# EDGAR Filing Document

**Accession Number:** 0000729528
**File Stem:** 0000051931-23-000222
**Filing Date:** 2023-2
**Character Count:** 1796138
**Document Hash:** 033df1df8db9faae77290c9b9eb7c542
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000051931-23-000222.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000051931-23-000222

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FUNDS INSURANCE SERIES
- **CENTRAL INDEX KEY:** 0000729528
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03857
- **FILM NUMBER:** 23682203

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL (MICG)
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL (MICG)
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN FUND INSURANCE SERIES
- **DATE OF NAME CHANGE:** 20010829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN VARIABLE INSURANCE SERIES
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN PATHWAY FUND
- **DATE OF NAME CHANGE:** 19880531

## Series and Classes Contracts Data

### Global Growth Fund (Series ID: S000008786)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023903 | Class 1      |  |
| C000023904 | Class 2      |  |
| C000121502 | Class 4      |  |
| C000176234 | Class 1A     |  |

### American High-Income Trust (Series ID: S000008787)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023905 | Class 1      |  |
| C000023906 | Class 2      |  |
| C000023907 | Class 3      |  |
| C000121503 | Class 4      |  |
| C000176235 | Class 1A     |  |

### U.S. Government Securities Fund (Series ID: S000008788)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023908 | Class 1      |  |
| C000023909 | Class 2      |  |
| C000023910 | Class 3      |  |
| C000121504 | Class 4      |  |
| C000176236 | Class 1A     |  |

### Ultra-Short Bond Fund (Series ID: S000008789)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023911 | Class 1      |  |
| C000023912 | Class 2      |  |
| C000023913 | Class 3      |  |
| C000121505 | Class 4      |  |
| C000176237 | Class 1A     |  |

### Global Small Capitalization Fund (Series ID: S000008790)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023914 | Class 1      |  |
| C000023915 | Class 2      |  |
| C000121506 | Class 4      |  |
| C000176238 | Class 1A     |  |

### Growth Fund (Series ID: S000008791)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023916 | Class 1      |  |
| C000023917 | Class 2      |  |
| C000023918 | Class 3      |  |
| C000121507 | Class 4      |  |
| C000176239 | Class 1A     |  |

### International Fund (Series ID: S000008792)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023919 | Class 1      |  |
| C000023920 | Class 2      |  |
| C000023921 | Class 3      |  |
| C000121508 | Class 4      |  |
| C000176240 | Class 1A     |  |

### New World Fund (Series ID: S000008793)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023922 | Class 1      |  |
| C000023923 | Class 2      |  |
| C000121509 | Class 4      |  |
| C000176241 | Class 1A     |  |

### Washington Mutual Investors Fund (Series ID: S000008794)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023924 | Class 1      |  |
| C000023925 | Class 2      |  |
| C000121510 | Class 4      |  |
| C000176242 | Class 1A     |  |

### Growth-Income Fund (Series ID: S000008795)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023926 | Class 1      |  |
| C000023927 | Class 2      |  |
| C000023928 | Class 3      |  |
| C000121511 | Class 4      |  |
| C000176243 | Class 1A     |  |

### Asset Allocation Fund (Series ID: S000008796)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023929 | Class 1      |  |
| C000023930 | Class 2      |  |
| C000023931 | Class 3      |  |
| C000121512 | Class 4      |  |
| C000176244 | Class 1A     |  |

### The Bond Fund of America (Series ID: S000008797)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023932 | Class 1      |  |
| C000023933 | Class 2      |  |
| C000121513 | Class 4      |  |
| C000176245 | Class 1A     |  |

### Capital World Growth and Income Fund (Series ID: S000013710)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000037623 | Class 1      |  |
| C000037624 | Class 2      |  |
| C000121514 | Class 4      |  |
| C000176246 | Class 1A     |  |

### Capital World Bond Fund (Series ID: S000013796)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000037827 | Class 1      |  |
| C000037828 | Class 2      |  |
| C000121515 | Class 4      |  |
| C000176247 | Class 1A     |  |

### International Growth and Income Fund (Series ID: S000023461)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000068980 | Class 1      |  |
| C000068981 | Class 2      |  |
| C000121516 | Class 4      |  |
| C000176248 | Class 1A     |  |

### American Funds Global Balanced Fund (Series ID: S000031859)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099201 | Class 1      |  |
| C000099202 | Class 2      |  |
| C000121517 | Class 4      |  |
| C000176249 | Class 1A     |  |

### American Funds Mortgage Fund (Series ID: S000031860)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099203 | Class 1      |  |
| C000099204 | Class 2      |  |
| C000121518 | Class 4      |  |
| C000176250 | Class 1A     |  |

### Managed Risk Asset Allocation Fund (Series ID: S000038240)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117906 | Class P1     |  |
| C000117907 | Class P2     |  |

### Corporate Bond Fund (Series ID: S000040664)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000126051 | Class 1      |  |
| C000126052 | Class 2      |  |
| C000126053 | Class 4      |  |
| C000176251 | Class 1A     |  |

### Managed Risk Growth Fund (Series ID: S000040665)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000126054 | Class P1     |  |
| C000126055 | Class P2     |  |

### Managed Risk International Fund (Series ID: S000040666)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000126056 | Class P1     |  |
| C000126057 | Class P2     |  |

### Managed Risk Washington Mutual Investors Fund (Series ID: S000040667)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000126058 | Class P1     |  |
| C000126059 | Class P2     |  |

### Managed Risk Growth-Income Fund (Series ID: S000040668)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000126060 | Class P1     |  |
| C000126061 | Class P2     |  |

### Capital Income Builder (Series ID: S000045163)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000140604 | Class 1      |  |
| C000140605 | Class 2      |  |
| C000140606 | Class 4      |  |
| C000176252 | Class 1A     |  |

### Portfolio Series - American Funds Global Growth Portfolio (Series ID: S000048970)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154330 | Class 1      |  |
| C000154331 | Class 2      |  |
| C000154332 | Class 4      |  |
| C000176253 | Class 1A     |  |

### Portfolio Series - American Funds Growth and Income Portfolio (Series ID: S000048971)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154333 | Class 1      |  |
| C000154334 | Class 2      |  |
| C000154335 | Class 4      |  |
| C000176254 | Class 1A     |  |

### Portfolio Series - American Funds Managed Risk Global Allocation Portfolio (Series ID: S000048972)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154336 | Class P1     |  |
| C000154337 | Class P2     |  |

### Portfolio Series - American Funds Managed Risk Growth Portfolio (Series ID: S000048973)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154338 | Class P2     |  |
| C000154339 | Class P1     |  |

### Portfolio Series - American Funds Managed Risk Growth and Income Portfolio (Series ID: S000048974)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154340 | Class P1     |  |
| C000154341 | Class P2     |  |

### American Funds IS 2010 Target Date Fund (Series ID: S000067189)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216157 | Class 1A     |  |
| C000216158 | Class 1      |  |
| C000216159 | Class 2      |  |
| C000216160 | Class 4      |  |

### American Funds IS 2015 Target Date Fund (Series ID: S000067190)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216161 | Class 4      |  |
| C000216162 | Class 1A     |  |
| C000216163 | Class 1      |  |
| C000216164 | Class 2      |  |

### American Funds IS 2020 Target Date Fund (Series ID: S000067191)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216165 | Class 4      |  |
| C000216166 | Class 2      |  |
| C000216167 | Class 1A     |  |
| C000216168 | Class 1      |  |

### American Funds IS 2025 Target Date Fund (Series ID: S000067192)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216169 | Class 1A     |  |
| C000216170 | Class 2      |  |
| C000216171 | Class 4      |  |
| C000216172 | Class 1      |  |

### American Funds IS 2030 Target Date Fund (Series ID: S000067193)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216173 | Class 1A     |  |
| C000216174 | Class 2      |  |
| C000216175 | Class 4      |  |
| C000216176 | Class 1      |  |

### American Funds IS 2035 Target Date Fund (Series ID: S000067194)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216177 | Class 1      |  |
| C000216178 | Class 1A     |  |
| C000216179 | Class 2      |  |
| C000216180 | Class 4      |  |

### American Funds IS 2040 Target Date Fund (Series ID: S000080323)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242643 | Class 1A     |  |
| C000242644 | Class 1      |  |
| C000242645 | Class 2      |  |
| C000242646 | Class 4      |  |

### American Funds IS 2045 Target Date Fund (Series ID: S000080324)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242647 | Class 4      |  |
| C000242648 | Class 1A     |  |
| C000242649 | Class 1      |  |
| C000242650 | Class 2      |  |

### American Funds IS 2050 Target Date Fund (Series ID: S000080325)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242651 | Class 4      |  |
| C000242652 | Class 2      |  |
| C000242653 | Class 1A     |  |
| C000242654 | Class 1      |  |

### American Funds IS 2055 Target Date Fund (Series ID: S000080326)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242655 | Class 1A     |  |
| C000242656 | Class 2      |  |
| C000242657 | Class 4      |  |
| C000242658 | Class 1      |  |

### American Funds IS 2060 Target Date Fund (Series ID: S000080327)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242659 | Class 1A     |  |
| C000242660 | Class 2      |  |
| C000242661 | Class 4      |  |
| C000242662 | Class 1      |  |

### American Funds IS 2065 Target Date Fund (Series ID: S000080328)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242663 | Class 1      |  |
| C000242664 | Class 1A     |  |
| C000242665 | Class 2      |  |
| C000242666 | Class 4      |  |

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: 811-03857

**American Funds Insurance Series**

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

***Gregory F. Niland***

***American Funds Insurance Series***

*5300 Robin Hood Road*

*Norfolk, Virginia 23513*

*(Name and Address of Agent for Service)*

 

ITEM 1 – Reports to Stockholders

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**American Funds<br> Insurance Series<sup>®</sup>**<br>Annual report <br> for the year ended <br> December 31, 2022 | ![](x1_c105652x1x2.jpg) |

---

![](x1_c105652x1x1.jpg)

**Investing in global<br> companies for <br> the long term**

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

**Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch as an indication of an issuer's creditworthiness. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds' participation in market gains. The use of the managed risk strategy could cause the funds' returns to lag those of the underlying funds in certain market conditions. Refer to the funds' prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

**Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.**

Contents

---

| | |
|:---|:---|
| 1 | [Letter to investors](#x1_c105652a001) |
| 4 | [Fund reviews](#x1_c105652a002) |
|  | **Investment portfolios** |
| 46 | [Global Growth Fund](#x1_c105652a003) |
| 51 | [Global Small Capitalization Fund](#x1_c105652a004) |
| 58 | [Growth Fund](#x1_c105652a005) |
| 65 | [International Fund](#x1_c105652a006) |
| 70 | [New World Fund<sup>®</sup>](#x1_c105652a007) |
| 84 | [Washington Mutual Investors Fund](#x1_c105652a008) |
| 89 | [Capital World Growth and Income Fund<sup>®</sup>](#x1_c105652a009) |
| 97 | [Growth-Income Fund](#x1_c105652a010) |
| 103 | [International Growth and Income Fund](#x1_c105652a011) |
| 109 | [Capital Income Builder<sup>®</sup>](#x1_c105652a012) |
| 127 | [Asset Allocation Fund](#x1_c105652a013) |
| 160 | [American Funds<sup>®</sup> Global Balanced Fund](#x1_c105652a014) |
| 176 | [The Bond Fund of America<sup>®</sup>](#x1_c105652a015) |
| 206 | [Capital World Bond Fund<sup>®</sup>](#x1_c105652a016) |
| 226 | [American High-Income Trust<sup>®</sup>](#x1_c105652a017) |
| 245 | [American Funds Mortgage Fund<sup>®</sup>](#x1_c105652a018) |
| 252 | [Ultra-Short Bond Fund](#x1_c105652a019) |
| 254 | [U.S. Government Securities Fund<sup>®</sup>](#x1_c105652a020) |
| 263 | [Managed Risk Growth Fund](#x1_c105652a021) |
| 265 | [Managed Risk International Fund](#x1_c105652a022) |
| 267 | [Managed Risk Washington Mutual Investors Fund](#x1_c105652a023) |
| 269 | [Managed Risk Growth-Income Fund](#x1_c105652a024) |
| 271 | [Managed Risk Asset Allocation Fund](#x1_c105652a025) |
| 273 | [Financial statements](#x1_c105652a026) |

---

Fellow investors:

It is our pleasure to present the annual report for American Funds Insurance Series<sup>®</sup> for the year ended December 31, 2022.

Regarding the investment environment, global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index<sup>1</sup>. Communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. equities had their worst year since 2008 as the S&P 500 Index<sup>2</sup> fell 18.11%. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

European stocks declined as record-high inflation, rising interest rates and the Ukraine invasion combined to hammer the eurozone economy. Gross domestic product growth in the 19-member eurozone decelerated throughout the year, falling to 0.3% in the third quarter from 0.6% in the first quarter. Political turmoil also weighed on markets amid contentious leadership changes in Italy and the United Kingdom. Despite a strong fourth-quarter rally in European stocks, the MSCI Europe Index<sup>3</sup> finished the full year down by 15.06%.

Emerging markets stocks tumbled, undercut by China's economic slowdown, interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. Overall, the MSCI Emerging Markets Index<sup>4</sup> slid 20.09%.

Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index<sup>5</sup> lost 12.46% in one of the worst bond market

Past results are not predictive of results in future periods.

All market returns referenced in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Country returns are based on MSCI indexes, which reflect reinvestment of distributions and dividends net of withholding taxes. Source: MSCI.

<sup>1</sup> Source: MSCI. MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes.

<sup>2</sup> Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

<sup>3</sup> Source: MSCI. MSCI Europe Index is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 10 developed equity markets in Europe. Results reflect dividends net of withholding taxes.

<sup>4</sup> Source: MSCI. MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global emerging markets, consisting of more than 20 emerging market country indexes. Results reflect dividends net of withholding taxes.

<sup>5</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

American Funds Insurance Series 1

declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield rose 237 basis points to 3.88%. In this environment, investment-grade (BBB/ Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index<sup>6</sup> was down 15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>7</sup> fell by 11.18%, while the Bloomberg Municipal Bond Index<sup>8</sup> declined 8.53%.

In foreign exchange markets a strong U.S. dollar grew stronger for much of the year, particularly as the Fed raised rates at a faster pace than some other central banks, though there was some reversal of its strength in the last two months of the year. The dollar posted gains of 6.6% and 14.6% against the euro and the yen, respectively.

**Looking ahead**

Big questions remain about how the U.S. economy will do in 2023. It is possible that the delayed impact of higher rates will keep growth slow, or even cause a mild recession. However, we have confidence in the long-term trajectory of the economy, and the stock market has likely digested much of the potential bad news already, given the decline this year. Investors have reason for hope, as we've already taken a measure of pain, in both stocks and bonds. Inflation may persist above the levels we've been used to the past decade, but is likely to gently decline over the coming year from the 6.5% mark, published in January 2023. That would be good news on its own, and would also lighten the upward pressure we've seen on interest rates this past year. The global negative impact of COVID-19 has already persisted longer than anyone predicted back in early 2020, but should also decline with time, particularly as China has decided to end lockdowns. That will eventually help economic growth.

Thus, as 2023 progresses we may see, out of many fears, a reason for optimism. The ongoing war in Ukraine remains a wild card, and we hope it does not spill over into a larger conflict. That may be the biggest risk to a mildly positive outlook for stocks. There can still be bumps in the road, but with our world-class research, we will continue to focus on finding those companies with the best fundamentals and the best risk-versus-return tradeoffs. We believe that we will find plenty of attractive securities for the long term in this environment. In the event of periods of volatility, we remain committed to our process, and will look for opportunities at that time as well.

Our time-tested process is based on extensive research, a long-term framework and close attention to valuation, and has resulted in superior outcomes for investors over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

![](x1_c105652x4x1.jpg)

Donald D. O'Neal <br> Co-President

![](x1_c105652x4x2.jpg)

Alan N. Berro<br> Co-President

February 13, 2023

Past results are not predictive of results in future periods.

<sup>6</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

<sup>7</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.

<sup>8</sup> Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

2 American Funds Insurance Series

About the series

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).

The variable annuities and life insurance contracts that use the series' funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information.

The investment adviser is currently waiving a portion of its management fee for Global Growth Fund, Global Small Capitalization Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, International Growth and Income Fund, Capital Income Builder, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund and U.S. Government Securities Fund. The waivers will be in effect through at least May 1, 2023. The waivers may only be modified or terminated with the approval of the series' board. Applicable fund results shown reflect the waivers, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund's net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund. The waivers and reimbursement will be in effect through at least May 1, 2023, unless modified or terminated by the series' board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series' board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — Growth Fund and American Funds Insurance Series<sup>®</sup> — The Bond Fund of America. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — International Fund and American Funds Insurance Series<sup>®</sup> — The Bond Fund of America. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — Washington Mutual Investors Fund and American Funds Insurance Series<sup>®</sup> — U.S. Government Securities Fund. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — Growth-Income Fund and American Funds Insurance Series<sup>®</sup> — The Bond Fund of America. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> — Asset Allocation Fund. The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds' managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds' results can be expected to lag those of the underlying fund.

Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.

American Funds Insurance Series 3

Global Growth Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Global Growth Fund declined 24.54% for the 12 months ended December 31, 2022, compared with a decrease of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the fund, stock selection in the consumer discretionary sector was the top contributor to relative returns. A larger-than-index position in health care firm Cigna was among the top individual contributors to the fund, with returns that outpaced the broader market. On the downside, stock selections within the information technology sector weighed on results. Netherlands-based payments firm Adyen was among the top individual detractors, with returns that lagged the broader market in a weak sector overall.

On a geographic basis, stocks of companies domiciled in Hong Kong and France were among the top contributors to results, while stocks of companies based in the United States and the Netherlands were among the top detractors.

The fund's portfolio managers are optimistic they will continue to find good companies globally that offer high-quality products and services, and whose values are not yet fully reflected in their share prices.

4 American Funds Insurance Series

Global Growth Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x7x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since April 30, 1997) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –24.54% | 7.33% | 10.43% | 9.57% | 0.52% | 0.41% |
| Class 1A | –24.73 | 7.07 | 10.16 | 9.30 | 0.77 | 0.66 |
| Class 2 | –24.74 | 7.06 | 10.15 | 9.30 | 0.77 | 0.66 |
| Class 4 | –24.92 | 6.80 | 9.92 | 9.04 | 1.02 | 0.91 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x7x2.jpg)

American Funds Insurance Series 5

Global Small Capitalization Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Global Small Capitalization Fund declined 29.37% for the 12 months ended December 31, 2022. Its benchmark, the MSCI All Country World Small Cap Index,<sup>1</sup> a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, declined 18.67%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Regarding the fund, stock selection within the health care sector was a positive contributor to relative returns. A larger-than-index investment in medical technology firm Haemonetics was among the fund's top individual contributors over the period. On the downside, stock selection within the information technology sector weighed on returns. Within individual securities, India-based cloud platform provider Tanla Platforms was a top detractor, as its stock lagged the broader market.

Geographically, investments in companies domiciled in Hong Kong and Korea were overall additive to returns, while investments in those domiciled in China and the United States were detractors, overall.

In a turbulent year for markets across the board, the fund's results for the past 12 months have been disappointing. However, with analysts' full-time return to the road after COVID-19-related pauses, fund managers remain confident in the primary research capabilities underpinning investment decisions, and optimistic for the outlook ahead. While cognizant of the possibility of recession in the short term, managers remain committed to investing in companies with long-term potential.

6 American Funds Insurance Series

Global Small Capitalization Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x9x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since April 30, 1998) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –29.37% | 3.05% | 7.10% | 8.39% | 0.70% | 0.66% |
| Class 1A | –29.54 | 2.80 | 6.84 | 8.13 | 0.95 | 0.91 |
| Class 2 | –29.55 | 2.79 | 6.84 | 8.13 | 0.95 | 0.91 |
| Class 4 | –29.69 | 2.54 | 6.58 | 7.86 | 1.20 | 1.16 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x9x2.jpg)

American Funds Insurance Series 7

Growth Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Growth Fund declined 29.75% for the 12 months ended December 31, 2022, compared with a decrease of 18.11% in its benchmark index, S&P 500 Index,<sup>1</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selection within the materials sector was the top contributor to relative returns. A position in energy industry firm Halliburton buoyed results as its stock outpaced the broader industry. On the downside, investments within the communication services sector weighed on results. A position in Tesla was the top individual detractor to returns.

The overall uncertain economic environment and challenges of inflation are very real concerns. The fund's managers believe it is well-positioned for the road ahead and continue to focus on capital appreciation and selecting companies best suited for this challenging economic environment. Portfolio managers remain confident their time-tested investment approach, based on thorough research and robust debate with an eye on valuation, can continue to deliver superior outcomes for investors over the long-term.

8 American Funds Insurance Series

Growth Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x11x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since February 8, 1984) | **Expense<br>ratio** |
| Class 1 | –29.75% | 11.42% | 13.93% | 12.65% | 0.34% |
| Class 1A | –29.93 | 11.14 | 13.65 | 12.37 | 0.59 |
| Class 2 | –29.94 | 11.14 | 13.64 | 12.37 | 0.59 |
| Class 3 | –29.89 | 11.22 | 13.72 | 12.45 | 0.52 |
| Class 4 | –30.11 | 10.86 | 13.38 | 12.09 | 0.84 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x11x2.jpg)

American Funds Insurance Series 9

International Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

International Fund declined 20.57% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index) ex USA,<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), fell 16.00%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the portfolio, stock selection within the energy sector boosted relative returns. Within individual securities, a higher-than-index position in Petroleo Brasileiro was a top contributor as the stock significantly outpaced the market overall. On the downside, stock selection within the information technology sector dragged on returns. A larger-than-index position in South Korean chipmaker SK Hynix was among the top individual detractors.

Looking ahead, the market continues to focus on global inflation levels as a key determinant for interest-rate and asset-price movement. There are signs that the worst of the inflation surge, due in part to rising oil prices and supply-chain issues during the COVID-19 pandemic, seems to be behind us. However, there is still uncertainty about how wage increases – as seen in many developed markets – could impact the continuation of high inflation. As a result of tighter monetary conditions, economies around the world are seeing growth moderate. Meanwhile, contributors to a turbulent macro environment in 2022, such as the war in Ukraine and U.S.-China tensions, have not subsided. In this uncertain environment, the fund's managers endeavor to maintain a portfolio with a healthy balance of well-managed companies across sectors.

10 American Funds Insurance Series

International Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x13x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since May 1, 1990) | **Expense<br>ratio** |
| Class 1 | –20.57% | –0.78% | 4.18% | 7.07% | 0.53% |
| Class 1A | –20.80 | –1.03 | 3.92 | 6.80 | 0.78 |
| Class 2 | –20.79 | –1.03 | 3.92 | 6.80 | 0.78 |
| Class 3 | –20.76 | –0.97 | 3.98 | 6.87 | 0.71 |
| Class 4 | –21.02 | –1.29 | 3.67 | 6.54 | 1.03 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x13x2.jpg)

American Funds Insurance Series 11

New World Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

New World Fund was down 21.86% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index),<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), declined 18.36%. The MSCI Emerging Markets (EM) Index,<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), fell by 20.09%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Emerging markets stocks tumbled, undercut by China's economic slowdown, the Federal Reserve's aggressive interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. However, a few countries, including Brazil, were able to separate from the group by benefiting from some stronger fundamentals.

Within the portfolio, a higher-than-benchmark position in the materials sector was beneficial to the fund's relative returns. Brazilian mining company Vale was a top individual contributor, as its stock saw returns that outpaced the broader market. Indian energy company Reliance Industries was also a relative contributor. On the downside, stock selection within the health care sector dragged on relative returns. Among individual securities, a larger-than-benchmark position in Singapore-based Sea Ltd. was a top detractor to results.

The investment environment has become much more challenging over the last year, with a wide range of uncertainties affecting equity prices – including global shifts in monetary policy, elevated geopolitical tensions and the potential for widespread recession. The portfolio managers believe the fund's flexibility in seeking investments in both the developed world and emerging markets will provide significant opportunities in these periods of volatility. They remain confident that on-the-ground research, a cornerstone of their investment process, will provide highly differentiated investment insights leading to potentially superior outcomes over the long term.

12 American Funds Insurance Series

New World Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x15x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since June 17, 1999) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –21.86% | 2.58% | 4.53% | 7.45% | 0.64% | 0.57% |
| Class 1A | –22.09 | 2.32 | 4.27 | 7.18 | 0.89 | 0.82 |
| Class 2 | –22.10 | 2.32 | 4.27 | 7.18 | 0.89 | 0.82 |
| Class 4 | –22.25 | 2.07 | 4.02 | 6.92 | 1.14 | 1.07 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x15x2.jpg)

American Funds Insurance Series 13

Washington Mutual Investors Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Washington Mutual Investors Fund declined 8.28% for the 12 months ended December 31, 2022. Its benchmark index, S&P 500 Index,<sup>1</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell by 18.11%.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selections in the consumer discretionary and information technology sectors were additive to relative returns. Among individual securities, a higher-than-benchmark position in Unitedhealth Group was a top contributor, as the stock outpaced the broader market. On the downside, security selections within the financials and real estate sectors were top detractors. A lower-than-index position in Exxon Mobil weighed on relative returns as the stock outpaced the market overall.

Looking ahead, the fund's portfolio managers are keeping a close watch on monetary policy, inflation, and other global issues, along with the resulting implications for the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long-term investment opportunities.

14 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x17x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since July 5, 2001) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –8.28% | 7.37% | 11.57% | 6.97% | 0.40% | 0.25% |
| Class 1A | –8.45 | 7.11 | 11.30 | 6.71 | 0.65 | 0.50 |
| Class 2 | –8.45 | 7.11 | 11.30 | 6.70 | 0.65 | 0.50 |
| Class 4 | –8.69 | 6.84 | 11.08 | 6.47 | 0.90 | 0.75 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x17x2.jpg)

American Funds Insurance Series 15

Capital World Growth and Income Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Capital World Growth and Income Fund declined 17.13% for the 12 months ended December 31, 2022, compared with a decline of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the portfolio, a higher-than-index position and stock selection within the materials sector was a top contributor to relative returns. Results were also buoyed by holdings in Vale, a Brazil-based mining company, which saw returns over the period that outpaced the broader market. On the downside, stock selection within the communication services and financials sectors were among the top detractors to returns. A position in Sberbank Russia weighed on returns as the stock saw sharp declines due to Russia's invasion of Ukraine and related consequences.

On a geographical basis, stocks domiciled in the United States and Brazil contributed the most to relative returns, while holdings in Japan and Russia dragged.

Looking ahead, the market continues to focus on global inflation levels as a key determinant for interest-rate and asset-price movement. There are signs that the worst of the inflation surge, due in part to rising oil prices and supply-chain issues during the COVID-19 pandemic, seems to be behind us. However, there is still uncertainty about how wage increases – as seen in many developed markets – could impact the continuation of high inflation. As a result of tighter monetary conditions, economies around the world are seeing growth moderate. Meanwhile, contributors to a turbulent macro environment in 2022, such as the war in Ukraine and U.S.-China tensions, have not subsided. Against this uncertainty, the fund's managers remain committed to finding companies that can grow regardless of macro environment and investing in those that have shown a strong tendency to pay a dividend through difficult economic conditions.

16 American Funds Insurance Series

Capital World Growth and Income Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x19x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since May 1, 2006) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –17.13% | 4.36% | 8.04% | 6.40% | 0.53% | 0.42% |
| Class 1A | –17.29 | 4.10 | 7.79 | 6.15 | 0.78 | 0.67 |
| Class 2 | –17.33 | 4.10 | 7.77 | 6.14 | 0.78 | 0.67 |
| Class 4 | –17.57 | 3.83 | 7.53 | 5.89 | 1.03 | 0.92 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x19x2.jpg)

American Funds Insurance Series 17

Growth-Income Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Growth-Income Fund fell 16.28% for the 12 months ended December 31, 2022, compared with a decline of 18.11% in its benchmark index, S&P 500 Index,<sup>1</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. The S&P 500 entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, investments within the information technology and industrials sectors were top contributors to the fund's relative returns. An out-of-benchmark position in energy company Canadian Natural Resources was a top individual contributor, as the stock outpaced the market overall. On the downside, security selections within the communications and financials sectors dragged on portfolio returns. Netflix was the fund's top individual detractor owing to a larger-than-benchmark position and returns that lagged the market overall.

Looking ahead, uncertainty in the macroeconomic outlook and in the trajectory of inflation and interest rates will likely continue. Stock valuations have started to come down to reflect investor concerns, although corporate earnings outlooks may not have bottomed. The fund's portfolio managers will take advantage of volatility to build positions in companies and stocks in which they see long term value. The current environment should provide opportunities for finding investments with attractive risk-adjusted return potential.

18 American Funds Insurance Series

Growth-Income Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x21x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since February 8, 1984) | **Expense<br>ratio** |
| Class 1 | –16.28% | 8.09% | 11.82% | 11.01% | 0.28% |
| Class 1A | –16.48 | 7.83 | 11.55 | 10.74 | 0.53 |
| Class 2 | –16.50 | 7.83 | 11.54 | 10.74 | 0.53 |
| Class 3 | –16.43 | 7.91 | 11.62 | 10.82 | 0.46 |
| Class 4 | –16.70 | 7.56 | 11.28 | 10.47 | 0.78 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x21x2.jpg)

American Funds Insurance Series 19

International Growth and Income Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

International Growth and Income Fund fell 15.00% for the 12 months ended December 31, 2022, compared with a decline of 16.00% in its benchmark index, MSCI ACWI (All Country World Index) ex USA,<sup>1</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Regarding the fund, stock selections within the consumer discretionary and consumer staples sectors were additive to relative results. Within individual securities, British American Tobacco was a top contributor owing to returns that outpaced the broader market. On the downside, security selections within the financials and energy sectors detracted from returns. Positions in Russian firms Sberbank and Gazprom were among the top individual detractors as their stocks saw declines due to the Russian invasion of Ukraine and related consequences.

The new year looks to continue current macroeconomic uncertainty and trends stemming from shifting monetary policies and geopolitical tensions around the world. In this environment, valuations remain depressed, particularly outside the United States. The fund's managers continue to focus on businesses they believe will provide good value over the long-term, as guided by the fundamental, global research that underpins investment decisions.

20 American Funds Insurance Series

International Growth and Income Fund (continued)

**How a hypothetical $10,000 investment has grown**

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since November 18, 2008) | **Expense<br>ratio** |
| Class 1 | –15.00% | 0.88% | 3.86% | 6.91% | 0.55% |
| Class 1A | –15.31 | 0.61 | 3.60 | 6.64 | 0.80 |
| Class 2 | –15.25 | 0.62 | 3.60 | 6.64 | 0.80 |
| Class 4 | –15.52 | 0.35 | 3.37 | 6.40 | 1.05 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x23x2.jpg)

American Funds Insurance Series 21

Capital Income Builder<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Capital Income Builder, which invests in a mix of stocks and bonds, declined 6.90% for the 12 months ended December 31, 2022. During the same period, the index blend of 70%/30% MSCI ACWI (All Country World Index)/Bloomberg U.S. Aggregate Index<sup>1</sup> fell 16.59%. MSCI ACWI,<sup>2</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), fell 18.36%. The Bloomberg U.S. Aggregate Index,<sup>3</sup> which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell 13.01%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply.

The overall portfolio has protected the absolute downside for investors. In the equity portfolio, stock selection in consumer staples was a top contributor to relative returns. Investment in aerospace, within the industrials sector, was also additive, as was a position in the energy sector. On the downside, stock selection within financials detracted from returns. Overall, dividend-paying companies have done better than the broader market.

The fund's fixed income portfolio outpaced its benchmark and was additive to relative returns overall. Duration positioning within the portfolio was a primary driver of returns, while curve positioning and security selection detracted.

The fund's portfolio managers are cautious given the impact of a potential U.S. recession on earnings and dividends, but also aware that markets tend to bottom three to six months ahead of a recession and are therefore ready to revisit early cyclical investment ideas. With the strength of the U.S. dollar reversing, we believe the fund's exposure to global markets is well-positioned. The fund also remains well-positioned to use its geographic flexibility to pursue dividend-paying investment opportunities around the world. Fund managers remain loyal to the fund's objective and optimistic about the companies with growing dividends that were selected for this portfolio through fundamental, bottom-up security selection.

22 American Funds Insurance Series

Capital Income Builder<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x25x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br>(since May 1, 2014) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –6.90% | 4.35% | 4.33% | 0.41% | 0.27% |
| Class 1A | –7.06 | 4.10 | 4.08 | 0.66 | 0.52 |
| Class 2 | –7.13 | 4.09 | 4.14 | 0.66 | 0.52 |
| Class 4 | –7.37 | 3.83 | 3.81 | 0.91 | 0.77 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.

<sup>2</sup> Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

<sup>3</sup> Source: Bloomberg Index Services Ltd.

<sup>4</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x25x2.jpg)

American Funds Insurance Series 23

Asset Allocation Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Asset Allocation Fund, which is a mix of stocks and bonds, fell 13.19% for the 12 months ended December 31, 2022. During the same period, the index blend of 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index<sup>1</sup> declined 15.79%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%, while the Bloomberg U.S. Aggregate Index,<sup>3</sup> which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell by 13.01%.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. The S&P 500 entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply.

In the equity portfolio, investment selection within the consumer discretionary sector was the top contributor to relative returns on a sector basis. Results were buoyed by an off-benchmark holding in food services company Aramark and a higher-than-index position in Philip Morris, which saw returns that significantly outpaced the market overall. On the downside, stock selections within the energy and financials sectors weighed on relative returns. Within energy, Exxon Mobil – which the fund did not hold – weighed on relative results as its stock outpaced the broader market. A higher-than-benchmark holding in Charter Communications was among the top individual detractors, as returns lagged the broader market.

The fund's fixed income investments were additive to relative returns overall. Duration positioning within Treasuries and mortgage-backed securities (MBS) contributed positively to results. Sector and security selections detracted. An out-of-benchmark position within U.S. Treasury Inflation-Protected Securities (TIPS) also weighed on returns.

In the wake of market selloffs and rotations like the one seen in 2022, opportunities often abound for the long-term investor. Fund managers note that many sound companies with outstanding long-term prospects are trading at attractive valuations because the market is focused on the short term. Managers are focused on differentiating between companies whose fundamental outlook has changed versus those facing more transient issues, and where valuations are attractive. In addition, their portfolios are balanced across a broad array of cyclical and market exposures.

24 American Funds Insurance Series

Asset Allocation Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x27x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since August 1, 1989) | **Expense<br>ratio** |
| Class 1 | –13.19% | 5.59% | 8.37% | 8.22% | 0.30% |
| Class 1A | –13.43 | 5.32 | 8.11 | 7.95 | 0.55 |
| Class 2 | –13.41 | 5.33 | 8.10 | 7.95 | 0.55 |
| Class 3 | –13.37 | 5.40 | 8.18 | 8.03 | 0.48 |
| Class 4 | –13.66 | 5.06 | 7.87 | 7.69 | 0.80 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Source: Bloomberg Index Services Ltd.

<sup>4</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x27x2.jpg)

American Funds Insurance Series 25

American Funds<sup>®</sup> Global Balanced Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

American Funds Global Balanced Fund declined 14.33% for the 12 months ended December 31, 2022. Over the same period, the fund's index blend of 60%/40% MSCI ACWI (All Country World Index)/Bloomberg Global Aggregate Index<sup>1</sup> fell 17.33%. MSCI ACWI,<sup>2</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), was down 18.36%, while the Bloomberg Global Aggregate Index,<sup>3</sup> a measure of global investment-grade bonds (rated BBB/Baa and above), declined 16.25%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses. Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index<sup>4</sup> lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies.

The fund declined overall but outpaced its primary benchmark index. Within the equity portfolio, stock selection in the communication services sector was a top contributor to relative results. A lower-than-benchmark position in Amazon was additive to portfolio relative returns as the stock lagged the market overall. On the downside, stock selection within the materials sector weighed on returns. A higher-than-benchmark holding in Home Depot was a top detractor among individual stocks. The fund's fixed income investments detracted from relative results. A small exposure to Russian bonds weighed on relative returns, while overall sector selection was positive, owing mostly to holdings in euro-denominated assets.

Investors face an ongoing combination of risks in the year ahead, with likely weak economic growth, high inflation and geopolitical risk continuing. Among stock sectors, fund managers believe sectors such as U.S. utilities and health care may provide attractive investment opportunities as renewable energy incentives and demographic changes are expected to aid growth. They are also closely watching the U.S. dollar, whose strength has weighed on non-U.S. holdings in the portfolio and is expected to remain strong into 2023. The fund's fixed income portfolio remains cautiously positioned in the current inflationary environment, but managers are confident in the long-term opportunities in bond markets that are now delivering meaningful income for the first time in years. As always, they continue to focus on core principals of global research, individual security selection and bottom-up fundamental analysis to underpin investment decisions.

26 American Funds Insurance Series

American Funds<sup>®</sup> Global Balanced Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x29x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>5</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since May 2, 2011) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –14.33% | 3.65% | 5.52% | 5.23% | 0.51% | 0.50% |
| Class 1A | –14.56 | 3.41 | 5.28 | 4.99 | 0.76 | 0.75 |
| Class 2 | –14.56 | 3.40 | 5.25 | 4.97 | 0.76 | 0.75 |
| Class 4 | –14.73 | 3.13 | 5.12 | 4.81 | 1.01 | 1.00 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.

<sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.

<sup>3</sup> Source: Bloomberg Index Services Ltd.

<sup>4</sup> Source: Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

<sup>5</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x29x2.jpg)

American Funds Insurance Series 27

The Bond Fund of America<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The Bond Fund of America declined 12.26% for the 12 months ended December 31, 2022. The fund's benchmark, Bloomberg U.S. Aggregate Index,<sup>1</sup> which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, was down 13.01%.

U.S. fixed income markets fell across the board. The U.S. Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. The Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>3</sup> returned –11.18%, while the Bloomberg Municipal Bond Index<sup>4</sup> returned –8.53%.

Over the period, the largest contributions to relative results came from duration positioning and agency mortgage-backed securities (MBS). The fund's lower-than-benchmark duration helped reduce interest rate sensitivity as rates moved higher and bond prices fell over the period. A lower position in MBS also helped, relative to the benchmark, as spreads widened materially. On the downside, yield curve positioning and a modest position in emerging markets and high-yield bonds detracted from results.

The market and economic environments in 2023 look very different than last year. Inflation appears to have peaked and is on the decline, the Fed has guided to a peak federal funds rate of around 5% to be reached in the first half of 2023, and the market is gearing for an economic slowdown or recession. In response, yields have moved higher and spreads on risky assets have moved wider, making valuations more attractive for fixed income investors.

The fund's managers have a conservative outlook on the economy and believe that while valuations are more attractive, they do not fully compensate investors for the risk of a deeper economic downturn in the coming year. Managers have added duration, corporate bonds and structured products like agency mortgage-backed securities to effectively eliminate lower-than-benchmark positions but have not moved significantly higher than the benchmark. Interest rate positioning is concentrated in intermediate securities around five-year maturities, which managers believe will benefit the portfolio if inflation and the economy continue to slow and the Fed ends the rate-hike cycle in the first half of 2023.

As the year progresses and managers gain more confidence on either the direction of the economy or valuations, they expect to take more meaningful positions relative to the benchmark. As always, research-driven security selection is expected to be an important driver of future investment results.

28 American Funds Insurance Series

The Bond Fund of America<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x31x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>5</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since January 2, 1996) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –12.26% | 1.02% | 1.62% | 4.04% | 0.38% | 0.21% |
| Class 1A | –12.49 | 0.78 | 1.37 | 3.79 | 0.63 | 0.46 |
| Class 2 | –12.58 | 0.76 | 1.36 | 3.78 | 0.63 | 0.46 |
| Class 4 | –12.75 | 0.51 | 1.12 | 3.53 | 0.88 | 0.71 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd.

<sup>2</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.

<sup>4</sup> Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

<sup>5</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x31x2.jpg)

American Funds Insurance Series 29

Capital World Bond Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Capital World Bond Fund declined 17.43% for the 12 months ended December 31, 2022. The fund's benchmark, the Bloomberg Global Aggregate Index,<sup>1</sup> which measures global investment-grade bonds (rated BBB/Baa and above), was down 16.25%.

Bonds plummeted in the face of soaring inflation, which rose in part due to energy price shocks resulting from Russia's invasion of Ukraine. The Bloomberg U.S. Treasury Index<sup>2</sup> lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring consumer price increases back to a target of roughly 2%, down from 7% to 10% in many economies.

Over the period, the largest contributions to the fund's relative results were due to currency and sector selection, with a modest boost from curve positioning. Unhedged holdings in the euro and Japanese yen were additive. On the downside, duration positioning as well as currency hedging in forward contracts detracted. Weak absolute returns in part reflect the strength of the U.S. dollar, spurred by the Fed's aggressive rate hikes and their effect on global bond markets.

Looking ahead, the fund's managers believe the Fed's hiking cycle is close to a peak and see the 50-60 basis points of further hikes priced into forward curves as realistic. The managers' outlook for bonds is therefore good, with the U.S. dollar likely in a peaking phase as inflation momentum turns around. They expect inflation to fall this year as growth is likely to be relatively sluggish in both the U.S. and Europe.

30 American Funds Insurance Series

Capital World Bond Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x33x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since October 4, 2006) | **Expense<br>ratio** |
| Class 1 | –17.43% | –1.53% | –0.25% | 2.40% | 0.47% |
| Class 1A | –17.69 | –1.76 | –0.48 | 2.16 | 0.72 |
| Class 2<sup>4</sup> | –17.70 | –1.77 | –0.50 | 2.14 | 0.72 |
| Class 4 | –17.84 | –2.01 | –0.70 | 1.92 | 0.97 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd.

<sup>2</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

<sup>3</sup> Periods greater than one year are annualized.

<sup>4</sup> Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x33x2.jpg)

American Funds Insurance Series 31

American High-Income Trust<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

American High-Income Trust fell 9.01% for the 12 months ended December 31, 2022. In comparison, the fund's benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index,<sup>1</sup> which measures fixed-rate non-investment-grade bonds (rated BB/Ba and below) and limits the exposure of an issuer to 2%, was down 11.18%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg Municipal Bond Index<sup>3</sup> returned –8.53%.

At a high level, security selection was most additive to the fund's relative returns over the period. In particular, investments within the energy and non-cyclical consumer staples sectors contributed to relative results. On the downside, security selection and a lower-than-benchmark position within the cyclical consumer goods sector detracted from relative results.

With high-yield bond yields close to their long-term average, markets now reflect the higher inflation that emerged over the last year. The adverse consequences of tighter global monetary policy may lead to somewhat higher default rates in the next several years, which could in turn lead to a further rise in yields. The substantial yield increases across fixed income markets provides a more attractive forward return outlook, and although yields may continue to adjust to higher levels, much of the required adjustment may have already occurred. The fund's managers continue to seek attractive opportunities within the high yield market that appropriately compensate for the underlying investment risks.

32 American Funds Insurance Series

American High-Income Trust<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x35x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since February 8, 1984) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –9.01% | 3.40% | 4.12% | 8.16% | 0.44% | 0.30% |
| Class 1A | –9.29 | 3.14 | 3.87 | 7.89 | 0.69 | 0.55 |
| Class 2 | –9.26 | 3.14 | 3.86 | 7.89 | 0.69 | 0.55 |
| Class 3 | –9.25 | 3.21 | 3.93 | 7.97 | 0.62 | 0.48 |
| Class 4 | –9.53 | 2.88 | 3.64 | 7.63 | 0.94 | 0.80 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd.

<sup>2</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

<sup>4</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x35x2.jpg)

American Funds Insurance Series 33

American Funds Mortgage Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

American Funds Mortgage Fund fell 9.76% for the 12 months ended December 31, 2022. Its benchmark index, Bloomberg U.S. Mortgage-Backed Securities Index,<sup>1</sup> which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, was down 11.81%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>3</sup> returned –11.18%, while the Bloomberg Municipal Bond Index<sup>4</sup> returned –8.53%.

The fund declined but outpaced its benchmark index. At a high level, duration and curve positioning were most additive to relative returns over the period. In particular, the fund benefitted from lower-than-benchmark duration positioning within securitized mortgage-backed security pass-throughs. On the downside, sector selection weighed on results overall, particularly in an out-of-benchmark position within Treasuries.

The fund's focus remains on meeting its core objectives of providing current income and preserving invested capital. Managers are mindful of the fund's correlation to equity and its use as a building block in investor portfolios. They are cautious about weakening economic activity as the Fed continues to raise interest rates. The fund is positioned with the view that inflation may remain elevated and that a contraction in growth is likely sometime in the next year.

34 American Funds Insurance Series

American Funds Mortgage Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x37x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>5</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime<br>10 years** | **Gross**<br>(since May 2, 2011) | **Net<br>expense ratio** | **expense ratio** |
| Class 1 | –9.76% | 0.38% | 1.19% | 1.65% | 0.40% | 0.30% |
| Class 1A | –10.03 | 0.14 | 0.95 | 1.40 | 0.65 | 0.55 |
| Class 2 | –9.94 | 0.14 | 0.94 | 1.40 | 0.65 | 0.55 |
| Class 4 | –10.16 | –0.11 | 0.75 | 1.20 | 0.90 | 0.80 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd.

<sup>2</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.

<sup>4</sup> Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

<sup>5</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x37x2.jpg)

American Funds Insurance Series 35

Ultra-Short Bond Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Ultra-Short Bond Fund rose 1.42% for the 12 months ended December 31, 2022, compared with a 0.69% rise in the Bloomberg Short-Term Government/Corporate Index,<sup>1</sup> which consists of investment-grade (rated BBB/ Baa and above), fixed-rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector.

With a focus on capital preservation and liquidity, the fund continues to invest in a conservative manner, typically investing in both shorter duration and higher quality securities relative to the index. In the current rising interest rate environment, this approach positioned the fund to capture interest rate hikes relatively quickly. With the U.S. Federal Reserve raising its benchmark rate seven times and by a total of 425 basis points in 2022, the fund's shorter duration compared with the index resulted in a more positive 12-month return.

Short-term interest rates are currently near a 15-year high and, with the current inflation outlook, the Federal Reserve may choose to increase them again. However, uncertainty on when the Fed may pause hikes or reverse course continues to drive the market.

36 American Funds Insurance Series

Ultra-Short Bond Fund (continued)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since February 8, 1984) | **Expense<br>ratio** |
| Class 1 | 1.42% | 0.97% | 0.49% | 3.17% | 0.30% |
| Class 1A | 1.32 | 0.97 | 0.39 | 2.95 | 0.55 |
| Class 2 | 1.17 | 0.72 | 0.24 | 2.91 | 0.55 |
| Class 3 | 1.19 | 0.80 | 0.31 | 2.98 | 0.48 |
| Class 4 | 0.83 | 0.47 | 0.06 | 2.67 | 0.80 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |
| Commercial paper | 76.5% |
| Federal agency bills & notes | 21.5 |
| Other assets less liabilities | 2.0 |
| Total | 100.0% |

---

American Funds Insurance Series 37

U.S. Government Securities Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

U.S. Government Securities Fund declined 10.75% for the 12 months ended December 31, 2022. Its benchmark, the Bloomberg U.S. Government/Mortgage-Backed Securities Index,<sup>1</sup> which covers obligations issued by the U.S. Treasury and U.S. government agencies, was down 12.12%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%.

Over the period, the fund outpaced its benchmark. Top contributors to relative returns were duration and curve positioning. Duration positioning particularly within agency mortgage-backed securities (MBS) was additive. On the downside, sector and security selection weighed modestly on returns relative to the benchmark. The fund utilized interest rate derivatives to more efficiently execute the portfolio's interest rate positioning based on how managers expected yields to move. These had mixed impacts on results, but ultimately helped to express managers' convictions more efficiently.

The Fed has provided enormous support to the markets, particularly over the last two years. It is difficult to imagine unwinding that support without disruptions to financial markets and the economy. The fund's present high weighting to Treasury Inflation-Protected Securities (TIPS) is intended to provide additional return if the market underestimates future inflation. It remains to be seen just how far the Fed will go to tame inflation, but the fund's managers intend to use all the tools at their disposal to navigate these volatile markets as they seek to protect and grow shareholder assets over time.

38 American Funds Insurance Series

U.S. Government Securities Fund<sup>®</sup> (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x41x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br>(since December 2, 1985) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class 1 | –10.75% | 0.85% | 1.17% | 5.17% | 0.34% | 0.24% |
| Class 1A | –10.93 | 0.61 | 0.93 | 4.92 | 0.59 | 0.49 |
| Class 2 | –10.95 | 0.61 | 0.92 | 4.91 | 0.59 | 0.49 |
| Class 3 | –10.90 | 0.67 | 0.99 | 4.99 | 0.52 | 0.42 |
| Class 4 | –11.19 | 0.37 | 0.70 | 4.66 | 0.84 | 0.74 |

---

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: Bloomberg Index Services Ltd. <br> <sup>2</sup> Periods greater than one year are annualized.

---

| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | Percent of net assets |

---

![](x1_c105652x41x2.jpg)

American Funds Insurance Series 39

Managed Risk Growth Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund declined 24.62% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate Aggressive<sup>1</sup> was down 13.52%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Growth Fund and American Funds Insurance Series<sup>®</sup> – The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Growth Fund's investment within the materials sector was the top contributor to relative returns. Security selections within the consumer discretionary and communication services sectors detracted. The return of the underlying The Bond Fund of America was additive to relative results against its primary benchmark, the Bloomberg U.S. Aggregate Index.<sup>3</sup> The managed risk strategy was additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x42x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br>(since May 1, 2013) | **Gross<br>expense ratio** | **Net<br>expense ratio** |
| Class P1 | –24.62% | 6.61% | 8.10% | 0.74% | 0.69% |
| Class P2 | –24.88 | 6.31 | 7.80 | 0.99 | 0.94 |

---

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.

<sup>4</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

40 American Funds Insurance Series

Managed Risk International Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund declined 15.27% for the 12 months ended December 31, 2022, compared to S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,<sup>1</sup> which was down 12.42%. MSCI ACWI (All Country World Index) ex USA,<sup>2</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), fell 16.00%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– International Fund and American Funds Insurance Series<sup>®</sup>– The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying International Fund's investment within the energy sector was the top contributor to relative returns. On the downside, stock selections within the financials and information technology sectors detracted from relative results. The managed risk strategy was additive to results overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x43x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br> (since May 1, 2013) | **Gross<br> expense ratio** | **Net<br> expense ratio** |
| Class P1 | –15.27% | –2.31% | 0.86% | 0.93% | 0.86% |
| Class P2 | –15.54 | –2.60 | 0.51 | 1.18 | 1.11 |

---

The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.

<sup>3</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

American Funds Insurance Series 41

Managed Risk Washington Mutual Investors Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund declined 8.92% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate<sup>1</sup> fell 13.13%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Washington Mutual Investors Fund and American Funds Insurance Series<sup>®</sup>– U.S. Government Securities Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Washington Mutual Investors Fund's security selection within the consumer discretionary sector was the top contributor to relative returns. Investments in the information technology sector were also additive. The top detractors to relative returns on a sector basis were security selections within financials and real estate. The managed risk strategy detracted overall. Within the strategy, the equity future overlay was additive while the Treasury future and option overlays detracted.

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x44x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br> (since May 1, 2013) | **Gross<br> expense ratio** | **Net<br> expense ratio** |
| Class P1 | –8.92% | 2.39% | 5.47% | 0.67% | 0.62% |
| Class P2 | –9.16 | 2.08 | 5.12 | 0.93 | 0.88 |

---

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

42 American Funds Insurance Series

Managed Risk Growth-Income Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund declined 16.74% for the 12 months ended December 31, 2022, compared to the S&P 500 Managed Risk Index – Moderate,<sup>1</sup> which declined 13.13%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Growth-Income Fund and American Funds Insurance Series<sup>®</sup>– The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Growth-Income Fund's investment within the information technology sector was the top contributor to relative returns. A higher-than-benchmark investment within the industrials sector was also additive to results. On the downside, security selections within the financials and communication services sectors weighed on relative results. The managed risk strategy detracted overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x45x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **Lifetime**<br> (since May 1, 2013) | **Gross<br> expense ratio** | **Net<br> expense ratio** |
| Class P1 | –16.74% | 4.32% | 6.69% | 0.67% | 0.62% |
| Class P2 | –16.93 | 4.06 | 6.39 | 0.92 | 0.87 |

---

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

American Funds Insurance Series 43

Managed Risk Asset Allocation Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

The fund was down 13.75% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index — Moderate Conservative<sup>1</sup> fell 12.94%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Asset Allocation Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Asset Allocation Fund's investment selections within the consumer discretionary and health care sectors were top contributors to relative results on a sector basis. Stock selections within financials and energy detracted from relative returns on a sector basis, although the energy sector was up on an absolute basis. The managed risk strategy detracted from returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

44 American Funds Insurance Series

Managed Risk Asset Allocation Fund (continued)

**How a hypothetical $10,000 investment has grown**

![](x1_c105652x47x1.jpg)

**Total returns based on a $1,000 investment**

For periods ended December 31, 2022<sup>4</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Lifetime**<br> (since September 28, 2012) | **Gross<br> expense ratio** | **Net<br> expense ratio** |
| Class P1 | –13.75% | 3.09% | 5.95% | 5.92% | 0.70% | 0.65% |
| Class P2 | –13.97 | 2.83 | 5.69 | 5.66 | 0.95 | 0.90 |

---

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

<sup>1</sup> Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.

<sup>4</sup> Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy.

American Funds Insurance Series 45

Global Growth Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 94.49%** | Shares | Value <br> (000) |
| **Information technology 22.59%** |  |  |
| Microsoft Corp. | 1807800 | $433547 |
| ASML Holding NV | 458318 | 248089 |
| ASML Holding NV (New York registered) (ADR) | 227600 | 124361 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 15615000 | 227583 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 140000 | 10429 |
| Applied Materials, Inc. | 875000 | 85208 |
| Broadcom, Inc. | 125300 | 70059 |
| Fiserv, Inc.<sup>1</sup> | 497600 | 50292 |
| Adyen NV<sup>1</sup> | 34330 | 47506 |
| Samsung Electronics Co., Ltd. | 785100 | 34621 |
| Apple, Inc. | 242400 | 31495 |
| Hexagon AB, Class B | 2920500 | 30700 |
| MongoDB, Inc., Class A<sup>1</sup> | 139000 | 27361 |
| Keyence Corp. | 69400 | 27170 |
| NVIDIA Corp. | 167500 | 24478 |
| Mastercard, Inc., Class A | 53300 | 18534 |
| EPAM Systems, Inc.<sup>1</sup> | 50700 | 16616 |
| Visa, Inc., Class A | 70197 | 14584 |
| Capgemini SE | 85000 | 14256 |
| Network International Holdings PLC<sup>1</sup> | 3731800 | 13366 |
| DocuSign, Inc.<sup>1</sup> | 180000 | 9976 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 195000 | 6768 |
|  |  | **1566999** |
| **Health care 21.87%** |  |  |
| Novo Nordisk A/S, Class B | 1706930 | 231118 |
| UnitedHealth Group, Inc. | 335800 | 178034 |
| DexCom, Inc.<sup>1</sup> | 1012000 | 114599 |
| ResMed, Inc. | 509000 | 105938 |
| AstraZeneca PLC | 748300 | 101556 |
| Pfizer, Inc. | 1884219 | 96547 |
| Cigna Corp. | 259119 | 85857 |
| Merck & Co., Inc. | 620000 | 68789 |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 95036 | 68568 |
| Eli Lilly and Company | 158300 | 57912 |
| EssilorLuxottica | 266943 | 48609 |
| Gilead Sciences, Inc. | 457317 | 39261 |
| Mettler-Toledo International, Inc.<sup>1</sup> | 25400 | 36714 |
| NovoCure, Ltd.<sup>1</sup> | 340000 | 24939 |
| Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 104200 | 24763 |
| CVS Health Corp. | 243600 | 22701 |
| Danaher Corp. | 82100 | 21791 |
| Bayer AG | 363860 | 18787 |
| Seagen, Inc.<sup>1</sup> | 127200 | 16346 |
| Novartis AG | 165600 | 15000 |
| Zoetis, Inc., Class A | 98300 | 14406 |
| Eurofins Scientific SE, non-registered shares | 182400 | 13135 |
| Sanofi | 135000 | 13063 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 43700 | 12620 |
| Olympus Corp. | 665800 | 11769 |
| Centene Corp.<sup>1</sup> | 143500 | 11768 |
| Genus PLC | 270000 | 9731 |
| Thermo Fisher Scientific, Inc. | 17472 | 9622 |
| Siemens Healthineers AG | 178000 | 8905 |
| Bachem Holding AG | 101500 | 8853 |
| Virbac SA | 36000 | 8825 |
| Catalent, Inc.<sup>1</sup> | 166200 | 7481 |
| Rede D'Or Sao Luiz SA | 1073663 | 6015 |

---

46 American Funds Insurance Series

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Health care (continued)** |  |  |
| Organon & Co. | 62000 | $1732 |
| Viatris, Inc. | 110678 | 1232 |
| EUROAPI<sup>1</sup> | 5869 | 87 |
|  |  | **1517073** |
| **Consumer discretionary 13.94%** |  |  |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 141600 | 196468 |
| LVMH Moët Hennessy-Louis Vuitton SE | 236818 | 172035 |
| Floor & Decor Holdings, Inc., Class A<sup>1</sup> | 914698 | 63690 |
| MGM China Holdings, Ltd.<sup>1</sup> | 54589200 | 60155 |
| Renault SA<sup>1</sup> | 1688781 | 56267 |
| Prosus NV, Class N | 760993 | 52246 |
| Amazon.com, Inc.<sup>1</sup> | 524248 | 44037 |
| NIKE, Inc., Class B | 352600 | 41258 |
| Cie. Financière Richemont SA, Class A | 291500 | 37722 |
| Wynn Macau, Ltd.<sup>1</sup> | 21430000 | 23884 |
| Coupang, Inc., Class A<sup>1</sup> | 1445604 | 21265 |
| YUM! Brands, Inc. | 166000 | 21261 |
| Booking Holdings, Inc.<sup>1</sup> | 9900 | 19951 |
| Domino's Pizza Enterprises, Ltd. | 430000 | 19367 |
| MercadoLibre, Inc.<sup>1</sup> | 22250 | 18829 |
| Home Depot, Inc. | 59500 | 18794 |
| Melco Resorts & Entertainment, Ltd. (ADR)<sup>1</sup> | 1559600 | 17935 |
| IDP Education, Ltd. | 871300 | 16102 |
| Evolution AB | 140000 | 13673 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 95000 | 13437 |
| Moncler SpA | 217370 | 11571 |
| Entain PLC | 665250 | 10666 |
| Target Corp. | 60500 | 9017 |
| Tesla, Inc.<sup>1</sup> | 60000 | 7391 |
|  |  | **967021** |
| **Financials 8.92%** |  |  |
| AIA Group, Ltd. | 10109600 | 111378 |
| Tradeweb Markets, Inc., Class A | 1634960 | 106158 |
| AXA SA | 1692893 | 47182 |
| Kotak Mahindra Bank, Ltd. | 1696000 | 37316 |
| Aon PLC, Class A | 101000 | 30314 |
| Prudential PLC | 2203282 | 29816 |
| HDFC Bank, Ltd. | 1464450 | 28828 |
| Citigroup, Inc. | 569715 | 25768 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 3855500 | 25447 |
| Société Générale | 1011450 | 25378 |
| Blackstone, Inc., nonvoting shares | 312000 | 23147 |
| China Merchants Bank Co., Ltd., Class H | 3867000 | 21436 |
| Zurich Insurance Group AG | 42200 | 20166 |
| Banco Santander, SA | 5334500 | 15976 |
| Wells Fargo & Company | 377200 | 15575 |
| London Stock Exchange Group PLC | 165000 | 14237 |
| AU Small Finance Bank, Ltd. | 1416725 | 11157 |
| Bank of America Corp. | 320200 | 10605 |
| HDFC Life Insurance Company, Ltd. | 1406500 | 9600 |
| Tokio Marine Holdings, Inc. | 368300 | 7884 |
| Jackson Financial, Inc., Class A | 44327 | 1542 |
| Moscow Exchange MICEX-RTS PJSC<sup>1,2</sup> | 12640000 | —<sup>3</sup> |
|  |  | **618910** |
| **Consumer staples 8.57%** |  |  |
| British American Tobacco PLC | 3329455 | 132095 |
| Philip Morris International, Inc. | 1086204 | 109935 |
| Altria Group, Inc. | 1523500 | 69639 |
| Kweichow Moutai Co., Ltd., Class A | 278166 | 68834 |

---

American Funds Insurance Series 47

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Consumer staples (continued)** |  |  |
| Keurig Dr Pepper, Inc. | 1624000 | $57912 |
| Nestlé SA | 460353 | 53164 |
| Monster Beverage Corp.<sup>1</sup> | 336502 | 34165 |
| Costco Wholesale Corp. | 39170 | 17881 |
| Carrefour SA, non-registered shares | 1055594 | 17662 |
| Pernod Ricard SA | 73000 | 14349 |
| Simply Good Foods Co.<sup>1</sup> | 263800 | 10032 |
| Bunge, Ltd. | 85000 | 8481 |
|  |  | **594149** |
| **Industrials 7.54%** |  |  |
| Carrier Global Corp. | 1366400 | 56364 |
| Caterpillar, Inc. | 231600 | 55482 |
| Boeing Company<sup>1</sup> | 239000 | 45527 |
| MTU Aero Engines AG | 167000 | 36146 |
| Alliance Global Group, Inc. | 156400700 | 33466 |
| Airbus SE, non-registered shares | 245400 | 29179 |
| DSV A/S | 171230 | 27158 |
| NIBE Industrier AB, Class B | 2328700 | 21776 |
| Techtronic Industries Co., Ltd. | 1883000 | 20967 |
| CSX Corp. | 635000 | 19672 |
| Safran SA | 156300 | 19532 |
| GT Capital Holdings, Inc. | 2454611 | 19234 |
| Rentokil Initial PLC | 2380000 | 14628 |
| Kone OYJ, Class B | 273500 | 14166 |
| Canadian Pacific Railway, Ltd. (CAD denominated) | 183000 | 13644 |
| ASSA ABLOY AB, Class B | 611000 | 13146 |
| L3Harris Technologies, Inc. | 62600 | 13034 |
| Recruit Holdings Co., Ltd. | 374200 | 11901 |
| Daikin Industries, Ltd. | 74600 | 11476 |
| Rheinmetall AG | 52200 | 10397 |
| BayCurrent Consulting, Inc. | 321000 | 10037 |
| SMC Corp. | 22500 | 9523 |
| Suzhou Maxwell Technologies Co., Ltd., Class A | 156970 | 9302 |
| Nidec Corp. | 143000 | 7447 |
|  |  | **523204** |
| **Energy 4.84%** |  |  |
| TotalEnergies SE | 1210900 | 75578 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 1281064 | 71140 |
| Cenovus Energy, Inc. (CAD denominated) | 3151200 | 61139 |
| Reliance Industries, Ltd. | 1601273 | 49121 |
| Tourmaline Oil Corp. | 430700 | 21732 |
| Equinor ASA | 592000 | 21234 |
| Aker BP ASA | 599979 | 18702 |
| Halliburton Company | 235128 | 9252 |
| Gaztransport & Technigaz SA | 75000 | 8013 |
| Gazprom PJSC<sup>2</sup> | 8346000 | —<sup>3</sup> |
| LUKOIL Oil Co. PJSC<sup>2</sup> | 246300 | —<sup>3</sup> |
|  |  | **335911** |
| **Materials 3.25%** |  |  |
| Sherwin-Williams Company | 385500 | 91491 |
| Linde PLC | 169940 | 55431 |
| Vale SA, ordinary nominative shares | 1577389 | 26554 |
| First Quantum Minerals, Ltd. | 706200 | 14755 |
| Shin-Etsu Chemical Co., Ltd. | 113500 | 13828 |
| Corteva, Inc. | 201300 | 11832 |
| Koninklijke DSM NV | 93100 | 11414 |
|  |  | **225305** |

---

48 American Funds Insurance Series

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Communication services 2.68%** |  |  |
| Alphabet, Inc., Class A<sup>1</sup> | 1236600 | $109105 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 190923 | 22976 |
| Publicis Groupe SA | 273000 | 17336 |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 273336 | 14222 |
| Tencent Holdings, Ltd. | 297100 | 12627 |
| Bharti Airtel, Ltd. | 945000 | 9186 |
|  |  | **185452** |
| **Real estate 0.18%** |  |  |
| Goodman Logistics (HK), Ltd. REIT | 1027500 | **12072** |
| **Utilities 0.11%** |  |  |
| Brookfield Infrastructure Partners, LP | 247500 | **7666** |
| **Total common stocks** (cost: $4,798,092,000) |  | **6553762** |
| **Preferred securities 1.66%** |  |  |
| **Health care 1.36%** |  |  |
| Sartorius AG, nonvoting non-registered preferred shares | 239000 | **94514** |
| **Information technology 0.30%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares | 512300 | **20614** |
| **Total preferred securities** (cost: $27,546,000) |  | **115128** |
| **Short-term securities 4.03%** |  |  |
| **Money market investments 2.37%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>4,5</sup> | 1645519 | **164535** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | |
| **Commercial paper 1.66%** |  |  |  |  |
| KfW 1/27/2023<sup>6</sup> | 3.890% | USD | 65000 | 64782 |
| Toronto-Dominion Bank 1/27/2023<sup>6</sup> | 4.130 |  | 50000 | 49833 |
|  |  |  |  | **114615** |
| **Total short-term securities** (cost: $279,166,000) |  |  |  | **279150** |
| **Total investment securities 100.18%** (cost: $5,104,804,000) | **Total investment securities 100.18%** (cost: $5,104,804,000) |  |  | **6948040** |
| Other assets less liabilities (0.18)% |  |  |  | (12386) |
| **Net assets 100.00%** |  |  |  | $**6935654** |

---

American Funds Insurance Series 49

Global Growth Fund (continued)

**Investments in affiliates<sup>5</sup>**

**** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 2.37%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 2.37%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>4</sup> | $376714 | $1480091 | $1692180 | $(71) | $(19) | $164535 | $9353 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>4</sup> | 1808 |  | 18087 |  |  |  | —<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;**Total 2.37%** |  |  |  | $(71) | $(19) | $164535 | $9353 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Amount less than one thousand.

<sup>4</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>5</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $114,615,000, which represented 1.65% of the net assets of the fund.

