In response, the U.S. Federal Reserve (the “Fed”) raised interest rates four times during the year and indicated further, measured increases during 2019. However, slowing global growth toward the end of 2018 and financial market volatility raised questions about the Fed’s planned path forward.

Meanwhile, aggregate U.S. corporate earnings and revenues reached record levels in both the second and third quarters of 2018, which provided support for U.S. equity prices. Notably, some of that profit growth was attributed to the temporary benefits of late-2017 federal tax cut legislation and the outlook for U.S. corporate earnings growth remained positive, but tempered, by the end of the reporting period.

U.S. equity prices began 2018 with solid gains. The S&P 500 Index (the “S&P 500”) reached 14 new closing highs in January. Then a sharp sell-off drove prices down in early February after a brief spike in yields on the bellwether 10-year U.S. Treasury bond rattled investors. In subsequent months, equity prices

rebounded somewhat, though financial market volatility remained elevated for the rest of the year. In August, the S&P 500 again reached record highs and then another sell-off in early October was followed by gains in November. The following month was the worst December since 1931 for the S&P 500 Index, which fell 9.18% and wiped out any gains made in the previous 11 months.

At the end of the year, investors faced several growing risks to global economic growth and financial market strength. Several leading economies, particularly China and the European Union (the “EU”), showed signs of slowing growth in the latter half of the year. Trade tariffs between the U.S. and China had little apparent direct impact on the U.S. economy in 2018, but absent a negotiated resolution to their trade dispute, the negative impact of protectionist policies could rapidly escalate. Meanwhile, the final months of 2018 also saw an increase in U.S. companies warning about rising costs of materials and labor, even as global oil prices declined somewhat.

At the same time, economists generally remained optimistic about the fundamental strength of the U.S. economy. While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.

Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*	(4.92)%
MSCI World Index (net of foreign withholding taxes)	(8.71)%
Income Builder Composite Benchmark	(5.07)%
Net Assets as of 12/31/18	$66,430,876

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets. Global bond markets generally had a lackluster performance in 2018.

Though U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy, financial markets experienced a sharp sell-off in early February. While equity prices rebounded somewhat in subsequent months, market volatility remained elevated. In August, U.S. equity prices returned to record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous twelve months.

In Europe, equity markets came under pressure from slowing economic growth, political tensions within the European Union (EU) and uncertainty about Britain’s planned exit from the EU. Emerging markets equity prices fell amid rising U.S. interest rates and signs that U.S.-China trade tariffs were curbing demand from Chinese manufacturers. Notably, emerging markets debt generally slumped in the first half of 2018, then turned positive in the second half.

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

The Portfolio’s Class 2 Shares outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and the Income Builder Composite Benchmark (the “Composite”), which is made up of 60% Benchmark and 40% Bloomberg Barclays U.S. Aggregate Bond Index, for the twelve months ended December 31, 2018.

The Benchmark is an equity-only index and the Portfolio’s allocation to diversified fixed income helped performance relative to the Benchmark as global equity prices fell late in the reporting period. During the reporting period, the Portfolio’s rebalancing of its equity allocation with a bias toward U.S. equity also contributed to performance relative to the Benchmark.

Relative to the Composite, the Portfolio’s allocations to non-agency mortgage-backed securities and short duration fixed income made a positive contribution to performance. The Portfolio’s allocations to non-U.S. developed market and emerging markets equity were leading detractors from performance relative to the Composite.

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, increased their position in U.S. equity and reduced

their allocations to international developed and emerging markets equity. The portfolio managers also added a dedicated allocation to U.S. agency mortgages, floating rate bank loans, and short duration fixed income while removing their dedicated allocation to investment grade corporate bonds.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Managed Income Fund Class L Shares	11.9	%
	2.	JPMorgan Equity Income Fund Class R6 Shares	6.2
	3.	JPMorgan Floating Rate Income Fund Class R6 Shares	4.0
	4.	JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares	2.1
	5.	FHLMC Gold Pools, 30 Year, Single Family, Pool # G67708, 3.50%, 03/01/2048	0.8
	6.	Pfizer, Inc.	0.6
	7.	FNMA, 30 Year, Single Family, Pool # BM3778, 3.50%, 12/01/2047	0.6
	8.	FHLMC Gold Pools, 30 Year, Single Family, Pool # G67703, 3.50%, 04/01/2047	0.6
	9.	Novartis AG (Registered) (Switzerland)	0.6
	10.	FHLMC Gold Pools, 30 Year, Single Family, Pool # G67706, 3.50%, 12/01/2047	0.5

PORTFOLIO COMPOSITION***
Corporate Bonds	31.2	%
Common Stocks	26.7
Investment Companies	24.1
Mortgage-Backed Securities	6.3
Asset-Backed Securities	3.6
Collateralized Mortgage Obligations	3.2
Commercial Mortgage-Backed Securities	1.6
Others (each less than 1.0%)	1.1
Short-Term Investments	2.2

* 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, 2018. The Portfolio’s composition is subject to change.

FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		(4.63	)%		3.08	%
CLASS 2 SHARES		December 9, 2014		(4.92	)		2.84

LIFE OF PORTFOLIO PERFORMANCE (12/09/14 TO 12/31/18)

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 Bond Index, the Income Builder Composite Benchmark and the Lipper Variable Underlying Funds Flexible Funds Index from December 9, 2014 to December 31, 2018. 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 Bond 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 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. 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, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — 30.8%
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		196,250
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (c)		21,000		19,950
5.13%, 5/15/2024 (c)		12,000		11,040
				227,240
Canada — 1.6%
1011778 BC ULC 4.25%, 5/15/2024 (c)		39,000		35,912
Advanz Pharma Corp. 8.00%, 9/6/2024		20,000		18,800
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (c)		15,000		15,112
Bombardier, Inc.
6.00%, 10/15/2022 (c)		75,000		70,312
7.50%, 12/1/2024 (c)		29,000		27,333
7.50%, 3/15/2025 (c)		70,000		65,975
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (b)		85,000		85,163
Enbridge, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (b)		10,000		8,990
(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 7/15/2077 (b)		45,000		38,148
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (b)		35,000		31,487
Garda World Security Corp. 8.75%, 5/15/2025 (c)		135,000		122,850
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		50,000		50,750
Hudbay Minerals, Inc.
7.25%, 1/15/2023 (c)		15,000		14,812
7.63%, 1/15/2025 (c)		10,000		9,775
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (c)		16,000		15,800
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (c)		20,000		15,350
Mattamy Group Corp. 6.88%, 12/15/2023 (c)		10,000		9,338
MEG Energy Corp.
6.38%, 1/30/2023 (c)		11,000		10,395
7.00%, 3/31/2024 (c)		8,000		7,640
6.50%, 1/15/2025 (c)		24,000		24,360
NOVA Chemicals Corp.
5.25%, 8/1/2023 (c)		5,000		4,725
4.88%, 6/1/2024 (c)		11,000		9,928

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Canada — continued
5.00%, 5/1/2025 (c)		22,000		19,800
5.25%, 6/1/2027 (c)		6,000		5,310
Open Text Corp. 5.88%, 6/1/2026 (c)		42,000		41,160
Precision Drilling Corp. 7.13%, 1/15/2026 (c)		7,000		6,020
Quebecor Media, Inc. 5.75%, 1/15/2023		5,000		5,025
Seven Generations Energy Ltd. 5.38%, 9/30/2025 (c)		36,000		32,220
Stars Group Holdings BV 7.00%, 7/15/2026 (c)		24,000		23,340
Teck Resources Ltd.
6.13%, 10/1/2035		45,000		42,975
6.00%, 8/15/2040		30,000		27,900
5.40%, 2/1/2043		5,000		4,350
Transcanada Trust (ICE LIBOR USD 3 Month + 3.21%), 5.30%, 3/15/2077 (b)		80,000		69,050
Videotron Ltd.
5.00%, 7/15/2022		38,000		37,810
5.13%, 4/15/2027 (c)		32,000		30,240
				1,038,155
Finland — 0.1%
Nokia OYJ 6.63%, 5/15/2039		33,000		33,495
France — 0.6%
Credit Agricole SA (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (b) (c) (d)		200,000		205,500
Societe Generale SA (USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (a) (b) (c) (d)		200,000		194,750
				400,250
Ireland — 0.4%
Ardagh Packaging Finance plc 6.00%, 2/15/2025 (c)		200,000		184,624
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (c)		15,000		14,550
5.13%, 10/1/2023 (c)		8,000		7,640
Park Aerospace Holdings Ltd. 5.25%, 8/15/2022 (c)		21,000		20,318
4.50%, 3/15/2023 (c)		16,000		14,960
5.50%, 2/15/2024 (c)		37,000		35,705
				277,797
Italy — 0.1%
Telecom Italia Capital SA
6.38%, 11/15/2033		40,000		36,105
6.00%, 9/30/2034		12,000		10,380

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Italy — continued
7.20%, 7/18/2036		6,000		5,730
7.72%, 6/4/2038		2,000		1,986
				54,201
Luxembourg — 0.4%
Intelsat Connect Finance SA 9.50%, 2/15/2023 (c)		60,000		51,600
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		65,000		56,550
8.00%, 2/15/2024 (c)		50,000		51,500
8.50%, 10/15/2024 (c)		67,000		64,990
9.75%, 7/15/2025 (c)		35,000		35,098
Intelsat Luxembourg SA
7.75%, 6/1/2021		5,000		4,550
8.13%, 6/1/2023		24,000		18,600
				282,888
Mexico — 0.3%
Cemex SAB de CV 5.70%, 1/11/2025 (c)		200,000		191,250
Switzerland — 0.3%
Credit Suisse Group AG (USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (a) (b) (c) (d)		200,000		188,912
United Arab Emirates — 0.1%
DAE Funding LLC
4.50%, 8/1/2022 (c)		10,000		9,562
5.00%, 8/1/2024 (c)		11,000		10,615
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (c)		67,000		57,453
				77,630
United Kingdom — 0.3%
Royal Bank of Scotland Group plc
6.13%, 12/15/2022		177,000		179,373
6.10%, 6/10/2023		25,000		25,393
				204,766
United States — 26.3%
Acadia Healthcare Co., Inc. 6.50%, 3/1/2024		45,000		43,425
ACE Cash Express, Inc. 12.00%, 12/15/2022 (c)		17,000		14,832
ADT Security Corp. (The) 4.13%, 6/15/2023		80,000		73,200
AECOM 5.13%, 3/15/2027		10,000		8,550
AES Corp.
5.50%, 4/15/2025		10,000		9,925
6.00%, 5/15/2026		20,000		20,300

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Ahern Rentals, Inc. 7.38%, 5/15/2023 (c)		35,000		28,000
AK Steel Corp.
6.38%, 10/15/2025		28,000		21,560
7.00%, 3/15/2027		25,000		19,500
Albertsons Cos. LLC
6.63%, 6/15/2024		140,000		129,850
5.75%, 3/15/2025		27,000		23,625
Alliance Data Systems Corp. 5.38%, 8/1/2022 (c)		52,000		50,700
Allison Transmission, Inc. 4.75%, 10/1/2027 (c)		40,000		35,600
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (b)		75,000		73,125
Ally Financial, Inc.
4.63%, 5/19/2022		50,000		49,188
4.63%, 3/30/2025		118,000		114,312
8.00%, 11/1/2031		19,000		21,090
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		34,000		29,920
5.88%, 11/15/2026		15,000		12,862
6.13%, 5/15/2027		18,000		15,390
AMC Networks, Inc. 4.75%, 12/15/2022		40,000		39,100
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		46,000		41,860
6.25%, 3/15/2026		12,000		10,770
6.50%, 4/1/2027		67,000		59,965
American Express Co. Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 3/15/2020 (a) (b) (d)		45,000		43,087
American International Group, Inc. Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (b)		140,000		121,800
AmeriGas Partners LP
5.63%, 5/20/2024		15,000		14,175
5.75%, 5/20/2027		35,000		30,975
AMN Healthcare, Inc. 5.13%, 10/1/2024 (c)		20,000		19,150
Andeavor Logistics LP Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.87%, 2/15/2023 (a) (b) (d)		35,000		31,150
Antero Resources Corp.
5.38%, 11/1/2021		73,000		70,445
5.13%, 12/1/2022		52,000		48,880
5.63%, 6/1/2023		9,000		8,550
Arconic, Inc.
5.13%, 10/1/2024		57,000		55,005
5.95%, 2/1/2037		34,000		31,449

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Avaya, Inc. 7.00%, 4/1/2019 ‡ (e)		85,000		9
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (c)		10,000		9,550
5.25%, 3/15/2025 (c)		35,000		30,275
B&G Foods, Inc. 5.25%, 4/1/2025		25,000		23,250
Ball Corp. 4.88%, 3/15/2026		7,000		6,807
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (c)		38,000		34,770
Bank of America Corp.
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (a) (b) (d)		75,000		74,100
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (a) (b) (d)		105,000		106,313
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (a) (b) (d)		25,000		24,625
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (a) (b) (d)		33,000		32,505
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (a) (b) (d)		82,000		83,283
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (a) (b) (d)		120,000		109,250
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 6/20/2020 (a) (b) (d)		45,000		43,875
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (a) (b) (d)		65,000		55,963
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (c)		36,000		36,237
5.88%, 5/15/2023 (c)		152,000		140,600
7.00%, 3/15/2024 (c)		25,000		25,250
6.13%, 4/15/2025 (c)		20,000		17,450
5.50%, 11/1/2025 (c)		5,000		4,662
9.00%, 12/15/2025 (c)		88,000		87,560
Berry Global, Inc.
5.13%, 7/15/2023		10,000		9,890
4.50%, 2/15/2026 (c)		30,000		27,450
Big River Steel LLC 7.25%, 9/1/2025 (c)		9,000		8,932
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (c)		27,000		25,650
Boyd Gaming Corp.
6.88%, 5/15/2023		30,000		30,300
6.38%, 4/1/2026		10,000		9,675
6.00%, 8/15/2026		17,000		15,895
Boyne USA, Inc. 7.25%, 5/1/2025 (c)		31,000		32,007
Brink’s Co. (The) 4.63%, 10/15/2027 (c)		20,000		18,255
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (b)		55,000		44,734

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Cablevision Systems Corp. 8.00%, 4/15/2020		98,000		99,225
California Resources Corp.
5.50%, 9/15/2021		5,000		3,437
8.00%, 12/15/2022 (c)		44,000		29,810
Callon Petroleum Co.
6.13%, 10/1/2024		10,000		9,300
6.38%, 7/1/2026		6,000		5,580
Calpine Corp.
5.88%, 1/15/2024 (c)		15,000		14,700
5.25%, 6/1/2026 (c)		70,000		63,875
Camelot Finance SA 7.88%, 10/15/2024 (c)		38,000		36,755
Capital One Financial Corp. Series E, (ICE LIBOR USD 3 Month + 3.80%), 5.55%, 6/1/2020 (a) (b) (d)		60,000		57,787
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		67,000		61,975
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (c)		14,000		13,265
CBS Radio, Inc. 7.25%, 11/1/2024 (c)		25,000		23,250
CCM Merger, Inc. 6.00%, 3/15/2022 (c)		26,000		26,383
CCO Holdings LLC
5.13%, 2/15/2023		10,000		9,750
5.75%, 9/1/2023		35,000		34,825
5.75%, 1/15/2024		119,000		118,405
5.38%, 5/1/2025 (c)		50,000		47,938
5.75%, 2/15/2026 (c)		75,000		73,500
5.13%, 5/1/2027 (c)		13,000		12,108
5.00%, 2/1/2028 (c)		13,000		11,960
CDW LLC 5.00%, 9/1/2023		19,000		18,667
Centene Corp.
4.75%, 5/15/2022		40,000		39,500
4.75%, 1/15/2025		30,000		28,650
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (a) (b) (d)		47,000		45,766
CenturyLink, Inc.
Series V, 5.63%, 4/1/2020		25,000		24,875
Series S, 6.45%, 6/15/2021		10,000		9,975
Series T, 5.80%, 3/15/2022		5,000		4,812
Series W, 6.75%, 12/1/2023		28,000		26,985
Series Y, 7.50%, 4/1/2024		2,000		1,930
Charles Schwab Corp. (The) Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (a) (b) (d)		40,000		33,610
Chemours Co. (The) 7.00%, 5/15/2025		23,000		23,172

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		50,000		49,750
5.13%, 6/30/2027		5,000		4,720
Cheniere Energy Partners LP
5.25%, 10/1/2025		13,000		12,122
5.63%, 10/1/2026 (c)		14,000		13,090
Chesapeake Energy Corp.
(ICE LIBOR USD 3 Month + 3.25%), 5.69%, 4/15/2019 (b)		10,000		9,950
7.00%, 10/1/2024		40,000		34,600
8.00%, 1/15/2025		49,000		43,242
8.00%, 6/15/2027		62,000		52,080
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (c)		55,000		45,375
8.00%, 10/15/2025 (c)		11,000		9,075
Cinemark USA, Inc. 4.88%, 6/1/2023		25,000		24,000
CIT Group, Inc.
4.75%, 2/16/2024		10,000		9,625
5.25%, 3/7/2025		11,000		10,752
6.13%, 3/9/2028		7,000		6,965
CITGO Petroleum Corp. 6.25%, 8/15/2022 (c)		18,000		17,415
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (a) (b) (d)		25,000		24,406
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (a) (b) (d)		10,000		9,126
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (a) (b) (d)		36,000		33,552
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (a) (b) (d)		45,000		40,444
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (a) (b) (d)		190,000		175,275
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (a) (b) (d)		39,000		35,295
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (a) (b) (d)		75,000		71,827
Citizens Financial Group, Inc. Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (a) (b) (d)		30,000		28,050
Clear Channel Worldwide Holdings, Inc.
Series B, 7.63%, 3/15/2020		60,000		58,500
Series A, 6.50%, 11/15/2022		15,000		14,850
Series B, 6.50%, 11/15/2022		70,000		70,000
Clearwater Paper Corp. 4.50%, 2/1/2023		44,000		39,600

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Clearway Energy Operating LLC
5.38%, 8/15/2024		16,000		15,200
5.75%, 10/15/2025 (c)		10,000		9,550
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (c)		10,000		9,300
5.75%, 3/1/2025		9,000		8,100
CNG Holdings, Inc. 9.38%, 5/15/2020 (c)		55,000		51,425
CNO Financial Group, Inc. 5.25%, 5/30/2025		29,000		27,622
CNX Midstream Partners LP 6.50%, 3/15/2026 (c)		7,000		6,650
Coeur Mining, Inc. 5.88%, 6/1/2024		10,000		8,800
Commercial Metals Co.
4.88%, 5/15/2023		19,000		17,955
5.38%, 7/15/2027		6,000		5,370
CommScope Technologies LLC
6.00%, 6/15/2025 (c)		57,000		51,870
5.00%, 3/15/2027 (c)		15,000		12,150
Community Health Systems, Inc.
5.13%, 8/1/2021		25,000		23,187
6.88%, 2/1/2022		27,000		12,285
6.25%, 3/31/2023		42,000		38,170
8.63%, 1/15/2024 (c)		37,000		36,538
8.13%, 6/30/2024 (c)		58,000		42,340
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (c)		20,000		17,950
Cornerstone Chemical Co. 6.75%, 8/15/2024 (c)		18,000		15,795
Covanta Holding Corp. 5.88%, 7/1/2025		14,000		12,880
Crestwood Midstream Partners LP
6.25%, 4/1/2023		10,000		9,625
5.75%, 4/1/2025		19,000		17,622
Crown Americas LLC
4.50%, 1/15/2023		27,000		26,359
4.75%, 2/1/2026 (c)		26,000		24,667
CSC Holdings LLC
6.75%, 11/15/2021		27,000		27,675
5.25%, 6/1/2024		17,000		15,576
6.63%, 10/15/2025 (c)		200,000		202,500
CSI Compressco LP 7.50%, 4/1/2025 (c)		10,000		9,300
Cumberland Farms, Inc. 6.75%, 5/1/2025 (c)		5,000		5,050
Curo Group Holdings Corp. 8.25%, 9/1/2025 (c)		36,000		28,260
CVR Partners LP 9.25%, 6/15/2023 (c)		124,000		128,960
CyrusOne LP REIT, 5.38%, 3/15/2027		18,000		17,460

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
DaVita, Inc.
5.75%, 8/15/2022		13,000		12,935
5.13%, 7/15/2024		44,000		41,250
5.00%, 5/1/2025		10,000		9,075
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022 (a) (b) (d)		28,000		24,920
DCP Midstream Operating LP
4.95%, 4/1/2022		5,000		4,950
3.88%, 3/15/2023		38,000		35,625
5.38%, 7/15/2025		9,000		8,797
6.75%, 9/15/2037 (c)		20,000		19,700
Dean Foods Co. 6.50%, 3/15/2023 (c)		19,000		15,200
Delek Logistics Partners LP 6.75%, 5/15/2025		38,000		36,860
Dell International LLC 7.13%, 6/15/2024 (c)		65,000		66,137
Denbury Resources, Inc.
9.25%, 3/31/2022 (c)		9,000		8,302
7.50%, 2/15/2024 (c)		17,000		13,685
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		17,000		14,110
Diamondback Energy, Inc. 4.75%, 11/1/2024 (c)		5,000		4,825
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		52,000		31,200
Discover Financial Services Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (a) (b) (d)		37,000		30,741
DISH DBS Corp.
6.75%, 6/1/2021		105,000		103,918
5.88%, 7/15/2022		4,000		3,680
5.00%, 3/15/2023		18,000		14,985
7.75%, 7/1/2026		25,000		20,688
Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		28,000		26,040
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		50,000		49,250
Eldorado Resorts, Inc.
6.00%, 4/1/2025		51,000		49,197
6.00%, 9/15/2026 (c)		9,000		8,505
Embarq Corp. 8.00%, 6/1/2036		159,000		143,895
Endo Finance LLC 5.75%, 1/15/2022 (c)		110,000		91,575
Energy Transfer LP
4.25%, 3/15/2023		21,000		20,213
5.88%, 1/15/2024		40,000		40,835
5.50%, 6/1/2027		10,000		9,750

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Energy Transfer Operating LP
Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (a) (b) (d)		50,000		41,844
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (a) (b) (d)		63,000		51,975
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (a) (b) (d)		55,000		40,189
4.40%, 4/1/2024		14,000		13,192
4.15%, 6/1/2025		18,000		16,235
4.85%, 7/15/2026		8,000		7,218
5.60%, 4/1/2044		10,000		8,224
Ensco plc
8.00%, 1/31/2024		7,000		5,740
5.20%, 3/15/2025		16,000		10,640
7.75%, 2/1/2026		8,000		5,920
5.75%, 10/1/2044		19,000		10,619
Entegris, Inc. 4.63%, 2/10/2026 (c)		18,000		16,560
Enterprise Development Authority (The) 12.00%, 7/15/2024 (c)		55,000		50,050
Enterprise Products Operating LLC
Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.88%, 8/16/2077 (b)		12,000		9,947
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (b)		45,000		37,497
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (b)		18,000		14,903
Envision Healthcare Corp. 8.75%, 10/15/2026 (c)		50,000		43,250
EP Energy LLC
9.38%, 5/1/2024 (c)		13,000		5,785
8.00%, 11/29/2024 (c)		45,000		33,525
8.00%, 2/15/2025 (c)		23,000		9,487
7.75%, 5/15/2026 (c)		62,000		54,870
Equinix, Inc.
REIT, 5.75%, 1/1/2025		58,000		58,435
REIT, 5.88%, 1/15/2026		3,000		3,022
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (c)		30,000		27,900
EW Scripps Co. (The) 5.13%, 5/15/2025 (c)		6,000		5,505
Exela Intermediate LLC 10.00%, 7/15/2023 (c)		50,000		47,750
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (c)		21,000		20,061
Fifth Third Bancorp (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 6/30/2023 (a) (b) (d)		55,000		47,781

