JPMorgan Insurance Trust

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1 Annual Report JPMorgan Insurance Trust December 31, 2017 JPMorgan Insurance Trust Core Bond Portfolio NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

2 CONTENTS CEO s Letter... 1 Portfolio Commentary... 2 Schedule of Portfolio Investments... 4 Financial Statements Financial Highlights Notes to Financial Statements Report of Independent Registered Public Accounting Firm Trustees Officers Schedule of Shareholder Expenses Board Approval of Investment Advisory Agreement 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 for a prospectus containing more complete information about the Portfolio, including management fees and other expenses. Please read it carefully before investing.

3 CEO S LETTER February 1, 2018 (Unaudited) Dear Shareholder, U.S. economic growth accelerated through 2017, supported by synchronized growth in the global economy and central bank policies that helped push equity prices higher in the U.S. as well as most developed market and emerging market nations. Generally strong fourth-quarter 2017 earnings, historically high consumer confidence and increased business investment point to continued growth in the U.S. economy. George C.W. Gatch During the year, the U.S. entered its third longest economic expansion on record. Gross domestic product (GDP) rose by 1.8%, 1.2% and 3.2% in the first three quarters of 2017, respectively, and preliminary estimates put fourth quarter GDP growth at 2.6%. Unemployment fell steadily to 4.1% in December 2017 from 4.8% at the start of the year though growth in wages remained weak and U.S. consumer confidence reached a 17-year high in November Corporate profits rose strongly and received a boost from stable energy prices and a 10% decline in the value of the U.S. dollar over the course of the year. Notably, three large hurricanes along with wildfires and other natural disasters combined to cause an estimated $306 billion in damage in the U.S., making 2017 the most expensive year to date for natural disasters. While companies in some specific sectors of the economy reported that Hurricanes Harvey, Irma and Maria affected revenue or earnings, any impact on the larger economy appeared to be limited. The U.S. Federal Reserve raised interest rates three times in 2017 and indicated it would raise rates three more times in the year ahead. However, interest rates overall remained relatively low during 2017, which provided support for the domestic economy and for financial markets. Globally, most developed market and emerging market economies also continued to grow throughout Growth in Europe was strong enough that the European Central Bank committed to reducing its monthly asset purchases by half and the Bank of England raised its benchmark interest rate for the first time in ten years. Japan registered its longest economic expansion in a decade. China s GDP grew by an estimated 6.8% in 2017, supported by personal consumption and growth in foreign trade, according to the World Bank. Roughly 120 countries, comprising three-fourths of global GDP, experienced increased economic growth in 2017 relative to 2016, according to the International Monetary Fund (IMF). Meanwhile, global financial markets provided investors with positive returns throughout Overall, equity markets outperformed bond markets, with emerging market equities largely outperforming developed market equities for the year. In the U.S., the Standard & Poor s 500 Index (the S&P 500 ) reached 62 new closing highs during 2017 the second largest number on record and posted positive total returns (dividends included) in each month of the year for the first time since the current formula of the benchmark index was created in At the same time, equity market volatility fell to historic lows and by the end of 2017, U.S. stock prices overall hadn t experienced a decline of 3% or greater for 14 consecutive months. While U.S. fixed income markets largely provided positive returns during the year, they underperformed equity markets. In the wake of stronger-than-expected growth in the U.S. and other leading economies, the IMF revised its forecast for 2018 U.S. GDP growth to 2.7% from 2.3%. The IMF cited external demand and a reduction in U.S. corporate tax rates from the Tax Cuts and Jobs Act of Generally strong fourth-quarter 2017 earnings, historically high consumer confidence and increased business investment point to continued growth in the U.S. economy. We believe investors who maintain a properly diversified portfolio and a long-term outlook will be able to benefit from the current global economic expansion. We look forward to managing your investment needs for years to come. Should you have any questions, please visit or contact the J.P. Morgan Funds Service Center at Sincerely yours, George C.W. Gatch CEO, Global Funds Management J.P. Morgan Asset Management DECEMBER 31, 2017 JPMORGAN INSURANCE TRUST 1

4 JPMorgan Insurance Trust Core Bond Portfolio PORTFOLIO COMMENTARY TWELVE MONTHS ENDED DECEMBER 31, 2017 (Unaudited) REPORTING PERIOD RETURN: Portfolio (Class 1 Shares)* % Bloomberg Barclays U.S. Aggregate Index % Net Assets as of 12/31/ $294,664,228 Duration as of 12/31/ 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? Investment grade corporate bonds and U.S. Treasury bonds provided relatively small but positive returns for the twelve month reporting period amid investor expectations for rising interest rates in the U.S. While U.S. high-yield bonds (also called junk bonds ) generally outperformed other fixed income asset classes, bond markets overall underperformed equity markets. The U.S. Federal Reserve raised benchmark interest rates three times during During the latter half of the year, the yield curve, which shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time, flattened out as yields on shorter dated U.S. Treasury bonds rose and yields for longer-dated Treasury bonds fell. For the twelve months ended December 31, 2017, the Bloomberg Barclays U.S. Aggregate Index returned 3.54%. WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO S PERFORMANCE? The Portfolio s Class 1 shares outperformed the Bloomberg Barclays U.S. Aggregate Index (the Benchmark ) for the twelve months ended December 31, Relative to the Benchmark, the Portfolio s underweight allocation to U.S. Treasury bonds and its overweight allocation to mortgages, asset-backed securities and commercial mortgage-backed securities made a positive contribution to performance. The Portfolio s duration and yield curve positioning detracted from relative performance during the reporting period. Compared with the Benchmark, the Portfolio had a shorter duration and was overweight in the 5-10 year portion of the yield curve and underweight in the 30 year portion of the yield curve. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger change in price as interest rates rise or fall. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds. 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 (5 to 10 year maturities) and underweight in the long end of the yield curve (30 year maturity). The Portfolio maintained a shorter duration posture versus the Benchmark during the twelve month reporting period. PORTFOLIO COMPOSITION*** Corporate Bonds % U.S. Treasury Obligations Mortgage-Backed Securities Collateralized Mortgage Obligations Asset-Backed Securities U.S. Government Agency Securities Commercial Mortgage-Backed Securities Others (each less than 1.0%) Short-Term Investment * 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, The Portfolio s composition is subject to change. 2 JPMORGAN INSURANCE TRUST DECEMBER 31, 2017