<sup>7</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>8</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

50 American Funds Insurance Series

Global Small Capitalization Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 96.00%** | Shares | Value <br> (000) |
| **Industrials 20.67%** |  |  |
| International Container Terminal Services, Inc. | 11690490 | $42075 |
| Visional, Inc.<sup>1</sup> | 504850 | 33522 |
| Stericycle, Inc.<sup>1</sup> | 571050 | 28490 |
| Japan Airport Terminal Co., Ltd.<sup>1</sup> | 559900 | 27843 |
| IMCD NV | 177337 | 25330 |
| Fasadgruppen Group AB | 2370503 | 23995 |
| Trelleborg AB, Class B | 982292 | 22727 |
| Boyd Group Services, Inc. | 146809 | 22678 |
| Cleanaway Waste Management, Ltd. | 12501414 | 22274 |
| Interpump Group SpA | 454700 | 20598 |
| Saia, Inc.<sup>1</sup> | 80994 | 16983 |
| CG Power and Industrial Solutions, Ltd.<sup>1</sup> | 4880108 | 15908 |
| Instalco AB | 4098065 | 15622 |
| Montrose Environmental Group, Inc.<sup>1</sup> | 348186 | 15456 |
| Alfen NV<sup>1</sup> | 162431 | 14668 |
| Dürr AG | 426625 | 14396 |
| ALS, Ltd. | 1639100 | 13632 |
| Cargotec OYJ, Class B, non-registered shares | 300450 | 13341 |
| Wizz Air Holdings PLC<sup>1</sup> | 522941 | 11979 |
| Daiseki Co., Ltd. | 313600 | 10798 |
| AirTAC International Group | 355062 | 10747 |
| Woodward, Inc. | 105000 | 10144 |
| Rumo SA | 2802100 | 9877 |
| Japan Elevator Service Holdings Co., Ltd. | 787656 | 9866 |
| The AZEK Co., Inc., Class A<sup>1</sup> | 482390 | 9802 |
| Comfort Systems USA, Inc. | 84100 | 9678 |
| Centre Testing International Group Co., Ltd. | 2684839 | 8615 |
| Melrose Industries PLC | 5266169 | 8561 |
| DL E&C Co., Ltd. | 287442 | 7732 |
| Guangzhou Baiyun International Airport Co., Ltd., Class A<sup>1</sup> | 3524879 | 7613 |
| Engcon AB, Class B<sup>1,2</sup> | 1070647 | 6833 |
| Carel Industries SpA | 252900 | 6357 |
| Burckhardt Compression Holding AG | 9963 | 5929 |
| Kajaria Ceramics, Ltd. | 422763 | 5916 |
| Hensoldt AG | 248197 | 5873 |
| Diploma PLC | 161300 | 5420 |
| SIS, Ltd.<sup>1</sup> | 1128949 | 5353 |
| GVS SpA<sup>1,2</sup> | 1192262 | 5159 |
| Reliance Worldwide Corp., Ltd. | 2548379 | 5127 |
| Addtech AB, Class B | 353050 | 5054 |
| KEI Industries, Ltd. | 267444 | 4724 |
| First Advantage Corp.<sup>1</sup> | 361017 | 4693 |
| Vicor Corp.<sup>1</sup> | 85683 | 4605 |
| Harsha Engineers International, Ltd.<sup>1</sup> | 970777 | 4488 |
| ICF International, Inc. | 43592 | 4318 |
| Sulzer AG | 54789 | 4278 |
| Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates<sup>1</sup> | 460200 | 3847 |
| LIXIL Corp. | 196500 | 2995 |
| Trex Co., Inc.<sup>1</sup> | 59516 | 2519 |
| Aalberts NV, non-registered shares | 64502 | 2508 |
| Dätwyler Holding, Inc., non-registered shares | 12348 | 2466 |
| Antares Vision SpA<sup>1</sup> | 281100 | 2418 |
| Chart Industries, Inc.<sup>1</sup> | 16174 | 1864 |
| Matson, Inc. | 8674 | 542 |
|  |  | **608236** |
| **Information technology 18.70%** |  |  |
| Wolfspeed, Inc.<sup>1</sup> | 790681 | 54589 |
| eMemory Technology, Inc. | 910430 | 39481 |
| Net One Systems Co., Ltd. | 1201156 | 31223 |
| Nordic Semiconductor ASA<sup>1</sup> | 1677583 | 28098 |

---

American Funds Insurance Series 51

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Information technology (continued)** |  |  |
| Confluent, Inc., Class A<sup>1</sup> | 1096085 | $24377 |
| PAR Technology Corp.<sup>1,2</sup> | 837615 | 21837 |
| SUMCO Corp. | 1466300 | 19620 |
| ALTEN SA, non-registered shares | 142299 | 17869 |
| Kingdee International Software Group Co., Ltd.<sup>1</sup> | 7337224 | 15619 |
| Extreme Networks, Inc.<sup>1</sup> | 828378 | 15168 |
| BE Semiconductor Industries NV | 235536 | 14308 |
| Smartsheet, Inc., Class A<sup>1</sup> | 346627 | 13643 |
| Euronet Worldwide, Inc.<sup>1</sup> | 144187 | 13608 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 211500 | 13568 |
| Silicon Laboratories, Inc.<sup>1</sup> | 95000 | 12889 |
| Tanla Platforms, Ltd. | 1477291 | 12708 |
| MACOM Technology Solutions Holdings, Inc.<sup>1</sup> | 190000 | 11966 |
| Keywords Studios PLC | 344606 | 11355 |
| Alphawave IP Group PLC<sup>1,2</sup> | 8897291 | 10900 |
| SHIFT, Inc.<sup>1</sup> | 59200 | 10521 |
| SINBON Electronics Co., Ltd. | 1142550 | 10218 |
| OVH Groupe SAS<sup>1,2</sup> | 591394 | 10169 |
| Qorvo, Inc.<sup>1</sup> | 110518 | 10017 |
| Pegasystems, Inc. | 288141 | 9866 |
| GitLab, Inc., Class A<sup>1,2</sup> | 213816 | 9716 |
| SimCorp AS | 139192 | 9512 |
| CCC Intelligent Solutions Holdings, Inc.<sup>1</sup> | 1033074 | 8988 |
| Aspen Technology, Inc.<sup>1</sup> | 36561 | 7510 |
| Credo Technology Group Holding, Ltd.<sup>1</sup> | 555400 | 7392 |
| INFICON Holding AG | 7397 | 6462 |
| Cognex Corp. | 116600 | 5493 |
| Bentley Systems, Inc., Class B | 142373 | 5262 |
| Unity Software, Inc.<sup>1,2</sup> | 183231 | 5239 |
| Kingboard Laminates Holdings, Ltd. | 4498000 | 4945 |
| AvidXchange Holdings, Inc.<sup>1</sup> | 489768 | 4868 |
| Topicus.com, Inc., subordinate voting shares<sup>1</sup> | 87540 | 4596 |
| MongoDB, Inc., Class A<sup>1</sup> | 23300 | 4586 |
| Truecaller AB, Class B<sup>1,2</sup> | 1289744 | 4044 |
| Linklogis, Inc., Class B<sup>1,2</sup> | 6753115 | 3482 |
| Softcat PLC | 222430 | 3192 |
| Globant SA<sup>1</sup> | 17730 | 2981 |
| Rapid7, Inc.<sup>1</sup> | 71250 | 2421 |
| Kingboard Holdings, Ltd. | 710000 | 2261 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1,2</sup> | 102669 | 2032 |
| GlobalWafers Co., Ltd. | 145000 | 2014 |
| LEM Holding SA | 990 | 1922 |
| Cvent Holding Corp.<sup>1</sup> | 344800 | 1862 |
| HashiCorp, Inc., Class A<sup>1</sup> | 54600 | 1493 |
| Bechtle AG, non-registered shares | 40616 | 1437 |
| Marqeta, Inc., Class A<sup>1</sup> | 212881 | 1301 |
| Semtech Corp.<sup>1</sup> | 32200 | 924 |
| Yotpo, Ltd.<sup>1,3,4</sup> | 678736 | 842 |
|  |  | **550394** |
| **Consumer discretionary 17.91%** |  |  |
| Melco Resorts & Entertainment, Ltd. (ADR)<sup>1</sup> | 3600384 | 41404 |
| Skechers USA, Inc., Class A<sup>1</sup> | 700000 | 29365 |
| Five Below, Inc.<sup>1</sup> | 165181 | 29216 |
| Thor Industries, Inc. | 370472 | 27967 |
| Mattel, Inc.<sup>1</sup> | 1400000 | 24976 |
| Wyndham Hotels & Resorts, Inc. | 332330 | 23698 |
| Entain PLC | 1424930 | 22847 |
| YETI Holdings, Inc.<sup>1</sup> | 547131 | 22602 |
| NEXTAGE Co., Ltd. | 1036500 | 19999 |
| Domino's Pizza Enterprises, Ltd.<sup>2</sup> | 443338 | 19968 |
| Light & Wonder, Inc.<sup>1</sup> | 299658 | 17560 |

---

52 American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Asbury Automotive Group, Inc.<sup>1</sup> | 97426 | $17464 |
| Inchcape PLC | 1719150 | 16969 |
| Evolution AB | 172264 | 16824 |
| DraftKings, Inc., Class A<sup>1,2</sup> | 1400364 | 15950 |
| Lands' End, Inc.<sup>1,5</sup> | 2100000 | 15939 |
| Helen of Troy, Ltd.<sup>1</sup> | 141542 | 15698 |
| TopBuild Corp.<sup>1</sup> | 82261 | 12873 |
| WH Smith PLC | 701756 | 12524 |
| Kindred Group PLC (SDR) | 1164011 | 12150 |
| Shoei Co., Ltd. | 281700 | 11006 |
| Tongcheng Travel Holdings, Ltd.<sup>1</sup> | 4538400 | 10922 |
| Golden Entertainment, Inc.<sup>1</sup> | 256800 | 9604 |
| Chervon Holdings, Ltd.<sup>2</sup> | 1635700 | 9023 |
| Musti Group OYJ | 495800 | 8297 |
| MRF, Ltd. | 7160 | 7650 |
| Tube Investments of India, Ltd. | 204200 | 6852 |
| Melco International Development, Ltd.<sup>1</sup> | 6130000 | 6655 |
| Compagnie Plastic Omnium SA | 337633 | 4898 |
| Zhongsheng Group Holdings, Ltd. | 938500 | 4784 |
| Everi Holdings, Inc.<sup>1</sup> | 330000 | 4736 |
| Leslie's, Inc.<sup>1</sup> | 353358 | 4315 |
| On Holding AG, Class A<sup>1</sup> | 238410 | 4091 |
| Elior Group SA<sup>1,2</sup> | 1153174 | 4066 |
| Persimmon PLC | 255136 | 3766 |
| Haichang Ocean Park Holdings, Ltd.<sup>1</sup> | 17691000 | 3617 |
| IDP Education, Ltd. | 150966 | 2790 |
| Arco Platform, Ltd., Class A<sup>1,2</sup> | 158600 | 2141 |
| DESCENTE, Ltd. | 81425 | 2003 |
|  |  | **527209** |
| **Health care 17.06%** |  |  |
| Insulet Corp.<sup>1</sup> | 322368 | 94901 |
| Haemonetics Corp.<sup>1</sup> | 960147 | 75516 |
| Globus Medical, Inc., Class A<sup>1</sup> | 464688 | 34512 |
| Oak Street Health, Inc.<sup>1</sup> | 1542490 | 33179 |
| Integra LifeSciences Holdings Corp.<sup>1</sup> | 527958 | 29603 |
| Max Healthcare Institute, Ltd.<sup>1</sup> | 4669887 | 24816 |
| CONMED Corp. | 200920 | 17810 |
| CanSino Biologics, Inc., Class H | 1864200 | 15948 |
| Vaxcyte, Inc.<sup>1</sup> | 274959 | 13184 |
| Ocumension Therapeutics<sup>1</sup> | 9650966 | 12105 |
| Hapvida Participações e Investimentos SA<sup>1</sup> | 12352106 | 11885 |
| Bachem Holding AG | 135555 | 11823 |
| Angelalign Technology, Inc. | 640800 | 10100 |
| ICON PLC<sup>1</sup> | 46061 | 8947 |
| Shandong Pharmaceutical Glass Co., Ltd., Class A | 2180508 | 8890 |
| CompuGroup Medical SE & Co. KGaA | 228815 | 8808 |
| Ambu AS, Class B, non-registered shares<sup>1</sup> | 683462 | 8672 |
| Penumbra, Inc.<sup>1</sup> | 36200 | 8053 |
| Netcare, Ltd. | 8818088 | 7527 |
| iRhythm Technologies, Inc.<sup>1</sup> | 79700 | 7466 |
| Denali Therapeutics, Inc.<sup>1</sup> | 257903 | 7172 |
| Encompass Health Corp. | 117866 | 7050 |
| New Horizon Health, Ltd.<sup>1</sup> | 3007844 | 6730 |
| Medmix AG | 324953 | 6200 |
| Health Catalyst, Inc.<sup>1</sup> | 568785 | 6046 |
| Hypera SA, ordinary nominative shares | 582885 | 4990 |
| Amplifon SpA | 141536 | 4228 |
| The Ensign Group, Inc. | 39450 | 3732 |
| Masimo Corp.<sup>1</sup> | 23687 | 3505 |
| Amvis Holdings, Inc. | 122400 | 3113 |
| Nordhealth AS, Class A<sup>1,2</sup> | 1279999 | 2916 |

---

American Funds Insurance Series 53

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Health care (continued)** |  |  |
| Gland Pharma, Ltd.<sup>1</sup> | 90000 | $1715 |
| Beam Therapeutics, Inc.<sup>1</sup> | 22757 | 890 |
| DiaSorin Italia SpA | 292 | 41 |
|  |  | **502073** |
| **Financials 8.75%** |  |  |
| Star Health & Allied Insurance Co., Ltd.<sup>1</sup> | 6037336 | 41333 |
| Cholamandalam Investment and Finance Co., Ltd. | 3684053 | 32078 |
| Eurobank Ergasias Services and Holdings SA<sup>1</sup> | 17966239 | 20281 |
| Independent Bank Group, Inc. | 280449 | 16849 |
| Stifel Financial Corp. | 271050 | 15821 |
| Glacier Bancorp, Inc. | 286088 | 14139 |
| Fukuoka Financial Group, Inc. | 572200 | 13049 |
| IIFL Finance, Ltd. | 2116842 | 12316 |
| IIFL Wealth Management, Ltd. | 513500 | 11028 |
| Janus Henderson Group PLC | 440000 | 10349 |
| Bridgepoint Group PLC | 3459845 | 8017 |
| Remgro, Ltd. | 965035 | 7551 |
| Five-Star Business Finance, Ltd.<sup>1</sup> | 993023 | 7268 |
| Patria Investments, Ltd., Class A | 508200 | 7079 |
| Aptus Value Housing Finance India, Ltd. | 1816424 | 6657 |
| SiriusPoint, Ltd.<sup>1</sup> | 1100000 | 6490 |
| Aavas Financiers, Ltd.<sup>1</sup> | 272734 | 6072 |
| Eastern Bankshares, Inc. | 278164 | 4798 |
| AU Small Finance Bank, Ltd. | 483716 | 3809 |
| SouthState Corp. | 46350 | 3539 |
| Allfunds Group PLC | 470000 | 3284 |
| East West Bancorp, Inc. | 49700 | 3275 |
| Capitec Bank Holdings, Ltd. | 15161 | 1658 |
| PT Bank Raya Indonesia Tbk<sup>1</sup> | 23860996 | 619 |
|  |  | **257359** |
| **Materials 3.56%** |  |  |
| JSR Corp. | 1140088 | 22469 |
| LANXESS AG | 441240 | 17807 |
| OZ Minerals, Ltd. | 648901 | 12142 |
| Navin Fluorine International, Ltd. | 175000 | 8586 |
| PI Industries, Ltd. | 188382 | 7772 |
| Zeon Corp. | 768700 | 7730 |
| Vidrala, SA, non-registered shares | 64918 | 5581 |
| MMG, Ltd.<sup>1</sup> | 14608000 | 3728 |
| Materion Corp. | 41809 | 3659 |
| Toyo Gosei Co., Ltd.<sup>2</sup> | 63400 | 3485 |
| Recticel SA/NV | 175000 | 2921 |
| Mayr-Melnhof Karton AG, non-registered shares | 17479 | 2824 |
| Livent Corp.<sup>1</sup> | 130000 | 2583 |
| Perimeter Solutions SA<sup>1,2</sup> | 221167 | 2021 |
| Huhtamäki OYJ | 42500 | 1455 |
| Covestro AG, non-registered shares | 2600 | 102 |
|  |  | **104865** |
| **Real estate 2.53%** |  |  |
| Altus Group, Ltd. | 551189 | 21999 |
| Embassy Office Parks REIT | 4939400 | 20043 |
| Macrotech Developers, Ltd.<sup>1</sup> | 582697 | 7685 |
| JHSF Participações SA | 5823950 | 5537 |
| Mindspace Business Parks REIT | 1250000 | 5054 |
| ESR-Logos REIT | 15133928 | 4166 |

---

54 American Funds Insurance Series

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Real estate (continued)** |  |  |
| Fibra Uno Administración, SA de CV REIT | 3400000 | $4006 |
| Corp. Inmobiliaria Vesta, SAB de CV | 1606000 | 3833 |
| Ayala Land, Inc. | 3718100 | 2069 |
|  |  | **74392** |
| **Energy 1.89%** |  |  |
| Venture Global LNG, Inc., Series C<sup>1,3,4</sup> | 2760 | 25418 |
| Subsea 7 SA | 1050980 | 12088 |
| DT Midstream, Inc. | 166383 | 9194 |
| Weatherford International<sup>1</sup> | 82600 | 4206 |
| Worley, Ltd. | 350000 | 3577 |
| Aegis Logistics, Ltd. | 199283 | 838 |
| Helmerich & Payne, Inc. | 7700 | 382 |
|  |  | **55703** |
| **Communication services 1.77%** |  |  |
| JCDecaux SE<sup>1</sup> | 976059 | 18563 |
| Lions Gate Entertainment Corp., Class B<sup>1</sup> | 3059785 | 16614 |
| Rightmove PLC | 816439 | 5055 |
| Bandwidth, Inc., Class A<sup>1</sup> | 206800 | 4746 |
| VTEX, Class A<sup>1</sup> | 993126 | 3724 |
| Trustpilot Group PLC<sup>1</sup> | 2966832 | 3473 |
|  |  | **52175** |
| **Utilities 1.62%** |  |  |
| ACEN Corp. | 143954250 | 19747 |
| ENN Energy Holdings, Ltd. | 1205597 | 16819 |
| Brookfield Infrastructure Corp., Class A, subordinate voting shares | 157667 | 6133 |
| Neoenergia SA | 1442015 | 4220 |
| SembCorp Industries, Ltd. | 282600 | 712 |
|  |  | **47631** |
| **Consumer staples 1.54%** |  |  |
| Grocery Outlet Holding Corp.<sup>1</sup> | 621782 | 18150 |
| Shop Apotheke Europe NV, non-registered shares<sup>1</sup> | 169500 | 8003 |
| Monde Nissin Corp. | 39914950 | 7960 |
| Scandinavian Tobacco Group A/S | 305111 | 5352 |
| AAK AB | 223527 | 3819 |
| Hilton Food Group PLC | 250077 | 1688 |
| Zur Rose Group AG<sup>1,2</sup> | 9250 | 257 |
|  |  | **45229** |
| **Total common stocks** (cost: $2,451,546,000) |  | **2825266** |
| **Preferred securities 0.87%** |  |  |
| **Information technology 0.62%** |  |  |
| SmartHR, Inc., Series D, preferred shares<sup>1,3,4</sup> | 3006 | 10752 |
| Yotpo, Ltd., Series F, preferred shares<sup>1,3,4</sup> | 2158609 | 2677 |
| Yotpo, Ltd., Series B, preferred shares<sup>1,3,4</sup> | 287894 | 357 |
| Yotpo, Ltd., Series C, preferred shares<sup>1,3,4</sup> | 274070 | 340 |
| Yotpo, Ltd., Series A-1, preferred shares<sup>1,3,4</sup> | 183819 | 228 |
| Yotpo, Ltd., Series A, preferred shares<sup>1,3,4</sup> | 89605 | 111 |
| Yotpo, Ltd., Series C-1, preferred shares<sup>1,3,4</sup> | 75980 | 94 |
| Yotpo, Ltd., Series D, preferred shares<sup>1,3,4</sup> | 42368 | 52 |
| Yotpo, Ltd., Series B-1, preferred shares<sup>1,3,4</sup> | 33838 | 42 |
| Outreach Corp., Series G, preferred shares<sup>1,3,4</sup> | 154354 | 3603 |
|  |  | **18256** |

---

American Funds Insurance Series 55

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| **Preferred securities** (continued) | Shares | Value <br> (000) |
| **Industrials 0.24%** |  |  |
| Azul SA (ADR), preferred nominative shares<sup>1,2</sup> | 1128836 | $6897 |
| Azul SA, preferred nominative shares<sup>1</sup> | 109500 | 229 |
|  |  | **7126** |
| **Health care 0.01%** |  |  |
| PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares<sup>1,3,4</sup> | 2931405 | **196** |
| **Total preferred securities** (cost: $45,236,000) |  | **25578** |
| **Rights & warrants 0.34%** |  |  |
| **Information technology 0.34%** |  |  |
| OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 2/3/2023<sup>1,6</sup> | 526700 | **10007** |
| **Total rights & warrants** (cost: $18,773,000) |  | **10007** |
| **Short-term securities 5.05%** |  |  |
| **Money market investments 3.25%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>5,7</sup> | 958183 | **95809** |
| **Money market investments purchased with collateral from securities on loan 1.80%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>5,7,8</sup> | 232377 | 23235 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,8</sup> | 18552259 | 18553 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>7,8</sup> | 10793666 | 10794 |
| State Street Institutional U.S. Government Money Market Fund, Institutional Class 4.09%<sup>7,8</sup> | 271134 | 271 |
|  |  | **52853** |
| **Total short-term securities** (cost: $148,644,000) |  | **148662** |
| **Total investment securities 102.26%** (cost: $2,664,199,000) |  | **3009513** |
| Other assets less liabilities (2.26)% |  | (66610) |
| **Net assets 100.00%** |  | $**2942903** |

---

**Investments in affiliates<sup>5</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Common stocks 0.54%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer discretionary 0.54%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lands' End, Inc.<sup>1</sup> | $41223 | $— | $— | $— | $(25284) | $15939 | $— |
| **Short-term securities 4.04%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 3.25%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7</sup> | 203087 | 779439 | 886686 | (30) | (1) | 95809 | 3871 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.79%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | 32260 |  | 90259 |  |  | 23235 | —<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;**Total short-term securities** |  |  |  |  |  | 119044 |  |
| &nbsp;&nbsp;&nbsp;**Total 4.58%** |  |  |  | $(30) | $(25285) | $134983 | $3871 |

---

56 American Funds Insurance Series

Global Small Capitalization Fund (continued)

**Restricted securities<sup>4</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition<br> date** | **Cost<br> (000)** | **Value<br> (000)** | **Percent<br> of net<br> assets** |
| Venture Global LNG, Inc., Series C<sup>1,3</sup> | 5/1/2015 | $8280 | $25418 | .86% |
| SmartHR, Inc., Series D, preferred shares<sup>1,3</sup> | 5/28/2021 | 14344 | 10752 | .37 |
| Yotpo, Ltd., Series F, preferred shares<sup>1,3</sup> | 2/25/2021 | 4748 | 2677 | .09 |
| Yotpo, Ltd.<sup>1,3</sup> | 3/16/2021 | 1418 | 842 | .03 |
| Yotpo, Ltd., Series B, preferred shares<sup>1,3</sup> | 3/16/2021 | 602 | 357 | .01 |
| Yotpo, Ltd., Series C, preferred shares<sup>1,3</sup> | 3/16/2021 | 573 | 340 | .01 |
| Yotpo, Ltd., Series A-1, preferred shares<sup>1,3</sup> | 3/16/2021 | 384 | 228 | .01 |
| Yotpo, Ltd., Series A, preferred shares<sup>1,3</sup> | 3/16/2021 | 187 | 111 | .01 |
| Yotpo, Ltd., Series C-1, preferred shares<sup>1,3</sup> | 3/16/2021 | 159 | 94 | .00 |
| Yotpo, Ltd., Series D, preferred shares<sup>1,3</sup> | 3/16/2021 | 89 | 52 | .00 |
| Yotpo, Ltd., Series B-1, preferred shares<sup>1,3</sup> | 3/16/2021 | 71 | 42 | .00 |
| Outreach Corp., Series G, preferred shares<sup>1,3</sup> | 5/27/2021 | 4517 | 3603 | .12 |
| PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares<sup>1,3</sup> | 2/7/2020 | 6000 | 196 | .01 |
| **Total** |  | $41372 | $44712 | 1.52% |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $59,781,000, which represented 2.03% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $44,712,000, which represented 1.52% of the net assets of the fund.

<sup>5</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,007,000, which represented .34% of the net assets of the fund.

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>9</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>10</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

Refer to the notes to financial statements.

American Funds Insurance Series 57

Growth Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 96.12%** | Shares | Value<br> (000) |
| **Information technology 20.03%** |  |  |
| Microsoft Corp. | 6282998 | $1506789 |
| Broadcom, Inc. | 1265075 | 707341 |
| ASML Holding NV | 736108 | 398458 |
| ASML Holding NV (New York registered) (ADR) | 189937 | 103781 |
| Visa, Inc., Class A | 1198388 | 248977 |
| Apple, Inc. | 1694416 | 220156 |
| Mastercard, Inc., Class A | 566983 | 197157 |
| Fiserv, Inc.<sup>1</sup> | 1615000 | 163228 |
| Synopsys, Inc.<sup>1</sup> | 467600 | 149300 |
| Motorola Solutions, Inc. | 510100 | 131458 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 3665992 | 127247 |
| Applied Materials, Inc. | 1199328 | 116791 |
| Wolfspeed, Inc.<sup>1</sup> | 1655641 | 114305 |
| RingCentral, Inc., Class A<sup>1</sup> | 3132381 | 110886 |
| ServiceNow, Inc.<sup>1</sup> | 269875 | 104784 |
| Salesforce, Inc.<sup>1</sup> | 787000 | 104348 |
| Micron Technology, Inc. | 2048078 | 102363 |
| NVIDIA Corp. | 665500 | 97256 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 5456000 | 79519 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 209700 | 15621 |
| Cloudflare, Inc., Class A<sup>1</sup> | 1858800 | 84036 |
| Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 1612361 | 83150 |
| Genpact, Ltd. | 1524231 | 70602 |
| Keyence Corp. | 165500 | 64794 |
| Fidelity National Information Services, Inc. | 884718 | 60028 |
| Toast, Inc., Class A<sup>1</sup> | 3143518 | 56678 |
| CDW Corp. | 311859 | 55692 |
| MongoDB, Inc., Class A<sup>1</sup> | 279700 | 55056 |
| SAP SE | 477361 | 49263 |
| Constellation Software, Inc. | 31255 | 48798 |
| GoDaddy, Inc., Class A<sup>1</sup> | 645081 | 48265 |
| Samsung Electronics Co., Ltd. | 1085000 | 47846 |
| Unity Software, Inc.<sup>1,2</sup> | 1660000 | 47459 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 712011 | 45676 |
| Trimble, Inc.<sup>1</sup> | 840920 | 42517 |
| Concentrix Corp. | 305551 | 40687 |
| Block, Inc., Class A<sup>1</sup> | 635970 | 39964 |
| DocuSign, Inc.<sup>1</sup> | 718524 | 39821 |
| Bill.com Holdings, Inc.<sup>1</sup> | 358729 | 39087 |
| MicroStrategy, Inc., Class A<sup>1</sup> | 236458 | 33475 |
| NetApp, Inc. | 527540 | 31684 |
| Silicon Laboratories, Inc.<sup>1</sup> | 231815 | 31450 |
| MKS Instruments, Inc. | 360705 | 30563 |
| Intel Corp. | 1136000 | 30025 |
| Smartsheet, Inc., Class A<sup>1</sup> | 729700 | 28721 |
| Adobe, Inc.<sup>1</sup> | 69034 | 23232 |
| VeriSign, Inc.<sup>1</sup> | 110053 | 22609 |
| Ciena Corp.<sup>1</sup> | 416000 | 21208 |
| Nuvei Corp., subordinate voting shares<sup>1</sup> | 806616 | 20499 |
| Intuit, Inc. | 52500 | 20434 |
| TE Connectivity, Ltd. | 156600 | 17978 |
| Alteryx, Inc., Class A<sup>1</sup> | 286092 | 14496 |
| Enphase Energy, Inc.<sup>1</sup> | 45303 | 12004 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 533800 | 10564 |
| Globant SA<sup>1</sup> | 57138 | 9608 |
| Kulicke and Soffa Industries, Inc. | 151860 | 6721 |
| Stripe, Inc., Class B<sup>1,3,4</sup> | 168598 | 4704 |
|  |  | **6189159** |

---

<br> 58 American Funds Insurance Series

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care 17.31%** |  |  |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 1123014 | $810243 |
| UnitedHealth Group, Inc. | 1508620 | 799840 |
| Intuitive Surgical, Inc.<sup>1</sup> | 2058000 | 546090 |
| Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 2075046 | 493135 |
| Centene Corp.<sup>1</sup> | 3895936 | 319506 |
| Thermo Fisher Scientific, Inc. | 532200 | 293077 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 879601 | 254011 |
| Seagen, Inc.<sup>1</sup> | 1746784 | 224479 |
| Moderna, Inc.<sup>1</sup> | 1200000 | 215544 |
| NovoCure, Ltd.<sup>1</sup> | 2388098 | 175167 |
| Eli Lilly and Company | 463663 | 169627 |
| Pfizer, Inc. | 1675000 | 85827 |
| CVS Health Corp. | 909400 | 84747 |
| Horizon Therapeutics PLC<sup>1</sup> | 689825 | 78502 |
| AstraZeneca PLC | 550784 | 74750 |
| Edwards Lifesciences Corp.<sup>1</sup> | 906411 | 67627 |
| Danaher Corp. | 216235 | 57393 |
| Molina Healthcare, Inc.<sup>1</sup> | 145723 | 48121 |
| Abbott Laboratories | 426712 | 46849 |
| Verily Life Sciences, LLC<sup>1,3,4</sup> | 300178 | 45222 |
| Zimmer Biomet Holdings, Inc. | 353900 | 45122 |
| Ascendis Pharma A/S (ADR)<sup>1</sup> | 364721 | 44543 |
| Zoetis, Inc., Class A | 297320 | 43572 |
| Mettler-Toledo International, Inc.<sup>1</sup> | 26000 | 37582 |
| Humana, Inc. | 65982 | 33795 |
| Align Technology, Inc.<sup>1</sup> | 160000 | 33744 |
| Karuna Therapeutics, Inc.<sup>1</sup> | 170239 | 33452 |
| Guardant Health, Inc.<sup>1</sup> | 1166810 | 31737 |
| Novo Nordisk A/S, Class B | 225077 | 30475 |
| Catalent, Inc.<sup>1</sup> | 409100 | 18414 |
| Oak Street Health, Inc.<sup>1</sup> | 806352 | 17345 |
| Exact Sciences Corp.<sup>1</sup> | 341000 | 16883 |
| DexCom, Inc.<sup>1</sup> | 148800 | 16850 |
| Pacific Biosciences of California, Inc.<sup>1</sup> | 1613190 | 13196 |
| CRISPR Therapeutics AG<sup>1</sup> | 262678 | 10678 |
| Galapagos NV<sup>1</sup> | 231294 | 10259 |
| R1 RCM, Inc.<sup>1</sup> | 912865 | 9996 |
| Ultragenyx Pharmaceutical, Inc.<sup>1</sup> | 161278 | 7472 |
| Fate Therapeutics, Inc.<sup>1</sup> | 233700 | 2358 |
| Biohaven, Ltd.<sup>1</sup> | 65550 | 910 |
| Sana Biotechnology, Inc.<sup>1,2</sup> | 179600 | 710 |
|  |  | **5348850** |
| **Consumer discretionary 16.94%** |  |  |
| Tesla, Inc.<sup>1</sup> | 10830000 | 1334039 |
| D.R. Horton, Inc. | 5494844 | 489810 |
| Amazon.com, Inc.<sup>1</sup> | 4125222 | 346519 |
| Home Depot, Inc. | 1031000 | 325652 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 1965915 | 278059 |
| Las Vegas Sands Corp.<sup>1</sup> | 5500000 | 264385 |
| LVMH Moët Hennessy-Louis Vuitton SE | 313000 | 227377 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 120100 | 166637 |
| Dollar General Corp. | 657120 | 161816 |
| Target Corp. | 1030200 | 153541 |
| Hermès International | 94901 | 146446 |
| Burlington Stores, Inc.<sup>1</sup> | 664250 | 134683 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 2282305 | 112814 |
| Aramark | 2454864 | 101484 |
| DoorDash, Inc., Class A<sup>1</sup> | 2000000 | 97640 |
| Etsy, Inc.<sup>1</sup> | 770678 | 92312 |
| Airbnb, Inc., Class A<sup>1</sup> | 1044500 | 89305 |
| NVR, Inc.<sup>1</sup> | 18380 | 84779 |

---

<br> American Funds Insurance Series 59

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| NIKE, Inc., Class B | 543416 | $63585 |
| Norwegian Cruise Line Holdings, Ltd.<sup>1,2</sup> | 5159551 | 63153 |
| Darden Restaurants, Inc. | 387870 | 53654 |
| O'Reilly Automotive, Inc.<sup>1</sup> | 63500 | 53596 |
| Booking Holdings, Inc.<sup>1</sup> | 25450 | 51289 |
| Salvatore Ferragamo SpA | 2174477 | 38488 |
| Toll Brothers, Inc. | 744683 | 37175 |
| YUM! Brands, Inc. | 275700 | 35312 |
| Floor & Decor Holdings, Inc., Class A<sup>1</sup> | 420000 | 29245 |
| Polaris, Inc. | 280000 | 28280 |
| adidas AG | 200959 | 27433 |
| Caesars Entertainment, Inc.<sup>1</sup> | 653214 | 27174 |
| Adient PLC<sup>1</sup> | 722000 | 25046 |
| VF Corp. | 872859 | 24100 |
| General Motors Company | 660000 | 22202 |
| LGI Homes, Inc.<sup>1</sup> | 181100 | 16770 |
| YETI Holdings, Inc.<sup>1</sup> | 405000 | 16730 |
| Hilton Worldwide Holdings, Inc. | 100828 | 12741 |
|  |  | **5233271** |
| **Communication services 12.87%** |  |  |
| Meta Platforms, Inc., Class A<sup>1</sup> | 9903206 | 1191752 |
| Netflix, Inc.<sup>1</sup> | 3896520 | 1149006 |
| Alphabet, Inc., Class C<sup>1</sup> | 5949690 | 527916 |
| Alphabet, Inc., Class A<sup>1</sup> | 2232320 | 196958 |
| Charter Communications, Inc., Class A<sup>1</sup> | 469410 | 159177 |
| Verizon Communications, Inc. | 3720000 | 146568 |
| Take-Two Interactive Software, Inc.<sup>1</sup> | 1177716 | 122635 |
| Snap, Inc., Class A, nonvoting shares<sup>1</sup> | 11280711 | 100962 |
| Frontier Communications Parent, Inc.<sup>1</sup> | 3168010 | 80721 |
| T-Mobile US, Inc.<sup>1</sup> | 543849 | 76139 |
| Comcast Corp., Class A | 1822263 | 63724 |
| Pinterest, Inc., Class A<sup>1</sup> | 1752664 | 42555 |
| Electronic Arts, Inc. | 304581 | 37214 |
| Iridium Communications, Inc.<sup>1</sup> | 604439 | 31068 |
| Tencent Holdings, Ltd. | 605000 | 25714 |
| ZoomInfo Technologies, Inc.<sup>1</sup> | 785400 | 23648 |
|  |  | **3975757** |
| **Industrials 10.90%** |  |  |
| Uber Technologies, Inc.<sup>1</sup> | 14666767 | 362709 |
| TransDigm Group, Inc. | 562400 | 354115 |
| Carrier Global Corp. | 7599761 | 313490 |
| Jacobs Solutions, Inc. | 2554200 | 306683 |
| Delta Air Lines, Inc.<sup>1</sup> | 7215000 | 237085 |
| United Rentals, Inc.<sup>1</sup> | 462000 | 164204 |
| Caterpillar, Inc. | 676300 | 162014 |
| Waste Connections, Inc. | 1101159 | 145970 |
| MTU Aero Engines AG | 541769 | 117261 |
| General Electric Co. | 1368072 | 114631 |
| Airbus SE, non-registered shares | 955893 | 113658 |
| Ryanair Holdings PLC (ADR)<sup>1</sup> | 1500325 | 112164 |
| Ryanair Holdings PLC<sup>1</sup> | 96554 | 1264 |
| Robert Half International, Inc. | 1323800 | 97736 |
| Old Dominion Freight Line, Inc. | 329800 | 93591 |
| Boeing Company<sup>1</sup> | 395000 | 75243 |
| United Airlines Holdings, Inc.<sup>1</sup> | 1695914 | 63936 |
| Middleby Corp.<sup>1</sup> | 449500 | 60188 |
| Axon Enterprise, Inc.<sup>1</sup> | 347957 | 57736 |
| Equifax, Inc. | 290691 | 56499 |
| Northrop Grumman Corp. | 98700 | 53852 |
| Dun & Bradstreet Holdings, Inc. | 3869573 | 47441 |

---

<br> 60 American Funds Insurance Series

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Canadian Pacific Railway, Ltd. | 496000 | $36997 |
| AMETEK, Inc. | 253600 | 35433 |
| Rockwell Automation | 129246 | 33290 |
| HEICO Corp. | 195000 | 29960 |
| Advanced Drainage Systems, Inc. | 350426 | 28724 |
| ITT, Inc. | 343000 | 27817 |
| Armstrong World Industries, Inc. | 374203 | 25666 |
| Safran SA | 185870 | 23227 |
| Saia, Inc.<sup>1</sup> | 75433 | 15817 |
|  |  | **3368401** |
| **Energy 5.92%** |  |  |
| Halliburton Company | 12143661 | 477853 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 6655000 | 369564 |
| Schlumberger, Ltd. | 2340000 | 125096 |
| Cenovus Energy, Inc. (CAD denominated) | 6081800 | 117998 |
| Permian Resources Corp., Class A | 11260000 | 105844 |
| Tourmaline Oil Corp. | 1838700 | 92777 |
| TotalEnergies SE | 1469000 | 91688 |
| EQT Corp. | 2268000 | 76726 |
| Pioneer Natural Resources Company | 328000 | 74912 |
| EOG Resources, Inc. | 466699 | 60447 |
| ConocoPhillips | 472041 | 55701 |
| MEG Energy Corp.<sup>1</sup> | 3810000 | 53042 |
| Hess Corp. | 354000 | 50204 |
| Coterra Energy, Inc. | 1275197 | 31332 |
| Range Resources Corp. | 907000 | 22693 |
| Suncor Energy, Inc. | 540794 | 17154 |
| Equitrans Midstream Corp. | 936942 | 6278 |
|  |  | **1829309** |
| **Financials 5.82%** |  |  |
| Bank of America Corp. | 14780700 | 489537 |
| Capital One Financial Corp. | 1399000 | 130051 |
| First Republic Bank | 943211 | 114968 |
| KKR & Co., Inc. | 2409043 | 111828 |
| Apollo Asset Management, Inc. | 1557942 | 99381 |
| T. Rowe Price Group, Inc. | 642000 | 70017 |
| MSCI, Inc. | 146390 | 68096 |
| Marsh & McLennan Companies, Inc. | 403461 | 66765 |
| Western Alliance Bancorporation | 1071775 | 63835 |
| Wells Fargo & Company | 1511200 | 62397 |
| Blackstone, Inc., nonvoting shares | 738000 | 54752 |
| Signature Bank | 446233 | 51415 |
| S&P Global, Inc. | 141000 | 47227 |
| Aon PLC, Class A | 155700 | 46732 |
| JPMorgan Chase & Co. | 313702 | 42067 |
| Morgan Stanley | 426474 | 36259 |
| Progressive Corp. | 265951 | 34496 |
| Blue Owl Capital, Inc., Class A | 2891712 | 30652 |
| Arch Capital Group, Ltd.<sup>1</sup> | 458700 | 28797 |
| Goldman Sachs Group, Inc. | 74300 | 25513 |
| Tradeweb Markets, Inc., Class A | 390000 | 25323 |
| Ares Management Corp., Class A | 310500 | 21251 |
| SVB Financial Group<sup>1</sup> | 87300 | 20091 |
| Ryan Specialty Holdings, Inc., Class A<sup>1</sup> | 455200 | 18895 |
| Brookfield Corp., Class A | 585103 | 18407 |
| Trupanion, Inc.<sup>1,2</sup> | 287655 | 13672 |
| Brookfield Asset Management, Ltd., Class A | 146275 | 4194 |
|  |  | **1796618** |

---

<br> American Funds Insurance Series 61

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Materials 3.15%** |  |  |
| Silgan Holdings, Inc. | 2858000 | $148159 |
| Wheaton Precious Metals Corp. | 3674000 | 143580 |
| Linde PLC | 373860 | 121946 |
| Grupo México, SAB de CV, Series B | 25356800 | 89018 |
| Barrick Gold Corp. | 4058000 | 69716 |
| CF Industries Holdings, Inc. | 743000 | 63304 |
| ATI, Inc.<sup>1</sup> | 2070860 | 61836 |
| Royal Gold, Inc. | 517000 | 58276 |
| Franco-Nevada Corp. | 390000 | 53163 |
| Nutrien, Ltd. (CAD denominated) | 665949 | 48618 |
| Steel Dynamics, Inc. | 394900 | 38582 |
| Albemarle Corp. | 144809 | 31403 |
| Mosaic Co. | 678459 | 29764 |
| Summit Materials, Inc., Class A | 570855 | 16206 |
|  |  | **973571** |
| **Consumer staples 2.28%** |  |  |
| Costco Wholesale Corp. | 253000 | 115494 |
| British American Tobacco PLC | 2768763 | 109850 |
| Performance Food Group Co.<sup>1</sup> | 1743000 | 101774 |
| Constellation Brands, Inc., Class A | 334017 | 77408 |
| Archer Daniels Midland Company | 784800 | 72869 |
| Altria Group, Inc. | 1440000 | 65822 |
| Monster Beverage Corp.<sup>1</sup> | 577600 | 58644 |
| Estée Lauder Companies, Inc., Class A | 211111 | 52379 |
| Molson Coors Beverage Company, Class B, restricted voting shares | 608423 | 31346 |
| Philip Morris International, Inc. | 201113 | 20355 |
|  |  | **705941** |
| **Utilities 0.79%** |  |  |
| PG&E Corp.<sup>1</sup> | 9227065 | 150032 |
| AES Corp. | 1085884 | 31230 |
| CenterPoint Energy, Inc. | 953746 | 28603 |
| Constellation Energy Corp. | 242227 | 20882 |
| Edison International | 199191 | 12673 |
|  |  | **243420** |
| **Real estate 0.11%** |  |  |
| Equinix, Inc. REIT | 51784 | **33920** |
| **Total common stocks** (cost: $20,777,099,000) |  | **29698217** |
| **Preferred securities 0.19%** |  |  |
| **Information technology 0.16%** |  |  |
| PsiQuantum Corp., Series D, preferred shares<sup>1,3,4</sup> | 906761 | 24501 |
| Samsung Electronics Co., Ltd., nonvoting preferred shares | 531000 | 21366 |
| Tipalti Solutions, Ltd., Series F, preferred shares<sup>1,3,4</sup> | 406310 | 2385 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares<sup>1,3,4</sup> | 52656 | 1469 |
|  |  | **49721** |
| **Industrials 0.03%** |  |  |
| ABL Space Systems Co., Series B2, preferred shares<sup>1,3,4</sup> | 153713 | 5775 |
| Einride AB, Series C, preferred shares<sup>1,3,4</sup> | 77647 | 2640 |
|  |  | **8415** |
| **Total preferred securities** (cost: $68,091,000) |  | **58136** |

---

<br> 62 American Funds Insurance Series

Growth Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Convertible stocks 0.03%** | Shares | Shares | Value<br> (000) |
| **Financials 0.03%** |  |  |  |
| KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 |  | 125800 | $**7202** |
| **Total convertible stocks** (cost: $7,758,000) |  |  | **7202** |
| **Convertible bonds & notes 0.02%** | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Consumer staples 0.01%** |  |  |  |
| JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/2025<sup>3,4,5</sup> | USD | 46459 | **4646** |
| **Industrials 0.01%** |  |  |  |
| Einride AB, convertible notes, 7.00% 2/1/2023<sup>3,4</sup> |  | 2500 | **2500** |
| **Total convertible bonds & notes** (cost: $46,042,000) |  |  | **7146** |
| **Bonds, notes & other debt instruments 0.05%** |  |  |  |
| **Corporate bonds, notes & loans 0.05%** |  |  |  |
| **Consumer discretionary 0.05%** |  |  |  |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>6</sup> |  | 19060 | **15245** |
| **Total bonds, notes & other debt instruments** (cost: $14,159,000) |  |  | **15245** |
| **Short-term securities 3.86%** | Shares | Shares |  |
| **Money market investments 3.70%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,8</sup> |  | 11426693 | **1142555** |
| **Money market investments purchased with collateral from securities on loan 0.16%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,8,9</sup> |  | 244125 | 24410 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,9</sup> |  | 13667057 | 13667 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>7,9</sup> |  | 12203079 | 12203 |
|  |  |  | **50280** |
| **Total short-term securities** (cost: $1,192,617,000) |  |  | **1192835** |
| **Total investment securities 100.27%** (cost: $22,105,766,000) |  |  | **30978781** |
| Other assets less liabilities (0.27)% |  |  | (82433) |
| **Net assets 100.00%** |  |  | $30896348 |

---

**Investments in affiliates<sup>8</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 3.78%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 3.70%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7</sup> | $1610187 | $4675615 | $5142944 | $(325) | $22 | $1142555 | $22361 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.08%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7,9</sup> | 20304 | 4106<sup>10</sup> |  |  |  | 24410 | —<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;**Total 3.78%** |  |  |  | $(325) | $22 | $1166965 | $22361 |

---

<br> American Funds Insurance Series 63

Growth Fund (continued)

**Restricted securities<sup>4</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Acquisition**<br>**date(s)** |<br>**Cost**<br>**(000)** |<br>**Value**<br>**(000)** | **Percent**<br>**of net**<br>**assets** |
| Verily Life Sciences, LLC<sup>1,3</sup> | 12/21/2018 | $37000 | $45222 | .14% |
| PsiQuantum Corp., Series D, preferred shares<sup>1,3</sup> | 5/28/2021 | 23781 | 24501 | .08 |
| Stripe, Inc., Class B<sup>1,3</sup> | 5/6/2021 | 6766 | 4704 | .02 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares<sup>1,3</sup> | 3/15/2021 | 2113 | 1469 | .00 |
| ABL Space Systems Co., Series B2, preferred shares<sup>1,3</sup> | 10/22/2021 | 10452 | 5775 | .02 |
| Einride AB, Series C, preferred shares<sup>1,3</sup> | 11/23/2022 | 2640 | 2640 | .01 |
| Einride AB, convertible notes, 7.00% 2/1/2023<sup>3</sup> | 1/7/2022 | 2500 | 2500 | .01 |
| JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/2025<sup>3,5</sup> | 2/3/2020-11/3/2022 | 43542 | 4646 | .01 |
| Tipalti Solutions, Ltd., Series F, preferred shares<sup>1,3</sup> | 12/1/2021 | 6956 | 2385 | .01 |
| **Total** |  | $135750 | $93842 | .30% |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $54,504,000, which represented .18% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $93,842,000, which represented .30% of the net assets of the fund.

<sup>5</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $15,245,000, which represented .05% of the net assets of the fund.

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>9</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>10</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>11</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

PIK = Payment In Kind

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

64 American Funds Insurance Series

International Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 94.99%** | Shares | Value<br> (000) |
| **Industrials 16.64%** |  |  |
| Recruit Holdings Co., Ltd. | 7310189 | $232492 |
| Airbus SE, non-registered shares | 1657958 | 197135 |
| Safran SA | 718500 | 89786 |
| Melrose Industries PLC | 36613980 | 59524 |
| Siemens AG | 418132 | 58034 |
| MTU Aero Engines AG | 229720 | 49721 |
| Ashtead Group PLC | 645000 | 36847 |
| DSV A/S | 230223 | 36515 |
| NIBE Industrier AB, Class B | 3878804 | 36271 |
| Thales SA | 271438 | 34700 |
| Techtronic Industries Co., Ltd. | 2724000 | 30332 |
| Legrand SA | 358100 | 28833 |
| International Container Terminal Services, Inc. | 7953240 | 28625 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 2350967 | 23513 |
| ZTO Express (Cayman), Inc., Class A (ADR) | 685354 | 18415 |
| Diploma PLC | 540545 | 18165 |
| Rumo SA | 5039366 | 17763 |
| Grab Holdings, Ltd., Class A<sup>1</sup> | 5356295 | 17247 |
| Brenntag SE | 259299 | 16578 |
| CCR SA, ordinary nominative shares | 5580000 | 11435 |
| SMC Corp. | 26900 | 11385 |
| Airports of Thailand PCL, foreign registered shares<sup>1</sup> | 5078900 | 11000 |
| Kingspan Group PLC | 153796 | 8281 |
| Larsen & Toubro, Ltd. | 327351 | 8232 |
| Bureau Veritas SA | 292900 | 7709 |
| AB Volvo, Class B | 396824 | 7185 |
| LIXIL Corp. | 441700 | 6731 |
| Fluidra, SA, non-registered shares | 432985 | 6715 |
| BAE Systems PLC | 617024 | 6377 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 846334 | 2578 |
|  |  | **1118124** |
| **Information technology 13.74%** |  |  |
| SK hynix, Inc. | 3255725 | 195968 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 4215370 | 146315 |
| ASML Holding NV | 210218 | 113792 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 6501000 | 94750 |
| Nice, Ltd. (ADR)<sup>1</sup> | 432150 | 83102 |
| Fujitsu, Ltd. | 437900 | 57990 |
| Lasertec Corp. | 320511 | 53238 |
| Samsung Electronics Co., Ltd. | 631500 | 27848 |
| NXP Semiconductors NV | 173200 | 27371 |
| Disco Corp. | 65800 | 18915 |
| Atlassian Corp., Class A<sup>1</sup> | 107001 | 13769 |
| OBIC Co., Ltd. | 83700 | 12374 |
| Constellation Software, Inc. | 7730 | 12069 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 526752 | 10424 |
| Suse SA<sup>1,2</sup> | 576586 | 10410 |
| Kingdee International Software Group Co., Ltd.<sup>1</sup> | 4786000 | 10188 |
| Dassault Systemes SE | 277000 | 9991 |
| ASM International NV | 25152 | 6368 |
| Infosys, Ltd. | 329392 | 5967 |
| Tata Consultancy Services, Ltd. | 113863 | 4483 |
| Canva, Inc.<sup>1,3,4</sup> | 4819 | 4282 |
| PagSeguro Digital, Ltd., Class A<sup>1</sup> | 426548 | 3728 |
|  |  | **923342** |
| **Health care 12.52%** |  |  |
| Daiichi Sankyo Company, Ltd. | 9749808 | 312457 |
| Novo Nordisk A/S, Class B | 1255260 | 169962 |
| Olympus Corp. | 5808100 | 102662 |
| Bayer AG | 841261 | 43436 |

---

<br> American Funds Insurance Series 65

International Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| Siemens Healthineers AG | 833668 | $41705 |
| Grifols, SA, Class A, non-registered shares<sup>1</sup> | 2789283 | 32345 |
| Grifols, SA, Class B (ADR)<sup>1</sup> | 793690 | 6747 |
| WuXi Biologics (Cayman), Inc.<sup>1</sup> | 2504066 | 19224 |
| HOYA Corp. | 198300 | 19187 |
| M3, Inc. | 644835 | 17566 |
| EssilorLuxottica | 80200 | 14604 |
| Insulet Corp.<sup>1</sup> | 46653 | 13734 |
| Takeda Pharmaceutical Company, Ltd. | 361300 | 11285 |
| Hapvida Participações e Investimentos SA<sup>1</sup> | 8863653 | 8528 |
| Ambu AS, Class B, non-registered shares<sup>1</sup> | 662880 | 8411 |
| Eurofins Scientific SE, non-registered shares | 98473 | 7091 |
| WuXi AppTec Co., Ltd., Class A | 288960 | 3345 |
| WuXi AppTec Co., Ltd., Class H | 312000 | 3297 |
| bioMérieux SA | 58300 | 6131 |
|  |  | **841717** |
| **Materials 10.64%** |  |  |
| First Quantum Minerals, Ltd. | 10951800 | 228823 |
| Fortescue Metals Group, Ltd. | 12796750 | 178403 |
| Vale SA (ADR), ordinary nominative shares | 6886607 | 116865 |
| Vale SA, ordinary nominative shares | 770681 | 12974 |
| Shin-Etsu Chemical Co., Ltd. | 563500 | 68654 |
| JSR Corp. | 1681700 | 33144 |
| Ivanhoe Mines, Ltd., Class A<sup>1</sup> | 3403051 | 26893 |
| Wacker Chemie AG | 147773 | 18887 |
| Linde PLC | 35287 | 11510 |
| Koninklijke DSM NV | 93550 | 11469 |
| BASF SE | 136760 | 6789 |
| Yunnan Energy New Material Co., Ltd., Class A | 19136 | 362 |
|  |  | **714773** |
| **Energy 10.48%** |  |  |
| Reliance Industries, Ltd. | 9393560 | 288158 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 1562283 | 86756 |
| Neste OYJ | 1756952 | 81150 |
| Woodside Energy Group, Ltd. | 3071566 | 74317 |
| Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 6724576 | 71617 |
| TotalEnergies SE | 1147298 | 71609 |
| Shell PLC (GBP denominated) | 573839 | 16307 |
| Cenovus Energy, Inc. (CAD denominated) | 725880 | 14084 |
|  |  | **703998** |
| **Consumer discretionary 9.06%** |  |  |
| MercadoLibre, Inc.<sup>1</sup> | 128451 | 108700 |
| Evolution AB | 960556 | 93812 |
| Sony Group Corp. | 920500 | 70194 |
| Galaxy Entertainment Group, Ltd. | 9204000 | 60944 |
| LVMH Moët Hennessy-Louis Vuitton SE | 72682 | 52799 |
| Flutter Entertainment PLC<sup>1</sup> | 313163 | 42911 |
| Ferrari NV (EUR denominated) | 177292 | 37933 |
| Kering SA | 70951 | 36312 |
| Maruti Suzuki India, Ltd. | 303300 | 30675 |
| Entain PLC | 1832094 | 29375 |
| Coupang, Inc., Class A<sup>1</sup> | 1304214 | 19185 |
| Mercedes-Benz Group AG | 136786 | 8976 |
| InterContinental Hotels Group PLC | 155468 | 8949 |
| Aptiv PLC<sup>1</sup> | 84000 | 7823 |
|  |  | **608588** |

---

<br> 66 American Funds Insurance Series

International Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials 9.05%** |  |  |
| Kotak Mahindra Bank, Ltd. | 7207964 | $158591 |
| AIA Group, Ltd. | 12210576 | 134524 |
| Aegon NV | 12263736 | 62212 |
| HDFC Bank, Ltd. | 2216455 | 43632 |
| HDFC Bank, Ltd. (ADR) | 207750 | 14212 |
| Nu Holdings, Ltd., Class A<sup>1</sup> | 8115368 | 33030 |
| Bajaj Finance, Ltd. | 396342 | 31369 |
| ING Groep NV | 2331678 | 28447 |
| Axis Bank, Ltd. | 1917190 | 21549 |
| FinecoBank SpA | 1211135 | 20184 |
| Futu Holdings, Ltd. (ADR)<sup>1</sup> | 375890 | 15280 |
| China Merchants Bank Co., Ltd., Class A | 2726800 | 14621 |
| B3 SA-Brasil, Bolsa, Balcao | 4413000 | 11041 |
| Allfunds Group PLC | 1266915 | 8853 |
| Bajaj Finserv, Ltd. | 325950 | 6074 |
| XP, Inc., Class A<sup>1</sup> | 292000 | 4479 |
|  |  | **608098** |
| **Communication services 6.20%** |  |  |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 3557478 | 185096 |
| Bharti Airtel, Ltd. | 12732125 | 123766 |
| Bharti Airtel, Ltd., interim shares | 836308 | 4373 |
| Universal Music Group NV | 1717633 | 41462 |
| Informa PLC | 3630108 | 27216 |
| Ubisoft Entertainment SA<sup>1</sup> | 518403 | 14715 |
| Singapore Telecommunications, Ltd. | 5800500 | 11136 |
| Vivendi SE | 907392 | 8683 |
| Yandex NV, Class A<sup>1,3</sup> | 313000 | —<sup>5</sup> |
|  |  | **416447** |
| **Consumer staples 4.31%** |  |  |
| Kweichow Moutai Co., Ltd., Class A | 224223 | 55485 |
| Danone SA | 878392 | 46277 |
| Seven & i Holdings Co., Ltd. | 984200 | 42102 |
| Treasury Wine Estates, Ltd. | 4139490 | 38250 |
| British American Tobacco PLC | 911000 | 36144 |
| Kobe Bussan Co., Ltd. | 754900 | 21791 |
| CP ALL PCL, foreign registered shares | 9053300 | 17849 |
| Nestlé SA | 78463 | 9061 |
| Dabur India, Ltd. | 933875 | 6324 |
| Shiseido Company, Ltd. | 122000 | 6012 |
| Essity Aktiebolag, Class B | 211237 | 5544 |
| Pernod Ricard SA | 22974 | 4516 |
| Diageo PLC | 13194 | 583 |
|  |  | **289938** |
| **Utilities 1.77%** |  |  |
| ENN Energy Holdings, Ltd. | 8532700 | **119038** |
| **Real estate 0.58%** |  |  |
| ESR Group, Ltd. | 14852600 | 31175 |
| Ayala Land, Inc. | 14181500 | 7891 |
|  |  | **39066** |
| **Total common stocks** (cost: $5,702,657,000) |  | **6383129** |
| **Preferred securities 0.79%** |  |  |
| **Health care 0.29%** |  |  |
| Grifols, SA, Class B, nonvoting non-registered preferred shares<sup>1</sup> | 2274930 | **19221** |

---

<br> American Funds Insurance Series 67

International Fund (continued)

---

| | | |
|:---|:---|:---|
| **Preferred securities** (continued) | Shares | Value<br> (000) |
| **Energy 0.20%** |  |  |
| Petróleo Brasileiro SA (Petrobras), preferred nominative shares | 2980131 | $**13829** |
| **Financials 0.16%** |  |  |
| Itaú Unibanco Holding SA, preferred nominative shares | 2246000 | **10635** |
| **Consumer discretionary 0.13%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 88248 | **8953** |
| **Information technology 0.01%** |  |  |
| Canva, Inc., Series A, noncumulative preferred shares<sup>1,3,4</sup> | 422 | 375 |
| Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,3,4</sup> | 18 | 16 |
| Canva, Inc., Series A-4, noncumulative preferred shares<sup>1,3,4</sup> | 1 | 1 |
|  |  | **392** |
| **Total preferred securities** (cost: $78,028,000) |  | **53030** |
| **Rights & warrants 0.13%** |  |  |
| **Health care 0.13%** |  |  |
| WuXi AppTec Co., Ltd., Class A, warrants, expire 11/21/2023<sup>1,6</sup> | 729706 | **8446** |
| **Total rights & warrants** (cost: $8,772,000) |  | **8446** |
| **Short-term securities 4.57%** |  |  |
| **Money market investments 4.55%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | 3060530 | **306023** |
| **Money market investments purchased with collateral from securities on loan 0.02%** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,9</sup> | 603851 | 604 |
| Capital Group Central Cash Fund 4.31%<sup>7,8,9</sup> | 4223 | 422 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>7,9</sup> | 420189 | 420 |
|  |  | **1446** |
| **Total short-term securities** (cost: $307,420,000) |  | **307469** |
| **Total investment securities 100.48%** (cost: $6,096,877,000) |  | **6752074** |
| Other assets less liabilities (0.48)% |  | (32493) |
| **Net assets 100.00%** |  | $**6719581** |

---

<br> 68 American Funds Insurance Series

International Fund (continued)

**Investments in affiliates<sup>8</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 4.56%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 4.55%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7</sup> | $977398 | $1494158 | $2165364 | $(112) | $(57) | $306023 | $9392 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7,9</sup> | 34059 |  | 33637<sup>10</sup> |  |  | 422 | —<sup>11</sup> |
| **Total 4.56%** |  |  |  | $(112) | $(57) | $306445 | $9392 |

---

**Restricted securities<sup>4</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Acquisition**<br>**date(s)** |<br>**Cost**<br>**(000)** |<br>**Value**<br>**(000)** | **Percent**<br>**of net**<br>**assets** |
| Canva, Inc.<sup>1,3</sup> | 8/26/2021-11/4/2021 | $8215 | $4282 | .06% |
| Canva, Inc., Series A, noncumulative preferred shares<sup>1,3</sup> | 11/4/2021 | 719 | 375 | .01 |
| Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,3</sup> | 11/4/2021 | 31 | 16 | .00 |
| Canva, Inc., Series A-4, noncumulative preferred shares<sup>1,3</sup> | 11/4/2021 | 2 | 1 | .00 |
| **Total** |  | $8967 | $4674 | .07% |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $1,530,000, which represented .02% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $4,674,000, which represented .07% of the net assets of the fund.

<sup>5</sup> Amount less than one thousand.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $8,446,000, which represented .13% of the net assets of the fund.

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>9</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>10</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>11</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

American Funds Insurance Series 69

New World Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 90.37%** | Shares | Value<br> (000) |
| **Information technology 14.17%** |  |  |
| Microsoft Corp. | 343380 | $82348 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 3763000 | 54844 |
| Broadcom, Inc. | 50719 | 28359 |
| ASML Holding NV | 52210 | 28261 |
| Micron Technology, Inc. | 505143 | 25247 |
| Wolfspeed, Inc.<sup>1</sup> | 312105 | 21548 |
| Mastercard, Inc., Class A | 47073 | 16369 |
| Apple, Inc. | 114398 | 14864 |
| Tata Consultancy Services, Ltd. | 274095 | 10793 |
| Visa, Inc., Class A | 50545 | 10501 |
| Keyence Corp. | 23700 | 9279 |
| Infosys, Ltd. (ADR) | 342942 | 6176 |
| Infosys, Ltd. | 131247 | 2378 |
| SAP SE | 70089 | 7233 |
| Silergy Corp. | 459376 | 6514 |
| Synopsys, Inc.<sup>1</sup> | 20004 | 6387 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 321870 | 6370 |
| Samsung Electronics Co., Ltd. | 143145 | 6312 |
| NVIDIA Corp. | 42638 | 6231 |
| EPAM Systems, Inc.<sup>1</sup> | 18611 | 6100 |
| PagSeguro Digital, Ltd., Class A<sup>1</sup> | 674012 | 5891 |
| Edenred SA | 100382 | 5462 |
| Accenture PLC, Class A | 20142 | 5375 |
| Network International Holdings PLC<sup>1</sup> | 1472831 | 5275 |
| Nokia Corp. | 1113649 | 5174 |
| Tokyo Electron, Ltd. | 15700 | 4664 |
| Nice, Ltd. (ADR)<sup>1</sup> | 23806 | 4578 |
| Kingdee International Software Group Co., Ltd.<sup>1</sup> | 2128000 | 4530 |
| Lasertec Corp. | 27100 | 4501 |
| Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 70704 | 3646 |
| Applied Materials, Inc. | 36011 | 3507 |
| MediaTek, Inc. | 142000 | 2884 |
| ASM International NV | 10858 | 2749 |
| SK hynix, Inc. | 41006 | 2468 |
| Trimble, Inc.<sup>1</sup> | 41404 | 2093 |
| Logitech International SA | 31053 | 1927 |
| Euronet Worldwide, Inc.<sup>1</sup> | 19369 | 1828 |
| KLA Corp. | 4743 | 1788 |
| Coforge, Ltd. | 33028 | 1544 |
| Cognizant Technology Solutions Corp., Class A | 25905 | 1482 |
| Globant SA<sup>1</sup> | 8094 | 1361 |
| Hamamatsu Photonics KK | 25400 | 1222 |
| Hundsun Technologies, Inc., Class A | 198090 | 1153 |
| Atlassian Corp., Class A<sup>1</sup> | 8731 | 1124 |
| VeriSign, Inc.<sup>1</sup> | 4446 | 913 |
| MKS Instruments, Inc. | 8486 | 719 |
| StoneCo, Ltd., Class A<sup>1</sup> | 67249 | 635 |
| Autodesk, Inc.<sup>1</sup> | 3359 | 628 |
| Disco Corp. | 2100 | 604 |
| Advanced Micro Devices, Inc.<sup>1</sup> | 8455 | 548 |
| Canva, Inc.<sup>1,2,3</sup> | 385 | 342 |
| Intel Corp. | 3575 | 95 |
|  |  | **436824** |
| **Financials 13.94%** |  |  |
| Kotak Mahindra Bank, Ltd. | 2819943 | 62045 |
| AIA Group, Ltd. | 4251600 | 46840 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 4499844 | 29700 |
| HDFC Bank, Ltd. | 1423436 | 28021 |
| B3 SA-Brasil, Bolsa, Balcao | 10338358 | 25867 |
| Capitec Bank Holdings, Ltd. | 206384 | 22575 |
| Bajaj Finance, Ltd. | 215621 | 17066 |

---

<br> 70 American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| ICICI Bank, Ltd. | 967310 | $10368 |
| ICICI Bank, Ltd. (ADR) | 290583 | 6361 |
| AU Small Finance Bank, Ltd. | 1923084 | 15145 |
| Bank Central Asia Tbk PT | 20947600 | 11484 |
| UniCredit SpA | 750471 | 10672 |
| Industrial and Commercial Bank of China, Ltd., Class H | 20423000 | 10519 |
| Nu Holdings, Ltd., Class A<sup>1</sup> | 2383890 | 9702 |
| Bank Mandiri (Persero) Tbk PT | 15218600 | 9671 |
| XP, Inc., Class A<sup>1</sup> | 602058 | 9236 |
| China Merchants Bank Co., Ltd., Class H | 1461000 | 8099 |
| Discovery, Ltd.<sup>1</sup> | 1031032 | 7486 |
| Banco Bilbao Vizcaya Argentaria, SA | 1202030 | 7259 |
| Bank Rakyat Indonesia (Persero) Tbk PT | 19736600 | 6257 |
| Eurobank Ergasias Services and Holdings SA<sup>1</sup> | 5321431 | 6007 |
| Bank of Baroda | 2476327 | 5528 |
| Moody's Corp. | 17666 | 4922 |
| United Overseas Bank, Ltd. | 191900 | 4401 |
| Canara Bank | 1094165 | 4386 |
| Erste Group Bank AG | 135838 | 4332 |
| East Money Information Co., Ltd., Class A | 1416356 | 3955 |
| Alpha Services and Holdings SA<sup>1</sup> | 3535444 | 3772 |
| Hong Kong Exchanges and Clearing, Ltd. | 76500 | 3306 |
| Bajaj Finserv, Ltd. | 176756 | 3294 |
| Standard Bank Group, Ltd. | 330214 | 3261 |
| Aon PLC, Class A | 10455 | 3138 |
| DBS Group Holdings, Ltd. | 122873 | 3111 |
| Grupo Financiero Banorte, SAB de CV, Series O | 393905 | 2828 |
| China Pacific Insurance (Group) Co., Ltd., Class H | 1158294 | 2558 |
| Postal Savings Bank of China Co., Ltd., Class H | 3919000 | 2421 |
| Bank of Ningbo Co., Ltd., Class A | 498700 | 2329 |
| S&P Global, Inc. | 6883 | 2305 |
| National Bank of Greece SA<sup>1</sup> | 482747 | 1931 |
| Piramal Enterprises, Ltd. | 169260 | 1690 |
| Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B | 1294654 | 1515 |
| Lufax Holding, Ltd. (ADR) | 751404 | 1458 |
| China Construction Bank Corp., Class H | 2110000 | 1322 |
| TISCO Financial Group PCL, foreign registered shares | 343800 | 983 |
| Fairfax Financial Holdings, Ltd., subordinate voting shares | 1008 | 597 |
| HDFC Life Insurance Company, Ltd. | 23813 | 162 |
| Moscow Exchange MICEX-RTS PJSC<sup>1,2</sup> | 438203 | —<sup>4</sup> |
| Sberbank of Russia PJSC<sup>1,2</sup> | 2662164 | —<sup>4</sup> |
|  |  | **429885** |
| **Health care 13.14%** |  |  |
| Novo Nordisk A/S, Class B | 469272 | 63539 |
| Thermo Fisher Scientific, Inc. | 72737 | 40056 |
| Eli Lilly and Company | 98730 | 36119 |
| AstraZeneca PLC | 199832 | 27120 |
| Max Healthcare Institute, Ltd.<sup>1</sup> | 4642420 | 24670 |
| PerkinElmer, Inc. | 129804 | 18201 |
| Abbott Laboratories | 165381 | 18157 |
| BeiGene, Ltd. (ADR)<sup>1</sup> | 65681 | 14446 |
| BeiGene, Ltd.<sup>1</sup> | 44100 | 753 |
| Jiangsu Hengrui Medicine Co., Ltd., Class A | 2545088 | 14110 |
| EssilorLuxottica | 72078 | 13125 |
| Danaher Corp. | 48758 | 12941 |
| Rede D'Or Sao Luiz SA | 1633717 | 9153 |
| Hypera SA, ordinary nominative shares | 1024373 | 8770 |
| Pfizer, Inc. | 167880 | 8602 |
| Laurus Labs, Ltd. | 1901101 | 8597 |
| WuXi Biologics (Cayman), Inc.<sup>1</sup> | 1102600 | 8465 |

---

<br> American Funds Insurance Series 71

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| CSL, Ltd. | 41156 | $8025 |
| Olympus Corp. | 386100 | 6825 |
| Carl Zeiss Meditec AG, non-registered shares | 52892 | 6676 |
| CanSino Biologics, Inc., Class H | 673696 | 5763 |
| WuXi AppTec Co., Ltd., Class H | 268500 | 2837 |
| WuXi AppTec Co., Ltd., Class A | 203359 | 2354 |
| Siemens Healthineers AG | 100533 | 5029 |
| Hapvida Participações e Investimentos SA<sup>1</sup> | 4948421 | 4761 |
| Zoetis, Inc., Class A | 31997 | 4689 |
| Innovent Biologics, Inc.<sup>1</sup> | 1062373 | 4561 |
| Straumann Holding AG | 28092 | 3181 |
| Legend Biotech Corp. (ADR)<sup>1</sup> | 63359 | 3163 |
| Hutchmed China, Ltd.<sup>1,5</sup> | 786002 | 2418 |
| Shionogi & Co., Ltd. | 46400 | 2308 |
| Teva Pharmaceutical Industries, Ltd. (ADR)<sup>1</sup> | 238996 | 2180 |
| Mettler-Toledo International, Inc.<sup>1</sup> | 1435 | 2074 |
| OdontoPrev SA, ordinary nominative shares | 1000547 | 1711 |
| Align Technology, Inc.<sup>1</sup> | 7299 | 1539 |
| Asahi Intecc Co., Ltd. | 91600 | 1510 |
| Genus PLC | 40970 | 1477 |
| Angelalign Technology, Inc. | 85000 | 1340 |
| Medtronic PLC | 16413 | 1276 |
| Merck KGaA | 5502 | 1066 |
| Bayer AG | 16010 | 827 |
| Zai Lab, Ltd. (ADR)<sup>1</sup> | 16060 | 493 |
| Shandong Pharmaceutical Glass Co., Ltd., Class A | 66700 | 272 |
|  |  | **405179** |
| **Industrials 10.83%** |  |  |
| Airbus SE, non-registered shares | 370290 | 44028 |
| General Electric Co. | 229310 | 19214 |
| Larsen & Toubro, Ltd. | 722885 | 18180 |
| Safran SA | 141435 | 17674 |
| IMCD NV | 113074 | 16151 |
| DSV A/S | 97381 | 15445 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 1435674 | 14359 |
| Copa Holdings, SA, Class A<sup>1</sup> | 172274 | 14328 |
| Carrier Global Corp. | 342044 | 14109 |
| International Container Terminal Services, Inc. | 3660200 | 13173 |
| Grab Holdings, Ltd., Class A<sup>1</sup> | 3941298 | 12691 |
| Rumo SA | 3544401 | 12493 |
| Caterpillar, Inc. | 38431 | 9207 |
| ZTO Express (Cayman), Inc., Class A (ADR) | 294858 | 7923 |
| Daikin Industries, Ltd. | 45200 | 6953 |
| Mitsui & Co., Ltd. | 239100 | 6952 |
| InPost SA<sup>1</sup> | 768099 | 6492 |
| TransDigm Group, Inc. | 9831 | 6190 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 2015524 | 6140 |
| Suzhou Maxwell Technologies Co., Ltd., Class A | 89800 | 5321 |
| Thales SA | 39462 | 5045 |
| Interpump Group SpA | 109354 | 4954 |
| Boeing Company<sup>1</sup> | 25403 | 4839 |
| Raytheon Technologies Corp. | 39064 | 3942 |
| Contemporary Amperex Technology Co., Ltd., Class A | 67547 | 3825 |
| Wizz Air Holdings PLC<sup>1</sup> | 153309 | 3512 |
| Siemens AG | 24155 | 3353 |
| Centre Testing International Group Co., Ltd. | 953496 | 3059 |
| SMC Corp. | 7000 | 2963 |
| BAE Systems PLC | 273358 | 2825 |
| Spirax-Sarco Engineering PLC | 21156 | 2718 |
| Epiroc AB, Class B | 153337 | 2472 |
| Bharat Electronics, Ltd. | 1997357 | 2412 |

---

<br> 72 American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Legrand SA | 28999 | $2335 |
| Bureau Veritas SA | 85112 | 2240 |
| ABB, Ltd. | 71165 | 2168 |
| AirTAC International Group | 70000 | 2119 |
| Techtronic Industries Co., Ltd. | 180500 | 2010 |
| Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 138094 | 1978 |
| Hitachi, Ltd. | 32800 | 1651 |
| Atlas Copco AB, Class B | 128644 | 1374 |
| Nidec Corp. | 25100 | 1307 |
| Haitian International Holdings, Ltd. | 485000 | 1297 |
| Experian PLC | 27683 | 942 |
| CCR SA, ordinary nominative shares | 343384 | 704 |
| Vicor Corp.<sup>1</sup> | 8616 | 463 |
| Hefei Meyer Optoelectronic Technology, Inc., Class A | 126100 | 434 |
|  |  | **333964** |
| **Consumer discretionary 10.70%** |  |  |
| LVMH Moët Hennessy-Louis Vuitton SE | 58437 | 42451 |
| MercadoLibre, Inc.<sup>1</sup> | 33916 | 28701 |
| Midea Group Co., Ltd., Class A | 3015168 | 22397 |
| Hermès International | 13597 | 20982 |
| Evolution AB | 195296 | 19073 |
| Li Ning Co., Ltd. | 2222001 | 19068 |
| Galaxy Entertainment Group, Ltd. | 2661000 | 17620 |
| General Motors Company | 464326 | 15620 |
| H World Group, Ltd. (ADR) | 205118 | 8701 |
| H World Group, Ltd. | 611320 | 2631 |
| YUM! Brands, Inc. | 70324 | 9007 |
| Trip.com Group, Ltd. (ADR)<sup>1</sup> | 243784 | 8386 |
| Zhongsheng Group Holdings, Ltd. | 1519000 | 7743 |
| Kering SA | 13551 | 6935 |
| NIKE, Inc., Class B | 56533 | 6615 |
| Jumbo SA | 367791 | 6278 |
| Astra International Tbk PT | 16312800 | 5943 |
| IDP Education, Ltd. | 294204 | 5437 |
| Industria de Diseño Textil, SA | 198585 | 5288 |
| Marriott International, Inc., Class A | 35444 | 5277 |
| JD.com, Inc., Class A | 181431 | 5100 |
| Titan Co., Ltd. | 153168 | 4794 |
| Tesla, Inc.<sup>1</sup> | 36323 | 4474 |
| adidas AG | 32573 | 4447 |
| Prosus NV, Class N | 63003 | 4325 |
| Alibaba Group Holding, Ltd.<sup>1</sup> | 377472 | 4168 |
| Americanas SA, ordinary nominative shares | 1839202 | 3362 |
| Lear Corp. | 22412 | 2779 |
| Airbnb, Inc., Class A<sup>1</sup> | 32220 | 2755 |
| Melco Resorts & Entertainment, Ltd. (ADR)<sup>1</sup> | 237753 | 2734 |
| Maruti Suzuki India, Ltd. | 24671 | 2495 |
| Aptiv PLC<sup>1</sup> | 23648 | 2202 |
| Booking Holdings, Inc.<sup>1</sup> | 1083 | 2183 |
| InterContinental Hotels Group PLC | 37749 | 2173 |
| JD Health International, Inc.<sup>1</sup> | 233200 | 2133 |
| Naspers, Ltd., Class N | 10720 | 1767 |
| Stellantis NV | 121859 | 1726 |
| Inchcape PLC | 158322 | 1563 |
| Shangri-La Asia, Ltd.<sup>1</sup> | 1882000 | 1542 |
| Magazine Luiza SA<sup>1</sup> | 2856097 | 1482 |
| Levi Strauss & Co., Class A | 89390 | 1387 |
| Sands China, Ltd.<sup>1</sup> | 367200 | 1216 |
| Renault SA<sup>1</sup> | 31040 | 1034 |
| FSN E-Commerce Ventures, Ltd. | 499594 | 932 |
| Flutter Entertainment PLC<sup>1</sup> | 6201 | 850 |