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
First Data Corp.
5.00%, 1/15/2024 (c)		2,000		1,925
5.75%, 1/15/2024 (c)		47,000		45,900
FirstCash, Inc. 5.38%, 6/1/2024 (c)		5,000		4,812
Freeport-McMoRan, Inc.
4.00%, 11/14/2021		42,000		40,845
3.88%, 3/15/2023		90,000		83,250
4.55%, 11/14/2024		15,000		13,838
5.45%, 3/15/2043		25,000		19,031
Frontier Communications Corp.
10.50%, 9/15/2022		25,000		17,375
11.00%, 9/15/2025		51,000		31,745
8.50%, 4/1/2026 (c)		25,000		21,875
FXI Holdings, Inc. 7.88%, 11/1/2024 (c)		45,000		38,587
Gates Global LLC 6.00%, 7/15/2022 (c)		44,000		43,120
General Electric Co.
Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (a) (b) (d)		282,000		215,730
6.15%, 8/7/2037		16,000		15,622
5.88%, 1/14/2038		4,000		3,828
General Motors Financial Co., Inc.
Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 9/30/2027 (a) (b) (d)		55,000		43,615
Series B, (ICE LIBOR USD 3 Month + 3.44%), 6.50%, 9/30/2028 (a) (b) (d)		60,000		50,700
Genesis Energy LP
6.75%, 8/1/2022		15,000		14,625
6.00%, 5/15/2023		15,000		13,875
5.63%, 6/15/2024		5,000		4,287
6.50%, 10/1/2025		5,000		4,400
6.25%, 5/15/2026		5,000		4,288
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (c)		43,000		45,042
Global Partners LP 7.00%, 6/15/2023		40,000		38,000
Golden Nugget, Inc. 6.75%, 10/15/2024 (c)		63,000		59,377
Goldman Sachs Group, Inc. (The)
Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 5/10/2019 (a) (b) (d)		40,000		39,004
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (a) (b) (d)		185,000		178,760
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (a) (b) (d)		110,000		92,744
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		18,000		17,640
5.00%, 5/31/2026		47,000		42,300
4.88%, 3/15/2027		36,000		31,590

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Graham Holdings Co. 5.75%, 6/1/2026 (c)		11,000		11,028
Gray Escrow, Inc. 7.00%, 5/15/2027 (c)		20,000		19,498
Gray Television, Inc.
5.13%, 10/15/2024 (c)		30,000		27,660
5.88%, 7/15/2026 (c)		20,000		18,646
GTT Communications, Inc. 7.88%, 12/31/2024 (c)		8,000		6,920
Gulfport Energy Corp.
6.00%, 10/15/2024		21,000		18,585
6.38%, 5/15/2025		2,000		1,770
H&E Equipment Services, Inc. 5.63%, 9/1/2025		20,000		18,350
Hanesbrands, Inc. 4.88%, 5/15/2026 (c)		40,000		36,050
Harland Clarke Holdings Corp. 8.38%, 8/15/2022 (c)		20,000		18,225
HCA Healthcare, Inc. 6.25%, 2/15/2021		23,000		23,517
HCA, Inc.
4.25%, 10/15/2019		12,000		11,970
7.50%, 2/15/2022		57,000		60,562
5.88%, 3/15/2022		22,000		22,550
5.88%, 5/1/2023		95,000		96,188
5.38%, 2/1/2025		66,000		64,350
5.50%, 6/15/2047		19,000		18,002
Hecla Mining Co. 6.88%, 5/1/2021		35,000		34,300
Hertz Corp. (The)
7.38%, 1/15/2021		19,000		18,478
7.63%, 6/1/2022 (c)		6,000		5,655
5.50%, 10/15/2024 (c)		16,000		11,680
Hilcorp Energy I LP
5.00%, 12/1/2024 (c)		90,000		79,650
6.25%, 11/1/2028 (c)		22,000		19,360
Hilton Domestic Operating Co., Inc. 4.25%, 9/1/2024		10,000		9,450
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		10,000		9,925
Holly Energy Partners LP 6.00%, 8/1/2024 (c)		20,000		19,600
Hologic, Inc. 4.38%, 10/15/2025 (c)		14,000		13,020
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		25,000		22,906
6.63%, 8/1/2026		20,000		18,325
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (a) (b) (d)		5,000		4,438
Icahn Enterprises LP
6.00%, 8/1/2020		39,000		38,951

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
6.25%, 2/1/2022		43,000		42,463
6.38%, 12/15/2025		22,000		21,175
iHeartCommunications, Inc. 9.00%, 12/15/2019 (e)		115,000		77,050
IHS Markit Ltd. 5.00%, 11/1/2022 (c)		20,000		20,200
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.55%, 12/21/2065 (b) (c)		100,000		77,750
Infor Software Parent LLC 7.13% (cash), 5/1/2021 (c) (f)		24,000		23,340
Infor US, Inc. 6.50%, 5/15/2022		50,000		48,358
Ingevity Corp. 4.50%, 2/1/2026 (c)		10,000		9,050
IQVIA, Inc. 4.88%, 5/15/2023 (c)		20,000		19,600
IRB Holding Corp. 6.75%, 2/15/2026 (c)		60,000		52,500
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024		37,000		35,150
REIT, 4.88%, 9/15/2027 (c)		23,000		20,068
REIT, 5.25%, 3/15/2028 (c)		14,000		12,355
Jack Ohio Finance LLC
6.75%, 11/15/2021 (c)		30,000		30,300
10.25%, 11/15/2022 (c)		20,000		21,200
Jaguar Holding Co. II 6.38%, 8/1/2023 (c)		15,000		14,334
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c)		7,000		6,545
JBS USA LUX SA
7.25%, 6/1/2021 (c)		148,000		149,110
5.75%, 6/15/2025 (c)		50,000		47,938
6.75%, 2/15/2028 (c)		34,000		33,405
Kaiser Aluminum Corp. 5.88%, 5/15/2024		10,000		9,775
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		11,000		10,285
KeyCorp Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 9/15/2026 (a) (b) (d)		60,000		54,825
Koppers, Inc. 6.00%, 2/15/2025 (c)		15,000		13,200
L Brands, Inc.
5.63%, 10/15/2023		15,000		14,719
5.25%, 2/1/2028		8,000		6,840
6.75%, 7/1/2036		16,000		13,040
Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025 (c)		28,000		24,990
Lamar Media Corp. 5.75%, 2/1/2026		20,000		20,250
Lennar Corp.
4.50%, 4/30/2024		15,000		14,175
5.88%, 11/15/2024		45,000		45,000
4.75%, 5/30/2025		5,000		4,687
5.25%, 6/1/2026		9,000		8,483

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Level 3 Financing, Inc.
5.13%, 5/1/2023		25,000		24,125
5.38%, 5/1/2025		41,000		38,438
5.25%, 3/15/2026		10,000		9,150
LPL Holdings, Inc. 5.75%, 9/15/2025 (c)		25,000		23,438
Mallinckrodt International Finance SA 5.75%, 8/1/2022 (c)		23,000		19,780
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (c)		23,000		22,195
Martin Midstream Partners LP 7.25%, 2/15/2021		40,000		38,000
Masonite International Corp. 5.75%, 9/15/2026 (c)		14,000		13,195
MasTec, Inc. 4.88%, 3/15/2023		48,000		46,560
Matador Resources Co. 5.88%, 9/15/2026		25,000		23,000
Match Group, Inc. 5.00%, 12/15/2027 (c)		3,000		2,753
Mattel, Inc.
3.15%, 3/15/2023		11,000		9,020
6.75%, 12/31/2025 (c)		27,000		24,089
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 6/15/2020 (a) (b) (d)		95,000		91,200
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (a) (b) (d)		60,000		57,600
MGM Resorts International 6.00%, 3/15/2023		30,000		30,150
Molina Healthcare, Inc. 4.88%, 6/15/2025 (c)		9,000		8,213
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 7/15/2019 (a) (b) (d)		230,000		223,703
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (a) (b) (d)		14,000		13,587
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (c)		67,000		62,478
Nabors Industries, Inc.
5.50%, 1/15/2023		17,000		13,493
5.10%, 9/15/2023		2,000		1,519
5.75%, 2/1/2025		12,000		9,088
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (c)		12,000		11,700
9.13%, 7/15/2026 (c)		25,000		24,313
Nationstar Mortgage LLC 6.50%, 6/1/2022		30,000		29,400
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021 (c)		50,000		20,625
Netflix, Inc.
5.75%, 3/1/2024		7,000		7,096

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
5.88%, 2/15/2025		15,000		15,131
4.38%, 11/15/2026		15,000		13,613
4.88%, 4/15/2028		15,000		13,688
New Albertsons LP
7.75%, 6/15/2026		5,000		4,250
6.63%, 6/1/2028		15,000		11,100
7.45%, 8/1/2029		13,000		10,400
8.70%, 5/1/2030		2,000		1,680
8.00%, 5/1/2031		80,000		65,200
New Home Co., Inc. (The) 7.25%, 4/1/2022		25,000		22,688
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (c)		24,000		22,200
4.50%, 9/15/2027 (c)		8,000		7,120
NGPL PipeCo LLC 4.88%, 8/15/2027 (c)		10,000		9,425
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c)		45,000		42,075
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (a) (b) (c) (d)		25,000		23,250
Noble Holding International Ltd.
7.88%, 2/1/2026 (c)		33,000		28,133
6.20%, 8/1/2040		9,000		5,580
Northern Oil and Gas, Inc. 9.50%, (Blend (cash 8.50% + PIK 1.00%)), 5/15/2023 (f)		19,087		18,346
Northern Trust Corp. Series D, (ICE LIBOR USD 3 Month + 3.20%), 4.60%, 10/1/2026 (a) (b) (d)		29,000		26,898
Northwest Acquisitions ULC 7.13%, 11/1/2022 (c)		10,000		9,885
Novelis Corp.
6.25%, 8/15/2024 (c)		45,000		42,300
5.88%, 9/30/2026 (c)		25,000		22,125
NRG Energy, Inc.
6.25%, 5/1/2024		20,000		20,300
7.25%, 5/15/2026		40,000		41,650
5.75%, 1/15/2028		12,000		11,520
Nuance Communications, Inc. 5.63%, 12/15/2026		38,000		36,100
NuStar Logistics LP 5.63%, 4/28/2027		30,000		27,975
NVA Holdings, Inc. 6.88%, 4/1/2026 (c)		30,000		26,850
Oasis Petroleum, Inc.
6.88%, 3/15/2022		8,000		7,540
6.25%, 5/1/2026 (c)		16,000		13,440
OI European Group BV 4.00%, 3/15/2023 (c)		9,000		8,415

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Outfront Media Capital LLC
5.63%, 2/15/2024		25,000		24,625
5.88%, 3/15/2025		25,000		24,562
Owens-Brockway Glass Container, Inc. 6.38%, 8/15/2025 (c)		40,000		39,600
Party City Holdings, Inc. 6.63%, 8/1/2026 (c)		29,000		26,390
PBF Holding Co. LLC
7.00%, 11/15/2023		10,000		9,550
7.25%, 6/15/2025		25,000		23,500
PBF Logistics LP 6.88%, 5/15/2023		15,000		14,738
Peabody Energy Corp.
6.00%, 3/31/2022 (c)		15,000		14,550
6.38%, 3/31/2025 (c)		15,000		13,950
Penske Automotive Group, Inc. 5.50%, 5/15/2026		32,000		29,760
PetSmart, Inc.
7.13%, 3/15/2023 (c)		12,000		6,990
5.88%, 6/1/2025 (c)		31,000		22,397
8.88%, 6/1/2025 (c)		13,000		7,540
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026 (c)		18,000		17,730
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (c)		59,000		55,312
5.88%, 9/30/2027 (c)		17,000		15,428
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (a) (b) (d)		45,000		37,800
Plantronics, Inc. 5.50%, 5/31/2023 (c)		28,000		26,040
PNC Financial Services Group, Inc. (The) Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (a) (b) (d)		50,000		46,000
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (c) (f)		37,000		33,748
Post Holdings, Inc.
5.50%, 3/1/2025 (c)		40,000		38,392
5.00%, 8/15/2026 (c)		30,000		27,300
5.75%, 3/1/2027 (c)		20,000		18,750
Prime Security Services Borrower LLC 9.25%, 5/15/2023 (c)		90,000		92,813
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (a) (b) (d)		25,000		23,426
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (b)		180,000		176,279
(ICE LIBOR USD 3 Month + 3.03%), 5.38%, 5/15/2045 (b)		29,000		27,176

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
(ICE LIBOR USD 3 Month + 2.67%), 5.70%, 9/15/2048 (b)		39,000		36,270
QEP Resources, Inc.
5.38%, 10/1/2022		19,000		17,290
5.25%, 5/1/2023		10,000		8,850
Qorvo, Inc. 5.50%, 7/15/2026 (c)		20,000		19,100
Quicken Loans, Inc. 5.75%, 5/1/2025 (c)		74,000		69,190
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (c)		39,000		30,420
Radian Group, Inc. 4.50%, 10/1/2024		30,000		27,188
Range Resources Corp. 5.00%, 8/15/2022		5,000		4,475
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (c)		9,000		8,685
8.25%, 11/15/2026 (c)		9,000		8,224
Revlon Consumer Products Corp. 6.25%, 8/1/2024		30,000		15,900
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		43,610		43,501
5.13%, 7/15/2023 (c)		25,000		23,812
Rowan Cos., Inc. 7.38%, 6/15/2025		6,000		4,815
Sabre GLBL, Inc. 5.38%, 4/15/2023 (c)		22,000		21,890
SBA Communications Corp. REIT, 4.00%, 10/1/2022		23,000		21,908
Scientific Games International, Inc.
10.00%, 12/1/2022		50,000		50,624
5.00%, 10/15/2025 (c)		43,000		38,378
Sealed Air Corp. 5.13%, 12/1/2024 (c)		20,000		19,625
SemGroup Corp.
5.63%, 7/15/2022		10,000		9,425
5.63%, 11/15/2023		25,000		22,750
6.38%, 3/15/2025		20,000		18,450
7.25%, 3/15/2026		13,000		12,155
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021 (c)		50,000		49,875
Sensata Technologies BV 4.88%, 10/15/2023 (c)		15,000		14,588
Service Corp. International 5.38%, 5/15/2024		30,000		29,700
SESI LLC 7.75%, 9/15/2024		10,000		7,950
Sinclair Television Group, Inc. 5.88%, 3/15/2026 (c)		50,000		46,625
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (c)		10,000		9,575
6.00%, 7/15/2024 (c)		10,000		10,025
5.38%, 4/15/2025 (c)		50,000		47,375
5.38%, 7/15/2026 (c)		10,000		9,350
5.00%, 8/1/2027 (c)		23,000		21,016

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (c)		12,000		11,310
SM Energy Co.
5.00%, 1/15/2024		36,000		31,320
6.75%, 9/15/2026		15,000		13,425
6.63%, 1/15/2027		16,000		14,240
Solera LLC 10.50%, 3/1/2024 (c)		26,000		27,690
Sotheby’s 4.88%, 12/15/2025 (c)		30,000		27,150
Southwestern Energy Co.
6.20%, 1/23/2025		11,000		9,831
7.50%, 4/1/2026		14,000		13,230
Spectrum Brands, Inc.
6.13%, 12/15/2024		18,000		17,325
5.75%, 7/15/2025		45,000		42,737
Springleaf Finance Corp.
7.75%, 10/1/2021		40,000		40,150
6.13%, 5/15/2022		5,000		4,849
5.63%, 3/15/2023		27,000		24,907
6.88%, 3/15/2025		15,000		13,425
7.13%, 3/15/2026		32,000		28,560
Sprint Capital Corp. 8.75%, 3/15/2032		56,000		59,080
Sprint Communications, Inc.
7.00%, 3/1/2020 (c)		25,000		25,625
6.00%, 11/15/2022		100,000		98,133
Sprint Corp.
7.88%, 9/15/2023		101,000		103,651
7.13%, 6/15/2024		51,000		50,544
7.63%, 2/15/2025		34,000		34,000
7.63%, 3/1/2026		12,000		11,850
Standard Industries, Inc.
6.00%, 10/15/2025 (c)		45,000		43,159
5.00%, 2/15/2027 (c)		10,000		8,750
4.75%, 1/15/2028 (c)		7,000		5,880
Staples, Inc. 8.50%, 9/15/2025 (c)		65,000		58,643
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020 (a) (b) (d)		80,000		78,500
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (a) (b) (d)		25,000		23,625
Station Casinos LLC 5.00%, 10/1/2025 (c)		42,000		38,010
Steel Dynamics, Inc.
5.25%, 4/15/2023		23,000		22,684
4.13%, 9/15/2025		20,000		18,375
5.00%, 12/15/2026		15,000		14,212

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (c)		16,000		15,760
Summit Materials LLC 5.13%, 6/1/2025 (c)		40,000		36,400
Summit Midstream Holdings LLC 5.75%, 4/15/2025		35,000		32,200
Sunoco LP
4.88%, 1/15/2023		23,000		22,425
5.50%, 2/15/2026		8,000		7,580
5.88%, 3/15/2028		3,000		2,806
SunTrust Banks, Inc.
(ICE LIBOR USD 3 Month + 3.86%), 5.63%, 12/15/2019 (a) (b) (d)		15,000		14,850
Series G, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 6/15/2022 (a) (b) (d)		40,000		35,100
Series H, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (a) (b) (d)		40,000		33,935
Symantec Corp. 5.00%, 4/15/2025 (c)		29,000		27,059
Talen Energy Supply LLC 6.50%, 6/1/2025		43,000		30,530
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (c)		25,000		24,563
5.50%, 1/15/2028 (c)		5,000		4,800
Targa Resources Partners LP
4.25%, 11/15/2023		10,000		9,263
5.13%, 2/1/2025		50,000		46,875
5.88%, 4/15/2026 (c)		2,000		1,945
5.38%, 2/1/2027		10,000		9,375
5.00%, 1/15/2028		5,000		4,525
Team Health Holdings, Inc. 6.38%, 2/1/2025 (c)		67,000		54,689
TEGNA, Inc. 6.38%, 10/15/2023		60,000		60,150
Teleflex, Inc. 5.25%, 6/15/2024		53,000		52,735
Tempur Sealy International, Inc.
5.63%, 10/15/2023		42,000		40,530
5.50%, 6/15/2026		35,000		31,938
Tenet Healthcare Corp.
6.00%, 10/1/2020		73,000		73,912
4.50%, 4/1/2021		20,000		19,450
4.38%, 10/1/2021		36,000		34,830
8.13%, 4/1/2022		45,000		45,113
6.75%, 6/15/2023		59,000		55,386
4.63%, 7/15/2024		25,000		23,250
5.13%, 5/1/2025		57,000		53,153
7.00%, 8/1/2025		30,000		27,750
Tennant Co. 5.63%, 5/1/2025		50,000		47,125

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Terraform Global Operating LLC 6.13%, 3/1/2026 (c)		15,000		13,950
TerraForm Power Operating LLC
4.25%, 1/31/2023 (c)		15,000		13,988
6.63%, 6/15/2025 (c) (g)		20,000		20,200
5.00%, 1/31/2028 (c)		19,000		16,720
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		10,000		—
T-Mobile USA, Inc.
6.38%, 3/1/2025		240,000		121,495
5.13%, 4/15/2025		10,000		9,712
4.50%, 2/1/2026		29,000		26,608
4.75%, 2/1/2028		20,000		9,050
Toll Brothers Finance Corp.
5.88%, 2/15/2022		6,000		6,030
4.88%, 11/15/2025		10,000		9,350
TransDigm, Inc.
5.50%, 10/15/2020		25,000		24,812
6.00%, 7/15/2022		37,000		36,121
6.50%, 7/15/2024		17,000		16,533
TransMontaigne Partners LP 6.13%, 2/15/2026		9,000		8,055
Transocean Guardian Ltd. 5.88%, 1/15/2024 (c)		7,000		6,703
Transocean Pontus Ltd. 6.13%, 8/1/2025 (c)		27,000		26,055
Transocean Proteus Ltd. 6.25%, 12/1/2024 (c)		27,200		26,044
Transocean, Inc.
9.00%, 7/15/2023 (c)		27,000		26,865
7.25%, 11/1/2025 (c)		20,000		17,450
7.50%, 1/15/2026 (c)		81,000		71,078
7.50%, 4/15/2031		25,000		18,937
6.80%, 3/15/2038		31,000		20,615
9.35%, 12/15/2041 (g)		26,000		21,645
Travelport Corporate Finance plc 6.00%, 3/15/2026 (c)		10,000		10,100
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c)		23,000		20,102
Tronox Finance plc 5.75%, 10/1/2025 (c)		23,000		18,630
Tronox, Inc. 6.50%, 4/15/2026 (c)		14,000		11,620
Tutor Perini Corp. 6.88%, 5/1/2025 (c)		51,000		47,430
Ultra Resources, Inc.
6.88%, 4/15/2022 ‡ (c)		89,000		54,290
7.13%, 4/15/2025 ‡ (c)		35,000		19,600
Unit Corp. 6.63%, 5/15/2021		19,000		17,290
United Continental Holdings, Inc. 5.00%, 2/1/2024		33,000		32,010

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
United States — continued
United Rentals North America, Inc.
5.50%, 7/15/2025		15,000		14,137
4.63%, 10/15/2025		50,000		44,625
5.88%, 9/15/2026		25,000		23,562
6.50%, 12/15/2026		23,000		22,655
5.50%, 5/15/2027		5,000		4,638
4.88%, 1/15/2028		27,000		23,693
United States Steel Corp.
6.88%, 8/15/2025		8,000		7,320
6.25%, 3/15/2026		27,000		23,625
Uniti Group LP REIT, 6.00%, 4/15/2023 (c)		20,000		18,100
Univar USA, Inc. 6.75%, 7/15/2023 (c)		10,000		9,900
Univision Communications, Inc.
5.13%, 5/15/2023 (c)		15,000		13,463
5.13%, 2/15/2025 (c)		32,000		28,080
USA Compression Partners LP 6.88%, 4/1/2026 (c)		7,000		6,720
USIS Merger Sub, Inc. 6.88%, 5/1/2025 (c)		26,000		23,893
Valeant Pharmaceuticals International, Inc.
9.25%, 4/1/2026 (c)		26,000		26,000
8.50%, 1/31/2027 (c)		11,000		10,670
Venator Finance SARL 5.75%, 7/15/2025 (c)		16,000		12,800
Verscend Escrow Corp. 9.75%, 8/15/2026 (c)		4,000		3,760
Vertiv Group Corp. 9.25%, 10/15/2024 (c)		114,000		104,880
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		44,000		39,975
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (b)		33,000		30,796
ViaSat, Inc. 5.63%, 9/15/2025 (c)		10,000		9,200
Vistra Energy Corp.
5.88%, 6/1/2023		35,000		35,000
7.63%, 11/1/2024		59,000		62,245
VOC Escrow Ltd. 5.00%, 2/15/2028 (c)		11,000		10,148
Voya Financial, Inc. (ICE LIBOR USD 3 Month + 3.58%), 5.65%, 5/15/2053 (b)		90,000		84,582
W&T Offshore, Inc. 9.75%, 11/1/2023 (c)		24,000		21,000
Weatherford International LLC 9.88%, 3/1/2025 (c)		5,000		3,038
Weatherford International Ltd.
4.50%, 4/15/2022		5,000		2,925
6.50%, 8/1/2036		2,000		1,040
7.00%, 3/15/2038		11,000		5,693
6.75%, 9/15/2040		4,000		2,060
5.95%, 4/15/2042		19,000		9,666