5 AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2017 INCEPTION DATE OF CLASS 1 YEAR 5 YEAR 10 YEAR CLASS 1 SHARES May 1, % 2.03% 4.27% CLASS 2 SHARES August 16, TEN YEAR PERFORMANCE (12/31/07 TO 12/31/17) $20,000 15,000 $15,184 $14,811 $14,677 10,000 5,000 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 JPMorgan Insurance Trust Core Bond Portfolio - Class 1 Shares Bloomberg Barclays U.S. Aggregate Index Lipper Variable Underlying Funds Core Bond Funds Index 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 The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Core Bond Portfolio, the Bloomberg Barclays U.S. Aggregate Index and the Lipper Variable Underlying Funds Core Bond Funds Index from December 31, 2007 to December 31, The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Core Bond Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Portfolio. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Variable Underlying Funds Core Bond Funds Index is an index based on the total returns of certain mutual funds within the Portfolio s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Portfolio performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Portfolio performance may reflect the waiver of the Portfolio s fees and reimbursement of expenses for certain periods 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, 2017 JPMORGAN INSURANCE TRUST 3

6 JPMorgan Insurance Trust Core Bond Portfolio SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 2017 Asset-Backed Securities 10.3% Air Canada Pass-Through Trust, (Canada), 21,040 Series , Class A, 4.13%, 05/15/2025 (e) 22,146 85,000 Series , Class A, 3.55%, 01/15/2030 (e) 85,162 60,000 Series , Class AA, 3.30%, 01/15/2030 (e) 59,700 American Airlines Pass-Through Trust, 16,308 Series , Class A, 5.25%, 01/31/ ,158 80,104 Series , Class A, 4.00%, 07/15/ ,467 41,535 Series , Class A, 3.70%, 10/01/ ,470 15,168 Series , Class A, 3.65%, 06/15/ , ,588 Series , Class AA, 3.00%, 10/15/ , ,000 Series , Class AA, 3.65%, 02/15/ ,510 41,000 Series , Class AA, 3.35%, 10/15/ , ,000 Series , Class B, 3.70%, 10/15/ ,068 American Credit Acceptance Receivables Trust, 15,738 Series , Class A, 1.70%, 11/12/2020 (e) 15,726 78,764 Series , Class A, 1.50%, 06/12/2020 (e) 78, ,000 Series , Class C, 2.91%, 02/13/2023 (e) (bb) 115,980 American Homes 4 Rent, 380,000 Series 2015-SFR1, Class D, 4.41%, 04/17/2052 (e) (bb) 392, ,000 Series 2015-SFR1, Class E, 5.64%, 04/17/2052 (e) (bb) 108,734 American Homes 4 Rent Trust, 425,867 Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (e) (bb) 442, ,000 Series 2014-SFR2, Class C, 4.71%, 10/17/2036 (e) (bb) 212, ,498 Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (e) 244, ,000 Series 2014-SFR3, Class E, 6.42%, 12/17/2036 (e) (bb) 225, ,000 Series 2015-SFR2, Class C, 4.69%, 10/17/2045 (e) (bb) 213, ,000 Americredit Automobile Receivables Trust, Series , Class B, 1.83%, 12/08/2021 (bb) 593,870 50,000 AmeriCredit Automobile Receivables Trust, Series , Class A3, 1.46%, 05/10/ , ,665 AXIS Equipment Finance Receivables IV LLC, Series A, Class A, 2.21%, 11/20/2021 (e) 254,066 B2R Mortgage Trust, 74,727 Series , Class A1, 2.52%, 05/15/2048 (e) 74, ,163 Series , Class A, 3.34%, 11/15/2048 (e) 233, ,000 BA Credit Card Trust, Series 2015-A2, Class A, 1.36%, 09/15/ , ,351 BCC Funding XIII LLC, Series , Class A2, 2.20%, 12/20/2021 (e) 123,064 7,249 Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, 1.92%, 04/25/2036 (z) (bb) 7, ,000 BMW Vehicle Lease Trust, Series , Class A4, 1.57%, 02/20/ ,607 77,000 Cabela s Credit Card Master Note Trust, Series , Class A1, 2.25%, 07/17/ ,866 88,816 CAM Mortgage Trust, Series , Class A1, SUB, 3.22%, 08/01/2057 (e) (bb) 88, ,501 Camillo Issuer LLC, Series 2016-SFR, Class 1A1, 5.00%, 12/05/2023 (bb) 373,682 63,000 Capital Auto Receivables Asset Trust, Series , Class A4, 1.63%, 01/20/ ,588 8,434 CarFinance Capital Auto Trust, Series A, Class A, 1.44%, 11/16/2020 (e) 8,427 13,814 CarMax Auto Owner Trust, Series , Class A4, 1.28%, 05/15/ ,809 Carnow Auto Receivables Trust, 58,123 Series A, Class A, 2.26%, 05/15/2019 (e) 58, ,000 Series A, Class A, 2.92%, 09/15/2022 (e) 179,928 Chrysler Capital Auto Receivables Trust, 180,410 Series 2016-AA, Class A3, 1.77%, 10/15/2020 (e) 180, ,000 Series 2016-BA, Class A3, 1.64%, 07/15/2021 (e) 326,585 4 JPMORGAN INSURANCE TRUST DECEMBER 31, 2017