---

<br> American Funds Insurance Series 73

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Cie. Financière Richemont SA, Class A | 6488 | $840 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 132946 | 617 |
| Jiumaojiu International Holdings, Ltd. | 196000 | 517 |
| Cyrela Brazil Realty SA, ordinary nominative shares | 115141 | 285 |
| Ozon Holdings PLC (ADR)<sup>1,2</sup> | 209599 | —<sup>4</sup> |
|  |  | **330035** |
| **Materials 7.96%** |  |  |
| Vale SA (ADR), ordinary nominative shares | 1657863 | 28134 |
| Vale SA, ordinary nominative shares | 1563228 | 26316 |
| First Quantum Minerals, Ltd. | 1427502 | 29826 |
| Freeport-McMoRan, Inc. | 632561 | 24037 |
| Asian Paints, Ltd. | 524675 | 19588 |
| Albemarle Corp. | 72979 | 15826 |
| Linde PLC | 43780 | 14280 |
| Sika AG | 54150 | 13066 |
| Pidilite Industries, Ltd. | 359013 | 11037 |
| Barrick Gold Corp. | 348685 | 5990 |
| Shin-Etsu Chemical Co., Ltd. | 46300 | 5641 |
| LANXESS AG | 133996 | 5408 |
| Sociedad Química y Minera de Chile SA, Class B (ADR) | 59883 | 4781 |
| Wacker Chemie AG | 33237 | 4248 |
| Gerdau SA (ADR) | 743704 | 4120 |
| Givaudan SA | 1316 | 4012 |
| Loma Negra Compania Industrial Argentina SA (ADR) | 505941 | 3466 |
| Fresnillo PLC | 299094 | 3247 |
| Jindal Steel & Power, Ltd. | 427648 | 2989 |
| Shandong Sinocera Functional Material Co., Ltd., Class A | 551700 | 2189 |
| Wheaton Precious Metals Corp. | 52459 | 2050 |
| OCI NV | 50734 | 1810 |
| Amcor PLC (CDI) | 142086 | 1703 |
| Arkema SA | 18241 | 1645 |
| CCL Industries, Inc., Class B, nonvoting shares | 34789 | 1486 |
| Umicore SA | 37150 | 1371 |
| Koninklijke DSM NV | 11145 | 1366 |
| Grupo México, SAB de CV, Series B | 372626 | 1308 |
| Corteva, Inc. | 19893 | 1169 |
| Glencore PLC | 166729 | 1115 |
| Yunnan Energy New Material Co., Ltd., Class A | 53564 | 1012 |
| BASF SE | 13092 | 650 |
| Navin Fluorine International, Ltd. | 7411 | 364 |
| Polymetal International PLC<sup>1</sup> | 76572 | 228 |
| Alrosa PJSC<sup>1,2</sup> | 1123215 | —<sup>4</sup> |
|  |  | **245478** |
| **Consumer staples 6.23%** |  |  |
| Kweichow Moutai Co., Ltd., Class A | 119607 | 29597 |
| ITC, Ltd. | 4065758 | 16297 |
| Bunge, Ltd. | 149915 | 14957 |
| Anheuser-Busch InBev SA/NV | 179767 | 10807 |
| Nestlé SA | 92198 | 10648 |
| Constellation Brands, Inc., Class A | 41910 | 9713 |
| Philip Morris International, Inc. | 89011 | 9009 |
| Varun Beverages, Ltd. | 520713 | 8291 |
| Ajinomoto Co., Inc. | 270999 | 8263 |
| Monster Beverage Corp.<sup>1</sup> | 79331 | 8054 |
| Carlsberg A/S, Class B | 47845 | 6334 |
| Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates | 3616697 | 6138 |
| Pernod Ricard SA | 31035 | 6100 |
| Raia Drogasil SA, ordinary nominative shares | 1191066 | 5351 |
| Avenue Supermarts, Ltd.<sup>1</sup> | 96957 | 4752 |
| Japan Tobacco, Inc. | 232900 | 4709 |

---

<br> 74 American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples (continued)** |  |  |
| Arca Continental, SAB de CV | 559188 | $4541 |
| Dabur India, Ltd. | 536320 | 3632 |
| Uni-Charm Corp. | 86000 | 3298 |
| Mondelez International, Inc. | 48376 | 3224 |
| British American Tobacco PLC | 57762 | 2292 |
| L'Oréal SA, non-registered shares | 6141 | 2203 |
| Foshan Haitian Flavouring and Food Co., Ltd., Class A | 189896 | 2174 |
| Proya Cosmetics Co., Ltd., Class A | 83620 | 2015 |
| Danone SA | 34906 | 1839 |
| United Spirits, Ltd.<sup>1</sup> | 150135 | 1593 |
| Essity Aktiebolag, Class B | 59261 | 1555 |
| Monde Nissin Corp. | 7788000 | 1553 |
| Wuliangye Yibin Co., Ltd., Class A | 51771 | 1340 |
| Reckitt Benckiser Group PLC | 18928 | 1317 |
| Diageo PLC | 9646 | 426 |
| X5 Retail Group NV (GDR)<sup>1,2</sup> | 88147 | —<sup>4</sup> |
|  |  | **192022** |
| **Communication services 5.12%** |  |  |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 440837 | 22937 |
| Alphabet, Inc., Class C<sup>1</sup> | 170931 | 15167 |
| Alphabet, Inc., Class A<sup>1</sup> | 70628 | 6231 |
| Bharti Airtel, Ltd. | 1936137 | 18821 |
| Bharti Airtel, Ltd., interim shares | 80154 | 419 |
| Tencent Holdings, Ltd. | 398700 | 16946 |
| MTN Group, Ltd. | 1937113 | 14510 |
| América Móvil, SAB de CV, Series L (ADR) | 579878 | 10554 |
| Netflix, Inc.<sup>1</sup> | 32399 | 9554 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 66844 | 8044 |
| Telefónica, SA, non-registered shares | 2013890 | 7294 |
| NetEase, Inc. | 215200 | 3137 |
| NetEase, Inc. (ADR) | 26801 | 1946 |
| Vodafone Group PLC | 4478968 | 4540 |
| Indus Towers, Ltd. | 1704995 | 3916 |
| Activision Blizzard, Inc. | 51137 | 3914 |
| Singapore Telecommunications, Ltd. | 1920800 | 3688 |
| JCDecaux SE<sup>1</sup> | 88804 | 1689 |
| Telefônica Brasil SA, ordinary nominative shares | 222879 | 1619 |
| TIM SA | 649389 | 1525 |
| Informa PLC | 166372 | 1247 |
| Sitios Latinoamerica, SAB de CV, Class B1<sup>1</sup> | 531908 | 255 |
| Yandex NV, Class A<sup>1,2</sup> | 378730 | —<sup>4</sup> |
|  |  | **157953** |
| **Energy 4.96%** |  |  |
| Reliance Industries, Ltd. | 1922257 | 58967 |
| TotalEnergies SE | 429775 | 26824 |
| Baker Hughes Co., Class A | 400704 | 11833 |
| New Fortress Energy, Inc., Class A | 199711 | 8472 |
| BP PLC | 1438591 | 8366 |
| Exxon Mobil Corp. | 66625 | 7349 |
| Hess Corp. | 42526 | 6031 |
| Cheniere Energy, Inc. | 33338 | 4999 |
| Aker BP ASA | 160241 | 4995 |
| Chevron Corp. | 24508 | 4399 |
| Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 240586 | 2562 |
| Shell PLC (GBP denominated) | 88634 | 2519 |
| INPEX Corp. | 229000 | 2444 |
| TechnipFMC PLC<sup>1</sup> | 171689 | 2093 |

---

<br> American Funds Insurance Series 75

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Energy (continued)** |  |  |
| Galp Energia, SGPS, SA, Class B | 76673 | $1037 |
| Gazprom PJSC<sup>2</sup> | 945858 | —<sup>4</sup> |
| Rosneft Oil Co. PJSC<sup>2</sup> | 588661 | —<sup>4</sup> |
|  |  | **152890** |
| **Utilities 1.73%** |  |  |
| ENN Energy Holdings, Ltd. | 1596100 | 22267 |
| AES Corp. | 494900 | 14233 |
| Engie SA | 433528 | 6210 |
| Enel SpA | 717325 | 3858 |
| Power Grid Corporation of India, Ltd. | 1407075 | 3622 |
| China Resources Gas Group, Ltd. | 848600 | 3161 |
| China Gas Holdings, Ltd. | 67400 | 97 |
|  |  | **53448** |
| **Real estate 1.59%** |  |  |
| Macrotech Developers, Ltd.<sup>1</sup> | 1294321 | 17070 |
| American Tower Corp. REIT | 36333 | 7698 |
| ESR Group, Ltd. | 2725200 | 5720 |
| CK Asset Holdings, Ltd. | 920500 | 5667 |
| BR Malls Participações SA, ordinary nominative shares | 3350637 | 5267 |
| China Resources Mixc Lifestyle Services, Ltd. | 550000 | 2794 |
| CTP NV | 192994 | 2273 |
| Embassy Office Parks REIT | 367228 | 1490 |
| China Overseas Land & Investment, Ltd. | 222115 | 586 |
| Country Garden Services Holdings Co., Ltd. | 180000 | 446 |
| Ayala Land, Inc. | 198600 | 110 |
|  |  | **49121** |
| **Total common stocks** (cost: $2,233,829,000) |  | **2786799** |
| **Preferred securities 1.05%** |  |  |
| **Consumer discretionary 0.38%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 43971 | 4461 |
| Getir BV, Series D, preferred shares<sup>1,2,3</sup> | 7768 | 3736 |
| Porsche Automobil Holding SE, nonvoting preferred shares | 60985 | 3346 |
|  |  | **11543** |
| **Materials 0.28%** |  |  |
| Gerdau SA, preferred nominative shares | 1533179 | **8529** |
| **Real estate 0.17%** |  |  |
| QuintoAndar, Ltd., Series E, preferred shares<sup>1,2,3</sup> | 32657 | 4267 |
| QuintoAndar, Ltd., Series E-1, preferred shares<sup>1,2,3</sup> | 8400 | 1098 |
|  |  | **5365** |
| **Financials 0.13%** |  |  |
| Itaú Unibanco Holding SA, preferred nominative shares | 339548 | 1608 |
| Itaú Unibanco Holding SA (ADR), preferred nominative shares | 151962 | 716 |
| Banco Bradesco SA, preferred nominative shares | 619768 | 1778 |
|  |  | **4102** |
| **Energy 0.06%** |  |  |
| Petróleo Brasileiro SA (Petrobras) (ADR), preferred nominative shares | 129613 | 1204 |
| Petróleo Brasileiro SA (Petrobras), preferred nominative shares | 156248 | 725 |
|  |  | **1929** |
| **Health care 0.02%** |  |  |
| Grifols, SA, Class B, nonvoting non-registered preferred shares<sup>1</sup> | 71554 | **605** |

---

<br> 76 American Funds Insurance Series

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Preferred securities** (continued) | Shares | Shares | Value<br> (000) |
| **Industrials 0.01%** |  |  |  |
| GOL Linhas Aéreas Inteligentes SA, preferred nominative shares<sup>1</sup> |  | 169406 | $**235** |
| **Information technology 0.00%** |  |  |  |
| Canva, Inc., Series A, noncumulative preferred shares<sup>1,2,3</sup> |  | 34 | 30 |
| Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,2,3</sup> |  | 1 | 1 |
|  |  |  | **31** |
| **Total preferred securities** (cost: $30,813,000) |  |  | **32339** |
| **Rights & warrants 0.00%** |  |  |  |
| **Materials 0.00%** |  |  |  |
| Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 10/30/2023<sup>1,6</sup> |  | 43474 | **172** |
| **Consumer discretionary 0.00%** |  |  |  |
| Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/2023<sup>1</sup> |  | 37386 | **31** |
| **Total rights & warrants** (cost: $183,000) |  |  | **203** |
| **Bonds, notes & other debt instruments 3.26%** | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 2.66%** |  |  |  |
| Abu Dhabi (Emirate of) 2.50% 9/30/2029<sup>6</sup> | USD | 1000 | 899 |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031<sup>6</sup> |  | 885 | 732 |
| Angola (Republic of) 8.25% 5/9/2028 |  | 500 | 457 |
| Angola (Republic of) 8.00% 11/26/2029<sup>6</sup> |  | 1100 | 968 |
| Angola (Republic of) 8.75% 4/14/2032<sup>6</sup> |  | 280 | 243 |
| Argentine Republic 1.00% 7/9/2029 |  | 32 | 9 |
| Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)<sup>7</sup> |  | 5341 | 1454 |
| Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)<sup>7</sup> |  | 2217 | 568 |
| Argentine Republic 3.875% 1/9/2038 (4.25% on 7/9/2023)<sup>7</sup> |  | 1318 | 420 |
| Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029)<sup>7</sup> |  | 5279 | 1502 |
| Armenia (Republic of) 7.15% 3/26/2025 |  | 290 | 294 |
| Bahrain (Kingdom of) 6.75% 9/20/2029<sup>6</sup> |  | 200 | 200 |
| Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL | 19869 | 3461 |
| Brazil (Federative Republic of) 6.00% 5/15/2027<sup>8</sup> |  | 16377 | 3109 |
| Chile (Republic of) 3.10% 5/7/2041 | USD | 375 | 271 |
| Chile (Republic of) 4.34% 3/7/2042 |  | 645 | 547 |
| China (People's Republic of), Series INBK, 2.89% 11/18/2031 | CNY | 36200 | 5205 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051 |  | 34650 | 5410 |
| Colombia (Republic of) 4.50% 1/28/2026 | USD | 280 | 264 |
| Colombia (Republic of) 3.25% 4/22/2032 |  | 700 | 511 |
| Colombia (Republic of) 8.00% 4/20/2033 |  | 200 | 201 |
| Colombia (Republic of) 7.375% 9/18/2037 |  | 1090 | 1025 |
| Colombia (Republic of) 5.625% 2/26/2044 |  | 520 | 384 |
| Colombia (Republic of) 5.20% 5/15/2049 |  | 755 | 517 |
| Colombia (Republic of) 4.125% 5/15/2051 |  | 350 | 211 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032 | EUR | 150 | 127 |
| Dominican Republic 6.875% 1/29/2026 | USD | 370 | 374 |
| Dominican Republic 8.625% 4/20/2027<sup>6</sup> |  | 575 | 600 |
| Dominican Republic 5.50% 2/22/2029<sup>6</sup> |  | 275 | 254 |
| Dominican Republic 11.375% 7/6/2029 | DOP | 12800 | 221 |
| Dominican Republic 6.00% 2/22/2033<sup>6</sup> | USD | 150 | 136 |
| Dominican Republic 7.45% 4/30/2044<sup>6</sup> |  | 1125 | 1053 |
| Dominican Republic 7.45% 4/30/2044 |  | 1000 | 936 |
| Dominican Republic 5.875% 1/30/2060<sup>6</sup> |  | 280 | 206 |
| Egypt (Arab Republic of) 5.875% 2/16/2031<sup>6</sup> |  | 365 | 255 |

---

<br> American Funds Insurance Series 77

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| Egypt (Arab Republic of) 6.375% 4/11/2031 | EUR | 550 | $411 |
| Egypt (Arab Republic of) 7.625% 5/29/2032<sup>6</sup> | USD | 900 | 669 |
| Egypt (Arab Republic of) 7.625% 5/29/2032 |  | 275 | 204 |
| Egypt (Arab Republic of) 8.50% 1/31/2047 |  | 800 | 536 |
| Egypt (Arab Republic of) 8.875% 5/29/2050 |  | 850 | 578 |
| Egypt (Arab Republic of) 8.75% 9/30/2051 |  | 755 | 510 |
| Egypt (Arab Republic of) 8.15% 11/20/2059<sup>6</sup> |  | 500 | 329 |
| Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024 |  | 880 | 553 |
| Export-Import Bank of India 3.25% 1/15/2030 |  | 1180 | 1025 |
| Gabonese Republic 6.95% 6/16/2025 |  | 540 | 513 |
| Gabonese Republic 7.00% 11/24/2031 |  | 300 | 247 |
| Ghana (Republic of) 6.375% 2/11/2027 |  | 485 | 188 |
| Ghana (Republic of) 7.875% 3/26/2027 |  | 200 | 79 |
| Ghana (Republic of) 7.75% 4/7/2029<sup>6</sup> |  | 1125 | 423 |
| Ghana (Republic of) 7.625% 5/16/2029 |  | 460 | 174 |
| Ghana (Republic of) 8.125% 3/26/2032 |  | 2130 | 782 |
| Honduras (Republic of) 6.25% 1/19/2027 |  | 1365 | 1208 |
| Honduras (Republic of) 5.625% 6/24/2030 |  | 678 | 547 |
| Honduras (Republic of) 5.625% 6/24/2030<sup>6</sup> |  | 281 | 227 |
| Indonesia (Republic of) 6.625% 2/17/2037 |  | 500 | 568 |
| Indonesia (Republic of) 5.25% 1/17/2042 |  | 840 | 828 |
| Iraq (Republic of) 6.752% 3/9/2023 |  | 960 | 950 |
| Jordan (Hashemite Kingdom of) 5.75% 1/31/2027<sup>6</sup> |  | 800 | 773 |
| Kazakhstan (Republic of) 6.50% 7/21/2045<sup>6</sup> |  | 800 | 836 |
| Kenya (Republic of) 6.875% 6/24/2024 |  | 200 | 185 |
| Kenya (Republic of) 8.25% 2/28/2048<sup>6</sup> |  | 1800 | 1402 |
| Mongolia (State of) 8.75% 3/9/2024 |  | 370 | 359 |
| Mongolia (State of) 4.45% 7/7/2031 |  | 300 | 234 |
| Mozambique (Republic of) 5.00% 9/15/2031 (9.00% on 9/15/2023)<sup>7</sup> |  | 880 | 678 |
| Oman (Sultanate of) 4.875% 2/1/2025<sup>6</sup> |  | 565 | 556 |
| Oman (Sultanate of) 5.375% 3/8/2027 |  | 750 | 736 |
| Oman (Sultanate of) 6.25% 1/25/2031<sup>6</sup> |  | 600 | 606 |
| Pakistan (Islamic Republic of) 8.25% 9/30/2025<sup>6</sup> |  | 410 | 199 |
| Pakistan (Islamic Republic of) 6.00% 4/8/2026<sup>6</sup> |  | 380 | 153 |
| Pakistan (Islamic Republic of) 6.875% 12/5/2027<sup>6</sup> |  | 1050 | 416 |
| Pakistan (Islamic Republic of) 7.875% 3/31/2036 |  | 200 | 72 |
| Pakistan (Islamic Republic of) 8.875% 4/8/2051 |  | 850 | 300 |
| Panama (Republic of) 3.75% 4/17/2026<sup>6</sup> |  | 678 | 639 |
| Panama (Republic of) 4.50% 5/15/2047 |  | 1155 | 892 |
| Panama (Republic of) 4.50% 4/16/2050 |  | 200 | 152 |
| Panama (Republic of) 4.30% 4/29/2053 |  | 400 | 290 |
| Panama (Republic of) 4.50% 1/19/2063 |  | 200 | 142 |
| Paraguay (Republic of) 4.70% 3/27/2027<sup>6</sup> |  | 400 | 395 |
| Paraguay (Republic of) 4.95% 4/28/2031 |  | 320 | 310 |
| Peru (Republic of) 3.00% 1/15/2034 |  | 425 | 336 |
| Peru (Republic of) 6.55% 3/14/2037 |  | 1070 | 1131 |
| Peru (Republic of) 3.55% 3/10/2051 |  | 370 | 265 |
| Peru (Republic of) 2.78% 12/1/2060 |  | 365 | 214 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050<sup>6</sup> |  | 400 | 359 |
| Philippines (Republic of) 1.648% 6/10/2031 |  | 580 | 465 |
| Philippines (Republic of) 6.375% 10/23/2034 |  | 820 | 911 |
| Philippines (Republic of) 3.95% 1/20/2040 |  | 700 | 595 |
| Philippines (Republic of) 3.70% 3/1/2041 |  | 505 | 414 |
| Philippines (Republic of) 2.95% 5/5/2045 |  | 790 | 572 |
| PT Indonesia Asahan Aluminium Tbk 6.757% 11/15/2048 |  | 200 | 188 |
| Qatar (State of) 4.50% 4/23/2028<sup>6</sup> |  | 2000 | 2016 |
| Qatar (State of) 4.50% 4/23/2028 |  | 600 | 605 |
| Romania 2.00% 1/28/2032 | EUR | 1375 | 987 |
| Romania 2.00% 4/14/2033 |  | 300 | 207 |
| Romania 5.125% 6/15/2048<sup>6</sup> | USD | 500 | 399 |
| Russian Federation 4.25% 6/23/2027<sup>9</sup> |  | 1000 | 430 |

---

<br> 78 American Funds Insurance Series

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| Russian Federation 4.375% 3/21/2029<sup>6,9</sup> | USD | 800 | $328 |
| Russian Federation 5.10% 3/28/2035<sup>9</sup> |  | 1600 | 656 |
| Russian Federation 5.25% 6/23/2047<sup>9</sup> |  | 1200 | 492 |
| Senegal (Republic of) 4.75% 3/13/2028 | EUR | 950 | 880 |
| South Africa (Republic of) 5.875% 6/22/2030 | USD | 1200 | 1120 |
| South Africa (Republic of) 5.875% 4/20/2032 |  | 400 | 362 |
| Sri Lanka (Democratic Socialist Republic of) 6.125% 6/3/2025<sup>9</sup> |  | 450 | 147 |
| Sri Lanka (Democratic Socialist Republic of) 6.85% 11/3/2025<sup>9</sup> |  | 1904 | 614 |
| Sri Lanka (Democratic Socialist Republic of) 6.825% 7/18/2026<sup>9</sup> |  | 1270 | 407 |
| Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/2030<sup>9</sup> |  | 471 | 150 |
| Tunisia (Republic of) 6.75% 10/31/2023 | EUR | 465 | 420 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 310 | 280 |
| Tunisia (Republic of) 5.625% 2/17/2024 |  | 500 | 422 |
| Tunisia (Republic of) 5.75% 1/30/2025 | USD | 625 | 435 |
| Turkey (Republic of) 11.875% 1/15/2030 |  | 800 | 954 |
| Turkey (Republic of) 5.875% 6/26/2031 |  | 1170 | 963 |
| Turkey (Republic of) 4.875% 4/16/2043 |  | 400 | 261 |
| Turkey (Republic of) 5.75% 5/11/2047 |  | 2005 | 1373 |
| Ukraine 8.994% 2/1/2026<sup>9</sup> |  | 600 | 134 |
| Ukraine 7.75% 9/1/2029<sup>9</sup> |  | 2328 | 503 |
| Ukraine 9.75% 11/1/2030<sup>9</sup> |  | 900 | 187 |
| Ukraine 7.375% 9/25/2034<sup>9</sup> |  | 2180 | 416 |
| United Mexican States 4.50% 4/22/2029 |  | 300 | 287 |
| United Mexican States 4.75% 4/27/2032 |  | 870 | 817 |
| United Mexican States 4.75% 3/8/2044 |  | 1090 | 884 |
| United Mexican States 3.75% 4/19/2071 |  | 200 | 125 |
| United Mexican States, Series M, 7.50% 6/3/2027 | MXN | 20360 | 986 |
| United Mexican States, Series M, 7.75% 5/29/2031 |  | 43000 | 2044 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023<sup>9</sup> | USD | 1383 | 121 |
| Venezuela (Bolivarian Republic of) 8.25% 10/13/2024<sup>9</sup> |  | 299 | 26 |
| Venezuela (Bolivarian Republic of) 7.65% 4/21/2025<sup>9</sup> |  | 129 | 11 |
| Venezuela (Bolivarian Republic of) 11.75% 10/21/2026<sup>9</sup> |  | 64 | 6 |
| Venezuela (Bolivarian Republic of) 9.25% 9/15/2027<sup>9</sup> |  | 170 | 16 |
| Venezuela (Bolivarian Republic of) 9.25% 5/7/2028<sup>9</sup> |  | 319 | 29 |
| Venezuela (Bolivarian Republic of) 7.00% 12/1/2018<sup>9</sup> |  | 64 | 5 |
| Venezuela (Bolivarian Republic of) 7.75% 10/13/2019<sup>9</sup> |  | 1149 | 92 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020<sup>9</sup> |  | 950 | 67 |
| Venezuela (Bolivarian Republic of) 11.95% 8/5/2031<sup>9</sup> |  | 106 | 10 |
| Venezuela (Bolivarian Republic of) 12.75% 8/23/2022<sup>9</sup> |  | 85 | 7 |
| Venezuela (Bolivarian Republic of) 7.00% 3/31/2038<sup>9</sup> |  | 107 | 10 |
|  |  |  | **82039** |
| **Corporate bonds, notes & loans 0.51%** |  |  |  |
| **Energy 0.17%** |  |  |  |
| Oleoducto Central SA 4.00% 7/14/2027<sup>6</sup> |  | 255 | 225 |
| Oleoducto Central SA 4.00% 7/14/2027 |  | 200 | 177 |
| Petrobras Global Finance Co. 6.85% 6/5/2115 |  | 314 | 266 |
| Petróleos Mexicanos 6.875% 8/4/2026 |  | 800 | 757 |
| Petróleos Mexicanos 6.49% 1/23/2027 |  | 1670 | 1525 |
| Petróleos Mexicanos 8.75% 6/2/2029 |  | 1105 | 1038 |
| Petróleos Mexicanos 6.70% 2/16/2032 |  | 622 | 490 |
| Petrorio Luxembourg SARL 6.125% 6/9/2026 |  | 200 | 191 |
| PTT Exploration and Production PCL 2.993% 1/15/2030 |  | 200 | 174 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051<sup>6</sup> |  | 630 | 420 |
|  |  |  | **5263** |

---

<br> American Funds Insurance Series 79

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials 0.09%** |  |  |  |
| Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)<sup>7</sup> | USD | 800 | $670 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030 |  | 895 | 687 |
| HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)<sup>6,7</sup> |  | 600 | 516 |
| Power Financial Corp., Ltd. 6.15% 12/6/2028 |  | 432 | 439 |
| Power Financial Corp., Ltd. 4.50% 6/18/2029 |  | 273 | 253 |
| Power Financial Corp., Ltd. 3.35% 5/16/2031 |  | 310 | 258 |
|  |  |  | **2823** |
| **Consumer discretionary 0.07%** |  |  |  |
| Alibaba Group Holding, Ltd. 4.20% 12/6/2047 |  | 600 | 461 |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051 |  | 410 | 256 |
| Arcos Dorados BV 6.125% 5/27/2029 |  | 450 | 437 |
| Meituan Dianping 3.05% 10/28/2030<sup>6</sup> |  | 800 | 618 |
| MercadoLibre, Inc. 3.125% 1/14/2031 |  | 400 | 310 |
| Sands China, Ltd. 4.875% 6/18/2030 |  | 220 | 193 |
|  |  |  | **2275** |
| **Materials 0.05%** |  |  |  |
| Braskem Idesa SAPI 7.45% 11/15/2029 |  | 775 | 613 |
| Braskem Idesa SAPI 7.45% 11/15/2029<sup>6</sup> |  | 300 | 237 |
| GC Treasury Center Co., Ltd. 4.40% 3/30/2032<sup>6</sup> |  | 230 | 204 |
| Sasol Financing USA, LLC 5.875% 3/27/2024 |  | 500 | 491 |
|  |  |  | **1545** |
| **Utilities 0.04%** |  |  |  |
| AES Panama Generation Holdings SRL 4.375% 5/31/2030<sup>6</sup> |  | 280 | 244 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029<sup>6</sup> |  | 412 | 328 |
| Enfragen Energia Sur SA 5.375% 12/30/2030 |  | 969 | 679 |
|  |  |  | **1251** |
| **Communication services 0.04%** |  |  |  |
| Axiata SPV5 Labuan, Ltd. 3.064% 8/19/2050 |  | 357 | 238 |
| PLDT, Inc. 2.50% 1/23/2031 |  | 210 | 165 |
| Tencent Holdings, Ltd. 3.975% 4/11/2029 |  | 400 | 369 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050<sup>6</sup> |  | 580 | 368 |
|  |  |  | **1140** |
| **Consumer staples 0.02%** |  |  |  |
| Marfrig Global Foods SA 3.95% 1/29/2031 |  | 320 | 246 |
| NBM US Holdings, Inc. 6.625% 8/6/2029<sup>3</sup> |  | 420 | 407 |
|  |  |  | **653** |
| **Industrials 0.02%** |  |  |  |
| Mexico City Airport Trust 4.25% 10/31/2026 |  | 475 | **454** |
| **Health care 0.01%** |  |  |  |
| Rede D'Or Finance SARL 4.50% 1/22/2030 |  | 480 | **414** |
| **Total corporate bonds, notes & loans** |  |  | **15818** |
| **U.S. Treasury bonds & notes 0.09%** |  |  |  |
| **U.S. Treasury 0.09%** |  |  |  |
| U.S. Treasury (3-month U.S. Treasury Bill Yield - 0.015%) 4.383% 1/31/2024<sup>10,11</sup> |  | 2730 | **2729** |
| **Total bonds, notes & other debt instruments** (cost: $123,585,000) |  |  | **100586** |

---

<br> 80 American Funds Insurance Series

New World Fund (continued)

---

| | | |
|:---|:---|:---|
|  | | Value |
| **Short-term securities 5.44%** | Shares | (000) |
| **Money market investments 5.43%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>12,13</sup> | 1673444 | $**167328** |
| **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>12,14</sup> | 149334 | 150 |
| Capital Group Central Cash Fund 4.31%<sup>12,13,14</sup> | 862 | 86 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>12,14</sup> | 58955 | 59 |
|  |  | **295** |
| **Total short-term securities** (cost: $167,602,000) |  | **167623** |
| **Total investment securities 100.12%** (cost: $2,556,012,000) |  | **3087550** |
| Other assets less liabilities (0.12)% |  | (3766) |
| **Net assets 100.00%** |  | $**3083784** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 2 Year Euro-Schatz Futures | Long | 40 | March 2023 | USD | 4514 | $(18) |
| 5 Year U.S. Treasury Note Futures | Short | 14 | March 2023 |  | (1511) | 3 |
| 10 Year Euro-Bund Futures | Short | 18 | March 2023 |  | (2561) | 126 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 43 | March 2023 |  | (5086) | 30 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 53 | March 2023 |  | 7118 | (48) |
|  |  |  |  |  |  | $93 |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized**<br>**(depreciation)**<br>**appreciation**<br>**at 12/31/2022<br> (000)** |
| USD | 77 | EUR | 73 | Goldman Sachs | 1/11/2023 | $(1) |
| USD | 1484 | EUR | 1409 | Goldman Sachs | 1/12/2023 | (25) |
| EUR | 8 | USD | 9 | Barclays Bank PLC | 1/13/2023 | —<sup>4</sup> |
| USD | 1683 | EUR | 1593 | JPMorgan Chase | 1/13/2023 | (24) |
|  |  |  |  |  |  | $(50) |

---

<br> American Funds Insurance Series 81

New World Fund (continued)

**Swap contracts**

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reference**<br>**index** | <br>**Financing**<br>**rate paid** | <br>**Payment**<br>**frequency** | <br>**Expiration**<br>**date** |<br>**Notional**<br>**amount**<br>**(000)** |<br>**Value at**<br>**12/31/2022**<br>**(000)** | **Upfront**<br>**premium**<br>**paid**<br>**(000)** | **Unrealized**<br>**appreciation**<br>**at 12/31/2022**<br>**(000)** |
| CDX.EM.38 | 1.00% | Quarterly | 12/20/2027 | USD 2,230 | $131 | $129 | $2 |

---

**Investments in affiliates<sup>13</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 5.43%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 5.43%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>12</sup> | $216764 | $756276 | $805673 | $(44) | $5 | $167328 | $4331 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>12,14</sup> | 4255 |  | 4169<sup>15</sup> |  |  | 86 | —<sup>16</sup> |
| **Total 5.43%** |  |  |  | $(44) | $5 | $167414 | $4331 |

---

**Restricted securities<sup>3</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Acquisition**<br>**date(s)** |<br>**Cost**<br>**(000)** |<br>**Value**<br>**(000)** | **Percent**<br>**of net**<br>**assets** |
| QuintoAndar, Ltd., Series E, preferred shares<sup>1,2</sup> | 5/26/2021 | $5258 | $4267 | .14% |
| QuintoAndar, Ltd., Series E-1, preferred shares<sup>1,2</sup> | 12/20/2021 | 1716 | 1098 | .04 |
| Getir BV, Series D, preferred shares<sup>1,2</sup> | 5/27/2021 | 3500 | 3736 | .12 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 | 7/8/2022 | 404 | 407 | .01 |
| Canva, Inc.<sup>1,2</sup> | 8/26/2021-11/4/2021 | 656 | 342 | .01 |
| Canva, Inc., Series A, noncumulative preferred shares<sup>1,2</sup> | 11/4/2021 | 58 | 30 | .00 |
| Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,2</sup> | 11/4/2021 | 2 | 1 | .00 |
| **Total** |  | $11594 | $9881 | .32% |

---

<br> 82 American Funds Insurance Series

New World Fund (continued)

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $9,881,000, which represented .32% of the net assets of the fund.

<sup>4</sup> Amount less than one thousand.

<sup>5</sup> All or a portion of this security was on loan. The total value of all such securities was $311,000, which represented .01% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $19,603,000, which represented .64% of the net assets of the fund.

<sup>7</sup> Step bond; coupon rate may change at a later date.

<sup>8</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>9</sup> Scheduled interest and/or principal payment was not received.

<sup>10</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $297,000, which represented .01% of the net assets of the fund.

<sup>11</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>12</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>13</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>14</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>15</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>16</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

BRL = Brazilian reais

CDI = CREST Depository Interest

CNY = Chinese yuan

DOP = Dominican pesos

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

MXN = Mexican pesos

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 83

Washington Mutual Investors Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 95.35%** | Shares | Value<br> (000) |
| **Health care 21.99%** |  |  |
| UnitedHealth Group, Inc. | 706573 | $374611 |
| Pfizer, Inc. | 5089889 | 260806 |
| CVS Health Corp. | 2030283 | 189202 |
| Eli Lilly and Company | 436276 | 159607 |
| Johnson & Johnson | 897185 | 158488 |
| AbbVie, Inc. | 926694 | 149763 |
| AstraZeneca PLC (ADR) | 1747998 | 118514 |
| Humana, Inc. | 211641 | 108400 |
| Gilead Sciences, Inc. | 1234157 | 105952 |
| Abbott Laboratories | 676709 | 74296 |
| Cigna Corp. | 197196 | 65339 |
| Elevance Health, Inc. | 118687 | 60883 |
| Danaher Corp. | 228637 | 60685 |
| Bristol-Myers Squibb Company | 577839 | 41576 |
| Novo Nordisk A/S, Class B (ADR) | 214095 | 28976 |
| Zimmer Biomet Holdings, Inc. | 179120 | 22838 |
| Thermo Fisher Scientific, Inc. | 38181 | 21026 |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 25933 | 18710 |
| Zoetis, Inc., Class A | 100063 | 14664 |
| Roche Holding AG (ADR) | 322207 | 12614 |
| Molina Healthcare, Inc.<sup>1</sup> | 37656 | 12435 |
| Edwards Lifesciences Corp.<sup>1</sup> | 85300 | 6364 |
| Baxter International, Inc. | 114187 | 5820 |
| ResMed, Inc. | 24754 | 5152 |
|  |  | **2076721** |
| **Information technology 17.56%** |  |  |
| Broadcom, Inc. | 919032 | 513857 |
| Microsoft Corp. | 1830263 | 438934 |
| Apple, Inc. | 765754 | 99494 |
| ASML Holding NV (New York registered) (ADR) | 157302 | 85950 |
| Intel Corp. | 2778330 | 73431 |
| Visa, Inc., Class A | 290482 | 60351 |
| Fidelity National Information Services, Inc. | 587989 | 39895 |
| Motorola Solutions, Inc. | 149004 | 38400 |
| Mastercard, Inc., Class A | 110216 | 38325 |
| SAP SE (ADR) | 370066 | 38187 |
| KLA Corp. | 90564 | 34145 |
| Applied Materials, Inc. | 344981 | 33594 |
| Paychex, Inc. | 238707 | 27585 |
| TE Connectivity, Ltd. | 233588 | 26816 |
| Automatic Data Processing, Inc. | 91188 | 21781 |
| Texas Instruments, Inc. | 119302 | 19711 |
| NetApp, Inc. | 285109 | 17124 |
| Synopsys, Inc.<sup>1</sup> | 47178 | 15064 |
| Oracle Corp. | 116989 | 9563 |
| QUALCOMM, Inc. | 85889 | 9443 |
| EPAM Systems, Inc.<sup>1</sup> | 21637 | 7091 |
| Analog Devices, Inc. | 28186 | 4623 |
| Micron Technology, Inc. | 74256 | 3711 |
| Ciena Corp.<sup>1</sup> | 17550 | 895 |
|  |  | **1657970** |
| **Financials 13.67%** |  |  |
| Marsh & McLennan Companies, Inc. | 1329999 | 220088 |
| JPMorgan Chase & Co. | 1231233 | 165108 |
| BlackRock, Inc. | 152050 | 107747 |
| Chubb, Ltd. | 450474 | 99375 |
| CME Group, Inc., Class A | 530969 | 89288 |
| Wells Fargo & Company | 1821863 | 75225 |
| Bank of America Corp. | 1370945 | 45406 |
| Citizens Financial Group, Inc. | 1109159 | 43668 |

---

84 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| Discover Financial Services | 414920 | $40592 |
| Intercontinental Exchange, Inc. | 394483 | 40470 |
| Morgan Stanley | 458540 | 38985 |
| S&P Global, Inc. | 111373 | 37303 |
| Capital One Financial Corp. | 348076 | 32357 |
| Blackstone, Inc., nonvoting shares | 403946 | 29969 |
| Apollo Asset Management, Inc. | 443289 | 28277 |
| Nasdaq, Inc. | 458289 | 28116 |
| KKR & Co., Inc. | 601229 | 27909 |
| Goldman Sachs Group, Inc. | 78842 | 27073 |
| Aon PLC, Class A | 75142 | 22553 |
| PNC Financial Services Group, Inc. | 130342 | 20586 |
| Toronto-Dominion Bank<sup>2</sup> | 236859 | 15339 |
| KeyCorp | 770460 | 13422 |
| Canadian Imperial Bank of Commerce | 314940 | 12739 |
| Arthur J. Gallagher & Co. | 56249 | 10605 |
| Moody's Corp. | 26105 | 7273 |
| Fifth Third Bancorp | 192883 | 6329 |
| Charles Schwab Corp. | 38738 | 3225 |
| Progressive Corp. | 14654 | 1901 |
|  |  | **1290928** |
| **Industrials 11.24%** |  |  |
| Northrop Grumman Corp. | 340603 | 185836 |
| Lockheed Martin Corp. | 220356 | 107201 |
| Raytheon Technologies Corp. | 991865 | 100099 |
| Caterpillar, Inc. | 415519 | 99542 |
| Norfolk Southern Corp. | 312913 | 77108 |
| CSX Corp. | 2421254 | 75011 |
| L3Harris Technologies, Inc. | 323116 | 67276 |
| Honeywell International, Inc. | 292363 | 62653 |
| Boeing Company<sup>1</sup> | 256666 | 48892 |
| Waste Connections, Inc. | 206205 | 27335 |
| Equifax, Inc. | 124702 | 24237 |
| ABB, Ltd. (ADR) | 753846 | 22962 |
| United Parcel Service, Inc., Class B | 123077 | 21396 |
| Robert Half International, Inc. | 278467 | 20559 |
| Union Pacific Corp. | 99249 | 20552 |
| Rockwell Automation | 59498 | 15325 |
| Carrier Global Corp. | 317975 | 13117 |
| Huntington Ingalls Industries, Inc. | 47307 | 10913 |
| PACCAR, Inc. | 108835 | 10771 |
| Republic Services, Inc. | 78273 | 10096 |
| Johnson Controls International PLC | 152323 | 9749 |
| BAE Systems PLC (ADR)<sup>2</sup> | 212361 | 8950 |
| HEICO Corp. | 56216 | 8637 |
| Air Lease Corp., Class A | 157245 | 6041 |
| RELX PLC (ADR) | 186041 | 5157 |
| Waste Management, Inc. | 11150 | 1749 |
|  |  | **1061164** |
| **Consumer discretionary 8.11%** |  |  |
| Home Depot, Inc. | 574803 | 181557 |
| YUM! Brands, Inc. | 682736 | 87445 |
| Target Corp. | 566187 | 84385 |
| General Motors Company | 1894289 | 63724 |
| Darden Restaurants, Inc. | 417284 | 57723 |
| Lennar Corp., Class A | 515314 | 46636 |
| Wynn Resorts, Ltd.<sup>1</sup> | 470851 | 38831 |
| NIKE, Inc., Class B | 321417 | 37609 |
| TJX Companies, Inc. | 469822 | 37398 |
| Dollar General Corp. | 115057 | 28333 |

---

American Funds Insurance Series 85

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| D.R. Horton, Inc. | 283590 | $25279 |
| Starbucks Corp. | 247055 | 24508 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 9251 | 12836 |
| VF Corp. | 440631 | 12166 |
| Aptiv PLC<sup>1</sup> | 104868 | 9766 |
| McDonald's Corp. | 21948 | 5784 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 110264 | 5450 |
| Polaris, Inc. | 52835 | 5336 |
| Amazon.com, Inc.<sup>1</sup> | 17265 | 1450 |
|  |  | **766216** |
| **Consumer staples 6.76%** |  |  |
| Archer Daniels Midland Company | 1568943 | 145676 |
| Philip Morris International, Inc. | 1242650 | 125769 |
| Keurig Dr Pepper, Inc. | 1386913 | 49457 |
| Kraft Heinz Company | 1133294 | 46136 |
| Procter & Gamble Company | 266724 | 40425 |
| Reckitt Benckiser Group PLC (ADR)<sup>2</sup> | 2494590 | 35149 |
| Nestlé SA (ADR) | 289515 | 33393 |
| General Mills, Inc. | 345460 | 28967 |
| Hormel Foods Corp. | 592388 | 26983 |
| Mondelez International, Inc. | 372276 | 24812 |
| Costco Wholesale Corp. | 50498 | 23052 |
| Church & Dwight Co., Inc. | 148770 | 11992 |
| Walgreens Boots Alliance, Inc. | 316943 | 11841 |
| Unilever PLC (ADR) | 182723 | 9200 |
| British American Tobacco PLC (ADR) | 222076 | 8879 |
| Kimberly-Clark Corp. | 55351 | 7514 |
| Danone (ADR) | 694054 | 7298 |
| Conagra Brands, Inc. | 57435 | 2223 |
|  |  | **638766** |
| **Energy 5.90%** |  |  |
| Pioneer Natural Resources Company | 558497 | 127555 |
| Chevron Corp. | 509098 | 91378 |
| ConocoPhillips | 757878 | 89430 |
| Baker Hughes Co., Class A | 2518351 | 74367 |
| Exxon Mobil Corp. | 576453 | 63583 |
| EOG Resources, Inc. | 297609 | 38546 |
| Canadian Natural Resources, Ltd. | 665647 | 36963 |
| TC Energy Corp. | 678590 | 27049 |
| Enbridge, Inc. | 208235 | 8142 |
|  |  | **557013** |
| **Communication services 3.97%** |  |  |
| Comcast Corp., Class A | 6323705 | 221140 |
| Alphabet, Inc., Class C<sup>1</sup> | 732176 | 64966 |
| Alphabet, Inc., Class A<sup>1</sup> | 442820 | 39070 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 262927 | 31641 |
| Activision Blizzard, Inc. | 138758 | 10622 |
| Electronic Arts, Inc. | 36898 | 4508 |
| Deutsche Telekom AG (ADR) | 142813 | 2853 |
|  |  | **374800** |
| **Utilities 2.63%** |  |  |
| Constellation Energy Corp. | 810638 | 69885 |
| Sempra Energy | 407271 | 62940 |
| Entergy Corp. | 349992 | 39374 |
| CMS Energy Corp. | 446368 | 28268 |
| Public Service Enterprise Group, Inc. | 235300 | 14417 |
| NextEra Energy, Inc. | 142120 | 11881 |

---

86 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Utilities (continued)** |  |  |
| Xcel Energy, Inc. | 110238 | $7729 |
| Dominion Energy, Inc. | 123750 | 7588 |
| Evergy, Inc. | 95960 | 6039 |
|  |  | **248121** |
| **Materials 2.24%** |  |  |
| Linde PLC | 198540 | 64760 |
| Rio Tinto PLC (ADR) | 501584 | 35713 |
| Corteva, Inc. | 497904 | 29267 |
| Air Products and Chemicals, Inc. | 64476 | 19875 |
| LyondellBasell Industries NV | 219873 | 18256 |
| Nucor Corp. | 125314 | 16518 |
| Huntsman Corp. | 442172 | 12151 |
| Albemarle Corp. | 55023 | 11932 |
| H.B. Fuller Co. | 49263 | 3528 |
|  |  | **212000** |
| **Real estate 1.28%** |  |  |
| Extra Space Storage, Inc. REIT | 363771 | 53540 |
| American Tower Corp. REIT | 109250 | 23146 |
| Equinix, Inc. REIT | 27909 | 18281 |
| Digital Realty Trust, Inc. REIT | 174296 | 17477 |
| Regency Centers Corp. REIT | 115400 | 7212 |
| Welltower, Inc. REIT | 15517 | 1017 |
|  |  | **120673** |
| **Total common stocks** (cost: $7,295,957,000) |  | **9004372** |
| **Convertible stocks 0.35%** |  |  |
| **Health care 0.20%** |  |  |
| Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 6/1/2023 | 197800 | 9906 |
| Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>2</sup> | 6821 | 9253 |
|  |  | **19159** |
| **Utilities 0.08%** |  |  |
| NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 | 90700 | 4552 |
| American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023 | 56400 | 2909 |
|  |  | **7461** |
| **Financials 0.07%** |  |  |
| KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 | 113300 | **6487** |
| **Total convertible stocks** (cost: $33,103,000) |  | **33107** |
| **Short-term securities 4.19%** |  |  |
| **Money market investments 4.07%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>3,4</sup> | 3847079 | **384669** |

---

American Funds Insurance Series 87

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| **Short-term securities** (continued) | Shares | Value<br> (000) |
| **Money market investments purchased with collateral from securities on loan 0.12%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>3,4,5</sup> | 63391 | $6338 |
| State Street Institutional U.S. Government Money Market Fund, Institutional Class 4.09%<sup>3,5</sup> | 2494000 | 2494 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>3,5</sup> | 1460582 | 1461 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>3,5</sup> | 1324956 | 1325 |
|  |  | **11618** |
| **Total short-term securities** (cost: $396,237,000) |  | **396287** |
| **Total investment securities 99.89%** (cost: $7,725,297,000) |  | **9433766** |
| Other assets less liabilities 0.11% |  | 9934 |
| **Net assets 100.00%** |  | $**9443700** |

---

**Investments in affiliates<sup>4</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of**<br> **affiliates at**<br> **1/1/2022**<br> **(000)** | **Additions**<br> **(000)** | **Reductions**<br> **(000)** | **Net**<br> **realized**<br> **loss**<br> **(000)** | **Net**<br> **unrealized**<br> **appreciation**<br> **(000)** | **Value of**<br> **affiliates at**<br> **12/31/2022**<br> **(000)** | **Dividend**<br> **income**<br> **(000)** |
| **Short-term securities 4.14%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 4.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>3</sup> | $321870 | $1392905 | $1330045 | $(71) | $10 | $384669 | $6762 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>3,5</sup> | 9273 |  | 29356 |  |  | 6338 | —<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;**Total 4.14%** |  |  |  | $(71) | $10 | $391007 | $6762 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $12,432,000, which represented .13% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>4</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>5</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>6</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>7</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

88 American Funds Insurance Series

Capital World Growth and Income Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 95.23%** | Shares | Value <br> (000) |
| **Information technology 15.74%** |  |  |
| Broadcom, Inc. | 91368 | $51087 |
| Microsoft Corp. | 200685 | 48128 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 2403800 | 35035 |
| ASML Holding NV | 48522 | 26265 |
| Apple, Inc. | 111767 | 14522 |
| EPAM Systems, Inc.<sup>1</sup> | 37912 | 12425 |
| Tokyo Electron, Ltd. | 35800 | 10635 |
| Capgemini SE | 47477 | 7963 |
| Micron Technology, Inc. | 141746 | 7085 |
| Accenture PLC, Class A | 24538 | 6548 |
| Mastercard, Inc., Class A | 15969 | 5553 |
| Logitech International SA | 65146 | 4043 |
| NVIDIA Corp. | 25359 | 3706 |
| Delta Electronics, Inc. | 337000 | 3139 |
| Keyence Corp. | 7600 | 2975 |
| Hexagon AB, Class B | 260158 | 2735 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 38252 | 2454 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 69098 | 2398 |
| OBIC Co., Ltd. | 16200 | 2395 |
| Applied Materials, Inc. | 23343 | 2273 |
| Synopsys, Inc.<sup>1</sup> | 6800 | 2171 |
| MediaTek, Inc. | 93000 | 1889 |
| Worldline SA, non-registered shares<sup>1</sup> | 44297 | 1729 |
| TE Connectivity, Ltd. | 13147 | 1509 |
| Lasertec Corp. | 8872 | 1474 |
| Fujitsu, Ltd. | 11000 | 1457 |
| SK hynix, Inc. | 22772 | 1371 |
| ServiceNow, Inc.<sup>1</sup> | 3191 | 1239 |
| Oracle Corp. | 15041 | 1229 |
| Disco Corp. | 3900 | 1121 |
| GlobalWafers Co., Ltd. | 71000 | 986 |
| Snowflake, Inc., Class A<sup>1</sup> | 5882 | 844 |
| Zscaler, Inc.<sup>1</sup> | 7066 | 791 |
| Infosys, Ltd. | 41700 | 755 |
| Nomura Research Institute, Ltd. | 28600 | 680 |
| SS&C Technologies Holdings, Inc. | 10174 | 530 |
| PagSeguro Digital, Ltd., Class A<sup>1</sup> | 22705 | 198 |
| Wolfspeed, Inc.<sup>1</sup> | 1813 | 125 |
| Fidelity National Information Services, Inc. | 1708 | 116 |
|  |  | **271578** |
| **Health care 15.17%** |  |  |
| UnitedHealth Group, Inc. | 74724 | 39617 |
| Abbott Laboratories | 241728 | 26539 |
| Eli Lilly and Company | 58184 | 21286 |
| Gilead Sciences, Inc. | 178860 | 15355 |
| AstraZeneca PLC | 104122 | 14131 |
| Pfizer, Inc. | 261843 | 13417 |
| Novo Nordisk A/S, Class B | 84097 | 11387 |
| Thermo Fisher Scientific, Inc. | 20658 | 11376 |
| Daiichi Sankyo Company, Ltd. | 344500 | 11040 |
| Centene Corp.<sup>1</sup> | 118976 | 9757 |
| Novartis AG | 96113 | 8706 |
| Siemens Healthineers AG | 144724 | 7240 |
| Stryker Corp. | 28725 | 7023 |
| AbbVie, Inc. | 34990 | 5655 |
| Amgen, Inc. | 18534 | 4868 |
| Takeda Pharmaceutical Company, Ltd. | 146400 | 4573 |
| CVS Health Corp. | 47511 | 4428 |
| Olympus Corp. | 213300 | 3770 |
| Medtronic PLC | 42451 | 3299 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 10220 | 2951 |

---

American Funds Insurance Series 89

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| ResMed, Inc. | 13349 | $2778 |
| Shionogi & Co., Ltd. | 52400 | 2607 |
| Insulet Corp.<sup>1</sup> | 8552 | 2518 |
| PerkinElmer, Inc. | 17633 | 2472 |
| Carl Zeiss Meditec AG, non-registered shares | 19475 | 2458 |
| Bayer AG | 46783 | 2416 |
| EssilorLuxottica | 12616 | 2297 |
| DexCom, Inc.<sup>1</sup> | 19845 | 2247 |
| Cigna Corp. | 6618 | 2193 |
| Intuitive Surgical, Inc.<sup>1</sup> | 7213 | 1914 |
| Zoetis, Inc., Class A | 11180 | 1638 |
| CSL, Ltd. | 8133 | 1586 |
| Alcon, Inc. | 21412 | 1471 |
| Rede D'Or Sao Luiz SA | 255608 | 1432 |
| BioNTech SE (ADR) | 8468 | 1272 |
| Guardant Health, Inc.<sup>1</sup> | 32188 | 876 |
| Eurofins Scientific SE, non-registered shares | 12151 | 875 |
| Penumbra, Inc.<sup>1</sup> | 3640 | 810 |
| Catalent, Inc.<sup>1</sup> | 13075 | 588 |
| Molina Healthcare, Inc.<sup>1</sup> | 1089 | 360 |
| Agilon Health, Inc.<sup>1</sup> | 19961 | 322 |
| HOYA Corp. | 1300 | 126 |
| EUROAPI<sup>1</sup> | 2830 | 42 |
|  |  | **261716** |
| **Financials 12.95%** |  |  |
| Zurich Insurance Group AG | 40892 | 19541 |
| AIA Group, Ltd. | 1331999 | 14675 |
| Kotak Mahindra Bank, Ltd. | 641387 | 14112 |
| Toronto-Dominion Bank (CAD denominated) | 196293 | 12710 |
| JPMorgan Chase & Co. | 73488 | 9855 |
| HDFC Bank, Ltd. | 379442 | 7470 |
| HDFC Bank, Ltd. (ADR) | 14868 | 1017 |
| B3 SA-Brasil, Bolsa, Balcao | 3320838 | 8309 |
| DNB Bank ASA | 401356 | 7946 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 1071500 | 7072 |
| Ping An Insurance (Group) Company of China, Ltd., Class A | 23000 | 156 |
| Nasdaq, Inc. | 110650 | 6788 |
| PNC Financial Services Group, Inc. | 39710 | 6272 |
| Wells Fargo & Company | 142901 | 5900 |
| Morgan Stanley | 64543 | 5487 |
| Chubb, Ltd. | 23142 | 5105 |
| ING Groep NV | 395598 | 4827 |
| American International Group, Inc. | 75453 | 4772 |
| Aon PLC, Class A | 15659 | 4700 |
| HDFC Life Insurance Company, Ltd. | 681398 | 4651 |
| CME Group, Inc., Class A | 27577 | 4637 |
| Discover Financial Services | 44649 | 4368 |
| DBS Group Holdings, Ltd. | 167200 | 4233 |
| Blackstone, Inc., nonvoting shares | 54273 | 4027 |
| Intercontinental Exchange, Inc. | 35038 | 3595 |
| KBC Groep NV | 54921 | 3526 |
| S&P Global, Inc. | 8773 | 2938 |
| Citigroup, Inc. | 60832 | 2751 |
| FinecoBank SpA | 153752 | 2562 |
| Israel Discount Bank Ltd., Class A | 471720 | 2479 |
| Fairfax Financial Holdings, Ltd., subordinate voting shares | 4135 | 2449 |
| AXA SA | 80016 | 2230 |
| BNP Paribas SA | 35889 | 2042 |
| ICICI Bank, Ltd. | 188346 | 2019 |
| Apollo Asset Management, Inc. | 31437 | 2005 |
| Banco Santander, SA | 631521 | 1891 |

---

90 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| National Bank of Canada | 26966 | $1817 |
| Arthur J. Gallagher & Co. | 9509 | 1793 |
| Fifth Third Bancorp | 48163 | 1580 |
| Goldman Sachs Group, Inc. | 4548 | 1562 |
| Power Corporation of Canada, subordinate voting shares<sup>2</sup> | 63342 | 1490 |
| Blue Owl Capital, Inc., Class A | 136448 | 1446 |
| Macquarie Group, Ltd. | 12033 | 1366 |
| XP, Inc., Class A<sup>1</sup> | 86047 | 1320 |
| Postal Savings Bank of China Co., Ltd., Class H | 2121000 | 1310 |
| United Overseas Bank, Ltd. | 54800 | 1257 |
| Marsh & McLennan Companies, Inc. | 7341 | 1215 |
| Bajaj Finance, Ltd. | 15022 | 1189 |
| China Merchants Bank Co., Ltd., Class H | 130403 | 723 |
| China Merchants Bank Co., Ltd., Class A | 86187 | 462 |
| Axis Bank, Ltd. | 100962 | 1135 |
| Hong Kong Exchanges and Clearing, Ltd. | 25200 | 1089 |
| Tryg A/S | 45292 | 1074 |
| East Money Information Co., Ltd., Class A | 379800 | 1061 |
| Aegon NV | 196376 | 996 |
| Lufax Holding, Ltd. (ADR) | 180760 | 351 |
| Sberbank of Russia PJSC<sup>1,3</sup> | 3196952 | —<sup>4</sup> |
|  |  | **223353** |
| **Industrials 12.59%** |  |  |
| Airbus SE, non-registered shares | 165602 | 19690 |
| General Electric Co. | 226107 | 18945 |
| BAE Systems PLC | 1376080 | 14222 |
| Raytheon Technologies Corp. | 121846 | 12297 |
| Carrier Global Corp. | 262272 | 10819 |
| Recruit Holdings Co., Ltd. | 317150 | 10087 |
| Safran SA | 80040 | 10002 |
| Lockheed Martin Corp. | 20070 | 9764 |
| Deere & Company | 21851 | 9369 |
| Siemens AG | 59301 | 8230 |
| Caterpillar, Inc. | 31794 | 7617 |
| Boeing Company<sup>1</sup> | 39550 | 7534 |
| CSX Corp. | 174517 | 5406 |
| L3Harris Technologies, Inc. | 25925 | 5398 |
| Mitsui & Co., Ltd. | 152400 | 4431 |
| LIXIL Corp. | 288000 | 4389 |
| Melrose Industries PLC | 2436274 | 3961 |
| RELX PLC | 119741 | 3318 |
| RELX PLC (ADR) | 15132 | 419 |
| TransDigm Group, Inc. | 5844 | 3680 |
| Bureau Veritas SA | 137541 | 3620 |
| Johnson Controls International PLC | 55085 | 3525 |
| Daikin Industries, Ltd. | 19600 | 3015 |
| Brenntag SE | 39862 | 2549 |
| Compagnie de Saint-Gobain SA, non-registered shares | 51704 | 2538 |
| Canadian Pacific Railway, Ltd. | 31797 | 2372 |
| Legrand SA | 28600 | 2303 |
| Bunzl PLC | 68998 | 2303 |
| ASSA ABLOY AB, Class B | 104956 | 2258 |
| Northrop Grumman Corp. | 3877 | 2115 |
| Schneider Electric SE | 13179 | 1853 |
| Thales SA | 14244 | 1821 |
| Waste Connections, Inc. | 13211 | 1751 |
| BayCurrent Consulting, Inc. | 54200 | 1695 |
| Rockwell Automation | 6529 | 1682 |
| VINCI SA | 15814 | 1579 |
| Rentokil Initial PLC | 256104 | 1574 |
| Nidec Corp. | 22100 | 1151 |

---

American Funds Insurance Series 91

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Industrials (continued)** |  |  |
| SMC Corp. | 2700 | $1143 |
| AB Volvo, Class B | 62128 | 1125 |
| MTU Aero Engines AG | 5108 | 1106 |
| Atlas Copco AB, Class B | 89617 | 957 |
| Adecco Group AG | 28154 | 926 |
| ManpowerGroup, Inc. | 11115 | 925 |
| Larsen & Toubro, Ltd. | 35295 | 888 |
| International Consolidated Airlines Group SA (CDI)<sup>1,2</sup> | 287033 | 427 |
| Honeywell International, Inc. | 1401 | 300 |
| Deutsche Post AG | 3901 | 147 |
|  |  | **217226** |
| **Consumer discretionary 9.00%** |  |  |
| LVMH Moët Hennessy-Louis Vuitton SE | 40590 | 29488 |
| Home Depot, Inc. | 63297 | 19993 |
| General Motors Company | 304882 | 10256 |
| Amazon.com, Inc.<sup>1</sup> | 98471 | 8272 |
| Booking Holdings, Inc.<sup>1</sup> | 3555 | 7164 |
| Flutter Entertainment PLC<sup>1</sup> | 45621 | 6251 |
| Restaurant Brands International, Inc. | 44121 | 2853 |
| Restaurant Brands International, Inc. (CAD denominated) | 43454 | 2811 |
| Cie. Financière Richemont SA, Class A | 40890 | 5291 |
| Sony Group Corp. | 66800 | 5094 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 33180 | 4693 |
| Marriott International, Inc., Class A | 29974 | 4463 |
| Lennar Corp., Class A | 39345 | 3561 |
| Target Corp. | 22747 | 3390 |
| Industria de Diseño Textil, SA | 117969 | 3141 |
| Sands China, Ltd.<sup>1</sup> | 935200 | 3098 |
| Shimano, Inc. | 19200 | 3059 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 2122 | 2944 |
| Evolution AB | 25292 | 2470 |
| Rivian Automotive, Inc., Class A<sup>1</sup> | 126108 | 2324 |
| NIKE, Inc., Class B | 19311 | 2260 |
| Pan Pacific International Holdings Corp. | 119900 | 2226 |
| YUM! Brands, Inc. | 16678 | 2136 |
| Astra International Tbk PT | 5716600 | 2083 |
| InterContinental Hotels Group PLC | 34581 | 1991 |
| Darden Restaurants, Inc. | 14208 | 1965 |
| Stellantis NV | 128257 | 1818 |
| JD.com, Inc., Class A | 52947 | 1488 |
| Tesla, Inc.<sup>1</sup> | 12036 | 1483 |
| Midea Group Co., Ltd., Class A | 194700 | 1446 |
| Li Ning Co., Ltd. | 163000 | 1399 |
| Kindred Group PLC (SDR) | 127475 | 1331 |
| Wynn Macau, Ltd.<sup>1</sup> | 826400 | 921 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 17446 | 862 |
| Aristocrat Leisure, Ltd. | 39792 | 822 |
| Entain PLC | 17337 | 278 |
| Hermès International | 105 | 162 |
|  |  | **155287** |
| **Consumer staples 7.57%** |  |  |
| Philip Morris International, Inc. | 309980 | 31373 |
| Nestlé SA | 110820 | 12798 |
| Keurig Dr Pepper, Inc. | 316125 | 11273 |
| British American Tobacco PLC | 243321 | 9654 |
| Kroger Co. | 171853 | 7661 |
| Kweichow Moutai Co., Ltd., Class A | 28600 | 7077 |
| Ocado Group PLC<sup>1</sup> | 898794 | 6764 |
| Imperial Brands PLC | 257311 | 6429 |
| Seven & i Holdings Co., Ltd. | 137500 | 5882 |

---

92 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples (continued)** |  |  |
| Bunge, Ltd. | 52225 | $5210 |
| Ajinomoto Co., Inc. | 131100 | 3997 |
| Danone SA | 68733 | 3621 |
| Arca Continental, SAB de CV | 432054 | 3509 |
| Treasury Wine Estates, Ltd. | 365056 | 3373 |
| Varun Beverages, Ltd. | 177457 | 2825 |
| Altria Group, Inc. | 56773 | 2595 |
| ITC, Ltd. | 565239 | 2266 |
| Constellation Brands, Inc., Class A | 9208 | 2134 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 307600 | 1368 |
| Essity Aktiebolag, Class B | 31422 | 825 |
|  |  | **130634** |
| **Materials 7.02%** |  |  |
| Vale SA, ordinary nominative shares | 1606974 | 27052 |
| Vale SA (ADR), ordinary nominative shares | 880043 | 14934 |
| Fortescue Metals Group, Ltd. | 1251957 | 17454 |
| Rio Tinto PLC | 167527 | 11755 |
| Freeport-McMoRan, Inc. | 262321 | 9968 |
| Linde PLC | 21113 | 6887 |
| Shin-Etsu Chemical Co., Ltd. | 39100 | 4764 |
| BHP Group, Ltd. (CDI) | 116082 | 3579 |
| Air Products and Chemicals, Inc. | 8996 | 2773 |
| Albemarle Corp. | 11198 | 2428 |
| CRH PLC | 60032 | 2377 |
| Air Liquide SA, bonus shares<sup>1</sup> | 8561 | 1218 |
| Air Liquide SA, non-registered shares | 7503 | 1067 |
| Barrick Gold Corp. (CAD denominated) | 121716 | 2086 |
| Dow, Inc. | 40669 | 2049 |
| Akzo Nobel NV | 29669 | 1980 |
| Glencore PLC | 279444 | 1869 |
| Amcor PLC (CDI) | 147168 | 1764 |
| Evonik Industries AG | 82596 | 1586 |
| First Quantum Minerals, Ltd. | 70833 | 1480 |
| HeidelbergCement AG | 25414 | 1449 |
| Lynas Rare Earths, Ltd.<sup>1</sup> | 121178 | 643 |
|  |  | **121162** |
| **Energy 6.30%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)<sup>2</sup> | 429516 | 23852 |
| Baker Hughes Co., Class A | 428998 | 12668 |
| TotalEnergies SE | 178299 | 11129 |
| EOG Resources, Inc. | 74135 | 9602 |
| Tourmaline Oil Corp. | 123757 | 6244 |
| BP PLC | 932803 | 5424 |
| Reliance Industries, Ltd. | 147765 | 4533 |
| Cameco Corp. (CAD denominated) | 147245 | 3337 |
| Cameco Corp. | 46300 | 1050 |
| Shell PLC (GBP denominated) | 149201 | 4240 |
| Cenovus Energy, Inc. (CAD denominated) | 206756 | 4011 |
| Woodside Energy Group, Ltd. | 119566 | 2893 |
| Woodside Energy Group, Ltd. (CDI) | 37610 | 908 |
| ConocoPhillips | 29431 | 3473 |
| Aker BP ASA | 101330 | 3159 |
| TC Energy Corp. (CAD denominated) | 76353 | 3044 |
| Suncor Energy, Inc. | 84173 | 2670 |
| Var Energi ASA | 735288 | 2537 |
| Exxon Mobil Corp. | 18586 | 2050 |
| Halliburton Company | 44744 | 1761 |
| Gazprom PJSC<sup>3</sup> | 2248304 | —<sup>4</sup> |
|  |  | **108585** |

---

American Funds Insurance Series 93

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Communication services 4.97%** |  |  |
| Alphabet, Inc., Class C<sup>1</sup> | 185056 | $16420 |
| Alphabet, Inc., Class A<sup>1</sup> | 90146 | 7954 |
| Netflix, Inc.<sup>1</sup> | 30480 | 8988 |
| Comcast Corp., Class A | 225329 | 7880 |
| SoftBank Corp. | 536785 | 6069 |
| NetEase, Inc. | 348000 | 5073 |
| Publicis Groupe SA | 78301 | 4972 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 38469 | 4629 |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 85765 | 4462 |
| Universal Music Group NV | 148872 | 3594 |
| Bharti Airtel, Ltd. | 357140 | 3472 |
| Bharti Airtel, Ltd., interim shares | 13994 | 73 |
| Deutsche Telekom AG<sup>1</sup> | 161959 | 3230 |
| Singapore Telecommunications, Ltd. | 1510800 | 2901 |
| Omnicom Group, Inc. | 21678 | 1768 |
| Nippon Telegraph and Telephone Corp. | 53400 | 1524 |
| Tencent Holdings, Ltd. | 34300 | 1458 |
| Take-Two Interactive Software, Inc.<sup>1</sup> | 12130 | 1263 |
| Yandex NV, Class A<sup>1,3</sup> | 151598 | —<sup>4</sup> |
|  |  | **85730** |
| **Utilities 2.91%** |  |  |
| DTE Energy Company | 51844 | 6093 |
| Iberdrola, SA, non-registered shares | 502226 | 5875 |
| PG&E Corp.<sup>1</sup> | 322958 | 5251 |
| NextEra Energy, Inc. | 55877 | 4671 |
| E.ON SE | 439329 | 4385 |
| China Resources Gas Group, Ltd. | 1106532 | 4121 |
| Engie SA | 236678 | 3390 |
| Engie SA, bonus shares | 41586 | 596 |
| Edison International | 52162 | 3318 |
| Enel SpA | 583497 | 3138 |
| Exelon Corp. | 59727 | 2582 |
| Power Grid Corporation of India, Ltd. | 862367 | 2220 |
| AES Corp. | 47865 | 1377 |
| Endesa, SA | 67522 | 1274 |
| Constellation Energy Corp. | 12539 | 1081 |
| Public Service Enterprise Group, Inc. | 14569 | 893 |
|  |  | **50265** |
| **Real estate 1.01%** |  |  |
| Crown Castle, Inc. REIT | 39469 | 5353 |
| Longfor Group Holdings, Ltd. | 866238 | 2655 |
| American Tower Corp. REIT | 12107 | 2565 |
| China Resources Mixc Lifestyle Services, Ltd. | 358800 | 1823 |
| W. P. Carey, Inc. REIT | 22705 | 1774 |
| Americold Realty Trust, Inc. REIT | 62231 | 1762 |
| Sun Hung Kai Properties, Ltd. | 70500 | 965 |
| Iron Mountain, Inc. REIT | 11618 | 579 |
|  |  | **17476** |
| **Total common stocks** (cost: $1,368,680,000) |  | **1643012** |
| **Preferred securities** 0.16% |  |  |
| **Consumer discretionary 0.12%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 19788 | **2007** |

---

94 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Preferred securities** (continued) |  |  | Shares | Shares | Value <br> (000) |
| **Health care 0.03%** |  |  |  |  |  |
| Grifols, SA, Class B, nonvoting non-registered preferred shares<sup>1</sup> |  |  |  | 59790 | $**505** |
| **Financials 0.01%** |  |  |  |  |  |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares<sup>1</sup> |  |  |  | 58870 | 138 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares<sup>1</sup> |  |  |  | 61516 | 125 |
|  |  |  |  |  | **263** |
| **Total preferred securities** (cost: $3,231,000) |  |  |  |  | **2775** |
| **Convertible bonds & notes 0.05%** |  |  | Principal amount <br> (000) | Principal amount <br> (000) |  |
| **Communication services 0.05%** |  |  |  |  |  |
| Sea, Ltd., convertible notes, 2.375% 12/1/2025 |  |  | USD | 952 | **940** |
| **Total convertible bonds & notes** (cost: $2,437,000) |  |  |  |  | **940** |
| **Bonds, notes & other debt instruments 0.35%** | **Bonds, notes & other debt instruments 0.35%** | **Bonds, notes & other debt instruments 0.35%** |  |  |  |
| **Corporate bonds, notes & loans 0.29%** |  |  |  |  |  |
| **Health care 0.15%** |  |  |  |  |  |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  |  |  | 1600 | 1572 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  |  |  | 1100 | 964 |
|  |  |  |  |  | **2536** |
| **Consumer discretionary 0.07%** |  |  |  |  |  |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>5</sup> |  |  |  | 647 | 695 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>5</sup> |  |  |  | 390 | 312 |
| Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>5</sup> |  |  |  | 151 | 152 |
| Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>5</sup> |  |  |  | 125 | 129 |
|  |  |  |  |  | **1288** |
| **Energy 0.04%** |  |  |  |  |  |
| TransCanada PipeLines, Ltd. 5.10% 3/15/2049 |  |  |  | 800 | **729** |
| **Financials 0.03%** |  |  |  |  |  |
| Lloyds Banking Group PLC 3.369% 12/14/2046<sup>6</sup> |  |  |  | 709 | **462** |
| **Total corporate bonds, notes & loans** |  |  |  |  | **5015** |
| **Bonds & notes of governments & government agencies outside the U.S. 0.06%** | **Bonds & notes of governments & government agencies outside the U.S. 0.06%** |  |  |  |  |
| United Mexican States, Series M, 8.00% 12/7/2023 |  |  | MXN | 20000 | **1001** |
| **Total bonds, notes & other debt instruments** (cost: $6,581,000) |  |  |  |  | **6016** |
| **Short-term securities 4.42%** | Weighted <br> average yield <br> at acquisition | Weighted <br> average yield <br> at acquisition |  |  |  |
| **Commercial paper 4.04%** |  |  |  |  |  |
| DBS Bank, Ltd. 1/5/2023<sup>5</sup> |  | 3.640% | USD | 37100 | 37073 |
| DNB Bank ASA 3/2/2023<sup>5</sup> |  | 4.273 |  | 33000 | 32755 |
|  |  |  |  |  | **69828** |

---

American Funds Insurance Series 95

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Short-term securities** (continued) | Shares | Value<br> (000) |
| **Money market investments purchased with collateral from securities on loan 0.34%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio,Institutional Class 4.22%<sup>7,8</sup> | 2893689 | $2894 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,8</sup> | 2827563 | 2827 |
| Capital Group Central Cash Fund 4.31%<sup>7,8,9</sup> | 1112 | 111 |
|  |  | **5832** |
| **Money market investments 0.04%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,9</sup> | 6929 | **693** |
| **Total short-term securities** (cost: $76,365,000) |  | **76353** |
| **Total investment securities 100.21%** (cost: $1,457,294,000) |  | **1729096** |
| Other assets less liabilities (0.21)% |  | (3698) |
| **Net assets 100.00%** |  | $**1725398** |

---

**Investments in affiliates<sup>9</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of <br>affiliates at <br>1/1/2022 <br>(000)** | **Additions <br>(000)** | **Reductions <br>(000)** | **Net <br>realized <br>gain <br>(000)** | **Net <br>unrealized <br>depreciation <br>(000)** | **Value of <br>affiliates at <br>12/31/2022 <br>(000)** | **Dividend <br>income <br>(000)** |
| **Short-term securities 0.05%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | $293 | $— | $182<sup>10</sup> | $— | $— | $111 | $—<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;**Money market investments 0.04%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>7</sup> | 12989 | 493820 | 506123 | 8 | (1) | 693 | 1469 |
| &nbsp;&nbsp;&nbsp;**Total 0.05%** |  |  |  | $8 | $(1) | $804 | $1469 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $6,155,000, which represented .36% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Amount less than one thousand.

<sup>5</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $71,116,000, which represented 4.12% of the net assets of the fund.

<sup>6</sup> Step bond; coupon rate may change at a later date.

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>9</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>10</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>11</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

Refer to the notes to financial statements.