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
WellCare Health Plans, Inc. 5.25%, 4/1/2025		28,000		26,950
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (a) (b) (d)		180,000		171,495
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (a) (b) (d)		30,000		29,654
WESCO Distribution, Inc. 5.38%, 6/15/2024		20,000		18,850
West Street Merger Sub, Inc. 6.38%, 9/1/2025 (c)		4,000		3,540
Western Digital Corp. 4.75%, 2/15/2026		34,000		29,495
Whiting Petroleum Corp.
5.75%, 3/15/2021		61,000		57,950
6.25%, 4/1/2023		2,000		1,820
6.63%, 1/15/2026		32,000		27,440
Windstream Services LLC 9.00%, 6/30/2025 (c)		27,000		18,293
WMG Acquisition Corp.
5.00%, 8/1/2023 (c)		20,000		19,450
4.88%, 11/1/2024 (c)		15,000		14,213
5.50%, 4/15/2026 (c)		57,000		54,435
WPX Energy, Inc. 5.75%, 6/1/2026		15,000		13,575
Wyndham Destinations, Inc.
5.40%, 4/1/2024		7,000		6,668
6.35%, 10/1/2025 (g)		2,000		1,940
5.75%, 4/1/2027		11,000		10,092
Zayo Group LLC
6.38%, 5/15/2025		30,000		27,900
5.75%, 1/15/2027 (c)		29,000		25,883
				17,474,177
Total Corporate Bonds (Cost $22,088,406)				20,450,761
	SHARES
Common Stocks — 26.3%
Australia — 0.7%
BHP Group plc		1,070		22,610
Dexus, REIT		9,371		70,139
Goodman Group, REIT		15,705		117,644
Mirvac Group, REIT		55,559		87,746
Rio Tinto plc		3,920		187,738
				485,877
Austria — 0.1%
Erste Group Bank AG *		658		21,818
OMV AG		226		9,870
				31,688

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Belgium — 0.2%
Ageas		173		7,788
KBC Group NV		219		14,090
Proximus SADP		303		8,199
Shurgard Self Storage SA *		1,424		39,565
Telenet Group Holding NV		162		7,535
Warehouses De Pauw CVA, REIT, CVA		351		46,328
				123,505
Brazil — 0.4%
Ambev SA		15,430		61,230
BB Seguridade Participacoes SA		9,013		64,160
Cielo SA		5,300		12,157
Engie Brasil Energia SA		3,055		26,027
Itau Unibanco Holding SA (Preference)		8,963		82,097
Petrobras Distribuidora SA		4,605		30,536
				276,207
Canada — 0.3%
Allied Properties, REIT		3,359		109,047
TransCanada Corp.		3,217		114,876
				223,923
Chile — 0.0% (h)
Banco Santander Chile, ADR		768		22,963
China — 1.3%
China Construction Bank Corp., Class H		108,000		88,786
China Life Insurance Co. Ltd., Class H		10,000		21,147
China Mobile Ltd.		7,000		67,736
China Overseas Land & Investment Ltd.		26,000		89,643
China Pacific Insurance Group Co. Ltd., Class H		21,200		68,507
China Resources Power Holdings Co. Ltd.		46,000		88,478
CNOOC Ltd.		33,000		50,831
Fuyao Glass Industry Group Co. Ltd., Class A		16,900		56,271
Guangdong Investment Ltd.		14,000		27,051
Henan Shuanghui Investment & Development Co. Ltd., Class A		4,100		14,135
Huayu Automotive Systems Co. Ltd., Class A		24,300		65,245
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		16,511		55,166
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,800		24,945
Midea Group Co. Ltd., Class A		9,300		50,231
Ping An Insurance Group Co. of China Ltd., Class H		8,500		74,987
SAIC Motor Corp. Ltd., Class A		12,103		47,088
				890,247

INVESTMENTS	SHARES		VALUE($)
Colombia — 0.0% (h)
Millicom International Cellular SA, SDR		131		8,289
Czech Republic — 0.1%
Komercni banka A/S		1,564		59,054
Monet Money Bank A/S (i)		2,931		9,457
				68,511
Denmark — 0.2%
Novo Nordisk A/S, Class B		2,643		121,385
Tryg A/S		415		10,467
				131,852
Finland — 0.2%
Elisa OYJ		267		11,059
Fortum OYJ		562		12,302
Konecranes OYJ		1,103		33,440
Metso OYJ		352		9,248
Nordea Bank Abp		1,883		15,851
Orion OYJ, Class B		236		8,210
Sampo OYJ, Class A		259		11,479
Stora Enso OYJ, Class R		729		8,452
UPM-Kymmene OYJ		440		11,138
				121,179
France — 2.2%
Airbus SE		23		2,203
Airbus SE		374		35,657
Amundi SA (i)		101		5,340
AXA SA		937		20,222
Capgemini SE		330		32,823
Casino Guichard Perrachon SA		183		7,621
Cie de Saint-Gobain		344		11,420
Cie Generale des Etablissements Michelin SCA		1,123		110,533
CNP Assurances		466		9,892
Covivio, REIT		809		78,055
Credit Agricole SA		920		9,901
Engie SA		1,020		14,655
Eutelsat Communications SA		525		10,343
Gecina SA, REIT		79		10,227
ICADE, REIT		127		9,679
Klepierre SA, REIT		273		8,437
LVMH Moet Hennessy Louis Vuitton SE		411		120,331
Orange SA		7,060		114,413
Peugeot SA		388		8,275
Publicis Groupe SA		221		12,610
Renault SA		184		11,462

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Sanofi		2,132		184,951
Schneider Electric SE		2,337		158,522
SCOR SE		241		10,834
Societe BIC SA		65		6,640
Societe Generale SA		411		13,031
Suez		585		7,728
TOTAL SA		5,063		267,049
Veolia Environnement SA		465		9,523
Vinci SA		1,993		163,888
				1,466,265
Germany — 1.1%
1&1 Drillisch AG		154		7,865
Allianz SE (Registered)		977		196,333
Aroundtown SA		6,577		54,563
BASF SE		445		30,996
Daimler AG (Registered)		363		19,136
Deutsche Telekom AG (Registered)		5,550		94,332
E.ON SE		1,310		12,931
Evonik Industries AG		214		5,342
Hannover Rueck SE		60		8,086
METRO AG		506		7,786
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		538		117,337
RWE AG		590		12,850
Volkswagen AG (Preference)		407		64,898
Vonovia SE		1,852		83,486
				715,941
Hong Kong — 0.5%
Hang Seng Bank Ltd.		3,300		73,924
HKT Trust & HKT Ltd.		37,000		53,300
Hong Kong Exchanges & Clearing Ltd.		2,500		72,271
New World Development Co. Ltd.		30,000		39,623
WH Group Ltd. (i)		32,500		24,962
Wharf Real Estate Investment Co. Ltd.		9,000		53,828
				317,908
Hungary — 0.1%
OTP Bank Nyrt.		1,833		74,077
India — 0.1%
Infosys Ltd., ADR		6,707		63,851
Indonesia — 0.1%
Telekomunikasi Indonesia Persero Tbk. PT, ADR		3,130		82,037

INVESTMENTS	SHARES		VALUE($)
Ireland — 0.0% (h)
AIB Group plc		2,232		9,412
Bank of Ireland Group plc		1,110		6,173
Smurfit Kappa Group plc		256		6,812
				22,397
Italy — 0.3%
Assicurazioni Generali SpA		965		16,129
Enel SpA		20,391		118,212
Eni SpA		1,305		20,615
Intesa Sanpaolo SpA		6,904		15,372
Mediobanca Banca di Credito Finanziario SpA		1,144		9,680
Poste Italiane SpA (i)		1,382		11,082
Snam SpA		2,820		12,347
Telecom Italia SpA		17,213		8,256
Terna Rete Elettrica Nazionale SpA		1,620		9,200
				220,893
Japan — 0.8%
Invesco Office J-Reit, Inc., REIT		248		34,663
Japan Hotel REIT Investment Corp., REIT		84		59,957
JXTG Holdings, Inc.		8,700		45,184
Kenedix Office Investment Corp., REIT		4		25,531
Kenedix Retail REIT Corp., REIT		11		24,938
Nippon Accommodations Fund, Inc., REIT		6		28,980
Nippon Prologis REIT, Inc., REIT		26		54,872
Nippon Telegraph & Telephone Corp.		1,600		65,279
Orix JREIT, Inc., REIT		22		36,586
Sumitomo Mitsui Financial Group, Inc.		1,000		32,965
Tokio Marine Holdings, Inc.		1,200		57,011
Toyota Motor Corp.		500		28,943
				494,909
Luxembourg — 0.0% (h)
RTL Group SA		99		5,306
SES SA, FDR		363		6,950
				12,256
Macau — 0.1%
Sands China Ltd.		9,600		41,866
Mexico — 0.3%
Bolsa Mexicana de Valores SAB de CV		8,835		15,061
Fibra Uno Administracion SA de CV, REIT		34,659		38,536
Kimberly-Clark de Mexico SAB de CV, Class A		39,604		63,078
Wal-Mart de Mexico SAB de CV		23,764		60,439
				177,114

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Netherlands — 0.4%
ABN AMRO Group NV, CVA (i)		487		11,460
Aegon NV		2,037		9,541
Eurocommercial Properties NV, REIT, CVA		1,075		33,181
ING Groep NV		1,703		18,318
Koninklijke KPN NV		3,277		9,572
NN Group NV		306		12,166
Royal Dutch Shell plc, Class A		2,699		79,553
Royal Dutch Shell plc, Class B		2,629		78,600
				252,391
Norway — 0.3%
Aker BP ASA		333		8,396
DNB ASA		814		13,066
Equinor ASA		561		11,900
Marine Harvest ASA		527		11,108
Norsk Hydro ASA		13,767		62,379
Telenor ASA		5,587		108,501
				215,350
Portugal — 0.0% (h)
EDP — Energias de Portugal SA		3,670		12,839
Galp Energia SGPS SA		463		7,290
				20,129
Russia — 0.3%
Alrosa PJSC		23,978		33,776
Moscow Exchange MICEX-RTS PJSC *		45,784		53,258
Sberbank of Russia PJSC		44,183		119,209
Severstal PJSC, GDR (i)		1,066		14,489
				220,732
Singapore — 0.3%
Ascendas, REIT		18,720		35,328
City Developments Ltd.		5,000		29,809
DBS Group Holdings Ltd.		6,100		106,078
				171,215
South Africa — 0.3%
Absa Group Ltd.		2,049		22,997
Anglo American plc		746		16,681
AVI Ltd.		4,845		34,238
Bid Corp. Ltd.		1,550		28,514
FirstRand Ltd.		10,895		49,625
SPAR Group Ltd. (The)		1,788		25,759
Vodacom Group Ltd.		3,882		35,704
				213,518

INVESTMENTS	SHARES		VALUE($)
South Korea — 0.3%
KT&G Corp.		676		61,548
Orange Life Insurance Ltd. (i)		296		7,426
Samsung Electronics Co. Ltd.		2,393		83,304
Samsung Fire & Marine Insurance Co. Ltd. *		166		39,916
SK Telecom Co. Ltd., ADR		781		20,931
				213,125
Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		217		8,400
Bankinter SA		1,044		8,377
CaixaBank SA		3,347		12,121
Enagas SA		412		11,137
Endesa SA		516		11,899
Iberdrola SA		27,944		224,387
Industria de Diseno Textil SA		1,645		41,988
Mapfre SA		2,373		6,302
Merlin Properties Socimi SA, REIT		4,689		57,925
Naturgy Energy Group SA		467		11,914
Red Electrica Corp. SA		563		12,555
Repsol SA		945		15,193
Telefonica SA		2,088		17,576
				439,774
Sweden — 0.3%
Boliden AB *		536		11,615
Hennes & Mauritz AB, Class B		641		9,116
ICA Gruppen AB		141		5,037
Lundin Petroleum AB		373		9,315
Skandinaviska Enskilda Banken AB, Class A		1,382		13,434
SKF AB, Class B		478		7,265
Svenska Handelsbanken AB, Class A		6,590		73,318
Swedbank AB, Class A		679		15,177
Swedish Match AB		264		10,393
Tele2 AB, Class B		996		12,703
Telia Co. AB		2,878		13,690
Volvo AB, Class B		797		10,436
				191,499
Switzerland — 1.5%
Credit Suisse Group AG (Registered) *		1,137		12,429
Glencore plc		20,705		76,983
Novartis AG (Registered)		4,195		359,278
Roche Holding AG		1,313		325,964
Swiss Life Holding AG (Registered)		25		9,649
Swiss Re AG		1,341		123,372

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Switzerland — continued
UBS Group AG (Registered) *		1,499		18,697
Zurich Insurance Group AG *		212		63,195
				989,567
Taiwan — 0.8%
Asustek Computer, Inc.		4,000		26,215
Chicony Electronics Co. Ltd.		4,035		8,217
Delta Electronics, Inc.		7,000		29,462
MediaTek, Inc.		5,000		37,212
Mega Financial Holding Co. Ltd.		46,000		38,834
Novatek Microelectronics Corp.		8,000		36,934
President Chain Store Corp.		3,000		30,225
Quanta Computer, Inc.		22,000		37,653
Taiwan Mobile Co. Ltd.		19,000		65,799
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		5,504		203,153
Vanguard International Semiconductor Corp.		20,000		38,792
				552,496
Thailand — 0.2%
Siam Cement PCL (The)		3,300		44,208
Siam Commercial Bank PCL (The)		17,000		69,782
Thai Oil PCL		12,000		24,388
				138,378
Turkey — 0.1%
Tofas Turk Otomobil Fabrikasi A/S		2,752		8,784
Tupras Turkiye Petrol Rafinerileri A/S		1,015		22,360
				31,144
United Arab Emirates — 0.1%
Emaar Development PJSC		8,273		9,910
First Abu Dhabi Bank PJSC		9,261		35,549
				45,459
United Kingdom — 2.0%
3i Group plc		982		9,690
Admiral Group plc		415		10,829
AstraZeneca plc		435		32,471
Aviva plc		9,378		44,883
BAE Systems plc		10,480		61,296
Barclays plc		7,732		14,793
Barratt Developments plc		1,454		8,577
Berkeley Group Holdings plc		237		10,512
BP plc		7,073		44,713
British American Tobacco plc		759		24,151
BT Group plc		4,547		13,826

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Centrica plc		4,876		8,411
Compass Group plc		776		16,331
Diageo plc		1,821		65,072
Direct Line Insurance Group plc		2,141		8,703
GlaxoSmithKline plc		1,885		35,924
HSBC Holdings plc		6,531		53,879
Imperial Brands plc		2,731		82,891
International Consolidated Airlines Group SA		1,010		8,007
J Sainsbury plc		1,970		6,660
John Wood Group plc		837		5,385
Legal & General Group plc		4,508		13,282
Lloyds Banking Group plc		33,141		21,846
Meggitt plc		1,115		6,698
Micro Focus International plc		493		8,637
Mondi plc		326		6,790
National Grid plc		1,622		15,869
NewRiver REIT plc, REIT		9,748		26,301
Next plc		180		9,165
Persimmon plc		399		9,826
Prudential plc		4,791		85,550
Quilter plc (i)		1,803		2,719
RELX plc		871		17,960
Safestore Holdings plc, REIT		5,710		36,863
Segro plc, REIT		7,389		55,470
Severn Trent plc		450		10,431
Taylor Wimpey plc		60,692		105,535
Tritax Big Box REIT plc, REIT		19,919		33,342
Tritax EuroBox plc, REIT * (i)		5,530		6,532
Unilever NV, CVA		3,915		212,084
Unilever plc		911		47,830
UNITE Group plc (The), REIT		4,484		46,102
United Utilities Group plc		842		7,917
				1,353,753
United States — 9.6%
Altria Group, Inc.		2,110		104,213
American Tower Corp., REIT		294		46,508
Analog Devices, Inc.		972		83,427
AT&T, Inc.		2,549		72,748
Automatic Data Processing, Inc.		294		38,549
AvalonBay Communities, Inc., REIT		1,305		227,135
Avaya Holdings Corp. *		1,873		27,271
Brandywine Realty Trust, REIT		3,963		51,004
Bristol-Myers Squibb Co.		1,717		89,250
Brixmor Property Group, Inc., REIT		3,829		56,248

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
Camden Property Trust, REIT		649		57,144
Chevron Corp.		335		36,445
Cisco Systems, Inc.		1,523		65,992
Citigroup, Inc.		1,315		68,459
Coca-Cola Co. (The)		7,379		349,396
Comcast Corp., Class A		2,344		79,813
CVS Health Corp.		1,666		109,156
Digital Realty Trust, Inc., REIT		1,762		187,741
Douglas Emmett, Inc., REIT		1,780		60,751
DowDuPont, Inc.		797		42,624
Eaton Corp. plc		870		59,734
Equinix, Inc., REIT		338		119,165
Equity LifeStyle Properties, Inc., REIT		818		79,452
Essex Property Trust, Inc., REIT		347		85,088
Federal Realty Investment Trust, REIT		588		69,408
Ferguson plc		1,015		64,857
Healthcare Trust of America, Inc., Class A, REIT		2,832		71,678
Highwoods Properties, Inc., REIT		1,403		54,282
Home Depot, Inc. (The)		319		54,811
International Business Machines Corp.		1,635		185,850
Invitation Homes, Inc., REIT		3,670		73,694
Iron Mountain, Inc., REIT		2,641		85,595
Kilroy Realty Corp., REIT		1,038		65,269
Marathon Petroleum Corp.		1,604		94,652
Merck & Co., Inc.		2,603		198,895
Microsoft Corp.		503		51,090
Mid-America Apartment Communities, Inc., REIT		1,150		110,055
Mondelez International, Inc., Class A		2,357		94,351
Morgan Stanley		2,621		103,923
NextEra Energy, Inc.		985		171,213
Norfolk Southern Corp.		375		56,077
Occidental Petroleum Corp.		785		48,183
Park Hotels & Resorts, Inc., REIT		4,100		106,518
PepsiCo, Inc.		1,844		203,725
Pfizer, Inc.		9,544		416,596
Philip Morris International, Inc.		2,704		180,519
Principal Financial Group, Inc.		1,469		64,886
Procter & Gamble Co. (The)		502		46,144
Prologis, Inc., REIT		3,923		230,359
Public Storage, REIT		695		140,675
Rexford Industrial Realty, Inc., REIT		2,133		62,860
Sunstone Hotel Investors, Inc., REIT		3,195		41,567
Texas Instruments, Inc.		1,243		117,463
Union Pacific Corp.		403		55,707

INVESTMENTS	SHARES		VALUE($)
United States — continued
United Parcel Service, Inc., Class B		795		77,536
UnitedHealth Group, Inc.		283		70,501
Ventas, Inc., REIT		2,755		161,415
Verizon Communications, Inc.		3,956		222,406
Vornado Realty Trust, REIT		2,704		167,729
Xcel Energy, Inc.		3,187		157,023
				6,374,825
Total Common Stocks (Cost $18,016,240)				17,497,110
Investment Companies — 23.8%
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (j)		177,232		1,341,645
JPMorgan Equity Income Fund Class R6 Shares (j)		254,398		4,032,209
JPMorgan Floating Rate Income Fund Class R6 Shares (j)		292,386		2,616,859
JPMorgan Managed Income Fund Class L Shares (j)		780,593		7,805,932
Total Investment Companies (Cost $15,997,805)				15,796,645
	PRINCIPAL AMOUNT($)
Mortgage-Backed Securities — 6.3%
United States — 6.3%
FHLMC Gold Pools, 30 Year, Single Family
Pool # G67700, 3.50%, 8/1/2046		160,306		161,240
Pool # G60852, 4.00%, 8/1/2046		53,602		55,039
Pool # G67702, 4.00%, 1/1/2047		38,394		39,470
Pool # G61096, 3.50%, 2/1/2047		147,977		148,472
Pool # G08756, 3.00%, 4/1/2047		71,761		70,007
Pool # G67703, 3.50%, 4/1/2047		360,150		361,466
Pool # G67704, 4.00%, 8/1/2047		21,071		21,659
Pool # G67705, 4.00%, 10/1/2047		26,730		27,445
Pool # Q52307, 3.50%, 11/1/2047		18,730		18,787
Pool # G67706, 3.50%, 12/1/2047		351,870		352,938
Pool # Q53751, 3.50%, 1/1/2048		160,385		160,378
Pool # G67708, 3.50%, 3/1/2048		489,007		489,961
Pool # G67714, 4.00%, 7/1/2048		48,494		49,750
FNMA, 20 Year, Single Family
Pool # BM3100, 4.00%, 11/1/2037		26,626		27,484
Pool # BM3569, 3.50%, 2/1/2038		65,136		66,011
Pool # BM3791, 3.50%, 4/1/2038		47,745		48,362
FNMA, 30 Year, Single Family
Pool # AS4085, 4.00%, 12/1/2044		22,782		23,428

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
United States — continued
Pool # BM1909, 4.00%, 2/1/2045		41,943		43,228
Pool # AL7941, 4.00%, 12/1/2045		139,602		143,434
Pool # MA2670, 3.00%, 7/1/2046		72,965		71,242
Pool # MA2863, 3.00%, 1/1/2047		217,851		212,706
Pool # AS8784, 3.00%, 2/1/2047		53,422		52,160
Pool # MA2920, 3.00%, 3/1/2047		79,487		77,609
Pool # BM3567, 4.00%, 9/1/2047		273,995		281,422
Pool # BM4028, 3.50%, 10/1/2047		37,768		37,915
Pool # BM3357, 3.50%, 11/1/2047		75,006		75,660
Pool # BM3778, 3.50%, 12/1/2047		240,684		242,463
Pool # CA0906, 3.50%, 12/1/2047		130,356		130,810
Pool # MA3210, 3.50%, 12/1/2047		27,870		27,880
Pool # BH9215, 3.50%, 1/1/2048		4,742		4,744
Pool # CA0995, 3.50%, 1/1/2048		150,663		151,187
Pool # BM3788, 3.50%, 3/1/2048		304,507		305,753
FNMA, Other
Pool # AN6368, 3.09%, 9/1/2029		30,000		29,103
Pool # AN7845, 3.08%, 12/1/2029		30,000		28,811
Pool # AN8281, 3.19%, 2/1/2030		20,000		19,318
Pool # AN8572, 3.55%, 4/1/2030		20,000		20,042
Pool # AN9116, 3.61%, 5/1/2030		13,000		13,099
Pool # AN3747, 2.87%, 2/1/2032		12,000		11,124
Pool # AN6122, 3.06%, 8/1/2032		20,000		18,813
Pool # BM3226, 3.44%, 10/1/2032		19,911		19,748
Pool # AN7633, 3.13%, 12/1/2032		10,000		9,485
Pool # AN8095, 3.24%, 1/1/2033		18,000		17,195
Total Mortgage-Backed Securities (Cost $4,144,986)				4,166,848
Asset-Backed Securities — 3.6%
United States—3.6%
ABFC Trust Series 2003-OPT1, Class M1, 3.54%, 2/25/2033 ‡ (k)		167,685		168,430
ACE Securities Corp. Home Equity Loan Trust Series 2003-HE1, Class M1, 3.48%, 11/25/2033 (k)		98,019		96,130
American Credit Acceptance Receivables Trust Series 2018-3, Class D, 4.14%, 10/15/2024 (c)		14,000		14,052
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2003-10, Class M1, 3.56%, 12/25/2033 ‡ (k)		49,464		48,664
Series 2003-10, Class M2, 5.06%, 12/25/2033 ‡ (k)		52,434		51,615
AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1997-1, Class A7, 7.61%, 3/25/2027 ‡		17,667		17,562