7 Asset-Backed Securities continued 65,552 Citi Held For Asset Issuance, Series 2016-MF1, Class A, 4.48%, 08/15/2022 (e) 65,925 38,729 CLUB Credit Trust, Series 2017-NP1, Class A, 2.39%, 04/17/2023 (e) 38, ,950 Continental Credit Card, Series A, Class A, 4.56%, 01/15/2023 (e) 105,922 CPS Auto Receivables Trust, 23,663 Series 2015-B, Class A, 1.65%, 11/15/2019 (e) 23, ,000 Series 2015-C, Class D, 4.63%, 08/16/2021 (e) (bb) 174,710 28,707 Series 2016-A, Class A, 2.25%, 10/15/2019 (e) 28,719 19,454 Series 2016-B, Class A, 2.07%, 11/15/2019 (e) 19,458 Credit Acceptance Auto Loan Trust, 151,834 Series A, Class A, 2.40%, 02/15/2023 (e) 151, ,000 Series A, Class A, 2.56%, 10/15/2025 (e) 249,611 84,310 CVS Pass-Through Trust, 5.93%, 01/10/2034 (e) 96,083 4,005 CWABS Revolving Home Equity Loan Trust, Series 2004-K, Class 2A, 1.78%, 02/15/2034 (z) (bb) 3,750 CWABS, Inc. Asset-Backed Certificates, 1,056 Series , Class 3A, 2.11%, 04/25/2034 (z) (bb) 1,042 46,947 Series , Class M1, 2.30%, 03/25/2034 (z) (bb) 47,185 8,128 Series , Class M2, 2.38%, 03/25/2034 (z) (bb) 8,067 20,275 Delta Air Lines Pass-Through Trust, Series , Class A, 4.95%, 05/23/ ,807 Drive Auto Receivables Trust, 132,000 Series 2015-DA, Class D, 4.59%, 01/17/2023 (e) (bb) 135,080 13,958 Series 2016-AA, Class B, 3.17%, 05/15/2020 (e) 13, ,000 Series 2016-AA, Class C, 3.91%, 05/17/2021 (e) 244,824 36,534 Series 2016-BA, Class B, 2.56%, 06/15/2020 (e) 36, ,000 Series 2016-CA, Class D, 4.18%, 03/15/2024 (e) 225, ,000 Series , Class C, 2.84%, 04/15/ , ,000 Series , Class D, 3.84%, 03/15/ , ,000 Series , Class C, 2.75%, 09/15/ ,519 1,170,000 Series , Class B, 2.30%, 05/17/2021 1,167, ,000 Series , Class D, 3.53%, 12/15/2023 (e) 571,648 60,000 Series 2017-AA, Class B, 2.51%, 01/15/2021 (e) 60,167 95,000 Series 2017-AA, Class C, 2.98%, 01/18/2022 (e) 95, ,000 Series 2017-AA, Class D, 4.16%, 05/15/2024 (e) 130,180 DT Auto Owner Trust, 6,507 Series A, Class B, 2.79%, 05/15/2020 (e) (bb) 6, ,502 Series A, Class B, 2.65%, 07/15/2020 (e) 103,568 66,000 Series A, Class B, 2.02%, 08/17/2020 (e) 65, ,300 Series A, Class D, 3.77%, 10/17/2022 (e) 113, ,000 Series A, Class D, 3.55%, 11/15/2022 (e) 114, ,000 Series A, Class C, 3.03%, 01/17/2023 (e) 196, ,000 Series A, Class D, 3.58%, 05/15/2023 (e) 104, ,926 Engs Commercial Finance Trust, Series A, Class A2, 2.63%, 02/22/2022 (e) 204,818 Exeter Automobile Receivables Trust, 18,220 Series A, Class A, 2.35%, 07/15/2020 (e) 18, ,000 Series A, Class C, 5.52%, 10/15/2021 (e) 138,682 27,444 Series A, Class A, 2.21%, 07/15/2020 (e) 27, ,416 Series A, Class A, 1.84%, 11/16/2020 (e) 172,217 82,000 Series A, Class B, 2.84%, 08/16/2021 (e) 81,894 60,000 Series A, Class C, 3.95%, 12/15/2022 (e) (bb) 60, ,931 Series A, Class A, 2.05%, 12/15/2021 (e) 128,732 48,363 First Investors Auto Owner Trust, Series A, Class A1, 1.53%, 11/16/2020 (e) 48, ,108 FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e) 237,795 DECEMBER 31, 2017 JPMORGAN INSURANCE TRUST 5

8 JPMorgan Insurance Trust Core Bond Portfolio SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 2017 (continued) Asset-Backed Securities continued Flagship Credit Auto Trust, 35,333 Series , Class B, 2.84%, 11/16/2020 (e) 35,428 22,000 Series , Class C, 3.95%, 12/15/2020 (e) 22,303 98,642 Series , Class A, 2.38%, 10/15/2020 (e) 98, ,000 Series , Class B, 3.68%, 03/15/2022 (e) 127,827 76,000 Series , Class C, 4.65%, 03/15/2022 (e) 77, ,292 Series , Class A, 2.77%, 12/15/2020 (e) 121, ,000 Series , Class C, 6.22%, 06/15/2022 (e) 264, ,000 Series , Class A2, 1.96%, 02/16/2021 (e) 326, ,000 Series , Class C, 2.71%, 11/15/2022 (e) (bb) 247, ,000 Ford Credit Auto Lease Trust, Series 2017-B, Class A3, 2.03%, 12/15/ ,405 79,755 GO Financial Auto Securitization Trust, Series , Class B, 4.80%, 08/17/2020 (e) 80,187 40,950 Gold Key Resorts LLC, Series 2014-A, Class A, 3.22%, 03/17/2031 (e) 40,781 Goodgreen Trust, 95,952 Series A, Class A, 3.74%, 10/15/2052 (e) 96, ,789 Series A, Class A, 3.26%, 10/15/2053 (e) 366, ,134 Hero Funding, (Cayman Islands), Series A, Class A2, 3.95%, 09/20/2048 (e) 343,526 HERO Funding Trust, 102,368 Series A, Class A1, 3.08%, 09/20/2042 (e) 101, ,200 Series A, Class A2, 4.46%, 09/20/2047 (e) 266, ,373 Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, 12/26/2028 (e) 207,873 1,220,000 Hyundai Auto Receivables Trust, Series 2016-A, Class D, 3.23%, 12/15/2022 1,229, ,000 Kabbage Asset Securitization LLC, Series , Class A, 4.57%, 03/15/2022 (e) 714,879 49,977 LendingClub Issuance Trust, Series 2016-NP1, Class A, 3.75%, 06/15/2022 (e) 50,132 Lendmark Funding Trust, 171,000 Series 2016-A, Class A, 4.82%, 08/21/2023 (e) 173, ,000 Series A, Class A, 2.83%, 01/22/2024 (e) 161,596 Long Beach Mortgage Loan Trust, 49,813 Series , Class M1, 2.57%, 08/25/2033 (z) (bb) 49,058 93,757 Series , Class M1, 2.30%, 02/25/2034 (z) (bb) 93,860 8,499 Series , Class M2, 2.38%, 02/25/2034 (z) (bb) 8,506 4,716 Series 2006-WL2, Class 2A3, 1.75%, 01/25/2036 (z) (bb) 4, ,000 Mariner Finance Issuance Trust, Series 2017-AA, Class A, 3.62%, 02/20/2029 (e) 176,783 Marlette Funding Trust, 55,270 Series A, Class A, 3.06%, 01/17/2023 (e) 55, ,519 Series A, Class A, 2.83%, 03/15/2024 (e) 209,280 18,323 Murray Hill Marketplace Trust, Series 2016-LC1, Class A, 4.19%, 11/25/2022 (e) 18,349 24,575 Nationstar HECM Loan Trust, Series A, Class A, 2.24%, 06/25/2026 (e) (z) 24, ,000 New Century Home Equity Loan Trust, Series , Class M1, 2.23%, 03/25/2035 (z) (bb) 124, ,000 New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (e) 178, ,320 NRPL Trust, Series A, Class A1, SUB, 3.75%, 10/25/2057 (e) (bb) 203,465 50,000 NRZ Advance Receivables Trust Advance Receivables Backed, Series 2016-T1, Class AT1, 2.75%, 06/15/2049 (e) 49,467 Ocwen Master Advance Receivables Trust, 100,000 Series 2016-T1, Class AT1, 2.52%, 08/17/2048 (e) 99, ,000 Series 2016-T1, Class CT1, 3.61%, 08/17/2048 (e) (bb) 150, ,211 Series 2016-T1, Class DT1, 4.25%, 08/17/2048 (e) (bb) 182, ,000 Series 2017-T1, Class AT1, 2.50%, 09/15/2048 (e) 100,074 6 JPMORGAN INSURANCE TRUST DECEMBER 31, 2017