96 American Funds Insurance Series

Growth-Income Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 91.48%** | Shares | Value<br> (000) |
| **Information technology 20.19%** |  |  |
| Microsoft Corp. | 7759381 | $1860855 |
| Broadcom, Inc. | 2430747 | 1359104 |
| Mastercard, Inc., Class A | 1487948 | 517404 |
| Apple, Inc. | 2169231 | 281848 |
| Visa, Inc., Class A | 1346541 | 279757 |
| ASML Holding NV | 215068 | 116417 |
| ASML Holding NV (New York registered) (ADR) | 137293 | 75017 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 12123000 | 176689 |
| Automatic Data Processing, Inc. | 718796 | 171692 |
| Fidelity National Information Services, Inc. | 2472310 | 167746 |
| Accenture PLC, Class A | 625335 | 166864 |
| Applied Materials, Inc. | 1686100 | 164192 |
| Concentrix Corp. | 904367 | 120426 |
| Micron Technology, Inc. | 2363454 | 118125 |
| ServiceNow, Inc.<sup>1</sup> | 294412 | 114311 |
| GoDaddy, Inc., Class A<sup>1</sup> | 1402444 | 104931 |
| Global Payments, Inc. | 973628 | 96701 |
| FleetCor Technologies, Inc.<sup>1</sup> | 420507 | 77239 |
| Analog Devices, Inc. | 398402 | 65350 |
| QUALCOMM, Inc. | 564911 | 62106 |
| Fiserv, Inc.<sup>1</sup> | 536700 | 54244 |
| Texas Instruments, Inc. | 309811 | 51187 |
| Adobe, Inc.<sup>1</sup> | 143116 | 48163 |
| TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 2302991 | 45576 |
| KLA Corp. | 116000 | 43736 |
| MKS Instruments, Inc. | 481000 | 40755 |
| Cognizant Technology Solutions Corp., Class A | 682850 | 39052 |
| NVIDIA Corp. | 239765 | 35039 |
| Snowflake, Inc., Class A<sup>1</sup> | 225042 | 32303 |
| Datadog, Inc., Class A<sup>1</sup> | 365800 | 26886 |
| Intel Corp. | 1000000 | 26430 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 350352 | 22475 |
| Trimble, Inc.<sup>1</sup> | 443800 | 22439 |
| Lam Research Corp. | 50039 | 21031 |
| Dye & Durham, Ltd.<sup>2</sup> | 1322100 | 16023 |
| Paychex, Inc. | 127131 | 14691 |
| VeriSign, Inc.<sup>1</sup> | 61000 | 12532 |
| Atlassian Corp., Class A<sup>1</sup> | 52744 | 6787 |
| Euronet Worldwide, Inc.<sup>1</sup> | 27800 | 2624 |
|  |  | **6658747** |
| **Industrials 14.17%** |  |  |
| Raytheon Technologies Corp. | 7634279 | 770451 |
| General Electric Co. | 6238229 | 522701 |
| Northrop Grumman Corp. | 633267 | 345517 |
| TFI International, Inc. | 2669105 | 267551 |
| Carrier Global Corp. | 5549584 | 228920 |
| TransDigm Group, Inc. | 340571 | 214441 |
| Woodward, Inc. | 2204500 | 212977 |
| General Dynamics Corp. | 848975 | 210639 |
| Airbus SE, non-registered shares | 1617590 | 192335 |
| Waste Connections, Inc. | 1425463 | 188959 |
| L3Harris Technologies, Inc. | 840290 | 174957 |
| Old Dominion Freight Line, Inc. | 525000 | 148985 |
| BWX Technologies, Inc. | 2159505 | 125424 |
| Norfolk Southern Corp. | 482759 | 118962 |
| United Rentals, Inc.<sup>1</sup> | 296000 | 105204 |
| ITT, Inc. | 1244379 | 100919 |
| Waste Management, Inc. | 625300 | 98097 |
| Equifax, Inc. | 490008 | 95238 |
| Air Lease Corp., Class A | 2097300 | 80578 |
| Honeywell International, Inc. | 364682 | 78151 |

---

American Funds Insurance Series 97

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Fortive Corp. | 1085000 | $69711 |
| United Airlines Holdings, Inc.<sup>1</sup> | 1810598 | 68260 |
| Safran SA | 539713 | 67444 |
| Lockheed Martin Corp. | 110000 | 53514 |
| GFL Environmental, Inc., subordinate voting shares | 1600000 | 46768 |
| CSX Corp. | 1171873 | 36305 |
| Otis Worldwide Corp. | 268100 | 20995 |
| Fastenal Co. | 379747 | 17970 |
| Boeing Company<sup>1</sup> | 62500 | 11906 |
|  |  | **4673879** |
| **Health care 13.30%** |  |  |
| UnitedHealth Group, Inc. | 2035435 | 1079147 |
| Abbott Laboratories | 6014324 | 660313 |
| AbbVie, Inc. | 3742689 | 604856 |
| Novo Nordisk A/S, Class B | 2431449 | 329218 |
| Humana, Inc. | 487426 | 249655 |
| AstraZeneca PLC | 1209323 | 164124 |
| AstraZeneca PLC (ADR) | 721200 | 48897 |
| Elevance Health, Inc. | 366614 | 188062 |
| Thermo Fisher Scientific, Inc. | 265602 | 146264 |
| Bristol-Myers Squibb Company | 1994278 | 143488 |
| Eli Lilly and Company | 360974 | 132059 |
| Pfizer, Inc. | 2180169 | 111712 |
| PerkinElmer, Inc. | 769600 | 107913 |
| Seagen, Inc.<sup>1</sup> | 654515 | 84112 |
| Horizon Therapeutics PLC<sup>1</sup> | 421815 | 48002 |
| Zoetis, Inc., Class A | 305121 | 44715 |
| Tandem Diabetes Care, Inc.<sup>1</sup> | 910186 | 40913 |
| Stryker Corp. | 148897 | 36404 |
| Medtronic PLC | 413597 | 32145 |
| Roche Holding AG, nonvoting non-registered shares | 85502 | 26870 |
| Penumbra, Inc.<sup>1</sup> | 117381 | 26113 |
| Edwards Lifesciences Corp.<sup>1</sup> | 317059 | 23656 |
| Zimmer Biomet Holdings, Inc. | 171174 | 21825 |
| Takeda Pharmaceutical Company, Ltd. | 464600 | 14511 |
| NovoCure, Ltd.<sup>1</sup> | 193600 | 14200 |
| Vir Biotechnology, Inc.<sup>1</sup> | 258400 | 6540 |
|  |  | **4385714** |
| **Financials 8.78%** |  |  |
| JPMorgan Chase & Co. | 3394830 | 455247 |
| Chubb, Ltd. | 1451726 | 320251 |
| Marsh & McLennan Companies, Inc. | 1709201 | 282839 |
| Arthur J. Gallagher & Co. | 1189650 | 224297 |
| Nasdaq, Inc. | 2761260 | 169403 |
| BlackRock, Inc. | 202957 | 143821 |
| Morgan Stanley | 1592297 | 135377 |
| Aon PLC, Class A | 442013 | 132666 |
| B3 SA-Brasil, Bolsa, Balcao | 39829500 | 99654 |
| Berkshire Hathaway, Inc., Class B<sup>1</sup> | 285000 | 88037 |
| State Street Corp. | 1077260 | 83563 |
| Webster Financial Corp. | 1701139 | 80532 |
| American International Group, Inc. | 1272230 | 80456 |
| Signature Bank | 669947 | 77191 |
| S&P Global, Inc. | 228138 | 76413 |
| Moody's Corp. | 216306 | 60267 |
| Power Corporation of Canada, subordinate voting shares<sup>2</sup> | 2293100 | 53940 |
| Wells Fargo & Company | 1298041 | 53596 |
| Blue Owl Capital, Inc., Class A | 4749165 | 50341 |
| MSCI, Inc. | 98300 | 45726 |
| TPG, Inc., Class A | 1347552 | 37502 |

---

98 American Funds Insurance Series

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| LPL Financial Holdings, Inc. | 169900 | $36727 |
| Western Alliance Bancorporation | 486936 | 29002 |
| Citizens Financial Group, Inc. | 728750 | 28691 |
| Bank of America Corp. | 791332 | 26209 |
| PNC Financial Services Group, Inc. | 152679 | 24114 |
| CME Group, Inc., Class A | 5500 | 925 |
|  |  | **2896787** |
| **Consumer discretionary 7.82%** |  |  |
| Amazon.com, Inc.<sup>1</sup> | 5804151 | 487549 |
| General Motors Company | 8736000 | 293879 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 1279006 | 180903 |
| Home Depot, Inc. | 551165 | 174091 |
| Hilton Worldwide Holdings, Inc. | 1177320 | 148766 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 2958586 | 146243 |
| Wyndham Hotels & Resorts, Inc. | 1842940 | 131420 |
| D.R. Horton, Inc. | 1325599 | 118164 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 70670 | 98054 |
| Burlington Stores, Inc.<sup>1</sup> | 399428 | 80988 |
| InterContinental Hotels Group PLC | 1396700 | 80392 |
| Starbucks Corp. | 767500 | 76136 |
| NIKE, Inc., Class B | 629740 | 73686 |
| Dollar General Corp. | 291102 | 71684 |
| Lear Corp. | 569068 | 70576 |
| Kering SA | 101695 | 52046 |
| Aptiv PLC<sup>1</sup> | 447289 | 41656 |
| Darden Restaurants, Inc. | 296000 | 40946 |
| CarMax, Inc.<sup>1</sup> | 650000 | 39578 |
| Churchill Downs, Inc. | 185426 | 39205 |
| Airbnb, Inc., Class A<sup>1</sup> | 350000 | 29925 |
| Norwegian Cruise Line Holdings, Ltd.<sup>1</sup> | 2177187 | 26649 |
| YUM! Brands, Inc. | 196630 | 25184 |
| NVR, Inc.<sup>1</sup> | 5298 | 24437 |
| Rivian Automotive, Inc., Class A<sup>1</sup> | 1071576 | 19749 |
| McDonald's Corp. | 25000 | 6588 |
|  |  | **2578494** |
| **Communication services 7.52%** |  |  |
| Alphabet, Inc., Class C<sup>1</sup> | 5068984 | 449771 |
| Alphabet, Inc., Class A<sup>1</sup> | 4841135 | 427133 |
| Netflix, Inc.<sup>1</sup> | 1812523 | 534477 |
| Comcast Corp., Class A | 11970266 | 418600 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 3113843 | 374720 |
| Charter Communications, Inc., Class A<sup>1</sup> | 378097 | 128213 |
| Electronic Arts, Inc. | 843700 | 103083 |
| T-Mobile US, Inc.<sup>1</sup> | 181772 | 25448 |
| Take-Two Interactive Software, Inc.<sup>1</sup> | 178984 | 18638 |
|  |  | **2480083** |
| **Consumer staples 5.80%** |  |  |
| Philip Morris International, Inc. | 6790089 | 687225 |
| British American Tobacco PLC | 9433859 | 374286 |
| Keurig Dr Pepper, Inc. | 6469367 | 230698 |
| General Mills, Inc. | 1378800 | 115612 |
| Mondelez International, Inc. | 1506161 | 100386 |
| Molson Coors Beverage Company, Class B, restricted voting shares | 1620313 | 83478 |
| Anheuser-Busch InBev SA/NV | 1339531 | 80530 |
| Archer Daniels Midland Company | 670100 | 62219 |
| Constellation Brands, Inc., Class A | 237807 | 55112 |
| Bunge, Ltd. | 538852 | 53761 |

---

American Funds Insurance Series 99

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples (continued)** |  |  |
| Procter & Gamble Company | 180677 | $27383 |
| Kraft Heinz Company | 567200 | 23091 |
| Monster Beverage Corp.<sup>1</sup> | 178560 | 18129 |
|  |  | **1911910** |
| **Energy 4.78%** |  |  |
| Chevron Corp. | 2053300 | 368547 |
| ConocoPhillips | 2749013 | 324383 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 4947114 | 274722 |
| Baker Hughes Co., Class A | 7353936 | 217162 |
| EOG Resources, Inc. | 620310 | 80343 |
| TC Energy Corp. (CAD denominated)<sup>2</sup> | 1849358 | 73728 |
| Exxon Mobil Corp. | 660220 | 72822 |
| Equitrans Midstream Corp. | 10215807 | 68446 |
| Suncor Energy, Inc. | 1451133 | 46031 |
| Cheniere Energy, Inc. | 238735 | 35801 |
| Diamondback Energy, Inc. | 117500 | 16072 |
|  |  | **1578057** |
| **Utilities 4.04%** |  |  |
| PG&E Corp.<sup>1</sup> | 25776996 | 419134 |
| Edison International | 2689330 | 171095 |
| Entergy Corp. | 1304500 | 146756 |
| Constellation Energy Corp. | 1414838 | 121973 |
| Sempra Energy | 690000 | 106633 |
| CenterPoint Energy, Inc. | 2840104 | 85175 |
| AES Corp. | 2803707 | 80635 |
| Enel SpA | 12931498 | 69549 |
| NextEra Energy, Inc. | 585000 | 48906 |
| DTE Energy Company | 401000 | 47129 |
| CMS Energy Corp. | 551001 | 34895 |
|  |  | **1331880** |
| **Materials 3.24%** |  |  |
| Linde PLC | 1122332 | 366082 |
| Vale SA (ADR), ordinary nominative shares | 5459475 | 92647 |
| Vale SA, ordinary nominative shares | 3404848 | 57318 |
| LyondellBasell Industries NV | 1735980 | 144138 |
| Albemarle Corp. | 540457 | 117204 |
| Freeport-McMoRan, Inc. | 2382960 | 90553 |
| Corteva, Inc. | 1405942 | 82641 |
| ATI, Inc.<sup>1</sup> | 1769447 | 52836 |
| Barrick Gold Corp. | 2373000 | 40768 |
| Sherwin-Williams Company | 101038 | 23979 |
|  |  | **1068166** |
| **Real estate 1.84%** |  |  |
| VICI Properties, Inc. REIT | 9124903 | 295647 |
| Equinix, Inc. REIT | 298158 | 195302 |
| Crown Castle, Inc. REIT | 864782 | 117299 |
|  |  | **608248** |
| **Total common stocks** (cost: $19,921,309,000) |  | **30171965** |
| **Convertible stocks 0.83%** |  |  |
| **Health care 0.51%** |  |  |
| Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>2</sup> | 123957 | **168154** |

---

100 American Funds Insurance Series

Growth-Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Convertible stocks** (continued) | Shares | Shares | Value<br> (000) |
| **Consumer discretionary 0.14%** |  |  |  |
| Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023 |  | 420075 | $**45082** |
| **Utilities 0.09%** |  |  |  |
| NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 |  | 617200 | **30977** |
| **Financials 0.09%** |  |  |  |
| KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 |  | 527700 | **30211** |
| **Total convertible stocks** (cost: $288,316,000) |  |  | **274424** |
| **Bonds, notes & other debt instruments 0.02%** | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Corporate bonds, notes & loans 0.02%** |  |  |  |
| **Industrials 0.02%** |  |  |  |
| Boeing Company 4.875% 5/1/2025 | USD | 4706 | **4674** |
| **Consumer discretionary 0.00%** |  |  |  |
| General Motors Financial Co. 4.30% 7/13/2025 |  | 160 | 155 |
| General Motors Financial Co. 5.25% 3/1/2026 |  | 827 | 815 |
|  |  |  | **970** |
| **Energy 0.00%** |  |  |  |
| Weatherford International, Ltd. 11.00% 12/1/2024<sup>3</sup> |  | 265 | **272** |
| **Total corporate bonds, notes & loans** |  |  | **5916** |
| **Total bonds, notes & other debt instruments** (cost: $5,868,000) |  |  | **5916** |
| **Short-term securities 8.45%** |  | Shares |  |
| **Money market investments 7.77%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>4,5</sup> |  | 25654468 | **2565190** |
| **Money market investments purchased with collateral from securities on loan 0.68%** |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>4,6</sup> |  | 92462113 | 92462 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>4,6</sup> |  | 91131298 | 91131 |
| Capital Group Central Cash Fund 4.31%<sup>4,5,6</sup> |  | 402344 | 40231 |
|  |  |  | **223824** |
| **Total short-term securities** (cost: $2,788,688,000) |  |  | **2789014** |
| **Total investment securities 100.78%** (cost: $23,004,181,000) |  |  | **33241319** |
| Other assets less liabilities (0.78)% |  |  | (258352) |
| **Net assets 100.00%** |  |  | $**32982967** |

---

American Funds Insurance Series 101

Growth-Income Fund (continued)

**Investments in affiliates<sup>5</sup>**

**** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of <br> affiliates at <br> 1/1/2022 <br> (000)** | **Additions <br> (000)** | **Reductions <br> (000)** | **Net<br> realized <br> loss <br> (000)** | **Net<br> unrealized<br> appreciation <br> (000)** | **Value of<br> affiliates at<br> 12/31/2022 <br> (000)** | **Dividend <br> income <br> (000)** |
| **Short-term securities 7.89%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 7.77%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>4</sup> | $1220761 | $5840874 | $4496259 | $(316) | $130 | $2565190 | $40278 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.12%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>4,6</sup> | 39148 | 1083<sup>7</sup> |  |  |  | 40231 | —<sup>8</sup> |
| **Total 7.89%** |  |  |  | $(316) | $130 | $2605421 | $40278 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $240,456,000, which represented .73% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $272,000, which represented less than .01% of the net assets of the fund.

<sup>4</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>5</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>6</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>7</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>8</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

102 American Funds Insurance Series

International Growth and Income Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 96.75%** | Shares | Value<br> (000) |
| **Financials 16.53%** |  |  |
| AIA Group, Ltd. | 408000 | $4495 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 643000 | 4244 |
| AXA SA | 114432 | 3189 |
| Zurich Insurance Group AG | 5399 | 2580 |
| HDFC Bank, Ltd. | 118266 | 2328 |
| Tokio Marine Holdings, Inc. | 105200 | 2252 |
| UniCredit SpA | 132526 | 1885 |
| Toronto-Dominion Bank (CAD denominated) | 28953 | 1875 |
| Société Générale | 70627 | 1772 |
| DNB Bank ASA | 78454 | 1553 |
| Euronext NV | 20312 | 1506 |
| Banco Bilbao Vizcaya Argentaria, SA | 216058 | 1305 |
| Aon PLC, Class A | 4301 | 1291 |
| Hana Financial Group, Inc. | 37354 | 1250 |
| London Stock Exchange Group PLC | 12717 | 1097 |
| Hang Seng Bank, Ltd. | 66200 | 1096 |
| B3 SA-Brasil, Bolsa, Balcao | 407901 | 1021 |
| UBS Group AG | 54178 | 1010 |
| Industrial and Commercial Bank of China, Ltd., Class H | 1959040 | 1009 |
| Banco Santander, SA | 307795 | 922 |
| Resona Holdings, Inc. | 167200 | 918 |
| XP, Inc., Class A<sup>1</sup> | 53223 | 816 |
| Prudential PLC | 55866 | 756 |
| Erste Group Bank AG | 22556 | 719 |
| DBS Group Holdings, Ltd. | 26695 | 676 |
| Bank Leumi Le-Israel BM | 77681 | 648 |
| Discovery, Ltd.<sup>1</sup> | 88847 | 645 |
| Tryg A/S | 25561 | 606 |
| ABN AMRO Bank NV | 42512 | 587 |
| HDFC Life Insurance Company, Ltd. | 82955 | 566 |
| China Merchants Bank Co., Ltd., Class H | 98500 | 546 |
| Kotak Mahindra Bank, Ltd. | 23335 | 513 |
| Israel Discount Bank Ltd., Class A | 87914 | 462 |
| Banca Generali SpA | 13051 | 449 |
| ICICI Bank, Ltd. (ADR) | 18198 | 398 |
| Islandsbanki hf. | 466167 | 394 |
| Skandinaviska Enskilda Banken AB, Class A | 32490 | 374 |
| Brookfield Corp., Class A (CAD denominated) | 10905 | 343 |
| Grupo Financiero Banorte, SAB de CV, Series O | 41185 | 296 |
| ICICI Securities, Ltd. | 45682 | 275 |
| Postal Savings Bank of China Co., Ltd., Class H | 437000 | 270 |
| ING Groep NV | 21878 | 267 |
| EQT AB | 11659 | 248 |
| United Overseas Bank, Ltd. | 5400 | 124 |
| AU Small Finance Bank, Ltd. | 12289 | 97 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated)<sup>1</sup> | 2726 | 78 |
| Moscow Exchange MICEX-RTS PJSC<sup>1,2</sup> | 346177 | —<sup>3</sup> |
| Sberbank of Russia PJSC<sup>1,2</sup> | 476388 | —<sup>3</sup> |
|  |  | **49751** |
| **Industrials 11.96%** |  |  |
| Airbus SE, non-registered shares | 51245 | 6093 |
| BAE Systems PLC | 413069 | 4269 |
| Alliance Global Group, Inc. | 7895900 | 1689 |
| ABB, Ltd. | 50534 | 1539 |
| Rheinmetall AG | 7314 | 1457 |
| SMC Corp. | 3100 | 1312 |
| Daikin Industries, Ltd. | 8400 | 1292 |
| RELX PLC | 46516 | 1289 |
| Brenntag SE | 19924 | 1274 |
| Bunzl PLC | 34974 | 1167 |
| CCR SA, ordinary nominative shares | 565458 | 1159 |

---

American Funds Insurance Series 103

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Ryanair Holdings PLC (ADR)<sup>1</sup> | 13626 | $1019 |
| Safran SA | 7664 | 958 |
| InPost SA<sup>1</sup> | 109547 | 926 |
| Cathay Pacific Airways, Ltd.<sup>1,4</sup> | 787000 | 856 |
| LIXIL Corp. | 50900 | 776 |
| Mitsui & Co., Ltd. | 25200 | 733 |
| Waste Connections, Inc. (CAD denominated) | 5192 | 688 |
| Experian PLC | 17789 | 606 |
| TFI International, Inc. (CAD denominated) | 5936 | 594 |
| Techtronic Industries Co., Ltd. | 50500 | 562 |
| Caterpillar, Inc. | 2260 | 541 |
| BELIMO Holding AG | 1112 | 531 |
| Epiroc AB, Class A | 19779 | 362 |
| Epiroc AB, Class B | 10197 | 164 |
| Canadian Pacific Railway, Ltd. (CAD denominated) | 6837 | 510 |
| Interpump Group SpA | 9158 | 415 |
| Deutsche Post AG | 9640 | 363 |
| Siemens AG | 2589 | 359 |
| Nidec Corp. | 6900 | 359 |
| DSV A/S | 2161 | 343 |
| Japan Airlines Co., Ltd.<sup>1</sup> | 16500 | 338 |
| Adecco Group AG | 10191 | 335 |
| Kone OYJ, Class B | 5245 | 272 |
| ASSA ABLOY AB, Class B | 11710 | 252 |
| Wizz Air Holdings PLC<sup>1</sup> | 9714 | 222 |
| SITC International Holdings Co., Ltd. | 79659 | 176 |
| Hitachi, Ltd. | 2400 | 121 |
| Polycab India, Ltd. | 2077 | 64 |
| Husqvarna AB, Class B | 1503 | 11 |
|  |  | **35996** |
| **Consumer discretionary 11.78%** |  |  |
| Evolution AB | 44081 | 4305 |
| LVMH Moët Hennessy-Louis Vuitton SE | 5830 | 4235 |
| MGM China Holdings, Ltd.<sup>1</sup> | 2330000 | 2568 |
| Renault SA<sup>1</sup> | 75272 | 2508 |
| Sands China, Ltd.<sup>1</sup> | 568372 | 1883 |
| Restaurant Brands International, Inc. (CAD denominated) | 26120 | 1689 |
| InterContinental Hotels Group PLC | 25528 | 1469 |
| Wynn Macau, Ltd.<sup>1</sup> | 1317200 | 1468 |
| Prosus NV, Class N | 19085 | 1310 |
| Midea Group Co., Ltd., Class A | 170800 | 1269 |
| Galaxy Entertainment Group, Ltd. | 184000 | 1218 |
| Sodexo SA | 11689 | 1118 |
| adidas AG | 8004 | 1093 |
| Li Ning Co., Ltd. | 122500 | 1051 |
| B&M European Value Retail SA | 203086 | 1012 |
| Nitori Holdings Co., Ltd. | 6200 | 804 |
| Industria de Diseño Textil, SA | 29903 | 796 |
| Paltac Corp. | 21900 | 767 |
| Valeo SA, non-registered shares | 40170 | 716 |
| Stellantis NV | 43832 | 621 |
| OPAP SA | 41296 | 585 |
| Entain PLC | 33218 | 533 |
| Coupang, Inc., Class A<sup>1</sup> | 32030 | 471 |
| D'Ieteren Group | 2035 | 392 |
| Americanas SA, ordinary nominative shares | 149913 | 274 |
| Games Workshop Group PLC | 2532 | 262 |
| IDP Education, Ltd. | 13164 | 243 |
| JD.com, Inc., Class A | 7174 | 202 |
| Pan Pacific International Holdings Corp. | 9000 | 167 |
| Kering SA | 287 | 147 |

---

104 American Funds Insurance Series

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Balkrishna Industries, Ltd. | 4894 | $126 |
| Dixon Technologies (India), Ltd. | 1902 | 90 |
| MercadoLibre, Inc.<sup>1</sup> | 88 | 75 |
|  |  | **35467** |
| **Consumer staples 11.46%** |  |  |
| British American Tobacco PLC | 196339 | 7790 |
| Philip Morris International, Inc. | 65119 | 6591 |
| Nestlé SA | 26069 | 3011 |
| Anheuser-Busch InBev SA/NV | 40759 | 2450 |
| Carlsberg A/S, Class B | 18056 | 2390 |
| Kweichow Moutai Co., Ltd., Class A | 9490 | 2348 |
| Pernod Ricard SA | 6241 | 1227 |
| Japan Tobacco, Inc. | 58100 | 1175 |
| Asahi Group Holdings, Ltd. | 33300 | 1037 |
| Foshan Haitian Flavouring and Food Co., Ltd., Class A | 77954 | 892 |
| Arca Continental, SAB de CV | 108287 | 879 |
| Carrefour SA, non-registered shares | 47224 | 790 |
| KT&G Corp. | 9986 | 722 |
| Varun Beverages, Ltd. | 43375 | 691 |
| Ocado Group PLC<sup>1</sup> | 80608 | 607 |
| Imperial Brands PLC | 20722 | 518 |
| L'Oréal SA, non-registered shares | 1190 | 427 |
| Reckitt Benckiser Group PLC | 5140 | 357 |
| Haleon PLC<sup>1</sup> | 60392 | 241 |
| Danone SA | 4351 | 229 |
| Avenue Supermarts, Ltd.<sup>1</sup> | 2324 | 114 |
|  |  | **34486** |
| **Information technology 10.82%** |  |  |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 517000 | 7535 |
| ASML Holding NV | 10887 | 5893 |
| Edenred SA | 50178 | 2730 |
| Tokyo Electron, Ltd. | 8300 | 2466 |
| Samsung Electronics Co., Ltd. | 41896 | 1848 |
| MediaTek, Inc. | 87000 | 1767 |
| Broadcom, Inc. | 2678 | 1497 |
| SAP SE | 13056 | 1347 |
| Keyence Corp. | 2700 | 1057 |
| Kingdee International Software Group Co., Ltd.<sup>1</sup> | 444000 | 945 |
| Logitech International SA | 14465 | 898 |
| Nokia Corp. | 184789 | 859 |
| TDK Corp. | 25500 | 828 |
| Capgemini SE | 4791 | 804 |
| ASM International NV | 2074 | 525 |
| Vanguard International Semiconductor Corp. | 186000 | 468 |
| Halma PLC | 12131 | 290 |
| Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 4613 | 238 |
| Nice, Ltd. (ADR)<sup>1</sup> | 888 | 171 |
| Fujitsu, Ltd. | 1000 | 132 |
| eMemory Technology, Inc. | 3000 | 130 |
| Nomura Research Institute, Ltd. | 5300 | 126 |
|  |  | **32554** |
| **Health care 10.34%** |  |  |
| AstraZeneca PLC | 77983 | 10584 |
| Novo Nordisk A/S, Class B | 49782 | 6740 |
| Sanofi | 28623 | 2770 |
| EssilorLuxottica | 10095 | 1838 |
| Siemens Healthineers AG | 34852 | 1744 |
| Bayer AG | 32378 | 1672 |
| GSK PLC | 49438 | 860 |

---

American Funds Insurance Series 105

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| Genus PLC | 21154 | $762 |
| Grifols, SA, Class B (ADR)<sup>1</sup> | 88384 | 751 |
| EUROAPI<sup>1</sup> | 39510 | 586 |
| Shionogi & Co., Ltd. | 9600 | 478 |
| Lonza Group AG | 927 | 456 |
| Roche Holding AG, nonvoting non-registered shares | 1328 | 417 |
| Novartis AG | 4476 | 405 |
| BeiGene, Ltd. (ADR)<sup>1</sup> | 1387 | 305 |
| Hypera SA, ordinary nominative shares | 30419 | 260 |
| Innovent Biologics, Inc.<sup>1</sup> | 48500 | 208 |
| CanSino Biologics, Inc., Class H<sup>4</sup> | 22800 | 195 |
| HOYA Corp. | 1000 | 97 |
|  |  | **31128** |
| **Energy 7.77%** |  |  |
| TotalEnergies SE | 89101 | 5561 |
| BP PLC | 643014 | 3739 |
| TechnipFMC PLC<sup>1</sup> | 186903 | 2279 |
| Equinor ASA | 57576 | 2065 |
| TC Energy Corp. (CAD denominated) | 42686 | 1702 |
| Schlumberger, Ltd. | 30187 | 1614 |
| Canadian Natural Resources, Ltd. (CAD denominated)<sup>4</sup> | 25703 | 1427 |
| Aker BP ASA | 43949 | 1370 |
| Cameco Corp. (CAD denominated) | 52625 | 1193 |
| Reliance Industries, Ltd. | 18972 | 582 |
| Gaztransport & Technigaz SA | 4690 | 501 |
| Tourmaline Oil Corp. | 9772 | 493 |
| Woodside Energy Group, Ltd. | 18414 | 446 |
| INPEX Corp. | 31500 | 336 |
| Var Energi ASA | 20924 | 72 |
| Sovcomflot PAO<sup>1,2</sup> | 356717 | —<sup>3</sup> |
| Gazprom PJSC<sup>2</sup> | 671150 | —<sup>3</sup> |
| LUKOIL Oil Co. PJSC<sup>2</sup> | 9706 | —<sup>3</sup> |
|  |  | **23380** |
| **Materials 5.76%** |  |  |
| Vale SA, ordinary nominative shares | 198640 | 3344 |
| Vale SA (ADR), ordinary nominative shares | 80910 | 1373 |
| Linde PLC | 7570 | 2469 |
| Glencore PLC | 306363 | 2049 |
| Barrick Gold Corp. | 94562 | 1625 |
| Barrick Gold Corp. (CAD denominated) | 13543 | 232 |
| UPM-Kymmene OYJ | 23659 | 887 |
| Rio Tinto PLC | 10464 | 734 |
| Asahi Kasei Corp. | 99900 | 710 |
| Air Liquide SA, non-registered shares | 4908 | 698 |
| Fresnillo PLC | 58201 | 632 |
| Koninklijke DSM NV | 5120 | 628 |
| Sociedad Química y Minera de Chile SA, Class B (ADR) | 7688 | 614 |
| Fortescue Metals Group, Ltd. | 42173 | 588 |
| Sika AG | 1500 | 362 |
| Shin-Etsu Chemical Co., Ltd. | 1900 | 231 |
| Givaudan SA | 52 | 158 |
| Alrosa PJSC<sup>1,2</sup> | 53607 | —<sup>3</sup> |
|  |  | **17334** |
| **Communication services 5.66%** |  |  |
| Koninklijke KPN NV | 752688 | 2329 |
| Nippon Telegraph and Telephone Corp. | 81600 | 2329 |
| Tencent Holdings, Ltd. | 50600 | 2151 |
| Telefónica, SA, non-registered shares | 402982 | 1459 |
| Publicis Groupe SA | 22225 | 1411 |

---

106 American Funds Insurance Series

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Communication services (continued)** |  |  |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 21542 | $1121 |
| BT Group PLC | 635302 | 863 |
| SoftBank Corp. | 76200 | 862 |
| Vodafone Group PLC | 839939 | 851 |
| América Móvil, SAB de CV, Series L (ADR) | 41487 | 755 |
| Singapore Telecommunications, Ltd. | 319600 | 614 |
| Deutsche Telekom AG<sup>1</sup> | 29435 | 587 |
| Indus Towers, Ltd. | 246737 | 567 |
| Viaplay Group AB, Class B<sup>1</sup> | 20606 | 393 |
| MTN Group, Ltd. | 44802 | 336 |
| Universal Music Group NV | 9460 | 228 |
| NetEase, Inc. | 10800 | 157 |
| Sitios Latinoamerica, SAB de CV, Class B1<sup>1</sup> | 40380 | 19 |
| Yandex NV, Class A<sup>1,2</sup> | 5000 | —<sup>3</sup> |
|  |  | **17032** |
| **Utilities 3.07%** |  |  |
| Engie SA | 190787 | 2733 |
| Enel SpA | 397417 | 2137 |
| ENN Energy Holdings, Ltd. | 118100 | 1648 |
| Brookfield Infrastructure Partners, LP | 36875 | 1142 |
| National Grid PLC | 43151 | 518 |
| Iberdrola, SA, non-registered shares | 37788 | 442 |
| China Resources Gas Group, Ltd. | 106200 | 396 |
| Veolia Environnement | 9023 | 232 |
|  |  | **9248** |
| **Real estate 1.60%** |  |  |
| CK Asset Holdings, Ltd. | 327000 | 2014 |
| Longfor Group Holdings, Ltd. | 351500 | 1077 |
| Link REIT | 108007 | 793 |
| Unibail-Rodamco-Westfield REIT, non-registered shares<sup>1</sup> | 10561 | 551 |
| Embassy Office Parks REIT | 94895 | 385 |
|  |  | **4820** |
| **Total common stocks** (cost: $287,727,000) |  | **291196** |
| **Preferred securities 0.63%** |  |  |
| **Materials 0.40%** |  |  |
| Gerdau SA, preferred nominative shares | 216930 | **1207** |
| **Consumer discretionary 0.14%** |  |  |
| Volkswagen AG, nonvoting preferred shares | 3468 | **432** |
| **Information technology 0.09%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares | 6483 | **261** |
| **Total preferred securities** (cost: $2,271,000) |  | **1900** |
| **Short-term securities 2.11%** |  |  |
| **Money market investments 1.82%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>5,6</sup> | 54926 | **5492** |

---

American Funds Insurance Series 107

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| **Short-term securities** (continued) | Shares | Value<br> (000) |
| **Money market investments purchased with collateral from securities on loan 0.29%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>5,7</sup> | 851683 | $852 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>5,7</sup> | 14166 | 14 |
|  |  | **866** |
| **Total short-term securities** (cost: $6,355,000) |  | **6358** |
| **Total investment securities 99.49%** (cost: $296,353,000) |  | **299454** |
| Other assets less liabilities 0.51% |  | 1543 |
| **Net assets 100.00%** |  | $**300997** |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation**<br>**at 12/31/2022<br> (000)** |
| USD | 612 | GBP | 502 | UBS AG | 1/12/2023 | $5 |

---

**Investments in affiliates<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliate at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 1.82%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 1.82%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>5</sup> | $21699 | $75477 | $91678 | $(4) | $(2) | $5492 | $302 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Amount less than one thousand.

<sup>4</sup> All or a portion of this security was on loan. The total value of all such securities was $1,435,000, which represented .48% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>5</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>6</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>7</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

108 American Funds Insurance Series

Capital Income Builder

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 74.46%** | Shares | Value<br> (000) |
| **Financials 13.77%** |  |  |
| Zurich Insurance Group AG | 39942 | $19087 |
| Toronto-Dominion Bank (CAD denominated) | 162719 | 10536 |
| JPMorgan Chase & Co. | 68717 | 9215 |
| PNC Financial Services Group, Inc. | 49137 | 7761 |
| Münchener Rückversicherungs-Gesellschaft AG | 23791 | 7736 |
| CME Group, Inc., Class A | 45573 | 7664 |
| DBS Group Holdings, Ltd. | 300006 | 7595 |
| Morgan Stanley | 88772 | 7547 |
| DNB Bank ASA | 301733 | 5974 |
| Power Corporation of Canada, subordinate voting shares | 201698 | 4745 |
| BlackRock, Inc. | 6520 | 4620 |
| B3 SA-Brasil, Bolsa, Balcao | 1360408 | 3404 |
| Tryg A/S | 138292 | 3280 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 447500 | 2954 |
| Ping An Insurance (Group) Company of China, Ltd., Class A | 34457 | 233 |
| Webster Financial Corp. | 61978 | 2934 |
| AIA Group, Ltd. | 253600 | 2794 |
| American International Group, Inc. | 43993 | 2782 |
| Principal Financial Group, Inc. | 31762 | 2665 |
| Blackstone, Inc., nonvoting shares | 33399 | 2478 |
| KBC Groep NV | 33615 | 2158 |
| United Overseas Bank, Ltd. | 89200 | 2046 |
| State Street Corp. | 26015 | 2018 |
| Kaspi.kz JSC<sup>1</sup> | 21756 | 1555 |
| Kaspi.kz JSC (GDR) | 5969 | 426 |
| East West Bancorp, Inc. | 29501 | 1944 |
| ING Groep NV | 157320 | 1919 |
| Wells Fargo & Company | 45898 | 1895 |
| China Pacific Insurance (Group) Co., Ltd., Class H | 794150 | 1754 |
| National Bank of Canada | 24069 | 1622 |
| Travelers Companies, Inc. | 8641 | 1620 |
| Swedbank AB, Class A | 88691 | 1507 |
| Citizens Financial Group, Inc. | 36461 | 1436 |
| KeyCorp | 75308 | 1312 |
| China Merchants Bank Co., Ltd., Class A | 131100 | 703 |
| China Merchants Bank Co., Ltd., Class H | 94500 | 524 |
| IIFL Wealth Management, Ltd. | 55104 | 1183 |
| Franklin Resources, Inc. | 42738 | 1127 |
| OneMain Holdings, Inc. | 33517 | 1116 |
| EFG International AG | 113913 | 1086 |
| BNP Paribas SA | 17927 | 1020 |
| Great-West Lifeco, Inc. | 43284 | 1001 |
| Truist Financial Corp. | 23131 | 995 |
| Corebridge Financial, Inc. | 44617 | 895 |
| Hang Seng Bank, Ltd. | 52200 | 864 |
| Euronext NV | 11304 | 838 |
| Hong Kong Exchanges and Clearing, Ltd. | 18300 | 791 |
| Bank Central Asia Tbk PT | 1423700 | 781 |
| TPG, Inc., Class A | 26918 | 749 |
| Citigroup, Inc. | 16200 | 733 |
| Patria Investments, Ltd., Class A | 47813 | 666 |
| Banco Santander, SA | 201758 | 604 |
| Vontobel Holding AG | 7885 | 524 |
| Macquarie Group, Ltd. | 4045 | 459 |
| Hana Financial Group, Inc. | 10680 | 357 |
| Cullen/Frost Bankers, Inc. | 1968 | 263 |
| UniCredit SpA | 12643 | 180 |
| SouthState Corp. | 2204 | 168 |
| Moscow Exchange MICEX-RTS PJSC<sup>2,3</sup> | 875002 | —<sup>4</sup> |
| Sberbank of Russia PJSC<sup>2,3</sup> | 204176 | —<sup>4</sup> |
|  |  | **156843** |

---

American Funds Insurance Series 109

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples 10.07%** |  |  |
| Philip Morris International, Inc. | 259908 | $26305 |
| British American Tobacco PLC | 471482 | 18706 |
| General Mills, Inc. | 102770 | 8617 |
| Altria Group, Inc. | 188250 | 8605 |
| PepsiCo, Inc. | 47154 | 8519 |
| Nestlé SA | 70531 | 8145 |
| Kimberly-Clark Corp. | 39311 | 5337 |
| Imperial Brands PLC | 207379 | 5181 |
| ITC, Ltd. | 1060348 | 4250 |
| Unilever PLC (GBP denominated) | 57668 | 2909 |
| Carlsberg A/S, Class B | 19656 | 2602 |
| Keurig Dr Pepper, Inc. | 72760 | 2595 |
| Danone SA | 48454 | 2553 |
| Anheuser-Busch InBev SA/NV | 37592 | 2260 |
| Kraft Heinz Company | 32392 | 1319 |
| Seven & i Holdings Co., Ltd. | 29600 | 1266 |
| Procter & Gamble Company | 7687 | 1165 |
| Mondelez International, Inc. | 14725 | 981 |
| Vector Group, Ltd. | 69487 | 824 |
| Essity Aktiebolag, Class B | 23218 | 610 |
| Viscofan, SA, non-registered shares | 9124 | 589 |
| Reckitt Benckiser Group PLC | 7982 | 555 |
| Scandinavian Tobacco Group A/S | 21667 | 380 |
| Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates | 136106 | 231 |
| Coca-Cola HBC AG (CDI) | 7021 | 168 |
|  |  | **114672** |
| **Health care 9.47%** |  |  |
| AbbVie, Inc. | 173251 | 27999 |
| Amgen, Inc. | 53879 | 14151 |
| Gilead Sciences, Inc. | 153232 | 13155 |
| AstraZeneca PLC | 60447 | 8204 |
| Abbott Laboratories | 66565 | 7308 |
| Medtronic PLC | 82068 | 6378 |
| Novartis AG | 65737 | 5955 |
| Bristol-Myers Squibb Company | 74164 | 5336 |
| Pfizer, Inc. | 89394 | 4581 |
| UnitedHealth Group, Inc. | 6954 | 3687 |
| Roche Holding AG, nonvoting non-registered shares | 10419 | 3274 |
| Takeda Pharmaceutical Company, Ltd. | 87100 | 2720 |
| Royalty Pharma PLC, Class A | 42309 | 1672 |
| Merck & Co., Inc. | 7825 | 868 |
| EBOS Group, Ltd. | 30676 | 850 |
| CVS Health Corp. | 7431 | 692 |
| Bayer AG | 12641 | 653 |
| GSK PLC | 17925 | 312 |
| Koninklijke Philips NV (EUR denominated) | 4898 | 74 |
| Organon & Co. | 662 | 18 |
|  |  | **107887** |
| **Industrials 7.34%** |  |  |
| Raytheon Technologies Corp. | 239595 | 24180 |
| Lockheed Martin Corp. | 11445 | 5568 |
| BAE Systems PLC | 526461 | 5441 |
| Honeywell International, Inc. | 24790 | 5312 |
| Siemens AG | 36680 | 5091 |
| RELX PLC | 131761 | 3650 |
| RELX PLC (ADR) | 8177 | 227 |
| Kone OYJ, Class B | 71780 | 3718 |
| L3Harris Technologies, Inc. | 16708 | 3479 |
| Deutsche Post AG | 64678 | 2435 |
| VINCI SA | 24215 | 2418 |

---

110 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Singapore Technologies Engineering, Ltd. | 898600 | $2249 |
| Trinity Industries, Inc. | 72684 | 2149 |
| BOC Aviation, Ltd. | 194500 | 1617 |
| Illinois Tool Works, Inc. | 7243 | 1596 |
| ITOCHU Corp. | 44400 | 1388 |
| SGS SA | 589 | 1364 |
| Compañia de Distribución Integral Logista Holdings, SA, non-registered shares | 45292 | 1144 |
| Trelleborg AB, Class B | 47577 | 1101 |
| Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 74506 | 1067 |
| AB Volvo, Class B | 58146 | 1053 |
| Norfolk Southern Corp. | 3965 | 977 |
| LIXIL Corp. | 54600 | 832 |
| Ventia Services Group Pty, Ltd. | 490862 | 796 |
| United Parcel Service, Inc., Class B | 4455 | 774 |
| Union Pacific Corp. | 3606 | 747 |
| Marubeni Corp. | 56900 | 650 |
| General Dynamics Corp. | 2526 | 627 |
| Waste Management, Inc. | 3955 | 620 |
| Carrier Global Corp. | 13015 | 537 |
| Airbus SE, non-registered shares | 3671 | 436 |
| Sulzer AG | 4695 | 367 |
|  |  | **83610** |
| **Information technology 6.92%** |  |  |
| Broadcom, Inc. | 65566 | 36661 |
| Microsoft Corp. | 63062 | 15124 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 583800 | 8509 |
| Paychex, Inc. | 17290 | 1998 |
| Texas Instruments, Inc. | 11533 | 1905 |
| KLA Corp. | 4878 | 1839 |
| Vanguard International Semiconductor Corp. | 618700 | 1558 |
| Automatic Data Processing, Inc. | 6477 | 1547 |
| QUALCOMM, Inc. | 11372 | 1250 |
| Western Union Company | 83565 | 1151 |
| Tokyo Electron, Ltd. | 3500 | 1040 |
| SAP SE | 10071 | 1039 |
| Analog Devices, Inc. | 5930 | 973 |
| NetApp, Inc. | 14882 | 894 |
| GlobalWafers Co., Ltd. | 46938 | 652 |
| Fidelity National Information Services, Inc. | 9497 | 644 |
| Intel Corp. | 18944 | 501 |
| MediaTek, Inc. | 24000 | 487 |
| Tripod Technology Corp. | 152000 | 465 |
| SINBON Electronics Co., Ltd. | 42446 | 380 |
| BE Semiconductor Industries NV | 3388 | 206 |
|  |  | **78823** |
| **Utilities 6.24%** |  |  |
| Dominion Energy, Inc. | 102936 | 6312 |
| Iberdrola, SA, non-registered shares | 496459 | 5807 |
| DTE Energy Company | 49064 | 5766 |
| National Grid PLC | 476775 | 5727 |
| Engie SA | 335814 | 4810 |
| Engie SA, bonus shares | 36900 | 529 |
| Power Grid Corporation of India, Ltd. | 2007912 | 5169 |
| E.ON SE | 486449 | 4855 |
| The Southern Co. | 62100 | 4434 |
| Edison International | 60608 | 3856 |
| Duke Energy Corp. | 32752 | 3373 |
| AES Corp. | 108568 | 3122 |
| Entergy Corp. | 26522 | 2984 |
| Exelon Corp. | 49566 | 2143 |

---

American Funds Insurance Series 111

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Utilities (continued)** |  |  |
| Public Service Enterprise Group, Inc. | 28665 | $1756 |
| SSE PLC | 77332 | 1595 |
| CenterPoint Energy, Inc. | 51179 | 1535 |
| Sempra Energy | 9762 | 1509 |
| ENN Energy Holdings, Ltd. | 93600 | 1306 |
| Enel SpA | 240213 | 1292 |
| NextEra Energy, Inc. | 13466 | 1126 |
| Evergy, Inc. | 15369 | 967 |
| Power Assets Holdings, Ltd. | 106500 | 583 |
| CMS Energy Corp. | 3992 | 253 |
| American Electric Power Company, Inc. | 1512 | 144 |
| SembCorp Industries, Ltd. | 44800 | 113 |
|  |  | **71066** |
| **Energy 6.00%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)<sup>5</sup> | 195057 | 10832 |
| Chevron Corp. | 47686 | 8559 |
| TC Energy Corp. (CAD denominated) | 181889 | 7252 |
| TC Energy Corp. | 16085 | 641 |
| Exxon Mobil Corp. | 69719 | 7690 |
| TotalEnergies SE | 90216 | 5631 |
| BP PLC | 806006 | 4687 |
| EOG Resources, Inc. | 34736 | 4499 |
| Shell PLC (GBP denominated) | 115306 | 3277 |
| Shell PLC (ADR) | 8467 | 482 |
| Woodside Energy Group, Ltd. | 86228 | 2086 |
| Woodside Energy Group, Ltd. (CDI) | 23081 | 557 |
| ConocoPhillips | 20510 | 2420 |
| Pioneer Natural Resources Company | 10296 | 2352 |
| Schlumberger, Ltd. | 36843 | 1970 |
| Enbridge, Inc. (CAD denominated) | 40329 | 1576 |
| Baker Hughes Co., Class A | 52596 | 1553 |
| Equitrans Midstream Corp. | 213059 | 1427 |
| DT Midstream, Inc. | 13716 | 758 |
| Galp Energia, SGPS, SA, Class B | 11022 | 149 |
| Gazprom PJSC<sup>2</sup> | 880428 | —<sup>4</sup> |
|  |  | **68398** |
| **Real estate 5.99%** |  |  |
| VICI Properties, Inc. REIT | 586804 | 19012 |
| Crown Castle, Inc. REIT | 113151 | 15348 |
| Equinix, Inc. REIT | 10699 | 7008 |
| Gaming and Leisure Properties, Inc. REIT | 93929 | 4893 |
| Federal Realty Investment Trust REIT | 28164 | 2846 |
| Link REIT | 372507 | 2735 |
| American Tower Corp. REIT | 9879 | 2093 |
| CK Asset Holdings, Ltd. | 318000 | 1958 |
| Boston Properties, Inc. REIT | 22486 | 1520 |
| Charter Hall Group REIT | 146326 | 1192 |
| Longfor Group Holdings, Ltd. | 353000 | 1082 |
| POWERGRID Infrastructure Investment Trust | 681036 | 1047 |
| Embassy Office Parks REIT | 245585 | 996 |
| Mindspace Business Parks REIT | 214689 | 868 |
| Extra Space Storage, Inc. REIT | 5810 | 855 |
| Americold Realty Trust, Inc. REIT | 30182 | 854 |
| Sun Hung Kai Properties, Ltd. | 61255 | 838 |
| CTP NV | 68103 | 802 |
| Digital Realty Trust, Inc. REIT | 6950 | 697 |

---

112 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Real estate (continued)** |  |  |
| Kimco Realty Corp. REIT | 31388 | $665 |
| Prologis, Inc. REIT | 4763 | 537 |
| CubeSmart REIT | 8847 | 356 |
|  |  | **68202** |
| **Materials 2.91%** |  |  |
| Vale SA (ADR), ordinary nominative shares | 349433 | 5930 |
| Vale SA, ordinary nominative shares | 225247 | 3792 |
| Rio Tinto PLC | 79626 | 5587 |
| Air Products and Chemicals, Inc. | 9631 | 2969 |
| Linde PLC | 8936 | 2915 |
| BHP Group, Ltd. (CDI) | 82385 | 2540 |
| International Flavors & Fragrances, Inc. | 21588 | 2263 |
| LyondellBasell Industries NV | 18557 | 1541 |
| Evonik Industries AG | 54480 | 1046 |
| Sociedad Química y Minera de Chile SA, Class B (ADR) | 12475 | 996 |
| BASF SE | 16131 | 801 |
| UPM-Kymmene OYJ | 19684 | 738 |
| Asahi Kasei Corp. | 96900 | 688 |
| Fortescue Metals Group, Ltd. | 28457 | 397 |
| Nexa Resources SA<sup>5</sup> | 51286 | 309 |
| WestRock Co. | 7448 | 262 |
| Shin-Etsu Chemical Co., Ltd. | 1900 | 231 |
| Smurfit Kappa Group PLC | 4754 | 176 |
|  |  | **33181** |
| **Consumer discretionary 2.90%** |  |  |
| Starbucks Corp. | 41213 | 4088 |
| Home Depot, Inc. | 12852 | 4059 |
| Industria de Diseño Textil, SA | 149994 | 3994 |
| Midea Group Co., Ltd., Class A | 513775 | 3816 |
| McDonald's Corp. | 11404 | 3005 |
| Kering SA | 5640 | 2887 |
| Restaurant Brands International, Inc. | 38245 | 2473 |
| LVMH Moët Hennessy-Louis Vuitton SE | 2860 | 2078 |
| YUM! Brands, Inc. | 10281 | 1317 |
| Galaxy Entertainment Group, Ltd. | 196000 | 1298 |
| Cie. Financière Richemont SA, Class A | 7967 | 1031 |
| Darden Restaurants, Inc. | 7101 | 982 |
| Mercedes-Benz Group AG | 8466 | 556 |
| OPAP SA | 27844 | 395 |
| Pearson PLC | 26653 | 302 |
| Inchcape PLC | 26460 | 261 |
| Kindred Group PLC (SDR) | 24452 | 255 |
| VF Corp. | 4833 | 134 |
| Thule Group AB | 4224 | 88 |
|  |  | **33019** |
| **Communication services 2.85%** |  |  |
| Comcast Corp., Class A | 222680 | 7787 |
| Verizon Communications, Inc. | 113150 | 4458 |
| SoftBank Corp. | 380300 | 4300 |
| Singapore Telecommunications, Ltd. | 1528600 | 2935 |
| Koninklijke KPN NV | 918661 | 2842 |
| BCE, Inc. | 54651 | 2401 |
| Nippon Telegraph and Telephone Corp. | 75100 | 2143 |
| HKT Trust and HKT, Ltd., units | 1127240 | 1378 |
| Warner Music Group Corp., Class A | 33470 | 1172 |
| Omnicom Group, Inc. | 10871 | 887 |
| WPP PLC | 81366 | 808 |

---

American Funds Insurance Series 113

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Common stocks** (continued) | Shares | Shares | Value<br> (000) |
| **Communication services (continued)** |  |  |  |
| Indus Towers, Ltd. |  | 211665 | $486 |
| América Móvil, SAB de CV, Series L (ADR) |  | 24725 | 450 |
| ProSiebenSat.1 Media SE |  | 40927 | 366 |
|  |  |  | **32413** |
| **Total common stocks** (cost: $704,847,000) |  |  | **848114** |
| **Preferred securities 0.05%** |  |  |  |
| **Information technology 0.05%** |  |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares |  | **13546** | **545** |
| **Total preferred securities** (cost: $456,000) |  |  | **545** |
| **Rights & warrants 0.00%** |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |
| Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/2023<sup>3</sup> |  | **7130** | **6** |
| **Total rights & warrants** (cost: $0) |  |  | **6** |
| **Convertible stocks 0.44%** |  |  |  |
| **Utilities 0.28%** |  |  |  |
| NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 |  | 35900 | 1802 |
| AES Corp., convertible preferred units, 6.875% 2/15/2024 |  | 8659 | 883 |
| American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023 |  | 9704 | 501 |
|  |  |  | **3186** |
| **Health care 0.10%** |  |  |  |
| Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>5</sup> |  | **841** | **1141** |
| **Consumer discretionary 0.06%** |  |  |  |
| Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023 |  | **6448** | **692** |
| **Total convertible stocks** (cost: $4,623,000) |  |  | **5019** |
| **Investment funds 2.46%** |  |  |  |
| Capital Group Central Corporate Bond Fund<sup>6</sup> |  | **3442868** | **28059** |
| **Total investment funds** (cost: $33,742,000) |  |  | **28059** |
| **Bonds, notes & other debt instruments 18.22%** |  | Principal amount<br> (000) |  |
| **U.S. Treasury bonds & notes 9.44%** |  |  |  |
| **U.S. Treasury 7.06%** |  |  |  |
| U.S. Treasury 0.125% 1/31/2023 | USD | 2200 | 2193 |
| U.S. Treasury 0.375% 10/31/2023 |  | 875 | 844 |
| U.S. Treasury 0.125% 12/15/2023 |  | 8410 | 8057 |
| U.S. Treasury 2.50% 4/30/2024 |  | 2224 | 2161 |
| U.S. Treasury 3.25% 8/31/2024 |  | 554 | 542 |
| U.S. Treasury 0.625% 10/15/2024 |  | 11050 | 10322 |
| U.S. Treasury 0.75% 11/15/2024 |  | 3525 | 3291 |
| U.S. Treasury 4.50% 11/30/2024 |  | 3677 | 3678 |
| U.S. Treasury 4.00% 12/15/2025 |  | 4257 | 4230 |
| U.S. Treasury 0.75% 3/31/2026 |  | 1 | 1 |
| U.S. Treasury 0.75% 4/30/2026 |  | 1093 | 977 |
| U.S. Treasury 0.75% 5/31/2026 |  | 3850 | 3435 |

---

114 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 1.875% 6/30/2026 | USD | 6300 | $5845 |
| U.S. Treasury 1.125% 10/31/2026 |  | 995 | 890 |
| U.S. Treasury 2.00% 11/15/2026<sup>7</sup> |  | 2800 | 2589 |
| U.S. Treasury 0.50% 4/30/2027 |  | 2900 | 2498 |
| U.S. Treasury 6.125% 11/15/2027 |  | 950 | 1037 |
| U.S. Treasury 3.875% 11/30/2027 |  | 15438 | 15354 |
| U.S. Treasury 1.25% 3/31/2028 |  | 1350 | 1174 |
| U.S. Treasury 3.875% 11/30/2029 |  | 1360 | 1351 |
| U.S. Treasury 6.25% 5/15/2030 |  | 890 | 1016 |
| U.S. Treasury 4.125% 11/15/2032 |  | 1610 | 1642 |
| U.S. Treasury 1.125% 5/15/2040<sup>7</sup> |  | 2400 | 1506 |
| U.S. Treasury 2.00% 11/15/2041 |  | 300 | 215 |
| U.S. Treasury 4.00% 11/15/2042 |  | 806 | 790 |
| U.S. Treasury 2.375% 5/15/2051 |  | 197 | 142 |
| U.S. Treasury 3.00% 8/15/2052<sup>7</sup> |  | 5411 | 4486 |
| U.S. Treasury 4.00% 11/15/2052 |  | 115 | 116 |
|  |  |  | **80382** |
| **U.S. Treasury inflation-protected securities 2.38%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>8</sup> |  | 2610 | 2605 |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>8</sup> |  | 3400 | 3367 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>8</sup> |  | 1818 | 1797 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>8</sup> |  | 1220 | 1195 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>8</sup> |  | 1581 | 1539 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>8</sup> |  | 1887 | 1828 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>8</sup> |  | 2752 | 2652 |
| U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>8</sup> |  | 539 | 518 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>8</sup> |  | 1269 | 1210 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>8</sup> |  | 377 | 362 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>8</sup> |  | 230 | 218 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>8</sup> |  | 2388 | 2245 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>8</sup> |  | 2253 | 2250 |
| U.S. Treasury Inflation-Protected Security 0.50% 1/15/2028<sup>8</sup> |  | 242 | 227 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030<sup>8</sup> |  | 2143 | 1925 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>8</sup> |  | 1831 | 1625 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031<sup>8</sup> |  | 139 | 123 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>8</sup> |  | 201 | 169 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>7,8</sup> |  | 2031 | 1311 |
|  |  |  | **27166** |
| **Total U.S. Treasury bonds & notes** |  |  | **107548** |
| **Mortgage-backed obligations 6.13%** |  |  |  |
| **Federal agency mortgage-backed obligations 5.40%** |  |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033<sup>9</sup> |  | —<sup>4</sup> | —<sup>4</sup> |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #931768 5.00% 8/1/2039<sup>9</sup> |  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039<sup>9</sup> |  | 5 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040<sup>9</sup> |  | 9 | 8 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041<sup>9</sup> |  | 8 | 8 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041<sup>9</sup> |  | 7 | 6 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041<sup>9</sup> |  | 7 | 7 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041<sup>9</sup> |  | 5 | 5 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042<sup>9</sup> |  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043<sup>9</sup> |  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044<sup>9</sup> |  | 2 | 2 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>9</sup> |  | 150 | 138 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047<sup>9</sup> |  | 1 | 1 |

---

American Funds Insurance Series 115

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047<sup>9</sup> | USD | 39 | $37 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048<sup>9</sup> |  | 20 | 19 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048<sup>9</sup> |  | 27 | 25 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048<sup>9</sup> |  | 8 | 8 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048<sup>9</sup> |  | 5 | 5 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>9</sup> |  | 38 | 35 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050<sup>9</sup> |  | 3219 | 2861 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050<sup>9</sup> |  | 376 | 337 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051<sup>9</sup> |  | 23 | 21 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052<sup>9</sup> |  | 97 | 88 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>9</sup> |  | 1017 | 907 |
| Fannie Mae Pool #CB3236 3.00% 3/1/2052<sup>9</sup> |  | 424 | 373 |
| Fannie Mae Pool #FS3275 3.00% 4/1/2052<sup>9</sup> |  | 787 | 691 |
| Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>9</sup> |  | 1452 | 1321 |
| Fannie Mae Pool #BT8370 3.50% 6/1/2052<sup>9</sup> |  | 291 | 265 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>9</sup> |  | 353 | 332 |
| Fannie Mae Pool #MA4782 3.50% 10/1/2052<sup>9</sup> |  | 880 | 800 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>9</sup> |  | 103 | 106 |
| Fannie Mae Pool #MA4902 3.50% 1/1/2053<sup>9</sup> |  | 53 | 48 |
| Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>9</sup> |  | 828 | 777 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>9</sup> |  | 30 | 30 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>9</sup> |  | 118 | 121 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056<sup>9</sup> |  | 391 | 404 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059<sup>9</sup> |  | 266 | 272 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059<sup>9</sup> |  | 704 | 691 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>9</sup> |  | 458 | 401 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043<sup>9</sup> |  | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048<sup>9</sup> |  | 234 | 225 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048<sup>9</sup> |  | 20 | 19 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048<sup>9</sup> |  | 19 | 18 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048<sup>9</sup> |  | 10 | 9 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048<sup>9</sup> |  | 28 | 27 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048<sup>9</sup> |  | 13 | 13 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048<sup>9</sup> |  | 51 | 51 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048<sup>9</sup> |  | 28 | 27 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048<sup>9</sup> |  | 20 | 20 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049<sup>9</sup> |  | 1234 | 1218 |
| Freddie Mac Pool #QD2877 3.00% 12/1/2051<sup>9</sup> |  | 130 | 114 |
| Freddie Mac Pool #SD1374 3.00% 3/1/2052<sup>9</sup> |  | 430 | 378 |
| Freddie Mac Pool #SD1937 3.00% 3/1/2052<sup>9</sup> |  | 243 | 214 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>9</sup> |  | 340 | 319 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052<sup>9</sup> |  | 936 | 903 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>9</sup> |  | 605 | 531 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052<sup>9</sup> |  | 206 | 202 |
| Freddie Mac Pool #QF1730 4.00% 10/1/2052<sup>9</sup> |  | 838 | 787 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>9</sup> |  | 100 | 94 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>9</sup> |  | 200 | 182 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>9</sup> |  | 1959 | 1887 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>9</sup> |  | 406 | 416 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>9</sup> |  | 14 | 13 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>9</sup> |  | 200 | 188 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>9</sup> |  | 35 | 35 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>9</sup> |  | 457 | 468 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>9,10</sup> |  | 115 | 108 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>9</sup> |  | 235 | 219 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>9,10</sup> |  | 233 | 218 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057<sup>9,10</sup> |  | 97 | 88 |

---

116 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057<sup>9</sup> | USD80 | $73 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>9</sup> | 20 | 19 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058<sup>9</sup> | 1001 | 905 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058<sup>9</sup> | 408 | 386 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058<sup>9</sup> | 629 | 594 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058<sup>9</sup> | 18 | 17 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058<sup>9</sup> | 10 | 9 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>9</sup> | 922 | 881 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029<sup>9</sup> | 1293 | 1191 |
| Government National Mortgage Assn. 4.00% 1/1/2053<sup>9,11</sup> | 3400 | 3218 |
| Government National Mortgage Assn. 4.50% 1/1/2053<sup>9,11</sup> | 60 | 58 |
| Government National Mortgage Assn. 5.00% 2/1/2053<sup>9,11</sup> | 8731 | 8652 |
| Government National Mortgage Assn. 5.50% 2/1/2053<sup>9,11</sup> | 1017 | 1022 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049<sup>9</sup> | 454 | 441 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>9</sup> | 2927 | 2773 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>9</sup> | 1054 | 1024 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>9</sup> | 54 | 52 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>9</sup> | 300 | 291 |
| Government National Mortgage Assn. Pool #694836 5.682% 9/20/2059<sup>9</sup> | —<sup>4</sup> | —<sup>4</sup> |
| Government National Mortgage Assn. Pool #765152 4.14% 7/20/2061<sup>9</sup> | —<sup>4</sup> | —<sup>4</sup> |
| Government National Mortgage Assn. Pool #766525 4.70% 11/20/2062<sup>9</sup> | —<sup>4</sup> | —<sup>4</sup> |
| Government National Mortgage Assn. Pool #AA7554 6.64% 7/20/2064<sup>9</sup> | 1 | 1 |
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064<sup>9</sup> | —<sup>4</sup> | —<sup>4</sup> |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>9,11</sup> | 1708 | 1563 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>9,11</sup> | 60 | 49 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2053<sup>9,11</sup> | 140 | 119 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>9,11</sup> | 340 | 319 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>9,11</sup> | 340 | 327 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>9,11</sup> | 1250 | 1232 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>9,11</sup> | 13500 | 13538 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>9,11</sup> | 1836 | 1880 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>9,11</sup> | 172 | 161 |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>9,11</sup> | 80 | 80 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>9,11</sup> | 470 | 477 |
|  |  | **61513** |
| **Collateralized mortgage-backed obligations (privately originated) 0.42%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>1,9,10</sup> | 141 | 112 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061<sup>1,9,10</sup> | 84 | 75 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061<sup>1,9</sup> | 90 | 78 |
| Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030<sup>1,9,10</sup> | 71 | 69 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031<sup>1,9,10</sup> | 136 | 129 |
| Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036<sup>1,9,10</sup> | 104 | 99 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>1,9,10</sup> | 185 | 175 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060<sup>1,9,10</sup> | 10 | 10 |
| Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/2041<sup>1,9,10</sup> | 4 | 4 |
| Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 9/25/2069<sup>1,9</sup> | 59 | 61 |
| Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/2069<sup>1,9</sup> | 67 | 66 |

---

American Funds Insurance Series 117

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |  |
| Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051<sup>1,9,10</sup> | USD | 117 | $95 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/2028<sup>9,10</sup> |  | 252 | 261 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/2042<sup>1,9,10</sup> |  | 109 | 109 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/2042<sup>1,9,10</sup> |  | 19 | 19 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>1,9,10</sup> |  | 34 | 34 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.628% 9/25/2042<sup>1,9,10</sup> |  | 64 | 65 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (1-month USD-LIBOR + 1.70%) 6.089% 1/25/2050<sup>1,9,10</sup> |  | 188 | 187 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/2050<sup>1,9,10</sup> |  | 408 | 407 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 9.489% 6/27/2050<sup>1,9,10</sup> |  | 108 | 112 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/2050<sup>1,9,10</sup> |  | 540 | 575 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039<sup>1,9</sup> |  | 196 | 184 |
| Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)<sup>1,9,12</sup> |  | 200 | 185 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061<sup>1,9,10</sup> |  | 78 | 71 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)<sup>1,9,12</sup> |  | 132 | 119 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>1,9,10</sup> |  | 202 | 195 |
| NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 5.139% 5/25/2055<sup>1,9,10</sup> |  | 281 | 277 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039<sup>1,9</sup> |  | 100 | 91 |
| Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031<sup>1,9,10</sup> |  | 66 | 62 |
| Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/2056<sup>1,9,10</sup> |  | 20 | 19 |
| Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/2057<sup>1,9,10</sup> |  | 20 | 19 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057<sup>1,9,10</sup> |  | 40 | 39 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058<sup>1,9,10</sup> |  | 49 | 47 |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058<sup>1,9,10</sup> |  | 24 | 23 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060<sup>1,9</sup> |  | 472 | 420 |
| Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>1,2</sup> |  | 100 | 89 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038<sup>1,9</sup> |  | 196 | 170 |
|  |  |  | **4752** |
| **Commercial mortgage-backed securities 0.31%** |  |  |  |
| BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>1,9,10</sup> |  | 110 | 108 |
| BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/2037<sup>1,9,10</sup> |  | 329 | 322 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/2027<sup>1,9,10</sup> |  | 332 | 330 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>1,9,10</sup> |  | 548 | 529 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>1,9,10</sup> |  | 266 | 253 |
| BX Trust, Series 2021-ARIA Class C, (1-month USD-LIBOR + 1.646%) 5.964% 10/15/2036<sup>1,9,10</sup> |  | 100 | 93 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/2037<sup>1,9,10</sup> |  | 155 | 152 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>1,9,10</sup> |  | 173 | 167 |

---

118 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 5.718% 6/15/2038<sup>1,9,10</sup> | USD | 99 | $94 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 5.818% 11/15/2038<sup>1,9,10</sup> |  | 100 | 95 |
| BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/2039<sup>1,9,10</sup> |  | 99 | 99 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>1,9,10</sup> |  | 98 | 95 |
| Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/2036<sup>1,9,10</sup> |  | 24 | 23 |
| GS Mortgage Securities Trust, Series 2018-HULA, Class A, 5.238% 7/15/2025<sup>1,9,10</sup> |  | 229 | 223 |
| Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 5.468% 5/17/2038<sup>1,9,10</sup> |  | 300 | 292 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/2039<sup>1,9,10</sup> |  | 100 | 78 |
| La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/2039<sup>1,9,10</sup> |  | 50 | 49 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>1,9,10</sup> |  | 62 | 59 |
| Multifamily Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 7.639% 10/15/2049<sup>1,9,10</sup> |  | 141 | 133 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>1,9,10</sup> |  | 361 | 348 |
|  |  |  | **3542** |
| **Total mortgage-backed obligations** |  |  | **69807** |
| **Corporate bonds, notes & loans 1.72%** |  |  |  |
| **Health care 0.28%** |  |  |  |
| AbbVie, Inc. 3.20% 11/21/2029 |  | 25 | 23 |
| AbbVie, Inc. 4.25% 11/21/2049 |  | 39 | 33 |
| Amgen, Inc. 4.05% 8/18/2029 |  | 145 | 136 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 133 | 123 |
| Amgen, Inc. 4.20% 2/22/2052 |  | 19 | 15 |
| Amgen, Inc. 4.875% 3/1/2053 |  | 45 | 40 |
| AstraZeneca PLC 3.375% 11/16/2025 |  | 200 | 193 |
| AstraZeneca PLC 3.00% 5/28/2051 |  | 11 | 8 |
| Centene Corp. 4.625% 12/15/2029 |  | 530 | 486 |
| Centene Corp. 3.375% 2/15/2030 |  | 179 | 152 |
| Centene Corp. 2.625% 8/1/2031 |  | 40 | 31 |
| Gilead Sciences, Inc. 1.65% 10/1/2030 |  | 8 | 6 |
| HCA, Inc. 2.375% 7/15/2031 |  | 18 | 14 |
| Humana, Inc. 3.70% 3/23/2029 |  | 12 | 11 |
| Merck & Co., Inc. 1.70% 6/10/2027 |  | 118 | 105 |
| Merck & Co., Inc. 3.40% 3/7/2029 |  | 110 | 103 |
| Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 |  | 8 | 6 |
| Regeneron Pharmaceuticals, Inc. 2.80% 9/15/2050 |  | 2 | 1 |
| Shire PLC 3.20% 9/23/2026 |  | 270 | 254 |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  | 700 | 687 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 650 | 570 |
| Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 |  | 300 | 184 |
| Zoetis, Inc. 5.60% 11/16/2032 |  | 25 | 26 |
|  |  |  | **3207** |
| **Energy 0.27%** |  |  |  |
| Apache Corp. 4.25% 1/15/2030 |  | 385 | 341 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026 |  | 8 | 7 |
| BP Capital Markets America, Inc. 3.633% 4/6/2030 |  | 360 | 331 |
| Cenovus Energy, Inc. 5.40% 6/15/2047 |  | 73 | 66 |
| EQT Corp. 5.00% 1/15/2029 |  | 35 | 33 |
| EQT Corp. 3.625% 5/15/2031<sup>1</sup> |  | 20 | 17 |

---

American Funds Insurance Series 119

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Equinor ASA 2.375% 5/22/2030 | USD | 365 | $311 |
| Exxon Mobil Corp. 2.995% 8/16/2039 |  | 200 | 154 |
| Exxon Mobil Corp. 3.452% 4/15/2051 |  | 25 | 19 |
| Kinder Morgan, Inc. 5.45% 8/1/2052 |  | 11 | 10 |
| MPLX, LP 4.95% 9/1/2032 |  | 20 | 19 |
| MPLX, LP 4.95% 3/14/2052 |  | 20 | 16 |
| New Fortress Energy, Inc. 6.50% 9/30/2026<sup>1</sup> |  | 80 | 75 |
| NGL Energy Operating, LLC 7.50% 2/1/2026<sup>1</sup> |  | 80 | 71 |
| ONEOK, Inc. 3.10% 3/15/2030 |  | 42 | 35 |
| ONEOK, Inc. 7.15% 1/15/2051 |  | 97 | 99 |
| Pemex Project Funding Master Trust, Series 13, 6.625% 6/15/2035 |  | 150 | 109 |
| Petróleos Mexicanos 6.50% 1/23/2029 |  | 20 | 17 |
| Petróleos Mexicanos 8.75% 6/2/2029 |  | 177 | 166 |
| Sabine Pass Liquefaction, LLC 4.50% 5/15/2030 |  | 142 | 132 |
| Shell International Finance BV 2.00% 11/7/2024 |  | 420 | 400 |
| TransCanada Corp. 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)<sup>12</sup> |  | 540 | 515 |
| TransCanada PipeLines, Ltd. 5.10% 3/15/2049 |  | 150 | 137 |
| Williams Companies, Inc. 5.30% 8/15/2052 |  | 40 | 36 |
|  |  |  | **3116** |
| **Communication services 0.24%** |  |  |  |
| América Móvil, SAB de CV, 8.46% 12/18/2036 | MXN | 1300 | 58 |
| AT&T, Inc. 3.50% 6/1/2041 | USD | 75 | 56 |
| CCO Holdings, LLC 4.25% 2/1/2031<sup>1</sup> |  | 360 | 290 |
| CCO Holdings, LLC 4.75% 2/1/2032<sup>1</sup> |  | 25 | 20 |
| CCO Holdings, LLC 4.25% 1/15/2034<sup>1</sup> |  | 175 | 130 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 |  | 25 | 15 |
| Meta Platforms, Inc. 3.85% 8/15/2032 |  | 160 | 141 |
| Meta Platforms, Inc. 4.45% 8/15/2052 |  | 95 | 76 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 150 | 145 |
| SBA Tower Trust 1.631% 11/15/2026<sup>1</sup> |  | 253 | 215 |
| Sprint Corp. 6.875% 11/15/2028 |  | 325 | 338 |
| Sprint Corp. 8.75% 3/15/2032 |  | 90 | 107 |
| T-Mobile US, Inc. 3.875% 4/15/2030 |  | 625 | 568 |
| T-Mobile US, Inc. 2.55% 2/15/2031 |  | 253 | 207 |
| Verizon Communications, Inc. 1.75% 1/20/2031 |  | 142 | 111 |
| Walt Disney Company 4.625% 3/23/2040 |  | 120 | 113 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>1</sup> |  | 56 | 46 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>1</sup> |  | 47 | 36 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>1</sup> |  | 88 | 64 |
|  |  |  | **2736** |
| **Utilities 0.23%** |  |  |  |
| AEP Transmission Co., LLC 3.80% 6/15/2049 |  | 45 | 35 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 |  | 25 | 27 |
| Edison International 4.125% 3/15/2028 |  | 132 | 123 |
| Edison International 6.95% 11/15/2029 |  | 25 | 26 |
| FirstEnergy Corp. 2.65% 3/1/2030 |  | 493 | 403 |
| FirstEnergy Corp. 2.25% 9/1/2030 |  | 107 | 85 |
| ITC Holdings Corp. 3.35% 11/15/2027 |  | 25 | 23 |
| Pacific Gas and Electric Co. 3.25% 2/16/2024 |  | 1025 | 1001 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 |  | 97 | 89 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 |  | 105 | 93 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 284 | 262 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 375 | 292 |
| Southern California Edison Co., Series C, 3.60% 2/1/2045 |  | 206 | 149 |
| Union Electric Co. 3.90% 4/1/2052 |  | 25 | 20 |
| WEC Energy Group, Inc. 5.15% 10/1/2027 |  | 25 | 25 |
|  |  |  | **2653** |