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2003-HE6, Class M2, 4.98%, 11/25/2033 ‡ (k)		78,205		78,089
Bayview Opportunity Master Fund Trust Series 2018-RN5, Class A1, 3.82%, 4/28/2033 ‡ (c) (g)		75,277		75,174
Bear Stearns Asset-Backed Securities Trust Series 2004-HE5, Class M2, 4.38%, 7/25/2034 ‡ (k)		16,978		16,834
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 3.26%, 5/25/2034 ‡ (k)		21,939		21,851
Series 2006-19, Class 2A2, 2.67%, 3/25/2037 ‡ (k)		88,080		87,220
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M5, 4.83%, 5/25/2034 (k)		44,010		41,083
Series 2004-5, Class M3, 4.23%, 7/25/2034 ‡ (k)		70,251		70,437
Drive Auto Receivables Trust Series 2018-4, Class D, 4.09%, 1/15/2026		15,000		15,144
DT Auto Owner Trust Series 2018-3A, Class D, 4.19%, 7/15/2024 (c)		35,000		35,171
Exeter Automobile Receivables Trust
Series 2018-4A, Class C, 3.97%, 9/15/2023 (c)		20,000		20,133
Series 2018-4A, Class D, 4.35%, 9/16/2024 (c)		10,000		10,126
Series 2018-4A, Class E, 5.38%, 7/15/2025 (c)		10,000		10,121
Fremont Home Loan Trust
Series 2003-A, Class M1, 3.48%, 8/25/2033 ‡ (k)		73,595		71,561
Series 2004-1, Class M4, 3.93%, 2/25/2034 ‡ (k)		67,464		67,701
GLS Auto Receivables Trust Series 2018-3A, Class C, 4.18%, 7/15/2024 (c)		10,000		10,071
GSAMP Trust Series 2003-SEA, Class A1, 2.91%, 2/25/2033 ‡ (k)		163,818		161,086
Home Equity Asset Trust Series 2007-2, Class 2A2, 2.69%, 7/25/2037 ‡ (k)		15,776		15,747
Long Beach Mortgage Loan Trust Series 2004-6, Class A3, 3.81%, 11/25/2034 ‡ (k)		97,108		97,483
MASTR Asset-Backed Securities Trust Series 2004-OPT2, Class M1, 3.41%, 9/25/2034 ‡ (k)		21,542		20,819

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
United States — continued
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 4.76%, 3/25/2033 ‡ (k)		157,993		151,070
Series 2003-NC10, Class M1, 3.53%, 10/25/2033 ‡ (k)		28,765		28,408
Series 2004-HE3, Class M1, 3.36%, 3/25/2034 ‡ (k)		73,646		71,645
Series 2004-NC7, Class M2, 3.44%, 7/25/2034 ‡ (k)		42,437		42,666
Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (c)		10,000		10,153
RAMP Trust
Series 2005-RS6, Class M4, 3.48%, 6/25/2035 ‡ (k)		250,000		249,461
Series 2006-RZ3, Class M1, 2.86%, 8/25/2036 ‡ (k)		200,000		196,888
Renaissance Home Equity Loan Trust Series 2003-3, Class A, 3.51%, 12/25/2033 (k)		32,732		32,323
Securitized Asset-Backed Receivables LLC Trust Series 2004-OP2, Class M3, 4.53%, 8/25/2034 ‡ (k)		105,169		98,980
Structured Asset Investment Loan Trust Series 2003-BC11, Class M1, 3.48%, 10/25/2033 ‡ (k)		13,940		13,892
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC6, Class A4, 2.68%, 1/25/2037 (k)		99,040		96,468
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 2.66%, 1/25/2037 ‡ (k)		50,317		50,004
Total Asset-Backed Securities (Cost $2,303,963)				2,364,262
Collateralized Mortgage Obligations — 3.1%
United States — 3.1%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 4.89%, 6/25/2045 (k)		35,656		36,335
Banc of America Funding Trust Series 2006-A, Class 1A1, 4.63%, 2/20/2036 (k)		22,908		22,569
Banc of America Mortgage Trust Series 2005-A, Class 2A2, 3.69%, 2/25/2035 (k)		16,211		16,005
Bear Stearns ALT-A Trust Series 2005-4, Class 23A2, 4.03%, 5/25/2035 (k)		46,054		46,474
Bear Stearns ARM Trust
Series 2004-9, Class 22A1, 4.71%, 11/25/2034 (k)		103,608		104,674

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2006-1, Class A1, 4.91%, 2/25/2036 (k)		21,771		21,889
Citigroup Mortgage Loan Trust, Inc. Series 2005-6, Class A1, 4.68%, 9/25/2035 (k)		53,565		54,152
COLT Mortgage Loan Trust Series 2018-2, Class A1, 3.47%, 7/27/2048 (c) (k)		152,454		151,770
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 4.81%, 9/25/2030 (k)		250,000		243,893
First Horizon Mortgage Pass-Through Trust Series 2004-AR7, Class 4A1, 4.46%, 2/25/2035 (k)		19,320		19,226
FNMA, Connecticut Avenue Securities Series 2017-C05, Class 1M1, 3.06%, 1/25/2030 (k)		116,550		116,379
GSR Mortgage Loan Trust Series 2005-AR3, Class 1A1, 2.95%, 5/25/2035 (k)		51,386		50,600
Homeward Opportunities Fund I Trust Series 2018-1, Class A1, 3.77%, 6/25/2048 (c) (k)		176,609		176,376
Impac CMB Trust
Series 2004-6, Class 1A2, 3.29%, 10/25/2034 (k)		65,677		63,841
Series 2004-7, Class 1A2, 3.43%, 11/25/2034 (k)		94,077		90,720
Series 2005-4, Class 1A1A, 3.05%, 5/25/2035 (k)		215,877		210,450
Series 2005-8, Class 1AM, 3.21%, 2/25/2036 (k)		155,622		146,966
JP Morgan Alternative Loan Trust Series 2007-A2, Class 12A3, 2.70%, 6/25/2037 (k)		41,078		40,742
Lehman Mortgage Trust Series 2005-3, Class 2A3, 5.50%, 1/25/2036		10,579		10,214
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.67%, 4/21/2034 (k)		24,016		24,591
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 5.14%, 1/25/2037 (k)		11,525		11,066
Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 4A, 4.31%, 7/25/2034 (k)		31,070		30,500
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1APT, 2.79%, 12/25/2035 (k)		57,845		53,125
Residential Asset Securitization Trust Series 2004-A6, Class A1, 5.00%, 8/25/2019		8,998		8,852

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
United States — continued
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.67%, 3/25/2035 (k)		22,467		22,011
Series 2005-AR5, Class A6, 3.91%, 5/25/2035 (k)		35,348		35,618
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-W, Class A1, 4.85%, 11/25/2034 (k)		43,453		43,826
Series 2004-EE, Class 2A2, 4.48%, 12/25/2034 (k)		34,747		35,736
Series 2004-Z, Class 2A2, 4.97%, 12/25/2034 (k)		23,467		23,859
Series 2005-AR1, Class 1A1, 4.09%, 2/25/2035 (k)		21,233		21,677
Series 2005-AR2, Class 2A2, 4.09%, 3/25/2035 (k)		18,298		18,675
Series 2005-AR3, Class 1A1, 4.48%, 3/25/2035 (k)		39,018		40,098
Series 2005-AR3, Class 2A1, 4.57%, 3/25/2035 (k)		27,203		27,589
Series 2005-16, Class A8, 5.75%, 12/25/2035		12,441		13,088
Series 2006-AR3, Class A3, 4.05%, 3/25/2036 (k)		26,816		26,686
Series 2006-AR2, Class 2A3, 4.61%, 3/25/2036 (k)		33,635		33,957
Total Collateralized Mortgage Obligations (Cost $2,068,788)				2,094,229
Commercial Mortgage-Backed Securities — 1.6%
Cayman Islands — 0.4%
GPMT Ltd. Series 2018-FL1, Class AS, 3.68%, 11/21/2035 ‡ (c) (k)		250,000		249,642
United States — 1.2%
Barclays Commercial Mortgage Trust Series 2018-C2, Class C, 4.97%, 12/15/2051 (k)		50,000		50,518
Citigroup Commercial Mortgage Trust Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (k)		10,000		9,982
Cold Storage Trust Series 2017-ICE3, Class B, 3.71%, 4/15/2036 (c) (k)		100,000		98,031
Commercial Mortgage Trust Series 2015-CR23, Class CME, 3.68%, 5/10/2048 (c) (k)		100,000		98,774
DBGS Mortgage Trust Series 2018-5BP, Class B, 3.29%, 6/15/2033 ‡ (c) (k)		100,000		97,934

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
FHLMC Multifamily Structured Pass-Through Certificates Series K716, Class X3, IO, 1.79%, 8/25/2042 (k)		105,785		4,418
Series K726, Class X3, IO, 2.13%, 7/25/2044 (k)		151,020		14,807
Series K728, Class X3, IO, 1.95%, 11/25/2045 (k)		100,000		9,639
FREMF Series 2018-KF46, Class B, 4.30%, 3/25/2028 (c) (k)		10,000		9,887
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.70%, 5/25/2022 (c) (k)		1,942		1,993
Series 2015-KF10, Class B, 8.45%, 7/25/2022 (c) (k)		3,580		3,807
Series 2018-KF45, Class B, 4.30%, 3/25/2025 (c) (k)		19,528		19,254
Series 2018-KF53, Class B, 4.40%, 10/25/2025 (k)		99,998		99,749
Series 2018-KF50, Class B, 4.41%, 7/25/2028 (c) (k)		10,000		9,962
Series 2012-K19, Class C, 4.03%, 5/25/2045 (c) (k)		10,000		9,983
Series 2017-K67, Class C, 3.94%, 9/25/2049 (c) (k)		5,000		4,696
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.59%, 6/10/2028 (c) (k)		100,000		98,441
GS Mortgage Securities Trust Series 2007-GG10, Class AM, 5.78%, 8/10/2045 (k)		34,963		35,415
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (k)		37,507		25,883
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (c) (k)		10,000		9,805
Series 2018-H4, Class D, 3.00%, 12/15/2051 (c) (k)		100,000		73,332
Series 2018-H4, Class A4, 4.31%, 12/15/2051		15,000		15,657
Wells Fargo Commercial Mortgage Trust Series 2018-C48, Class C, 5.12%, 1/15/2052 (k)		30,000		29,720
				831,687
Total Commercial Mortgage-Backed Securities (Cost $1,092,793)				1,081,329
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.13%, 1/31/2019 (l) (Cost $344,747)		345,000		344,670

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Preferred Stocks — 0.4%
United States — 0.4%
Bank of America Corp., Series GG, 6.00%, 5/16/2023 ($25 par value) (m)		1,000		25,100
Dominion Energy, Inc., Series A, 5.25%, 7/30/2076 ($25 par value)		3,000		69,240
Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 5/10/2023 ($25 par value) (b) (m)		1,000		24,200
Hartford Financial Services Group, Inc. (The), Series G, 6.00%, 11/15/2023 ($25 par value) * (m)		1,000		25,240
Morgan Stanley, Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (b) (m)		1,000		24,280
Southern Co. (The), 5.25%, 10/1/2076 ($25 par value)		800		17,448
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (b) (m)		1,000		23,880
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (m)		1,000		24,690
Wells Fargo & Co., Series Q, (ICE LIBOR USD 3 Month + 3.09%), 5.85%, 9/15/2023 ($25 par value) (b) (m)		1,000		24,570
Total Preferred Stocks (Cost $273,387)				258,648
	PRINCIPAL AMOUNT($)
Loan Assignments — 0.2% (n)
United States — 0.2%
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.77%, 10/2/2024 (b)		12,968		12,458
Encino Acquisition Partners Holdings, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.27%, 10/29/2025 (b)		15,522		14,591
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 10.77%, 11/1/2025 (b)		64,176		61,609
UFC Holdings LLC, 1st Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.78%, 8/18/2023 (b) (o)		9,974		9,695
UFC Holdings LLC, 2nd Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 8.75%), 10.02%, 8/18/2024 (b) (o)		3,507		3,456
Total Loan Assignments (Cost $105,955)				101,809

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Convertible Bonds — 0.0% (h)
United States — 0.0% (h)
Liberty Interactive LLC
4.00%, 11/15/2029		3,000		2,021
3.75%, 2/15/2030		2,000		1,320
Total Convertible Bonds (Cost $3,287)				3,341
	SHARES
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (j) (p) (Cost $1,416,737)		1,416,737		1,416,737
Total Investments — 98.7% (Cost $67,857,094)				65,576,389
Other Assets Less Liabilities — 1.3%				854,487
Net Assets — 100.0%				66,430,876

Percentages indicated are based on net assets.

Summary of Investments by Industry, December 31, 2018

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

INDUSTRY	PERCENTAGE
Investment Companies		24.1	%
Mortgage-Backed Securities		6.4
Equity Real Estate Investment Trusts (REITs)		5.8
Banks		5.3
Oil, Gas & Consumable Fuels		5.2
Asset-Backed Securities		3.6
Pharmaceuticals		3.4
Collateralized Mortgage Obligations		3.2
Diversified Telecommunication Services		3.1
Insurance		2.9
Short-Term Investments		2.2
Health Care Providers & Services		2.1
Capital Markets		2.1
Media		2.1
Commercial Mortgage-Backed Securities		1.6
Metals & Mining		1.5
Hotels, Restaurants & Leisure		1.5
Electric Utilities		1.3
Wireless Telecommunication Services		1.2
Beverages		1.1
Food Products		1.0
Others (each less than 1.0%)		19.3

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

Abbreviations

ABS	Asset-backed securities
ADR	American Depositary Receipt
CVA	Dutch Certification
FDR	Fiduciary Depositary Receipt
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
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.
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.
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
SDR	Swedish Depository Receipt
SGPS	Holding company
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, 2018.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2018.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(d)	Security is an interest bearing note with preferred security characteristics.

(e)	Defaulted security.
(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, 2018.
(h)	Amount rounds to less than 0.1% of net assets.
(i)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(j)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)	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, 2018.
(l)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(m)	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, 2018.
(n)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(o)	All or a portion of this security is unsettled as of December 31, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(p)	The rate shown is the current yield as of December 31, 2018.
*	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 certified portfolio holdings filed quarterly on Form N-Q, 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.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		1			03/2019		EUR		34,019			(387	)
S&P 500 E-Mini Index		14			03/2019		USD		1,752,100			(102,231	)
U.S. Treasury 5 Year Note		98			03/2019		USD		11,237,078			178,185
												75,567
Short Contracts
EURO STOXX 50 Index		(19	)		03/2019		EUR		(646,369	)		23,803
Foreign Exchange GBP/USD		(16	)		03/2019		USD		(1,279,200	)		(14,637	)
MSCI Emerging Markets E-Mini Index		(21	)		03/2019		USD		(1,015,245	)		17,681
												26,847
												102,414

Abbreviations
EUR	Euro
GBP	British Pound
MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 25

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018

	JPMorgan Insurance Trust Income Builder Portfolio
ASSETS:
Investments in non-affiliates, at value	$	48,363,007
Investments in affiliates, at value		17,213,382
Cash		427,016
Foreign currency, at value		29,402
Deposits at broker for futures contracts		3,000
Receivables:
Investment securities sold		79
Portfolio shares sold		272
Interest and dividends from non-affiliates		402,763
Dividends from affiliates		18,247
Tax reclaims		34,525
Variation margin on futures contracts		99,636
Total Assets		66,591,329
LIABILITIES:
Payables:
Investment securities purchased		8,418
Portfolio shares redeemed		12,755
Accrued liabilities:
Investment advisory fees		10,044
Administration fees		18
Distribution fees		11,888
Custodian and accounting fees		44,762
Trustees’ and Chief Compliance Officer’s fees		89
Audit fees		67,968
Other		4,511
Total Liabilities		160,453
Net Assets	$	66,430,876
NET ASSETS:
Paid-in-Capital	$	66,404,412
Total distributable earnings (loss) (a)		26,464
Total Net Assets	$	66,430,876
Net Assets:
Class 1	$	10,946,497
Class 2		55,484,379
Total	$	66,430,876
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		1,082,504
Class 2		5,503,085
Net Asset Value, offering and redemption price per share (b):
Class 1	$	10.11
Class 2		10.08
Cost of investments in non-affiliates	$	50,442,552
Cost of investments in affiliates		17,414,542
Cost of foreign currency		32,209

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2018

	JPMorgan Insurance Trust Income Builder Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	1,667,613
Interest income from affiliates		1,196
Dividend income from non-affiliates		943,532
Dividend income from affiliates		344,051
Foreign taxes withheld		(70,695	)
Total investment income		2,885,697
EXPENSES:
Investment advisory fees		282,236
Administration fees		50,865
Distribution fees — Class 2		129,598
Custodian and accounting fees		208,487
Interest expense to affiliates		207
Professional fees		111,298
Trustees’ and Chief Compliance Officer’s fees		24,876
Printing and mailing costs		26,334
Transfer agency fees — Class 1		144
Transfer agency fees — Class 2		1,758
Other		7,418
Total expenses		843,221
Less fees waived		(314,698	)
Less expense reimbursements		(26,469	)
Net expenses		502,054
Net investment income (loss)		2,383,643
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		120,628
Investments in affiliates		(270,000	)
Futures contracts		3,236
Foreign currency transactions		(10,232	)
Net realized gain (loss)		(156,368	)
Distributions of capital gains received from investment company affiliates		106,866
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(5,133,321	)
Investments in affiliates		(578,657	)
Futures contracts		172,701
Foreign currency translations		(3,668	)
Change in net unrealized appreciation/depreciation		(5,542,945	)
Net realized/unrealized gains (losses)		(5,592,447	)
Change in net assets resulting from operations	$	(3,208,804	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Insurance Trust Income Builder Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,383,643		$	1,628,475
Net realized gain (loss)		(156,368	)		1,597,655
Distributions of capital gains received from investment company affiliates		106,866			15,705
Change in net unrealized appreciation/depreciation		(5,542,945	)		2,186,859
Change in net assets resulting from operations		(3,208,804	)		5,428,694
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class 1		(19,883	)		(389,683	)
Class 2		(92,037	)		(1,762,013	)
Total distributions to shareholders		(111,920	)		(2,151,696	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		18,853,284			(950,140	)
NET ASSETS:
Change in net assets		15,532,560			2,326,858
Beginning of period		50,898,316			48,571,458
End of period	$	66,430,876		$	50,898,316
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	2,764,306		$	10,804,890
Distributions reinvested		19,883			389,683
Cost of shares redeemed		(60,976	)		(2,573,327	)
Change in net assets resulting from Class 1 capital transactions	$	2,723,213		$	8,621,246
Class 2
Proceeds from shares issued	$	25,105,711		$	17,463,574
Distributions reinvested		92,037			1,762,013
Cost of shares redeemed		(9,067,677	)		(28,796,973	)
Change in net assets resulting from Class 2 capital transactions	$	16,130,071		$	(9,571,386	)
Total change in net assets resulting from capital transactions	$	18,853,284		$	(950,140	)
SHARE TRANSACTIONS:
Class 1
Issued		260,078			1,020,481
Reinvested		1,899			36,489
Redeemed		(5,832	)		(241,287	)
Change in Class 1 Shares		256,145			815,683
Class 2
Issued		2,389,769			1,663,469
Reinvested		8,799			165,048
Redeemed		(863,482	)		(2,745,359	)
Change in Class 2 Shares		1,535,086			(916,842	)

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

Class 1
From net investment income	$	(314,113	)
From net realized gains		(75,570	)
Class 2
From net investment income		(1,377,677	)
From net realized gains		(384,336	)

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 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) (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, 2018	$	10.62	$	0.42	(h)	$	(0.91	)	$	(0.49	)	$	—		$	(0.02	)	$	—		$	(0.02	)
Year Ended December 31, 2017		9.93		0.37	(h)		0.81			1.18			(0.39	)		(0.10	)		—			(0.49	)
Year Ended December 31, 2016		9.63		0.37	(h)		0.26			0.63			(0.32	)		—			(0.01	)		(0.33	)
Year Ended December 31, 2015		9.95		0.36	(h)		(0.40	)		(0.04	)		(0.27	)		(0.01	)		—			(0.28	)
December 9, 2014 (j) through December 31, 2014		10.00		0.03			(0.05	)		(0.02	)		(0.03	)		—			—			(0.03	)
Class 2
Year Ended December 31, 2018		10.62		0.39	(h)		(0.91	)		(0.52	)		—			(0.02	)		—			(0.02	)
Year Ended December 31, 2017		9.92		0.35	(h)		0.81			1.16			(0.36	)		(0.10	)		—			(0.46	)
Year Ended December 31, 2016		9.63		0.35	(h)		0.25			0.60			(0.30	)		—			(0.01	)		(0.31	)
Year Ended December 31, 2015		9.95		0.33	(h)		(0.39	)		(0.06	)		(0.25	)		(0.01	)		—			(0.26	)
December 9, 2014 (j) through December 31, 2014		10.00		0.03			(0.05	)		(0.02	)		(0.03	)		—			—			(0.03	)

(a) Annualized for periods less than one year, unless otherwise noted.

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

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

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

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

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

(g) Does not include expenses of Underlying Funds.

(h) Calculated based upon average shares outstanding.

(i) Certain non-recurring expenses incurred by the Portfolio were not annualized for the year ended December 31, 2015 and the period ended December 31, 2014.

(j) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (c)
$	10.11		(4.63	)%	$	10,946,497		0.59	%		4.02	%		1.14	%		68	%
	10.62		11.89			8,776,419		0.59			3.40			1.26			85
	9.93		6.53			106,032		0.60			3.72			1.27			46
	9.63		(0.31	)		99,526		0.60	(i)		3.56	(i)		1.44	(i)		42
	9.95		(0.17	)		99,795		0.60	(i)		4.67	(i)		7.83	(i)		1
	10.08		(4.92	)		55,484,379		0.84			3.76			1.39			68
	10.62		11.70			42,121,897		0.84			3.31			1.40			85
	9.92		6.21			48,465,426		0.85			3.47			1.49			46
	9.63		(0.50	)		29,991,045		0.85	(i)		3.30	(i)		1.71	(i)		42
	9.95		(0.18	)		19,856,239		0.85	(i)		4.42	(i)		8.08	(i)		1

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
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 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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. 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 (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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, 2018.