9 Asset-Backed Securities continued 155,000 OnDeck Asset Securitization Trust II LLC, Series A, Class A, 4.21%, 05/17/2020 (e) 155,609 39,361 OneMain Direct Auto Receivables Trust, Series A, Class A, 2.04%, 01/15/2021 (e) 39,374 OneMain Financial Issuance Trust, 5,146 Series A, Class A, 2.47%, 09/18/2024 (e) 5, ,000 Series A, Class A, 3.19%, 03/18/2026 (e) 231, ,000 Series A, Class B, 3.85%, 03/18/2026 (e) 100, ,910 Series A, Class A, 2.57%, 07/18/2025 (e) 155, ,000 Series A, Class B, 3.10%, 07/18/2025 (e) (bb) 100, ,000 Series A, Class A, 3.66%, 02/20/2029 (e) 218, ,000 Oportun Funding II LLC, Series 2016-A, Class A, 4.70%, 03/08/2021 (e) 252,056 Oportun Funding IV LLC, 250,000 Series 2016-C, Class A, 3.28%, 11/08/2021 (e) 250, ,000 Series 2016-C, Class B, 4.85%, 11/08/2021 (e) (bb) 252, ,000 Oportun Funding VI LLC, Series 2017-A, Class A, 3.23%, 06/08/2023 (e) 249,009 Progress Residential Trust, 224,603 Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e) 224, ,000 Series 2015-SFR2, Class B, 3.14%, 06/12/2032 (e) (bb) 149, ,795 Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (e) (bb) 436, ,000 Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (e) (bb) 102,829 Prosper Marketplace Issuance Trust, 105,738 Series A, Class A, 2.56%, 06/15/2023 (e) 106, ,133 Series A, Class A, 2.41%, 09/15/2023 (e) 157, ,932 Series A, Class A, 2.36%, 11/15/2023 (e) 337, ,919 Renew, (Cayman Islands), Series A, Class A, 3.67%, 09/20/2052 (e) 103, ,824 Rice Park Financing Trust, Series 2016-A, Class A, 4.63%, 10/31/2041 (e) (bb) 432, ,000 Santander Drive Auto Receivables Trust, Series , Class B, 1.89%, 06/15/ ,199 13,607 Sierra Auto Receivables Securitization Trust, Series A, Class A, 2.85%, 01/18/2022 (e) 13,624 82,185 SoFi Consumer Loan Program LLC, Series , Class A, 3.09%, 10/27/2025 (e) 83,486 61,000 Spirit Airlines Pass-Through Trust, Series , 3.38%, 02/15/ , ,232 SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 04/25/2029 (e) 156, ,000 Springleaf Funding Trust, Series 2015-AA, Class A, 3.16%, 11/15/2024 (e) 309,222 80,029 Spruce ABS Trust, Series 2016-E1, Class A, 4.32%, 06/15/2028 (e) 79, ,000 SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T1, Class AT1, 2.53%, 11/16/2048 (e) 396, ,216 TCF Auto Receivables Owner Trust, Series 2016-PT1A, Class A, 1.93%, 06/15/2022 (e) 318, ,829 Tricolor Auto Securitization Trust, Series , Class A, 5.09%, 05/15/2020 (e) (bb) 142, ,000 Tricon American Homes Trust, Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (e) (bb) 129,145 United Airlines Pass-Through Trust, 85,232 Series , Class A, 4.30%, 08/15/ ,941 66,000 Series , Class B, 3.65%, 01/07/ , ,000 Series , Class AA, 2.88%, 10/07/ , ,848 Upstart Securitization Trust, Series , Class A, 2.64%, 06/20/2024 (e) 115,775 Verizon Owner Trust, 393,000 Series A, Class A, 1.92%, 12/20/2021 (e) 390, ,000 Series A, Class A1A, 2.06%, 04/20/2022 (e) 386, ,810 Veros Automobile Receivables Trust, Series , Class A, 2.84%, 04/17/2023 (e) 172, ,000 VM DEBT LLC, Series , Class A, 6.50%, 10/02/2024 (e) (bb) 300,000 78,077 VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb) 78,486 89,301 VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb) 89,519 DECEMBER 31, 2017 JPMORGAN INSURANCE TRUST 7

10 JPMorgan Insurance Trust Core Bond Portfolio SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 2017 (continued) Asset-Backed Securities continued 95,986 VOLT LV LLC, Series 2017-NPL2, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb) 96, ,608 VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb) 220, ,208 VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.38%, 04/25/2047 (e) (bb) 156, ,065 VOLT LX LLC, Series 2017-NPL7, Class A1, SUB, 3.25%, 04/25/2059 (e) (bb) 144, ,450 VOLT LXI LLC, Series 2017-NPL8, Class A1, SUB, 3.13%, 06/25/2047 (e) 180, ,640 VOLT LXIV LLC, Series 2017-NP11, Class A1, SUB, 3.38%, 10/25/2047 (e) (bb) 653,530 55,966 VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.37%, 11/27/2045 (e) 56, ,659 VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) 182, ,917 Westgate Resorts LLC, Series A, Class A, 3.05%, 12/20/2030 (e) 207,650 Westlake Automobile Receivables Trust, 100,000 Series A, Class D, 4.40%, 05/17/2021 (e) 100, ,863 Series A, Class A2, 1.57%, 06/17/2019 (e) 266, ,000 Series A, Class C, 2.46%, 01/18/2022 (e) (bb) 641,638 77,000 Series A, Class C, 2.70%, 10/17/2022 (e) 77,005 Total Asset-Backed Securities (Cost $30,171,592) 30,262,561 Collateralized Mortgage Obligations 11.2% 500,000 Acre TL, Series 2017-A, 12/15/2020 (bb) 500,156 Alternative Loan Trust, 1,174,695 Series CB, Class 1A9, 5.75%, 03/25/2034 1,202, ,639 Series CB, Class 3A8, IF, IO, 3.20%, 07/25/2035 (z) (bb) 37, ,209 Series T1, Class A2, IF, IO, 3.52%, 06/25/2035 (z) (bb) 62, ,410 Series CB, Class 1A4, 5.50%, 08/25/ , ,865 Series CB, Class 1A11, 5.50%, 11/25/ , ,313 Series 2005-J1, Class 1A4, IF, IO, 3.55%, 02/25/2035 (z) (bb) 5,115 18,567 Angel Oak Mortgage Trust LLC, Series , Class A, SUB, 4.50%, 11/25/2045 (e) 18,467 Banc of America Alternative Loan Trust, 159,709 Series , Class 3A3, PO, 06/25/2034 (bb) 139,523 7,937 Series , Class 15PO, PO, 07/25/2019 (bb) 7,592 Banc of America Funding Trust, 21,814 Series , Class PO, PO, 03/25/2034 (bb) 18, ,415 Series , Class 2A7, 5.50%, 10/25/ ,783 20,788 Series , Class 30PO, PO, 11/25/2035 (bb) 17,248 60,660 Series 2005-E, Class 4A1, 3.58%, 03/20/2035 (z) 61,532 67,781 Banc of America Mortgage Trust, Series 2004-J, Class 3A1, 3.92%, 11/25/2034 (z) 67,910 Bear Stearns ARM Trust, 22,814 Series , Class 3A, 3.29%, 10/25/2033 (z) 22,640 50,197 Series , Class A1, 3.28%, 08/25/2035 (z) 51, ,833 Series , Class A1, 3.67%, 02/25/2036 (z) 160,142 CHL Mortgage Pass-Through Trust, 35,480 Series , Class 2A1, 3.52%, 06/25/2034 (z) 35,813 19,034 Series 2004-HYB1, Class 2A, 3.35%, 05/20/2034 (z) 19,141 35,142 Series 2004-HYB3, Class 2A, 3.17%, 06/20/2034 (z) 35,146 7,600 Series 2004-J8, Class 1A2, 4.75%, 11/25/2019 7,653 1,577 Series 2004-J8, Class POA, PO, 11/25/2019 (bb) 1,575 75,555 Series , Class A23, 5.50%, 09/25/ , ,633 Series , Class 2A1, 3.45%, 11/25/2035 (z) 150,299 Citigroup Global Markets Mortgage Securities VII, Inc., 23,126 Series 2003-HYB1, Class A, 3.74%, 09/25/2033 (z) 23, Series 2003-UP2, Class PO1, PO, 12/25/2018 (bb) 82 Citigroup Mortgage Loan Trust, Inc., 3,123 Series 2003-UP3, Class A3, 7.00%, 09/25/2033 3,165 3,658 Series 2003-UST1, Class A1, 5.50%, 12/25/2018 3,649 1,728 Series 2003-UST1, Class PO1, PO, 12/25/2018 (bb) 1,721 8 JPMORGAN INSURANCE TRUST DECEMBER 31, 2017