---

120 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials 0.20%** |  |  |  |
| AerCap Ireland Capital DAC 3.30% 1/30/2032 | USD | 150 | $118 |
| American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)<sup>12</sup> |  | 82 | 78 |
| Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)<sup>12</sup> |  | 40 | 39 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>12</sup> |  | 231 | 177 |
| Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)<sup>12</sup> |  | 84 | 80 |
| Charles Schwab Corp. 2.45% 3/3/2027 |  | 25 | 23 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)<sup>12</sup> |  | 35 | 28 |
| CME Group, Inc. 2.65% 3/15/2032 |  | 50 | 42 |
| Corebridge Financial, Inc. 3.85% 4/5/2029<sup>1</sup> |  | 180 | 164 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>1</sup> |  | 32 | 28 |
| Corebridge Financial, Inc. 4.35% 4/5/2042<sup>1</sup> |  | 7 | 6 |
| Corebridge Financial, Inc. 4.40% 4/5/2052<sup>1</sup> |  | 49 | 39 |
| Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)<sup>1,12</sup> |  | 250 | 257 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)<sup>1,12</sup> |  | 200 | 184 |
| Discover Financial Services 6.70% 11/29/2032 |  | 25 | 25 |
| Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031)<sup>12</sup> |  | 75 | 59 |
| Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)<sup>12</sup> |  | 40 | 33 |
| Intercontinental Exchange, Inc. 4.60% 3/15/2033 |  | 18 | 17 |
| Intercontinental Exchange, Inc. 4.95% 6/15/2052 |  | 16 | 15 |
| JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)<sup>12</sup> |  | 100 | 100 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>12</sup> |  | 40 | 39 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)<sup>12</sup> |  | 227 | 174 |
| JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)<sup>12</sup> |  | 17 | 14 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>12</sup> |  | 25 | 24 |
| Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)<sup>12</sup> |  | 20 | 19 |
| Navient Corp. 5.00% 3/15/2027 |  | 150 | 132 |
| New York Life Global Funding 3.00% 1/10/2028<sup>1</sup> |  | 150 | 138 |
| SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)<sup>12</sup> |  | 38 | 24 |
| Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)<sup>12</sup> |  | 45 | 44 |
| Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)<sup>12</sup> |  | 105 | 89 |
| Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)<sup>12</sup> |  | 35 | 33 |
|  |  |  | **2242** |
| **Consumer discretionary 0.19%** |  |  |  |
| Bayerische Motoren Werke AG 3.45% 4/1/2027<sup>1</sup> |  | 25 | 23 |
| Bayerische Motoren Werke AG 4.15% 4/9/2030<sup>1</sup> |  | 290 | 276 |
| Bayerische Motoren Werke AG 3.70% 4/1/2032<sup>1</sup> |  | 25 | 22 |
| Daimler Trucks Finance North America, LLC 1.125% 12/14/2023<sup>1</sup> |  | 495 | 476 |
| Daimler Trucks Finance North America, LLC 1.625% 12/13/2024<sup>1</sup> |  | 175 | 162 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>1</sup> |  | 150 | 126 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031<sup>1</sup> |  | 150 | 117 |
| Ford Motor Co. 2.30% 2/10/2025 |  | 200 | 183 |
| Ford Motor Credit Company, LLC 5.125% 6/16/2025 |  | 200 | 193 |
| Grand Canyon University 4.125% 10/1/2024 |  | 200 | 188 |
| McDonald's Corp. 4.60% 9/9/2032 |  | 15 | 15 |
| McDonald's Corp. 5.15% 9/9/2052 |  | 10 | 10 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>1</sup> |  | 160 | 172 |
| Toyota Motor Credit Corp. 5.40% 11/10/2025 |  | 228 | 232 |
|  |  |  | **2195** |
| **Industrials 0.10%** |  |  |  |
| Ashtead Capital, Inc. 5.50% 8/11/2032<sup>1</sup> |  | 200 | 192 |
| Boeing Company 4.508% 5/1/2023 |  | 270 | 270 |
| Boeing Company 2.75% 2/1/2026 |  | 91 | 84 |
| Boeing Company 3.625% 2/1/2031 |  | 280 | 246 |
| Boeing Company 5.805% 5/1/2050 |  | 95 | 89 |

---

American Funds Insurance Series 121

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 | USD | 78 | $65 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 102 | 69 |
| CSX Corp. 4.75% 11/15/2048 |  | 50 | 45 |
| CSX Corp. 4.50% 11/15/2052 |  | 35 | 31 |
| Lockheed Martin Corp. 5.10% 11/15/2027 |  | 19 | 19 |
| Masco Corp. 3.125% 2/15/2051 |  | 10 | 6 |
| Union Pacific Corp. 2.80% 2/14/2032 |  | 17 | 15 |
| Union Pacific Corp. 3.50% 2/14/2053 |  | 20 | 15 |
|  |  |  | **1146** |
| **Consumer staples 0.09%** |  |  |  |
| 7-Eleven, Inc. 0.80% 2/10/2024<sup>1</sup> |  | 50 | 48 |
| 7-Eleven, Inc. 1.30% 2/10/2028<sup>1</sup> |  | 30 | 25 |
| 7-Eleven, Inc. 1.80% 2/10/2031<sup>1</sup> |  | 207 | 159 |
| Altria Group, Inc. 3.875% 9/16/2046 |  | 22 | 15 |
| Altria Group, Inc. 3.70% 2/4/2051 |  | 28 | 18 |
| Anheuser-Busch InBev NV 4.50% 6/1/2050 |  | 20 | 18 |
| British American Tobacco PLC 4.70% 4/2/2027 |  | 105 | 101 |
| British American Tobacco PLC 4.448% 3/16/2028 |  | 150 | 139 |
| British American Tobacco PLC 4.54% 8/15/2047 |  | 82 | 58 |
| British American Tobacco PLC 4.758% 9/6/2049 |  | 121 | 88 |
| Kraft Heinz Company 3.00% 6/1/2026 |  | 93 | 87 |
| Kraft Heinz Company 4.875% 10/1/2049 |  | 170 | 148 |
| Kraft Heinz Company 5.50% 6/1/2050 |  | 75 | 72 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 43 | 43 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 23 | 23 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 16 | 16 |
|  |  |  | **1058** |
| **Information technology 0.07%** |  |  |  |
| Apple, Inc. 3.35% 8/8/2032 |  | 20 | 18 |
| Apple, Inc. 3.95% 8/8/2052 |  | 20 | 17 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>1</sup> |  | 3 | 3 |
| Broadcom, Inc. 4.15% 4/15/2032<sup>1</sup> |  | 11 | 10 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>1</sup> |  | 2 | 1 |
| Broadcom, Inc. 3.75% 2/15/2051<sup>1</sup> |  | 91 | 63 |
| Lenovo Group, Ltd. 5.875% 4/24/2025 |  | 400 | 390 |
| Oracle Corp. 2.875% 3/25/2031 |  | 64 | 53 |
| Oracle Corp. 3.60% 4/1/2050 |  | 150 | 102 |
| ServiceNow, Inc. 1.40% 9/1/2030 |  | 130 | 100 |
|  |  |  | **757** |
| **Materials 0.03%** |  |  |  |
| Celanese US Holdings, LLC 6.379% 7/15/2032 |  | 10 | 9 |
| Dow Chemical Co. 3.60% 11/15/2050 |  | 75 | 54 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027<sup>1</sup> |  | 100 | 84 |
| International Flavors & Fragrances, Inc. 3.468% 12/1/2050<sup>1</sup> |  | 10 | 7 |
| LYB International Finance III, LLC 3.625% 4/1/2051 |  | 102 | 69 |
| Nutrien, Ltd. 5.90% 11/7/2024 |  | 84 | 85 |
| South32 Treasury, Ltd. 4.35% 4/14/2032<sup>1</sup> |  | 10 | 9 |
|  |  |  | **317** |
| **Real estate 0.02%** |  |  |  |
| American Tower Corp. 4.05% 3/15/2032 |  | 11 | 10 |
| Equinix, Inc. 1.55% 3/15/2028 |  | 25 | 21 |
| Equinix, Inc. 3.20% 11/18/2029 |  | 144 | 125 |
| Equinix, Inc. 2.50% 5/15/2031 |  | 47 | 38 |
|  |  |  | **194** |
| **Total corporate bonds, notes & loans** |  |  | **19621** |

---

122 American Funds Insurance Series

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations 0.84%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/2027<sup>1,9</sup> | USD | 96 | $93 |
| American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/2027<sup>9</sup> |  | 100 | 98 |
| American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/2036<sup>1,9</sup> |  | 86 | 83 |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052<sup>1,9</sup> |  | 87 | 83 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052<sup>1,9</sup> |  | 100 | 95 |
| AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 4.958% 12/18/2025<sup>9,10</sup> |  | 132 | 132 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027<sup>1,9</sup> |  | 197 | 179 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027<sup>1,9</sup> |  | 100 | 90 |
| Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 2/20/2035<sup>1,9</sup> |  | 69 | 64 |
| CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 4.577% 9/15/2025<sup>9,10</sup> |  | 103 | 103 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>1,9</sup> |  | 354 | 317 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>1,9</sup> |  | 89 | 73 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060<sup>1,9</sup> |  | 91 | 79 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060<sup>1,9</sup> |  | 91 | 72 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>1,9</sup> |  | 319 | 276 |
| CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062<sup>1,9</sup> |  | 493 | 483 |
| Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/2024<sup>9</sup> |  | 36 | 36 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/2024<sup>9</sup> |  | 44 | 44 |
| FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039<sup>1,9</sup> |  | 131 | 123 |
| Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.407% 2/15/2025<sup>9,10</sup> |  | 70 | 70 |
| Freedom Financial, Series 2022-1FP, Class A, 0.94% 3/19/2029<sup>1,9</sup> |  | 7 | 7 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>1,9</sup> |  | 506 | 447 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046<sup>1,9</sup> |  | 85 | 72 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039<sup>1,9</sup> |  | 133 | 125 |
| GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 4.536% 10/21/2024<sup>9,10</sup> |  | 76 | 76 |
| GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.408% 9/16/2025<sup>9,10</sup> |  | 78 | 78 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035<sup>1,9</sup> |  | 184 | 188 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>1,9</sup> |  | 247 | 228 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>1,9</sup> |  | 100 | 92 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>1,9</sup> |  | 268 | 234 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>1,9</sup> |  | 100 | 86 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>1,9</sup> |  | 100 | 83 |
| Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 4.387% 5/15/2025<sup>9,10</sup> |  | 100 | 100 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069<sup>1,9</sup> |  | 46 | 40 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>1,9</sup> |  | 143 | 122 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>1,9</sup> |  | 211 | 187 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>1,9</sup> |  | 423 | 376 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/2062<sup>1,9,10</sup> |  | 218 | 212 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>1,9</sup> |  | 935 | 792 |
| Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/2024<sup>9</sup> |  | 199 | 194 |
| Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 4.487% 8/15/2024<sup>9,10</sup> |  | 236 | 236 |
| OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/2027<sup>1,9</sup> |  | 100 | 92 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031<sup>1,9</sup> |  | 100 | 87 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027<sup>1,9</sup> |  | 100 | 98 |
| Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/2025<sup>9</sup> |  | 158 | 158 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026<sup>9</sup> |  | 577 | 578 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053<sup>1,9</sup> |  | 73 | 62 |

---

American Funds Insurance Series 123

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>1,9</sup> | USD | 211 | $188 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034<sup>1,9,10</sup> |  | 335 | 297 |
| Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 4.377% 8/15/2025<sup>9,10</sup> |  | 27 | 27 |
| Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)<sup>9,12</sup> |  | 160 | 157 |
| Verizon Master Trust, Series 2022-7, Class A1A, 5.23% 11/22/2027 (5.98% on 11/20/2024)<sup>9,12</sup> |  | 451 | 454 |
| Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/2024<sup>9</sup> |  | 102 | 100 |
| Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/2025<sup>1,9</sup> |  | 492 | 487 |
| Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/2026<sup>1,9</sup> |  | 80 | 79 |
| Westlake Automobile Receivables Trust, Series 2022-3, Class B, 5.99% 12/15/2027<sup>1,9</sup> |  | 100 | 100 |
|  |  |  | **9532** |
| **Bonds & notes of governments & government agencies outside the U.S. 0.07%** |  |  |  |
| Peru (Republic of) 2.783% 1/23/2031 |  | 190 | 158 |
| Portuguese Republic 5.125% 10/15/2024 |  | 18 | 18 |
| Qatar (State of) 4.50% 4/23/2028 |  | 200 | 201 |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028 |  | 200 | 191 |
| United Mexican States 3.25% 4/16/2030 |  | 200 | 175 |
|  |  |  | **743** |
| **Municipals 0.02%** |  |  |  |
| **California 0.00%** |  |  |  |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 |  | **15** | **12** |
| **Illinois 0.02%** |  |  |  |
| G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 |  | **225** | **216** |
| **Total municipals** |  |  | **228** |
| **Total bonds, notes & other debt instruments** (cost: $218,921,000) |  |  | **207479** |
| **Short-term securities 7.36%** |  | Shares |  |
| **Money market investments 6.84%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>6,13</sup> |  | **779601** | **77952** |
| **Money market investments purchased with collateral from securities on loan 0.52%** |  |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>13,14</sup> |  | 2241328 | 2241 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>13,14</sup> |  | 1944356 | 1945 |
| Capital Group Central Cash Fund 4.31%<sup>6,13,14</sup> |  | 17119 | 1712 |
|  |  |  | **5898** |
| **Total short-term securities** (cost: $83,839,000) |  |  | **83850** |
| **Total investment securities 102.99%** (cost: $1,046,428,000) |  |  | **1173072** |
| Other assets less liabilities (2.99)% |  |  | (34006) |
| **Net assets 100.00%** |  |  | $**1139066** |

---

124 American Funds Insurance Series

Capital Income Builder (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000)** |
| 2 Year U.S. Treasury Note Futures | Long | 203 | March 2023 | USD | 41631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| 5 Year U.S. Treasury Note Futures | Long | 357 | March 2023 |  | 38531 | (52) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 7 | March 2023 |  | 828 | (12) |
| 10 Year U.S. Treasury Note Futures | Short | 14 | March 2023 |  | (1572) | 11 |
| 20 Year U.S. Treasury Bond Futures | Long | 9 | March 2023 |  | 1128 | (13) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 61 | March 2023 |  | 8193 | (62) |
|  |  |  |  |  |  | $(79) |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** |<br>**Notional<br> amount<br> (000)** |<br>**Value at<br> 12/31/2022<br> (000)** | **Upfront**<br>**premium<br> paid<br> (000)** | **Unrealized<br> (depreciation)**<br>**appreciation<br> at 12/31/2022<br> (000)** |
| 3.52647% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD5,215 | $(90) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(90) |
| 3.5291% | Annual | U.S. EFFR | Annual | 6/16/2024 | 5635 | (98) |  | (98) |
| 3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | 5600 | (99) |  | (99) |
| 3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | 898 | (17) |  | (17) |
| 3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | 4100 | (76) |  | (76) |
| 3-month USD-LIBOR | Quarterly | 0.5935% | Semi-annual | 5/18/2030 | 7200 | 1512 |  | 1512 |
| 3-month USD-LIBOR | Quarterly | 0.807% | Semi-annual | 5/18/2050 | 805 | 388 |  | 388 |
|  |  |  |  |  |  | $1520 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1520 |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — sell protection**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financing<br> rate received** | **Payment<br> frequency** | **Reference<br> index** | **Expiration<br> date** | **Notional**<br> **amount**<br> **(000)** | **<sup>15</sup>** <br>| **Value at<br> 12/31/2022<br> (000)** | **<sup>16</sup>** <br>| **Upfront<br> premium<br> paid<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| 5.00% | Quarterly | CDX.NA.HY.38 | 6/20/2027 | USD6,138 |  | $127 |  | $174 | $(47) |

---

American Funds Insurance Series 125

Capital Income Builder (continued)

**Investments in affiliates<sup>6</sup>**

**** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> (depreciation)<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Investment funds 2.46%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $30304 | $6708 | $3076 | $(677) | $(5200) | $28059 | $900 |
| **Short-term securities 6.99%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 6.84%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>13</sup> | 42892 | 254586 | 219519 | (14) | 7 | 77952 | 1714 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.15%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>13,14</sup> | 1954 |  | 242<sup>17</sup> |  |  | 1712 | —<sup>18</sup> |
| **Total short-term securities** |  |  |  |  |  | 79664 |  |
| **Total 9.45%** |  |  |  | $(691) | $(5193) | $107723 | $2614 |

---

<sup>1</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $20,234,000, which represented 1.78% of the net assets of the fund.

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Security did not produce income during the last 12 months.

<sup>4</sup> Amount less than one thousand.

<sup>5</sup> All or a portion of this security was on loan. The total value of all such securities was $6,251,000, which represented .55% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>6</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>7</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,982,000, which represented .17% of the net assets of the fund.

<sup>8</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>9</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>10</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>11</sup> Purchased on a TBA basis.

<sup>12</sup> Step bond; coupon rate may change at a later date.

<sup>13</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>14</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>15</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>16</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

<sup>17</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>18</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

Assn. = Association

CAD = Canadian dollars

CDI = CREST Depository Interest

CME = CME Group

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

G.O. = General Obligation

GBP = British pounds

GDR = Global Depositary Receipts

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

126 American Funds Insurance Series

Asset Allocation Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 67.78%** | Shares | Value<br> (000) |
| **Health care 13.40%** |  |  |
| UnitedHealth Group, Inc. | 929300 | $492696 |
| Johnson & Johnson | 2030000 | 358600 |
| Pfizer, Inc. | 5493542 | 281489 |
| Humana, Inc. | 500000 | 256095 |
| Gilead Sciences, Inc. | 2665000 | 228790 |
| Cigna Corp. | 650000 | 215371 |
| AbbVie, Inc. | 1221978 | 197484 |
| Abbott Laboratories | 1600000 | 175664 |
| Eli Lilly and Company | 400469 | 146508 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 505500 | 145978 |
| CVS Health Corp. | 1453100 | 135414 |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 187220 | 135077 |
| Centene Corp.<sup>1</sup> | 1235513 | 101324 |
| Bristol-Myers Squibb Company | 1374818 | 98918 |
| AstraZeneca PLC | 461000 | 62565 |
| AstraZeneca PLC (ADR) | 249881 | 16942 |
| Thermo Fisher Scientific, Inc. | 116000 | 63880 |
| Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 261834 | 62225 |
| Novo Nordisk A/S, Class B | 246400 | 33363 |
| AbCellera Biologics, Inc.<sup>1,2</sup> | 2871293 | 29086 |
| Seagen, Inc.<sup>1</sup> | 170500 | 21911 |
| Rotech Healthcare, Inc.<sup>1,3,4</sup> | 184138 | 19703 |
| Elevance Health, Inc. | 37542 | 19258 |
| Zoetis, Inc., Class A | 95618 | 14013 |
| Karuna Therapeutics, Inc.<sup>1</sup> | 57100 | 11220 |
|  |  | **3323574** |
| **Consumer discretionary 9.59%** |  |  |
| Aramark | 11375152 | 470249 |
| Home Depot, Inc. | 1206200 | 380990 |
| General Motors Company | 6575000 | 221183 |
| Booking Holdings, Inc.<sup>1</sup> | 87604 | 176546 |
| Lennar Corp., Class A | 1357800 | 122881 |
| Dollar General Corp. | 493075 | 121420 |
| LVMH Moët Hennessy-Louis Vuitton SE | 165700 | 120372 |
| Amazon.com, Inc.<sup>1</sup> | 1340400 | 112594 |
| Target Corp. | 750000 | 111780 |
| Etsy, Inc.<sup>1</sup> | 840578 | 100684 |
| Entain PLC | 6000000 | 96202 |
| Burlington Stores, Inc.<sup>1</sup> | 431484 | 87488 |
| D.R. Horton, Inc. | 870000 | 77552 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 1014324 | 50138 |
| YUM! Brands, Inc. | 277000 | 35478 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 185000 | 26166 |
| YETI Holdings, Inc.<sup>1</sup> | 495471 | 20468 |
| Darden Restaurants, Inc. | 142000 | 19643 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 9709 | 13471 |
| Li Auto, Inc., Class A (ADR)<sup>1,2</sup> | 350694 | 7154 |
| Xpeng, Inc., Class A (ADR)<sup>1,2</sup> | 703800 | 6996 |
|  |  | **2379455** |
| **Financials 9.21%** |  |  |
| Aon PLC, Class A | 807600 | 242393 |
| Chubb, Ltd. | 800000 | 176480 |
| Apollo Asset Management, Inc. | 2630627 | 167808 |
| Synchrony Financial | 4100000 | 134726 |
| JPMorgan Chase & Co. | 973100 | 130493 |
| First Republic Bank | 1000000 | 121890 |
| Bank of America Corp. | 3000000 | 99360 |
| Arthur J. Gallagher & Co. | 476724 | 89881 |
| Capital One Financial Corp. | 850000 | 79016 |
| Blue Owl Capital, Inc., Class A<sup>2</sup> | 7085161 | 75103 |

---

American Funds Insurance Series 127

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Financials (continued)** |  |  |
| Goldman Sachs Group, Inc. | 213000 | $73140 |
| Ares Management Corp., Class A | 1015403 | 69494 |
| KKR & Co., Inc. | 1497000 | 69491 |
| Nasdaq, Inc. | 1098300 | 67381 |
| Charles Schwab Corp. | 801126 | 66702 |
| CME Group, Inc., Class A | 380200 | 63934 |
| Discover Financial Services | 600000 | 58698 |
| Toronto-Dominion Bank (CAD denominated)<sup>2</sup> | 885700 | 57348 |
| SLM Corp. | 3345000 | 55527 |
| Intercontinental Exchange, Inc. | 538487 | 55243 |
| Blackstone, Inc., nonvoting shares | 737500 | 54715 |
| S&P Global, Inc. | 118700 | 39757 |
| Brookfield Corp., Class A | 1260000 | 39640 |
| The Bank of N.T. Butterfield & Son, Ltd. | 1120585 | 33405 |
| Morgan Stanley | 339372 | 28853 |
| Antin Infrastructure Partners SA | 1243300 | 27033 |
| EQT AB | 1250263 | 26646 |
| Wells Fargo & Company | 570000 | 23535 |
| Progressive Corp. | 105000 | 13620 |
| Bridgepoint Group PLC | 5809554 | 13461 |
| OneMain Holdings, Inc. | 300000 | 9993 |
| Brookfield Asset Management, Ltd., Class A | 315000 | 9031 |
| Islandsbanki hf. | 9555235 | 8073 |
| Jonah Energy Parent, LLC<sup>3</sup> | 32117 | 1899 |
| Sberbank of Russia PJSC<sup>1,3</sup> | 8880000 | —<sup>5</sup> |
|  |  | **2283769** |
| **Information technology 8.88%** |  |  |
| Microsoft Corp. | 3355454 | 804705 |
| Broadcom, Inc. | 1249134 | 698428 |
| ASML Holding NV (New York registered) (ADR) | 316764 | 173080 |
| MKS Instruments, Inc. | 1600000 | 135568 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 1275000 | 94975 |
| Mastercard, Inc., Class A | 195977 | 68147 |
| NVIDIA Corp. | 332696 | 48620 |
| MediaTek, Inc. | 1463000 | 29717 |
| Oracle Corp. | 321820 | 26306 |
| Paychex, Inc. | 205595 | 23759 |
| GoDaddy, Inc., Class A<sup>1</sup> | 281000 | 21024 |
| Apple, Inc. | 150000 | 19490 |
| KLA Corp. | 49000 | 18474 |
| MicroStrategy, Inc., Class A<sup>1</sup> | 96100 | 13605 |
| Applied Materials, Inc. | 135000 | 13146 |
| Snowflake, Inc., Class A<sup>1</sup> | 85810 | 12317 |
|  |  | **2201361** |
| **Consumer staples 6.59%** |  |  |
| Philip Morris International, Inc. | 9438592 | 955280 |
| Nestlé SA | 1954200 | 225682 |
| Archer Daniels Midland Company | 1880000 | 174558 |
| British American Tobacco PLC (ADR) | 2634146 | 105313 |
| British American Tobacco PLC | 1080000 | 42849 |
| Altria Group, Inc. | 1570000 | 71764 |
| Avenue Supermarts, Ltd.<sup>1</sup> | 970539 | 47566 |
| Costco Wholesale Corp. | 26000 | 11869 |
|  |  | **1634881** |
| **Industrials 6.22%** |  |  |
| Northrop Grumman Corp. | 933553 | 509356 |
| Lockheed Martin Corp. | 474900 | 231034 |
| L3Harris Technologies, Inc. | 1094000 | 227782 |
| Boeing Company<sup>1</sup> | 1039506 | 198015 |

---

128 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Industrials (continued)** |  |  |
| Caterpillar, Inc. | 618000 | $148048 |
| CSX Corp. | 2628369 | 81427 |
| Raytheon Technologies Corp. | 395000 | 39863 |
| General Electric Co. | 288000 | 24132 |
| Huntington Ingalls Industries, Inc. | 100000 | 23068 |
| AMETEK, Inc. | 140000 | 19561 |
| Chart Industries, Inc.<sup>1</sup> | 130200 | 15003 |
| Copart, Inc.<sup>1</sup> | 232000 | 14126 |
| Storskogen Group AB, Class B | 16853587 | 12088 |
|  |  | **1543503** |
| **Communication services 4.72%** |  |  |
| Alphabet, Inc., Class C<sup>1</sup> | 2992500 | 265525 |
| Alphabet, Inc., Class A<sup>1</sup> | 1269460 | 112004 |
| Charter Communications, Inc., Class A<sup>1</sup> | 821000 | 278401 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 1777348 | 213886 |
| Netflix, Inc.<sup>1</sup> | 384527 | 113390 |
| Comcast Corp., Class A | 2874400 | 100518 |
| ZoomInfo Technologies, Inc.<sup>1</sup> | 1747900 | 52629 |
| Activision Blizzard, Inc. | 400000 | 30620 |
| Electronic Arts, Inc. | 35000 | 4276 |
|  |  | **1171249** |
| **Energy 4.12%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)<sup>2</sup> | 7515800 | 417366 |
| Pioneer Natural Resources Company | 752000 | 171749 |
| ConocoPhillips | 1252000 | 147736 |
| Cenovus Energy, Inc. (CAD denominated) | 7500000 | 145513 |
| Hess Corp. | 400000 | 56728 |
| Chevron Corp. | 270000 | 48462 |
| TC Energy Corp. | 631700 | 25180 |
| Equitrans Midstream Corp. | 718490 | 4814 |
| Diamond Offshore Drilling, Inc.<sup>1</sup> | 266381 | 2770 |
| Altera Infrastructure, LP<sup>1,3</sup> | 6273 | 497 |
| Constellation Oil Services Holding SA, Class B-1<sup>1,3</sup> | 480336 | 53 |
| McDermott International, Ltd.<sup>1</sup> | 30762 | 10 |
| Bighorn Permian Resources, LLC<sup>3</sup> | 4392 | —<sup>5</sup> |
|  |  | **1020878** |
| **Materials 3.45%** |  |  |
| Corteva, Inc. | 4365508 | 256605 |
| Mosaic Co. | 1940000 | 85108 |
| Linde PLC | 256541 | 83678 |
| Royal Gold, Inc. | 700000 | 78904 |
| Wheaton Precious Metals Corp. | 1785000 | 69758 |
| Nucor Corp. | 500000 | 65905 |
| Franco-Nevada Corp. | 347089 | 47313 |
| First Quantum Minerals, Ltd. | 2100000 | 43877 |
| ATI, Inc.<sup>1</sup> | 1350000 | 40311 |
| Vale SA, ordinary nominative shares | 1750000 | 29460 |
| Nutrien, Ltd. (CAD denominated) | 400272 | 29222 |
| Lundin Mining Corp.<sup>2</sup> | 4320000 | 26513 |
|  |  | **856654** |
| **Real estate 0.96%** |  |  |
| VICI Properties, Inc. REIT | 2769449 | 89730 |
| Gaming and Leisure Properties, Inc. REIT | 1593566 | 83009 |
| Equinix, Inc. REIT | 63445 | 41559 |
| Crown Castle, Inc. REIT | 166000 | 22516 |
|  |  | **236814** |

---

American Funds Insurance Series 129

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Common stocks** (continued) | Shares | Shares | Value <br> (000) |
| **Utilities 0.64%** |  |  |  |
| CenterPoint Energy, Inc. |  | 1717846 | $51518 |
| Exelon Corp. |  | 779231 | 33686 |
| AES Corp. |  | 983067 | 28273 |
| Sempra Energy |  | 132039 | 20405 |
| FirstEnergy Corp. |  | 307000 | 12876 |
| Constellation Energy Corp. |  | 138666 | 11955 |
|  |  |  | **158713** |
| **Total common stocks** (cost: $11,870,390,000) |  |  | **16810851** |
| **Preferred securities 0.00%** |  |  |  |
| **Industrials 0.00%** |  |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares<sup>1,3,6</sup> |  | **450** | **189** |
| **Total preferred securities** (cost: $466,000) |  |  | **189** |
| **Rights & warrants 0.00%** |  |  |  |
| **Energy 0.00%** |  |  |  |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071<sup>1,3</sup> |  | **4** | **—** **<sup>5</sup>** |
| **Total rights & warrants** (cost: $0) |  |  | **—** **<sup>5</sup>** |
| **Convertible stocks 0.26%** |  |  |  |
| **Health care 0.26%** |  |  |  |
| Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 7/9/2024<sup>3,4</sup> |  | **50000** | **63388** |
| **Total convertible stocks** (cost: $50,000,000) |  |  | **63388** |
| **Investment funds 5.51%** |  |  |  |
| Capital Group Central Corporate Bond Fund<sup>7</sup> |  | **167745028** | **1367122** |
| **Total investment funds** (cost: $1,676,023,000) |  |  | **1367122** |
| **Bonds, notes & other debt instruments 21.72%** | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Mortgage-backed obligations 7.58%** |  |  |  |
| **Federal agency mortgage-backed obligations 7.02%** |  |  |  |
| Fannie Mae Pool #AD7072 4.00% 6/1/2025<sup>8</sup> | USD | 2 | 2 |
| Fannie Mae Pool #AE2321 4.00% 8/1/2025<sup>8</sup> |  | 1 | 1 |
| Fannie Mae Pool #AE3069 4.00% 9/1/2025<sup>8</sup> |  | 1 | 1 |
| Fannie Mae Pool #AH0829 4.00% 1/1/2026<sup>8</sup> |  | 1 | 1 |
| Fannie Mae Pool #AH6431 4.00% 2/1/2026<sup>8</sup> |  | 168 | 165 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026<sup>8</sup> |  | 2 | 1 |
| Fannie Mae Pool #890329 4.00% 4/1/2026<sup>8</sup> |  | 27 | 26 |
| Fannie Mae Pool #MA1109 4.00% 5/1/2027<sup>8</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA3653 3.00% 3/1/2029<sup>8</sup> |  | 13 | 12 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029<sup>8</sup> |  | 185 | 181 |
| Fannie Mae Pool #254767 5.50% 6/1/2033<sup>8</sup> |  | 208 | 214 |
| Fannie Mae Pool #555956 5.50% 12/1/2033<sup>8</sup> |  | 131 | 135 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034<sup>8</sup> |  | 411 | 403 |
| Fannie Mae Pool #BN3172 4.00% 1/1/2034<sup>8</sup> |  | 162 | 158 |
| Fannie Mae Pool #929185 5.50% 1/1/2036<sup>8</sup> |  | 383 | 396 |
| Fannie Mae Pool #893641 6.00% 9/1/2036<sup>8</sup> |  | 776 | 811 |
| Fannie Mae Pool #893688 6.00% 10/1/2036<sup>8</sup> |  | 164 | 171 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036<sup>8</sup> |  | 5967 | 5542 |
| Fannie Mae Pool #907239 6.00% 12/1/2036<sup>8</sup> |  | 54 | 56 |
| Fannie Mae Pool #928031 6.00% 1/1/2037<sup>8</sup> |  | 63 | 65 |
| Fannie Mae Pool #888292 6.00% 3/1/2037<sup>8</sup> |  | 547 | 571 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037<sup>8</sup> |  | 111 | 114 |

---

130 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #190379 5.50% 5/1/2037<sup>8</sup> | USD | 55 | $57 |
| Fannie Mae Pool #924952 6.00% 8/1/2037<sup>8</sup> |  | 865 | 903 |
| Fannie Mae Pool #888637 6.00% 9/1/2037<sup>8</sup> |  | 10 | 10 |
| Fannie Mae Pool #995674 6.00% 5/1/2038<sup>8</sup> |  | 310 | 324 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038<sup>8</sup> |  | 938 | 984 |
| Fannie Mae Pool #995224 6.00% 9/1/2038<sup>8</sup> |  | 8 | 8 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038<sup>8</sup> |  | 286 | 298 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038<sup>8</sup> |  | 196 | 201 |
| Fannie Mae Pool #889983 6.00% 10/1/2038<sup>8</sup> |  | 18 | 19 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038<sup>8</sup> |  | 689 | 717 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038<sup>8</sup> |  | 110 | 114 |
| Fannie Mae Pool #995391 6.00% 11/1/2038<sup>8</sup> |  | 14 | 15 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039<sup>8</sup> |  | —<sup>5</sup> | —<sup>5</sup> |
| Fannie Mae Pool #AL0309 6.00% 1/1/2040<sup>8</sup> |  | 62 | 65 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040<sup>8</sup> |  | 182 | 190 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041<sup>8</sup> |  | 242 | 248 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041<sup>8</sup> |  | 413 | 428 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041<sup>8</sup> |  | 7655 | 6462 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>8</sup> |  | 8791 | 7421 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042<sup>8</sup> |  | 22809 | 18688 |
| Fannie Mae Pool #MA4520 2.00% 1/1/2042<sup>8</sup> |  | 14931 | 12603 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042<sup>8</sup> |  | 3155 | 2956 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043<sup>8</sup> |  | 2218 | 2169 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043<sup>8</sup> |  | 1262 | 1234 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043<sup>8</sup> |  | 1052 | 1015 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045<sup>8</sup> |  | 5278 | 4945 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>8</sup> |  | 8847 | 8192 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045<sup>8</sup> |  | 1320 | 1231 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046<sup>8</sup> |  | 2806 | 2610 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046<sup>8</sup> |  | 113 | 109 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046<sup>8</sup> |  | 373 | 335 |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046<sup>8</sup> |  | 1322 | 1263 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046<sup>8</sup> |  | 1482 | 1375 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047<sup>8</sup> |  | 2160 | 2005 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047<sup>8</sup> |  | 470 | 421 |
| Fannie Mae Pool #256975 7.00% 10/1/2047<sup>8</sup> |  | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047<sup>8</sup> |  | 1522 | 1415 |
| Fannie Mae Pool #257036 7.00% 11/1/2047<sup>8</sup> |  | 6 | 7 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047<sup>8</sup> |  | 2648 | 2535 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048<sup>8</sup> |  | 11 | 10 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048<sup>8</sup> |  | 11 | 11 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048<sup>8</sup> |  | 16898 | 15676 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>8</sup> |  | 2314 | 2144 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049<sup>8</sup> |  | 1745 | 1556 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050<sup>8</sup> |  | 2353 | 1999 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>8</sup> |  | 5666 | 4869 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>8</sup> |  | 12778 | 11002 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050<sup>8</sup> |  | 1607 | 1386 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050<sup>8</sup> |  | 14598 | 13142 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051<sup>8</sup> |  | 4022 | 3458 |
| Fannie Mae Pool #CA9291 2.50% 2/1/2051<sup>8</sup> |  | 52 | 44 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051<sup>8</sup> |  | 666 | 565 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>8</sup> |  | 4822 | 3945 |
| Fannie Mae Pool #FM7741 2.50% 5/1/2051<sup>8</sup> |  | 816 | 693 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051<sup>8</sup> |  | 4876 | 4347 |
| Fannie Mae Pool #FM8436 2.50% 9/1/2051<sup>8</sup> |  | 45 | 39 |
| Fannie Mae Pool #CB1810 3.00% 10/1/2051<sup>8</sup> |  | 165 | 145 |
| Fannie Mae Pool #BU0616 2.50% 11/1/2051<sup>8</sup> |  | 49 | 42 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051<sup>8</sup> |  | 9882 | 8696 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>8</sup> |  | 17352 | 14835 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>8</sup> |  | 10959 | 9290 |

---

American Funds Insurance Series 131

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051<sup>8</sup> | USD | 7995 | $6825 |
| Fannie Mae Pool #BU8372 2.50% 12/1/2051<sup>8</sup> |  | 955 | 812 |
| Fannie Mae Pool #CB2323 2.50% 12/1/2051<sup>8</sup> |  | 947 | 805 |
| Fannie Mae Pool #CB2312 2.50% 12/1/2051<sup>8</sup> |  | 366 | 311 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051<sup>8</sup> |  | 196 | 168 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051<sup>8</sup> |  | 94 | 81 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051<sup>8</sup> |  | 95 | 81 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051<sup>8</sup> |  | 93 | 80 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052<sup>8</sup> |  | 12638 | 10713 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052<sup>8</sup> |  | 13050 | 11488 |
| Fannie Mae Pool #FS0303 3.00% 1/1/2052<sup>8</sup> |  | 978 | 859 |
| Fannie Mae Pool #CB3666 2.50% 2/1/2052<sup>8</sup> |  | 24794 | 21026 |
| Fannie Mae Pool #FS0546 2.50% 2/1/2052<sup>8</sup> |  | 11820 | 10020 |
| Fannie Mae Pool #BV4367 2.50% 2/1/2052<sup>8</sup> |  | 818 | 695 |
| Fannie Mae Pool #FS0613 2.50% 2/1/2052<sup>8</sup> |  | 736 | 625 |
| Fannie Mae Pool #BV9531 2.50% 2/1/2052<sup>8</sup> |  | 721 | 612 |
| Fannie Mae Pool #BU8226 2.50% 2/1/2052<sup>8</sup> |  | 612 | 520 |
| Fannie Mae Pool #BV4259 2.50% 2/1/2052<sup>8</sup> |  | 596 | 507 |
| Fannie Mae Pool #BV3216 2.50% 2/1/2052<sup>8</sup> |  | 487 | 413 |
| Fannie Mae Pool #BU7298 2.50% 2/1/2052<sup>8</sup> |  | 361 | 306 |
| Fannie Mae Pool #BV0307 2.50% 2/1/2052<sup>8</sup> |  | 75 | 63 |
| Fannie Mae Pool #BV3495 2.50% 2/1/2052<sup>8</sup> |  | 64 | 55 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>8</sup> |  | 67926 | 60633 |
| Fannie Mae Pool #CB2896 3.00% 2/1/2052<sup>8</sup> |  | 7625 | 6703 |
| Fannie Mae Pool #CB5013 2.50% 3/1/2052<sup>8</sup> |  | 3992 | 3392 |
| Fannie Mae Pool #BV6631 2.50% 3/1/2052<sup>8</sup> |  | 921 | 782 |
| Fannie Mae Pool #BV8086 2.50% 3/1/2052<sup>8</sup> |  | 596 | 508 |
| Fannie Mae Pool #BT8111 2.50% 3/1/2052<sup>8</sup> |  | 593 | 503 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052<sup>8</sup> |  | 525 | 446 |
| Fannie Mae Pool #BU8885 2.50% 3/1/2052<sup>8</sup> |  | 507 | 431 |
| Fannie Mae Pool #FS0831 3.00% 3/1/2052<sup>8</sup> |  | 16034 | 14095 |
| Fannie Mae Pool #CB3170 3.00% 3/1/2052<sup>8</sup> |  | 7000 | 6156 |
| Fannie Mae Pool #CB3410 3.00% 3/1/2052<sup>8</sup> |  | 158 | 139 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>8</sup> |  | 31872 | 27036 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052<sup>8</sup> |  | 966 | 820 |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052<sup>8</sup> |  | 873 | 741 |
| Fannie Mae Pool #BV2996 2.50% 4/1/2052<sup>8</sup> |  | 814 | 691 |
| Fannie Mae Pool #CB3351 2.50% 4/1/2052<sup>8</sup> |  | 739 | 628 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052<sup>8</sup> |  | 730 | 620 |
| Fannie Mae Pool #FS1922 2.50% 4/1/2052<sup>8</sup> |  | 716 | 608 |
| Fannie Mae Pool #BV8569 2.50% 4/1/2052<sup>8</sup> |  | 683 | 580 |
| Fannie Mae Pool #BV7698 2.50% 4/1/2052<sup>8</sup> |  | 620 | 526 |
| Fannie Mae Pool #BV7717 2.50% 4/1/2052<sup>8</sup> |  | 593 | 504 |
| Fannie Mae Pool #BU8933 3.00% 4/1/2052<sup>8</sup> |  | 1825 | 1604 |
| Fannie Mae Pool #CB3364 3.00% 4/1/2052<sup>8</sup> |  | 457 | 402 |
| Fannie Mae Pool #BU8825 2.50% 5/1/2052<sup>8</sup> |  | 1018 | 864 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052<sup>8</sup> |  | 885 | 752 |
| Fannie Mae Pool #BV9818 2.50% 5/1/2052<sup>8</sup> |  | 790 | 672 |
| Fannie Mae Pool #BW0160 2.50% 5/1/2052<sup>8</sup> |  | 665 | 565 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052<sup>8</sup> |  | 162 | 137 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052<sup>8</sup> |  | 89 | 76 |
| Fannie Mae Pool #FS1877 3.00% 5/1/2052<sup>8</sup> |  | 5704 | 5012 |
| Fannie Mae Pool #BV7238 3.00% 5/1/2052<sup>8</sup> |  | 1886 | 1658 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>8</sup> |  | 1867 | 1640 |
| Fannie Mae Pool #BT7819 3.00% 5/1/2052<sup>8</sup> |  | 138 | 121 |
| Fannie Mae Pool #BW1436 4.50% 5/1/2052<sup>8</sup> |  | 3137 | 3023 |
| Fannie Mae Pool #MA4624 3.00% 6/1/2052<sup>8</sup> |  | 1431 | 1257 |
| Fannie Mae Pool #BW2935 3.00% 6/1/2052<sup>8</sup> |  | 747 | 657 |
| Fannie Mae Pool #BW1449 3.00% 6/1/2052<sup>8</sup> |  | 400 | 352 |
| Fannie Mae Pool #BV9701 3.00% 6/1/2052<sup>8</sup> |  | 114 | 100 |
| Fannie Mae Pool #BW5663 4.50% 6/1/2052<sup>8</sup> |  | 2906 | 2800 |

---

132 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB4534 4.50% 6/1/2052<sup>8</sup> | USD | 2080 | $2004 |
| Fannie Mae Pool #FS2239 2.50% 7/1/2052<sup>8</sup> |  | 10586 | 8987 |
| Fannie Mae Pool #MA4652 2.50% 7/1/2052<sup>8</sup> |  | 7000 | 5940 |
| Fannie Mae Pool #BV7868 2.50% 7/1/2052<sup>8</sup> |  | 996 | 845 |
| Fannie Mae Pool #BV2584 2.50% 7/1/2052<sup>8</sup> |  | 602 | 510 |
| Fannie Mae Pool #BW5528 2.50% 7/1/2052<sup>8</sup> |  | 525 | 445 |
| Fannie Mae Pool #BW6043 2.50% 7/1/2052<sup>8</sup> |  | 62 | 53 |
| Fannie Mae Pool #BW5579 3.50% 7/1/2052<sup>8</sup> |  | 2000 | 1819 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>8</sup> |  | 1519 | 1427 |
| Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>8</sup> |  | 125 | 120 |
| Fannie Mae Pool #MA4743 2.50% 8/1/2052<sup>8</sup> |  | 6986 | 5925 |
| Fannie Mae Pool #BW7293 3.50% 8/1/2052<sup>8</sup> |  | 3000 | 2729 |
| Fannie Mae Pool #CB4363 3.50% 8/1/2052<sup>8</sup> |  | 960 | 874 |
| Fannie Mae Pool #BV7903 3.50% 8/1/2052<sup>8</sup> |  | 200 | 182 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>8</sup> |  | 1924 | 1807 |
| Fannie Mae Pool #BW7302 4.00% 8/1/2052<sup>8</sup> |  | 289 | 272 |
| Fannie Mae Pool #BW4199 4.50% 8/1/2052<sup>8</sup> |  | 2996 | 2887 |
| Fannie Mae Pool #BW3035 4.50% 8/1/2052<sup>8</sup> |  | 2532 | 2440 |
| Fannie Mae Pool #BW5789 4.50% 8/1/2052<sup>8</sup> |  | 999 | 963 |
| Fannie Mae Pool #BW6395 4.50% 8/1/2052<sup>8</sup> |  | 999 | 962 |
| Fannie Mae Pool #BW7349 3.00% 9/1/2052<sup>8</sup> |  | 1886 | 1658 |
| Fannie Mae Pool #BW7780 3.00% 9/1/2052<sup>8</sup> |  | 219 | 192 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>8</sup> |  | 56336 | 52898 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>8</sup> |  | 1648 | 1547 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>8</sup> |  | 1429 | 1342 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>8</sup> |  | 1353 | 1271 |
| Fannie Mae Pool #MA4733 4.50% 9/1/2052<sup>8</sup> |  | 12197 | 11752 |
| Fannie Mae Pool #BV0957 4.50% 9/1/2052<sup>8</sup> |  | 3075 | 2962 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052<sup>8</sup> |  | 2185 | 2105 |
| Fannie Mae Pool #BW1201 5.00% 9/1/2052<sup>8</sup> |  | 2361 | 2331 |
| Fannie Mae Pool #MA4824 2.50% 10/1/2052<sup>8</sup> |  | 94 | 80 |
| Fannie Mae Pool #MA4782 3.50% 10/1/2052<sup>8</sup> |  | 3000 | 2729 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>8</sup> |  | 5340 | 5014 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>8</sup> |  | 4034 | 3788 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>8</sup> |  | 3356 | 3151 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>8</sup> |  | 1444 | 1356 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>8</sup> |  | 14120 | 13605 |
| Fannie Mae Pool #CB4959 4.50% 10/1/2052<sup>8</sup> |  | 9275 | 8936 |
| Fannie Mae Pool #BV0961 4.50% 10/1/2052<sup>8</sup> |  | 3995 | 3849 |
| Fannie Mae Pool #BW8981 4.50% 10/1/2052<sup>8</sup> |  | 2309 | 2224 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052<sup>8</sup> |  | 998 | 962 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052<sup>8</sup> |  | 3500 | 3455 |
| Fannie Mae Pool #MA4887 2.50% 11/1/2052<sup>8</sup> |  | 1448 | 1228 |
| Fannie Mae Pool #MA4854 2.50% 11/1/2052<sup>8</sup> |  | 902 | 765 |
| Fannie Mae Pool #BW1309 2.50% 11/1/2052<sup>8</sup> |  | 813 | 690 |
| Fannie Mae Pool #MA4885 3.00% 11/1/2052<sup>8</sup> |  | 801 | 704 |
| Fannie Mae Pool #FS3279 3.50% 11/1/2052<sup>8</sup> |  | 9999 | 9099 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>8</sup> |  | 1000 | 910 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>8</sup> |  | 6621 | 6217 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>8</sup> |  | 1509 | 1417 |
| Fannie Mae Pool #BX3075 4.50% 11/1/2052<sup>8</sup> |  | 2973 | 2865 |
| Fannie Mae Pool #MA4911 3.00% 12/1/2052<sup>8</sup> |  | 650 | 571 |
| Fannie Mae Pool #MA4838 3.50% 12/1/2052<sup>8</sup> |  | 4500 | 4093 |
| Fannie Mae Pool #MA4839 4.00% 12/1/2052<sup>8</sup> |  | 4000 | 3756 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>8</sup> |  | 6256 | 6175 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>8</sup> |  | 1000 | 1026 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>8</sup> |  | 7999 | 7896 |
| Fannie Mae Pool #BX4609 5.00% 1/1/2053<sup>8</sup> |  | 1277 | 1261 |
| Fannie Mae Pool #MA4869 5.50% 1/1/2053<sup>8</sup> |  | 100 | 100 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>8</sup> |  | 7427 | 7618 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059<sup>8</sup> |  | 11696 | 11413 |

---

American Funds Insurance Series 133

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>8</sup> | USD | 4130 | $3619 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041<sup>8</sup> |  | 24 | 26 |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041<sup>8</sup> |  | 84 | 86 |
| Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/2023<sup>8,9</sup> |  | 1660 | 1644 |
| Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 12/25/2023<sup>8,9</sup> |  | 1909 | 1877 |
| Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024<sup>8,9</sup> |  | 1338 | 1314 |
| Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 7/25/2024<sup>8,9</sup> |  | 3273 | 3169 |
| Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.471% 12/25/2026<sup>8,9</sup> |  | 7323 | 6758 |
| Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/2027<sup>8,9</sup> |  | 2602 | 2446 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036<sup>8</sup> |  | 39 | 32 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037<sup>8</sup> |  | 11022 | 10254 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038<sup>8</sup> |  | 420 | 429 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038<sup>8</sup> |  | 48 | 51 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039<sup>8</sup> |  | 67 | 67 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040<sup>8</sup> |  | 572 | 580 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042<sup>8</sup> |  | 1648 | 1586 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043<sup>8</sup> |  | 1303 | 1275 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043<sup>8</sup> |  | 758 | 732 |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>8,9</sup> |  | 179 | 173 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045<sup>8</sup> |  | 5730 | 5510 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045<sup>8</sup> |  | 4930 | 4740 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046<sup>8</sup> |  | 4452 | 4029 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046<sup>8</sup> |  | 204 | 200 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046<sup>8</sup> |  | 242 | 238 |
| Freddie Mac Pool #760015 2.561% 1/1/2047<sup>8,9</sup> |  | 444 | 420 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047<sup>8</sup> |  | 1150 | 1068 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048<sup>8</sup> |  | 2336 | 2234 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>8</sup> |  | 33078 | 27081 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050<sup>8</sup> |  | 17984 | 14872 |
| Freddie Mac Pool #QC2344 2.50% 4/1/2051<sup>8</sup> |  | 966 | 821 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>8</sup> |  | 30665 | 25100 |
| Freddie Mac Pool #SD8151 2.50% 6/1/2051<sup>8</sup> |  | 330 | 281 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051<sup>8</sup> |  | 10333 | 8855 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051<sup>8</sup> |  | 7074 | 6091 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051<sup>8</sup> |  | 2039 | 1728 |
| Freddie Mac Pool #QC7910 2.50% 9/1/2051<sup>8</sup> |  | 931 | 795 |
| Freddie Mac Pool #QC6921 2.50% 9/1/2051<sup>8</sup> |  | 911 | 774 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051<sup>8</sup> |  | 6901 | 6123 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051<sup>8</sup> |  | 701 | 616 |
| Freddie Mac Pool #RA6107 2.50% 10/1/2051<sup>8</sup> |  | 5385 | 4568 |
| Freddie Mac Pool #QC8778 2.50% 10/1/2051<sup>8</sup> |  | 462 | 392 |
| Freddie Mac Pool #QC9156 2.50% 10/1/2051<sup>8</sup> |  | 327 | 278 |
| Freddie Mac Pool #QC7814 2.50% 10/1/2051<sup>8</sup> |  | 27 | 23 |
| Freddie Mac Pool #RA6231 2.50% 11/1/2051<sup>8</sup> |  | 1993 | 1690 |
| Freddie Mac Pool #QC9944 2.50% 11/1/2051<sup>8</sup> |  | 1474 | 1251 |
| Freddie Mac Pool #QD1746 2.50% 11/1/2051<sup>8</sup> |  | 933 | 792 |
| Freddie Mac Pool #QC9788 2.50% 11/1/2051<sup>8</sup> |  | 930 | 790 |
| Freddie Mac Pool #QD1523 2.50% 11/1/2051<sup>8</sup> |  | 218 | 185 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051<sup>8</sup> |  | 6952 | 5934 |
| Freddie Mac Pool #RA7081 2.50% 12/1/2051<sup>8</sup> |  | 2698 | 2288 |
| Freddie Mac Pool #QD3362 2.50% 12/1/2051<sup>8</sup> |  | 854 | 725 |
| Freddie Mac Pool #RA6433 2.50% 12/1/2051<sup>8</sup> |  | 43 | 37 |
| Freddie Mac Pool #RA6485 3.00% 12/1/2051<sup>8</sup> |  | 1935 | 1701 |
| Freddie Mac Pool #RA6428 3.00% 12/1/2051<sup>8</sup> |  | 420 | 369 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052<sup>8</sup> |  | 5650 | 4790 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>8</sup> |  | 2429 | 2077 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052<sup>8</sup> |  | 1987 | 1688 |
| Freddie Mac Pool #RA6615 2.50% 1/1/2052<sup>8</sup> |  | 600 | 510 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052<sup>8</sup> |  | 597 | 507 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052<sup>8</sup> |  | 642 | 545 |
| Freddie Mac Pool #QD9066 2.50% 2/1/2052<sup>8</sup> |  | 501 | 426 |

---

134 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #QD6379 2.50% 2/1/2052<sup>8</sup> | USD | 97 | $83 |
| Freddie Mac Pool #QD6971 2.50% 2/1/2052<sup>8</sup> |  | 63 | 54 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052<sup>8</sup> |  | 32 | 27 |
| Freddie Mac Pool #RA6806 3.00% 2/1/2052<sup>8</sup> |  | 2000 | 1758 |
| Freddie Mac Pool #QD6948 3.00% 2/1/2052<sup>8</sup> |  | 1906 | 1676 |
| Freddie Mac Pool #RA6608 3.00% 2/1/2052<sup>8</sup> |  | 954 | 838 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>8</sup> |  | 1195 | 1089 |
| Freddie Mac Pool #QD8976 2.50% 3/1/2052<sup>8</sup> |  | 952 | 809 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052<sup>8</sup> |  | 875 | 743 |
| Freddie Mac Pool #RA6959 2.50% 3/1/2052<sup>8</sup> |  | 766 | 651 |
| Freddie Mac Pool #QE0615 2.50% 3/1/2052<sup>8</sup> |  | 606 | 515 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052<sup>8</sup> |  | 437 | 371 |
| Freddie Mac Pool #QD8152 2.50% 3/1/2052<sup>8</sup> |  | 367 | 312 |
| Freddie Mac Pool #QD8673 3.00% 3/1/2052<sup>8</sup> |  | 1542 | 1356 |
| Freddie Mac Pool #RA6992 3.00% 3/1/2052<sup>8</sup> |  | 1097 | 964 |
| Freddie Mac Pool #SD8205 2.50% 4/1/2052<sup>8</sup> |  | 6581 | 5582 |
| Freddie Mac Pool #QD9911 2.50% 4/1/2052<sup>8</sup> |  | 2676 | 2269 |
| Freddie Mac Pool #QE0800 2.50% 4/1/2052<sup>8</sup> |  | 2628 | 2231 |
| Freddie Mac Pool #QE0170 2.50% 4/1/2052<sup>8</sup> |  | 1711 | 1451 |
| Freddie Mac Pool #QE3079 2.50% 4/1/2052<sup>8</sup> |  | 932 | 792 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052<sup>8</sup> |  | 850 | 722 |
| Freddie Mac Pool #QE0407 2.50% 4/1/2052<sup>8</sup> |  | 769 | 653 |
| Freddie Mac Pool #QE5290 2.50% 4/1/2052<sup>8</sup> |  | 740 | 628 |
| Freddie Mac Pool #QE0025 2.50% 4/1/2052<sup>8</sup> |  | 549 | 466 |
| Freddie Mac Pool #QE0799 2.50% 4/1/2052<sup>8</sup> |  | 123 | 105 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052<sup>8</sup> |  | 94 | 80 |
| Freddie Mac Pool #QE2101 2.50% 4/1/2052<sup>8</sup> |  | 45 | 38 |
| Freddie Mac Pool #SD8206 3.00% 4/1/2052<sup>8</sup> |  | 800 | 703 |
| Freddie Mac Pool #RA7063 3.50% 4/1/2052<sup>8</sup> |  | 22000 | 20028 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052<sup>8</sup> |  | 40 | 34 |
| Freddie Mac Pool #QE1793 3.00% 5/1/2052<sup>8</sup> |  | 1910 | 1679 |
| Freddie Mac Pool #QE3080 3.00% 5/1/2052<sup>8</sup> |  | 400 | 351 |
| Freddie Mac Pool #RA7386 3.50% 5/1/2052<sup>8</sup> |  | 7332 | 6669 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052<sup>8</sup> |  | 4451 | 3913 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>8</sup> |  | 2336 | 2193 |
| Freddie Mac Pool #QE6097 2.50% 7/1/2052<sup>8</sup> |  | 83 | 71 |
| Freddie Mac Pool #QE5714 3.50% 7/1/2052<sup>8</sup> |  | 4000 | 3639 |
| Freddie Mac Pool #QE6274 3.50% 7/1/2052<sup>8</sup> |  | 4000 | 3638 |
| Freddie Mac Pool #SD8226 3.50% 7/1/2052<sup>8</sup> |  | 2667 | 2426 |
| Freddie Mac Pool #QE5983 3.50% 7/1/2052<sup>8</sup> |  | 2000 | 1819 |
| Freddie Mac Pool #QE7680 4.50% 7/1/2052<sup>8</sup> |  | 2533 | 2441 |
| Freddie Mac Pool #RA7747 2.50% 8/1/2052<sup>8</sup> |  | 2681 | 2273 |
| Freddie Mac Pool #QE8026 2.50% 8/1/2052<sup>8</sup> |  | 1675 | 1421 |
| Freddie Mac Pool #SD8234 2.50% 8/1/2052<sup>8</sup> |  | 32 | 27 |
| Freddie Mac Pool #RA7749 3.50% 8/1/2052<sup>8</sup> |  | 13390 | 12181 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>8</sup> |  | 1231 | 1156 |
| Freddie Mac Pool #QE7157 4.00% 8/1/2052<sup>8</sup> |  | 224 | 210 |
| Freddie Mac Pool #SD1576 5.00% 8/1/2052<sup>8</sup> |  | 3206 | 3165 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052<sup>8</sup> |  | 9650 | 8185 |
| Freddie Mac Pool #QF0923 2.50% 9/1/2052<sup>8</sup> |  | 597 | 506 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>8</sup> |  | 17971 | 15797 |
| Freddie Mac Pool #SD8243 3.50% 9/1/2052<sup>8</sup> |  | 4039 | 3675 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>8</sup> |  | 4000 | 3756 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>8</sup> |  | 1586 | 1489 |
| Freddie Mac Pool #QF0152 4.50% 9/1/2052<sup>8</sup> |  | 1531 | 1475 |
| Freddie Mac Pool #SD8246 5.00% 9/1/2052<sup>8</sup> |  | 79771 | 78743 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>8</sup> |  | 1321 | 1304 |
| Freddie Mac Pool #QF1751 2.50% 10/1/2052<sup>8</sup> |  | 946 | 803 |
| Freddie Mac Pool #SD8271 2.50% 10/1/2052<sup>8</sup> |  | 579 | 491 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>8</sup> |  | 1521 | 1429 |
| Freddie Mac Pool #QF1489 4.00% 10/1/2052<sup>8</sup> |  | 1281 | 1203 |

---

American Funds Insurance Series 135

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>8</sup> | USD | 1000 | $939 |
| Freddie Mac Pool #QF1925 4.00% 10/1/2052<sup>8</sup> |  | 1000 | 939 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>8</sup> |  | 53823 | 51858 |
| Freddie Mac Pool #QF3304 5.00% 10/1/2052<sup>8</sup> |  | 3694 | 3646 |
| Freddie Mac Pool #SD8291 2.50% 11/1/2052<sup>8</sup> |  | 855 | 725 |
| Freddie Mac Pool #SD8283 2.50% 11/1/2052<sup>8</sup> |  | 634 | 538 |
| Freddie Mac Pool #SD8273 3.50% 11/1/2052<sup>8</sup> |  | 4000 | 3639 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>8</sup> |  | 4000 | 3639 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>8</sup> |  | 2477 | 2326 |
| Freddie Mac Pool #SD8265 4.00% 11/1/2052<sup>8</sup> |  | 251 | 235 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052<sup>8</sup> |  | 4 | 3 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>8</sup> |  | 1295 | 1248 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>8</sup> |  | 6999 | 6909 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>8</sup> |  | 14617 | 14994 |
| Freddie Mac Pool #SD8284 3.00% 1/1/2053<sup>8</sup> |  | 11360 | 9985 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>8</sup> |  | 5499 | 5003 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>8</sup> |  | 336 | 315 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>8</sup> |  | 3778 | 3729 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>8</sup> |  | 706 | 724 |
| Freddie Mac, Series T041, Class 3A, 4.402% 7/25/2032<sup>8,9</sup> |  | 187 | 179 |
| Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 8/25/2025<sup>8,9</sup> |  | 9778 | 9538 |
| Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2/25/2026<sup>8</sup> |  | 7370 | 7077 |
| Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 4/25/2028<sup>8</sup> |  | 3237 | 3158 |
| Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 6/25/2032<sup>8</sup> |  | 19961 | 16758 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>8,9</sup> |  | 2646 | 2476 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056<sup>8,9</sup> |  | 1149 | 1082 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>8</sup> |  | 5121 | 4758 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>8,9</sup> |  | 5074 | 4744 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057<sup>8,9</sup> |  | 911 | 831 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057<sup>8</sup> |  | 755 | 684 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>8</sup> |  | 1823 | 1730 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057<sup>8</sup> |  | 1942 | 1757 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058<sup>8</sup> |  | 9501 | 8965 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059<sup>8</sup> |  | 5448 | 5052 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>8</sup> |  | 2154 | 2056 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029<sup>8</sup> |  | 4272 | 4072 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029<sup>8</sup> |  | 2455 | 2255 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029<sup>8</sup> |  | 2682 | 2465 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>8,10</sup> |  | 68784 | 57662 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>8,10</sup> |  | 5866 | 5085 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>8,10</sup> |  | 83663 | 74514 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>8,10</sup> |  | 16502 | 15165 |
| Government National Mortgage Assn. 4.00% 1/1/2053<sup>8,10</sup> |  | 3200 | 3029 |
| Government National Mortgage Assn. 4.50% 1/1/2053<sup>8,10</sup> |  | 33456 | 32460 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048<sup>8</sup> |  | 437 | 417 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048<sup>8</sup> |  | 342 | 332 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050<sup>8</sup> |  | 204 | 200 |

---

136 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051<sup>8</sup> | USD | 1762 | $1734 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051<sup>8</sup> |  | 490 | 482 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052<sup>8</sup> |  | 1260 | 1193 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>8</sup> |  | 10566 | 10009 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>8</sup> |  | 1000 | 947 |
| Uniform Mortgage-Backed Security 1.50% 1/1/2038<sup>8,10</sup> |  | 25420 | 22012 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>8,10</sup> |  | 638 | 584 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>8,10</sup> |  | 108193 | 88062 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>8,10</sup> |  | 7100 | 6660 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>8,10</sup> |  | 9560 | 9203 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>8,10</sup> |  | 4884 | 4813 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>8,10</sup> |  | 60890 | 61059 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>8,10</sup> |  | 12770 | 12962 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>8,10</sup> |  | 15948 | 14963 |
| Uniform Mortgage-Backed Security 5.00% 2/1/2053<sup>8,10</sup> |  | 35408 | 34891 |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>8,10</sup> |  | 16800 | 16838 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>8,10</sup> |  | 36230 | 36745 |
|  |  |  | **1739465** |
| **Commercial mortgage-backed securities 0.44%** |  |  |  |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063<sup>8</sup> |  | 2909 | 2435 |
| Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.394% 3/15/2064<sup>8,9</sup> |  | 2550 | 2246 |
| Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 5.293% 8/15/2036<sup>6,8,9</sup> |  | 2000 | 1966 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051<sup>8</sup> |  | 1000 | 927 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053<sup>8</sup> |  | 2960 | 2466 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 4.907% 9/15/2034<sup>6,8,9</sup> |  | 5954 | 5711 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>6,8,9</sup> |  | 4505 | 4346 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>6,8,9</sup> |  | 7968 | 7593 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/2036<sup>6,8,9</sup> |  | 5968 | 5613 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>6,8,9</sup> |  | 7481 | 7216 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.188% 6/15/2038<sup>6,8,9</sup> |  | 1351 | 1290 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.418% 6/15/2038<sup>6,8,9</sup> |  | 1220 | 1156 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/2038<sup>6,8,9</sup> |  | 5254 | 5063 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/2048<sup>8</sup> |  | 470 | 459 |
| Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/2050<sup>8</sup> |  | 4735 | 4540 |
| CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/2048<sup>8</sup> |  | 780 | 758 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>6,8,9</sup> |  | 1537 | 1495 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/2038<sup>6,8,9</sup> |  | 1403 | 1351 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/2038<sup>6,8,9</sup> |  | 1465 | 1410 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040<sup>6,8</sup> |  | 3795 | 2918 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053<sup>8</sup> |  | 2489 | 2059 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039<sup>6,8</sup> |  | 1964 | 1682 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039<sup>6,8</sup> |  | 868 | 708 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/2039<sup>6,8,9</sup> |  | 523 | 407 |

---

American Funds Insurance Series 137

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/2042<sup>6,8</sup> | USD | 1431 | $1171 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>6,8,9</sup> |  | 1236 | 1184 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 5.718% 10/15/2038<sup>6,8,9</sup> |  | 1904 | 1803 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039<sup>6,8</sup> |  | 13772 | 11780 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/2026<sup>6,8,9</sup> |  | 3950 | 3837 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/2047<sup>8</sup> |  | 556 | 541 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/2048<sup>8</sup> |  | 467 | 454 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041<sup>6,8</sup> |  | 2194 | 1756 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>6,8,9</sup> |  | 4808 | 4631 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 5.336% 1/15/2039<sup>6,8,9</sup> |  | 10709 | 10352 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/2027<sup>6,8,9</sup> |  | 6379 | 6373 |
|  |  |  | **109697** |
| **Collateralized mortgage-backed obligations (privately originated) 0.12%** |  |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>6,8,9</sup> |  | 1101 | 870 |
| Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/2029<sup>6,8,9</sup> |  | 496 | 496 |
| Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/2068<sup>6,8,9</sup> |  | 1181 | 1140 |
| Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/2041<sup>6,8,9</sup> |  | 192 | 190 |
| Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037<sup>6,8</sup> |  | 4096 | 3664 |
| Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060<sup>6,8,9</sup> |  | 2081 | 1788 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034<sup>8</sup> |  | 148 | 141 |
| Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069<sup>6,8</sup> |  | 2051 | 2196 |
| Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069<sup>6,8</sup> |  | 6250 | 6425 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 7.689% 10/25/2027<sup>8,9</sup> |  | 235 | 237 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>6,8,9</sup> |  | 996 | 998 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026<sup>6,8</sup> |  | 4304 | 3724 |
| Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 6.25% 11/25/2059<sup>6,8,9</sup> |  | 1042 | 1042 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034<sup>8</sup> |  | 314 | 300 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>6,8,9</sup> |  | 4040 | 3909 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052<sup>6,8,9</sup> |  | 2784 | 2248 |
| RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 10/25/2063<sup>6,8,9</sup> |  | 355 | 328 |
|  |  |  | **29696** |
| **Total mortgage-backed obligations** |  |  | **1878858** |
| **U.S. Treasury bonds & notes 6.52%** |  |  |  |
| **U.S. Treasury 4.53%** |  |  |  |
| U.S. Treasury 0.125% 2/28/2023 |  | 44825 | 44537 |
| U.S. Treasury 2.50% 5/15/2024 |  | 700 | 679 |
| U.S. Treasury 2.50% 5/31/2024 |  | 100000 | 97016 |
| U.S. Treasury 3.25% 8/31/2024 |  | 22613 | 22143 |
| U.S. Treasury 1.50% 9/30/2024 |  | 907 | 862 |
| U.S. Treasury 4.50% 11/30/2024 |  | 760 | 760 |

---

138 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 1.00% 12/15/2024 | USD | 10725 | $10038 |
| U.S. Treasury 3.00% 7/15/2025 |  | 3165 | 3066 |
| U.S. Treasury 4.00% 12/15/2025 |  | 32029 | 31829 |
| U.S. Treasury 0.375% 1/31/2026 |  | 45000 | 40052 |
| U.S. Treasury 0.50% 2/28/2026 |  | 42515 | 37903 |
| U.S. Treasury 1.625% 5/15/2026 |  | 1500 | 1381 |
| U.S. Treasury 1.50% 8/15/2026 |  | 500 | 456 |
| U.S. Treasury 0.75% 8/31/2026 |  | 52 | 46 |
| U.S. Treasury 0.875% 9/30/2026 |  | 565 | 502 |
| U.S. Treasury 1.125% 10/31/2026 |  | 471 | 421 |
| U.S. Treasury 1.125% 2/28/2027 |  | 762 | 678 |
| U.S. Treasury 2.375% 5/15/2027 |  | 880 | 820 |
| U.S. Treasury 2.625% 5/31/2027 |  | 96250 | 90738 |
| U.S. Treasury 0.50% 6/30/2027 |  | 36300 | 31057 |
| U.S. Treasury 4.125% 9/30/2027 |  | 90000 | 90345 |
| U.S. Treasury 3.875% 11/30/2027 |  | 39923 | 39707 |
| U.S. Treasury 0.625% 12/31/2027 |  | 7109 | 6025 |
| U.S. Treasury 2.875% 5/15/2028 |  | 5217 | 4926 |
| U.S. Treasury 1.25% 9/30/2028 |  | 3142 | 2699 |
| U.S. Treasury 1.50% 11/30/2028 |  | 50000 | 43417 |
| U.S. Treasury 1.375% 12/31/2028 |  | 10900 | 9398 |
| U.S. Treasury 2.875% 4/30/2029 |  | 50000 | 46843 |
| U.S. Treasury 3.875% 11/30/2029 |  | 1662 | 1651 |
| U.S. Treasury 1.50% 2/15/2030 |  | 36651 | 31236 |
| U.S. Treasury 0.625% 5/15/2030 |  | 20225 | 16012 |
| U.S. Treasury 2.875% 5/15/2032 |  | 50000 | 46102 |
| U.S. Treasury 4.125% 11/15/2032 |  | 96356 | 98276 |
| U.S. Treasury 1.125% 5/15/2040 |  | 62775 | 39393 |
| U.S. Treasury 1.375% 11/15/2040 |  | 52695 | 34328 |
| U.S. Treasury 1.75% 8/15/2041 |  | 47854 | 32834 |
| U.S. Treasury 2.00% 11/15/2041 |  | 1181 | 846 |
| U.S. Treasury 4.00% 11/15/2042 |  | 21751 | 21312 |
| U.S. Treasury 2.50% 2/15/2046 |  | 3755 | 2822 |
| U.S. Treasury 3.00% 5/15/2047 |  | 9355 | 7690 |
| U.S. Treasury 3.00% 2/15/2048 |  | 336 | 277 |
| U.S. Treasury 2.00% 2/15/2050 |  | 13825 | 9184 |
| U.S. Treasury 1.375% 8/15/2050 |  | 12500 | 6993 |
| U.S. Treasury 2.375% 5/15/2051 |  | 4757 | 3430 |
| U.S. Treasury 2.00% 8/15/2051 |  | 1356 | 893 |
| U.S. Treasury 2.25% 2/15/2052<sup>11</sup> |  | 72025 | 50351 |
| U.S. Treasury 3.00% 8/15/2052<sup>11</sup> |  | 73627 | 61049 |
|  |  |  | **1123023** |
| **U.S. Treasury inflation-protected securities 1.99%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>12</sup> |  | 22067 | 21475 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>12</sup> |  | 76769 | 74363 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>12</sup> |  | 98718 | 95142 |
| U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>12</sup> |  | 25161 | 24151 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>12</sup> |  | 4649 | 4467 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>12</sup> |  | 3905 | 3711 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>12</sup> |  | 43574 | 40962 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>12</sup> |  | 15266 | 14319 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>12</sup> |  | 50295 | 50231 |
| U.S. Treasury Inflation-Protected Security 0.75% 7/15/2028<sup>12</sup> |  | 20774 | 19790 |
| U.S. Treasury Inflation-Protected Security 0.875% 1/15/2029<sup>12</sup> |  | 23419 | 22309 |