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
United States	$	—	$	390,975	$	1,973,287	$	2,364,262
Collateralized Mortgage Obligations
Other Collateralized Mortgage Obligations		—		2,094,229		—		2,094,229
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		249,642		249,642
United States		—		688,083		143,604		831,687
Total Commercial Mortgage-Backed Securities		—		688,083		393,246		1,081,329
Common Stocks
Australia		—		485,877		—		485,877
Austria		—		31,688		—		31,688
Belgium		85,893		37,612		—		123,505
China		47,024		843,223		—		890,247
Colombia		—		8,289		—		8,289
Czech Republic		—		68,511		—		68,511
Denmark		—		131,852		—		131,852
Finland		—		121,179		—		121,179
France		7,728		1,458,537		—		1,466,265
Germany		—		715,941		—		715,941
Hong Kong		—		317,908		—		317,908
Hungary		—		74,077		—		74,077
Ireland		—		22,397		—		22,397
Italy		—		220,893		—		220,893
Japan		—		494,909		—		494,909
Luxembourg		—		12,256		—		12,256
Macau		—		41,866		—		41,866
Netherlands		—		252,391		—		252,391
Norway		—		215,350		—		215,350
Portugal		—		20,129		—		20,129
Russia		87,034		133,698		—		220,732
Singapore		—		171,215		—		171,215
South Africa		34,238		179,280		—		213,518
South Korea		20,931		192,194		—		213,125
Spain		—		439,774		—		439,774

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Sweden	$	—		$	191,499		$	—	$	191,499
Switzerland		—			989,567			—		989,567
Taiwan		203,153			349,343			—		552,496
Thailand		68,596			69,782			—		138,378
Turkey		—			31,144			—		31,144
United Arab Emirates		—			45,459			—		45,459
United Kingdom		36,863			1,316,890			—		1,353,753
United States		6,309,968			64,857			—		6,374,825
Other Common Stocks		846,095			—			—		846,095
Total Common Stocks		7,747,523			9,749,587			—		17,497,110
Convertible Bonds
Other Convertible Bonds		—			3,341			—		3,341
Corporate Bonds
United States		—			17,400,278			73,899		17,474,177
Other Corporate Bonds		—			2,976,584			—		2,976,584
Total Corporate Bonds		—			20,376,862			73,899		20,450,761
Investment Companies		15,796,645			—			—		15,796,645
Loan Assignments
Other Loan Assignments		—			101,809			—		101,809
Mortgage-Backed Securities		—			4,166,848			—		4,166,848
Preferred Stocks
United States		258,648			—			—		258,648
U.S. Treasury Obligations		—			344,670			—		344,670
Short-Term Investments
Investment Companies		1,416,737			—			—		1,416,737
Total Investments in Securities	$	25,219,553		$	37,916,404		$	2,440,432	$	65,576,389
Appreciation in Other Financial Instruments
Futures Contracts	$	195,866		$	23,803		$	—	$	219,669
Depreciation in Other Financial Instruments
Futures Contracts	$	(116,868	)	$	(387	)	$	—	$	(117,255	)

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, 2017		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, 2018
Investments in Securities
Asset-Backed Securities — United States	$	1,966,076	$	14,841		$	(34,436	)	$	5,254	$	780,300	$	(758,748	)	$	—	$	—	$	1,973,287
Commercial Mortgage-Backed Securities — Cayman Islands		—		—			(358	)		—		250,000		—			—		—		249,642
Commercial Mortgage-Backed Securities — United States		—		—			(1,546	)		57		118,891		(19,689	)		45,891		—		143,604
Corporate Bonds — United States		27,609		(772	)		(45,791	)		745		128,703		(36,595	)		—		—		73,899
Total	$	1,993,685	$	14,069		$	(82,131	)	$	6,056	$	1,277,894	$	(815,032	)	$	45,891	$	—	$	2,440,432

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2018, which were valued using significant unobservable inputs (level 3) amounted to $(66,383). This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

There were no significant transfers between level 2 and level 3 during the year ended December 31, 2018.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at December 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,973,287	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 14.60% (6.22%)
				Constant Default Rate		0.00% - 6.70% (3.44%)
				Yield (Discount Rate of Cash Flows)		3.17% - 6.97% (4.26%)
Asset-Backed Securities		1,973,287
		143,604	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.92% - 33.90% (9.39%)
Commercial Mortgage-Backed Securities		143,604
		9	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Corporate Bonds		9
Total	$	2,116,900

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At December 31, 2018, the value of these investments was $323,532. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

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. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the 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, 2018
Security Description	Value at December 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)	$	2,748,879	$	1,724,177	$	4,206,972	$	(208,729	)	$	(57,355	)	$	—		—	$	62,959	$	—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		—		4,384,007		2,928,996		(38,913	)		(74,453	)		1,341,645		177,232		69,311		—
JPMorgan Equity Income Fund Class R6 Shares (a)		1,800,259		3,610,382		1,042,632		(18,955	)		(316,845	)		4,032,209		254,398		84,070		105,261
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		—		2,742,989		—		—			(126,130	)		2,616,859		292,386		63,630		—
JPMorgan Managed Income Fund Class L Shares (a)		—		8,657,881		847,228		(847	)		(3,874	)		7,805,932		780,593		31,274		1,605
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		19,250,211		17,833,474		—			—			1,416,737		1,416,737		26,035		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		1,037,220		11,099,955		12,134,618		(2,557	)		—			—		—		6,772		—
Total	$	5,586,358	$	51,469,602	$	38,993,920	$	(270,001	)	$	(578,657	)	$	17,213,382			$	344,051	$	106,866

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

(b) The rate shown is the current yield as of December 31, 2018.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

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

D. 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.

E. 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 and 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.

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

The table below discloses the volume of the Portfolio’s futures contracts activity during the year ended December 31, 2018:

Futures Contracts:
Equity
Average Notional Balance Long	$	939,443
Average Notional Balance Short		1,095,065
Ending Notional Balance Long		1,786,119
Ending Notional Balance Short		1,661,614
Foreign Exchange
Average Notional Balance Short		1,581,987
Ending Notional Balance Short		1,279,200
Interest Rate
Average Notional Balance Long		5,743,471	(a)
Average Notional Balance Short		2,560,819	(b)
Ending Notional Balance Long		11,237,078

(a) For the period July 1, 2018 through December 31, 2018.

(b) For the period January 1, 2018 through May 31, 2018.

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).

F. Summary of Derivatives Information — The following table presents the value of derivatives held as of December 31, 2018, 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)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	178,185
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		41,484
Total		$	219,669
Gross Liabilities:
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation	$	(14,637	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(102,618	)
Total		$	(117,255	)

(a) This amount reflects the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

The following table presents the effect of derivatives on the Statement of Operations for the year ended December 31, 2018, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(42,488	)
Foreign exchange contracts		62,116
Interest rate contracts		(16,392	)
Total	$	3,236

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(17,932	)
Foreign exchange contracts		24,621
Interest rate contracts		166,012
Total	$	172,701

The Portfolio’s derivatives contracts held at December 31, 2018 are not accounted for as hedging instruments under GAAP.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

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. 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.

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

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

J. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Portfolio may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Portfolio will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gain tax is determined to apply, the Portfolio records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

The following amounts were reclassified within the capital accounts:

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	—	$	(2,553	)	$	2,553

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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

3. Fees and Other Transactions with Affiliates

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

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 during the year ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2018, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

Effective January 1, 2019, 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, 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion and 0.01% of the Portfolio’s daily average net assets in excess of $25 billion.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’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 in accordance with Rule 12b-1 under the 1940 Act. The Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay 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. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately 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 (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 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, 2018 and is in place until at least April 30, 2019.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the year ended December 31, 2018, 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								Voluntary Waivers
Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements		Investment Advisory Fees
$	259,772	$	50,847	$	310,619	$	26,469	$	1,087

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (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.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2018 was $2,992.

The Underlying Funds may impose a separate advisory fee. The Portfolio’s Adviser has agreed to waive the Portfolio’s advisory fee in the weighted average pro-rata amount of the advisory fee charged by the affiliated Underlying Funds. 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 appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees 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, 2018, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2018, the Portfolio did not incur any brokerage commissions with broker-dealers 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, 2018, 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
$	61,344,358	$	40,363,714	$	193,545	$	165,948

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, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	68,216,761	$	1,275,600	$	3,813,558	$	(2,537,958	)

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 PFICs.

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

Net Long-Term Capital Gains
$	111,920

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	1,691,790	$	459,906	$	2,151,696

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

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

As of December 31, 2018, 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 or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	2,369,408	$	205,813	$	(2,539,875	)

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.

At December 31, 2018, 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 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 4, 2019.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2018.

The Trust, along with certain other trusts (“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 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had four omnibus accounts which owned 76.6% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

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. Given that the Federal Reserve has been raising interest rates and may continue to do so, the Portfolio may face a heightened level of interest rate risk. 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.

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, 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.

8. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. We have evaluated the implications of these changes and the amendments will have no effect on the Portfolio’s net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Portfolio’s net assets or results of operation.

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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, 2018, the related statement of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2018 and for the period December 9, 2014 (commencement of operations) through December 31, 2014 (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, 2018, 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, 2018 and the financial highlights for each of the four years in the period ended December 31, 2018 and for the period December 9, 2014 (commencement of operations) through December 31, 2014 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, 2018 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, 2019

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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 43

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.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	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).	136	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 Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and 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 since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	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).	136	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 (serving in various roles 1984-2012).	136	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).	136	None

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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).	136	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).	136	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).	136	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).	136	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 (registered investment adviser) (1985-2005).	136	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).	136	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).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 45

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)
James J. Schonbachler**** (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (serving in various roles 1968-1998).	136	None

(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 eleven registered investment companies (136 funds).

     * 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.

**** Mr. Schonbachler retired effective December 31, 2018.

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

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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.) (2014–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 (1999-2014).
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.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
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.
Gregory S. Samuels (1980), Assistant Secretary (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.
Pamela L. Woodley (1971), Assistant Secretary (2012)*	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
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.
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 270 Park Avenue, New York, NY 10017.

    * 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, 2018 JPMORGAN INSURANCE TRUST 47

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Income Builder Portfolio
Class 1
Actual	$	1,000.00	$	972.10	$	2.93		0.59	%
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class 2
Actual		1,000.00		970.20		4.17		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84

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

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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 2018, 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 15, 2018.

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 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. 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 the 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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 49

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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, 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 J.P. Morgan

Funds including the benefits received by the Adviser and its affiliates in connection with the Portfolio’s investments in the Underlying Funds. The Trustees also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allows the Portfolio’s shareholders to share potential economies of scale from the Portfolio’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Portfolio over time, noting the Adviser’s substantial investments in its business in support of the Portfolio, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels. 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

50 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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 Peer Group and Universe. 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 fourth and fifth quintiles based upon the Peer

Group and Universe, respectively, for both the one- and three-year periods ended December 31, 2017. 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. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio. 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 2 shares were in the first and third quintiles, respectively, 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.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 51

TAX LETTER

(Unaudited)

Long Term Capital Gain

The Portfolio distributed $111,920, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2018.

52 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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

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

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

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the 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 marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018.  All rights reserved. December 2018. AN-JPMITIBP-1218

Annual Report

JPMorgan Insurance Trust

December 31, 2018

JPMorgan Insurance Trust Global Allocation Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	21
Financial Highlights	24
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	39
Trustees	40
Officers	43
Schedule of Shareholder Expenses	44
Board Approval of Investment Advisory Agreement	45
Tax Letter	48

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.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholders,

The U.S. economy largely outpaced other leading economies throughout 2018 as the second-longest U.S. expansion on record fed continued job growth, buoyant consumer sentiment and record high corporate profits. However, the end of the year was marked by a sell-off in equity markets, unresolved global trade tensions and a political impasse that led to the shutdown of large parts of the federal government.

  “While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.”

After advancing by 2.2% in the first quarter of 2018, growth in U.S. gross domestic product (GDP) peaked in the second quarter of 2018 at 4.2%, the first time quarterly GDP had breached the 4% ceiling since late 2014. Third quarter 2018 GDP grew at 3.4%. The unemployment rate remained historically low, dipping to 3.7% in September and October before ending the year at 3.9%.

In response, the U.S. Federal Reserve (the “Fed”) raised interest rates four times during the year and indicated further, measured increases during 2019. However, slowing global growth toward the end of 2018 and financial market volatility raised questions about the Fed’s planned path forward.

Meanwhile, aggregate U.S. corporate earnings and revenues reached record levels in both the second and third quarters of 2018, which provided support for U.S. equity prices. Notably, some of that profit growth was attributed to the temporary benefits of late-2017 federal tax cut legislation and the outlook for U.S. corporate earnings growth remained positive, but tempered, by the end of the reporting period.

U.S. equity prices began 2018 with solid gains. The S&P 500 Index (the “S&P 500”) reached 14 new closing highs in January. Then a sharp sell-off drove prices down in early February after a brief spike in yields on the bellwether 10-year U.S. Treasury bond rattled investors. In subsequent months, equity prices

rebounded somewhat, though financial market volatility remained elevated for the rest of the year. In August, the S&P 500 again reached record highs and then another sell-off in early October was followed by gains in November. The following month was the worst December since 1931 for the S&P 500 Index, which fell 9.18% and wiped out any gains made in the previous 11 months.

At the end of the year, investors faced several growing risks to global economic growth and financial market strength. Several leading economies, particularly China and the European Union (the “EU”), showed signs of slowing growth in the latter half of the year. Trade tariffs between the U.S. and China had little apparent direct impact on the U.S. economy in 2018, but absent a negotiated resolution to their trade dispute, the negative impact of protectionist policies could rapidly escalate. Meanwhile, the final months of 2018 also saw an increase in U.S. companies warning about rising costs of materials and labor, even as global oil prices declined somewhat.

At the same time, economists generally remained optimistic about the fundamental strength of the U.S. economy. While U.S. corporate profits and gross domestic product are expected to keep growing in the year ahead, it remains to be seen to what extent U.S. financial markets may benefit, given the late stage of the current economic expansion.

Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*	(6.31)%
MSCI World Index (net of foreign withholding taxes)	(8.71)%
Global Allocation Composite Benchmark	(5.07)%
Net Assets as of 12/31/2018	$79,195,288

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets. Global bond markets generally had a lackluster performance in 2018.

Though U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy, financial markets experienced a sharp sell-off in early February. While equity prices rebounded somewhat in subsequent months, market volatility remained elevated. In August, U.S. equity prices returned to record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous twelve months.

In Europe, equity markets came under pressure from slowing economic growth, political tensions within the European Union (EU) and uncertainty about Britain’s planned exit from the EU. Emerging markets equity prices fell amid rising U.S. interest rates and signs that U.S.-China trade tariffs were curbing demand from Chinese manufacturers. Notably, emerging markets debt generally slumped in the first half of 2018, then turned positive in the second half.

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

The Portfolio’s Class 2 Shares outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and underperformed the Global Allocation Composite Benchmark (the “Composite”), which consists of 60% MSCI World Index and 40% Bloomberg Barclays Global Aggregate Index, for the twelve months ended December 31, 2018.

Relative to the Benchmark, the Portfolio’s underweight allocation to European equity and its reduced allocation to emerging markets equity helped performance.

Relative to the Composite, the Portfolio’s reduced allocation to emerging markets equity and its balanced allocation to value and growth stocks in the U.S. helped performance. The Portfolio’s allocation to non-U.S. equities and high yield bonds (also called junk bonds) detracted from relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to maximize total return while managing risk. The portfolio managers decreased their overall allocation to equity, increasing their position in U.S. equity and reducing their allocations to international developed market and emerging markets equity. The portfolio managers also added an allocation to U.S. agency mortgage-backed securities and floating rate fixed income, while removing their allocation to investment grade corporate bonds.

2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	JPMorgan Emerging Markets Equity Fund Class R6 Shares	5.2	%
	2.	JPMorgan Floating Rate Income Fund Class R6 Shares	3.8
	3.	JPMorgan High Yield Fund Class R6 Shares	3.7
	4.	JPMorgan Managed Income Fund Class L Shares	3.5
	5.	JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares	2.0
	6.	U.S. Treasury Notes 1.13%, 01/31/19	1.8
	7.	UnitedHealth Group, Inc.	0.9
	8.	Microsoft Corp.	0.6
	9.	Berkshire Hathaway, Inc., Class B	0.6
	10.	Cigna Corp.	0.6

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Colgate-Palmolive Co.	16.3	%
	2.	Southern Co. (The)	15.5
	3.	SPDR S&P 500 ETF Trust	13.7
	4.	Illinois Tool Works, Inc.	6.6
	5.	Newell Brands, Inc.	6.4
	6.	Procter & Gamble Co. (The)	6.2
	7.	Johnson Controls International plc	4.9
	8.	Whirlpool Corp.	4.7
	9.	Sprint Corp.	4.7
	10.	CBS Corp. (Non-Voting), Class B	3.7

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	43.5	%
Investment Companies	18.2
Foreign Government Securities	7.4
Collateralized Mortgage Obligations	7.0
Asset-Backed Securities	3.0
Commercial Mortgage-Backed Securities	2.4
U.S. Treasury Obligation	1.8
Mortgage-Backed Securities	1.4
Others (each less than 1.0%)	1.0
Short-Term Investments	14.3

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	86.3	%
Exchange Traded Funds	13.7

* 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, 2018. The Portfolio’s composition is subject to change.

**** Percentages indicated are based on total short investments as of December 31, 2018. The Portfolio’s composition is subject to change.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

TWELVE MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		(6.06	)%		3.56	%
CLASS 2 SHARES		December 9, 2014		(6.31	)		3.29

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 12/31/18)

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, 2018. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the indices 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 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, 2018

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — 97.3%
Common Stocks — 42.3%
Australia — 1.0%
Australia & New Zealand Banking Group Ltd.		6,789		117,305
BHP Group Ltd.		6,903		166,853
BHP Group plc		4,556		96,273
Coles Group Ltd. *		1,952		16,141
Commonwealth Bank of Australia		417		21,270
CSL Ltd.		303		39,577
Dexus, REIT		8,534		63,874
Goodman Group, REIT		8,346		62,519
Macquarie Group Ltd.		97		7,430
National Australia Bank Ltd.		509		8,637
Rio Tinto Ltd.		2,032		112,463
Rio Tinto plc		430		20,594
Wesfarmers Ltd.		1,952		44,347
Westpac Banking Corp.		799		14,118
				791,401
Austria — 0.1%
Erste Group Bank AG *		3,238		107,364
Belgium — 0.2%
Anheuser-Busch InBev SA/NV		1,954		128,728
Brazil — 0.1%
Itau Unibanco Holding SA (Preference)		7,366		67,469
Canada — 0.5%
Alimentation Couche-Tard, Inc., Class B		1,983		98,642
Canadian National Railway Co.		963		71,322
Canadian Pacific Railway Ltd.		706		125,400
Fairfax Financial Holdings Ltd.		104		45,768
Toronto-Dominion Bank (The)		1,304		64,818
				405,950
China — 0.3%
Ping An Insurance Group Co. of China Ltd., Class H		15,000		132,330
Tencent Holdings Ltd.		3,300		132,265
				264,595
Denmark — 0.3%
Chr Hansen Holding A/S		452		40,122
Novo Nordisk A/S, Class B		4,898		224,951
				265,073
Finland — 0.2%
Cargotec OYJ, Class B		793		24,335
Nokia OYJ		4,923		28,579

INVESTMENTS	SHARES		VALUE($)
Finland — continued
Outokumpu OYJ		10,711		39,043
Wartsila OYJ Abp		3,265		52,119
				144,076
France — 2.0%
Accor SA		910		38,697
Air Liquide SA		1,381		171,487
Airbus SE		1,465		139,673
Alstom SA *		2,026		81,839
AXA SA		2,338		50,458
BNP Paribas SA		2,572		116,153
Capgemini SE		568		56,496
JCDecaux SA		1,492		41,918
LVMH Moet Hennessy Louis Vuitton SE		322		94,274
Pernod Ricard SA		741		121,613
Renault SA		1,247		77,680
Safran SA		416		49,893
Sanofi		1,945		168,729
Schneider Electric SE		1,642		111,379
Sodexo SA		793		81,326
TOTAL SA		3,474		183,237
Vinci SA		246		20,229
				1,605,081
Germany — 1.8%
adidas AG		288		60,189
Allianz SE (Registered)		87		17,483
BASF SE		454		31,623
Bayer AG (Registered)		1,842		128,109
Brenntag AG		1,483		64,732
Continental AG		486		67,669
Daimler AG (Registered)		2,170		114,391
Delivery Hero SE * (a)		1,228		45,846
Deutsche Bank AG (Registered)		1,388		11,069
Deutsche Boerse AG		1,226		146,575
Deutsche Post AG (Registered)		2,035		55,574
Deutsche Telekom AG (Registered)		6,101		103,697
Henkel AG & Co. KGaA (Preference)		733		80,065
Infineon Technologies AG		3,315		66,372
RWE AG		2,544		55,408
SAP SE		2,853		283,159
Siemens AG (Registered)		535		59,707
Zalando SE * (a)		1,368		35,347
				1,427,015

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Hong Kong — 0.7%
AIA Group Ltd.		33,200		275,786
CK Asset Holdings Ltd.		16,552		121,104
CK Hutchison Holdings Ltd.		7,552		72,486
Hong Kong Exchanges & Clearing Ltd.		3,500		101,180
				570,556
India — 0.2%
HDFC Bank Ltd., ADR		1,599		165,640
Indonesia — 0.1%
Bank Central Asia Tbk. PT		52,500		94,944
Ireland — 0.1%
CRH plc		1,024		27,122
Ryanair Holdings plc, ADR *		967		68,986
				96,108
Israel — 0.0% (b)
Teva Pharmaceutical Industries Ltd., ADR		1,252		19,306
Italy — 0.3%
Assicurazioni Generali SpA		4,876		81,497
Enel SpA		26,202		151,899
Telecom Italia SpA *		51,543		28,535
UniCredit SpA		592		6,706
				268,637
Japan — 3.9%
Asahi Group Holdings Ltd.		2,400		93,009
Bridgestone Corp.		3,000		115,097
Central Japan Railway Co.		300		63,296
Daicel Corp.		6,700		68,780
Daikin Industries Ltd.		1,100		116,881
DMG Mori Co. Ltd.		4,700		52,789
Electric Power Development Co. Ltd.		800		18,984
FANUC Corp.		400		60,704
Hitachi Ltd.		1,100		29,161
Honda Motor Co. Ltd.		4,200		110,649
Japan Airlines Co. Ltd.		1,600		56,706
Japan Tobacco, Inc.		2,900		68,907
Kao Corp.		1,600		118,428
Keyence Corp.		200		101,089
Komatsu Ltd.		2,100		45,129
Kyowa Hakko Kirin Co. Ltd.		1,900		35,903
Kyushu Electric Power Co., Inc.		1,100		13,098
Mabuchi Motor Co. Ltd.		2,200		67,392
Marui Group Co. Ltd.		2,600		50,388
Mitsubishi Corp.		3,300		90,475

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Mitsubishi UFJ Financial Group, Inc.		21,300		104,533
Mitsui Fudosan Co. Ltd.		2,200		48,866
NGK Spark Plug Co. Ltd.		2,700		53,446
Nintendo Co. Ltd.		300		79,662
Nippon Telegraph & Telephone Corp.		2,400		97,918
Nomura Research Institute Ltd.		900		33,374
Olympus Corp.		400		12,234
Otsuka Corp.		1,800		49,539
Otsuka Holdings Co. Ltd.		2,200		89,901
Panasonic Corp.		6,600		59,291
Renesas Electronics Corp. *		10,900		49,507
Seven & i Holdings Co. Ltd.		3,000		130,365
Shin-Etsu Chemical Co. Ltd.		900		69,150
SMC Corp.		200		60,215
Sony Corp.		1,000		48,210
Sumitomo Electric Industries Ltd.		3,600		47,676
Sumitomo Mitsui Financial Group, Inc.		2,900		95,599
T&D Holdings, Inc.		5,300		61,308
Tokio Marine Holdings, Inc.		2,100		99,768
Tokyo Gas Co. Ltd.		1,400		35,409
Tokyu Corp.		5,300		86,607
Toray Industries, Inc.		7,900		55,854
Toyota Motor Corp.		3,100		179,448
West Japan Railway Co.		500		35,326
Yamato Holdings Co. Ltd.		1,900		52,092
				3,112,163
Luxembourg — 0.1%
ArcelorMittal		2,233		46,224
Netherlands — 1.1%
Akzo Nobel NV		1,082		87,138
ASML Holding NV		952		149,140
Heineken NV		441		38,979
ING Groep NV		7,208		77,534
Koninklijke Philips NV		751		26,330
NN Group NV		1,444		57,411
Royal Dutch Shell plc, Class A		8,921		262,753
Royal Dutch Shell plc, Class B		5,810		173,704
				872,989
Singapore — 0.2%
DBS Group Holdings Ltd.		6,100		106,078
United Overseas Bank Ltd.		600		10,854
				116,932

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
Spain — 0.6%
Banco Santander SA		11,562		52,503
Bankia SA		19,032		55,684
Iberdrola SA		22,162		177,959
Industria de Diseno Textil SA		3,894		99,393
Telefonica SA		4,973		41,860
				427,399
Sweden — 0.2%
Lundin Petroleum AB		1,823		45,528
Svenska Handelsbanken AB, Class A		9,736		108,319
				153,847
Switzerland — 1.8%
Cie Financiere Richemont SA (Registered)		1,256		80,996
Credit Suisse Group AG (Registered) *		6,324		69,132
LafargeHolcim Ltd. (Registered) *		2,043		84,312
Nestle SA (Registered)		5,673		460,437
Novartis AG (Registered)		3,099		265,412
Roche Holding AG		1,043		258,934
Swiss Re AG		941		86,572
UBS Group AG (Registered) *		4,684		58,425
Zurich Insurance Group AG *		106		31,597
				1,395,817
Taiwan — 0.1%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,141		79,024
United Kingdom — 3.0%
3i Group plc		7,685		75,830
AstraZeneca plc		1,399		104,430
Aviva plc		23,006		110,107
Barratt Developments plc		8,163		48,151
BP plc		16,588		104,864
British American Tobacco plc		3,902		124,158
Burberry Group plc		6,287		138,056
Diageo plc		3,600		128,644
Dixons Carphone plc		19,689		30,156
GlaxoSmithKline plc		11,911		227,000
HSBC Holdings plc		13,164		108,600
InterContinental Hotels Group plc		1,284		69,455
ITV plc		36,092		57,446
Legal & General Group plc		19,153		56,432
Linde plc		474		75,244
Lloyds Banking Group plc		61,059		40,249
Prudential plc		6,205		110,799