11 Collateralized Mortgage Obligations continued 274 Series 2003-UST1, Class PO3, PO, 12/25/2018 (bb) ,240 Series , Class 2A1A, 2.18%, 02/25/2035 (z) 54, Credit Suisse First Boston Mortgage Securities Corp., Series , Class 5P, PO, 08/25/2019 (bb) ,000 DT Asset Trust, 5.84%, 12/16/2022 (bb) 500,000 52,803 FHLMC-GNMA, Series 8, Class ZA, 7.00%, 03/25/ ,173 FHLMC REMIC, 82 Series 22, Class C, 9.50%, 04/15/ Series 47, Class F, 10.00%, 06/15/ Series 99, Class Z, 9.50%, 01/15/ Series 1065, Class J, 9.00%, 04/15/ Series 1113, Class J, 8.50%, 06/15/ ,156 Series 1250, Class J, 7.00%, 05/15/2022 1,172 3,420 Series 1316, Class Z, 8.00%, 06/15/2022 3,705 5,746 Series 1324, Class Z, 7.00%, 07/15/2022 6,113 25,223 Series 1343, Class LA, 8.00%, 08/15/ ,377 5,192 Series 1343, Class LB, 7.50%, 08/15/2022 5,651 3,380 Series 1394, Class ID, IF, 9.57%, 10/15/2022 (z) 3,867 3,006 Series 1395, Class G, 6.00%, 10/15/2022 3,163 2,203 Series 1505, Class Q, 7.00%, 05/15/2023 2,381 4,298 Series 1518, Class G, IF, 7.56%, 05/15/2023 (z) 4,705 4,518 Series 1541, Class O, 1.66%, 07/15/2023 (z) 4, ,902 Series 1577, Class PV, 6.50%, 09/15/ ,948 76,108 Series 1584, Class L, 6.50%, 09/15/ ,808 79,650 Series 1633, Class Z, 6.50%, 12/15/ ,616 97,715 Series 1638, Class H, 6.50%, 12/15/ ,289 2,387 Series 1671, Class QC, IF, 10.00%, 02/15/2024 (z) 3,089 10,146 Series 1694, Class PK, 6.50%, 03/15/ ,877 2,764 Series 1700, Class GA, PO, 02/15/2024 2,666 11,175 Series 1798, Class F, 5.00%, 05/15/ ,628 21,197 Series 1863, Class Z, 6.50%, 07/15/ ,475 4,026 Series 1865, Class D, PO, 02/15/2024 3,648 9,813 Series 1981, Class Z, 6.00%, 05/15/ ,563 13,440 Series 1987, Class PE, 7.50%, 09/15/ ,381 43,767 Series 1999, Class PU, 7.00%, 10/15/ ,036 73,364 Series 2031, Class PG, 7.00%, 02/15/ ,703 2,650 Series 2033, Class SN, HB, IF, 28.12%, 03/15/2024 (z) ,870 Series 2035, Class PC, 6.95%, 03/15/ ,946 5,287 Series 2038, Class PN, IO, 7.00%, 03/15/2028 1,001 14,603 Series 2054, Class PV, 7.50%, 05/15/ ,566 95,559 Series 2057, Class PE, 6.75%, 05/15/ ,957 18,130 Series 2064, Class TE, 7.00%, 06/15/ ,298 16,780 Series 2075, Class PH, 6.50%, 08/15/ ,623 52,588 Series 2095, Class PE, 6.00%, 11/15/ ,615 3,377 Series 2132, Class SB, HB, IF, 24.65%, 03/15/2029 (z) 5,264 1,410 Series 2134, Class PI, IO, 6.50%, 03/15/ ,055 Series 2178, Class PB, 7.00%, 08/15/ ,024 52,233 Series 2182, Class ZB, 8.00%, 09/15/ , Series 2204, Class GB, 8.00%, 12/20/2029 (z) (bb) 617 9,750 Series 2247, Class Z, 7.50%, 08/15/ , ,848 Series 2259, Class ZC, 7.35%, 10/15/ , Series 2261, Class ZY, 7.50%, 10/15/ ,515 Series 2283, Class K, 6.50%, 12/15/ ,479 3,229 Series 2306, Class K, PO, 05/15/2024 3,043 7,748 Series 2306, Class SE, IF, IO, 8.25%, 05/15/2024 (z) 1,316 7,673 Series 2325, Class PM, 7.00%, 06/15/2031 8,763 DECEMBER 31, 2017 JPMORGAN INSURANCE TRUST 9