---

American Funds Insurance Series 139

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>12</sup> | USD | 27071 | $24019 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032<sup>12</sup> |  | 60545 | 52974 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>12</sup> |  | 55158 | 46174 |
|  |  |  | **494087** |
| **Total U.S. Treasury bonds & notes** |  |  | **1617110** |
| **Corporate bonds, notes & loans 5.63%** |  |  |  |
| **Financials 1.27%** |  |  |  |
| ACE INA Holdings, Inc. 3.35% 5/3/2026 |  | 880 | 843 |
| ACE INA Holdings, Inc. 4.35% 11/3/2045 |  | 400 | 348 |
| Advisor Group Holdings, LLC 6.25% 3/1/2028<sup>6</sup> |  | 4470 | 4115 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 5457 | 4779 |
| AerCap Ireland Capital DAC 3.00% 10/29/2028 |  | 4501 | 3779 |
| AerCap Ireland Capital DAC 3.30% 1/30/2032 |  | 2838 | 2226 |
| AerCap Ireland Capital DAC 3.85% 10/29/2041 |  | 1970 | 1400 |
| AG Merger Sub II, Inc. 10.75% 8/1/2027<sup>6</sup> |  | 2420 | 2453 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027<sup>6</sup> |  | 1072 | 1083 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>6,13</sup> |  | 7750 | 7899 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027<sup>6</sup> |  | 2100 | 1884 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029<sup>6</sup> |  | 2295 | 1890 |
| Ally Financial, Inc. 8.00% 11/1/2031 |  | 3000 | 3127 |
| American International Group, Inc. 2.50% 6/30/2025 |  | 10533 | 9926 |
| AmWINS Group, Inc. 4.875% 6/30/2029<sup>6</sup> |  | 1348 | 1145 |
| Aretec Escrow Issuer, Inc. 7.50% 4/1/2029<sup>6</sup> |  | 1250 | 1034 |
| Banco Santander, SA 5.147% 8/18/2025 |  | 2400 | 2376 |
| Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)<sup>13</sup> |  | 2428 | 2034 |
| Bank of America Corp. 3.55% 3/5/2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)<sup>13</sup> |  | 6000 | 5978 |
| Bank of America Corp. 1.197% 10/24/2026 (USD-SOFR + 1.01% on 10/24/2025)<sup>13</sup> |  | 2500 | 2225 |
| Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>13</sup> |  | 1565 | 1373 |
| Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>13</sup> |  | 2345 | 2127 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>13</sup> |  | 1000 | 766 |
| Bank of Nova Scotia 1.625% 5/1/2023 |  | 5000 | 4948 |
| Berkshire Hathaway, Inc. 2.75% 3/15/2023 |  | 1615 | 1608 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026 |  | 500 | 480 |
| Blackstone Private Credit Fund 7.05% 9/29/2025<sup>6</sup> |  | 2510 | 2493 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>6,13</sup> |  | 2400 | 1961 |
| Castlelake Aviation Finance DAC 5.00% 4/15/2027<sup>6</sup> |  | 3370 | 2937 |
| Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)<sup>13</sup> |  | 8000 | 8043 |
| Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)<sup>13</sup> |  | 3254 | 2743 |
| CME Group, Inc. 3.75% 6/15/2028 |  | 3425 | 3297 |
| Coinbase Global, Inc. 3.375% 10/1/2028<sup>6</sup> |  | 2625 | 1391 |
| Coinbase Global, Inc. 3.625% 10/1/2031<sup>6</sup> |  | 2875 | 1388 |
| Compass Diversified Holdings 5.25% 4/15/2029<sup>6</sup> |  | 820 | 703 |
| Compass Diversified Holdings 5.00% 1/15/2032<sup>6</sup> |  | 715 | 569 |
| Corebridge Financial, Inc. 3.50% 4/4/2025<sup>6</sup> |  | 642 | 616 |
| Corebridge Financial, Inc. 3.65% 4/5/2027<sup>6</sup> |  | 914 | 853 |
| Corebridge Financial, Inc. 3.85% 4/5/2029<sup>6</sup> |  | 621 | 567 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>6</sup> |  | 351 | 307 |
| Corebridge Financial, Inc. 4.35% 4/5/2042<sup>6</sup> |  | 203 | 167 |
| Corebridge Financial, Inc. 4.40% 4/5/2052<sup>6</sup> |  | 489 | 390 |
| Crédit Agricole SA 4.375% 3/17/2025<sup>6</sup> |  | 850 | 822 |
| Credit Suisse Group AG 3.80% 6/9/2023 |  | 1875 | 1826 |
| Credit Suisse Group AG 4.207% 6/12/2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)<sup>6,13</sup> |  | 4500 | 4388 |
| Credit Suisse Group AG 3.625% 9/9/2024 |  | 1500 | 1400 |
| Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)<sup>6,13</sup> |  | 1568 | 1387 |
| Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)<sup>6,13</sup> |  | 1250 | 1069 |

---

140 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Credit Suisse Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)<sup>6,13</sup> | USD | 800 | $642 |
| Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)<sup>6,13</sup> |  | 6000 | 5817 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>13</sup> |  | 2212 | 1954 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>13</sup> |  | 2788 | 2367 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)<sup>13</sup> |  | 5000 | 4257 |
| Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026<sup>3,9,14</sup> |  | 709 | 616 |
| Digital Currency Group, Inc., Term Loan, 8.75% 11/30/2026<sup>3,14</sup> |  | 945 | 758 |
| DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)<sup>6,13</sup> |  | 7750 | 7758 |
| FS Energy and Power Fund 7.50% 8/15/2023<sup>6</sup> |  | 1995 | 2001 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)<sup>13</sup> |  | 2198 | 1925 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)<sup>13</sup> |  | 4000 | 3567 |
| Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)<sup>13</sup> |  | 390 | 357 |
| Goldman Sachs Group, Inc. 2.615% 4/22/2032 (USD-SOFR + 1.281% on 4/22/2031)<sup>13</sup> |  | 2323 | 1858 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041)<sup>13</sup> |  | 2000 | 1448 |
| Groupe BPCE SA 2.75% 1/11/2023<sup>6</sup> |  | 600 | 600 |
| Groupe BPCE SA 5.70% 10/22/2023<sup>6</sup> |  | 2250 | 2234 |
| Groupe BPCE SA 5.15% 7/21/2024<sup>6</sup> |  | 3710 | 3634 |
| Groupe BPCE SA 1.00% 1/20/2026<sup>6</sup> |  | 3000 | 2633 |
| Hightower Holding, LLC 6.75% 4/15/2029<sup>6</sup> |  | 870 | 731 |
| HSBC Holdings PLC 4.25% 3/14/2024 |  | 3000 | 2948 |
| HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)<sup>13</sup> |  | 625 | 587 |
| HSBC Holdings PLC 2.099% 6/4/2026 (USD-SOFR + 1.929% on 6/4/2025)<sup>13</sup> |  | 3000 | 2733 |
| HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)<sup>13</sup> |  | 1500 | 1316 |
| Intercontinental Exchange, Inc. 2.65% 9/15/2040 |  | 7425 | 5166 |
| Intesa Sanpaolo SpA 3.375% 1/12/2023<sup>6</sup> |  | 750 | 750 |
| Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>6</sup> |  | 1730 | 1664 |
| Intesa Sanpaolo SpA 3.25% 9/23/2024<sup>6</sup> |  | 750 | 712 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027<sup>6</sup> |  | 300 | 268 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)<sup>6,13</sup> |  | 4600 | 4680 |
| JPMorgan Chase & Co. 3.559% 4/23/2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)<sup>13</sup> |  | 4725 | 4694 |
| JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)<sup>13</sup> |  | 6000 | 5831 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)<sup>13</sup> |  | 4000 | 3826 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>13</sup> |  | 3740 | 3652 |
| JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)<sup>13</sup> |  | 299 | 278 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>13</sup> |  | 3982 | 3803 |
| Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)<sup>13</sup> |  | 1222 | 1077 |
| Lloyds Banking Group PLC 4.05% 8/16/2023 |  | 2000 | 1987 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)<sup>13</sup> |  | 800 | 693 |
| LPL Holdings, Inc. 4.625% 11/15/2027<sup>6</sup> |  | 2700 | 2527 |
| LPL Holdings, Inc. 4.375% 5/15/2031<sup>6</sup> |  | 1805 | 1537 |
| Marsh & McLennan Companies, Inc. 3.875% 3/15/2024 |  | 820 | 809 |
| Marsh & McLennan Companies, Inc. 4.375% 3/15/2029 |  | 1705 | 1651 |
| Marsh & McLennan Companies, Inc. 4.90% 3/15/2049 |  | 719 | 665 |
| Marsh & McLennan Companies, Inc. 2.90% 12/15/2051 |  | 920 | 594 |
| MGIC Investment Corp. 5.25% 8/15/2028 |  | 1175 | 1085 |
| Morgan Stanley 3.737% 4/24/2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)<sup>13</sup> |  | 300 | 298 |
| Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)<sup>13</sup> |  | 2450 | 2410 |

---

American Funds Insurance Series 141

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Morgan Stanley 3.125% 7/27/2026 | USD | 325 | $304 |
| MSCI, Inc. 3.625% 11/1/2031<sup>6</sup> |  | 2225 | 1843 |
| National Australia Bank, Ltd. 1.887% 1/12/2027<sup>6</sup> |  | 5000 | 4450 |
| Navient Corp. 5.50% 1/25/2023 |  | 1594 | 1594 |
| Navient Corp. 6.125% 3/25/2024 |  | 8030 | 7879 |
| Navient Corp. 5.875% 10/25/2024 |  | 1005 | 974 |
| Navient Corp. 6.75% 6/15/2026 |  | 300 | 285 |
| Navient Corp. 5.50% 3/15/2029 |  | 5980 | 4888 |
| New York Life Global Funding 2.35% 7/14/2026<sup>6</sup> |  | 590 | 544 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027<sup>6</sup> |  | 2500 | 2211 |
| OneMain Finance Corp. 3.875% 9/15/2028 |  | 756 | 602 |
| Owl Rock Capital Corp. 4.00% 3/30/2025 |  | 102 | 96 |
| Owl Rock Capital Corp. 3.75% 7/22/2025 |  | 2874 | 2658 |
| Owl Rock Capital Corp. 3.40% 7/15/2026 |  | 1290 | 1128 |
| Owl Rock Capital Corp. II 4.625% 11/26/2024<sup>6</sup> |  | 2305 | 2194 |
| Owl Rock Capital Corp. III 3.125% 4/13/2027 |  | 2520 | 2078 |
| Owl Rock Core Income Corp. 4.70% 2/8/2027 |  | 2500 | 2258 |
| Oxford Finance, LLC 6.375% 2/1/2027<sup>6</sup> |  | 1125 | 1049 |
| PNC Financial Services Group, Inc. 3.90% 4/29/2024 |  | 2000 | 1977 |
| Power Financial Corp., Ltd. 5.25% 8/10/2028 |  | 383 | 373 |
| Power Financial Corp., Ltd. 6.15% 12/6/2028 |  | 350 | 356 |
| Power Financial Corp., Ltd. 4.50% 6/18/2029 |  | 554 | 513 |
| Power Financial Corp., Ltd. 3.95% 4/23/2030 |  | 1213 | 1067 |
| Prudential Financial, Inc. 4.35% 2/25/2050 |  | 2205 | 1879 |
| Prudential Financial, Inc. 3.70% 3/13/2051 |  | 755 | 580 |
| Quicken Loans, LLC 3.625% 3/1/2029<sup>6</sup> |  | 1505 | 1195 |
| Rabobank Nederland 4.375% 8/4/2025 |  | 4500 | 4397 |
| Rocket Mortgage, LLC 2.875% 10/15/2026<sup>6</sup> |  | 2110 | 1812 |
| Royal Bank of Canada 1.15% 6/10/2025 |  | 4711 | 4316 |
| Ryan Specialty Group, LLC 4.375% 2/1/2030<sup>6</sup> |  | 270 | 234 |
| Springleaf Finance Corp. 6.125% 3/15/2024 |  | 2550 | 2472 |
| Starwood Property Trust, Inc. 5.50% 11/1/2023<sup>6</sup> |  | 1160 | 1152 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027<sup>6</sup> |  | 1540 | 1350 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049<br> (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)<sup>6,13</sup> |  | 2800 | 2591 |
| Toronto-Dominion Bank 2.65% 6/12/2024 |  | 625 | 605 |
| Toronto-Dominion Bank 0.75% 9/11/2025 |  | 5375 | 4803 |
| Toronto-Dominion Bank 1.25% 9/10/2026 |  | 2425 | 2124 |
| Toronto-Dominion Bank 1.95% 1/12/2027 |  | 2500 | 2231 |
| Toronto-Dominion Bank 2.45% 1/12/2032 |  | 1500 | 1219 |
| Travelers Companies, Inc. 4.00% 5/30/2047 |  | 860 | 699 |
| U.S. Bancorp 2.375% 7/22/2026 |  | 4000 | 3696 |
| UBS Group AG 4.125% 9/24/2025<sup>6</sup> |  | 2750 | 2677 |
| UniCredit SpA 4.625% 4/12/2027<sup>6</sup> |  | 625 | 586 |
| Wells Fargo & Company 2.164% 2/11/2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)<sup>13</sup> |  | 8000 | 7464 |
| Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>13</sup> |  | 4337 | 4024 |
| Westpac Banking Corp. 2.75% 1/11/2023 |  | 1750 | 1749 |
| Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)<sup>13</sup> |  | 3000 | 2753 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)<sup>13</sup> |  | 3325 | 2478 |
| Westpac Banking Corp. 2.963% 11/16/2040 |  | 1500 | 996 |
|  |  |  | **315964** |
| **Energy 0.62%** |  |  |  |
| Altera Infrastructure, LP 8.50% 7/15/2023<sup>3,6,15</sup> |  | 3550 | 663 |
| Antero Midstream Partners, LP 5.375% 6/15/2029<sup>6</sup> |  | 2170 | 1987 |
| Antero Resources Corp. 7.625% 2/1/2029<sup>6</sup> |  | 955 | 962 |
| Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026<sup>6</sup> |  | 2000 | 1943 |

---

142 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029<sup>6</sup> | USD | 1270 | $1134 |
| Bonanza Creek Energy, Inc. 5.00% 10/15/2026<sup>6</sup> |  | 480 | 439 |
| BP Capital Markets America, Inc. 2.772% 11/10/2050 |  | 681 | 438 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025 |  | 961 | 895 |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047 |  | 1559 | 1360 |
| Cheniere Energy, Inc. 4.625% 10/15/2028 |  | 4645 | 4207 |
| Chesapeake Energy Corp. 4.875% 4/15/2022<sup>15</sup> |  | 7225 | 163 |
| Chesapeake Energy Corp. 5.50% 2/1/2026<sup>6</sup> |  | 685 | 662 |
| Chesapeake Energy Corp. 5.875% 2/1/2029<sup>6</sup> |  | 2240 | 2126 |
| CNX Midstream Partners, LP 4.75% 4/15/2030<sup>6</sup> |  | 1055 | 867 |
| CNX Resources Corp. 7.25% 3/14/2027<sup>6</sup> |  | 1725 | 1715 |
| CNX Resources Corp. 6.00% 1/15/2029<sup>6</sup> |  | 2675 | 2465 |
| CNX Resources Corp. 7.375% 1/15/2031<sup>6</sup> |  | 553 | 531 |
| Comstock Resources, Inc. 5.875% 1/15/2030<sup>6</sup> |  | 450 | 387 |
| Constellation Oil Services Holding SA 13.50% 6/30/2025<sup>3,6</sup> |  | 1120 | 1120 |
| Constellation Oil Services Holding SA 4.00% PIK 12/31/2026<sup>16</sup> |  | 434 | 257 |
| Crestwood Midstream Partners, LP 8.00% 4/1/2029<sup>6</sup> |  | 4265 | 4250 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>6,9,16</sup> |  | 204 | 194 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>16</sup> |  | 185 | 176 |
| DT Midstream, Inc. 4.375% 6/15/2031<sup>6</sup> |  | 1680 | 1412 |
| Enbridge Energy Partners, LP, Series B, 7.50% 4/15/2038 |  | 300 | 331 |
| Enbridge, Inc. 4.00% 10/1/2023 |  | 278 | 276 |
| Enbridge, Inc. 2.50% 1/15/2025 |  | 300 | 284 |
| Enbridge, Inc. 3.70% 7/15/2027 |  | 62 | 58 |
| Energy Transfer Operating, LP 5.00% 5/15/2050 |  | 1869 | 1502 |
| Energy Transfer Partners, LP 4.50% 4/15/2024 |  | 1210 | 1193 |
| Energy Transfer Partners, LP 4.75% 1/15/2026 |  | 2494 | 2432 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046 |  | 500 | 437 |
| EQM Midstream Partners, LP 4.125% 12/1/2026 |  | 686 | 612 |
| EQM Midstream Partners, LP 6.50% 7/1/2027<sup>6</sup> |  | 1690 | 1618 |
| EQM Midstream Partners, LP 5.50% 7/15/2028 |  | 3088 | 2767 |
| EQM Midstream Partners, LP 7.50% 6/1/2030<sup>6</sup> |  | 642 | 619 |
| EQM Midstream Partners, LP 4.75% 1/15/2031<sup>6</sup> |  | 1635 | 1340 |
| EQT Corp. 5.00% 1/15/2029 |  | 340 | 320 |
| EQT Corp. 7.25% 2/1/2030<sup>13</sup> |  | 1110 | 1153 |
| EQT Corp. 3.625% 5/15/2031<sup>6</sup> |  | 400 | 340 |
| Equinor ASA 3.00% 4/6/2027 |  | 4000 | 3739 |
| Equinor ASA 3.625% 9/10/2028 |  | 3685 | 3494 |
| Exxon Mobil Corp. 2.019% 8/16/2024 |  | 643 | 615 |
| Exxon Mobil Corp. 2.44% 8/16/2029 |  | 1963 | 1719 |
| Exxon Mobil Corp. 3.452% 4/15/2051 |  | 1000 | 758 |
| Genesis Energy, LP 6.50% 10/1/2025 |  | 4280 | 4097 |
| Genesis Energy, LP 6.25% 5/15/2026 |  | 1805 | 1654 |
| Genesis Energy, LP 8.00% 1/15/2027 |  | 4612 | 4362 |
| Genesis Energy, LP 7.75% 2/1/2028 |  | 470 | 433 |
| Halliburton Company 3.80% 11/15/2025 |  | 6 | 6 |
| Harvest Midstream I, LP 7.50% 9/1/2028<sup>6</sup> |  | 850 | 813 |
| Hess Midstream Operations, LP 4.25% 2/15/2030<sup>6</sup> |  | 960 | 822 |
| Hess Midstream Operations, LP 5.50% 10/15/2030<sup>6</sup> |  | 400 | 366 |
| Hess Midstream Partners, LP 5.125% 6/15/2028<sup>6</sup> |  | 2155 | 1997 |
| Hilcorp Energy I, LP 6.00% 4/15/2030<sup>6</sup> |  | 350 | 312 |
| Hilcorp Energy I, LP 6.00% 2/1/2031<sup>6</sup> |  | 460 | 398 |
| Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/2027<sup>6</sup> |  | 545 | 536 |
| Kinder Morgan, Inc. 5.45% 8/1/2052 |  | 1238 | 1118 |
| Marathon Oil Corp. 4.40% 7/15/2027 |  | 1005 | 961 |
| MPLX, LP 4.125% 3/1/2027 |  | 500 | 473 |
| MPLX, LP 2.65% 8/15/2030 |  | 4273 | 3472 |
| MPLX, LP 4.50% 4/15/2038 |  | 750 | 635 |
| MPLX, LP 4.70% 4/15/2048 |  | 1101 | 874 |
| New Fortress Energy, Inc. 6.75% 9/15/2025<sup>6</sup> |  | 1065 | 1010 |
| New Fortress Energy, Inc. 6.50% 9/30/2026<sup>6</sup> |  | 2435 | 2266 |

---

American Funds Insurance Series 143

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| NGL Energy Operating, LLC 7.50% 2/1/2026<sup>6</sup> | USD | 14165 | $12637 |
| NGL Energy Partners, LP 6.125% 3/1/2025 |  | 3422 | 2794 |
| Oasis Petroleum, Inc. 6.375% 6/1/2026<sup>6</sup> |  | 1945 | 1897 |
| ONEOK, Inc. 5.85% 1/15/2026 |  | 347 | 352 |
| Parkland Corp. 4.625% 5/1/2030<sup>6</sup> |  | 1035 | 858 |
| Petróleos Mexicanos 6.875% 10/16/2025 |  | 3755 | 3682 |
| Petróleos Mexicanos 5.35% 2/12/2028 |  | 1870 | 1578 |
| Petróleos Mexicanos 6.75% 9/21/2047 |  | 1996 | 1278 |
| Pioneer Natural Resources Company 2.15% 1/15/2031 |  | 1669 | 1323 |
| Plains All American Pipeline, LP 3.80% 9/15/2030 |  | 113 | 98 |
| Range Resources Corp. 8.25% 1/15/2029 |  | 1040 | 1073 |
| Range Resources Corp. 4.75% 2/15/2030<sup>6</sup> |  | 1670 | 1474 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029<sup>6</sup> |  | 2689 | 2421 |
| Southwestern Energy Co. 7.75% 10/1/2027 |  | 2450 | 2501 |
| Southwestern Energy Co. 8.375% 9/15/2028 |  | 395 | 408 |
| Southwestern Energy Co. 5.375% 2/1/2029 |  | 1355 | 1258 |
| Southwestern Energy Co. 5.375% 3/15/2030 |  | 1945 | 1778 |
| Southwestern Energy Co. 4.75% 2/1/2032 |  | 960 | 822 |
| Statoil ASA 3.25% 11/10/2024 |  | 2850 | 2780 |
| Statoil ASA 4.25% 11/23/2041 |  | 2000 | 1769 |
| Sunoco, LP 4.50% 5/15/2029 |  | 1050 | 920 |
| Sunoco, LP 4.50% 4/30/2030 |  | 1255 | 1091 |
| Targa Resources Partners, LP 5.50% 3/1/2030 |  | 2260 | 2130 |
| Total SE 2.986% 6/29/2041 |  | 88 | 66 |
| TransCanada PipeLines, Ltd. 4.25% 5/15/2028 |  | 1090 | 1034 |
| TransCanada PipeLines, Ltd. 4.10% 4/15/2030 |  | 598 | 549 |
| TransCanada PipeLines, Ltd. 4.75% 5/15/2038 |  | 2000 | 1790 |
| TransCanada PipeLines, Ltd. 4.875% 5/15/2048 |  | 700 | 615 |
| Valero Energy Corp. 4.00% 4/1/2029 |  | 4000 | 3773 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031<sup>6</sup> |  | 840 | 717 |
| Weatherford International, Ltd. 11.00% 12/1/2024<sup>6</sup> |  | 497 | 509 |
| Weatherford International, Ltd. 6.50% 9/15/2028<sup>6</sup> |  | 2380 | 2337 |
| Weatherford International, Ltd. 8.625% 4/30/2030<sup>6</sup> |  | 7690 | 7398 |
| Western Gas Partners, LP 4.50% 3/1/2028 |  | 3018 | 2785 |
| Western Midstream Operating, LP 4.30% 2/1/2030<sup>13</sup> |  | 1125 | 985 |
| Williams Companies, Inc. 3.50% 11/15/2030 |  | 1094 | 959 |
|  |  |  | **153004** |
| **Health care 0.60%** |  |  |  |
| AbbVie, Inc. 3.80% 3/15/2025 |  | 206 | 201 |
| AbbVie, Inc. 2.95% 11/21/2026 |  | 1445 | 1346 |
| AdaptHealth, LLC 5.125% 3/1/2030<sup>6</sup> |  | 830 | 708 |
| AmerisourceBergen Corp. 0.737% 3/15/2023 |  | 1291 | 1280 |
| Amgen, Inc. 4.40% 2/22/2062 |  | 1697 | 1352 |
| Anthem, Inc. 2.375% 1/15/2025 |  | 818 | 777 |
| AstraZeneca Finance, LLC 1.20% 5/28/2026 |  | 3786 | 3375 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028 |  | 1871 | 1609 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 |  | 742 | 619 |
| AstraZeneca PLC 3.375% 11/16/2025 |  | 1140 | 1101 |
| Bausch Health Companies, Inc. 5.00% 1/30/2028<sup>6</sup> |  | 1735 | 836 |
| Bausch Health Companies, Inc. 4.875% 6/1/2028<sup>6</sup> |  | 7450 | 4753 |
| Bausch Health Companies, Inc. 5.00% 2/15/2029<sup>6</sup> |  | 1000 | 481 |
| Baxter International, Inc. 1.322% 11/29/2024 |  | 7109 | 6623 |
| Baxter International, Inc. 1.915% 2/1/2027 |  | 4739 | 4208 |
| Baxter International, Inc. 2.272% 12/1/2028 |  | 3180 | 2718 |
| Bayer US Finance II, LLC 3.875% 12/15/2023<sup>6</sup> |  | 1685 | 1661 |
| Becton, Dickinson and Company 3.363% 6/6/2024 |  | 198 | 194 |
| Boston Scientific Corp. 3.45% 3/1/2024 |  | 313 | 307 |
| Centene Corp. 4.25% 12/15/2027 |  | 565 | 531 |
| Centene Corp. 2.45% 7/15/2028 |  | 1325 | 1121 |

---

144 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| Centene Corp. 4.625% 12/15/2029 | USD | 1265 | $1159 |
| Cigna Corp. 3.75% 7/15/2023 |  | 245 | 243 |
| Community Health Systems, Inc. 5.625% 3/15/2027<sup>6</sup> |  | 1960 | 1684 |
| Community Health Systems, Inc. 5.25% 5/15/2030<sup>6</sup> |  | 3675 | 2778 |
| Eli Lilly and Company 3.375% 3/15/2029 |  | 1353 | 1269 |
| GlaxoSmithKline PLC 3.625% 5/15/2025 |  | 2825 | 2761 |
| HCA, Inc. 3.375% 3/15/2029<sup>6</sup> |  | 804 | 708 |
| HCA, Inc. 3.50% 9/1/2030 |  | 4050 | 3503 |
| HCA, Inc. 3.625% 3/15/2032<sup>6</sup> |  | 1000 | 849 |
| HCA, Inc. 4.375% 3/15/2042<sup>6</sup> |  | 1500 | 1201 |
| HCA, Inc. 4.625% 3/15/2052<sup>6</sup> |  | 1450 | 1135 |
| Jazz Securities DAC 4.375% 1/15/2029<sup>6</sup> |  | 1975 | 1764 |
| Merck & Co., Inc. 1.90% 12/10/2028 |  | 600 | 516 |
| Merck & Co., Inc. 2.75% 12/10/2051 |  | 1103 | 742 |
| Molina Healthcare, Inc. 4.375% 6/15/2028<sup>6</sup> |  | 440 | 402 |
| Molina Healthcare, Inc. 3.875% 11/15/2030<sup>6</sup> |  | 2899 | 2461 |
| Molina Healthcare, Inc. 3.875% 5/15/2032<sup>6</sup> |  | 3855 | 3207 |
| Novant Health, Inc. 3.168% 11/1/2051 |  | 3750 | 2608 |
| Novartis Capital Corp. 1.75% 2/14/2025 |  | 1250 | 1179 |
| Novartis Capital Corp. 2.00% 2/14/2027 |  | 2386 | 2174 |
| Owens & Minor, Inc. 4.375% 12/15/2024 |  | 5615 | 5436 |
| Owens & Minor, Inc. 4.50% 3/31/2029<sup>6</sup> |  | 4175 | 3334 |
| Par Pharmaceutical, Inc. 7.50% 4/1/2027<sup>6</sup> |  | 7303 | 5566 |
| Pfizer, Inc. 2.95% 3/15/2024 |  | 219 | 214 |
| Shire PLC 2.875% 9/23/2023 |  | 1365 | 1342 |
| Summa Health 3.511% 11/15/2051 |  | 1655 | 1123 |
| Tenet Healthcare Corp. 4.875% 1/1/2026<sup>6</sup> |  | 11225 | 10638 |
| Tenet Healthcare Corp. 4.25% 6/1/2029<sup>6</sup> |  | 2060 | 1788 |
| Tenet Healthcare Corp. 4.375% 1/15/2030<sup>6</sup> |  | 1925 | 1670 |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  | 7016 | 6891 |
| Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 |  | 935 | 931 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 17790 | 15594 |
| Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029 |  | 7495 | 6684 |
| Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 |  | 3550 | 2178 |
| UnitedHealth Group, Inc. 1.15% 5/15/2026 |  | 2610 | 2334 |
| UnitedHealth Group, Inc. 5.30% 2/15/2030 |  | 2500 | 2582 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030 |  | 974 | 806 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032 |  | 767 | 730 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041 |  | 3875 | 2928 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051 |  | 2504 | 1804 |
| UnitedHealth Group, Inc. 4.75% 5/15/2052 |  | 1250 | 1161 |
| Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025<sup>6</sup> |  | 6275 | 5344 |
|  |  |  | **149222** |
| **Consumer discretionary 0.59%** |  |  |  |
| Allied Universal Holdco, LLC 4.625% 6/1/2028<sup>6</sup> |  | 1660 | 1374 |
| Amazon.com, Inc. 2.70% 6/3/2060 |  | 2765 | 1679 |
| American Honda Finance Corp. 3.50% 2/15/2028 |  | 750 | 702 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029<sup>6</sup> |  | 2115 | 1785 |
| Atlas LuxCo 4 SARL 4.625% 6/1/2028<sup>6</sup> |  | 1065 | 865 |
| Bayerische Motoren Werke AG 2.25% 9/15/2023<sup>6</sup> |  | 300 | 294 |
| Caesars Entertainment, Inc. 6.25% 7/1/2025<sup>6</sup> |  | 2815 | 2741 |
| Carnival Corp. 4.00% 8/1/2028<sup>6</sup> |  | 3875 | 3167 |
| Daimler Trucks Finance North America, LLC 3.50% 4/7/2025<sup>6</sup> |  | 2000 | 1920 |
| Daimler Trucks Finance North America, LLC 2.00% 12/14/2026<sup>6</sup> |  | 2400 | 2118 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>6</sup> |  | 450 | 421 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>6</sup> |  | 1350 | 1137 |
| Fertitta Entertainment, Inc. 4.625% 1/15/2029<sup>6</sup> |  | 3580 | 3034 |
| Fertitta Entertainment, Inc. 6.75% 1/15/2030<sup>6</sup> |  | 1790 | 1447 |
| First Student Bidco, Inc. 4.00% 7/31/2029<sup>6</sup> |  | 1300 | 1077 |

---

American Funds Insurance Series 145

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Ford Motor Credit Company, LLC 5.125% 6/16/2025 | USD | 3855 | $3714 |
| Ford Motor Credit Company, LLC 4.542% 8/1/2026 |  | 2455 | 2266 |
| Ford Motor Credit Company, LLC 2.70% 8/10/2026 |  | 2110 | 1835 |
| General Motors Financial Co. 2.35% 2/26/2027 |  | 783 | 685 |
| Hanesbrands, Inc. 4.875% 5/15/2026<sup>6</sup> |  | 2700 | 2417 |
| Hilton Grand Vacations Borrower 5.00% 6/1/2029<sup>6</sup> |  | 3580 | 3083 |
| Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031<sup>6</sup> |  | 1885 | 1581 |
| Home Depot, Inc. 1.50% 9/15/2028 |  | 3000 | 2556 |
| Home Depot, Inc. 3.90% 12/6/2028 |  | 825 | 796 |
| Home Depot, Inc. 2.95% 6/15/2029 |  | 4000 | 3627 |
| Home Depot, Inc. 1.875% 9/15/2031 |  | 3000 | 2405 |
| Home Depot, Inc. 4.25% 4/1/2046 |  | 2000 | 1742 |
| Home Depot, Inc. 4.50% 12/6/2048 |  | 428 | 391 |
| Hyundai Capital America 1.00% 9/17/2024<sup>6</sup> |  | 3025 | 2797 |
| Hyundai Capital America 1.50% 6/15/2026<sup>6</sup> |  | 850 | 737 |
| Hyundai Capital America 1.65% 9/17/2026<sup>6</sup> |  | 3075 | 2707 |
| Hyundai Capital America 2.375% 10/15/2027<sup>6</sup> |  | 2579 | 2210 |
| Hyundai Capital America 2.10% 9/15/2028<sup>6</sup> |  | 3075 | 2529 |
| International Game Technology PLC 6.50% 2/15/2025<sup>6</sup> |  | 1880 | 1895 |
| International Game Technology PLC 5.25% 1/15/2029<sup>6</sup> |  | 6490 | 6059 |
| KB Home 7.25% 7/15/2030 |  | 1295 | 1260 |
| Kontoor Brands, Inc. 4.125% 11/15/2029<sup>6</sup> |  | 910 | 745 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027<sup>6</sup> |  | 775 | 704 |
| Lithia Motors, Inc. 3.875% 6/1/2029<sup>6</sup> |  | 2900 | 2388 |
| Lithia Motors, Inc. 4.375% 1/15/2031<sup>6</sup> |  | 1025 | 836 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 2500 | 1914 |
| McDonald's Corp. 4.60% 9/9/2032 |  | 1275 | 1251 |
| Melco International Development, Ltd. 5.75% 7/21/2028<sup>6</sup> |  | 1710 | 1433 |
| Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025<sup>6</sup> |  | 1500 | 1510 |
| Mercedes-Benz Finance North America, LLC 5.25% 11/29/2027<sup>6</sup> |  | 2875 | 2895 |
| NCL Corp., Ltd. 5.875% 2/15/2027<sup>6</sup> |  | 2450 | 2125 |
| NCL Corp., Ltd. 7.75% 2/15/2029<sup>6</sup> |  | 1375 | 1037 |
| Neiman Marcus Group, LLC 7.125% 4/1/2026<sup>6</sup> |  | 1345 | 1263 |
| Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/2025<sup>6,9</sup> |  | 780 | 213 |
| Party City Holdings, Inc. 8.75% 2/15/2026<sup>6</sup> |  | 3440 | 998 |
| Penske Automotive Group, Inc. 3.75% 6/15/2029 |  | 1375 | 1118 |
| Premier Entertainment Sub, LLC 5.625% 9/1/2029<sup>6</sup> |  | 1690 | 1248 |
| Premier Entertainment Sub, LLC 5.875% 9/1/2031<sup>6</sup> |  | 1690 | 1198 |
| Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029<sup>6</sup> |  | 715 | 491 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>6</sup> |  | 2423 | 2604 |
| Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026<sup>6</sup> |  | 3120 | 2526 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027<sup>6</sup> |  | 3520 | 2855 |
| Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>6</sup> |  | 1408 | 1417 |
| Sally Holdings, LLC 5.625% 12/1/2025 |  | 2705 | 2610 |
| Sands China, Ltd. 5.625% 8/8/2025 |  | 1302 | 1247 |
| Sands China, Ltd. 2.80% 3/8/2027<sup>13</sup> |  | 2075 | 1780 |
| Scientific Games Corp. 7.00% 5/15/2028<sup>6</sup> |  | 750 | 717 |
| Scientific Games Corp. 7.25% 11/15/2029<sup>6</sup> |  | 2240 | 2154 |
| Sonic Automotive, Inc. 4.625% 11/15/2029<sup>6</sup> |  | 3035 | 2434 |
| Sonic Automotive, Inc. 4.875% 11/15/2031<sup>6</sup> |  | 1325 | 1043 |
| Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>6</sup> |  | 2200 | 1891 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>6</sup> |  | 2500 | 2480 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>6</sup> |  | 2150 | 1646 |
| Stellantis Finance US, Inc. 6.375% 9/12/2032<sup>6</sup> |  | 2000 | 1980 |
| Tempur Sealy International, Inc. 4.00% 4/15/2029<sup>6</sup> |  | 850 | 715 |
| The Gap, Inc. 3.625% 10/1/2029<sup>6</sup> |  | 486 | 343 |
| The Gap, Inc. 3.875% 10/1/2031<sup>6</sup> |  | 323 | 226 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026 |  | 429 | 383 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027 |  | 2500 | 2234 |
| Travel + Leisure Co. 4.50% 12/1/2029<sup>6</sup> |  | 2100 | 1714 |
| Volkswagen Group of America Finance, LLC 4.25% 11/13/2023<sup>6</sup> |  | 3770 | 3734 |

---

146 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Volkswagen Group of America Finance, LLC 4.625% 11/13/2025<sup>6</sup> | USD | 3845 | $3786 |
| Volkswagen Group of America Finance, LLC 3.20% 9/26/2026<sup>6</sup> |  | 3201 | 2972 |
| Wheel Pros, Inc. 6.50% 5/15/2029<sup>6</sup> |  | 1750 | 621 |
| Wyndham Destinations, Inc. 4.625% 3/1/2030<sup>6</sup> |  | 1300 | 1080 |
| Wyndham Worldwide Corp. 4.375% 8/15/2028<sup>6</sup> |  | 2255 | 2027 |
| Wynn Las Vegas, LLC 4.25% 5/30/2023<sup>6</sup> |  | 2193 | 2165 |
|  |  |  | **145804** |
| **Communication services 0.53%** |  |  |  |
| Alphabet, Inc. 1.998% 8/15/2026 |  | 3000 | 2762 |
| Alphabet, Inc. 1.90% 8/15/2040 |  | 1375 | 918 |
| Alphabet, Inc. 2.25% 8/15/2060 |  | 1265 | 719 |
| AT&T, Inc. 3.50% 9/15/2053 |  | 5140 | 3492 |
| CCO Holdings, LLC 4.75% 3/1/2030<sup>6</sup> |  | 2500 | 2162 |
| CCO Holdings, LLC 4.50% 8/15/2030<sup>6</sup> |  | 3500 | 2899 |
| CCO Holdings, LLC 4.25% 2/1/2031<sup>6</sup> |  | 3875 | 3117 |
| CCO Holdings, LLC 4.75% 2/1/2032<sup>6</sup> |  | 2150 | 1747 |
| CCO Holdings, LLC 4.50% 5/1/2032 |  | 2710 | 2162 |
| Charter Communications Operating, LLC 4.908% 7/23/2025 |  | 500 | 491 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 |  | 2000 | 1223 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 |  | 3000 | 1895 |
| Comcast Corp. 2.35% 1/15/2027 |  | 4000 | 3640 |
| Comcast Corp. 3.20% 7/15/2036 |  | 375 | 305 |
| Comcast Corp. 2.80% 1/15/2051 |  | 791 | 503 |
| Comcast Corp. 2.887% 11/1/2051 |  | 2571 | 1663 |
| CSC Holdings, LLC 3.375% 2/15/2031<sup>6</sup> |  | 1875 | 1226 |
| DIRECTV Financing, LLC 5.875% 8/15/2027<sup>6</sup> |  | 3655 | 3277 |
| DISH Network Corp. 11.75% 11/15/2027<sup>6</sup> |  | 3700 | 3815 |
| Embarq Corp. 7.995% 6/1/2036 |  | 6465 | 3020 |
| Fox Corp. 4.03% 1/25/2024 |  | 1120 | 1107 |
| Frontier Communications Corp. 5.875% 10/15/2027<sup>6</sup> |  | 2225 | 2071 |
| Frontier Communications Corp. 5.00% 5/1/2028<sup>6</sup> |  | 5550 | 4851 |
| Frontier Communications Corp. 6.75% 5/1/2029<sup>6</sup> |  | 4400 | 3646 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 |  | 1850 | 1434 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030<sup>6</sup> |  | 1900 | 1495 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030<sup>6</sup> |  | 1100 | 1121 |
| Gray Escrow II, Inc. 5.375% 11/15/2031<sup>6</sup> |  | 900 | 650 |
| iHeartCommunications, Inc. 5.25% 8/15/2027<sup>6</sup> |  | 3093 | 2625 |
| Intelsat Jackson Holding Co. 6.50% 3/15/2030<sup>6</sup> |  | 2891 | 2592 |
| Ligado Networks, LLC 15.50% PIK 11/1/2023<sup>6,16</sup> |  | 4712 | 1537 |
| Live Nation Entertainment, Inc. 3.75% 1/15/2028<sup>6</sup> |  | 1350 | 1154 |
| Midas OpCo Holdings, LLC 5.625% 8/15/2029<sup>6</sup> |  | 3205 | 2649 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 1250 | 1210 |
| Netflix, Inc. 5.875% 11/15/2028 |  | 2175 | 2210 |
| Netflix, Inc. 6.375% 5/15/2029 |  | 50 | 52 |
| Netflix, Inc. 5.375% 11/15/2029<sup>6</sup> |  | 25 | 24 |
| News Corp. 3.875% 5/15/2029<sup>6</sup> |  | 875 | 760 |
| News Corp. 5.125% 2/15/2032<sup>6</sup> |  | 550 | 501 |
| Nexstar Broadcasting, Inc. 4.75% 11/1/2028<sup>6</sup> |  | 3175 | 2751 |
| SBA Tower Trust 1.631% 11/15/2026<sup>6</sup> |  | 8707 | 7408 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029<sup>6</sup> |  | 2325 | 1869 |
| Sinclair Television Group, Inc. 4.125% 12/1/2030<sup>6</sup> |  | 1175 | 882 |
| Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>6</sup> |  | 3575 | 3118 |
| Sirius XM Radio, Inc. 4.125% 7/1/2030<sup>6</sup> |  | 950 | 786 |
| Sirius XM Radio, Inc. 3.875% 9/1/2031<sup>6</sup> |  | 1975 | 1545 |
| Sprint Corp. 6.875% 11/15/2028 |  | 2525 | 2627 |
| Take-Two Interactive Software, Inc. 3.30% 3/28/2024 |  | 3175 | 3102 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032 |  | 2438 | 2165 |
| T-Mobile US, Inc. 1.50% 2/15/2026 |  | 500 | 448 |
| T-Mobile US, Inc. 2.05% 2/15/2028 |  | 325 | 280 |

---

American Funds Insurance Series 147

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| Univision Communications, Inc. 6.625% 6/1/2027<sup>6</sup> | USD | 5800 | $5608 |
| Univision Communications, Inc. 4.50% 5/1/2029<sup>6</sup> |  | 3475 | 2913 |
| Univision Communications, Inc. 7.375% 6/30/2030<sup>6</sup> |  | 225 | 215 |
| Verizon Communications, Inc. 2.875% 11/20/2050 |  | 2453 | 1548 |
| Virgin Media O2 4.25% 1/31/2031<sup>6</sup> |  | 4525 | 3673 |
| Virgin Media Secured Finance PLC 4.50% 8/15/2030<sup>6</sup> |  | 2115 | 1771 |
| VMED O2 UK Financing I PLC 4.75% 7/15/2031<sup>6</sup> |  | 225 | 183 |
| Vodafone Group PLC 5.25% 5/30/2048 |  | 500 | 443 |
| Vodafone Group PLC 4.25% 9/17/2050 |  | 4350 | 3337 |
| WarnerMedia Holdings, Inc. 3.638% 3/15/2025<sup>6</sup> |  | 3807 | 3623 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027<sup>6</sup> |  | 1018 | 918 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029<sup>6</sup> |  | 1435 | 1244 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>6</sup> |  | 2903 | 2399 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>6</sup> |  | 2500 | 1922 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>6</sup> |  | 1500 | 1096 |
| Ziggo Bond Co. BV 5.125% 2/28/2030<sup>6</sup> |  | 1775 | 1436 |
| Ziggo Bond Finance BV 4.875% 1/15/2030<sup>6</sup> |  | 725 | 608 |
|  |  |  | **132643** |
| **Industrials 0.53%** |  |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026<sup>6</sup> |  | 1005 | 968 |
| Allison Transmission Holdings, Inc. 3.75% 1/30/2031<sup>6</sup> |  | 3445 | 2838 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027<sup>6</sup> |  | 1025 | 929 |
| Avis Budget Group, Inc. 5.375% 3/1/2029<sup>6</sup> |  | 2450 | 2099 |
| Avolon Holdings Funding, Ltd. 3.95% 7/1/2024<sup>6</sup> |  | 1587 | 1520 |
| Avolon Holdings Funding, Ltd. 4.25% 4/15/2026<sup>6</sup> |  | 1126 | 1022 |
| Avolon Holdings Funding, Ltd. 4.375% 5/1/2026<sup>6</sup> |  | 1975 | 1802 |
| Boeing Company 4.875% 5/1/2025 |  | 1555 | 1545 |
| Boeing Company 3.10% 5/1/2026 |  | 251 | 236 |
| Boeing Company 3.25% 2/1/2028 |  | 4000 | 3639 |
| Boeing Company 5.15% 5/1/2030 |  | 1100 | 1076 |
| Boeing Company 3.60% 5/1/2034 |  | 6250 | 5016 |
| Boeing Company 5.805% 5/1/2050 |  | 4000 | 3729 |
| Bombardier, Inc. 7.125% 6/15/2026<sup>6</sup> |  | 4100 | 3985 |
| Bombardier, Inc. 7.875% 4/15/2027<sup>6</sup> |  | 8070 | 7844 |
| Bombardier, Inc. 6.00% 2/15/2028<sup>6</sup> |  | 1010 | 935 |
| BWX Technologies, Inc. 4.125% 4/15/2029<sup>6</sup> |  | 1025 | 899 |
| Canadian Pacific Railway, Ltd. 1.75% 12/2/2026 |  | 1385 | 1236 |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 |  | 1738 | 1444 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 829 | 561 |
| Chart Industries, Inc. 7.50% 1/1/2030<sup>6</sup> |  | 1347 | 1356 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028<sup>6</sup> |  | 590 | 512 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029<sup>6</sup> |  | 520 | 443 |
| CoreLogic, Inc. 4.50% 5/1/2028<sup>6</sup> |  | 6075 | 4669 |
| Covanta Holding Corp. 4.875% 12/1/2029<sup>6</sup> |  | 1035 | 849 |
| CSX Corp. 4.25% 3/15/2029 |  | 1062 | 1024 |
| CSX Corp. 2.50% 5/15/2051 |  | 1125 | 688 |
| Honeywell International, Inc. 2.30% 8/15/2024 |  | 2640 | 2536 |
| Honeywell International, Inc. 1.35% 6/1/2025 |  | 5947 | 5503 |
| Honeywell International, Inc. 2.70% 8/15/2029 |  | 1470 | 1310 |
| Icahn Enterprises Finance Corp. 4.75% 9/15/2024 |  | 2090 | 2009 |
| Icahn Enterprises, LP 5.25% 5/15/2027 |  | 1185 | 1088 |
| Icahn Enterprises, LP 4.375% 2/1/2029 |  | 1525 | 1292 |
| L3Harris Technologies, Inc. 1.80% 1/15/2031 |  | 2625 | 2021 |
| Lockheed Martin Corp. 5.10% 11/15/2027 |  | 951 | 974 |
| Lockheed Martin Corp. 5.25% 1/15/2033 |  | 1742 | 1802 |
| Lockheed Martin Corp. 5.70% 11/15/2054 |  | 1849 | 1949 |
| LSC Communications, Inc. 8.75% 10/15/2023<sup>3,6,15</sup> |  | 4063 | 12 |
| Masco Corp. 1.50% 2/15/2028 |  | 774 | 642 |
| Masco Corp. 2.00% 2/15/2031 |  | 497 | 384 |

---

148 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Masco Corp. 3.125% 2/15/2051 | USD | 230 | $144 |
| MasTec, Inc. 4.50% 8/15/2028<sup>6</sup> |  | 1425 | 1279 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027<sup>6</sup> |  | 1980 | 1973 |
| Norfolk Southern Corp. 3.05% 5/15/2050 |  | 2746 | 1852 |
| Northrop Grumman Corp. 2.93% 1/15/2025 |  | 1820 | 1747 |
| Northrop Grumman Corp. 3.25% 1/15/2028 |  | 3495 | 3229 |
| Otis Worldwide Corp. 2.293% 4/5/2027 |  | 2135 | 1914 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029<sup>6</sup> |  | 195 | 169 |
| Rolls-Royce PLC 5.75% 10/15/2027<sup>6</sup> |  | 1940 | 1851 |
| Siemens AG 1.20% 3/11/2026<sup>6</sup> |  | 3887 | 3468 |
| Siemens AG 1.70% 3/11/2028<sup>6</sup> |  | 3700 | 3167 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028<sup>6</sup> |  | 2950 | 2777 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>6</sup> |  | 507 | 534 |
| The Brink's Co. 4.625% 10/15/2027<sup>6</sup> |  | 2385 | 2186 |
| TransDigm, Inc. 6.25% 3/15/2026<sup>6</sup> |  | 3476 | 3436 |
| TransDigm, Inc. 5.50% 11/15/2027 |  | 2200 | 2070 |
| Triumph Group, Inc. 8.875% 6/1/2024<sup>6</sup> |  | 2295 | 2339 |
| Triumph Group, Inc. 6.25% 9/15/2024<sup>6</sup> |  | 4775 | 4534 |
| Triumph Group, Inc. 7.75% 8/15/2025 |  | 3950 | 3366 |
| Union Pacific Corp. 2.40% 2/5/2030 |  | 2414 | 2071 |
| Union Pacific Corp. 2.95% 3/10/2052 |  | 1000 | 681 |
| Union Pacific Corp. 3.839% 3/20/2060 |  | 546 | 425 |
| Union Pacific Corp. 3.799% 4/6/2071 |  | 545 | 405 |
| United Airlines, Inc. 4.375% 4/15/2026<sup>6</sup> |  | 975 | 905 |
| United Airlines, Inc. 4.625% 4/15/2029<sup>6</sup> |  | 2225 | 1941 |
| United Rentals, Inc. 3.875% 2/15/2031 |  | 2050 | 1723 |
| United Technologies Corp. 3.65% 8/16/2023 |  | 52 | 52 |
| United Technologies Corp. 3.95% 8/16/2025 |  | 3155 | 3085 |
| United Technologies Corp. 4.125% 11/16/2028 |  | 1075 | 1031 |
| Vertical U.S. Newco, Inc. 5.25% 7/15/2027<sup>6</sup> |  | 2000 | 1779 |
|  |  |  | **130519** |
| **Materials 0.40%** |  |  |  |
| Alcoa Nederland Holding BV 4.125% 3/31/2029<sup>6</sup> |  | 1175 | 1044 |
| Allegheny Technologies, Inc. 4.875% 10/1/2029 |  | 710 | 628 |
| Allegheny Technologies, Inc. 5.125% 10/1/2031 |  | 1110 | 983 |
| Anglo American Capital PLC 2.25% 3/17/2028<sup>6</sup> |  | 484 | 408 |
| Anglo American Capital PLC 2.625% 9/10/2030<sup>6</sup> |  | 2500 | 2037 |
| Anglo American Capital PLC 3.95% 9/10/2050<sup>6</sup> |  | 1281 | 942 |
| Arconic Rolled Products Corp. 6.125% 2/15/2028<sup>6</sup> |  | 750 | 705 |
| Avient Corp. 7.125% 8/1/2030<sup>6</sup> |  | 855 | 837 |
| Ball Corp. 6.875% 3/15/2028 |  | 1415 | 1455 |
| Ball Corp. 3.125% 9/15/2031 |  | 3520 | 2832 |
| CAN-PACK SA 3.875% 11/15/2029<sup>6</sup> |  | 935 | 738 |
| Celanese US Holdings, LLC 6.165% 7/15/2027 |  | 3500 | 3458 |
| Chevron Phillips Chemical Co., LLC 3.30% 5/1/2023<sup>6</sup> |  | 595 | 591 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027 |  | 9000 | 8613 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029<sup>6</sup> |  | 1825 | 1622 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031<sup>6</sup> |  | 1351 | 1195 |
| CVR Partners, LP 6.125% 6/15/2028<sup>6</sup> |  | 745 | 669 |
| Dow Chemical Co. 3.60% 11/15/2050 |  | 1328 | 955 |
| First Quantum Minerals, Ltd. 6.50% 3/1/2024<sup>6</sup> |  | 2204 | 2159 |
| First Quantum Minerals, Ltd. 7.50% 4/1/2025<sup>6</sup> |  | 11350 | 11071 |
| First Quantum Minerals, Ltd. 6.875% 3/1/2026<sup>6</sup> |  | 3625 | 3438 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027<sup>6</sup> |  | 4240 | 3987 |
| FXI Holdings, Inc. 7.875% 11/1/2024<sup>6</sup> |  | 2321 | 1933 |
| FXI Holdings, Inc. 12.25% 11/15/2026<sup>6</sup> |  | 4492 | 3726 |
| Glencore Funding, LLC 4.125% 3/12/2024<sup>6</sup> |  | 945 | 930 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027<sup>6</sup> |  | 5400 | 4541 |
| Kaiser Aluminum Corp. 4.625% 3/1/2028<sup>6</sup> |  | 2495 | 2181 |

---

American Funds Insurance Series 149

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| LSB Industries, Inc. 6.25% 10/15/2028<sup>6</sup> | USD | 860 | $788 |
| LYB International Finance III, LLC 2.25% 10/1/2030 |  | 1198 | 953 |
| LYB International Finance III, LLC 3.625% 4/1/2051 |  | 2537 | 1708 |
| LYB International Finance III, LLC 3.80% 10/1/2060 |  | 1186 | 774 |
| Methanex Corp. 5.125% 10/15/2027 |  | 6300 | 5854 |
| Mineral Resources, Ltd. 8.50% 5/1/2030<sup>6</sup> |  | 1525 | 1548 |
| Mosaic Co. 4.05% 11/15/2027 |  | 1050 | 991 |
| Nova Chemicals Corp. 4.25% 5/15/2029<sup>6</sup> |  | 1875 | 1536 |
| Novelis Corp. 3.875% 8/15/2031<sup>6</sup> |  | 1115 | 912 |
| Praxair, Inc. 1.10% 8/10/2030 |  | 2938 | 2258 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028<sup>6</sup> |  | 3485 | 2997 |
| SCIH Salt Holdings, Inc. 6.625% 5/1/2029<sup>6</sup> |  | 1230 | 992 |
| Sherwin-Williams Company 3.125% 6/1/2024 |  | 275 | 267 |
| Sherwin-Williams Company 3.80% 8/15/2049 |  | 5208 | 3891 |
| South32 Treasury, Ltd. 4.35% 4/14/2032<sup>6</sup> |  | 1527 | 1311 |
| SPCM SA 3.375% 3/15/2030<sup>6</sup> |  | 600 | 484 |
| Venator Finance SARL 9.50% 7/1/2025<sup>6</sup> |  | 1825 | 1323 |
| Venator Finance SARL 5.75% 7/15/2025<sup>6</sup> |  | 5845 | 2005 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028<sup>6</sup> |  | 3400 | 3356 |
| Westlake Chemical Corp. 4.375% 11/15/2047 |  | 500 | 378 |
|  |  |  | **98004** |
| **Utilities 0.31%** |  |  |  |
| Ameren Corp. 2.50% 9/15/2024 |  | 969 | 927 |
| Calpine Corp. 3.75% 3/1/2031<sup>6</sup> |  | 1975 | 1593 |
| Commonwealth Edison Co. 4.35% 11/15/2045 |  | 1085 | 931 |
| Commonwealth Edison Co. 3.85% 3/15/2052 |  | 2600 | 2083 |
| Dominion Resources, Inc., junior subordinated, 3.071% 8/15/2024<sup>13</sup> |  | 920 | 887 |
| Duke Energy Carolinas, LLC 3.95% 11/15/2028 |  | 1250 | 1202 |
| Duke Energy Corp. 4.50% 8/15/2032 |  | 2000 | 1879 |
| Duke Energy Corp. 3.50% 6/15/2051 |  | 2000 | 1398 |
| Duke Energy Florida, LLC 3.20% 1/15/2027 |  | 1445 | 1366 |
| Duke Energy Indiana, Inc. 3.25% 10/1/2049 |  | 1225 | 856 |
| Duke Energy Progress, LLC 3.70% 10/15/2046 |  | 457 | 348 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 |  | 202 | 122 |
| Duke Energy Progress, LLC 2.90% 8/15/2051 |  | 91 | 60 |
| Edison International 3.55% 11/15/2024 |  | 2200 | 2125 |
| EDP Finance BV 3.625% 7/15/2024<sup>6</sup> |  | 4100 | 3959 |
| Electricité de France SA 4.75% 10/13/2035<sup>6</sup> |  | 1250 | 1057 |
| Electricité de France SA 4.875% 9/21/2038<sup>6</sup> |  | 2750 | 2246 |
| Electricité de France SA 5.60% 1/27/2040 |  | 525 | 481 |
| Emera US Finance, LP 3.55% 6/15/2026 |  | 320 | 300 |
| Enersis Américas SA 4.00% 10/25/2026 |  | 245 | 233 |
| Entergy Corp. 2.80% 6/15/2030 |  | 3325 | 2816 |
| Eversource Energy 3.80% 12/1/2023 |  | 2730 | 2700 |
| FirstEnergy Corp. 3.40% 3/1/2050 |  | 2250 | 1489 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>6</sup> |  | 675 | 590 |
| NRG Energy, Inc. 3.625% 2/15/2031<sup>6</sup> |  | 1875 | 1429 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 |  | 125 | 107 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 2941 | 2289 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 100 | 68 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 1250 | 781 |
| PacifiCorp, First Mortgage Bonds, 4.125% 1/15/2049 |  | 4000 | 3293 |
| PG&E Corp. 5.00% 7/1/2028 |  | 3750 | 3429 |
| PG&E Corp. 5.25% 7/1/2030 |  | 3400 | 3099 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047 |  | 548 | 419 |
| Public Service Electric and Gas Co. 3.15% 1/1/2050 |  | 2451 | 1727 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 4450 | 3877 |
| Southern California Edison Co. 6.00% 1/15/2034 |  | 2500 | 2620 |
| Southern California Edison Co. 5.75% 4/1/2035 |  | 675 | 675 |

---

150 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Southern California Edison Co. 5.35% 7/15/2035 | USD | 3000 | $2915 |
| Southern California Edison Co. 4.00% 4/1/2047 |  | 264 | 208 |
| Talen Energy Corp. 7.25% 5/15/2027<sup>6</sup> |  | 8334 | 8664 |
| Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/2026<sup>9,14</sup> |  | 2815 | 2861 |
| Talen Energy Supply, LLC 7.625% 6/1/2028<sup>6</sup> |  | 1180 | 1232 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029<sup>6</sup> |  | 1030 | 903 |
| Virginia Electric and Power Co. 2.40% 3/30/2032 |  | 2575 | 2088 |
| Xcel Energy, Inc. 2.60% 12/1/2029 |  | 1950 | 1669 |
|  |  |  | **76001** |
| **Real estate 0.28%** |  |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026 |  | 315 | 305 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 |  | 1220 | 1148 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029 |  | 1940 | 1654 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 |  | 1320 | 1155 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033 |  | 4095 | 3056 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 |  | 410 | 349 |
| American Tower Corp. 1.45% 9/15/2026 |  | 2369 | 2070 |
| American Tower Corp. 3.55% 7/15/2027 |  | 1425 | 1322 |
| American Tower Corp. 3.60% 1/15/2028 |  | 1000 | 921 |
| American Tower Corp. 1.50% 1/31/2028 |  | 2500 | 2073 |
| American Tower Corp. 2.30% 9/15/2031 |  | 1500 | 1170 |
| American Tower Corp. 2.95% 1/15/2051 |  | 2000 | 1247 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029<sup>6</sup> |  | 2260 | 1712 |
| Essex Portfolio, LP 3.875% 5/1/2024 |  | 1000 | 980 |
| Essex Portfolio, LP 3.50% 4/1/2025 |  | 6825 | 6587 |
| Extra Space Storage, Inc. 2.35% 3/15/2032 |  | 1385 | 1051 |
| GLP Capital, LP 3.35% 9/1/2024 |  | 1263 | 1212 |
| Hospitality Properties Trust 4.35% 10/1/2024 |  | 560 | 510 |
| Host Hotels & Resorts, LP 4.50% 2/1/2026 |  | 355 | 341 |
| Howard Hughes Corp. 5.375% 8/1/2028<sup>6</sup> |  | 1450 | 1309 |
| Howard Hughes Corp. 4.125% 2/1/2029<sup>6</sup> |  | 1860 | 1560 |
| Howard Hughes Corp. 4.375% 2/1/2031<sup>6</sup> |  | 2690 | 2180 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 |  | 2401 | 1780 |
| Iron Mountain, Inc. 5.25% 7/15/2030<sup>6</sup> |  | 3785 | 3298 |
| Iron Mountain, Inc. 4.50% 2/15/2031<sup>6</sup> |  | 2650 | 2184 |
| Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 |  | 2645 | 2100 |
| Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 |  | 1940 | 1482 |
| Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031 |  | 2260 | 1704 |
| Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027<sup>6</sup> |  | 3757 | 3163 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029<sup>6</sup> |  | 2280 | 1933 |
| Public Storage 1.85% 5/1/2028 |  | 2490 | 2140 |
| Public Storage 1.95% 11/9/2028 |  | 2027 | 1733 |
| Public Storage 2.30% 5/1/2031 |  | 719 | 585 |
| RHP Hotel Properties, LP 4.50% 2/15/2029<sup>6</sup> |  | 1300 | 1123 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029<sup>6</sup> |  | 1240 | 1007 |
| Scentre Group 3.50% 2/12/2025<sup>6</sup> |  | 3075 | 2945 |
| Scentre Group 3.25% 10/28/2025<sup>6</sup> |  | 1000 | 939 |
| Scentre Group 3.75% 3/23/2027<sup>6</sup> |  | 2430 | 2241 |
| Sun Communities Operating, LP 2.30% 11/1/2028 |  | 1845 | 1540 |
| Sun Communities Operating, LP 2.70% 7/15/2031 |  | 876 | 694 |
| UDR, Inc. 2.95% 9/1/2026 |  | 760 | 699 |
| VICI Properties, LP 3.875% 2/15/2029<sup>6</sup> |  | 1367 | 1200 |
| VICI Properties, LP 4.625% 12/1/2029<sup>6</sup> |  | 532 | 485 |
| VICI Properties, LP 4.125% 8/15/2030<sup>6</sup> |  | 971 | 851 |
|  |  |  | **69738** |

---

American Funds Insurance Series 151

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Information technology 0.27%** |  |  |  |
| Adobe, Inc. 1.90% 2/1/2025 | USD | 366 | $346 |
| Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/2024<sup>9,14</sup> |  | 225 | 200 |
| Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025<sup>9,14</sup> |  | 4150 | 3121 |
| Analog Devices, Inc. 1.70% 10/1/2028 |  | 1286 | 1092 |
| Analog Devices, Inc. 2.10% 10/1/2031 |  | 1212 | 982 |
| Analog Devices, Inc. 2.80% 10/1/2041 |  | 2961 | 2179 |
| Analog Devices, Inc. 2.95% 10/1/2051 |  | 1955 | 1327 |
| Apple, Inc. 3.00% 2/9/2024 |  | 625 | 613 |
| Apple, Inc. 3.35% 2/9/2027 |  | 40 | 38 |
| Apple, Inc. 1.20% 2/8/2028 |  | 5000 | 4245 |
| Apple, Inc. 3.95% 8/8/2052 |  | 3500 | 2994 |
| Block, Inc. 3.50% 6/1/2031 |  | 2325 | 1858 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029<sup>6</sup> |  | 1000 | 882 |
| Broadcom, Inc. 1.95% 2/15/2028<sup>6</sup> |  | 1407 | 1191 |
| Broadcom, Inc. 2.60% 2/15/2033<sup>6</sup> |  | 2524 | 1901 |
| Broadcom, Inc. 3.469% 4/15/2034<sup>6</sup> |  | 1771 | 1418 |
| CommScope Finance, LLC 6.00% 3/1/2026<sup>6</sup> |  | 1600 | 1480 |
| Diebold Nixdorf, Inc. 9.375% 7/15/2025<sup>6</sup> |  | 10434 | 7462 |
| Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/2026<sup>3,6,16</sup> |  | 6909 | 4162 |
| Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025<sup>3,9,14</sup> |  | 4731 | 3186 |
| Fidelity National Information Services, Inc. 3.10% 3/1/2041 |  | 302 | 209 |
| Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/2024<sup>9,14</sup> | EUR | 1343 | 1243 |
| Fiserv, Inc. 3.50% 7/1/2029 | USD | 471 | 425 |
| Fiserv, Inc. 2.65% 6/1/2030 |  | 3605 | 3039 |
| Gartner, Inc. 4.50% 7/1/2028<sup>6</sup> |  | 650 | 607 |
| Intuit, Inc. 0.95% 7/15/2025 |  | 1530 | 1394 |
| Intuit, Inc. 1.35% 7/15/2027 |  | 1395 | 1209 |
| Intuit, Inc. 1.65% 7/15/2030 |  | 1845 | 1484 |
| Mastercard, Inc. 2.00% 11/18/2031 |  | 3874 | 3120 |
| Microsoft Corp. 2.921% 3/17/2052 |  | 4814 | 3431 |
| NCR Corp. 5.125% 4/15/2029<sup>6</sup> |  | 1650 | 1383 |
| PayPal Holdings, Inc. 2.65% 10/1/2026 |  | 662 | 612 |
| PayPal Holdings, Inc. 2.30% 6/1/2030 |  | 616 | 507 |
| Sabre GLBL, Inc. 7.375% 9/1/2025<sup>6</sup> |  | 946 | 911 |
| Sabre GLBL, Inc. 11.25% 12/15/2027<sup>6</sup> |  | 1157 | 1192 |
| Sabre Holdings Corp. 9.25% 4/15/2025<sup>6</sup> |  | 3122 | 3115 |
| Synaptics, Inc. 4.00% 6/15/2029<sup>6</sup> |  | 875 | 738 |
| Unisys Corp. 6.875% 11/1/2027<sup>6</sup> |  | 725 | 558 |
| VeriSign, Inc. 2.70% 6/15/2031 |  | 625 | 511 |
| Veritas US, Inc. 7.50% 9/1/2025<sup>6</sup> |  | 835 | 577 |
| Viavi Solutions, Inc. 3.75% 10/1/2029<sup>6</sup> |  | 725 | 611 |
|  |  |  | **67553** |
| **Consumer staples 0.23%** |  |  |  |
| 7-Eleven, Inc. 0.80% 2/10/2024<sup>6</sup> |  | 1700 | 1618 |
| 7-Eleven, Inc. 0.95% 2/10/2026<sup>6</sup> |  | 825 | 723 |
| 7-Eleven, Inc. 1.30% 2/10/2028<sup>6</sup> |  | 2500 | 2076 |
| Albertsons Companies, Inc. 3.50% 3/15/2029<sup>6</sup> |  | 1230 | 1035 |
| Altria Group, Inc. 3.40% 2/4/2041 |  | 1500 | 1000 |
| Altria Group, Inc. 3.70% 2/4/2051 |  | 1395 | 879 |
| Anheuser-Busch InBev NV 4.00% 4/13/2028 |  | 845 | 806 |
| Anheuser-Busch InBev NV 4.35% 6/1/2040 |  | 2500 | 2208 |
| Anheuser-Busch InBev NV 4.60% 4/15/2048 |  | 1500 | 1311 |
| British American Tobacco PLC 3.222% 8/15/2024 |  | 2826 | 2723 |
| British American Tobacco PLC 3.215% 9/6/2026 |  | 3323 | 3070 |
| British American Tobacco PLC 4.54% 8/15/2047 |  | 940 | 668 |
| Central Garden & Pet Co. 4.125% 4/30/2031<sup>6</sup> |  | 1395 | 1157 |
| Coca-Cola Company 1.00% 3/15/2028 |  | 940 | 787 |
| Conagra Brands, Inc. 1.375% 11/1/2027 |  | 4615 | 3852 |
| Constellation Brands, Inc. 3.60% 2/15/2028 |  | 625 | 580 |

---

152 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer staples (continued)** |  |  |  |
| Constellation Brands, Inc. 2.25% 8/1/2031 | USD | 1487 | $1185 |
| Coty, Inc. 4.75% 1/15/2029<sup>6</sup> |  | 1680 | 1523 |
| Imperial Tobacco Finance PLC 6.125% 7/27/2027<sup>6</sup> |  | 845 | 842 |
| Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026<sup>6</sup> |  | 2990 | 2590 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030<sup>6</sup> |  | 2210 | 1955 |
| PepsiCo, Inc. 2.625% 10/21/2041 |  | 5000 | 3721 |
| PepsiCo, Inc. 3.625% 3/19/2050 |  | 777 | 639 |
| PepsiCo, Inc. 2.75% 10/21/2051 |  | 1723 | 1200 |
| Philip Morris International, Inc. 2.875% 5/1/2024 |  | 788 | 765 |
| Philip Morris International, Inc. 3.25% 11/10/2024 |  | 2000 | 1936 |
| Philip Morris International, Inc. 0.875% 5/1/2026 |  | 2990 | 2630 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 3073 | 3101 |
| Philip Morris International, Inc. 3.375% 8/15/2029 |  | 788 | 711 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 1482 | 1507 |
| Philip Morris International, Inc. 1.75% 11/1/2030 |  | 2956 | 2322 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 938 | 959 |
| Post Holdings, Inc. 4.625% 4/15/2030<sup>6</sup> |  | 2886 | 2496 |
| Prestige Brands International, Inc. 3.75% 4/1/2031<sup>6</sup> |  | 1115 | 921 |
| Reynolds American, Inc. 5.85% 8/15/2045 |  | 2030 | 1737 |
| Simmons Foods, Inc. 4.625% 3/1/2029<sup>6</sup> |  | 560 | 457 |
|  |  |  | **57690** |
| **Total corporate bonds, notes & loans** |  |  | **1396142** |
| **Asset-backed obligations 1.68%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026<sup>6,8</sup> |  | 1050 | 1005 |
| Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 5.029% 1/15/2030<sup>6,8,9</sup> |  | 2205 | 2182 |
| Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 5.029% 10/16/2030<sup>6,8,9</sup> |  | 1639 | 1612 |
| American Express Credit Account Master Trust, Series 2018-9, Class A, (1-month USD-LIBOR + 0.38%) 4.698% 4/15/2026<sup>8,9</sup> |  | 9000 | 8995 |
| Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 5.245% 1/22/2028<sup>6,8,9</sup> |  | 2566 | 2538 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2017-2A, Class A, 2.97% 3/20/2024<sup>6,8</sup> |  | 960 | 957 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-1A, Class A, 3.70% 9/20/2024<sup>6,8</sup> |  | 1114 | 1103 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/2025<sup>6,8</sup> |  | 3100 | 3049 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027<sup>6,8</sup> |  | 539 | 489 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027<sup>6,8</sup> |  | 138 | 124 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027<sup>6,8</sup> |  | 11617 | 10133 |
| BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/2028<sup>8</sup> |  | 6633 | 6706 |
| Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>6,8,9</sup> |  | 3660 | 3614 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033<sup>6,8</sup> |  | 531 | 494 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037<sup>6,8</sup> |  | 4807 | 4092 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041<sup>6,8</sup> |  | 665 | 582 |
| Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 5.328% 7/27/2030<sup>6,8,9</sup> |  | 5164 | 5089 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>6,8</sup> |  | 5191 | 4639 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>6,8</sup> |  | 1746 | 1444 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>6,8</sup> |  | 6093 | 5277 |
| Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD-LIBOR + 0.62%) 4.981% 4/22/2026<sup>8,9</sup> |  | 4960 | 4963 |