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
RELX plc		4,279		88,041
Smith & Nephew plc		4,767		89,232
Standard Chartered plc		13,670		106,239
Taylor Wimpey plc		22,281		38,743
Unilever NV, CVA		4,850		262,736
Vodafone Group plc		59,524		115,732
Whitbread plc		463		27,038
				2,337,382
United States — 23.4%
Acadia Healthcare Co., Inc. *		1,022		26,276
Adobe, Inc. *		247		55,881
AdvanSix, Inc. *		969		23,585
Alleghany Corp.		62		38,646
Allergan plc		625		83,538
Ally Financial, Inc.		1,410		31,951
Alphabet, Inc., Class A *		12		12,540
Alphabet, Inc., Class C * (c)		328		339,680
Altice USA, Inc., Class A		13,354		220,608
Amazon.com, Inc. * (c)		231		346,955
American Electric Power Co., Inc.		1,646		123,022
American Express Co.		967		92,174
American Homes 4 Rent, Class A, REIT		2,537		50,359
American International Group, Inc.		2,346		92,456
AmerisourceBergen Corp.		650		48,360
Amphenol Corp., Class A		567		45,938
Analog Devices, Inc.		845		72,526
Apple, Inc. (c)		1,965		309,959
Applied Materials, Inc.		1,427		46,720
Arista Networks, Inc. *		200		42,140
Arrow Electronics, Inc. *		1,194		82,326
AutoZone, Inc. *		162		135,811
Avery Dennison Corp.		621		55,784
Ball Corp.		4,191		192,702
Bank of America Corp.		12,051		296,937
Berkshire Hathaway, Inc., Class B *		2,414		492,891
Best Buy Co., Inc.		800		42,368
Biogen, Inc. *		101		30,393
BlackRock, Inc.		104		40,853
Boeing Co. (The)		375		120,937
Brinker International, Inc.		730		32,105
Brixmor Property Group, Inc., REIT		4,556		66,928
Capital One Financial Corp.		2,422		183,079
Carlisle Cos., Inc. (c)		534		53,678
Catalent, Inc. *		1,043		32,521

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
CBRE Group, Inc., Class A *		3,472		139,019
CBS Corp. (Non-Voting), Class B		1,185		51,808
Centene Corp. *		406		46,812
Charles Schwab Corp. (The)		3,527		146,476
Charter Communications, Inc., Class A *		403		114,843
Chevron Corp.		559		60,814
Chubb Ltd.		603		77,896
Cigna Corp.		2,586		491,049
Cisco Systems, Inc.		2,697		116,861
Citigroup, Inc.		1,939		100,944
Citizens Financial Group, Inc.		2,893		86,009
Clorox Co. (The)		249		38,381
Columbia Sportswear Co.		529		44,484
CommScope Holding Co., Inc. *		2,640		43,270
Concho Resources, Inc. *		503		51,703
ConocoPhillips		1,585		98,825
Constellation Brands, Inc., Class A		1,167		187,677
Copart, Inc. *		1,200		57,336
CorePoint Lodging, Inc., REIT		1,645		20,151
Corning, Inc.		1,851		55,919
Coty, Inc., Class A		4,823		31,639
Deere & Co.		261		38,933
Delta Air Lines, Inc.		3,646		181,935
DexCom, Inc. *		425		50,915
Diamondback Energy, Inc.		433		40,139
Discovery, Inc., Class A *		2,459		60,836
DISH Network Corp., Class A *		3,784		94,486
DocuSign, Inc. *		594		23,808
Dover Corp.		922		65,416
Duke Energy Corp.		669		57,735
East West Bancorp, Inc.		1,276		55,544
EastGroup Properties, Inc., REIT		499		45,773
Edison International		694		39,398
Energizer Holdings, Inc.		1,063		47,994
Entercom Communications Corp., Class A (c)		6,175		35,259
EOG Resources, Inc.		535		46,657
EQT Corp.		1,814		34,266
Equitrans Midstream Corp. *		1,408		28,188
Eversource Energy		910		59,186
Evolent Health, Inc., Class A *		1,623		32,379
Exact Sciences Corp. *		729		46,000
Exelixis, Inc. *		1,971		38,770
Expedia Group, Inc.		467		52,608

INVESTMENTS	SHARES		VALUE($)
United States — continued
Exxon Mobil Corp. (c)		1,952		133,107
Facebook, Inc., Class A *		369		48,372
Fair Isaac Corp. *		209		39,083
Federal Realty Investment Trust, REIT		471		55,597
Ferguson plc		2,616		167,158
Fifth Third Bancorp		2,294		53,978
First Republic Bank		999		86,813
Fiserv, Inc. *		2,565		188,502
Fortune Brands Home & Security, Inc.		719		27,315
Genuine Parts Co.		502		48,202
Global Payments, Inc.		854		88,073
GoDaddy, Inc., Class A *		1,032		67,720
Graphic Packaging Holding Co.		4,802		51,093
Hartford Financial Services Group, Inc. (The)		1,787		79,432
HCA Healthcare, Inc.		323		40,197
Hewlett Packard Enterprise Co.		2,762		36,486
Hilton Worldwide Holdings, Inc.		1,640		117,752
Home Depot, Inc. (The)		301		51,718
Honeywell International, Inc.		787		103,978
Illinois Tool Works, Inc.		633		80,195
Illumina, Inc. *		242		72,583
Intercept Pharmaceuticals, Inc. *		309		31,144
Intuit, Inc.		351		69,094
Intuitive Surgical, Inc. *		131		62,739
Invesco Ltd.		2,207		36,945
Jazz Pharmaceuticals plc *		388		48,096
Johnson & Johnson		1,248		161,054
Keurig Dr Pepper, Inc.		1,570		40,255
Kimco Realty Corp., REIT		3,944		57,780
Kinder Morgan, Inc.		6,419		98,724
Kohl’s Corp.		1,223		81,134
Kroger Co. (The)		1,561		42,927
Lennox International, Inc.		432		94,548
LKQ Corp. *		1,652		39,202
Loews Corp. (c)		3,686		167,787
Lululemon Athletica, Inc. *		473		57,522
M&T Bank Corp.		962		137,691
Marathon Petroleum Corp.		1,189		70,163
Marsh & McLennan Cos., Inc.		922		73,529
Martin Marietta Materials, Inc.		741		127,356
Mastercard, Inc., Class A (c)		831		156,768
Medtronic plc		562		51,120
Merck & Co., Inc.		2,540		194,081
Microsoft Corp. (c)		4,914		499,115

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Common Stocks — continued
United States — continued
Mid-America Apartment Communities, Inc., REIT		979		93,690
Middleby Corp. (The) *		308		31,641
Molson Coors Brewing Co., Class B		812		45,602
Morgan Stanley		2,293		90,917
Murphy USA, Inc. *		725		55,564
Nasdaq, Inc.		784		63,951
Netflix, Inc. *		363		97,161
Nexstar Media Group, Inc., Class A		1,006		79,112
NextEra Energy, Inc.		2,010		349,378
NiSource, Inc.		1,348		34,172
Nordson Corp.		272		32,463
Nordstrom, Inc.		1,705		79,470
Northern Trust Corp.		716		59,850
NVIDIA Corp.		478		63,813
Occidental Petroleum Corp.		1,399		85,871
Old Dominion Freight Line, Inc.		287		35,442
O’Reilly Automotive, Inc. *		180		61,979
Oshkosh Corp.		569		34,885
Outfront Media, Inc., REIT		2,899		52,530
Packaging Corp. of America		685		57,170
Palo Alto Networks, Inc. *		313		58,954
Parker-Hannifin Corp.		358		53,392
PayPal Holdings, Inc. *		1,317		110,747
PBF Energy, Inc., Class A		626		20,451
Pfizer, Inc.		6,735		293,983
Phillips 66		618		53,241
PNC Financial Services Group, Inc. (The)		1,353		158,179
Post Holdings, Inc. *		966		86,100
Procter & Gamble Co. (The)		1,162		106,811
Progressive Corp. (The)		1,350		81,445
Prudential Financial, Inc.		366		29,847
Public Storage, REIT		451		91,287
QUALCOMM, Inc.		902		51,333
Rayonier, Inc., REIT		1,886		52,223
Red Hat, Inc. *		152		26,697
Revance Therapeutics, Inc. *		831		16,728
Ross Stores, Inc.		1,239		103,085
S&P Global, Inc.		419		71,205
Sage Therapeutics, Inc. *		159		15,231
SailPoint Technologies Holding, Inc. *		1,370		32,181
salesforce.com, Inc. *		863		118,205
ServiceNow, Inc. *		476		84,752
Southwest Airlines Co.		1,386		64,421

INVESTMENTS	SHARES		VALUE($)
United States — continued
Spark Therapeutics, Inc. *		451		17,652
Splunk, Inc. *		539		56,514
Spotify Technology SA *		404		45,854
Square, Inc., Class A *		200		11,218
Stanley Black & Decker, Inc.		412		49,333
SunTrust Banks, Inc.		2,047		103,251
T. Rowe Price Group, Inc.		1,234		113,923
Take-Two Interactive Software, Inc. *		463		47,661
Teladoc Health, Inc. *		886		43,919
Tesla, Inc. *		191		63,565
Texas Instruments, Inc.		1,364		128,898
TherapeuticsMD, Inc. *		4,086		15,568
Thermo Fisher Scientific, Inc.		1,621		362,764
Tiffany & Co.		529		42,590
T-Mobile US, Inc. *		829		52,733
Tractor Supply Co.		638		53,235
Travelers Cos., Inc. (The)		862		103,225
United Technologies Corp.		861		91,679
UnitedHealth Group, Inc. (c)		2,885		718,711
Unum Group		702		20,625
US Bancorp		2,077		94,919
Veeva Systems, Inc., Class A *		567		50,644
Verizon Communications, Inc.		6,272		352,612
Vertex Pharmaceuticals, Inc. *		363		60,153
Visa, Inc., Class A		1,128		148,828
Vulcan Materials Co.		441		43,571
Walgreens Boots Alliance, Inc.		1,558		106,458
Walt Disney Co. (The)		598		65,571
Waste Connections, Inc.		2,276		168,993
Wayfair, Inc., Class A *		312		28,105
WEC Energy Group, Inc.		738		51,114
Wells Fargo & Co.		5,481		252,564
Westrock Co.		1,481		55,923
Weyerhaeuser Co., REIT		1,251		27,347
Williams Cos., Inc. (The)		3,536		77,969
Worldpay, Inc. *		514		39,285
WW Grainger, Inc.		161		45,460
Xcel Energy, Inc.		2,472		121,795
Xilinx, Inc.		476		40,541
Zebra Technologies Corp., Class A *		263		41,877
				18,538,702
Total Common Stocks (Cost $32,670,471)				33,502,422

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

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

INVESTMENTS	SHARES		VALUE($)
Long Positions — continued
Investment Companies — 17.7%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (d)		160,087		3,990,958
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (d)		206,864		1,565,960
JPMorgan Floating Rate Income Fund Class R6 Shares (d)		322,829		2,889,319
JPMorgan High Yield Fund Class R6 Shares (d)		423,902		2,878,294
JPMorgan Managed Income Fund Class L Shares (d)		270,676		2,706,758
Total Investment Companies (Cost $14,148,521)				14,031,289
	PRINCIPAL AMOUNT($)
Foreign Government Securities — 7.3%
Australia — 0.1%
Australia Government Bond
3.25%, 4/21/2025 (a)	AUD	42,000		31,531
2.25%, 5/21/2028 (a)	AUD	25,000		17,497
2.75%, 11/21/2028 (a)	AUD	52,000		37,982
3.75%, 4/21/2037 (a)	AUD	17,000		13,904
3.00%, 3/21/2047 (a)	AUD	12,000		8,745
				109,659
Belgium — 0.2%
Belgium Government Bond
0.50%, 10/22/2024 (a)	EUR	32,000		37,316
0.80%, 6/22/2027 (a)	EUR	26,000		30,185
3.00%, 6/22/2034 (a)	EUR	25,000		35,485
1.90%, 6/22/2038 (a)	EUR	25,000		30,493
1.60%, 6/22/2047 (a)	EUR	6,000		6,616
2.15%, 6/22/2066 (a)	EUR	4,000		4,647
				144,742
Canada — 0.1%
Canada Government Bond
1.00%, 6/1/2027	CAD	23,000		15,611
5.00%, 6/1/2037	CAD	9,000		9,440
3.50%, 12/1/2045	CAD	12,000		11,110
2.75%, 12/1/2048	CAD	9,000		7,410
2.75%, 12/1/2064	CAD	3,000		2,578
				46,149
China — 0.3%
China Development Bank
0.88%, 1/24/2024 (a)	EUR	100,000		114,031
Export-Import Bank of China (The)
0.75%, 5/28/2023 (a)	EUR	100,000		114,025
				228,056

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Denmark — 0.1%
Denmark Government Bond
3.00%, 11/15/2021	DKK	42,000		7,095
1.50%, 11/15/2023	DKK	36,000		5,994
0.50%, 11/15/2027	DKK	85,000		13,365
4.50%, 11/15/2039	DKK	65,000		17,348
				43,802
France — 0.9%
Caisse d’Amortissement de la Dette Sociale 1.88%, 7/28/2020 (a)		100,000		98,698
France Government Bond
0.00%, 2/25/2021 (a)	EUR	58,000		67,127
1.75%, 11/25/2024 (a)	EUR	110,000		138,151
0.25%, 11/25/2026 (a)	EUR	54,000		60,989
1.00%, 5/25/2027 (a)	EUR	64,000		76,234
1.50%, 5/25/2031 (a)	EUR	17,000		20,753
1.25%, 5/25/2034 (a)	EUR	21,030		24,528
4.75%, 4/25/2035 (a)	EUR	29,500		52,187
1.75%, 6/25/2039 (a)	EUR	29,000		35,607
3.25%, 5/25/2045 (a)	EUR	35,000		55,127
2.00%, 5/25/2048 (a)	EUR	13,000		16,177
4.00%, 4/25/2055 (a)	EUR	6,000		11,075
4.00%, 4/25/2060 (a)	EUR	4,000		7,563
1.75%, 5/25/2066 (a)	EUR	10,000		11,064
				675,280
Germany — 0.3%
Federal Republic of Germany
0.50%, 2/15/2028 (a)	EUR	90,000		106,135
4.00%, 1/4/2037 (a)	EUR	36,000		65,013
3.25%, 7/4/2042 (a)	EUR	12,000		21,151
2.50%, 8/15/2046 (a)	EUR	25,000		40,324
				232,623
Italy — 1.0%
Italy Government Bond
1.05%, 12/1/2019	EUR	30,000		34,588
0.70%, 5/1/2020	EUR	31,000		35,664
5.00%, 3/1/2022	EUR	13,000		16,630
0.10%, 5/15/2022 (a)	EUR	36,724		40,953
1.45%, 9/15/2022	EUR	36,000		41,289
0.95%, 3/15/2023	EUR	80,000		89,347
2.45%, 10/1/2023 (a)	EUR	86,000		101,384
2.50%, 12/1/2024	EUR	54,000		63,429
1.45%, 5/15/2025	EUR	50,000		54,774
1.60%, 6/1/2026	EUR	48,000		52,467

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Foreign Government Securities — continued
Italy — continued
3.40%, 9/15/2026 (a)	EUR	16,558		21,000
2.00%, 2/1/2028	EUR	2,000		2,192
4.75%, 9/1/2028 (a)	EUR	63,000		85,246
1.65%, 3/1/2032 (a)	EUR	25,000		24,796
2.45%, 9/1/2033 (a)	EUR	53,000		56,659
2.25%, 9/1/2036 (a)	EUR	25,000		25,486
4.00%, 2/1/2037 (a)	EUR	7,000		8,890
4.75%, 9/1/2044 (a)	EUR	16,000		22,106
3.45%, 3/1/2048 (a)	EUR	16,000		18,163
2.80%, 3/1/2067 (a)	EUR	3,000		2,941
				798,004
Japan — 2.7%
Japan Finance Organization for Municipalities 0.88%, 9/22/2021 (a)	EUR	100,000		117,428
Japan Government Bond
0.10%, 1/15/2020	JPY	1,400,000		12,805
0.10%, 9/20/2020	JPY	14,200,000		130,099
1.20%, 12/20/2020	JPY	20,800,000		194,741
0.10%, 9/20/2021	JPY	13,700,000		125,799
0.10%, 9/20/2022	JPY	15,800,000		145,474
0.80%, 9/20/2022	JPY	10,150,000		95,835
0.10%, 12/20/2022	JPY	13,250,000		122,067
0.30%, 12/20/2024	JPY	17,600,000		164,776
0.10%, 12/20/2026	JPY	2,450,000		22,723
1.70%, 12/20/2032	JPY	12,050,000		132,187
1.80%, 12/20/2032	JPY	12,000,000		133,088
1.50%, 3/20/2034	JPY	11,200,000		120,483
0.70%, 3/20/2037	JPY	11,050,000		105,240
0.60%, 12/20/2037	JPY	12,050,000		112,316
2.50%, 3/20/2038	JPY	9,950,000		124,154
1.70%, 9/20/2044	JPY	800,000		9,108
1.40%, 9/20/2045	JPY	6,650,000		71,425
1.40%, 12/20/2045	JPY	4,400,000		47,261
0.80%, 3/20/2047	JPY	5,800,000		54,219
0.80%, 12/20/2047	JPY	5,700,000		53,158
0.90%, 3/20/2057	JPY	4,550,000		42,396
				2,136,782
Mexico — 0.1%
United Mexican States
2.38%, 4/9/2021	EUR	100,000		119,760
Qatar — 0.1%
Qatar Government Bond
5.25%, 1/20/2020 (a)		100,000		102,000

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Spain — 0.6%
Spain Government Bond
4.60%, 7/30/2019 (a)	EUR	8,000		9,430
4.00%, 4/30/2020 (a)	EUR	44,000		53,347
0.05%, 1/31/2021	EUR	31,000		35,685
5.85%, 1/31/2022 (a)	EUR	11,000		14,884
0.45%, 10/31/2022	EUR	76,000		88,224
2.75%, 10/31/2024 (a)	EUR	24,000		30,792
1.60%, 4/30/2025 (a)	EUR	54,000		65,153
1.45%, 10/31/2027 (a)	EUR	47,000		54,605
1.40%, 4/30/2028 (a)	EUR	32,000		36,813
2.35%, 7/30/2033 (a)	EUR	25,000		30,053
4.20%, 1/31/2037 (a)	EUR	13,000		19,543
5.15%, 10/31/2044 (a)	EUR	18,000		31,132
2.90%, 10/31/2046 (a)	EUR	16,000		19,624
2.70%, 10/31/2048 (a)	EUR	6,000		6,997
3.45%, 7/30/2066 (a)	EUR	4,000		5,227
				501,509
Sweden — 0.0% (b)
Sweden Government Bond
5.00%, 12/1/2020	SEK	55,000		6,849
3.50%, 6/1/2022	SEK	35,000		4,450
2.50%, 5/12/2025	SEK	130,000		16,848
2.25%, 6/1/2032 (a)	SEK	15,000		1,988
3.50%, 3/30/2039	SEK	20,000		3,201
				33,336
United Kingdom — 0.8%
U.K. Treasury Bonds
4.75%, 3/7/2020 (a)	GBP	37,000		49,344
1.50%, 1/22/2021 (a)	GBP	45,000		58,217
2.75%, 9/7/2024 (a)	GBP	10,000		13,998
2.00%, 9/7/2025 (a)	GBP	11,000		14,901
1.50%, 7/22/2026 (a)	GBP	11,000		14,441
1.63%, 10/22/2028 (a)	GBP	63,000		82,762
4.50%, 9/7/2034 (a)	GBP	9,000		16,007
4.25%, 3/7/2036 (a)	GBP	28,000		49,266
1.75%, 9/7/2037 (a)	GBP	37,000		47,067
4.75%, 12/7/2038 (a)	GBP	11,000		21,092
3.25%, 1/22/2044 (a)	GBP	16,000		26,067
3.50%, 1/22/2045 (a)	GBP	16,000		27,290
4.25%, 12/7/2046 (a)	GBP	16,000		31,066
1.50%, 7/22/2047 (a)	GBP	41,000		48,342
3.75%, 7/22/2052 (a)	GBP	12,000		22,913
4.25%, 12/7/2055 (a)	GBP	6,500		13,876
1.75%, 7/22/2057 (a)	GBP	21,600		27,548

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Foreign Government Securities — continued
United Kingdom — continued
2.50%, 7/22/2065 (a)	GBP	11,660		18,533
3.50%, 7/22/2068 (a)	GBP	11,000		22,175
				604,905
Total Foreign Government Securities (Cost $5,900,916)				5,776,607
Collateralized Mortgage Obligations — 6.8%
United States — 6.8%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 4.89%, 6/25/2045 (e)		35,656		36,335
Angel Oak Mortgage Trust I LLC
Series 2018-2, Class A1, 3.67%, 7/27/2048 (e) (f)		180,033		179,454
Banc of America Funding Trust
Series 2006-A, Class 1A1, 4.63%, 2/20/2036 (e)		22,908		22,569
Banc of America Mortgage Trust
Series 2005-A, Class 2A2, 3.69%, 2/25/2035 (e)		27,144		26,798
Bear Stearns ALT-A Trust
Series 2005-4, Class 23A2, 4.03%, 5/25/2035 (e)		46,054		46,474
COLT Mortgage Loan Trust
Series 2018-2, Class A1, 3.47%, 7/27/2048 (e) (f)		76,227		75,885
FHLMC REMIC
Series 3935, Class GA, 3.00%, 10/15/2026		139,476		140,166
Series 4323, Class VA, 4.00%, 3/15/2027		111,268		115,437
Series 4669, Class VJ, 4.00%, 5/15/2028		113,245		118,539
Series 4496, Class CA, 2.00%, 7/15/2031		79,713		77,632
Series 3972, Class PJ, 3.00%, 11/15/2031		129,448		129,902
Series 4062, Class BA, 3.50%, 6/15/2038		85,537		86,762
Series 4329, Class KA, 3.00%, 1/15/2040		125,865		126,233
Series 3632, Class PK, 5.00%, 2/15/2040		79,705		84,685
Series 3778, Class JA, 3.50%, 4/15/2040		110,640		112,646
Series 3923, Class GD, 2.00%, 5/15/2040		81,102		79,009
Series 4364, Class A, 3.00%, 8/15/2040		100,901		100,913

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 3890, Class BA, 2.50%, 11/15/2040		117,557		116,383
Series 3788, Class FA, 2.99%, 1/15/2041 (e)		46,213		46,462
Series 4366, Class KA, 3.00%, 3/15/2041		108,052		107,781
Series 4467, Class AB, 3.00%, 7/15/2041		106,135		106,045
Series 4223, Class AL, 3.00%, 8/15/2042		135,358		135,385
Series 4494, Class KA, 3.75%, 10/15/2042		99,865		101,962
FHLMC STRIPS
Series 242, Class F29, 2.71%, 11/15/2036 (e)		110,645		111,548
Series 311, Class F1, 3.01%, 8/15/2043 (e)		75,965		76,963
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 4A1, 4.46%, 2/25/2035 (e)		40,786		40,589
FNMA REMIC
Series 2011-104, Class TB, 2.50%, 10/25/2026		126,388		125,188
Series 2014-33, Class AH, 3.00%, 6/25/2029		114,872		115,291
Series 2001-68, Class FD, 3.01%, 12/25/2031 (e)		64,023		64,294
Series 2014-3, Class AM, 2.50%, 1/25/2032		97,893		96,738
Series 2012-87, Class CA, 2.00%, 6/25/2039		39,185		38,220
Series 2013-5, Class BD, 2.00%, 3/25/2040		119,397		116,329
Series 2010-142, Class FM, 2.98%, 12/25/2040 (e)		84,027		84,241
Series 2015-15, Class GH, 2.50%, 3/25/2041		100,650		98,700
Series 2017-4, Class AH, 3.00%, 5/25/2041		191,480		191,184
Series 2011-53, Class FT, 3.09%, 6/25/2041 (e)		50,440		50,919
Series 2015-55, Class QA, 3.50%, 10/25/2042		71,497		72,029
Series 2013-58, Class KJ, 3.00%, 2/25/2043		102,398		102,211
Series 2013-101, Class FE, 3.11%, 10/25/2043 (e)		252,987		256,506
Series 2016-103, Class LA, 3.00%, 5/25/2044		106,801		106,029