12 JPMorgan Insurance Trust Core Bond Portfolio SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 2017 (continued) Collateralized Mortgage Obligations continued 58,771 Series 2344, Class ZD, 6.50%, 08/15/ ,824 8,910 Series 2344, Class ZJ, 6.50%, 08/15/2031 9,794 5,141 Series 2345, Class NE, 6.50%, 08/15/2031 5,746 32,351 Series 2359, Class ZB, 8.50%, 06/15/ ,117 84,803 Series 2367, Class ME, 6.50%, 10/15/ ,775 8,570 Series 2390, Class DO, PO, 12/15/2031 7,840 14,223 Series 2410, Class OE, 6.38%, 02/15/ ,408 14,084 Series 2410, Class QS, IF, 15.66%, 02/15/2032 (z) 20,405 16,716 Series 2410, Class QX, IF, IO, 7.17%, 02/15/2032 (z) 4,012 17,962 Series 2412, Class SP, IF, 13.15%, 02/15/2032 (z) 22,409 35,312 Series 2423, Class MC, 7.00%, 03/15/ ,127 55,144 Series 2423, Class MT, 7.00%, 03/15/ , ,918 Series 2435, Class CJ, 6.50%, 04/15/ ,693 20,455 Series 2444, Class ES, IF, IO, 6.47%, 03/15/2032 (z) 4,381 13,637 Series 2450, Class SW, IF, IO, 6.52%, 03/15/2032 (z) 2,693 34,138 Series 2455, Class GK, 6.50%, 05/15/ ,850 24,834 Series 2484, Class LZ, 6.50%, 07/15/ ,824 76,547 Series 2500, Class MC, 6.00%, 09/15/ ,399 27,768 Series 2535, Class BK, 5.50%, 12/15/ , ,210 Series 2543, Class YX, 6.00%, 12/15/2032 1,060,018 70,065 Series 2544, Class HC, 6.00%, 12/15/ , ,931 Series 2574, Class PE, 5.50%, 02/15/ , ,746 Series 2575, Class ME, 6.00%, 02/15/ ,860 10,418 Series 2578, Class PG, 5.00%, 02/15/ ,427 11,703 Series 2586, Class WI, IO, 6.50%, 03/15/2033 2,199 1,377 Series 2626, Class NS, IF, IO, 5.07%, 06/15/2023 (z) 9 24,227 Series 2638, Class DS, IF, 7.12%, 07/15/2023 (z) 25,611 61,820 Series 2647, Class A, 3.25%, 04/15/ ,474 22,331 Series 2651, Class VZ, 4.50%, 07/15/ , ,000 Series 2764, Class UG, 5.00%, 03/15/ ,799 36,071 Series 2827, Class DG, 4.50%, 07/15/ , ,156 Series 2949, Class GE, 5.50%, 03/15/ , Series 2989, Class PO, PO, 06/15/ ,000 Series 3047, Class OD, 5.50%, 10/15/ ,277 82,188 Series 3085, Class VS, HB, IF, 22.81%, 12/15/2035 (z) 132,706 28,018 Series 3117, Class EO, PO, 02/15/ ,448 28,747 Series 3260, Class CS, IF, IO, 4.66%, 01/15/2037 (z) 4,758 1,499,037 Series 3380, Class SI, IF, IO, 4.89%, 10/15/2037 (z) 234,996 29,416 Series 3385, Class SN, IF, IO, 4.52%, 11/15/2037 (z) 2,532 64,306 Series 3387, Class SA, IF, IO, 4.94%, 11/15/2037 (z) 7, ,360 Series 3423, Class PB, 5.50%, 03/15/ ,312 35,915 Series 3451, Class SA, IF, IO, 4.57%, 05/15/2038 (z) 4, ,410 Series 3455, Class SE, IF, IO, 4.72%, 06/15/2038 (z) 37,698 84,210 Series 3688, Class NI, IO, 5.00%, 04/15/2032 3,405 25,590 Series 3759, Class HI, IO, 4.00%, 08/15/ ,160 Series 3772, Class IO, IO, 3.50%, 09/15/ ,000 Series 3786, Class PD, 4.50%, 01/15/ ,923 FHLMC STRIPS, 56,149 Series 233, Class 11, IO, 5.00%, 09/15/ ,779 60,376 Series 239, Class S30, IF, IO, 6.22%, 08/15/2036 (z) 11, ,906 Series 262, Class 35, 3.50%, 07/15/ , JPMORGAN INSURANCE TRUST DECEMBER 31, 2017

13 Collateralized Mortgage Obligations continued 291,334 Series 299, Class 300, 3.00%, 01/15/ ,774 FHLMC Structured Pass-Through Securities Certificates, 10,766 Series T-41, Class 3A, 5.65%, 07/25/2032 (z) 11,479 76,024 Series T-54, Class 2A, 6.50%, 02/25/ ,293 33,715 Series T-54, Class 3A, 7.00%, 02/25/ , ,404 Series T-56, Class APO, PO, 05/25/ ,036 17,397 Series T-58, Class APO, PO, 09/25/ , ,106 First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A19, 5.50%, 11/25/ ,465 First Horizon Mortgage Pass-Through Trust, 95,986 Series 2004-AR7, Class 2A2, 3.45%, 02/25/2035 (z) 96,309 57,881 Series 2005-AR1, Class 2A2, 3.16%, 04/25/2035 (z) 58,976 FNMA REMIC, 4 Series , Class B, 9.50%, 06/25/ Series , Class H, 8.50%, 11/25/ Series , Class D, 8.80%, 01/25/ ,036 Series , Class L, 8.50%, 02/25/2020 1, Series , Class G, 5.50%, 08/25/ Series , Class K, HB, %, 12/25/ Series , Class J, 8.75%, 12/25/ ,319 Series , Class J, 7.50%, 06/25/ ,198 2,274 Series , Class MA, 5.50%, 09/25/2022 2, ,670 Series , Class M, 7.50%, 06/25/ ,388 11,324 Series , Class E, PO, 05/25/ ,777 29,053 Series , Class PJ, 7.00%, 09/25/ , Series , Class SD, IF, 13.29%, 09/25/2023 (z) 1,016 4,369 Series , Class SK, IF, 12.50%, 09/25/2023 (z) 4,828 37,806 Series , Class PL, 6.50%, 10/25/ ,911 3,830 Series , Class H, PO, 09/25/2023 3, ,221 Series , Class PZ, 6.50%, 12/25/ ,021 40,434 Series , Class UB, 6.50%, 12/25/ ,872 1,179 Series , Class FA, 2.15%, 12/25/2023 (z) 1,188 89,873 Series , Class L, 6.50%, 03/25/ , ,399 Series , Class K, 6.00%, 04/25/ ,544 8,853 Series , Class Z, 8.50%, 01/25/2025 9,284 45,353 Series , Class Z, 6.50%, 11/25/ ,277 1,481 Series , Class J, 6.50%, 08/25/2022 1,575 43,780 Series , Class IB, IO, 1.84%, 03/25/2027 (z) 1,306 9,563 Series , Class PD, 7.50%, 05/20/ ,914 16,350 Series , Class PL, 6.00%, 07/18/ ,710 35,486 Series , Class ZC, 7.00%, 02/25/ ,323 5,976 Series , Class ZB, 6.00%, 07/18/2028 6,671 13,370 Series , Class SA, IF, IO, 17.05%, 04/25/2023 (z) 4,001 19,629 Series , Class GZ, 6.50%, 08/18/ ,760 40,134 Series , Class PC, 6.50%, 10/25/ ,379 94,295 Series , Class JH, IO, 6.50%, 08/25/ ,272 3,429 Series , Class IO, IO, 8.50%, 01/25/ ,491 Series , Class PC, 7.00%, 03/25/ ,365 32,279 Series , Class PM, 7.00%, 07/25/ , ,381 Series , Class ID, IO, 6.00%, 07/25/ ,086 50,127 Series , Class DE, 7.00%, 08/25/ ,522 4,940 Series , Class PD, 7.00%, 09/25/2031 5,620 DECEMBER 31, 2017 JPMORGAN INSURANCE TRUST 11