---

American Funds Insurance Series 153

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045<sup>6,8</sup> | USD | 1446 | $1245 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045<sup>6,8</sup> |  | 5382 | 4669 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045<sup>6,8</sup> |  | 1170 | 1017 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046<sup>6,8</sup> |  | 1607 | 1373 |
| Discover Card Execution Note Trust, Series 2018-A6, Class A6, (1-month USD-LIBOR + 0.39%) 4.708% 3/15/2026<sup>8,9</sup> |  | 11400 | 11397 |
| Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 3/16/2026<sup>8</sup> |  | 256 | 256 |
| DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/2026<sup>6,8</sup> |  | 6318 | 6335 |
| Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 5.059% 4/15/2028<sup>6,8,9</sup> |  | 5181 | 5131 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045<sup>6,8</sup> |  | 351 | 297 |
| Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/2028<sup>6,8</sup> |  | 6513 | 6341 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029<sup>6,8</sup> |  | 3263 | 3192 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029<sup>6,8</sup> |  | 5092 | 5109 |
| Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025<sup>8</sup> |  | 1100 | 1101 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037<sup>6,8</sup> |  | 5999 | 5320 |
| Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/2026<sup>6,8</sup> |  | 3272 | 3292 |
| Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030<sup>6,8</sup> |  | 4825 | 4760 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/2030<sup>6,8</sup> |  | 6000 | 5885 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031<sup>6,8</sup> |  | 9605 | 9181 |
| Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/2031<sup>6,8</sup> |  | 8861 | 8318 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>6,8</sup> |  | 685 | 604 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045<sup>6,8</sup> |  | 275 | 245 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039<sup>6,8</sup> |  | 2443 | 2294 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040<sup>6,8</sup> |  | 10273 | 9116 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040<sup>6,8</sup> |  | 12830 | 11408 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041<sup>6,8</sup> |  | 4021 | 3468 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041<sup>6,8</sup> |  | 5992 | 5201 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041<sup>6,8</sup> |  | 474 | 402 |
| Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/2023<sup>3,6,8</sup> |  | 5930 | 5689 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>6,8</sup> |  | 8452 | 7816 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>6,8</sup> |  | 634 | 581 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025<sup>6,8</sup> |  | 405 | 365 |
| Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026<sup>6,8</sup> |  | 8390 | 8026 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>6,8</sup> |  | 5565 | 4853 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>6,8</sup> |  | 685 | 588 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>6,8</sup> |  | 429 | 355 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028<sup>6,8</sup> |  | 4900 | 4305 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028<sup>6,8</sup> |  | 8750 | 8096 |
| Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 5.079% 4/15/2029<sup>6,8,9</sup> |  | 1090 | 1087 |
| Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/2030<sup>6,8,9</sup> |  | 5497 | 5411 |
| Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/2029<sup>6,8,9</sup> |  | 2311 | 2288 |
| Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 3/20/2026<sup>6,8</sup> |  | 4700 | 4486 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/2026<sup>6,8</sup> |  | 1900 | 1840 |
| Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/2027<sup>6,8</sup> |  | 2531 | 2473 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>6,8</sup> |  | 5085 | 4327 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070<sup>6,8</sup> |  | 5969 | 5062 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046<sup>6,8</sup> |  | 6343 | 5341 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062<sup>6,8</sup> |  | 10468 | 9303 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>6,8</sup> |  | 5889 | 5217 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>6,8</sup> |  | 10010 | 8901 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>6,8</sup> |  | 23051 | 19520 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/2030<sup>6,8,9</sup> |  | 1752 | 1733 |
| Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 5.757% 11/25/2028<sup>6,8,9</sup> |  | 1415 | 1405 |

---

154 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/2029<sup>6,8,9</sup> | USD | 437 | $433 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 4.879% 10/15/2029<sup>6,8,9</sup> |  | 8431 | 8324 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 5.479% 10/15/2029<sup>6,8,9</sup> |  | 5378 | 5207 |
| Palmer Square Loan Funding, CLO, Series 2022-5, Class A1, (3-month USD CME Term SOFR + 1.56%) 4.084% 1/15/2031<sup>6,8,9</sup> |  | 5871 | 5838 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036<sup>8</sup> |  | 2725 | 2534 |
| PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 2.45% 1/20/2031<sup>6,8,9</sup> |  | 9947 | 9947 |
| Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 5.019% 10/15/2030<sup>6,8,9</sup> |  | 4634 | 4571 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 1/15/2025<sup>8</sup> |  | 4359 | 4337 |
| Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/2025<sup>8</sup> |  | 646 | 643 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026<sup>8</sup> |  | 1987 | 1991 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/2026<sup>8</sup> |  | 4101 | 4027 |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 5.048% 1/15/2053<sup>6,8,9</sup> |  | 6531 | 6256 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046<sup>6,8</sup> |  | 3451 | 2775 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046<sup>6,8</sup> |  | 4820 | 4182 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041<sup>6,8</sup> |  | 4782 | 4039 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>6,8</sup> |  | 2480 | 2209 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033<sup>6,8</sup> |  | 2048 | 1770 |
| Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 6.678% 10/20/2031<sup>6,8,9</sup> |  | 7500 | 7500 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075<sup>6,8</sup> |  | 3286 | 2989 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045<sup>6,8</sup> |  | 1820 | 1599 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045<sup>6,8</sup> |  | 801 | 699 |
| Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046<sup>6,8</sup> |  | 924 | 778 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046<sup>6,8</sup> |  | 2661 | 2267 |
| Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031<sup>6,8</sup> |  | 3250 | 3134 |
| Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/2033<sup>6,8</sup> |  | 889 | 814 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034<sup>6,8,9</sup> |  | 7257 | 6439 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045<sup>6,8</sup> |  | 10345 | 8870 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046<sup>6,8</sup> |  | 1823 | 1523 |
| Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/2025<sup>6,8</sup> |  | 6521 | 6506 |
|  |  |  | **417313** |
| **Bonds & notes of governments & government agencies outside the U.S. 0.17%** |  |  |  |
| CPPIB Capital, Inc. 2.75% 11/2/2027<sup>6</sup> |  | 6600 | 6096 |
| European Investment Bank 0.75% 10/26/2026 |  | 6194 | 5433 |
| OMERS Finance Trust 3.50% 4/19/2032<sup>6</sup> |  | 4315 | 3905 |
| OMERS Finance Trust 4.00% 4/19/2052<sup>6</sup> |  | 4315 | 3459 |
| Panama (Republic of) 3.298% 1/19/2033 |  | 4365 | 3545 |
| Panama (Republic of) 4.50% 1/19/2063 |  | 1035 | 733 |
| Peru (Republic of) 1.862% 12/1/2032 |  | 2525 | 1848 |
| Peru (Republic of) 2.78% 12/1/2060 |  | 3775 | 2214 |
| Qatar (State of) 3.375% 3/14/2024<sup>6</sup> |  | 2315 | 2271 |
| Qatar (State of) 4.00% 3/14/2029<sup>6</sup> |  | 745 | 733 |
| Qatar (State of) 4.817% 3/14/2049<sup>6</sup> |  | 750 | 731 |
| Swedish Export Credit Corp. 3.625% 9/3/2024 |  | 5089 | 4993 |
| United Mexican States 2.659% 5/24/2031 |  | 2703 | 2187 |
| United Mexican States 4.875% 5/19/2033 |  | 1790 | 1647 |
| United Mexican States 3.771% 5/24/2061 |  | 1528 | 971 |
|  |  |  | **40766** |

---

American Funds Insurance Series 155

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Municipals 0.14%** |  |  |  |
| **California 0.02%** |  |  |  |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026 | USD | 1200 | $1079 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027 |  | 1660 | 1454 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 |  | 495 | 398 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042 |  | 1170 | 869 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046 |  | 2470 | 2288 |
|  |  |  | **6088** |
| **Connecticut 0.00%** |  |  |  |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 11/15/2044 |  | 5 | 5 |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 11/15/2044 |  | 10 | 10 |
|  |  |  | **15** |
| **Florida 0.04%** |  |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 |  | 5335 | 4649 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 |  | 5365 | 4399 |
|  |  |  | **9048** |
| **Guam 0.00%** |  |  |  |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036 |  | 240 | 196 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043 |  | 315 | 246 |
|  |  |  | **442** |
| **Illinois 0.01%** |  |  |  |
| G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033 |  | **4125** | **3952** |
| **Maryland 0.00%** |  |  |  |
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 9/1/2040 |  | **10** | **10** |
| **Minnesota 0.00%** |  |  |  |
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 7/1/2038 |  | **30** | **30** |
| **New York 0.03%** |  |  |  |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity) |  | 2865 | 2556 |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028 |  | 4745 | 4036 |
|  |  |  | **6592** |
| **Ohio 0.02%** |  |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031 |  | **5110** | **4314** |
| **South Carolina 0.00%** |  |  |  |
| Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 7/1/2041 |  | **10** | **10** |

---

156 American Funds Insurance Series

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Municipals (continued)** |  |  |  |
| **South Dakota 0.00%** |  |  |  |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 5/1/2034 | **USD** | **5** | $**5** |
| **Tennessee 0.00%** |  |  |  |
| Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 7/1/2043 |  | **5** | **5** |
| **Wisconsin 0.02%** |  |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 |  | **5865** | **5213** |
| **Total municipals** |  |  | **35724** |
| **Total bonds, notes & other debt instruments** (cost: $5,829,150,000) |  |  | **5385913** |
| **Short-term securities 6.82%** |  | Shares |  |
| **Money market investments 6.61%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,17</sup> |  | **16398802** | **1639716** |
| **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>17,18</sup> |  | 20644758 | 20645 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>17,18</sup> |  | 17940546 | 17940 |
| Capital Group Central Cash Fund 4.31%<sup>7,17,18</sup> |  | 126229 | 12622 |
|  |  |  | **51207** |
| **Total short-term securities** (cost: $1,690,721,000) |  |  | **1690923** |
| **Total investment securities 102.09%** (cost: $21,116,750,000) |  |  | **25318386** |
| Other assets less liabilities (2.09)% |  |  | (517812) |
| **Net assets 100.00%** |  |  | $**24800574** |

---

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000)** |
| 2 Year U.S. Treasury Note Futures | Long | 543 | March 2023 | USD111,357 | $139 |
| 5 Year U.S. Treasury Note Futures | Long | 2120 | March 2023 | 228811 | (257) |
| 10 Year U.S. Treasury Note Futures | Long | 1324 | March 2023 | 148681 | (1571) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 3101 | March 2023 | (366790) | 2180 |
| 20 Year U.S. Treasury Bond Futures | Long | 960 | March 2023 | 120330 | (1534) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 53 | March 2023 | 7119 | (123) |
|  |  |  |  |  | $(1166) |

---

American Funds Insurance Series 157

Asset Allocation Fund (continued)

**Swap contracts**

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Value at<br> 12/31/2022<br> (000)** | **Upfront<br> premium<br> received<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| CDX.NA.IG.39 | 1.00% | Quarterly | 12/20/2027 | USD238,057 | $(1903) | $(280) | $(1623) |

---

**Investments in affiliates<sup>7</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)** | **Value of<br> affiliates at 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Health care 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuCana PLC (ADR)<sup>19</sup> | $7086 | $— | $2674 | $(14288) | $9876 | $— | $— |
| **Investment funds 5.51%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | 1617261 | 83203 | 40000 | (10186) | (283156) | 1367122 | 43890 |
| **Short-term securities 6.66%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 6.61%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>17</sup> | 1417334 | 4300144 | 4077429 | (250) | (83) | 1639716 | 36585 |
| **Money market investments purchased with collateral from securities on loan 0.05%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>17,18</sup> | 8492 | 4130<sup>20</sup> |  |  |  | 12622 | —<sup>21</sup> |
| **Total short-term securities** |  |  |  |  |  | 1652338 |  |
| **Total 12.17%** |  |  |  | $(24724) | $(273363) | $3019460 | $80475 |

---

**Restricted securities<sup>4</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Acquisition<br> date** | **Cost<br> (000)** | **Value<br> (000)** | **Percent<br> of net<br> assets** |
| Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 7/9/2024 <sup>3</sup> | 7/9/2021 | $50000 | $63388 | .26% |
| Rotech Healthcare, Inc.<sup>1,3</sup> | 8/22/2014 | 6949 | 19703 | .08 |
| **Total** |  | $56949 | $83091 | .34% |

---

158 American Funds Insurance Series

Asset Allocation Fund (continued)

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $67,688,000, which represented .27% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $83,091,000, which represented .33% of the net assets of the fund.

<sup>5</sup> Amount less than one thousand.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,155,580,000, which represented 4.66% of the net assets of the fund.

<sup>7</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>8</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>9</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>10</sup> Purchased on a TBA basis.

<sup>11</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,779,000, which represented .04% of the net assets of the fund.

<sup>12</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>13</sup> Step bond; coupon rate may change at a later date.

<sup>14</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $8,799,000, which represented .04% of the net assets of the fund.

<sup>15</sup> Scheduled interest and/or principal payment was not received.

<sup>16</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>17</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>18</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>19</sup> Affiliated issuer during the reporting period but no longer held at 12/31/2022.

<sup>20</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>21</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

Agcy. = Agency

AMT = Alternative Minimum Tax

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Dept. = Department

Dev. = Development

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 159

American Funds Global Balanced Fund

(formerly Global Balanced Fund)

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Common stocks 58.58%** | Shares | Value<br> (000) |
| **Financials 10.64%** |  |  |
| Zurich Insurance Group AG | 10777 | $5150 |
| B3 SA-Brasil, Bolsa, Balcao | 2047634 | 5123 |
| HDFC Bank, Ltd. (ADR) | 25988 | 1778 |
| HDFC Bank, Ltd. | 79465 | 1564 |
| DNB Bank ASA | 156181 | 3092 |
| AIA Group, Ltd. | 195894 | 2158 |
| Toronto-Dominion Bank (CAD denominated) | 32954 | 2134 |
| PNC Financial Services Group, Inc. | 11839 | 1870 |
| Kotak Mahindra Bank, Ltd. | 78279 | 1722 |
| DBS Group Holdings, Ltd. | 55100 | 1395 |
| Citigroup, Inc. | 30627 | 1385 |
| BlackRock, Inc. | 1886 | 1337 |
| ING Groep NV | 98239 | 1199 |
| United Overseas Bank, Ltd. | 47600 | 1092 |
| BNP Paribas SA | 12920 | 735 |
| Nasdaq, Inc. | 11966 | 734 |
| JPMorgan Chase & Co. | 5371 | 720 |
| KBC Groep NV | 11130 | 715 |
| Münchener Rückversicherungs-Gesellschaft AG | 1931 | 628 |
| Aegon NV | 122629 | 622 |
| Bank Central Asia Tbk PT | 1108100 | 608 |
| Tryg A/S | 24243 | 575 |
| Banco Santander, SA | 176586 | 529 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 66500 | 439 |
| Ping An Insurance (Group) Company of China, Ltd., Class A | 11400 | 77 |
| FinecoBank SpA | 26543 | 442 |
| Great-West Lifeco, Inc. | 17334 | 401 |
| CME Group, Inc., Class A | 2292 | 385 |
| Fairfax Financial Holdings, Ltd., subordinate voting shares | 506 | 300 |
| Allfunds Group PLC | 18078 | 126 |
| Lufax Holding, Ltd. (ADR) | 47602 | 92 |
|  |  | **39127** |
| **Industrials 8.37%** |  |  |
| Raytheon Technologies Corp. | 71227 | 7188 |
| General Electric Co. | 39535 | 3313 |
| BAE Systems PLC | 264063 | 2729 |
| Thales SA | 20022 | 2560 |
| General Dynamics Corp. | 8468 | 2101 |
| Carrier Global Corp. | 49012 | 2022 |
| L3Harris Technologies, Inc. | 9073 | 1889 |
| Siemens AG | 13373 | 1856 |
| Honeywell International, Inc. | 6585 | 1411 |
| RELX PLC | 46732 | 1295 |
| CSX Corp. | 38467 | 1192 |
| LIXIL Corp. | 54500 | 831 |
| Deutsche Post AG | 17657 | 665 |
| Safran SA | 4525 | 565 |
| Trelleborg AB, Class B | 11334 | 262 |
| Brenntag SE | 3756 | 240 |
| Melrose Industries PLC | 141781 | 230 |
| Airbus SE, non-registered shares | 1805 | 215 |
| NIBE Industrier AB, Class B | 21550 | 201 |
|  |  | **30765** |
| **Health care 7.78%** |  |  |
| Abbott Laboratories | 57298 | 6291 |
| Gilead Sciences, Inc. | 30992 | 2661 |
| Novartis AG | 28897 | 2617 |
| Siemens Healthineers AG | 51525 | 2578 |
| UnitedHealth Group, Inc. | 4540 | 2407 |

---

160 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| Thermo Fisher Scientific, Inc. | 3354 | $1847 |
| AstraZeneca PLC | 12615 | 1712 |
| Merck KGaA | 8165 | 1581 |
| AbbVie, Inc. | 8136 | 1315 |
| Stryker Corp. | 3999 | 978 |
| Amgen, Inc. | 3365 | 884 |
| Medtronic PLC | 11261 | 875 |
| Eurofins Scientific SE, non-registered shares | 11316 | 815 |
| BioMarin Pharmaceutical, Inc.<sup>1</sup> | 6615 | 685 |
| Humana, Inc. | 1166 | 597 |
| Bayer AG | 10117 | 522 |
| Takeda Pharmaceutical Company, Ltd. | 8400 | 262 |
|  |  | **28627** |
| **Information technology 6.47%** |  |  |
| Broadcom, Inc. | 16303 | 9115 |
| Microsoft Corp. | 31123 | 7464 |
| Micron Technology, Inc. | 44625 | 2230 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 97000 | 1414 |
| GlobalWafers Co., Ltd. | 86000 | 1195 |
| ServiceNow, Inc.<sup>1</sup> | 2184 | 848 |
| Accenture PLC, Class A | 3024 | 807 |
| Apple, Inc. | 3194 | 415 |
| Applied Materials, Inc. | 2383 | 232 |
| Texas Instruments, Inc. | 380 | 63 |
|  |  | **23783** |
| **Consumer staples 5.34%** |  |  |
| Nestlé SA | 35802 | 4135 |
| Philip Morris International, Inc. | 36010 | 3645 |
| ITC, Ltd. | 833272 | 3340 |
| Imperial Brands PLC | 95936 | 2397 |
| Seven & i Holdings Co., Ltd. | 39200 | 1677 |
| Pernod Ricard SA | 5580 | 1097 |
| British American Tobacco PLC | 27475 | 1090 |
| Heineken NV | 7506 | 705 |
| Altria Group, Inc. | 14317 | 654 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 104700 | 465 |
| Treasury Wine Estates, Ltd. | 27708 | 256 |
| Kweichow Moutai Co., Ltd., Class A | 721 | 178 |
|  |  | **19639** |
| **Utilities 4.80%** |  |  |
| DTE Energy Company | 29637 | 3483 |
| Power Grid Corporation of India, Ltd. | 1007658 | 2594 |
| NextEra Energy, Inc. | 28214 | 2359 |
| Duke Energy Corp. | 16849 | 1735 |
| E.ON SE | 157688 | 1574 |
| Entergy Corp. | 10025 | 1128 |
| Iberdrola, SA, non-registered shares | 77458 | 906 |
| ENN Energy Holdings, Ltd. | 64000 | 893 |
| Dominion Energy, Inc. | 14276 | 875 |
| National Grid PLC | 65238 | 784 |
| Enel SpA | 122240 | 657 |
| SembCorp Industries, Ltd. | 187100 | 471 |
| Public Service Enterprise Group, Inc. | 3391 | 208 |
|  |  | **17667** |

---

American Funds Insurance Series 161

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Materials 4.33%** |  |  |
| Freeport-McMoRan, Inc. | 87143 | $3311 |
| Linde PLC | 6504 | 2122 |
| BHP Group, Ltd. (CDI) | 62248 | 1919 |
| Evonik Industries AG | 96394 | 1851 |
| Fortescue Metals Group, Ltd. | 126401 | 1762 |
| Rio Tinto PLC | 20187 | 1417 |
| Shin-Etsu Chemical Co., Ltd. | 11000 | 1340 |
| Vale SA (ADR), ordinary nominative shares | 64102 | 1088 |
| UPM-Kymmene OYJ | 15079 | 565 |
| International Flavors & Fragrances, Inc. | 2739 | 287 |
| Air Liquide SA, non-registered shares | 1874 | 267 |
|  |  | **15929** |
| **Energy 4.02%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 125963 | 6995 |
| Neste OYJ | 40724 | 1881 |
| Shell PLC (GBP denominated) | 54477 | 1548 |
| Chevron Corp. | 8045 | 1444 |
| BP PLC | 184567 | 1073 |
| DT Midstream, Inc. | 10284 | 568 |
| Baker Hughes Co., Class A | 17643 | 521 |
| TC Energy Corp. (CAD denominated) | 12080 | 482 |
| Woodside Energy Group, Ltd. (CDI) | 10942 | 264 |
|  |  | **14776** |
| **Communication services 3.14%** |  |  |
| Alphabet, Inc., Class A<sup>1</sup> | 19243 | 1698 |
| Alphabet, Inc., Class C<sup>1</sup> | 7907 | 701 |
| Netflix, Inc.<sup>1</sup> | 8029 | 2368 |
| Singapore Telecommunications, Ltd. | 782600 | 1502 |
| Comcast Corp., Class A | 30643 | 1072 |
| BCE, Inc. | 22635 | 995 |
| Omnicom Group, Inc. | 10624 | 867 |
| Universal Music Group NV | 31035 | 749 |
| SoftBank Corp. | 54400 | 615 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 4089 | 492 |
| Electronic Arts, Inc. | 4021 | 491 |
|  |  | **11550** |
| **Consumer discretionary 2.27%** |  |  |
| LVMH Moët Hennessy-Louis Vuitton SE | 2423 | 1760 |
| Cie. Financière Richemont SA, Class A | 8551 | 1107 |
| Ferrari NV | 3990 | 855 |
| Ferrari NV (EUR denominated) | 1039 | 222 |
| General Motors Company | 27725 | 933 |
| Tesla, Inc.<sup>1</sup> | 7350 | 905 |
| InterContinental Hotels Group PLC | 12297 | 708 |
| Starbucks Corp. | 4596 | 456 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 8302 | 410 |
| Astra International Tbk PT | 1050300 | 383 |
| Aptiv PLC<sup>1</sup> | 2518 | 234 |
| D.R. Horton, Inc. | 2232 | 199 |
| Airbnb, Inc., Class A<sup>1</sup> | 1851 | 158 |
| JD.com, Inc., Class A | 1200 | 34 |
|  |  | **8364** |

---

162 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Common stocks** (continued) |  | Shares | Value<br> (000) |
| **Real estate 1.42%** |  |  |  |
| Embassy Office Parks REIT |  | 342621 | $1390 |
| Equinix, Inc. REIT |  | 2059 | 1349 |
| CTP NV |  | 104148 | 1226 |
| Digital Realty Trust, Inc. REIT |  | 4683 | 470 |
| Crown Castle, Inc. REIT |  | 3025 | 410 |
| Americold Realty Trust, Inc. REIT |  | 12798 | 362 |
|  |  |  | **5207** |
| **Total common stocks** (cost: $194,190,000) |  |  | **215434** |
| **Preferred securities 0.40%** |  |  |  |
| **Financials 0.25%** |  |  |  |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares<sup>1</sup> |  | 223000 | 522 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares<sup>1</sup> |  | 192000 | 389 |
|  |  |  | **911** |
| **Consumer discretionary 0.15%** |  |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> |  | **5497** | **558** |
| **Total preferred securities** (cost: $1,986,000) |  |  | **1469** |
| **Convertible stocks 0.34%** |  |  |  |
| **Utilities 0.23%** |  |  |  |
| NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 |  | **16500** | **828** |
| **Health care 0.11%** |  |  |  |
| Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023 |  | **300** | **407** |
| **Total convertible stocks** (cost: $1,214,000) |  |  | **1235** |
| **Investment funds 1.50%** |  |  |  |
| Capital Group Central Corporate Bond Fund<sup>2</sup> |  | **678772** | **5532** |
| **Total investment funds** (cost: $5,481,000) |  |  | **5532** |
| **Bonds, notes & other debt instruments 34.19%** |  | Principal amount<br> (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 13.26%** | **Bonds & notes of governments & government agencies outside the U.S. 13.26%** | **Bonds & notes of governments & government agencies outside the U.S. 13.26%** |  |
| Abu Dhabi (Emirate of) 0.75% 9/2/2023<sup>3</sup> | USD | 275 | 267 |
| Agricultural Development Bank of China 3.75% 1/25/2029 | CNY | 550 | 83 |
| Asian Development Bank 1.125% 6/10/2025 | GBP | 100 | 112 |
| Australia (Commonwealth of), Series 152, 2.75% 11/21/2028 | AUD | 310 | 200 |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 |  | 1055 | 591 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 |  | 150 | 79 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 |  | 2250 | 1388 |
| Austria (Republic of) 0% 2/20/2031 | EUR | 660 | 553 |
| Brazil (Federative Republic of) 10.00% 1/1/2023 | BRL | 600 | 108 |
| Brazil (Federative Republic of) 0% 1/1/2024 |  | 1700 | 284 |
| Brazil (Federative Republic of) 10.00% 1/1/2025 |  | 900 | 163 |
| Canada 0.75% 10/1/2024 | CAD | 1125 | 785 |
| Canada 2.25% 6/1/2025 |  | 1400 | 998 |
| Canada 0.25% 3/1/2026 |  | 570 | 378 |
| Canada 3.50% 3/1/2028 |  | 1009 | 749 |
| Chile (Republic of) 4.70% 9/1/2030 | CLP | 245000 | 279 |

---

American Funds Insurance Series 163

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |
| China (People's Republic of), Series 1910, 3.86% 7/22/2049 | CNY | 2110 | $336 |
| China (People's Republic of), Series INBK, 3.39% 3/16/2050 |  | 1600 | 235 |
| China (People's Republic of), Series INBK, 3.81% 9/14/2050 |  | 10290 | 1626 |
| China Development Bank Corp., Series 2008, 2.89% 6/22/2025 |  | 3240 | 470 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027 |  | 1060 | 156 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027 |  | 8580 | 1258 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028 |  | 2040 | 322 |
| Colombia (Republic of), Series B, 5.75% 11/3/2027 | COP | 2331300 | 365 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031 |  | 5308700 | 776 |
| European Investment Bank 0.375% 9/15/2027 | EUR | 110 | 105 |
| European Investment Bank 0.25% 1/20/2032 |  | 860 | 717 |
| European Union 0% 7/6/2026 |  | 100 | 97 |
| European Union 0.25% 10/22/2026 |  | 50 | 48 |
| French Republic O.A.T. 0.75% 2/25/2028 |  | 640 | 618 |
| French Republic O.A.T. 0% 11/25/2030 |  | 1320 | 1128 |
| French Republic O.A.T. 0% 5/25/2032 |  | 650 | 527 |
| French Republic O.A.T. 2.00% 11/25/2032 |  | 610 | 596 |
| French Republic O.A.T. 3.25% 5/25/2045 |  | 160 | 171 |
| Germany (Federal Republic of) 0% 4/16/2027 |  | 950 | 915 |
| Germany (Federal Republic of) 0% 8/15/2031 |  | 2600 | 2258 |
| Germany (Federal Republic of) 0% 2/15/2032 |  | 540 | 463 |
| Germany (Federal Republic of) 1.70% 8/15/2032 |  | 1129 | 1127 |
| Germany (Federal Republic of) 1.00% 5/15/2038 |  | 640 | 548 |
| Germany (Federal Republic of) 0% 8/15/2050 |  | 200 | 112 |
| Germany (Federal Republic of) 0% 8/15/2052 |  | 260 | 139 |
| Greece (Hellenic Republic of) 3.45% 4/2/2024 |  | 110 | 118 |
| Greece (Hellenic Republic of) 3.375% 2/15/2025 |  | 300 | 321 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 |  | 790 | 668 |
| India (Republic of) 5.15% 11/9/2025 | INR | 8000 | 92 |
| Indonesia (Republic of), Series 78, 8.25% 5/15/2029 | IDR | 1833000 | 127 |
| Indonesia (Republic of), Series 87, 6.50% 2/15/2031 |  | 1253000 | 78 |
| Israel (State of) 2.875% 1/29/2024 | EUR | 200 | 213 |
| Israel (State of) 1.50% 1/18/2027 |  | 100 | 100 |
| Italy (Republic of) 1.35% 4/1/2030 |  | 660 | 581 |
| Italy (Republic of) 2.50% 12/1/2032 |  | 650 | 583 |
| Japan, Series 17, 0.10% 9/10/2023<sup>4</sup> | JPY | 10900 | 84 |
| Japan, Series 18, 0.10% 3/10/2024<sup>4</sup> |  | 21660 | 169 |
| Japan, Series 19, 0.10% 9/10/2024<sup>4</sup> |  | 31620 | 247 |
| Japan, Series 150, 0.005% 12/20/2026 |  | 84950 | 644 |
| Japan, Series 22, 0.10% 3/10/2027<sup>4</sup> |  | 26454 | 211 |
| Japan, Series 346, 0.10% 3/20/2027 |  | 134150 | 1018 |
| Japan, Series 363, 0.10% 6/20/2031 |  | 56000 | 412 |
| Japan, Series 365, 0.10% 12/20/2031 |  | 317600 | 2340 |
| Japan, Series 152, 1.20% 3/20/2035 |  | 264400 | 2109 |
| Japan, Series 179, 0.50% 12/20/2041 |  | 71600 | 476 |
| Japan, Series 42, 1.70% 3/20/2044 |  | 50150 | 408 |
| Japan, Series 37, 0.60% 6/20/2050 |  | 26950 | 162 |
| Japan, Series 74, 1.00% 3/20/2052 |  | 178400 | 1178 |
| Japan, Series 76, 1.40% 9/20/2052 |  | 80350 | 586 |
| KfW 1.125% 7/4/2025 | GBP | 95 | 106 |
| Malaysia (Federation of), Series 0119, 3.906% 7/15/2026 | MYR | 1380 | 315 |
| Malaysia (Federation of), Series 0219, 3.885% 8/15/2029 |  | 620 | 140 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 |  | 270 | 57 |
| Morocco (Kingdom of) 3.50% 6/19/2024 | EUR | 100 | 107 |
| Morocco (Kingdom of) 1.50% 11/27/2031 |  | 100 | 79 |
| Netherlands (Kingdom of the) 5.50% 1/15/2028 |  | 100 | 121 |
| Nova Scotia (Province of) 3.15% 12/1/2051 | CAD | 170 | 101 |
| Peru (Republic of) 2.392% 1/23/2026 | USD | 90 | 83 |
| Philippines (Republic of) 0.001% 4/12/2024 | JPY | 100000 | 753 |

---

164 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |
| Philippines (Republic of) 0.25% 4/28/2025 | EUR | 100 | $99 |
| Philippines (Republic of) 1.648% 6/10/2031 | USD | 200 | 160 |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN | 410 | 74 |
| Portuguese Republic 0.475% 10/18/2030 | EUR | 230 | 199 |
| Romania 2.125% 3/7/2028 |  | 130 | 117 |
| Romania 3.624% 5/26/2030 |  | 392 | 344 |
| Romania 2.00% 1/28/2032 |  | 100 | 72 |
| Romania 2.00% 4/14/2033 |  | 200 | 138 |
| Romania 3.375% 2/8/2038 |  | 80 | 58 |
| Romania 4.625% 4/3/2049 |  | 39 | 30 |
| Romania 3.375% 1/28/2050 |  | 73 | 45 |
| Russian Federation 7.00% 8/16/2023<sup>5,6</sup> | RUB | 16600 | 77 |
| Russian Federation 2.875% 12/4/2025<sup>5</sup> | EUR | 200 | 90 |
| Russian Federation 4.25% 6/23/2027<sup>5</sup> | USD | 200 | 86 |
| Russian Federation 4.375% 3/21/2029<sup>5</sup> |  | 200 | 82 |
| Russian Federation 6.90% 5/23/2029<sup>5</sup> | RUB | 28250 | 123 |
| Russian Federation 7.65% 4/10/2030<sup>5</sup> |  | 38320 | 166 |
| Russian Federation 5.90% 3/12/2031<sup>5</sup> |  | 5620 | 24 |
| Russian Federation 6.90% 7/23/2031<sup>5</sup> |  | 18200 | 79 |
| Russian Federation 8.50% 9/17/2031<sup>5</sup> |  | 5530 | 24 |
| Russian Federation 7.70% 3/23/2033<sup>5</sup> |  | 23030 | 100 |
| Russian Federation 7.25% 5/10/2034<sup>5</sup> |  | 8140 | 35 |
| Serbia (Republic of) 3.125% 5/15/2027 | EUR | 385 | 356 |
| Serbia (Republic of) 2.05% 9/23/2036 |  | 185 | 112 |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR | 3000 | 157 |
| Spain (Kingdom of) 0% 1/31/2027 | EUR | 335 | 317 |
| Spain (Kingdom of) 0.80% 7/30/2027 |  | 490 | 474 |
| Spain (Kingdom of) 0.50% 10/31/2031 |  | 395 | 329 |
| Spain (Kingdom of) 0.70% 4/30/2032 |  | 830 | 693 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 260 | 235 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 150 | 135 |
| Ukraine 6.876% 5/21/2031<sup>3,5</sup> | USD | 250 | 48 |
| Ukraine 6.876% 5/21/2031<sup>5</sup> |  | 200 | 38 |
| United Kingdom 2.75% 9/7/2024 | GBP | 50 | 60 |
| United Kingdom 1.25% 7/22/2027 |  | 410 | 447 |
| United Kingdom 0.375% 10/22/2030 |  | 490 | 463 |
| United Kingdom 0.25% 7/31/2031 |  | 160 | 145 |
| United Kingdom 1.00% 1/31/2032 |  | 1490 | 1427 |
| United Kingdom 4.25% 6/7/2032 |  | 1165 | 1474 |
| United Kingdom 3.25% 1/22/2044 |  | 174 | 187 |
| United Kingdom 1.25% 7/31/2051 |  | 413 | 270 |
| United Mexican States, Series M, 5.75% 3/5/2026 | MXN | 18200 | 846 |
| United Mexican States, Series M, 7.50% 6/3/2027 |  | 1950 | 94 |
| United Mexican States, Series M, 7.75% 5/29/2031 |  | 5000 | 238 |
| United Mexican States, Series M, 8.00% 11/7/2047 |  | 5120 | 235 |
| United Mexican States, Series M, 8.00% 7/31/2053 |  | 18880 | 864 |
|  |  |  | **48783** |
| **U.S. Treasury bonds & notes 12.04%** |  |  |  |
| **U.S. Treasury 11.52%** |  |  |  |
| U.S. Treasury 2.50% 3/31/2023 | USD | 1182 | 1177 |
| U.S. Treasury 2.75% 4/30/2023 |  | 1485 | 1477 |
| U.S. Treasury 1.50% 2/29/2024 |  | 5058 | 4876 |
| U.S. Treasury 2.50% 4/30/2024 |  | 995 | 967 |
| U.S. Treasury 3.25% 8/31/2024 |  | 706 | 691 |
| U.S. Treasury 1.50% 10/31/2024 |  | 1300 | 1232 |
| U.S. Treasury 1.00% 12/15/2024 |  | 620 | 580 |
| U.S. Treasury 1.75% 3/15/2025 |  | 98 | 93 |
| U.S. Treasury 3.00% 7/15/2025 |  | 1016 | 984 |

---

American Funds Insurance Series 165

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 3.125% 8/15/2025 | USD | 18 | $17 |
| U.S. Treasury 0.25% 8/31/2025 |  | 833 | 749 |
| U.S. Treasury 4.50% 11/15/2025 |  | 178 | 179 |
| U.S. Treasury 0.375% 11/30/2025 |  | 50 | 45 |
| U.S. Treasury 0.50% 2/28/2026 |  | 500 | 446 |
| U.S. Treasury 0.75% 3/31/2026 |  | 2075 | 1861 |
| U.S. Treasury 0.875% 6/30/2026 |  | 74 | 66 |
| U.S. Treasury 2.25% 2/15/2027 |  | 298 | 277 |
| U.S. Treasury 1.875% 2/28/2027 |  | 6696 | 6133 |
| U.S. Treasury 2.50% 3/31/2027 |  | 1025 | 962 |
| U.S. Treasury 2.75% 4/30/2027 |  | 6460 | 6125 |
| U.S. Treasury 2.75% 7/31/2027 |  | 46 | 43 |
| U.S. Treasury 3.125% 8/31/2027 |  | 2160 | 2078 |
| U.S. Treasury 4.125% 9/30/2027 |  | 268 | 269 |
| U.S. Treasury 4.125% 10/31/2027 |  | 357 | 358 |
| U.S. Treasury 2.875% 5/15/2028 |  | 1275 | 1204 |
| U.S. Treasury 2.875% 8/15/2028 |  | 557 | 525 |
| U.S. Treasury 0.625% 5/15/2030 |  | 823 | 652 |
| U.S. Treasury 0.625% 8/15/2030 |  | 650 | 512 |
| U.S. Treasury 1.625% 5/15/2031 |  | 375 | 316 |
| U.S. Treasury 1.25% 8/15/2031 |  | 395 | 321 |
| U.S. Treasury 1.375% 11/15/2031 |  | 834 | 680 |
| U.S. Treasury 1.875% 2/15/2032 |  | 779 | 661 |
| U.S. Treasury 2.875% 5/15/2032 |  | 640 | 590 |
| U.S. Treasury 2.75% 8/15/2032 |  | 1279 | 1164 |
| U.S. Treasury 4.125% 11/15/2032 |  | 195 | 199 |
| U.S. Treasury 1.875% 2/15/2041<sup>7</sup> |  | 920 | 652 |
| U.S. Treasury 2.25% 5/15/2041<sup>7</sup> |  | 525 | 395 |
| U.S. Treasury 2.875% 11/15/2046 |  | 400 | 322 |
| U.S. Treasury 1.25% 5/15/2050 |  | 140 | 76 |
| U.S. Treasury 2.375% 5/15/2051 |  | 490 | 353 |
| U.S. Treasury 2.00% 8/15/2051 |  | 560 | 369 |
| U.S. Treasury 1.875% 11/15/2051<sup>7</sup> |  | 686 | 437 |
| U.S. Treasury 2.25% 2/15/2052<sup>7</sup> |  | 765 | 535 |
| U.S. Treasury 2.875% 5/15/2052 |  | 273 | 220 |
| U.S. Treasury 3.00% 8/15/2052 |  | 510 | 423 |
| U.S. Treasury 4.00% 11/15/2052 |  | 70 | 70 |
|  |  |  | **42361** |
| **U.S. Treasury inflation-protected securities 0.52%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>4</sup> |  | 829 | 803 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>4</sup> |  | 575 | 555 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027<sup>4</sup> |  | 367 | 346 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>4</sup> |  | 249 | 208 |
|  |  |  | **1912** |
| **Total U.S. Treasury bonds & notes** |  |  | **44273** |
| **Corporate bonds, notes & loans 5.64%** |  |  |  |
| **Financials 1.80%** |  |  |  |
| ACE INA Holdings, Inc. 3.35% 5/3/2026 |  | 10 | 10 |
| ACE INA Holdings, Inc. 4.35% 11/3/2045 |  | 20 | 17 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)<sup>8</sup> | EUR | 200 | 167 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>3,8</sup> | USD | 200 | 204 |
| Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)<sup>8</sup> | EUR | 100 | 106 |
| Banco de Sabadell, SA 2.625% 3/24/2026 (5-year EUR Mid-Swap + 2.20% on 3/24/2025)<sup>8</sup> |  | 100 | 101 |
| Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)<sup>8</sup> | USD | 200 | 188 |
| Bank of America Corp. 1.319% 6/19/2026 (USD-SOFR + 1.15% on 6/19/2025)<sup>8</sup> |  | 500 | 451 |
| Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>8</sup> |  | 160 | 140 |

---

166 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>8</sup> | USD | 236 | $214 |
| Bank of America Corp. 2.496% 2/13/2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)<sup>8</sup> |  | 20 | 16 |
| Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)<sup>8</sup> |  | 475 | 472 |
| Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)<sup>8</sup> |  | 103 | 96 |
| Citigroup, Inc. 3.106% 4/8/2026 (USD-SOFR + 2.842% on 3/8/2026)<sup>8</sup> |  | 175 | 166 |
| Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)<sup>8</sup> |  | 310 | 269 |
| Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)<sup>8</sup> |  | 110 | 99 |
| Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)<sup>8</sup> |  | 29 | 27 |
| Commonwealth Bank of Australia 2.688% 3/11/2031<sup>3</sup> |  | 225 | 174 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>3</sup> |  | 59 | 52 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>8</sup> |  | 160 | 136 |
| Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)<sup>8</sup> | EUR | 100 | 95 |
| Goldman Sachs Group, Inc. 1.00% 3/18/2033<sup>9</sup> |  | 210 | 162 |
| Goldman Sachs Group, Inc. 4.017% 10/31/2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)<sup>8</sup> | USD | 78 | 64 |
| Groupe BPCE SA 5.70% 10/22/2023<sup>3</sup> |  | 200 | 199 |
| Groupe BPCE SA 1.00% 4/1/2025 | EUR | 100 | 101 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)<sup>8</sup> | USD | 200 | 191 |
| JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)<sup>8</sup> |  | 186 | 164 |
| JPMorgan Chase & Co. 4.493% 3/24/2031 (USD-SOFR + 3.79% on 3/24/2030)<sup>8</sup> |  | 160 | 150 |
| Morgan Stanley 3.125% 7/27/2026 |  | 110 | 103 |
| Morgan Stanley 0.985% 12/10/2026 (USD-SOFR + 0.72% on 12/10/2025)<sup>8</sup> |  | 200 | 175 |
| Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)<sup>8</sup> |  | 126 | 111 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030)<sup>8</sup> |  | 72 | 60 |
| Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)<sup>8</sup> | EUR | 510 | 485 |
| New York Life Insurance Company 3.75% 5/15/2050<sup>3</sup> | USD | 23 | 18 |
| Nordea Bank AB 3.60% 6/6/2025<sup>3</sup> |  | 200 | 193 |
| Royal Bank of Canada 1.20% 4/27/2026 |  | 175 | 156 |
| UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)<sup>3,8</sup> |  | 450 | 442 |
| Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>8</sup> |  | 210 | 195 |
| Wells Fargo & Company 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)<sup>8</sup> |  | 400 | 354 |
| Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>8</sup> |  | 100 | 85 |
|  |  |  | **6608** |
| **Utilities 0.89%** |  |  |  |
| Alabama Power Co. 3.00% 3/15/2052 |  | 250 | 166 |
| CMS Energy Corp. 3.00% 5/15/2026 |  | 150 | 140 |
| Consumers Energy Co. 3.60% 8/15/2032 |  | 250 | 228 |
| Duke Energy Carolinas, LLC 3.05% 3/15/2023 |  | 280 | 279 |
| Duke Energy Progress, LLC 3.70% 9/1/2028 |  | 75 | 71 |
| E.ON SE 1.625% 3/29/2031 | EUR | 240 | 216 |
| Edison International 4.125% 3/15/2028 | USD | 160 | 149 |
| Enel Finance International SA 1.875% 7/12/2028<sup>3</sup> |  | 200 | 159 |
| Enersis Américas SA 4.00% 10/25/2026 |  | 35 | 33 |
| Entergy Louisiana, LLC 4.75% 9/15/2052 |  | 100 | 90 |
| Exelon Corp. 3.40% 4/15/2026 |  | 150 | 143 |
| FirstEnergy Corp. 3.50% 4/1/2028<sup>3</sup> |  | 35 | 32 |
| Florida Power & Light Company 2.875% 12/4/2051 |  | 120 | 81 |
| Interstate Power and Light Co. 2.30% 6/1/2030 |  | 50 | 41 |
| NextEra Energy Capital Holdings, Inc. 2.75% 11/1/2029 |  | 232 | 201 |
| Niagara Mohawk Power Corp. 3.508% 10/1/2024<sup>3</sup> |  | 85 | 82 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 |  | 25 | 23 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 |  | 100 | 86 |

---

American Funds Insurance Series 167

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Pacific Gas and Electric Co. 3.00% 6/15/2028 | USD | 140 | $121 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 114 | 105 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 |  | 31 | 28 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 600 | 467 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031 |  | 50 | 41 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 137 | 86 |
| Xcel Energy, Inc. 3.35% 12/1/2026 |  | 216 | 203 |
|  |  |  | **3271** |
| **Consumer discretionary 0.62%** |  |  |  |
| Amazon.com, Inc. 2.80% 8/22/2024 |  | 45 | 44 |
| Bayerische Motoren Werke AG 3.90% 4/9/2025<sup>3</sup> |  | 70 | 69 |
| Bayerische Motoren Werke AG 4.15% 4/9/2030<sup>3</sup> |  | 70 | 67 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>3</sup> |  | 150 | 140 |
| General Motors Financial Co. 2.40% 4/10/2028 |  | 150 | 126 |
| Hyundai Capital America 1.50% 6/15/2026<sup>3</sup> |  | 250 | 217 |
| Hyundai Capital America 2.375% 10/15/2027<sup>3</sup> |  | 109 | 93 |
| Hyundai Capital Services, Inc. 3.75% 3/5/2023<sup>3</sup> |  | 250 | 249 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>3</sup> |  | 222 | 239 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>3</sup> |  | 185 | 148 |
| Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>3</sup> |  | 70 | 70 |
| Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>3</sup> |  | 59 | 61 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>3</sup> |  | 400 | 397 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>3</sup> |  | 200 | 153 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030 |  | 33 | 30 |
| Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds (9-year EUR Mid-Swap + 3.36% on 3/28/2031)<sup>8</sup> | EUR | 200 | 175 |
|  |  |  | **2278** |
| **Health care 0.45%** |  |  |  |
| Aetna, Inc. 2.80% 6/15/2023 | USD | 10 | 10 |
| Amgen, Inc. 1.90% 2/21/2025 |  | 40 | 37 |
| Amgen, Inc. 2.20% 2/21/2027 |  | 30 | 27 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 280 | 260 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 |  | 69 | 57 |
| AstraZeneca PLC 3.50% 8/17/2023 |  | 150 | 149 |
| Becton, Dickinson and Company 3.734% 12/15/2024 |  | 10 | 10 |
| Becton, Dickinson and Company 3.70% 6/6/2027 |  | 43 | 41 |
| Becton, Dickinson and Company 2.823% 5/20/2030 |  | 28 | 24 |
| Becton, Dickinson and Company 4.298% 8/22/2032 |  | 320 | 300 |
| Cigna Corp. 4.125% 11/15/2025 |  | 80 | 78 |
| EMD Finance, LLC 3.25% 3/19/2025<sup>3</sup> |  | 250 | 240 |
| Stryker Corp. 0.75% 3/1/2029 | EUR | 210 | 188 |
| Takeda Pharmaceutical Company, Ltd. 2.25% 11/21/2026 |  | 100 | 102 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029 | USD | 135 | 129 |
|  |  |  | **1652** |
| **Communication services 0.42%** |  |  |  |
| AT&T, Inc. 2.75% 6/1/2031 |  | 375 | 312 |
| AT&T, Inc. 2.55% 12/1/2033 |  | 64 | 49 |
| Comcast Corp. 0% 9/14/2026 | EUR | 100 | 94 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 | USD | 45 | 56 |
| Netflix, Inc. 3.875% 11/15/2029<sup>9</sup> | EUR | 200 | 201 |
| Orange SA 9.00% 3/1/2031<sup>8</sup> | USD | 65 | 80 |
| T-Mobile US, Inc. 2.05% 2/15/2028 |  | 200 | 172 |
| Verizon Communications, Inc. 0.375% 3/22/2029 | EUR | 140 | 121 |

---

168 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| Verizon Communications, Inc. 2.55% 3/21/2031 | USD | 325 | $268 |
| Verizon Communications, Inc. 0.75% 3/22/2032 | EUR | 100 | 80 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>3</sup> | USD | 168 | 129 |
|  |  |  | **1562** |
| **Information technology 0.38%** |  |  |  |
| Apple, Inc. 3.35% 8/8/2032 |  | 580 | 528 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>3</sup> |  | 21 | 19 |
| Broadcom, Inc. 4.15% 11/15/2030 |  | 70 | 63 |
| Broadcom, Inc. 3.419% 4/15/2033<sup>3</sup> |  | 53 | 43 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>3</sup> |  | 15 | 11 |
| Lenovo Group, Ltd. 5.875% 4/24/2025 |  | 269 | 262 |
| Mastercard, Inc. 2.00% 11/18/2031 |  | 102 | 82 |
| Microsoft Corp. 2.40% 8/8/2026 |  | 187 | 175 |
| Oracle Corp. 2.65% 7/15/2026 |  | 216 | 199 |
|  |  |  | **1382** |
| **Industrials 0.32%** |  |  |  |
| Boeing Company 4.508% 5/1/2023 |  | 400 | 399 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 164 | 111 |
| Carrier Global Corp. 2.242% 2/15/2025 |  | 6 | 6 |
| Carrier Global Corp. 2.493% 2/15/2027 |  | 7 | 6 |
| CSX Corp. 3.80% 4/15/2050 |  | 6 | 5 |
| CSX Corp. 2.50% 5/15/2051 |  | 75 | 46 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034<sup>3</sup> |  | 95 | 92 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027<sup>3</sup> |  | 200 | 181 |
| Singapore Airlines, Ltd. 3.375% 1/19/2029 |  | 200 | 181 |
| United Technologies Corp. 4.125% 11/16/2028 |  | 170 | 163 |
|  |  |  | **1190** |
| **Consumer staples 0.26%** |  |  |  |
| Altria Group, Inc. 2.20% 6/15/2027 | EUR | 270 | 260 |
| Anheuser-Busch InBev NV 4.00% 4/13/2028 | USD | 100 | 95 |
| Anheuser-Busch InBev NV 4.75% 1/23/2029 |  | 220 | 218 |
| British American Tobacco PLC 3.215% 9/6/2026 |  | 62 | 57 |
| British American Tobacco PLC 4.70% 4/2/2027 |  | 67 | 64 |
| British American Tobacco PLC 3.557% 8/15/2027 |  | 105 | 96 |
| British American Tobacco PLC 3.462% 9/6/2029 |  | 75 | 65 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 110 | 113 |
|  |  |  | **968** |
| **Energy 0.24%** |  |  |  |
| Canadian Natural Resources, Ltd. 2.95% 7/15/2030 |  | 161 | 136 |
| Halliburton Company 3.80% 11/15/2025 |  | 2 | 2 |
| Kinder Morgan, Inc. 4.30% 6/1/2025 |  | 165 | 162 |
| Petróleos Mexicanos 6.75% 9/21/2047 |  | 107 | 69 |
| Qatar Petroleum 3.125% 7/12/2041<sup>3</sup> |  | 270 | 208 |
| Statoil ASA 3.70% 3/1/2024 |  | 50 | 49 |
| TransCanada Corp. 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)<sup>8</sup> |  | 288 | 275 |
|  |  |  | **901** |
| **Real estate 0.14%** |  |  |  |
| American Tower Corp. 0.875% 5/21/2029 | EUR | 250 | 214 |
| Equinix, Inc. 2.15% 7/15/2030 | USD | 176 | 140 |
| Essex Portfolio, LP 3.50% 4/1/2025 |  | 120 | 116 |
| Essex Portfolio, LP 3.375% 4/15/2026 |  | 40 | 38 |
|  |  |  | **508** |

---

American Funds Insurance Series 169

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Materials 0.12%** |  |  |  |
| Celanese US Holdings, LLC 5.337% 1/19/2029 | EUR | 300 | $305 |
| Celanese US Holdings, LLC 6.379% 7/15/2032 | USD | 50 | 48 |
| Vale Overseas, Ltd. 3.75% 7/8/2030 |  | 94 | 82 |
|  |  |  | **435** |
| **Total corporate bonds, notes & loans** |  |  | **20755** |
| **Mortgage-backed obligations 2.58%** |  |  |  |
| **Federal agency mortgage-backed obligations 1.56%** |  |  |  |
| Fannie Mae Pool #FM7100 3.50% 6/1/2050<sup>10</sup> |  | 350 | 324 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>10</sup> |  | 315 | 267 |
| Fannie Mae Pool #BV9612 2.50% 4/1/2052<sup>10</sup> |  | 271 | 230 |
| Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>10</sup> |  | 148 | 143 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>10</sup> |  | 471 | 442 |
| Fannie Mae Pool #BW3812 4.50% 9/1/2052<sup>10</sup> |  | 120 | 116 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>10</sup> |  | 135 | 130 |
| Fannie Mae Pool #BW7796 5.00% 10/1/2052<sup>10</sup> |  | 840 | 829 |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052<sup>10</sup> |  | 57 | 53 |
| Fannie Mae Pool #BW1385 4.00% 12/1/2052<sup>10</sup> |  | 290 | 272 |
| Freddie Mac Pool #ZJ9038 5.00% 6/1/2023<sup>10</sup> |  | —<sup>11</sup> | —<sup>11</sup> |
| Freddie Mac Pool #QE8253 4.50% 8/1/2052<sup>10</sup> |  | 200 | 193 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>10</sup> |  | 100 | 94 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>10</sup> |  | 513 | 494 |
| Freddie Mac Pool #QF2182 4.50% 10/1/2052<sup>10</sup> |  | 84 | 81 |
| Freddie Mac Pool #QF3955 4.00% 12/1/2052<sup>10</sup> |  | 238 | 224 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>10</sup> |  | 75 | 72 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033<sup>10</sup> |  | 580 | 546 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>10,12</sup> |  | 1350 | 1241 |
|  |  |  | **5751** |
| **Other mortgage-backed securities 1.02%** |  |  |  |
| Nordea Kredit 0.50% 10/1/2040<sup>10</sup> | DKK | 1615 | 181 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037<sup>10</sup> |  | 502 | 62 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2040<sup>10</sup> |  | 7234 | 809 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040<sup>10</sup> |  | 1281 | 158 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043<sup>10</sup> |  | 20442 | 2228 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050<sup>10</sup> |  | 1365 | 136 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050<sup>10</sup> |  | 590 | 63 |
| Nykredit Realkredit AS, Series 01E, 1.00% 10/1/2053<sup>10</sup> |  | 862 | 90 |
| Realkredit Danmark AS 1.00% 10/1/2053<sup>10</sup> |  | 194 | 20 |
|  |  |  | **3747** |
| **Total mortgage-backed obligations** |  |  | **9498** |
| **Asset-backed obligations 0.63%** |  |  |  |
| AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 4.958% 12/18/2025<sup>10,13</sup> | USD | 203 | 203 |
| CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 4.577% 9/15/2025<sup>10,13</sup> |  | 128 | 128 |
| Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/2024<sup>10</sup> |  | 56 | 56 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/2024<sup>10</sup> |  | 66 | 66 |
| Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.407% 2/15/2025<sup>10,13</sup> |  | 111 | 111 |
| GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 4.536% 10/21/2024<sup>10,13</sup> |  | 110 | 110 |
| GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.408% 9/16/2025<sup>10,13</sup> |  | 121 | 121 |
| Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 4.387% 5/15/2025<sup>10,13</sup> |  | 120 | 120 |

---

170 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/2024<sup>10</sup> | USD | 302 | $295 |
| Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 4.487% 8/15/2024<sup>10,13</sup> |  | 283 | 283 |
| Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/2025<sup>10</sup> |  | 193 | 193 |
| Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 4.377% 8/15/2025<sup>10,13</sup> |  | 40 | 40 |
| Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)<sup>8,10</sup> |  | 250 | 245 |
| Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/2024<sup>10</sup> |  | 155 | 153 |
| Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/2025<sup>3,10</sup> |  | 181 | 180 |
|  |  |  | **2304** |
| **Municipals 0.04%** |  |  |  |
| **Ohio 0.02%** |  |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 |  | **100** | **72** |
| **Texas 0.02%** |  |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | **80** | **57** |
| **Total municipals** |  |  | **129** |
| **Total bonds, notes & other debt instruments** (cost: $141,023,000) |  |  | **125742** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-term securities 4.34%** | Weighted<br> average yield<br> at acquisition |  |  |
| **Commercial paper 3.27%** |  |  |  |
| British Columbia (Province of) 1/23/2023 | 3.996% | 2560 | 2553 |
| KfW 1/27/2023<sup>3</sup> | 3.890 | 4500 | 4485 |
| Toronto-Dominion Bank 1/27/2023<sup>3</sup> | 4.132 | 5000 | 4983 |
|  |  |  | **12021** |
|  |  | Shares |  |
| **Money market investments 1.07%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>2,14</sup> |  | **39285** | **3928** |
| **Total short-term securities** (cost: $15,953,000) |  |  | **15949** |
| **Total investment securities 99.35%** (cost: $359,847,000) | **Total investment securities 99.35%** (cost: $359,847,000) |  | **365361** |
| Other assets less liabilities 0.65% |  |  | 2399 |
| **Net assets 100.00%** |  |  | $**367760** |

---

American Funds Insurance Series 171

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000)** |
| 2 Year U.S. Treasury Note Futures | Long | 5 | March 2023 | USD1,025 | $1 |
| 5 Year Euro-Bobl Futures | Long | 49 | March 2023 | 6071 | (205) |
| 5 Year U.S. Treasury Note Futures | Long | 95 | March 2023 | 10253 | (8) |
| 10 Year Euro-Bund Futures | Long | 14 | March 2023 | 1992 | (128) |
| 10 Year Italy Government Bond Futures | Short | 1 | March 2023 | (116) | 9 |
| 10 Year Japanese Government Bond Futures | Short | 1 | March 2023 | (1108) | 23 |
| 10 Year Australian Treasury Bond Futures | Long | 4 | March 2023 | 315 | (19) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 6 | March 2023 | 710 | (6) |
| 10 Year U.S. Treasury Note Futures | Short | 6 | March 2023 | (674) | 4 |
| 10 Year UK Gilt Futures | Short | 2 | March 2023 | (241) | 15 |
| 20 Year U.S. Treasury Bond Futures | Long | 4 | March 2023 | 501 | (11) |
| 30 Year Euro-Buxl Futures | Long | 2 | March 2023 | 290 | (54) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 6 | March 2023 | (806) | 6 |
|  |  |  |  |  | $(373) |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)**<br>**at 12/31/2022<br> (000)** |
| KRW | 1761900 | USD | 1337 | Citibank | 1/9/2023 | $63 |
| USD | 687 | KRW | 894770 | Bank of America | 1/9/2023 | (23) |
| EUR | 2560 | DKK | 19040 | Standard Chartered Bank | 1/10/2023 | (1) |
| USD | 203 | NZD | 320 | HSBC Bank | 1/10/2023 | (1) |
| SEK | 1270 | USD | 122 | UBS AG | 1/10/2023 | (1) |
| USD | 511 | MYR | 2250 | JPMorgan Chase | 1/10/2023 | (3) |
| USD | 640 | AUD | 950 | HSBC Bank | 1/10/2023 | (7) |
| USD | 445 | MXN | 8853 | Goldman Sachs | 1/10/2023 | (8) |
| EUR | 4105 | USD | 4324 | Goldman Sachs | 1/12/2023 | 74 |
| CAD | 1450 | USD | 1063 | HSBC Bank | 1/12/2023 | 8 |
| USD | 74 | CAD | 100 | HSBC Bank | 1/12/2023 | —<sup>11</sup> |
| NZD | 470 | USD | 299 | Morgan Stanley | 1/12/2023 | (1) |
| USD | 1585 | EUR | 1500 | BNP Paribas | 1/12/2023 | (21) |
| JPY | 169239 | USD | 1256 | Bank of America | 1/13/2023 | 35 |
| JPY | 89090 | USD | 656 | Bank of America | 1/13/2023 | 24 |
| USD | 278 | COP | 1337640 | Citibank | 1/13/2023 | 3 |
| USD | 563 | CAD | 760 | Standard Chartered Bank | 1/13/2023 | 2 |
| USD | 98 | GBP | 80 | Morgan Stanley | 1/13/2023 | 1 |
| GBP | 240 | USD | 292 | Bank of New York Mellon | 1/13/2023 | (2) |
| USD | 303 | MXN | 6020 | UBS AG | 1/13/2023 | (5) |
| JPY | 466020 | USD | 3428 | Standard Chartered Bank | 1/20/2023 | 133 |
| JPY | 81321 | AUD | 890 | HSBC Bank | 1/20/2023 | 15 |
| JPY | 51480 | USD | 380 | Standard Chartered Bank | 1/20/2023 | 14 |
| USD | 112 | CLP | 100000 | Bank of America | 1/23/2023 | (6) |
| USD | 564 | BRL | 3025 | Citibank | 1/23/2023 | (7) |
| JPY | 118440 | USD | 821 | Standard Chartered Bank | 1/27/2023 | 85 |
| JPY | 172080 | USD | 1271 | BNP Paribas | 1/27/2023 | 46 |
| JPY | 45290 | USD | 313 | UBS AG | 1/27/2023 | 33 |
| JPY | 78800 | USD | 585 | Goldman Sachs | 1/27/2023 | 18 |
| PLN | 4260 | USD | 922 | Citibank | 2/2/2023 | 47 |

---

172 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

**Forward currency contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency<br> purchased<br> (000)** | **Currency<br> purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation**<br>**(depreciation)**<br> **at 12/31/2022**<br> **(000)** |
| USD | 245 | PLN | 1150 | UBS AG | 2/2/2023 | $(17) |
| USD | 420 | PLN | 1940 | Citibank | 2/2/2023 | (21) |
| PLN | 1940 | USD | 468 | BNP Paribas | 2/2/2023 | (26) |
| KRW | 405540 | USD | 307 | Standard Chartered Bank | 2/28/2023 | 16 |
| CNH | 8530 | USD | 1218 | Standard Chartered Bank | 3/6/2023 | 22 |
| JPY | 76110 | USD | 565 | BNP Paribas | 3/6/2023 | 20 |
| EUR | 720 | USD | 757 | Bank of America | 3/6/2023 | 17 |
| KRW | 347180 | USD | 267 | HSBC Bank | 3/6/2023 | 10 |
|  |  |  |  |  |  | $536 |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | **Notional** | **Notional** | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **amount<br> (000)** | **amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid<br> (000)** | **Unrealized<br> (depreciation)<br> appreciation**<br>**at 12/31/2022<br> (000)** |
| 1.2475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | NZD | 375 | $(6) | $— | $(6) |
| 1.234974% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 |  | 3197 | (51) |  | (51) |
| 1.2375% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/26/2023 |  | 1178 | (20) |  | (20) |
| 1.264% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/27/2023 |  | 2945 | (48) |  | (48) |
| 1.26% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/30/2023 |  | 486 | (8) |  | (8) |
| 1.28% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/31/2023 |  | 486 | (8) |  | (8) |
| 1.30% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/3/2023 |  | 533 | (9) |  | (9) |
| 1.4975% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/21/2023 |  | 1001 | (17) |  | (17) |
| 1.445% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/28/2023 |  | 1000 | (18) |  | (18) |
| 1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/29/2023 |  | 1019 | (19) |  | (19) |
| 1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/30/2023 |  | 1023 | (19) |  | (19) |
| 1.5125% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 |  | 904 | (17) |  | (17) |
| 1.53% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 |  | 1031 | (20) |  | (20) |
| 1.5625% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/15/2023 |  | 1029 | (19) |  | (19) |
| 1.59% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/18/2023 |  | 1029 | (19) |  | (19) |
| 1.62% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/19/2023 |  | 1144 | (21) |  | (21) |
| 3.7697% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/6/2023 |  | 5500 | (47) |  | (47) |
| 2.24% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 |  | 1463 | (24) |  | (24) |
| 2.2525% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 |  | 1463 | (24) |  | (24) |
| 2.20% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/9/2023 |  | 123 | (2) |  | (2) |
| 2.495% | Annual | SONIA | Annual | 5/5/2024 | GBP | 3050 | (77) |  | (77) |
| 2.42% | Annual | SONIA | Annual | 5/5/2024 |  | 6100 | (160) |  | (160) |
| 2.9588% | Annual | SONIA | Annual | 6/9/2024 |  | 4180 | (84) |  | (84) |
| SONIA | Annual | 5.6325% | Annual | 9/25/2024 |  | 7720 | (88) |  | (88) |
| 6.59% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 2000 | (7) |  | (7) |
| 6.585% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 2600 | (10) |  | (10) |
| 6.64% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 3200 | (12) |  | (12) |
| 6.6175% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 8600 | (31) |  | (31) |
| 6.633% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 8900 | (32) |  | (32) |
| 6.58% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 11300 | (42) |  | (42) |
| 7.59% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 2500 | (6) |  | (6) |
| 7.62% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 3701 | (8) |  | (8) |
| 7.66% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 6100 | (13) |  | (13) |

---

American Funds Insurance Series 173

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | **Notional** | **Notional** | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **amount<br> (000)** | **amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid<br> (000)** | **Unrealized<br> (depreciation)<br> appreciation**<br>**at 12/31/2022<br> (000)** |
| 7.64% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | MXN | 6000 | $(13) | $— | $(13) |
| 7.52% | 28-day | 28-day MXN-TIIE | 28-day | 10/30/2026 |  | 7639 | (18) |  | (18) |
| 9.07% | 28-day | 28-day MXN-TIIE | 28-day | 4/28/2027 |  | 20400 | 8 |  | 8 |
|  |  |  |  |  |  |  | $(1009) | $— | $(1009) |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — sell protection**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financing<br> rate received** | **Payment<br> frequency** | **Reference<br> index** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **<sup>15</sup>** | **Value at<br> 12/31/2022<br> (000)** | **<sup>16</sup>** | **Upfront<br> premium<br> paid<br> (000)** | **Unrealized<br> appreciation<br> at 12/31/2022<br> (000)** |
| 1.00% | Quarterly | CDX.NA.IG.39 | 12/20/2027 | USD | 2580 |  | $20 |  | $13 | $7 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> gain<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Investment funds 1.50%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $— | $5481 | $— | $— | $51 | $5532 | $50 |
| **Short-term securities 1.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 1.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>14</sup> | 1127 | 144034 | 141236 | 3 |  | 3928 | 343 |
| **Total 2.57%** |  |  |  | $3 | $51 | $9460 | $393 |

---

**Restricted securities<sup>9</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Netflix, Inc. 3.875% 11/15/2029 | 7/11/20222-7/12/2022 | $191 | $201 | .06% |
| Goldman Sachs Group, Inc. 1.00% 3/18/2033 | 5/19/2021 | 251 | 162 | .04 |
| **Total** |  | $442 | $363 | .10% |

---

174 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $14,344,000, which represented 3.90% of the net assets of the fund.

<sup>4</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>5</sup> Scheduled interest and/or principal payment was not received.

<sup>6</sup> Value determined using significant unobservable inputs.

<sup>7</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $758,000, which represented .21% of the net assets of the fund.

<sup>8</sup> Step bond; coupon rate may change at a later date.

<sup>9</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $363,000, which represented .10% of the net assets of the fund.

<sup>10</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>11</sup> Amount less than one thousand.

<sup>12</sup> Purchased on a TBA basis.