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2015-54, Class FA, 2.86%, 7/25/2045 (e)		61,937		61,633
Series 2016-40, Class PA, 3.00%, 7/25/2045		103,500		102,698
Series 2016-40, Class FA, 3.16%, 7/25/2046 (e)		58,475		59,386
Series 2016-63, Class AF, 3.01%, 9/25/2046 (e)		60,626		60,603
GNMA
Series 2008-35, Class FH, 3.07%, 4/20/2038 (e)		107,660		109,008
Series 2014-117, Class FP, 2.77%, 6/20/2043 (e)		113,478		113,427
GSR Mortgage Loan Trust
Series 2005-AR3, Class 1A1, 2.95%, 5/25/2035 (e)		85,662		84,352
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (e) (f)		132,457		132,282
Impac CMB Trust Series 2004-7, Class 1A2, 3.43%, 11/25/2034 (e)		94,077		90,720
JP Morgan Alternative Loan Trust
Series 2007-A2, Class 12A3, 2.70%, 6/25/2037 (e)		41,078		40,742
JP Morgan Mortgage Trust
Series 2005-A3, Class 4A1, 4.71%, 6/25/2035 (e)		19,172		19,343
Lehman Mortgage Trust
Series 2005-3, Class 2A3, 5.50%, 1/25/2036		10,724		10,354
Merrill Lynch Mortgage Investors Trust
Series 2007-1, Class 4A3, 5.14%, 1/25/2037 (e)		19,209		18,443
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 4.31%, 7/25/2034 (e)		22,965		22,543
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1APT, 2.79%, 12/25/2035 (e)		57,844		53,125
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		14,996		14,752
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.67%, 3/25/2035 (e)		22,467		22,011

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series 2005-AR5, Class A6, 3.91%, 5/25/2035 (e)		35,348		35,618
Series 2005-AR10, Class 1A3, 4.13%, 9/25/2035 (e)		32,798		32,710
Wells Fargo Mortgage Backed Securities Trust
Series 2004-W, Class A1, 4.85%, 11/25/2034 (e)		72,422		73,043
Series 2004-Z, Class 2A2, 4.97%, 12/25/2034 (e)		23,467		23,859
Series 2006-AR3, Class A3, 4.05%, 3/25/2036 (e)		44,567		44,351
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-EE, Class 2A2, 4.48%, 12/25/2034 (e)		34,747		35,736
Series 2004-DD, Class 1A1, 4.77%, 1/25/2035 (e)		82,912		86,212
Series 2005-AR2, Class 2A1, 4.09%, 3/25/2035 (e)		13,593		13,744
Series 2005-AR2, Class 2A2, 4.09%, 3/25/2035 (e)		26,140		26,678
Series 2005-AR3, Class 1A1, 4.48%, 3/25/2035 (e)		39,018		40,098
Series 2005-AR4, Class 2A2, 4.25%, 4/25/2035 (e)		21,816		21,932
Series 2005-16, Class A8, 5.75%, 12/25/2035		20,735		21,813
Total Collateralized Mortgage Obligations (Cost $5,374,813)				5,391,652
Asset-Backed Securities — 2.9%
United States — 2.9%
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (f)		32,000		32,119
Series 2018-4, Class D, 4.40%, 1/13/2025 (f)		100,000		100,826
AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1997-1, Class A7, 7.61%, 3/25/2027 ‡		29,446		29,270
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W5, Class M1, 3.41%, 4/25/2034 ‡ (e)		42,168		41,868
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2003-HE6, Class M2, 4.98%, 11/25/2033 ‡ (e)		74,295		74,184

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series 2004-HE3, Class M2, 4.19%, 6/25/2034 ‡ (e)		70,418		70,003
Series 2005-HE6, Class M3, 3.30%, 7/25/2035 ‡ (e)		111,069		110,912
Bayview Opportunity Master Fund Trust
Series 2018-RN5, Class A1, 3.82%, 4/28/2033 ‡ (f) (g)		45,166		45,104
Bear Stearns Asset-Backed Securities Trust
Series 2004-HE5, Class M2, 4.38%, 7/25/2034 ‡ (e)		16,978		16,834
Series 2003-2, Class M1, 4.31%, 3/25/2043 ‡ (e)		46,787		46,618
Countrywide Asset-Backed Certificates
Series 2004-2, Class M1, 3.26%, 5/25/2034 ‡ (e)		36,565		36,419
Series 2005-12, Class M1, 2.98%, 2/25/2036 ‡ (e)		106,013		105,805
Series 2006-19, Class 2A2, 2.67%, 3/25/2037 ‡ (e)		88,080		87,220
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-1, Class M2, 3.33%, 3/25/2034 ‡ (e)		50,349		49,761
Series 2004-5, Class M5, 4.83%, 5/25/2034 (e)		44,010		41,083
Series 2004-5, Class M3, 4.23%, 7/25/2034 ‡ (e)		70,251		70,437
Drive Auto Receivables Trust
Series 2018-4, Class D, 4.09%, 1/15/2026		35,000		35,335
Series 2018-5, Class D, 4.30%, 4/15/2026		35,000		35,439
DT Auto Owner Trust Series 2018-3A, Class D, 4.19%, 7/15/2024 (f)		55,000		55,269
Exeter Automobile Receivables Trust
Series 2018-4A, Class C, 3.97%, 9/15/2023 (f)		55,000		55,367
Series 2018-4A, Class D, 4.35%, 9/16/2024 (f)		20,000		20,251
Series 2018-4A, Class E, 5.38%, 7/15/2025 (f)		20,000		20,242
First Franklin Mortgage Loan Trust
Series 2004-FFH3, Class M1, 3.38%, 10/25/2034 ‡ (e)		118,240		118,102

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
GLS Auto Receivables Trust Series 2018-3A, Class C, 4.18%, 7/15/2024 (f)		25,000		25,178
Home Equity Asset Trust Series 2007-2, Class 2A2, 2.69%, 7/25/2037 ‡ (e)		15,776		15,747
Home Equity Mortgage Loan Asset-Backed Trust Series 2005-B, Class M2, 3.21%, 8/25/2035 ‡ (e)		53,661		53,631
KREF Ltd. Series 2018-FL1, Class D, 4.85%, 6/15/2036 ‡ (e) (f)		100,000		99,998
Long Beach Mortgage Loan Trust
Series 2004-4, Class M1, 3.41%, 10/25/2034 (e)		92,290		91,857
Series 2004-6, Class A3, 3.81%, 11/25/2034 ‡ (e)		34,959		35,094
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, Class M1, 3.53%, 10/25/2033 ‡ (e)		47,941		47,347
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-MHQ1, Class M2, 3.63%, 12/25/2034 ‡ (e)		43,963		43,974
Prestige Auto Receivables Trust
Series 2018-1A, Class D, 4.14%, 10/15/2024 (f)		15,000		15,229
RAMP Trust
Series 2005-KS12, Class M1, 2.95%, 1/25/2036 ‡ (e)		148,817		148,690
Series 2006-RZ4, Class A3, 2.78%, 10/25/2036 ‡ (e)		167,539		164,998
Saxon Asset Securities Trust
Series 2003-3, Class M1, 3.29%, 12/25/2033 ‡ (e)		43,413		41,827
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 3.48%, 10/25/2033 ‡ (e)		19,516		19,448
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 2.68%, 1/25/2037 (e)		99,040		96,468
Series 2007-WF2, Class A1, 3.51%, 8/25/2037 ‡ (e)		46,155		46,227
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2006-3, Class A2, 2.66%, 1/25/2037 ‡ (e)		58,508		58,144
Total Asset-Backed Securities (Cost $2,245,087)				2,302,325

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Commercial Mortgage-Backed Securities — 2.3%
United States — 2.3%
BANK Series 2017-BNK7, Class B, 3.95%, 9/15/2060		25,000		24,670
Barclays Commercial Mortgage Trust
Series 2018-C2, Class C, 4.97%, 12/15/2051 (e)		75,000		75,777
BENCHMARK Mortgage Trust
Series 2018-B1, Class D, 2.75%, 1/15/2051 (f)		25,000		18,666
Braemar Hotels & Resorts Trust 2018-Prime
Series 2018-PRME, Class B, 3.51%, 6/15/2035 ‡ (e) (f)		150,000		148,399
BXMT Ltd. Series 2017-FL1, Class B, 3.96%, 6/15/2035 ‡ (e) (f)		100,000		98,457
CD Mortgage Trust
Series 2017-CD4, Class C, 4.35%, 5/10/2050 ‡ (e)		100,000		96,607
Series 2017-CD5, Class D, 3.35%, 8/15/2050 (f)		10,000		8,383
Citigroup Commercial Mortgage Trust
Series 2015-P1, Class C, 4.34%, 9/15/2048 ‡ (e)		75,000		74,482
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (e)		15,000		14,973
Cold Storage Trust Series 2017-ICE3, Class B, 3.71%, 4/15/2036 (e) (f)		100,000		98,031
Commercial Mortgage Trust
Series 2014-CR20, Class D, 3.22%, 11/10/2047 (f)		100,000		87,864
Series 2015-CR23, Class CME, 3.68%, 5/10/2048 (e) (f)		100,000		98,774
Series 2015-LC21, Class D, 4.30%, 7/10/2048 ‡ (e)		110,000		99,039
DBGS Mortgage Trust
Series 2018-5BP, Class B, 3.29%, 6/15/2033 ‡ (e) (f)		100,000		97,934
Deutsche Bank Commercial Mortgage Trust Series 2017-C6, Class D, 3.24%, 6/10/2050 (e) (f)		50,000		40,346
FHLMC Multifamily Structured Pass-Through Certificates
Series K083, Class X1, IO, 0.03%, 9/25/2028 (e)		14,576,686		101,618
Series K723, Class X3, IO, 1.92%, 10/25/2034 (e)		119,125		9,647
Series K153, Class X3, IO, 3.77%, 4/25/2035 (e)		100,000		34,026
Series K716, Class X3, IO, 1.79%, 8/25/2042 (e)		317,355		13,253

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
United States — continued
Series K726, Class X3, IO, 2.13%, 7/25/2044 (e)		302,035		29,613
Series K728, Class X3, IO, 1.95%, 11/25/2045 (e)		151,300		14,585
FREMF Series 2018-KF46, Class B, 4.30%, 3/25/2028 (e) (f)		10,000		9,887
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.70%, 5/25/2022 (e) (f)		2,912		2,990
Series 2015-KF10, Class B, 8.45%, 7/25/2022 (e) (f)		8,056		8,566
Series 2017-KF32, Class B, 4.90%, 5/25/2024 (e) (f)		20,939		21,073
Series 2017-KF38, Class B, 4.85%, 9/25/2024 (e) (f)		12,115		12,142
Series 2018-KF42, Class B, 4.55%, 12/25/2024 (e) (f)		12,553		12,675
Series 2018-KF45, Class B, 4.30%, 3/25/2025 (e) (f)		29,297		28,885
Series 2018-KF49, Class B, 4.25%, 6/25/2025 (e) (f)		9,999		9,999
Series 2018-KF53, Class B, 4.40%, 10/25/2025 (e)		99,998		99,748
Series 2018-KF50, Class B, 4.41%, 7/25/2028 (e) (f)		10,000		9,962
Series 2012-K19, Class C, 4.03%, 5/25/2045 (e) (f)		10,000		9,983
Series 2017-K67, Class C, 3.94%, 9/25/2049 (e) (f)		15,000		14,089
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.59%, 6/10/2028 (e) (f)		100,000		98,441
GS Mortgage Securities Trust
Series 2016-GS4, Class D, 3.23%, 11/10/2049 (e) (f)		10,000		8,327
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (e)		59,511		41,067
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (e) (f)		15,000		14,708
Series 2018-H4, Class D, 3.00%, 12/15/2051 (e) (f)		100,000		73,332
Series 2018-H4, Class A4, 4.31%, 12/15/2051		35,000		36,532

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Wells Fargo Commercial Mortgage Trust
Series 2018-C48, Class C, 5.12%, 1/15/2052 (e)		60,000		59,439
Total Commercial Mortgage-Backed Securities (Cost $1,856,553)				1,856,989
U.S. Treasury Obligations — 1.7%
U.S. Treasury Notes 1.13%, 1/31/2019 (h) (Cost $1,383,942)		1,385,000		1,383,675
Mortgage-Backed Securities —1.4%
United States — 1.4%
FHLMC Gold Pools, 15 Year, Single Family
Pool # G14120, 4.00%, 4/1/2026		36,092		37,027
FNMA, 15 Year, Single Family
Pool # 890395, 3.50%, 2/1/2026		140,614		142,359
Pool # AL1174, 4.00%, 11/1/2026		114,141		116,913
Pool # AL1561, 3.50%, 4/1/2027		133,086		134,737
Pool # BM4475, 2.50%, 4/1/2033		143,331		140,113
FNMA, 20 Year, Single Family
Pool # BM3923, 3.50%, 3/1/2038		92,329		93,392
GNMA II, 30 Year, Single Family
Pool # MA5597, 5.00%, 11/20/2048		399,270		416,041
Total Mortgage-Backed Securities (Cost $1,076,583)				1,080,582
Corporate Bonds — 0.6%
France — 0.3%
Dexia Credit Local SA
0.75%, 1/25/2023 (a)	EUR	50,000		58,612
1.63%, 12/8/2023 (a)	GBP	100,000		127,407
				186,019
Mexico — 0.1%
Petroleos Mexicanos
6.38%, 2/4/2021		70,000		70,718
Netherlands — 0.0% (b)
BNG Bank NV 4.75%, 3/6/2023 (a)	AUD	15,000		11,523
Singapore — 0.2%
Temasek Financial I Ltd. 0.50%, 3/1/2022 (a)	EUR	150,000		173,757
Total Corporate Bonds (Cost $453,340)				442,017

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Supranational — 0.2%
Supranational — 0.2%
European Investment Bank
2.80%, 1/15/2021	AUD	33,000		23,492
2.25%, 7/30/2021 (f)	CAD	50,000		36,715
0.50%, 6/21/2023	AUD	30,000		19,173
Inter-American Development Bank
0.50%, 5/23/2023	CAD	63,000		42,675
4.40%, 1/26/2026	CAD	16,000		13,164
Total Supranational (Cost $143,066)				135,219
	NO. OF CONTRACTS		MARKET VALUE($)
Options Purchased — 0.2%
Call Options Purchased- 0.2%
United States — 0.2%
iShares MSCI EAFE ETF
3/15/2019 at USD 65.00, American Style Notional Amount: USD 4,902,252 Exchange Traded *		834		11,259
iShares MSCI Emerging Markets ETF
3/15/2019 at USD 41.00, American Style Notional Amount: USD 4,503,618 Exchange Traded *		1,153		100,311
S&P 500 Index
3/15/2019 at USD 2,825.00, European Style Notional Amount: USD 2,757,535 Exchange Traded *		11		5,995
Total Options Purchased (Cost $251,746)				117,565
	NUMBER OF RIGHTS
Rights — 0.0% (b)
United States — 0.0% (b)
Media General, Inc., CVR * ‡ (Cost $—)		902		44
INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Short-Term Investments — 13.9%
Foreign Government Treasury Bills — 8.2%
Canadian Treasury Bills
1.99%, 9/19/2019 (i)	CAD	2,911,000		2,104,696
2.05%, 11/14/2019 (i)	CAD	2,957,000		2,131,414

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)			VALUE($)
Long Positions — continued
Short-Term Investments — continued
Foreign Government Treasury Bills — continued
1.95%, 12/12/2019 (i)	CAD	3,120,000			2,245,271
Total Foreign Government Treasury Bills (Cost $6,691,919)					6,481,381
	SHARES
Investment Companies — 5.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (d) (j)		4,052,228			4,052,227
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (d) (j)		484,975			484,975
Total Investment Companies (Cost $4,537,203)					4,537,202
Total Short-Term Investments (Cost $11,229,122)					11,018,583
Total Long Positions (Cost $76,734,160)					77,038,969
Short Positions — (1.4)%
Common Stocks — (1.2)%
United States — (1.2)%
Amphenol Corp., Class A		(229	)		(18,554	)
Brown-Forman Corp., Class B		(570	)		(27,121	)
Caterpillar, Inc.		(20	)		(2,541	)
CBS Corp. (Non-Voting), Class B		(938	)		(41,009	)
Colgate-Palmolive Co.		(3,061	)		(182,191	)
DISH Network Corp., Class A *		(626	)		(15,631	)
Illinois Tool Works, Inc.		(588	)		(74,494	)
Johnson Controls International plc		(1,870	)		(55,445	)
Kimberly-Clark Corp.		(67	)		(7,634	)
LKQ Corp. *		(507	)		(12,031	)
McKesson Corp.		(247	)		(27,286	)
Molson Coors Brewing Co., Class B		(279	)		(15,669	)
Newell Brands, Inc.		(3,884	)		(72,203	)
Procter & Gamble Co. (The)		(754	)		(69,308	)
Raytheon Co.		(136	)		(20,856	)
Schlumberger Ltd.		(737	)		(26,591	)
Southern Co. (The)		(3,946	)		(173,308	)
Sprint Corp. *		(8,916	)		(51,891	)
Whirlpool Corp.		(494	)		(52,794	)
Zimmer Biomet Holdings, Inc.		(174	)		(18,047	)
Total Common Stocks (Proceeds $(1,026,281))					(964,604	)

INVESTMENTS	SHARES			VALUE($)
Exchange Traded Funds — (0.2)%
United States — (0.2)%
SPDR S&P 500 ETF Trust (Proceeds $(152,790))		(614	)		(153,451	)
Total Short Positions (Proceeds $(1,179,071))					(1,118,055	)
Total Investments — 95.9% (Cost $75,555,089)					75,920,914
Other Assets Less Liabilities — 4.1%					3,274,374
NET ASSETS — 100.0%					79,195,288

Percentages indicated are based on net assets.

Summary of Investments by Industry, December 31, 2018

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		18.2	%
Foreign Government Securities		7.5
Collateralized Mortgage Obligations		7.0
Banks		4.4
Pharmaceuticals		3.1
Asset-Backed Securities		3.0
Insurance		2.6
Commercial Mortgage-Backed Securities		2.4
Oil, Gas & Consumable Fuels		2.2
U.S. Treasury Notes		1.8
Health Care Providers & Services		1.8
Software		1.7
Capital Markets		1.6
Electric Utilities		1.4
Mortgage-Backed Securities		1.4
IT Services		1.2
Beverages		1.0
Machinery		1.0
Media		1.0
Semiconductors & Semiconductor Equipment		1.0
Equity Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		19.4
Short-Term Investments		14.3

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

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

SHORT PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Household Products		23.2	%
Electric Utilities		15.5
Mutual Funds		13.7
Household Durables		11.2
Machinery		6.9
Media		5.1
Building Products		5.0
Wireless Telecommunication Services		4.6
Beverages		3.8
Health Care Providers & Services		2.4
Energy Equipment & Services		2.4
Aerospace & Defense		1.9
Electronic Equipment, Instruments & Components		1.7
Health Care Equipment & Supplies		1.6
Distributors		1.0

Abbreviations

ABS	Asset-backed securities
ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
CVA	Dutch Certification
CVR	Contingent Value Rights
DKK	Danish Krone
EAFE	Europe, Australasia, and Far East
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
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
MSCI	Morgan Stanley Capital International
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
REMIC	Real Estate Mortgage Investment Conduit
SPDR	Standard & Poor’s Depository Receipts
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.
SEK	Swedish Krona
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)	Amount rounds to less than 0.1% of net assets.
(c)	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 $1,724,243 and $1,044,967, respectively.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	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, 2018.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(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, 2018.
(h)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(i)	The rate shown is the effective yield as of December 31, 2018.
(j)	The rate shown is the current yield as of December 31, 2018.
*	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 certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		5		03/2019		EUR		170,097			(3,544	)
Euro-Bund		1		03/2019		EUR		187,376			1,292
Foreign Exchange EUR/USD		23		03/2019		USD		3,314,731			28,531
Foreign Exchange JPY/USD		34		03/2019		USD		3,900,013			127,717
FTSE 100 Index		1		03/2019		GBP		84,945			268
Japan 10 Year Bond Mini		2		03/2019		JPY		278,509			308
Russell 2000 E-Mini Index		3		03/2019		USD		202,440			(12,959	)
S&P 500 E-Mini Index		32		03/2019		USD		4,004,800			(184,410	)
Short-Term Euro-BTP		1		03/2019		EUR		126,858			1,024
TOPIX Index		1		03/2019		JPY		130,504			(13,818	)
U.S. Treasury 10 Year Note		1		03/2019		USD		122,047			1,701
U.S. Treasury 5 Year Note		67		03/2019		USD		7,682,492			121,820
											67,930
Short Contracts
Canada 10 Year Bond		(1)		03/2019		CAD		(100,212	)		(1,134	)
EURO STOXX 50 Index		(39)		03/2019		EUR		(1,326,758	)		48,869
Foreign Exchange GBP/USD		(17)		03/2019		USD		(1,359,150	)		(15,551	)
FTSE 100 Index		(7)		03/2019		GBP		(594,616	)		9,590
MSCI EAFE E-Mini Index		(42)		03/2019		USD		(3,607,380	)		90,088
MSCI Emerging Markets E-Mini Index		(41)		03/2019		USD		(1,982,145	)		35,815
U.S. Treasury 2 Year Note		(1)		03/2019		USD		(212,266	)		(1,361	)
											166,316
											234,246

Abbreviations
CAD	Canadian Dollar
EAFE	Europe, Australasia, and Far East
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (continued)

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

Forward foreign currency exchange contracts outstanding as of December 31, 2018:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	6,480,926		CAD	8,593,414	Citibank, NA		1/7/2019		185,609
USD	166,286		CAD	221,635	Royal Bank of Canada		1/7/2019		3,922
GBP	18,464		USD	23,437	Citibank, NA		3/5/2019		168
JPY	28,852,187		USD	259,768	State Street Corp.		3/5/2019		4,722
USD	160,132		AUD	220,876	Australia & New Zealand Banking Group Ltd.		3/5/2019		4,389
USD	9,668		AUD	13,423	Deutsche Bank AG		3/5/2019		203
USD	151,223		CAD	200,325	National Australia Bank Ltd.		3/5/2019		4,270
USD	9,730		EUR	8,436	State Street Corp.		3/5/2019		16
USD	106,216		EUR	91,983	TD Bank Financial Group		3/5/2019		288
USD	752,786		GBP	586,649	Barclays Bank plc		3/5/2019		2,815
USD	16,268		GBP	12,689	Merrill Lynch International		3/5/2019		46
Total unrealized appreciation									206,448
CAD	14,499		USD	10,735	Australia & New Zealand Banking Group Ltd.		3/5/2019		(99	)
GBP	8,115		EUR	9,018	National Australia Bank Ltd.		3/5/2019		(11	)
USD	45,196		DKK	295,460	Citibank, NA		3/5/2019		(389	)
USD	112,483		EUR	97,824	Australia & New Zealand Banking Group Ltd.		3/5/2019		(171	)
USD	22,986		EUR	20,065	BNP Paribas		3/5/2019		(120	)
USD	53,496		EUR	46,973	Citibank, NA		3/5/2019		(598	)
USD	2,649,547		EUR	2,319,213	Goldman Sachs International		3/5/2019		(21,254	)
USD	11,594		EUR	10,127	Royal Bank of Canada		3/5/2019		(68	)
USD	12,472		GBP	9,844	BNP Paribas		3/5/2019		(113	)
USD	6,405		JPY	716,111	Australia & New Zealand Banking Group Ltd.		3/5/2019		(160	)
USD	9,167		JPY	1,032,645	Citibank, NA		3/5/2019		(299	)
USD	2,063,388		JPY	232,386,407	HSBC Bank, NA		3/5/2019		(66,910	)
USD	10,608		JPY	1,170,091	Merrill Lynch International		3/5/2019		(118	)
USD	9,839		JPY	1,101,770	National Australia Bank Ltd.		3/5/2019		(261	)
USD	128,054		JPY	14,072,457	TD Bank Financial Group		3/5/2019		(949	)
USD	32,204		SEK	290,065	Citibank, NA		3/5/2019		(685	)
Total unrealized depreciation									(92,205	)
Net unrealized appreciation									114,243

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.