14 JPMorgan Insurance Trust Core Bond Portfolio SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 2017 (continued) Collateralized Mortgage Obligations continued 80,208 Series , Class Z, 7.00%, 11/25/ ,127 8,647 Series , Class HC, 6.50%, 02/25/2022 9,145 2,164 Series , Class SA, HB, IF, 20.14%, 02/25/2032 (z) 2, ,643 Series , Class SJ, IF, IO, 1.60%, 03/25/2032 (z) 5,237 66,998 Series , Class PO, PO, 04/25/ ,890 36,348 Series , Class PK, 6.50%, 05/25/ ,752 72,561 Series , Class SH, IF, IO, 6.51%, 10/18/2032 (z) 13,392 7,447 Series , Class S, IF, 11.64%, 12/25/2032 (z) 8, ,338 Series , Class A1, 6.50%, 12/25/ , ,531 Series , Class UD, 4.00%, 04/25/ ,823 40,098 Series , Class IU, IO, 7.00%, 06/25/2033 9,380 28,531 Series , Class PE, 5.75%, 06/25/ ,761 6,381 Series , Class SX, IF, 10.35%, 07/25/2033 (z) 7,516 3,005 Series , Class PA, 3.50%, 02/25/2033 3,024 32,897 Series , Class DS, IF, 5.65%, 08/25/2033 (z) 34,387 9,933 Series , Class SD, IF, 9.91%, 09/25/2033 (z) 11, ,545 Series , Class SB, IF, IO, 6.05%, 11/25/2033 (z) 18, ,421 Series , Class DY, 4.50%, 01/25/ ,295 3,696 Series , Class SX, IF, 9.19%, 01/25/2034 (z) 4, ,735 Series , Class CH, 5.50%, 01/25/ ,702 11,541 Series , Class OA, PO, 08/25/ ,932 42,834 Series , Class QM, IF, 11.10%, 06/25/2033 (z) 48,087 11,988 Series , Class SC, HB, IF, 22.39%, 02/25/2034 (z) 13, ,365 Series , Class AZ, 4.50%, 05/25/ ,720 73,191 Series , Class SA, IF, 15.26%, 05/25/2034 (z) 96,298 40,463 Series , Class SK, IF, 12.23%, 05/25/2034 (z) 50,853 6,317 Series , Class SY, IF, 11.14%, 07/25/2034 (z) 7,677 37,894 Series , Class SK, IF, 8.50%, 11/25/2032 (z) 43,068 4,222 Series , Class CL, 4.00%, 10/25/2019 4, ,332 Series , Class ZE, 5.50%, 11/25/ , ,847 Series , Class HC, 6.00%, 12/25/ , ,425 Series , Class DC, IF, 18.62%, 06/25/2035 (z) 153,885 2,730 Series , Class PA, 6.50%, 06/25/2035 2, ,957 Series , Class BC, 5.25%, 06/25/ ,901 93,104 Series , Class XM, 5.75%, 10/25/ ,732 65,362 Series , Class MN, 5.50%, 06/25/ ,176 44,532 Series , Class AO, PO, 04/25/ ,696 14,211 Series , Class SW, IF, 18.51%, 06/25/2036 (z) 21,092 2,454 Series , Class QO, PO, 01/25/2033 2,438 39,126 Series , Class PO, PO, 11/25/ ,164 74,364 Series , Class GS, IF, IO, 5.10%, 12/25/2036 (z) 9,569 42,337 Series , Class SG, IF, IO, 4.95%, 08/25/2036 (z) 10,868 95,973 Series , Class SH, IF, IO, 4.55%, 06/25/2037 (z) 14, ,382 Series , Class VI, IF, IO, 4.99%, 09/25/2037 (z) 20,352 90,510 Series , Class SM, IF, IO, 4.90%, 10/25/2037 (z) 13,741 82,313 Series , Class BI, IF, IO, 4.36%, 02/25/2038 (z) 10,994 18,317 Series , Class IS, IF, IO, 4.65%, 03/25/2038 (z) 2,219 77,332 Series , Class HI, IO, 1.78%, 06/25/2038 (z) 4,434 32,369 Series , Class CI, IF, IO, 5.65%, 07/25/2038 (z) 5,433 67,021 Series , Class ST, IF, IO, 4.70%, 01/25/2040 (z) 9, JPMORGAN INSURANCE TRUST DECEMBER 31, 2017

15 Collateralized Mortgage Obligations continued 32,196 Series , Class SB, IF, IO, 4.87%, 04/25/2040 (z) 4, ,772 Series , Class PZ, 5.00%, 07/25/ , ,000 Series , Class PN, 5.00%, 09/25/ ,538 1,284,795 Series , Class KZ, 4.50%, 12/25/2040 1,313, ,689 Series , Class PO, PO, 12/25/ , ,542 Series , Class NA, 3.00%, 01/25/ , Series G92-42, Class Z, 7.00%, 07/25/ Series G92-44, Class ZQ, 8.00%, 07/25/ ,103 Series G92-54, Class ZQ, 7.50%, 09/25/2022 6, Series G92-59, Class F, 1.44%, 10/25/2022 (z) 493 1,645 Series G92-61, Class Z, 7.00%, 10/25/2022 1,768 3,917 Series G92-66, Class KA, 6.00%, 12/25/2022 4,123 18,525 Series G92-66, Class KB, 7.00%, 12/25/ ,056 4,930 Series G93-1, Class KA, 7.90%, 01/25/2023 5,391 5,383 Series G93-17, Class SI, IF, 6.00%, 04/25/2023 (z) 5,882 FNMA REMIC Trust, 25,690 Series 1999-W1, Class PO, PO, 02/25/ , ,521 Series 1999-W4, Class A9, 6.25%, 02/25/ , ,921 Series 2002-W7, Class A4, 6.00%, 06/25/ , ,054 Series 2003-W1, Class 1A1, 6.50%, 12/25/2042 (z) 248,884 33,285 Series 2003-W1, Class 2A, 7.50%, 12/25/2042 (z) 37,356 FNMA STRIPS, 5,743 Series 329, Class 1, PO, 01/25/2033 5,201 24,169 Series 365, Class 8, IO, 5.50%, 05/25/2036 5,327 21,789 FNMA Trust, Series 2004-W2, Class 2A2, 7.00%, 02/25/ , ,816 GMACM Mortgage Loan Trust, Series 2005-AR3, Class 3A4, 3.82%, 06/19/2035 (z) 202,105 GNMA, 70,535 Series , Class PQ, 6.50%, 10/16/ ,486 74,834 Series , Class Z, 9.00%, 03/16/ ,594 1,124 Series , Class IK, IO, 9.00%, 11/16/ ,147 Series , Class PB, 7.50%, 11/16/ , ,257 Series , Class PE, 6.50%, 03/16/ ,482 79,017 Series , Class PS, IF, 17.13%, 03/17/2031 (z) 105,187 49,642 Series , Class S, IF, IO, 6.56%, 08/16/2031 (z) 13,090 6,463 Series , Class SB, IF, 9.69%, 04/16/2032 (z) 7,545 2,930 Series , Class PO, PO, 03/16/2033 2,701 21,714 Series , Class S, IF, 15.56%, 04/16/2034 (z) 29, ,000 Series , Class OH, 6.50%, 08/20/ ,710 95,574 Series , Class QA, IF, IO, 5.14%, 07/20/2037 (z) 13,947 72,699 Series , Class SA, IF, IO, 5.03%, 11/20/2037 (z) 11,195 65,022 Series , Class MS, IF, IO, 5.67%, 01/16/2038 (z) 10,879 46,055 Series , Class SA, IF, IO, 4.70%, 06/20/2038 (z) 5,863 29,805 Series , Class SA, IF, IO, 4.61%, 02/16/2039 (z) 3,616 96,812 Series , Class SH, IF, IO, 4.54%, 02/20/2039 (z) 12,211 69,147 Series , Class KI, IO, 6.50%, 03/20/ ,025 52,414 Series , Class NI, IO, 6.50%, 03/20/ , ,816 Series , Class SA, IF, IO, 4.77%, 04/20/2039 (z) 17, ,740 Series , Class TS, IF, IO, 4.80%, 03/20/2039 (z) 10, ,345 Series , Class SN, IF, IO, 4.61%, 07/16/2039 (z) 13,509 60,067 Series , Class OK, PO, 11/16/ ,303 33,705 Series , Class SM, IF, IO, 4.91%, 06/16/2039 (z) 1,771 DECEMBER 31, 2017 JPMORGAN INSURANCE TRUST 13

16 JPMorgan Insurance Trust Core Bond Portfolio SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 2017 (continued) Collateralized Mortgage Obligations continued 250,328 Series , Class ST, IF, IO, 4.50%, 02/20/2038 (z) 37,176 85,194 Series , Class CP, 7.00%, 10/16/ , ,723 Series , Class SM, IF, IO, 5.10%, 05/20/2041 (z) 26, ,070 Series 2011-H19, Class FA, 1.71%, 08/20/2061 (z) 640, ,555 Series 2012-H23, Class SA, 1.77%, 10/20/2062 (z) 652, ,042 Series 2013-H08, Class FC, 1.69%, 02/20/2063 (z) 671, ,372 Series 2013-H09, Class HA, 1.65%, 04/20/ , ,733 Series 2014-H17, Class FC, 1.74%, 07/20/2064 (z) 316, ,877 Series , Class WA, 5.48%, 01/20/2038 (z) 474, ,699 Series 2015-H16, Class FG, 1.68%, 07/20/2065 (z) 739, ,720 Series 2015-H30, Class FE, 1.84%, 11/20/2065 (z) 866, ,155 Series 2016-H11, Class FD, 2.20%, 05/20/2066 (z) 212, ,553 Series 2016-H26, Class FC, 2.24%, 12/20/2066 (z) 170, ,191 Series 2017-H14, Class FV, 1.74%, 06/20/2067 (z) 498, ,000 Goodgreen Trust, 5.00%, 10/20/2051 (bb) 448,996 GSR Mortgage Loan Trust, 51,735 Series F, Class 1A2, 5.00%, 05/25/ , ,290 Series F, Class 3A4, 6.50%, 05/25/ ,883 65,599 Series F, Class 3A3, 6.00%, 11/25/ , ,000 Headlands Residential LLC, Series 2017-RPL1, Class A, SUB, 3.88%, 08/25/2022 (e) 387,584 42,114 Impac Secured Assets Trust, Series , Class 2A1, 1.90%, 05/25/2036 (z) 40,034 47,993 JP Morgan Mortgage Trust, Series 2006-A2, Class 5A3, 3.58%, 11/25/2033 (z) 48,850 29,462 MASTR Adjustable Rate Mortgages Trust, Series , Class 2A1, 3.60%, 04/21/2034 (z) 30,142 MASTR Alternative Loan Trust, 66,304 Series , Class 8A1, 6.00%, 01/25/ ,363 89,210 Series , Class 10A1, 5.00%, 05/25/ , ,012 Series , Class 7A1, 6.00%, 07/25/ ,554 12,404 Series , Class 30PO, PO, 08/25/2034 (bb) 10,291 18,133 Series , Class 6A1, 5.50%, 09/25/ ,361 15,680 Series , Class 1A1, 4.50%, 09/25/ ,714 MASTR Asset Securitization Trust, 139,092 Series , Class 9A6, 5.25%, 12/25/ ,637 1,314 Series , Class 15PO, PO, 12/25/2018 (bb) 1,312 3,145 Series , Class 15PO, PO, 07/25/2019 (bb) 3,111 2,722 Series , Class PO, PO, 08/25/2019 (bb) 2,637 8,420 Series , Class 15PO, PO, 10/25/2019 (bb) 8,220 23,974 MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/2035 (e) (bb) 19,530 35,898 NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, 6.50%, 10/25/2034 (e) (z) 36, ,952 PHH Alternative Mortgage Trust, Series , Class 2X, IO, 6.00%, 05/25/2037 (bb) 55,920 RALI Trust, 137 Series 2003-QS3, Class A2, IF, 13.09%, 02/25/2018 (z) 138 3,555 Series 2003-QS9, Class A3, IF, IO, 6.00%, 05/25/2018 (z) (bb) 29 10,945 Series 2003-QS14, Class A1, 5.00%, 07/25/ ,923 3,381 Series 2003-QS18, Class A1, 5.00%, 09/25/2018 3,385 1,493 Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.75%, 02/25/2019 1,423 67,428 RFMSI Trust, Series 2005-SA4, Class 1A1, 3.55%, 09/25/2035 (z) 60,962 3,446 SACO I, Inc., Series , Class 1A5, 7.00%, 08/25/2036 (e) 3,451 59,951 Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series H, Class 1A1, 5.50%, 10/25/ , JPMORGAN INSURANCE TRUST DECEMBER 31, 2017