20 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018

	JPMorgan Insurance Trust Global Allocation Portfolio
ASSETS:
Investments in non-affiliates, at value	$	58,352,913
Investments in affiliates, at value		18,568,491
Options purchased, at value		117,565
Cash		321,995
Foreign currency, at value		36,887
Deposits at broker for futures contracts		76,000
Deposits at broker for securities sold short		1,044,967
Receivables:
Due from custodian		67,427
Investment securities sold		538,844
Portfolio shares sold		1,052,830
Interest and dividends from non-affiliates		108,963
Dividends from affiliates		6,924
Tax reclaims		30,892
Variation margin on futures contracts		863,559
Unrealized appreciation on forward foreign currency exchange contracts		206,448
Total Assets		81,394,705
LIABILITIES:
Payables:
Securities sold short, at value		1,118,055
Dividend expense to non-affiliates on securities sold short		1,749
Investment securities purchased		846,784
Interest expense to non-affiliates on securities sold short		36
Portfolio shares redeemed		11,815
Unrealized depreciation on forward foreign currency exchange contracts		92,205
Accrued liabilities:
Investment advisory fees		17,074
Administration fees		21
Distribution fees		10,393
Custodian and accounting fees		30,468
Trustees’ and Chief Compliance Officer’s fees		45
Other		70,772
Total Liabilities		2,199,417
Net Assets	$	79,195,288
NET ASSETS:
Paid-in-Capital	$	78,997,384
Total distributable earnings (loss) (a)		197,904
Total Net Assets	$	79,195,288
Net Assets:
Class 1	$	30,366,130
Class 2		48,829,158
Total	$	79,195,288
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class 1		1,963,139
Class 2		3,168,510
Net Asset Value, offering and redemption price per share (b):
Class 1	$	15.47
Class 2		15.41
Cost of investments in non-affiliates	$	57,796,690
Cost of investments in affiliates		18,685,724
Cost of options purchased		251,746
Cost of foreign currency		36,264
Proceeds from securities sold short		1,179,071

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 21

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2018

	JPMorgan Insurance Trust Global Allocation Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	462,406
Interest income from affiliates		412
Interest income from non-affiliates on securities sold short		18,929
Dividend income from non-affiliates		858,855
Dividend income from affiliates		667,503
Foreign taxes withheld		(47,337	)
Total investment income		1,960,768
EXPENSES:
Investment advisory fees		454,705
Administration fees		61,464
Distribution fees — Class 2		128,357
Custodian and accounting fees		130,857
Interest expense to affiliates		386
Professional fees		116,885
Trustees’ and Chief Compliance Officer’s fees		24,743
Printing and mailing costs		28,009
Transfer agency fees — Class 1		243
Transfer agency fees — Class 2		957
Other		9,892
Dividend expense to non-affiliates on securities sold short		32,198
Total expenses		988,696
Less fees waived		(243,580	)
Less expense reimbursements		(449	)
Net expenses		744,667
Net investment income (loss)		1,216,101
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		11,490
Investments in affiliates		(195,802	)
Options purchased		(914,797	)
Futures contracts		38,598
Securities sold short		55,480
Foreign currency transactions		(6,702	)
Forward foreign currency exchange contracts		524,646
Net realized gain (loss)		(487,087	)
Distributions of capital gains received from investment company affiliates		528
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(4,961,948	)
Investments in affiliates		(1,317,899	)
Options purchased		(127,593	)
Futures contracts		129,738
Securities sold short		63,505
Foreign currency translations		(7,512	)
Forward foreign currency exchange contracts		183,235
Change in net unrealized appreciation/depreciation		(6,038,474	)
Net realized/unrealized gains (losses)		(6,525,033	)
Change in net assets resulting from operations	$	(5,308,932	)

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Global Allocation Portfolio
	Year Ended December 31, 2018			Year Ended December 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,216,101		$	915,772
Net realized gain (loss)		(487,087	)		1,956,419
Distributions of capital gains received from investment company affiliates		528			—
Change in net unrealized appreciation/depreciation		(6,038,474	)		5,912,379
Change in net assets resulting from operations		(5,308,932	)		8,784,570
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class 1		(167,469	)		(707,745	)
Class 2		(330,463	)		(2,312,934	)
Total distributions to shareholders		(497,932	)		(3,020,679	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		22,224,332			2,480,474
NET ASSETS:
Change in net assets		16,417,468			8,244,365
Beginning of period		62,777,820			54,533,455
End of period	$	79,195,288		$	62,777,820
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	19,444,733		$	8,772,622
Distributions reinvested		167,469			707,745
Cost of shares redeemed		(1,387,647	)		(356,670	)
Change in net assets resulting from Class 1 capital transactions	$	18,224,555		$	9,123,697
Class 2
Proceeds from shares issued	$	17,535,698		$	20,644,632
Distributions reinvested		330,463			2,312,934
Cost of shares redeemed		(13,866,384	)		(29,600,789	)
Change in net assets resulting from Class 2 capital transactions	$	3,999,777		$	(6,643,223	)
Total change in net assets resulting from capital transactions	$	22,224,332		$	2,480,474
SHARE TRANSACTIONS:
Class 1
Issued		1,174,334			529,087
Reinvested		10,174			42,545
Redeemed		(84,853	)		(21,469	)
Change in Class 1 Shares		1,099,655			550,163
Class 2
Issued		1,062,803			1,261,337
Reinvested		20,126			139,431
Redeemed		(843,413	)		(1,825,803	)
Change in Class 2 Shares		239,516			(425,035	)

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

Class 1
From net investment income	$ (182,218)
From net realized gains	(525,527)
Class 2
From net investment income	(467,939)
From net realized gains	(1,844,995)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Year Ended December 31, 2018	$	16.57	$	0.29	(i)	$	(1.29	)	$	(1.00	)	$	—		$	(0.10	)	$	(0.10	)
Year Ended December 31, 2017		14.89		0.29	(i)		2.25			2.54			(0.20	)		(0.66	)		(0.86	)
Year Ended December 31, 2016		14.46		0.35	(i)		0.54			0.89			(0.46	)		—	(k)		(0.46	)
Year Ended December 31, 2015		14.93		0.30	(i)		(0.46	)		(0.16	)		(0.23	)		(0.08	)		(0.31	)
December 9, 2014 (n) through December 31, 2014		15.00		0.03			(0.06	)		(0.03	)		(0.04	)		—			(0.04	)
Class 2
Year Ended December 31, 2018		16.55		0.25	(i)		(1.29	)		(1.04	)		—			(0.10	)		(0.10	)
Year Ended December 31, 2017		14.87		0.26	(i)		2.24			2.50			(0.16	)		(0.66	)		(0.82	)
Year Ended December 31, 2016		14.45		0.30	(i)		0.54			0.84			(0.42	)		—	(k)		(0.42	)
Year Ended December 31, 2015		14.93		0.22	(i)		(0.42	)		(0.20	)		(0.20	)		(0.08	)		(0.28	)
December 9, 2014 (n) through December 31, 2014		15.00		0.03			(0.07	)		(0.04	)		(0.03	)		—			(0.03	)

(a) Annualized for periods less than one year, unless otherwise noted.

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

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

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

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

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

(g) Does not include expenses of Underlying Funds.

(h) 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.

(i) Calculated based upon average shares outstanding.

(j) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class 1 are 0.77% 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 1.34% for the year ended December 31, 2018 and 1.01% and 1.32% for the year ended December 31, 2017, respectively.

(k) Amount rounds to less than $0.005.

(l) Dividend expense on securities sold short is less than 0.005%.

(m) Certain non-recurring expenses incurred by the Portfolio were not annualized for the year ended December 31, 2015 and the period ended December 31, 2014.

(n) Commencement of operations.

(o) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)(e)			Net assets, end of period		Net expenses (including dividend expense for securities sold short) (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (including dividend expense for securites sold short) (g)			Portfolio turnover rate (excluding securities sold short) (c)(h)			Portfolio turnover rate (including securities sold short) (c)(h)
$	15.47		(6.06	)%	$	30,366,130		0.81	%(j)		1.79	%		1.14	%(j)		110	%		141	%
	16.57		17.11			14,307,557		0.79	(j)		1.76			1.14	(j)		80			92
	14.89		6.13			4,664,040		0.77	(l)		2.34			1.20	(l)		60			61
	14.46		(1.06	)		489,826		0.77	(m)		2.00	(m)		1.18	(m)		50			—
	14.93		(0.23	)		99,781		0.78	(m)		3.08	(m)		6.70	(m)		0.00	(o)		—
	15.41		(6.31	)		48,829,158		1.06	(j)		1.52			1.38	(j)		110			141
	16.55		16.85			48,470,263		1.04	(j)		1.59			1.35	(j)		80			92
	14.87		5.84			49,869,415		1.02	(l)		2.04			1.45	(l)		60			61
	14.45		(1.32	)		32,065,138		1.03	(m)		1.48	(m)		1.58	(m)		50			—
	14.93		(0.25	)		19,853,425		1.03	(m)		2.83	(m)		6.95	(m)		0.00	(o)		—

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 25

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
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 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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. 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 (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

26 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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, 2018.

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	$	—	$	624,663	$	1,677,662	$	2,302,325
Collateralized Mortgage Obligations
Other Collateralized Mortgage Obligations		—		5,391,652		—		5,391,652
Commercial Mortgage-Backed Securities
United States		—		1,171,323		685,666		1,856,989
Common Stocks
Australia		16,141		775,260		—		791,401
Austria		—		107,364		—		107,364
Belgium		—		128,728		—		128,728
China		—		264,595		—		264,595
Denmark		—		265,073		—		265,073
Finland		—		144,076		—		144,076
France		—		1,605,081		—		1,605,081
Germany		—		1,427,015		—		1,427,015
Hong Kong		—		570,556		—		570,556
Indonesia		—		94,944		—		94,944
Ireland		68,986		27,122		—		96,108
Italy		—		268,637		—		268,637
Japan		—		3,112,163		—		3,112,163
Luxembourg		—		46,224		—		46,224
Netherlands		—		872,989		—		872,989
Singapore		—		116,932		—		116,932
Spain		—		427,399		—		427,399
Sweden		—		153,847		—		153,847
Switzerland		—		1,395,817		—		1,395,817
United Kingdom		75,244		2,262,138		—		2,337,382
United States		18,371,544		167,158		—		18,538,702
Other Common Stocks		737,389		—		—		737,389
Total Common Stocks		19,269,304		14,233,118		—		33,502,422
Corporate Bonds
Other Corporate Bonds		—		442,017		—		442,017
Foreign Government Securities		—		5,776,607		—		5,776,607
Investment Companies		14,031,289		—		—		14,031,289

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 27

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Mortgage-Backed Securities	$	—		$	1,080,582		$	—	$	1,080,582
Supranational		—			135,219			—		135,219
Rights
United States		—			—			44		44
Options Purchased
Call Options Purchased		117,565			—			—		117,565
U.S. Treasury Obligations		—			1,383,675			—		1,383,675
Short-Term Investments
Foreign Government Treasury Bills		—			6,481,381			—		6,481,381
Investment Companies		4,537,202			—			—		4,537,202
Total Short-Term Investments		4,537,202			6,481,381			—		11,018,583
Total Investments in Securities	$	37,955,360		$	36,720,237		$	2,363,372	$	77,038,969
Liabilities
Common Stocks
Other Common Stocks	$	(964,604	)	$	—		$	—	$	(964,604	)
Exchange Traded Funds		(153,451	)		—			—		(153,451	)
Total Liabilities in Securities Sold Short	$	(1,118,055	)	$	—		$	—	$	(1,118,055	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	206,448		$	—	$	206,448
Futures Contracts		408,296			58,727			—		467,023
Total Appreciation in Other Financial Instruments	$	408,296		$	265,175		$	—	$	673,471
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(92,205	)	$	—	$	(92,205	)
Futures Contracts		(215,415	)		(17,362	)		—		(232,777	)
Total Depreciation in Other Financial Instruments	$	(215,415	)	$	(109,567	)	$	—	$	(324,982	)

There were no significant transfers among any levels during the year ended December 31, 2018.

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, 2017		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, 2018
Investments in Securities
Asset-Backed Securities — United States	$	1,064,482	$	6,252	$	(19,849	)	$	3,101	$	1,488,676	$	(865,000	)	$	—	$	—	$	1,677,662
Commercial Mortgage-Backed Securities — United States		—		—		(6,339	)		242		714,910		(23,147	)		—		—		685,666
Right — United States		44		—		—			—		—		—			—		—		44
Total	$	1,064,526	$	6,252	$	(26,188	)	$	3,343	$	2,203,586	$	(888,147	)	$	—	$	—	$	2,363,372

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2018, which were valued using significant unobservable inputs (level 3) amounted to $(19,993). This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

28 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

Quantitative Information about Level 3 Fair Value Measurements#

	Fair Value at December 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,577,664	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 14.60% (6.59%)
				Constant Default Rate		0.000% - 6.70% (3.45%)
				Yield (Discount Rate of Cash Flows)		3.17% - 6.97% (3.85%)
Asset-Backed Securities		1,577,664
		587,208	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.90% - 33.90% (6.68%)
Commercial Mortgage-Backed Securities		587,208
		44	Pending Distribution Amount	Expected Recovery		$0.049 ($0.049)
Rights		44
Total	$	2,164,916

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At December 31, 2018, the value of these investments was $198,456. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

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. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the 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, 2018
Security Description	Value at December 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)	$	3,231,938	$	1,463,758	$	—	$	—		$	(704,738	)	$	3,990,958		160,087	$	41,576	$	—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,090,560		1,235,516		2,438,779		(189,587	)		(131,750	)		1,565,960		206,864		119,660		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		—		4,707,592		1,669,919		(11,171	)		(137,183	)		2,889,319		322,829		105,855		—
JPMorgan High Yield Fund Class R6 Shares (a)		4,230,855		3,901,291		4,916,149		4,956			(342,659	)		2,878,294		423,902		313,561		—
JPMorgan Managed Income Fund Class L Shares (a)		—		2,708,327		—		—			(1,569	)		2,706,758		270,676		9,605		499
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		34,034,295		29,982,068		—			—			4,052,227		4,052,228		52,680		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		4,675,740		15,700,383		19,891,148		—			—			484,975		484,975		24,566		29
Total	$	15,229,093	$	63,751,162	$	58,898,063	$	(195,802	)	$	(1,317,899	)	$	18,568,491			$	667,503	$	528

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

(b) The rate shown is the current yield as of December 31, 2018.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 29

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

C. 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 C(1) — C(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 in 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 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.

Options Written — Premiums received by the Portfolio for options written are included on the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Portfolio records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Portfolio is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Portfolio to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Portfolio to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Portfolio is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Portfolio’s exchange traded 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 Fund 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.

30 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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

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

(3). Forward Foreign Currency Exchange Contracts — The Portfolio may be 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, 2018, 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
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—	$	126,145		$	—		$	126,145
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		—		156,248			206,448			362,696
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		117,565		184,630			—			302,195
Total		$	117,565	$	467,023		$	206,448		$	791,036
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(2,495	)	$	—		$	(2,495	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		—		(15,551	)		(92,205	)		(107,756	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		—		(214,731	)		—			(214,731	)
Total		$	—	$	(232,777	)	$	(92,205	)	$	(324,982	)

(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.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

The following tables present the effect of derivatives on the Statement of Operations for the year ended December 31, 2018, 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
Interest rate contracts	$	—		$	(94,032	)	$	—	$	(94,032	)
Foreign exchange contracts		—			(166,374	)		524,646		358,272
Equity contracts		(914,797	)		299,004			—		(615,793	)
Total	$	(914,797	)	$	38,598		$	524,646	$	(351,553	)

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
Interest rate contracts	$	—		$	119,558		$	—	$	119,558
Foreign exchange contracts		—			57,971			183,235		241,206
Equity contracts		(127,593	)		(47,791	)		—		(175,384	)
Total	$	(127,593	)	$	129,738		$	183,235	$	185,380

The Portfolio’s derivatives contracts held at December 31, 2018 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, 2018. 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	$	5,569,827
Average Notional Balance Short		6,015,833
Ending Notional Balance Long		4,592,786
Ending Notional Balance Short		7,510,899
Foreign Exchange
Average Notional Balance Long		5,674,331
Average Notional Balance Short		1,413,277	(a)
Ending Notional Balance Long		7,214,744
Ending Notional Balance Short		1,359,150
Interest Rate
Average Notional Balance Long		3,187,898
Average Notional Balance Short		1,598,294
Ending Notional Balance Long		8,397,282
Ending Notional Balance Short		312,478
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		2,225,586	(b)
Average Settlement Value Sold		12,576,577
Ending Settlement Value Purchased		304,325
Ending Settlement Value Sold		13,020,674
Exchange-Traded Options:
Average Number of Contracts Purchased		1,232
Ending Number of Contracts Purchased		1,998

(a) For the period May 1, 2018 through December 31, 2018.

(b) For the period February 1, 2018 through December 31, 2018.

D. 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.

32 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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 an asset 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, 2018, the Portfolio had outstanding short sales as listed on the SOI.

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

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

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

F. 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.

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

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

H. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

I. 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.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

J. 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)
$—	$	531,523	$	(531,523	)

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.60%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services during the year ended December 31, 2018 the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended December 31, 2018, the effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

Effective January 1, 2019, 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, 0.050% of the Portfolio’s average daily net assets between $10 billion and $20 billion, 0.025% of the Portfolio’s average daily net assets between $20 billion and $25 billion and 0.01% of the Portfolio’s daily average net assets in excess of $25 billion.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’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 in accordance with Rule 12b-1 under the 1940 Act. The Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay 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. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately 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 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	%

34 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

The expense limitation agreement was in effect for the year ended December 31, 2018 and is in place until at least April 30, 2019.

In addition, certain affiliates of the Adviser participated in selling variable insurance contracts that included the Portfolio as an investment option to variable insurance contract owners who hold such contracts in retirement plans and/or individual retirement accounts (“covered sales”). The Adviser, Administrator and/or Distributor voluntarily waived certain fees to which they were otherwise entitled with respect to covered sales in order to avoid potential conflicts of interest that may have arose under the United States Department of Labor’s revised regulations defining fiduciary advice. The amount of the covered sales waiver was based upon fees payable to the Adviser, the Administrator, the Distributor and JPMCB, as custodian and fund accounting agent, that the Adviser can attribute to assets in the Portfolio as a result of covered sales.

For the year ended December 31, 2018, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers							Voluntary Waivers
Investment Advisory Fees	Administration Fees		Total		Contractual Reimbursements		Investment Advisory Fees
$173,020	$	61,443	$	234,463	$	449	$	1,629

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (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.

The amount of waivers resulting from investments in these money market funds for the year ended December 31, 2018 was $7,488.

The Underlying Funds may impose separate advisory fees. The Portfolio’s Adviser has agreed to waive the Portfolio’s advisory fees in the weighted average pro-rata amount of the advisory fees charged by the affiliated Underlying Funds. 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 appointed a Chief Compliance Officer to the Portfolio in accordance with Federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees 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, 2018, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the year ended December 31, 2018, the Portfolio did not incur any brokerage commissions with broker-dealers 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, 2018, 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
$	83,925,228	$	67,121,400	$	3,150,145	$	4,954,457	$	20,079,823	$	19,377,497

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, 2018 were as follows:

Aggregate Cost*		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	76,831,656	$	3,632,039	$	4,194,292	$	(562,253	)

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

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, mark to market of futures contracts and investments in PFICs.

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.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,104,979	$	915,700	$	3,020,679

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

As of December 31, 2018, 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 or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	1,778,248	$	(548,450	)	$	(1,015,763	)

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, straddle loss deferrals and investments in PFICs.

As of December 31, 2018, the Portfolio had the following net capital loss carryforwards:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	548,450	$	—

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 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 was extended until November 4, 2019.

The Portfolio had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2018. Average borrowings from the Facility during the year ended December 31, 2018, were as follows:

Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
$	1,831,132		2.67	%		1	$	136

The Trust, along with certain other trusts (“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

36 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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 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 14, 2018, 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, 2018.

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, 2018, the Portfolio had five omnibus accounts which owned 88.1% 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. Given that the Federal Reserve has been raising interest rates and may continue to do so, the Portfolio may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Portfolio is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Portfolio such as 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, 2018, 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 and may increase the volatility of the Portfolio. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Portfolio’s original investment. Derivatives expose the Portfolio to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). 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, 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.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

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, 2018, the Portfolio pledged a significant 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.

8. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. We have evaluated the implications of these changes and the amendments will have no effect on the Portfolio’s net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Portfolio’s net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Portfolio’s net assets or results of operation.

38 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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, 2018, the related statement of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2018 and for the period December 9, 2014 (commencement of operations) through December 31, 2014 (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, 2018, 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, 2018 and the financial highlights for each of the four years in the period ended December 31, 2018 and for the period December 9, 2014 (commencement of operations) through December 31, 2014 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, 2018 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, 2019

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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 39

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.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	136	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).	136	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 Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	136	Non-Executive Director, Legal & General Investment Management (Holdings) and 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 since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	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).	136	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 (serving in various roles 1984-2012).	136	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).	136	None

40 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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).	136	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).	136	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).	136	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).	136	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 (registered investment adviser) (1985-2005).	136	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).	136	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).	136	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 41

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)
James J. Schonbachler**** (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (serving in various roles 1968-1998).	136	None

(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 eleven registered investment companies (136 funds).

     * 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.

**** Mr. Schonbachler retired effective December 31, 2018.

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

42 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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.) (2014–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 (1999-2014).
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.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
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.
Gregory S. Samuels (1980), Assistant Secretary (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.
Pamela L. Woodley (1971), Assistant Secretary (2012)*	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
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.
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 270 Park Avenue, New York, NY 10017.

    * 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, 2018 JPMORGAN INSURANCE TRUST 43

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, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Insurance Trust Global Allocation Portfolio
Class 1
Actual	$	1,000.00	$	950.20	$	3.98		0.81	%
Hypothetical		1,000.00		1,021.12		4.13		0.81
Class 2
Actual		1,000.00		948.90		5.26		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07

* 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).

44 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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 2018, 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 15, 2018.

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 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. 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 the 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

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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, 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 J.P. Morgan Funds

including the benefits received by the Adviser and its affiliates in connection with the Portfolio’s investments in the Underlying Funds. The Trustees also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Portfolio may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Portfolio and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Portfolio was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Portfolio has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allows the Portfolio’s shareholders to share potential economies of scale from the Portfolio’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Portfolio over time, noting the Adviser’s substantial investments in its business in support of the Portfolio, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Portfolio at competitive levels. 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

46 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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 Peer Group and Universe. 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 first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2017, respectively, and in the first quintile based upon the Universe for both the one- and three-year periods ended December 31, 2017. 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. The Trustees also reviewed information about other expenses and the expense ratios for the Portfolio. 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 2 shares were in the first and fifth quintiles, respectively, 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.

DECEMBER 31, 2018 JPMORGAN INSURANCE TRUST 47

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

The Portfolio had 93.54%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate rate shareholders for the fiscal year ended December 31, 2018.

Long Term Capital Gain

The Portfolio distributed $227,458, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended December 31, 2018.

48 JPMORGAN INSURANCE TRUST DECEMBER 31, 2018

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

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

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

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the 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 marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018.  All rights reserved. December     , 2018 AN-JPMITGAP-1218

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

2018 – $343,823

2017 – $360,283

(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

2018 – $51,850

2017 – $51,250

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

2018 – $63,548

2017 – $80,040

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, 2018 and 2017, 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

2018 – Not applicable

2017 – 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.

2018 – 0.0%

2017 – 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:

2018—$32.1 million

2017—$28.4 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Insurance Trust
By:	/s/    Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	February 22, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	February 22, 2019

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	February 22, 2019