<sup>13</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>14</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>15</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>16</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

**Key to abbreviations**

ADR = American Depositary Receipts

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NZD = New Zealand dollars

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

TIIE = Equilibrium Interbank Interest Rate

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series 175

The Bond Fund of America

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 95.37%** | Principal amount <br> (000) | Principal amount <br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans 34.59%** |  |  |  |
| **Financials 9.65%** |  |  |  |
| ACE INA Holdings, Inc. 3.35% 5/3/2026 | USD | 2025 | $1941 |
| ACE INA Holdings, Inc. 4.35% 11/3/2045 |  | 2220 | 1933 |
| AerCap Ireland Capital DAC 1.65% 10/29/2024 |  | 5996 | 5535 |
| AerCap Ireland Capital DAC 6.50% 7/15/2025 |  | 1798 | 1824 |
| AerCap Ireland Capital DAC 1.75% 1/30/2026 |  | 2841 | 2503 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 10289 | 9010 |
| AerCap Ireland Capital DAC 3.00% 10/29/2028 |  | 10345 | 8686 |
| AerCap Ireland Capital DAC 3.30% 1/30/2032 |  | 11338 | 8891 |
| AerCap Ireland Capital DAC 3.40% 10/29/2033 |  | 5120 | 3896 |
| AerCap Ireland Capital DAC 3.85% 10/29/2041 |  | 1254 | 891 |
| AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 10/29/2023 |  | 3130 | 3013 |
| Ally Financial, Inc. 5.125% 9/30/2024 |  | 1500 | 1486 |
| Ally Financial, Inc. 8.00% 11/1/2031 |  | 8075 | 8418 |
| American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)<sup>1</sup> |  | 4501 | 4265 |
| Arthur J. Gallagher & Co. 3.50% 5/20/2051 |  | 1073 | 754 |
| Banco Santander, SA 5.147% 8/18/2025 |  | 4000 | 3960 |
| Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)<sup>1</sup> |  | 1400 | 1198 |
| Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)<sup>1</sup> |  | 1970 | 1818 |
| Bank of America Corp. 1.658% 3/11/2027 (USD-SOFR + 0.91% on 3/11/2026)<sup>1</sup> |  | 981 | 869 |
| Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>1</sup> |  | 7989 | 7009 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)<sup>1</sup> |  | 2635 | 2524 |
| Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)<sup>1</sup> |  | 11107 | 10866 |
| Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)<sup>1</sup> |  | 1502 | 1553 |
| Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>1</sup> |  | 10129 | 9189 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)<sup>1</sup> |  | 2773 | 2338 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>1</sup> |  | 21177 | 16224 |
| Bank of America Corp. 2.687% 4/22/2032 (USD-SOFR + 1.32% on 4/22/2031)<sup>1</sup> |  | 8343 | 6698 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)<sup>1</sup> |  | 36155 | 27930 |
| Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031)<sup>1</sup> |  | 2613 | 2053 |
| Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)<sup>1</sup> |  | 4089 | 3305 |
| Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)<sup>1</sup> |  | 10180 | 9340 |
| Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)<sup>1</sup> |  | 7947 | 7568 |
| Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)<sup>1,2</sup> |  | 4850 | 4814 |
| Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)<sup>1</sup> |  | 4525 | 4496 |
| BNP Paribas SA 1.323% 1/13/2027 (USD-SOFR + 1.004% on 1/13/2026)<sup>1,2</sup> |  | 7581 | 6634 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)<sup>1,2</sup> |  | 13134 | 11569 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>1,2</sup> |  | 3594 | 2936 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)<sup>1,2</sup> |  | 4177 | 3276 |
| Canadian Imperial Bank of Commerce (CIBC) 3.60% 4/7/2032 |  | 1303 | 1152 |
| Capital One Financial Corp. 1.343% 12/6/2024 (USD-SOFR + 0.69% on 12/6/2023)<sup>1</sup> |  | 4525 | 4334 |
| Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)<sup>1</sup> |  | 2430 | 2382 |
| Capital One Financial Corp. 4.927% 5/10/2028 (USD-SOFR + 2.057% on 5/10/2027)<sup>1</sup> |  | 4650 | 4509 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 |  | 1126 | 880 |
| CIT Group, Inc. 3.929% 6/19/2024 (USD-SOFR + 3.827% on 6/19/2023)<sup>1</sup> |  | 5410 | 5364 |
| Citigroup, Inc. 4.60% 3/9/2026 |  | 1800 | 1770 |
| Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)<sup>1</sup> |  | 8740 | 7591 |
| Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)<sup>1</sup> |  | 5520 | 4984 |
| Citigroup, Inc. 4.658% 5/24/2028 (USD-SOFR + 1.887% on 5/24/2027)<sup>1</sup> |  | 3386 | 3282 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)<sup>1</sup> |  | 1030 | 834 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)<sup>1</sup> |  | 5350 | 4590 |
| Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)<sup>1</sup> |  | 1718 | 1614 |
| Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)<sup>1</sup> |  | 2781 | 2878 |
| Corebridge Financial, Inc. 3.50% 4/4/2025<sup>2</sup> |  | 1439 | 1381 |
| Corebridge Financial, Inc. 3.65% 4/5/2027<sup>2</sup> |  | 4493 | 4195 |
| Corebridge Financial, Inc. 3.85% 4/5/2029<sup>2</sup> |  | 5794 | 5289 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>2</sup> |  | 5959 | 5221 |
| Corebridge Financial, Inc. 4.35% 4/5/2042<sup>2</sup> |  | 361 | 298 |

---

176 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Corebridge Financial, Inc. 4.40% 4/5/2052<sup>2</sup> | USD | 1352 | $1078 |
| Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)<sup>1,2</sup> |  | 4450 | 4060 |
| Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)<sup>1,2</sup> |  | 2450 | 2145 |
| Credit Suisse Group AG 3.80% 6/9/2023 |  | 15327 | 14927 |
| Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)<sup>1,2</sup> |  | 850 | 752 |
| Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)<sup>1,2</sup> |  | 7609 | 6505 |
| Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)<sup>1,2</sup> |  | 11200 | 8973 |
| Credit Suisse Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)<sup>1,2</sup> |  | 1265 | 1154 |
| Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)<sup>1,2</sup> |  | 5476 | 4262 |
| Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)<sup>1,2</sup> |  | 7369 | 5106 |
| Credit Suisse Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)<sup>1,2</sup> |  | 576 | 507 |
| Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)<sup>1,2</sup> |  | 6658 | 6835 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)<sup>1,2</sup> |  | 2990 | 2565 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)<sup>1,2</sup> |  | 2975 | 2740 |
| Deutsche Bank AG 3.95% 2/27/2023 |  | 6350 | 6328 |
| Deutsche Bank AG 0.898% 5/28/2024 |  | 2500 | 2339 |
| Deutsche Bank AG 3.70% 5/30/2024 |  | 5150 | 5007 |
| Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)<sup>1</sup> |  | 10475 | 10120 |
| Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)<sup>1</sup> |  | 3673 | 3512 |
| Deutsche Bank AG 4.10% 1/13/2026 |  | 7305 | 7029 |
| Deutsche Bank AG 4.10% 1/13/2026 |  | 857 | 824 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>1</sup> |  | 41608 | 36749 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>1</sup> |  | 4315 | 3664 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)<sup>1</sup> |  | 7258 | 6179 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)<sup>1</sup> |  | 2900 | 2331 |
| Discover Financial Services 6.70% 11/29/2032 |  | 1475 | 1504 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)<sup>1,2</sup> |  | 1200 | 1045 |
| GE Capital Funding, LLC 4.55% 5/15/2032 |  | 973 | 927 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)<sup>1</sup> |  | 3030 | 2660 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)<sup>1</sup> |  | 13275 | 11468 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)<sup>1</sup> |  | 13961 | 12226 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)<sup>1</sup> |  | 1758 | 1568 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)<sup>1</sup> |  | 7403 | 6907 |
| Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)<sup>1</sup> |  | 1534 | 1473 |
| Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)<sup>1</sup> |  | 9600 | 8786 |
| Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)<sup>1</sup> |  | 10422 | 8490 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)<sup>1</sup> |  | 3160 | 2161 |
| Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.834% on 11/10/2026)<sup>1</sup> |  | 1750 | 1665 |
| Groupe BPCE SA 2.75% 1/11/2023<sup>2</sup> |  | 6875 | 6871 |
| Groupe BPCE SA 5.70% 10/22/2023<sup>2</sup> |  | 28166 | 27963 |
| Groupe BPCE SA 5.15% 7/21/2024<sup>2</sup> |  | 5481 | 5369 |
| Groupe BPCE SA 1.625% 1/14/2025<sup>2</sup> |  | 2980 | 2776 |
| Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)<sup>1,2</sup> |  | 6350 | 5649 |
| Groupe BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)<sup>1,2</sup> |  | 6195 | 5908 |
| HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)<sup>1</sup> |  | 5270 | 4571 |
| HSBC Holdings PLC 4.583% 6/19/2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)<sup>1</sup> |  | 6410 | 5913 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)<sup>1</sup> |  | 5917 | 4786 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)<sup>1</sup> |  | 5250 | 4074 |
| HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)<sup>1</sup> |  | 3595 | 3339 |
| Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027 |  | 669 | 585 |
| Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027 |  | 6335 | 5422 |
| Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/2023<sup>3</sup> |  | 2750 | 2741 |
| Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/2025<sup>3</sup> |  | 397 | 374 |
| Huarong Finance II Co., Ltd. 5.50% 1/16/2025 |  | 6669 | 6328 |

---

American Funds Insurance Series 177

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Huarong Finance II Co., Ltd. 5.00% 11/19/2025 | USD | 480 | $444 |
| Huarong Finance II Co., Ltd. 4.625% 6/3/2026 |  | 200 | 177 |
| Huarong Finance II Co., Ltd. 4.875% 11/22/2026 |  | 2106 | 1886 |
| Intercontinental Exchange, Inc. 4.35% 6/15/2029 |  | 8710 | 8433 |
| Intercontinental Exchange, Inc. 4.60% 3/15/2033 |  | 4601 | 4408 |
| Intercontinental Exchange, Inc. 4.95% 6/15/2052 |  | 5327 | 4963 |
| Intesa Sanpaolo SpA 3.375% 1/12/2023<sup>2</sup> |  | 10035 | 10030 |
| Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>2</sup> |  | 68143 | 65545 |
| Intesa Sanpaolo SpA 3.25% 9/23/2024<sup>2</sup> |  | 770 | 731 |
| Intesa Sanpaolo SpA 5.71% 1/15/2026<sup>2</sup> |  | 15400 | 14816 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027<sup>2</sup> |  | 6250 | 5581 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028<sup>2</sup> |  | 1986 | 1753 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032<sup>2</sup> |  | 2060 | 1714 |
| JPMorgan Chase & Co. 0.969% 6/23/2025 (USD-SOFR + 0.58% on 6/23/2024)<sup>1</sup> |  | 5870 | 5475 |
| JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)<sup>1</sup> |  | 11105 | 10289 |
| JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)<sup>1</sup> |  | 3620 | 3518 |
| JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)<sup>1</sup> |  | 1832 | 1612 |
| JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)<sup>1</sup> |  | 5965 | 5172 |
| JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)<sup>1</sup> |  | 4350 | 3941 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)<sup>1</sup> |  | 12080 | 11555 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>1</sup> |  | 8465 | 8265 |
| JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)<sup>1</sup> |  | 9600 | 8729 |
| JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)<sup>1</sup> |  | 2453 | 2053 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)<sup>1</sup> |  | 11980 | 11186 |
| JPMorgan Chase & Co. 2.522% 4/22/2031 (USD-SOFR + 2.04% on 4/22/2030)<sup>1</sup> |  | 1766 | 1449 |
| JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)<sup>1</sup> |  | 4802 | 3858 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)<sup>1</sup> |  | 5313 | 4213 |
| JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)<sup>1</sup> |  | 553 | 452 |
| JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)<sup>1</sup> |  | 1907 | 1771 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>1</sup> |  | 5475 | 5229 |
| Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)<sup>1</sup> |  | 2415 | 2128 |
| Keb Hana Bank 3.25% 3/30/2027<sup>2</sup> |  | 1315 | 1227 |
| Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)<sup>1</sup> |  | 2675 | 2493 |
| Marsh & McLennan Companies, Inc. 2.375% 12/15/2031 |  | 367 | 297 |
| Marsh & McLennan Companies, Inc. 2.90% 12/15/2051 |  | 505 | 326 |
| MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)<sup>1,2</sup> |  | 1405 | 1521 |
| MetLife, Inc. 3.60% 11/13/2025 |  | 3490 | 3395 |
| MetLife, Inc. 5.00% 7/15/2052 |  | 165 | 158 |
| Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)<sup>1</sup> |  | 2960 | 2724 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)<sup>1</sup> |  | 6200 | 5383 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)<sup>1</sup> |  | 2225 | 1930 |
| Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)<sup>1</sup> |  | 2970 | 2618 |
| Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)<sup>1</sup> |  | 2945 | 2781 |
| Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)<sup>1</sup> |  | 1197 | 1146 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)<sup>1</sup> |  | 4615 | 4026 |
| Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)<sup>1</sup> |  | 2390 | 2379 |
| Morgan Stanley 0.791% 1/22/2025 (USD-SOFR + 0.509% on 1/22/2024)<sup>1</sup> |  | 3065 | 2901 |
| Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)<sup>1</sup> |  | 2300 | 2200 |

---

178 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)<sup>1</sup> | USD | 10488 | $9114 |
| Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)<sup>1</sup> |  | 3671 | 3497 |
| Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)<sup>1</sup> |  | 2007 | 2075 |
| Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)<sup>1</sup> |  | 26412 | 20326 |
| Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)<sup>1</sup> |  | 2813 | 2209 |
| Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)<sup>1</sup> |  | 6616 | 5369 |
| Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)<sup>1</sup> |  | 3375 | 3181 |
| Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)<sup>1</sup> |  | 3810 | 4004 |
| Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)<sup>1</sup> |  | 2286 | 2096 |
| MSCI, Inc. 3.25% 8/15/2033<sup>2</sup> |  | 2750 | 2128 |
| Navient Corp. 6.75% 6/25/2025 |  | 425 | 409 |
| OneMain Holdings, Inc. 7.125% 3/15/2026 |  | 250 | 238 |
| Rede D'Or Finance SARL 4.50% 1/22/2030<sup>2</sup> |  | 1572 | 1355 |
| Santander Holdings USA, Inc. 3.50% 6/7/2024 |  | 8325 | 8092 |
| Santander Holdings USA, Inc. 2.49% 1/6/2028<sup>1</sup> |  | 3625 | 3115 |
| State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)<sup>1</sup> |  | 1640 | 1520 |
| Sumitomo Mitsui Banking Corp. 2.174% 1/14/2027 |  | 1100 | 977 |
| SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)<sup>1</sup> |  | 1530 | 971 |
| Synchrony Financial 4.375% 3/19/2024 |  | 3640 | 3576 |
| Toronto-Dominion Bank 1.95% 1/12/2027 |  | 1060 | 946 |
| Travelers Companies, Inc. 2.55% 4/27/2050 |  | 768 | 478 |
| U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)<sup>1</sup> |  | 2440 | 2387 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)<sup>1,2</sup> |  | 4000 | 3446 |
| UniCredit SpA 4.625% 4/12/2027<sup>2</sup> |  | 1395 | 1307 |
| UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)<sup>1,2</sup> |  | 16130 | 14182 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029 |  | 462 | 415 |
| Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)<sup>1</sup> |  | 20480 | 19382 |
| Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)<sup>1</sup> |  | 3524 | 3428 |
| Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>1</sup> |  | 9236 | 8569 |
| Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)<sup>1</sup> |  | 7450 | 7289 |
| Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)<sup>1</sup> |  | 7665 | 6478 |
| Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)<sup>1</sup> |  | 3675 | 3500 |
| Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>1</sup> |  | 20666 | 17607 |
| Willis North America, Inc. 4.65% 6/15/2027 |  | 1290 | 1248 |
|  |  |  | **986796** |
| **Utilities 4.42%** |  |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051 |  | 1475 | 1048 |
| Alabama Power Co. 3.00% 3/15/2052 |  | 3697 | 2458 |
| Alfa Desarrollo SpA 4.55% 9/27/2051<sup>2</sup> |  | 1001 | 763 |
| Ameren Corp. 4.50% 3/15/2049 |  | 2875 | 2634 |
| Baltimore Gas & Electric 4.55% 6/1/2052 |  | 525 | 467 |
| Berkshire Hathaway Energy Company 4.50% 2/1/2045 |  | 5895 | 5161 |
| Comisión Federal de Electricidad 4.688% 5/15/2029<sup>2</sup> |  | 3655 | 3249 |
| Comisión Federal de Electricidad 3.875% 7/26/2033<sup>2</sup> |  | 1340 | 1019 |
| Connecticut Light and Power Co. 2.05% 7/1/2031 |  | 1775 | 1430 |
| Consumers Energy Co. 4.05% 5/15/2048 |  | 1413 | 1173 |
| Consumers Energy Co. 3.75% 2/15/2050 |  | 5625 | 4416 |
| Consumers Energy Co. 3.10% 8/15/2050 |  | 4123 | 2883 |
| Consumers Energy Co. 3.50% 8/1/2051 |  | 235 | 178 |
| Duke Energy Corp. 3.75% 4/15/2024 |  | 3826 | 3760 |
| Duke Energy Corp. 4.50% 8/15/2032 |  | 7811 | 7340 |
| Duke Energy Corp. 3.50% 6/15/2051 |  | 1139 | 796 |
| Duke Energy Florida, LLC 3.40% 10/1/2046 |  | 5669 | 4098 |
| Duke Energy Florida, LLC 3.00% 12/15/2051 |  | 711 | 480 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 |  | 575 | 616 |

---

American Funds Insurance Series 179

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Duke Energy Progress, LLC 3.70% 9/1/2028 | USD | 3750 | $3530 |
| Duke Energy Progress, LLC 2.00% 8/15/2031 |  | 1775 | 1407 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 |  | 644 | 389 |
| Edison International 3.55% 11/15/2024 |  | 6850 | 6618 |
| Edison International 4.95% 4/15/2025 |  | 175 | 172 |
| Edison International 5.75% 6/15/2027 |  | 3181 | 3196 |
| Edison International 4.125% 3/15/2028 |  | 3644 | 3387 |
| Edison International 6.95% 11/15/2029 |  | 2525 | 2643 |
| Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)<sup>1</sup> | EUR | 2800 | 2346 |
| Emera US Finance, LP 0.833% 6/15/2024 | USD | 600 | 560 |
| Emera US Finance, LP 2.639% 6/15/2031 |  | 4400 | 3456 |
| Enel Società per Azioni 8.75% 9/24/2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)<sup>1,2</sup> |  | 1000 | 1003 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026<sup>2</sup> |  | 1310 | 1143 |
| Entergy Louisiana, LLC 4.20% 9/1/2048 |  | 6325 | 5207 |
| Entergy Louisiana, LLC 4.75% 9/15/2052 |  | 1525 | 1377 |
| Eversource Energy 3.80% 12/1/2023 |  | 5000 | 4945 |
| FirstEnergy Corp. 1.60% 1/15/2026 |  | 20066 | 17774 |
| FirstEnergy Corp. 3.50% 4/1/2028<sup>2</sup> |  | 2400 | 2191 |
| FirstEnergy Corp. 4.10% 5/15/2028<sup>2</sup> |  | 425 | 401 |
| FirstEnergy Corp. 2.65% 3/1/2030 |  | 12524 | 10234 |
| FirstEnergy Corp. 2.25% 9/1/2030 |  | 13707 | 10904 |
| FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)<sup>1</sup> |  | 12178 | 11355 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>2</sup> |  | 4000 | 3498 |
| Florida Power & Light Company 2.45% 2/3/2032 |  | 4890 | 4087 |
| Florida Power & Light Company 2.875% 12/4/2051 |  | 9334 | 6305 |
| Georgia Power Co. 3.70% 1/30/2050 |  | 275 | 206 |
| Interchile SA 4.50% 6/30/2056<sup>2</sup> |  | 465 | 385 |
| Israel Electric Corp., Ltd. 4.25% 8/14/2028<sup>2</sup> |  | 10190 | 9649 |
| Israel Electric Corp., Ltd. 3.75% 2/22/2032<sup>2</sup> |  | 340 | 299 |
| ITC Holdings Corp. 3.35% 11/15/2027 |  | 1118 | 1031 |
| Jersey Central Power & Light Co. 2.75% 3/1/2032<sup>2</sup> |  | 525 | 425 |
| Mississippi Power Co. 4.25% 3/15/2042 |  | 5020 | 4093 |
| Monongahela Power Co. 3.55% 5/15/2027<sup>2</sup> |  | 1700 | 1600 |
| NextEra Energy Capital Holdings, Inc. 1.875% 1/15/2027 |  | 2772 | 2457 |
| Northern States Power Co. 4.50% 6/1/2052 |  | 3328 | 3035 |
| Oncor Electric Delivery Company, LLC 4.15% 6/1/2032<sup>2</sup> |  | 1035 | 980 |
| Oncor Electric Delivery Company, LLC 4.55% 9/15/2032<sup>2</sup> |  | 975 | 958 |
| Pacific Gas and Electric Co. 3.25% 6/15/2023 |  | 5615 | 5554 |
| Pacific Gas and Electric Co. 3.40% 8/15/2024 |  | 2000 | 1920 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 |  | 27543 | 25623 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 |  | 10850 | 9956 |
| Pacific Gas and Electric Co. 3.30% 3/15/2027 |  | 5850 | 5212 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 |  | 12289 | 10865 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 |  | 13075 | 11621 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 7900 | 7278 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 |  | 35299 | 32078 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 19695 | 15326 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031 |  | 1300 | 1060 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 8898 | 6055 |
| Pacific Gas and Electric Co. 3.75% 8/15/2042 |  | 9466 | 6383 |
| Pacific Gas and Electric Co. 4.75% 2/15/2044 |  | 336 | 258 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 6836 | 4272 |
| Public Service Electric and Gas Co. 3.20% 5/15/2029 |  | 6000 | 5456 |
| Public Service Electric and Gas Co. 1.90% 8/15/2031 |  | 775 | 618 |
| Public Service Electric and Gas Co. 3.10% 3/15/2032 |  | 7500 | 6577 |
| Puget Energy, Inc. 3.65% 5/15/2025 |  | 300 | 286 |
| Southern California Edison Co. 4.20% 3/1/2029 |  | 11000 | 10485 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 8200 | 7144 |
| Southern California Edison Co. 2.50% 6/1/2031 |  | 5149 | 4256 |

---

180 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Southern California Edison Co. 5.95% 11/1/2032 | USD | 1100 | $1166 |
| Southern California Edison Co. 5.75% 4/1/2035 |  | 4549 | 4546 |
| Southern California Edison Co. 5.35% 7/15/2035 |  | 6450 | 6267 |
| Southern California Edison Co. 5.625% 2/1/2036 |  | 7051 | 6888 |
| Southern California Edison Co. 5.55% 1/15/2037 |  | 3844 | 3774 |
| Southern California Edison Co. 5.95% 2/1/2038 |  | 5121 | 5188 |
| Southern California Edison Co. 4.00% 4/1/2047 |  | 9402 | 7391 |
| Southern California Edison Co. 4.125% 3/1/2048 |  | 5765 | 4628 |
| Southern California Edison Co. 4.875% 3/1/2049 |  | 555 | 491 |
| Southern California Edison Co. 3.65% 2/1/2050 |  | 8086 | 5943 |
| Southern California Edison Co., Series C, 3.60% 2/1/2045 |  | 2717 | 1960 |
| Southwestern Electric Power Co. 1.65% 3/15/2026 |  | 3550 | 3179 |
| Southwestern Electric Power Co. 3.25% 11/1/2051 |  | 2270 | 1502 |
| Union Electric Co. 2.15% 3/15/2032 |  | 3175 | 2518 |
| Virginia Electric and Power Co. 2.30% 11/15/2031 |  | 2425 | 1958 |
| Virginia Electric and Power Co. 2.40% 3/30/2032 |  | 5345 | 4333 |
| WEC Energy Group, Inc. 2.20% 12/15/2028 |  | 1575 | 1336 |
| Wisconsin Electric Power Co. 2.85% 12/1/2051 |  | 375 | 241 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031 |  | 525 | 413 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050 |  | 1075 | 793 |
| Xcel Energy, Inc. 3.30% 6/1/2025 |  | 5650 | 5428 |
| Xcel Energy, Inc. 1.75% 3/15/2027 |  | 5660 | 4966 |
| Xcel Energy, Inc. 2.60% 12/1/2029 |  | 2925 | 2504 |
| Xcel Energy, Inc. 2.35% 11/15/2031 |  | 9059 | 7263 |
| Xcel Energy, Inc. 4.60% 6/1/2032 |  | 11675 | 11185 |
|  |  |  | **451359** |
| **Consumer discretionary 4.21%** |  |  |  |
| Allied Universal Holdco, LLC 4.625% 6/1/2028<sup>2</sup> |  | 335 | 277 |
| Amazon.com, Inc. 3.30% 4/13/2027 |  | 1760 | 1673 |
| Amazon.com, Inc. 1.65% 5/12/2028 |  | 3860 | 3321 |
| Amazon.com, Inc. 3.45% 4/13/2029 |  | 1305 | 1222 |
| Amazon.com, Inc. 3.60% 4/13/2032 |  | 6830 | 6271 |
| Amazon.com, Inc. 2.875% 5/12/2041 |  | 650 | 488 |
| Amazon.com, Inc. 3.10% 5/12/2051 |  | 9380 | 6727 |
| Amazon.com, Inc. 3.95% 4/13/2052 |  | 1635 | 1362 |
| Amazon.com, Inc. 3.25% 5/12/2061 |  | 4100 | 2828 |
| Amazon.com, Inc. 4.10% 4/13/2062 |  | 470 | 391 |
| Atlas LuxCo 4 SARL 4.625% 6/1/2028<sup>2</sup> |  | 255 | 207 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 |  | 740 | 659 |
| Bayerische Motoren Werke AG 1.25% 8/12/2026<sup>2</sup> |  | 100 | 88 |
| Bayerische Motoren Werke AG 3.45% 4/1/2027<sup>2</sup> |  | 1075 | 1016 |
| Bayerische Motoren Werke AG 1.95% 8/12/2031<sup>2</sup> |  | 620 | 486 |
| Bayerische Motoren Werke AG 3.70% 4/1/2032<sup>2</sup> |  | 1350 | 1210 |
| Daimler Trucks Finance North America, LLC 1.125% 12/14/2023<sup>2</sup> |  | 3015 | 2898 |
| Daimler Trucks Finance North America, LLC 1.625% 12/13/2024<sup>2</sup> |  | 4950 | 4597 |
| Daimler Trucks Finance North America, LLC 3.50% 4/7/2025<sup>2</sup> |  | 1750 | 1680 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>2</sup> |  | 4140 | 3875 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>2</sup> |  | 3975 | 3348 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031<sup>2</sup> |  | 9625 | 7486 |
| DaimlerChrysler North America Holding Corp. 3.35% 2/22/2023<sup>2</sup> |  | 2000 | 1993 |
| DaimlerChrysler North America Holding Corp. 1.75% 3/10/2023<sup>2</sup> |  | 8000 | 7953 |
| Ford Motor Co. 2.90% 2/10/2029 |  | 1065 | 852 |
| Ford Motor Credit Company, LLC 5.125% 6/16/2025 |  | 3870 | 3729 |
| Ford Motor Credit Company, LLC 4.271% 1/9/2027 |  | 18542 | 16803 |
| Ford Motor Credit Company, LLC 4.125% 8/17/2027 |  | 39080 | 35066 |
| Ford Motor Credit Company, LLC 3.815% 11/2/2027 |  | 3790 | 3337 |
| Ford Motor Credit Company, LLC 7.35% 11/4/2027 |  | 6289 | 6460 |
| Ford Motor Credit Company, LLC 5.113% 5/3/2029 |  | 4205 | 3817 |
| General Motors Company 4.35% 4/9/2025 |  | 11358 | 11059 |

---

American Funds Insurance Series 181

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| General Motors Company 6.125% 10/1/2025 | USD | 23743 | $24188 |
| General Motors Company 5.40% 10/15/2029 |  | 781 | 747 |
| General Motors Company 5.40% 4/1/2048 |  | 7200 | 5915 |
| General Motors Financial Co. 3.25% 1/5/2023 |  | 964 | 964 |
| General Motors Financial Co. 1.05% 3/8/2024 |  | 4200 | 3990 |
| General Motors Financial Co. 1.50% 6/10/2026 |  | 6712 | 5837 |
| General Motors Financial Co. 2.35% 2/26/2027 |  | 9771 | 8547 |
| General Motors Financial Co. 2.40% 4/10/2028 |  | 13909 | 11722 |
| General Motors Financial Co. 2.40% 10/15/2028 |  | 464 | 386 |
| General Motors Financial Co. 3.60% 6/21/2030 |  | 465 | 392 |
| General Motors Financial Co. 2.35% 1/8/2031 |  | 6075 | 4594 |
| General Motors Financial Co. 2.70% 6/10/2031 |  | 5495 | 4223 |
| Grand Canyon University 4.125% 10/1/2024 |  | 4190 | 3941 |
| Home Depot, Inc. 2.95% 6/15/2029 |  | 6081 | 5515 |
| Home Depot, Inc. 4.50% 12/6/2048 |  | 1915 | 1747 |
| Hyundai Capital America 2.375% 2/10/2023<sup>2</sup> |  | 9977 | 9955 |
| Hyundai Capital America 1.25% 9/18/2023<sup>2</sup> |  | 3150 | 3054 |
| Hyundai Capital America 0.875% 6/14/2024<sup>2</sup> |  | 380 | 355 |
| Hyundai Capital America 3.40% 6/20/2024<sup>2</sup> |  | 8180 | 7899 |
| Hyundai Capital America 1.00% 9/17/2024<sup>2</sup> |  | 2750 | 2543 |
| Hyundai Capital America 2.65% 2/10/2025<sup>2</sup> |  | 12372 | 11645 |
| Hyundai Capital America 1.80% 10/15/2025<sup>2</sup> |  | 13274 | 11952 |
| Hyundai Capital America 1.30% 1/8/2026<sup>2</sup> |  | 6000 | 5254 |
| Hyundai Capital America 1.50% 6/15/2026<sup>2</sup> |  | 7475 | 6485 |
| Hyundai Capital America 1.65% 9/17/2026<sup>2</sup> |  | 7275 | 6403 |
| Hyundai Capital America 3.00% 2/10/2027<sup>2</sup> |  | 9000 | 8090 |
| Hyundai Capital America 2.375% 10/15/2027<sup>2</sup> |  | 7543 | 6465 |
| Hyundai Capital America 1.80% 1/10/2028<sup>2</sup> |  | 5965 | 4901 |
| Hyundai Capital America 2.00% 6/15/2028<sup>2</sup> |  | 5775 | 4714 |
| Hyundai Capital America 2.10% 9/15/2028<sup>2</sup> |  | 3010 | 2476 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026<sup>2</sup> |  | 3695 | 3213 |
| KIA Corp. 2.375% 2/14/2025<sup>2</sup> |  | 1580 | 1467 |
| Marriott International, Inc. 5.75% 5/1/2025 |  | 330 | 333 |
| Marriott International, Inc. 3.125% 6/15/2026 |  | 410 | 384 |
| Marriott International, Inc. 5.00% 10/15/2027 |  | 4470 | 4418 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 2226 | 1705 |
| McDonald's Corp. 2.125% 3/1/2030 |  | 2482 | 2082 |
| McDonald's Corp. 4.60% 9/9/2032 |  | 1765 | 1731 |
| McDonald's Corp. 4.45% 3/1/2047 |  | 3535 | 3082 |
| McDonald's Corp. 3.625% 9/1/2049 |  | 2938 | 2224 |
| McDonald's Corp. 5.15% 9/9/2052 |  | 730 | 704 |
| Meituan Dianping 3.05% 10/28/2030<sup>2</sup> |  | 3200 | 2471 |
| Nissan Motor Co., Ltd. 3.043% 9/15/2023<sup>2</sup> |  | 240 | 235 |
| Nissan Motor Co., Ltd. 3.522% 9/17/2025<sup>2</sup> |  | 800 | 744 |
| Nissan Motor Co., Ltd. 2.00% 3/9/2026<sup>2</sup> |  | 12000 | 10333 |
| Nissan Motor Co., Ltd. 2.75% 3/9/2028<sup>2</sup> |  | 11200 | 9089 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030<sup>2</sup> |  | 16083 | 13685 |
| Sands China, Ltd. 2.80% 3/8/2027<sup>1</sup> |  | 2368 | 2031 |
| Starbucks Corp. 3.75% 12/1/2047 |  | 3785 | 2891 |
| Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>2</sup> |  | 6921 | 5948 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>2</sup> |  | 825 | 818 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>2</sup> |  | 6554 | 5016 |
| Stellantis Finance US, Inc. 6.375% 9/12/2032<sup>2</sup> |  | 12065 | 11946 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030 |  | 4954 | 4505 |
| Volkswagen Group of America Finance, LLC 4.25% 11/13/2023<sup>2</sup> |  | 15000 | 14858 |
| Volkswagen Group of America Finance, LLC 2.85% 9/26/2024<sup>2</sup> |  | 546 | 523 |
| Volkswagen Group of America Finance, LLC 3.35% 5/13/2025<sup>2</sup> |  | 2636 | 2520 |

---

182 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Volkswagen Group of America Finance, LLC 1.625% 11/24/2027<sup>2</sup> | USD | 2550 | $2139 |
| Wyndham Destinations, Inc. 6.625% 7/31/2026<sup>2</sup> |  | 675 | 662 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029<sup>2</sup> |  | 410 | 352 |
|  |  |  | **430187** |
| **Health care 3.84%** |  |  |  |
| AbbVie, Inc. 3.20% 11/21/2029 |  | 8482 | 7666 |
| AbbVie, Inc. 4.25% 11/21/2049 |  | 8 | 7 |
| Amgen, Inc. 3.00% 2/22/2029 |  | 325 | 288 |
| Amgen, Inc. 4.05% 8/18/2029 |  | 8400 | 7869 |
| Amgen, Inc. 2.45% 2/21/2030 |  | 5131 | 4329 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 9522 | 8839 |
| Amgen, Inc. 4.875% 3/1/2053 |  | 4975 | 4440 |
| Amgen, Inc. 4.40% 2/22/2062 |  | 196 | 156 |
| Anthem, Inc. 2.375% 1/15/2025 |  | 1534 | 1457 |
| Anthem, Inc. 4.10% 5/15/2032 |  | 8711 | 8128 |
| Anthem, Inc. 4.55% 5/15/2052 |  | 1721 | 1504 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028 |  | 1429 | 1229 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 |  | 2087 | 1741 |
| AstraZeneca PLC 4.00% 1/17/2029 |  | 5920 | 5694 |
| Bausch Health Companies, Inc. 4.875% 6/1/2028<sup>2</sup> |  | 830 | 529 |
| Baxter International, Inc. 2.539% 2/1/2032 |  | 3906 | 3113 |
| Bayer US Finance II, LLC 4.25% 12/15/2025<sup>2</sup> |  | 17570 | 17043 |
| Becton, Dickinson and Company 4.298% 8/22/2032 |  | 545 | 512 |
| Centene Corp. 4.25% 12/15/2027 |  | 14860 | 13969 |
| Centene Corp. 2.45% 7/15/2028 |  | 12410 | 10499 |
| Centene Corp. 4.625% 12/15/2029 |  | 14945 | 13691 |
| Centene Corp. 3.375% 2/15/2030 |  | 15718 | 13323 |
| Centene Corp. 2.50% 3/1/2031 |  | 8550 | 6707 |
| Centene Corp. 2.625% 8/1/2031 |  | 2510 | 1977 |
| Danaher Corp. 2.80% 12/10/2051 |  | 1090 | 725 |
| Eli Lilly and Company 3.375% 3/15/2029 |  | 1255 | 1177 |
| GE Healthcare Holding, LLC 5.65% 11/15/2027<sup>2</sup> |  | 4895 | 4961 |
| GE Healthcare Holding, LLC 5.857% 3/15/2030<sup>2</sup> |  | 1145 | 1175 |
| GE Healthcare Holding, LLC 5.905% 11/22/2032<sup>2</sup> |  | 8640 | 8980 |
| GE Healthcare Holding, LLC 6.377% 11/22/2052<sup>2</sup> |  | 375 | 401 |
| Gilead Sciences, Inc. 1.65% 10/1/2030 |  | 1570 | 1249 |
| HCA, Inc. 3.125% 3/15/2027<sup>2</sup> |  | 755 | 688 |
| HCA, Inc. 2.375% 7/15/2031 |  | 2318 | 1810 |
| HCA, Inc. 3.625% 3/15/2032<sup>2</sup> |  | 5000 | 4244 |
| HCA, Inc. 4.625% 3/15/2052<sup>2</sup> |  | 390 | 305 |
| Johnson & Johnson 0.95% 9/1/2027 |  | 12753 | 11001 |
| Johnson & Johnson 2.10% 9/1/2040 |  | 825 | 571 |
| Johnson & Johnson 2.25% 9/1/2050 |  | 1933 | 1205 |
| Laboratory Corporation of America Holdings 1.55% 6/1/2026 |  | 1058 | 938 |
| Laboratory Corporation of America Holdings 4.70% 2/1/2045 |  | 4160 | 3584 |
| Merck & Co., Inc. 1.70% 6/10/2027 |  | 3093 | 2747 |
| Merck & Co., Inc. 2.75% 12/10/2051 |  | 808 | 544 |
| Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 |  | 1918 | 1486 |
| Roche Holdings, Inc. 1.93% 12/13/2028<sup>2</sup> |  | 7845 | 6720 |
| Roche Holdings, Inc. 2.076% 12/13/2031<sup>2</sup> |  | 12562 | 10254 |
| Roche Holdings, Inc. 2.607% 12/13/2051<sup>2</sup> |  | 645 | 421 |
| Shire PLC 3.20% 9/23/2026 |  | 13588 | 12762 |
| Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 |  | 45000 | 44821 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 68853 | 60352 |
| Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028 |  | 26824 | 26215 |
| Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 |  | 46666 | 28634 |
| UnitedHealth Group, Inc. 3.75% 7/15/2025 |  | 5410 | 5294 |
| UnitedHealth Group, Inc. 3.70% 5/15/2027 |  | 1184 | 1147 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029 |  | 2231 | 2136 |

---

American Funds Insurance Series 183

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| UnitedHealth Group, Inc. 2.00% 5/15/2030 | USD | 855 | $707 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032 |  | 3169 | 3018 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041 |  | 1300 | 982 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048 |  | 960 | 834 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051 |  | 927 | 668 |
| UnitedHealth Group, Inc. 4.75% 5/15/2052 |  | 1400 | 1300 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062 |  | 294 | 277 |
| UnitedHealth Group, Inc. 6.05% 2/15/2063 |  | 230 | 251 |
| Zoetis, Inc. 5.60% 11/16/2032 |  | 2850 | 2964 |
|  |  |  | **392258** |
| **Communication services 3.31%** |  |  |  |
| AT&T, Inc. 1.70% 3/25/2026 |  | 19000 | 17145 |
| AT&T, Inc. 1.65% 2/1/2028 |  | 4700 | 3977 |
| AT&T, Inc. 4.30% 2/15/2030 |  | 15940 | 15047 |
| AT&T, Inc. 2.55% 12/1/2033 |  | 15003 | 11574 |
| AT&T, Inc. 3.50% 9/15/2053 |  | 19935 | 13545 |
| CCO Holdings, LLC 4.75% 2/1/2032<sup>2</sup> |  | 1265 | 1028 |
| CCO Holdings, LLC 4.25% 1/15/2034<sup>2</sup> |  | 3875 | 2867 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/2027<sup>2</sup> |  | 4800 | 4484 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 2.25% 1/15/2029 |  | 1351 | 1090 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031 |  | 8212 | 6412 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033 |  | 2642 | 2268 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.75% 4/1/2048 |  | 5000 | 4114 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.25% 4/1/2053 |  | 1240 | 962 |
| CenturyLink, Inc. 4.00% 2/15/2027<sup>2</sup> |  | 10381 | 8821 |
| Comcast Corp. 3.15% 2/15/2028 |  | 7200 | 6660 |
| Comcast Corp. 4.00% 3/1/2048 |  | 5000 | 4033 |
| Meta Platforms, Inc. 4.45% 8/15/2052 |  | 3775 | 3019 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 23259 | 22511 |
| Netflix, Inc. 5.875% 11/15/2028 |  | 29196 | 29664 |
| Netflix, Inc. 6.375% 5/15/2029 |  | 5078 | 5235 |
| Netflix, Inc. 5.375% 11/15/2029<sup>2</sup> |  | 15350 | 14917 |
| Netflix, Inc. 4.875% 6/15/2030<sup>2</sup> |  | 18215 | 17018 |
| News Corp. 5.125% 2/15/2032<sup>2</sup> |  | 1300 | 1185 |
| SBA Tower Trust 1.631% 11/15/2026<sup>2</sup> |  | 6741 | 5735 |
| Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>2</sup> |  | 675 | 589 |
| Sprint Corp. 7.625% 2/15/2025 |  | 6665 | 6895 |
| Tencent Holdings, Ltd. 2.39% 6/3/2030<sup>2</sup> |  | 10000 | 8153 |
| T-Mobile US, Inc. 3.50% 4/15/2025 |  | 3275 | 3152 |
| T-Mobile US, Inc. 2.25% 2/15/2026 |  | 2388 | 2177 |
| T-Mobile US, Inc. 2.625% 4/15/2026 |  | 9691 | 8899 |
| T-Mobile US, Inc. 3.75% 4/15/2027 |  | 5000 | 4717 |
| T-Mobile US, Inc. 2.625% 2/15/2029 |  | 3117 | 2643 |
| T-Mobile US, Inc. 2.40% 3/15/2029 |  | 1224 | 1035 |
| T-Mobile US, Inc. 3.875% 4/15/2030 |  | 4500 | 4087 |
| T-Mobile US, Inc. 2.875% 2/15/2031 |  | 17956 | 14862 |
| T-Mobile US, Inc. 3.00% 2/15/2041 |  | 2100 | 1490 |
| T-Mobile US, Inc. 3.40% 10/15/2052 |  | 12280 | 8307 |
| Verizon Communications, Inc. 4.329% 9/21/2028 |  | 1539 | 1483 |
| Verizon Communications, Inc. 1.75% 1/20/2031 |  | 15450 | 12023 |
| Verizon Communications, Inc. 2.55% 3/21/2031 |  | 7535 | 6215 |
| Verizon Communications, Inc. 2.355% 3/15/2032 |  | 2815 | 2239 |
| Verizon Communications, Inc. 3.40% 3/22/2041 |  | 2050 | 1549 |
| Verizon Communications, Inc. 2.875% 11/20/2050 |  | 3000 | 1894 |
| Verizon Communications, Inc. 3.55% 3/22/2051 |  | 1975 | 1416 |
| Verizon Communications, Inc. 3.875% 3/1/2052 |  | 3155 | 2408 |
| Vodafone Group PLC 4.25% 9/17/2050 |  | 3050 | 2340 |
| WarnerMedia Holdings, Inc. 3.428% 3/15/2024<sup>2</sup> |  | 6552 | 6364 |
| WarnerMedia Holdings, Inc. 3.638% 3/15/2025<sup>2</sup> |  | 3056 | 2909 |

---

184 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027<sup>2</sup> | USD | 9501 | $8569 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029<sup>2</sup> |  | 1316 | 1141 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>2</sup> |  | 4932 | 4075 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>2</sup> |  | 3147 | 2419 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>2</sup> |  | 10630 | 7769 |
| WarnerMedia Holdings, Inc. 5.391% 3/15/2062<sup>2</sup> |  | 2802 | 2057 |
| ZipRecruiter, Inc. 5.00% 1/15/2030<sup>2</sup> |  | 1500 | 1239 |
|  |  |  | **338426** |
| **Industrials 3.13%** |  |  |  |
| ADT Security Corp. 4.125% 8/1/2029<sup>2</sup> |  | 510 | 434 |
| Air Lease Corp. 0.80% 8/18/2024 |  | 3175 | 2926 |
| Air Lease Corp. 2.875% 1/15/2026 |  | 10172 | 9423 |
| Air Lease Corp. 2.20% 1/15/2027 |  | 4341 | 3789 |
| Air Lease Corp. 2.10% 9/1/2028 |  | 2450 | 2000 |
| Avolon Holdings Funding, Ltd. 3.95% 7/1/2024<sup>2</sup> |  | 12514 | 11987 |
| Avolon Holdings Funding, Ltd. 2.125% 2/21/2026<sup>2</sup> |  | 8333 | 7181 |
| Avolon Holdings Funding, Ltd. 4.25% 4/15/2026<sup>2</sup> |  | 3302 | 2997 |
| Avolon Holdings Funding, Ltd. 3.25% 2/15/2027<sup>2</sup> |  | 8000 | 6857 |
| Avolon Holdings Funding, Ltd. 2.528% 11/18/2027<sup>2</sup> |  | 2142 | 1715 |
| BNSF Funding Trust I, junior subordinated, 6.613% 12/15/2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)<sup>1</sup> |  | 1680 | 1590 |
| Boeing Company 4.508% 5/1/2023 |  | 11358 | 11338 |
| Boeing Company 1.95% 2/1/2024 |  | 5646 | 5441 |
| Boeing Company 2.80% 3/1/2024 |  | 500 | 485 |
| Boeing Company 4.875% 5/1/2025 |  | 32512 | 32292 |
| Boeing Company 2.75% 2/1/2026 |  | 18384 | 17057 |
| Boeing Company 2.196% 2/4/2026 |  | 18411 | 16748 |
| Boeing Company 3.10% 5/1/2026 |  | 649 | 611 |
| Boeing Company 2.70% 2/1/2027 |  | 6473 | 5852 |
| Boeing Company 5.04% 5/1/2027 |  | 14350 | 14215 |
| Boeing Company 3.25% 2/1/2028 |  | 11379 | 10353 |
| Boeing Company 3.25% 3/1/2028 |  | 1925 | 1724 |
| Boeing Company 5.15% 5/1/2030 |  | 42874 | 41935 |
| Boeing Company 3.625% 2/1/2031 |  | 1602 | 1408 |
| Boeing Company 3.90% 5/1/2049 |  | 1411 | 997 |
| Boeing Company 5.805% 5/1/2050 |  | 4122 | 3843 |
| Canadian Pacific Railway, Ltd. 1.75% 12/2/2026 |  | 1982 | 1769 |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 |  | 3131 | 2602 |
| Canadian Pacific Railway, Ltd. 3.00% 12/2/2041 |  | 1677 | 1271 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 3111 | 2106 |
| Carrier Global Corp. 3.377% 4/5/2040 |  | 15000 | 11443 |
| CSX Corp. 4.10% 11/15/2032 |  | 8010 | 7534 |
| CSX Corp. 4.50% 11/15/2052 |  | 6670 | 5828 |
| Dun & Bradstreet Corp. 5.00% 12/15/2029<sup>2</sup> |  | 2798 | 2398 |
| Eaton Corp. 4.15% 3/15/2033 |  | 1518 | 1416 |
| Eaton Corp. 4.70% 8/23/2052 |  | 535 | 487 |
| General Dynamics Corp. 3.625% 4/1/2030 |  | 675 | 629 |
| Mexico City Airport Trust 5.50% 10/31/2046 |  | 1959 | 1512 |
| Mexico City Airport Trust 5.50% 7/31/2047 |  | 5909 | 4564 |
| Mexico City Airport Trust 5.50% 7/31/2047<sup>2</sup> |  | 1132 | 874 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027<sup>2</sup> |  | 2690 | 2441 |
| Norfolk Southern Corp. 4.55% 6/1/2053 |  | 1188 | 1039 |
| Northrop Grumman Corp. 3.25% 1/15/2028 |  | 10845 | 10021 |
| Raytheon Technologies Corp. 1.90% 9/1/2031 |  | 3087 | 2431 |
| Raytheon Technologies Corp. 2.375% 3/15/2032 |  | 1321 | 1073 |
| Raytheon Technologies Corp. 2.82% 9/1/2051 |  | 665 | 434 |
| Raytheon Technologies Corp. 3.03% 3/15/2052 |  | 1190 | 812 |
| Republic Services, Inc. 2.375% 3/15/2033 |  | 1635 | 1309 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>2</sup> |  | 503 | 530 |

---

American Funds Insurance Series 185

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Summit Digitel Infrastructure Private, Ltd. 2.875% 8/12/2031<sup>2</sup> | USD | 2550 | $1962 |
| Triton Container International, Ltd. 1.15% 6/7/2024<sup>2</sup> |  | 1609 | 1489 |
| Triton Container International, Ltd. 3.15% 6/15/2031<sup>2</sup> |  | 2482 | 1934 |
| Union Pacific Corp. 2.15% 2/5/2027 |  | 2213 | 2002 |
| Union Pacific Corp. 2.40% 2/5/2030 |  | 4454 | 3820 |
| Union Pacific Corp. 2.375% 5/20/2031 |  | 3938 | 3326 |
| Union Pacific Corp. 2.80% 2/14/2032 |  | 6734 | 5832 |
| Union Pacific Corp. 3.375% 2/14/2042 |  | 530 | 424 |
| Union Pacific Corp. 3.25% 2/5/2050 |  | 7000 | 5078 |
| Union Pacific Corp. 2.95% 3/10/2052 |  | 1405 | 957 |
| United Rentals, Inc. 5.50% 5/15/2027 |  | 2500 | 2472 |
| United Technologies Corp. 3.125% 5/4/2027 |  | 4551 | 4245 |
| United Technologies Corp. 4.125% 11/16/2028 |  | 4974 | 4771 |
| Waste Management, Inc. 4.15% 4/15/2032 |  | 2155 | 2057 |
|  |  |  | **320090** |
| **Energy 2.54%** |  |  |  |
| Antero Resources Corp. 5.375% 3/1/2030<sup>2</sup> |  | 280 | 260 |
| Apache Corp. 4.625% 11/15/2025 |  | 645 | 624 |
| Apache Corp. 4.25% 1/15/2030 |  | 2465 | 2186 |
| Apache Corp. 5.35% 7/1/2049 |  | 800 | 648 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026 |  | 1136 | 1020 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025 |  | 754 | 702 |
| Canadian Natural Resources, Ltd. 3.85% 6/1/2027 |  | 1151 | 1086 |
| Cenovus Energy, Inc. 5.375% 7/15/2025 |  | 2763 | 2756 |
| Cenovus Energy, Inc. 4.25% 4/15/2027 |  | 13613 | 13032 |
| Cenovus Energy, Inc. 2.65% 1/15/2032 |  | 2969 | 2378 |
| Cenovus Energy, Inc. 5.25% 6/15/2037 |  | 770 | 704 |
| Cenovus Energy, Inc. 5.40% 6/15/2047 |  | 14816 | 13323 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032 |  | 937 | 746 |
| Chevron Corp. 2.954% 5/16/2026 |  | 3365 | 3196 |
| Chevron Corp. 3.078% 5/11/2050 |  | 692 | 500 |
| Devon Energy Corp. 4.50% 1/15/2030 |  | 5197 | 4850 |
| DT Midstream, Inc. 4.125% 6/15/2029<sup>2</sup> |  | 555 | 478 |
| Ecopetrol SA 5.875% 5/28/2045 |  | 452 | 316 |
| Enbridge, Inc. 4.00% 10/1/2023 |  | 1500 | 1488 |
| Energy Transfer Partners, LP 6.25% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.028% on 2/15/2023)<sup>1</sup> |  | 7850 | 6682 |
| Energy Transfer Partners, LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2049)<sup>1</sup> |  | 500 | 373 |
| EQT Corp. 5.70% 4/1/2028 |  | 1223 | 1218 |
| EQT Corp. 7.25% 2/1/2030<sup>1</sup> |  | 7500 | 7791 |
| Equinor ASA 3.625% 9/10/2028 |  | 4928 | 4673 |
| Equinor ASA 3.125% 4/6/2030 |  | 20000 | 18004 |
| Equinor ASA 3.25% 11/18/2049 |  | 5687 | 4159 |
| Exxon Mobil Corp. 3.043% 3/1/2026 |  | 4625 | 4417 |
| Exxon Mobil Corp. 2.61% 10/15/2030 |  | 1040 | 911 |
| Occidental Petroleum Corp. 8.875% 7/15/2030 |  | 630 | 712 |
| Odebrecht Drilling Norbe 7.35% PIK 12/1/2026<sup>2,4</sup> |  | 40 | 22 |
| Odebrecht Drilling Norbe 0% perpetual bonds<sup>2</sup> |  | 1150 | 3 |
| Oleoducto Central SA 4.00% 7/14/2027<sup>2</sup> |  | 1715 | 1516 |
| Oleoducto Central SA 4.00% 7/14/2027 |  | 350 | 309 |
| Petróleos Mexicanos 3.50% 1/30/2023 |  | 1500 | 1496 |
| Petróleos Mexicanos 6.875% 10/16/2025 |  | 5000 | 4903 |
| Petróleos Mexicanos 6.875% 8/4/2026 |  | 24876 | 23550 |
| Petróleos Mexicanos 6.49% 1/23/2027 |  | 20653 | 18867 |
| Petróleos Mexicanos 6.50% 3/13/2027 |  | 31829 | 29102 |
| Petróleos Mexicanos 6.50% 1/23/2029 |  | 3139 | 2694 |
| Petróleos Mexicanos 8.75% 6/2/2029 |  | 5805 | 5451 |
| Petróleos Mexicanos 6.70% 2/16/2032 |  | 14854 | 11693 |

---

186 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Qatar Petroleum 2.25% 7/12/2031<sup>2</sup> | USD | 22020 | $18281 |
| Qatar Petroleum 3.125% 7/12/2041<sup>2</sup> |  | 7310 | 5644 |
| Qatar Petroleum 3.30% 7/12/2051<sup>2</sup> |  | 2185 | 1619 |
| SA Global Sukuk, Ltd. 1.602% 6/17/2026<sup>2</sup> |  | 7645 | 6842 |
| Sabine Pass Liquefaction, LLC 5.75% 5/15/2024 |  | 5148 | 5152 |
| Shell International Finance BV 3.875% 11/13/2028 |  | 9410 | 9081 |
| Shell International Finance BV 2.75% 4/6/2030 |  | 1186 | 1043 |
| Southwestern Energy Co. 5.95% 1/23/2025<sup>1</sup> |  | 495 | 487 |
| Total Capital Canada, Ltd. 2.75% 7/15/2023 |  | 2140 | 2113 |
| Total Capital International 3.455% 2/19/2029 |  | 885 | 822 |
| TransCanada PipeLines, Ltd. 4.10% 4/15/2030 |  | 1578 | 1449 |
| Western Midstream Operating, LP 3.35% 2/1/2025<sup>1</sup> |  | 2782 | 2637 |
| Western Midstream Operating, LP 4.30% 2/1/2030<sup>1</sup> |  | 2202 | 1927 |
| Western Midstream Operating, LP 5.50% 2/1/2050<sup>1</sup> |  | 3079 | 2542 |
| Williams Partners, LP 4.50% 11/15/2023 |  | 500 | 497 |
| Williams Partners, LP 4.30% 3/4/2024 |  | 595 | 588 |
|  |  |  | **259563** |
| **Consumer staples 1.83%** |  |  |  |
| 7-Eleven, Inc. 1.80% 2/10/2031<sup>2</sup> |  | 4676 | 3582 |
| 7-Eleven, Inc. 2.80% 2/10/2051<sup>2</sup> |  | 5000 | 3082 |
| Altria Group, Inc. 4.40% 2/14/2026 |  | 4585 | 4494 |
| Altria Group, Inc. 4.50% 5/2/2043 |  | 1585 | 1196 |
| Altria Group, Inc. 5.95% 2/14/2049 |  | 8434 | 7539 |
| Anheuser-Busch InBev NV 4.75% 1/23/2029 |  | 7500 | 7419 |
| Anheuser-Busch InBev NV 5.55% 1/23/2049 |  | 5000 | 4971 |
| Anheuser-Busch InBev NV 4.50% 6/1/2050 |  | 1355 | 1192 |
| British American Tobacco International Finance PLC 3.95% 6/15/2025<sup>2</sup> |  | 16879 | 16226 |
| British American Tobacco International Finance PLC 1.668% 3/25/2026 |  | 4070 | 3611 |
| British American Tobacco PLC 3.557% 8/15/2027 |  | 9561 | 8750 |
| British American Tobacco PLC 4.448% 3/16/2028 |  | 3065 | 2844 |
| British American Tobacco PLC 2.259% 3/25/2028 |  | 4348 | 3616 |
| British American Tobacco PLC 4.742% 3/16/2032 |  | 2675 | 2381 |
| British American Tobacco PLC 4.39% 8/15/2037 |  | 1500 | 1171 |
| British American Tobacco PLC 4.54% 8/15/2047 |  | 13490 | 9582 |
| British American Tobacco PLC 4.758% 9/6/2049 |  | 21450 | 15620 |
| British American Tobacco PLC 5.65% 3/16/2052 |  | 430 | 356 |
| Conagra Brands, Inc. 5.30% 11/1/2038 |  | 436 | 412 |
| Conagra Brands, Inc. 5.40% 11/1/2048 |  | 57 | 53 |
| Constellation Brands, Inc. 3.50% 5/9/2027 |  | 7500 | 7035 |
| Constellation Brands, Inc. 4.35% 5/9/2027 |  | 890 | 868 |
| Constellation Brands, Inc. 2.875% 5/1/2030 |  | 620 | 529 |
| Constellation Brands, Inc. 2.25% 8/1/2031 |  | 1487 | 1185 |
| Constellation Brands, Inc. 4.75% 5/9/2032 |  | 2284 | 2205 |
| Imperial Tobacco Finance PLC 6.125% 7/27/2027<sup>2</sup> |  | 1810 | 1804 |
| JBS USA Lux SA 2.50% 1/15/2027<sup>2</sup> |  | 3880 | 3399 |
| JBS USA Lux SA 3.00% 2/2/2029<sup>2</sup> |  | 2709 | 2248 |
| JBS USA Lux SA 5.50% 1/15/2030<sup>2</sup> |  | 435 | 415 |
| JBS USA Lux SA 3.625% 1/15/2032<sup>2</sup> |  | 1430 | 1160 |
| JBS USA Lux SA 3.00% 5/15/2032<sup>2</sup> |  | 3430 | 2635 |
| JBS USA Lux SA 5.75% 4/1/2033<sup>2</sup> |  | 7368 | 7046 |
| Kraft Heinz Company 5.50% 6/1/2050 |  | 2725 | 2619 |
| PepsiCo, Inc. 1.95% 10/21/2031 |  | 6979 | 5658 |
| Philip Morris International, Inc. 5.00% 11/17/2025 |  | 6555 | 6592 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 4898 | 4942 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 4309 | 4382 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 6327 | 6470 |
| Philip Morris International, Inc. 4.125% 3/4/2043 |  | 4117 | 3270 |
| Philip Morris International, Inc. 4.875% 11/15/2043 |  | 5433 | 4774 |
| PT Indofood CBP Sukses Makmur Tbk 3.398% 6/9/2031 |  | 3110 | 2590 |

---

American Funds Insurance Series 187

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer staples (continued)** |  |  |  |
| PT Indofood CBP Sukses Makmur Tbk 4.745% 6/9/2051 | USD | 685 | $507 |
| Reynolds American, Inc. 4.45% 6/12/2025 |  | 14570 | 14267 |
| Reynolds American, Inc. 5.85% 8/15/2045 |  | 1688 | 1445 |
| Wal-Mart Stores, Inc. 4.15% 9/9/2032 |  | 570 | 557 |
| Wal-Mart Stores, Inc. 4.50% 9/9/2052 |  | 480 | 460 |
|  |  |  | **187159** |
| **Information technology 0.82%** |  |  |  |
| Analog Devices, Inc. 2.80% 10/1/2041 |  | 521 | 383 |
| Apple, Inc. 2.70% 8/5/2051 |  | 7080 | 4701 |
| Apple, Inc. 3.95% 8/8/2052 |  | 1805 | 1544 |
| Block, Inc. 2.75% 6/1/2026 |  | 1975 | 1767 |
| Block, Inc. 3.50% 6/1/2031 |  | 825 | 659 |
| Broadcom Corp. 3.875% 1/15/2027 |  | 7027 | 6657 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>2</sup> |  | 1470 | 1338 |
| Broadcom, Inc. 4.15% 4/15/2032<sup>2</sup> |  | 2270 | 1999 |
| Broadcom, Inc. 3.469% 4/15/2034<sup>2</sup> |  | 33872 | 27121 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>2</sup> |  | 2149 | 1587 |
| Broadcom, Inc. 3.187% 11/15/2036<sup>2</sup> |  | 4803 | 3465 |
| Broadcom, Inc. 4.926% 5/15/2037<sup>2</sup> |  | 4049 | 3547 |
| Global Payments, Inc. 2.90% 11/15/2031 |  | 1005 | 795 |
| Oracle Corp. 1.65% 3/25/2026 |  | 4867 | 4363 |
| Oracle Corp. 2.30% 3/25/2028 |  | 6875 | 5967 |
| Oracle Corp. 2.875% 3/25/2031 |  | 3345 | 2782 |
| Oracle Corp. 3.95% 3/25/2051 |  | 4869 | 3490 |
| PayPal Holdings, Inc. 5.05% 6/1/2052 |  | 3775 | 3439 |
| salesforce.com, inc. 1.95% 7/15/2031 |  | 3775 | 3019 |
| salesforce.com, inc. 2.70% 7/15/2041 |  | 875 | 628 |
| salesforce.com, inc. 2.90% 7/15/2051 |  | 5140 | 3393 |
| salesforce.com, inc. 3.05% 7/15/2061 |  | 265 | 170 |
| VeriSign, Inc. 2.70% 6/15/2031 |  | 1494 | 1220 |
|  |  |  | **84034** |
| **Real estate 0.70%** |  |  |  |
| American Tower Corp. 1.45% 9/15/2026 |  | 657 | 574 |
| American Tower Corp. 3.65% 3/15/2027 |  | 2291 | 2143 |
| Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031<sup>2</sup> |  | 395 | 318 |
| Corporate Office Properties, LP 2.00% 1/15/2029 |  | 1139 | 876 |
| Corporate Office Properties, LP 2.75% 4/15/2031 |  | 1547 | 1161 |
| Corporate Office Properties, LP 2.90% 12/1/2033 |  | 564 | 402 |
| Equinix, Inc. 2.90% 11/18/2026 |  | 3287 | 3009 |
| Equinix, Inc. 3.20% 11/18/2029 |  | 3846 | 3356 |
| Equinix, Inc. 2.50% 5/15/2031 |  | 7760 | 6254 |
| Equinix, Inc. 3.90% 4/15/2032 |  | 1155 | 1029 |
| Equinix, Inc. 3.40% 2/15/2052 |  | 1201 | 823 |
| Extra Space Storage, Inc. 2.35% 3/15/2032 |  | 698 | 530 |
| FibraSOMA 4.375% 7/22/2031<sup>2</sup> |  | 1475 | 1105 |
| Hospitality Properties Trust 4.50% 3/15/2025 |  | 855 | 739 |
| Hospitality Properties Trust 3.95% 1/15/2028 |  | 1710 | 1217 |
| Howard Hughes Corp. 4.375% 2/1/2031<sup>2</sup> |  | 675 | 547 |
| Invitation Homes Operating Partnership, LP 2.30% 11/15/2028 |  | 767 | 636 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 |  | 2048 | 1518 |
| Invitation Homes Operating Partnership, LP 2.70% 1/15/2034 |  | 660 | 483 |
| Iron Mountain, Inc. 4.875% 9/15/2027<sup>2</sup> |  | 1605 | 1479 |
| Iron Mountain, Inc. 5.25% 3/15/2028<sup>2</sup> |  | 3500 | 3226 |
| Iron Mountain, Inc. 5.25% 7/15/2030<sup>2</sup> |  | 675 | 588 |
| Omega Healthcare Investors, Inc. 4.375% 8/1/2023 |  | 186 | 185 |
| Piedmont Operating Partnership, LP 4.45% 3/15/2024 |  | 1000 | 983 |
| Public Storage 1.95% 11/9/2028 |  | 993 | 849 |
| Public Storage 2.30% 5/1/2031 |  | 3195 | 2601 |

---

188 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Real estate (continued)** |  |  |  |
| Scentre Group 3.50% 2/12/2025<sup>2</sup> | USD | 4565 | $4372 |
| Sun Communities Operating, LP 2.30% 11/1/2028 |  | 1026 | 856 |
| Sun Communities Operating, LP 2.70% 7/15/2031 |  | 3877 | 3070 |
| VICI Properties, LP 4.375% 5/15/2025 |  | 670 | 652 |
| VICI Properties, LP 4.75% 2/15/2028 |  | 6844 | 6505 |
| VICI Properties, LP 4.95% 2/15/2030 |  | 5515 | 5257 |
| VICI Properties, LP 4.125% 8/15/2030<sup>2</sup> |  | 425 | 373 |
| VICI Properties, LP 5.125% 5/15/2032 |  | 11766 | 10917 |
| VICI Properties, LP 5.625% 5/15/2052 |  | 2695 | 2388 |
|  |  |  | **71021** |
| **Materials 0.13%** |  |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040 |  | 2911 | 2178 |
| Celanese US Holdings, LLC 6.05% 3/15/2025 |  | 195 | 194 |
| Celanese US Holdings, LLC 6.165% 7/15/2027 |  | 2875 | 2840 |
| Celanese US Holdings, LLC 6.33% 7/15/2029 |  | 775 | 755 |
| Celanese US Holdings, LLC 6.379% 7/15/2032 |  | 2055 | 1960 |
| Glencore Funding, LLC 2.625% 9/23/2031<sup>2</sup> |  | 790 | 631 |
| Glencore Funding, LLC 3.375% 9/23/2051<sup>2</sup> |  | 370 | 242 |
| International Flavors & Fragrances, Inc. 2.30% 11/1/2030<sup>2</sup> |  | 3536 | 2813 |
| Methanex Corp. 5.125% 10/15/2027 |  | 510 | 474 |
| Nova Chemicals Corp. 4.25% 5/15/2029<sup>2</sup> |  | 425 | 348 |
| South32 Treasury, Ltd. 4.35% 4/14/2032<sup>2</sup> |  | 1384 | 1188 |
|  |  |  | **13623** |
| **Municipals 0.01%** |  |  |  |
| Aeropuerto International de Tocume SA 4.00% 8/11/2041<sup>2</sup> |  | 730 | 603 |
| Aeropuerto International de Tocume SA 5.125% 8/11/2061<sup>2</sup> |  | 565 | 464 |
|  |  |  | **1067** |
| **Total corporate bonds, notes & loans** |  |  | **3535583** |
| **U.S. Treasury bonds & notes 27.43%** |  |  |  |
| **U.S. Treasury 14.76%** |  |  |  |
| U.S. Treasury 0.125% 5/31/2023 |  | 39035 | 38325 |
| U.S. Treasury 2.25% 12/31/2023 |  | 24768 | 24174 |
| U.S. Treasury 1.50% 2/29/2024 |  | 9807 | 9455 |
| U.S. Treasury 2.50% 4/30/2024 |  | 22390 | 21755 |
| U.S. Treasury 0.375% 9/15/2024 |  | 15740 | 14672 |
| U.S. Treasury 4.50% 11/30/2024 |  | 38095 | 38103 |
| U.S. Treasury 3.00% 7/15/2025 |  | 97643 | 94593 |
| U.S. Treasury 4.00% 12/15/2025 |  | 67475 | 67053 |
| U.S. Treasury 0.375% 12/31/2025 |  | 44080 | 39409 |
| U.S. Treasury 0.375% 1/31/2026 |  | 40000 | 35602 |
| U.S. Treasury 0.75% 5/31/2026 |  | 20625 | 18401 |
| U.S. Treasury 0.75% 8/31/2026 |  | 26766 | 23705 |
| U.S. Treasury 1.375% 8/31/2026 |  | 45000 | 40809 |
| U.S. Treasury 0.50% 4/30/2027 |  | 45625 | 39295 |
| U.S. Treasury 2.75% 4/30/2027 |  | 11500 | 10903 |
| U.S. Treasury 2.25% 11/15/2027<sup>5</sup> |  | 105830 | 97546 |
| U.S. Treasury 6.125% 11/15/2027 |  | 24000 | 26188 |
| U.S. Treasury 3.875% 11/30/2027 |  | 46272 | 46021 |
| U.S. Treasury 1.25% 5/31/2028 |  | 21480 | 18605 |
| U.S. Treasury 3.875% 11/30/2029 |  | 149 | 148 |
| U.S. Treasury 3.875% 12/31/2029 |  | 5750 | 5710 |
| U.S. Treasury 1.625% 5/15/2031 |  | 1630 | 1372 |
| U.S. Treasury 4.125% 11/15/2032 |  | 15000 | 15299 |
| U.S. Treasury 4.25% 5/15/2039 |  | 106700 | 110123 |
| U.S. Treasury 1.125% 5/15/2040 |  | 124213 | 77947 |
| U.S. Treasury 1.375% 11/15/2040 |  | 40000 | 26058 |
| U.S. Treasury 1.875% 2/15/2041 |  | 46900 | 33221 |

---

American Funds Insurance Series 189

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 2.00% 11/15/2041 | USD | 247 | $177 |
| U.S. Treasury 2.375% 2/15/2042 |  | 3271 | 2500 |
| U.S. Treasury 4.00% 11/15/2042 |  | 766 | 751 |
| U.S. Treasury 3.00% 2/15/2049 |  | 123340 | 102162 |
| U.S. Treasury 1.25% 5/15/2050 |  | 21285 | 11514 |
| U.S. Treasury 2.00% 8/15/2051 |  | 1587 | 1044 |
| U.S. Treasury 1.875% 11/15/2051 |  | 4670 | 2974 |
| U.S. Treasury 3.00% 8/15/2052<sup>5</sup> |  | 493436 | 409137 |
| U.S. Treasury 4.00% 11/15/2052 |  | 3800 | 3820 |
|  |  |  | **1508571** |
| **U.S. Treasury inflation-protected securities 12.67%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>6</sup> |  | 206245 | 205862 |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>6</sup> |  | 85927 | 85102 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>6</sup> |  | 6574 | 6498 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>6</sup> |  | 255440 | 250190 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>6</sup> |  | 29208 | 28425 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>6</sup> |  | 250395 | 242546 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>6</sup> |  | 57910 | 55812 |
| U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>6</sup> |  | 26921 | 25840 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>6</sup> |  | 28626 | 27283 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>6</sup> |  | 71002 | 68225 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2026<sup>6</sup> |  | 3300 | 3168 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>6</sup> |  | 13368 | 12538 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027<sup>6</sup> |  | 66635 | 62091 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027<sup>6</sup> |  | 85852 | 80941 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>6</sup> |  | 21184 | 21157 |
| U.S. Treasury Inflation-Protected Security 0.50% 1/15/2028<sup>5,6</sup> |  | 90600 | 85240 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>6</sup> |  | 20209 | 17930 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031<sup>6</sup> |  | 13385 | 11811 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>6</sup> |  | 6118 | 3947 |
|  |  |  | **1294606** |
| **Total U.S. Treasury bonds & notes** |  |  | **2803177** |
| **Mortgage-backed obligations 25.81%** |  |  |  |
| **Federal agency mortgage-backed obligations 23.23%** |  |  |  |
| Fannie Mae Pool #254764 5.50% 6/1/2023<sup>7</sup> |  | —<sup>8</sup> | —<sup>8</sup> |
| Fannie Mae Pool #AB1068 4.50% 5/1/2025<sup>7</sup> |  | 37 | 37 |
| Fannie Mae Pool #256133 4.50% 1/1/2026<sup>7</sup> |  | 32 | 31 |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028<sup>7</sup> |  | 75 | 72 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031<sup>7</sup> |  | 44 | 42 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032<sup>7</sup> |  | 28 | 27 |
| Fannie Mae Pool #913966 6.00% 2/1/2037<sup>7</sup> |  | 34 | 36 |
| Fannie Mae Pool #945680 6.00% 9/1/2037<sup>7</sup> |  | 426 | 444 |
| Fannie Mae Pool #924866 2.765% 10/1/2037<sup>3,7</sup> |  | 419 | 410 |
| Fannie Mae Pool #988588 5.50% 8/1/2038<sup>7</sup> |  | 185 | 192 |
| Fannie Mae Pool #889982 5.50% 11/1/2038<sup>7</sup> |  | 919 | 953 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040<sup>7</sup> |  | 191 | 194 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041<sup>7</sup> |  | 805 | 810 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041<sup>7</sup> |  | 754 | 764 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041<sup>7</sup> |  | 952 | 963 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041<sup>7</sup> |  | 524 | 530 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041<sup>7</sup> |  | 444 | 452 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041<sup>7</sup> |  | 321 | 325 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>7</sup> |  | 9994 | 8437 |
| Fannie Mae Pool #MA4540 2.00% 2/1/2042<sup>7</sup> |  | 2628 | 2218 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045<sup>7</sup> |  | 42 | 40 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>7</sup> |  | 2819 | 2610 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046<sup>7</sup> |  | 896 | 833 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046<sup>7</sup> |  | 792 | 757 |

---

190 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046<sup>7</sup> | USD | 137 | $132 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046<sup>7</sup> |  | 313 | 295 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047<sup>7</sup> |  | 42 | 40 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047<sup>7</sup> |  | 4696 | 4364 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047<sup>7</sup> |  | 91 | 87 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047<sup>7</sup> |  | 2854 | 2812 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048<sup>7</sup> |  | 1384 | 1285 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048<sup>7</sup> |  | 16 | 16 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048<sup>7</sup> |  | 6893 | 6129 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048<sup>7</sup> |  | 5642 | 5198 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048<sup>7</sup> |  | 20838 | 19368 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048<sup>7</sup> |  | 13 | 12 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>7</sup> |  | 738 | 684 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049<sup>7</sup> |  | 1416 | 1267 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049<sup>7</sup> |  | 913 | 818 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049<sup>7</sup> |  | 22731 | 21695 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049<sup>7</sup> |  | 15691 | 14461 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049<sup>7</sup> |  | 4398 | 4048 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049<sup>7</sup> |  | 6796 | 6252 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>7</sup> |  | 6170 | 5302 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050<sup>7</sup> |  | 18556 | 16591 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050<sup>7</sup> |  | 6665 | 5981 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050<sup>7</sup> |  | 1 | 1 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050<sup>7</sup> |  | 1108 | 957 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050<sup>7</sup> |  | 1935 | 1646 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050<sup>7</sup> |  | 314 | 270 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050<sup>7</sup> |  | 7463 | 6437 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050<sup>7</sup> |  | 18989 | 17095 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>7</sup> |  | 12762 | 10450 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051<sup>7</sup> |  | 6306 | 5420 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>7</sup> |  | 21666 | 17724 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>7</sup> |  | 33 | 27 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051<sup>7</sup> |  | 20 | 16 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051<sup>7</sup> |  | 242 | 213 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051<sup>7</sup> |  | 533 | 457 |
| Fannie Mae Pool #FM8442 2.50% 8/1/2051<sup>7</sup> |  | 9106 | 7723 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051<sup>7</sup> |  | 1264 | 1074 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>7</sup> |  | 156 | 128 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>7</sup> |  | 4932 | 4181 |
| Fannie Mae Pool #FM9846 2.50% 12/1/2051<sup>7</sup> |  | 569 | 483 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051<sup>7</sup> |  | 27 | 25 |
| Fannie Mae Pool #FS2776 2.50% 1/1/2052<sup>7</sup> |  | 3264 | 2769 |
| Fannie Mae Pool #CB2765 2.00% 2/1/2052<sup>7</sup> |  | 6870 | 5649 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>7</sup> |  | 41218 | 36792 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052<sup>7</sup> |  | 1000 | 848 |
| Fannie Mae Pool #CB3170 3.00% 3/1/2052<sup>7</sup> |  | 392 | 345 |
| Fannie Mae Pool #BV7773 2.50% 4/1/2052<sup>7</sup> |  | 9356 | 7942 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052<sup>7</sup> |  | 8486 | 7196 |
| Fannie Mae Pool #BV2994 2.50% 4/1/2052<sup>7</sup> |  | 3401 | 2887 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>7</sup> |  | 780 | 662 |
| Fannie Mae Pool #BV7521 2.50% 5/1/2052<sup>7</sup> |  | 1000 | 848 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>7</sup> |  | 1174 | 1031 |
| Fannie Mae Pool #MA4599 3.00% 5/1/2052<sup>7</sup> |  | 500 | 439 |
| Fannie Mae Pool #BV9975 2.50% 6/1/2052<sup>7</sup> |  | 3301 | 2802 |
| Fannie Mae Pool #BV2452 3.00% 6/1/2052<sup>7</sup> |  | 739 | 649 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>7</sup> |  | 1689 | 1586 |
| Fannie Mae Pool #BW1001 4.50% 7/1/2052<sup>7</sup> |  | 675 | 651 |
| Fannie Mae Pool #BV2562 4.50% 7/1/2052<sup>7</sup> |  | 522 | 503 |
| Fannie Mae Pool #MA4699 3.50% 8/1/2052<sup>7</sup> |  | 900 | 819 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>7</sup> |  | 2823 | 2651 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>7</sup> |  | 2138 | 2008 |

---

American Funds Insurance Series 191

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BW9409 4.50% 8/1/2052<sup>7</sup> | USD | 1998 | $1925 |
| Fannie Mae Pool #BW5751 4.50% 8/1/2052<sup>7</sup> |  | 1983 | 1910 |
| Fannie Mae Pool #BW2284 4.50% 8/1/2052<sup>7</sup> |  | 1944 | 1873 |
| Fannie Mae Pool #BW6191 4.50% 8/1/2052<sup>7</sup> |  | 999 | 965 |
| Fannie Mae Pool #BW7611 4.50% 8/1/2052<sup>7</sup> |  | 974 | 938 |
| Fannie Mae Pool #BW8077 4.50% 8/1/2052<sup>7</sup> |  | 90 | 86 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>7</sup> |  | 9060 | 8508 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>7</sup> |  | 1831 | 1720 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>7</sup> |  | 1588 | 1491 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>7</sup> |  | 1504 | 1412 |
| Fannie Mae Pool #BV0952 4.50% 9/1/2052<sup>7</sup> |  | 4153 | 4001 |
| Fannie Mae Pool #BW3812 4.50% 9/1/2052<sup>7</sup> |  | 3994 | 3848 |
| Fannie Mae Pool #BW9386 4.50% 9/1/2052<sup>7</sup> |  | 2996 | 2888 |
| Fannie Mae Pool #BV0957 4.50% 9/1/2052<sup>7</sup> |  | 2996 | 2887 |
| Fannie Mae Pool #BW8692 4.50% 9/1/2052<sup>7</sup> |  | 999 | 963 |
| Fannie Mae Pool #BW9180 4.50% 9/1/2052<sup>7</sup> |  | 420 | 405 |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052<sup>7</sup> |  | 65 | 63 |
| Fannie Mae Pool #BW7702 4.50% 9/1/2052<sup>7</sup> |  | 42 | 40 |
| Fannie Mae Pool #MA4761 5.00% 9/1/2052<sup>7</sup> |  | 36426 | 35956 |
| Fannie Mae Pool #BW1295 3.50% 10/1/2052<sup>7</sup> |  | 574 | 522 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>7</sup> |  | 5933 | 5571 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>7</sup> |  | 4482 | 4208 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>7</sup> |  | 3728 | 3500 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>7</sup> |  | 1604 | 1506 |
| Fannie Mae Pool #CB4794 4.50% 10/1/2052<sup>7</sup> |  | 15949 | 15370 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>7</sup> |  | 10684 | 10294 |
| Fannie Mae Pool #BW8745 4.50% 10/1/2052<sup>7</sup> |  | 4974 | 4792 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052<sup>7</sup> |  | 2995 | 2885 |
| Fannie Mae Pool #BW7795 4.50% 10/1/2052<sup>7</sup> |  | 496 | 478 |
| Fannie Mae Pool #BW8592 4.50% 10/1/2052<sup>7</sup> |  | 149 | 143 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052<sup>7</sup> |  | 294 | 303 |
| Fannie Mae Pool #MA4854 2.50% 11/1/2052<sup>7</sup> |  | 902 | 765 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>7</sup> |  | 7069 | 6431 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>7</sup> |  | 9106 | 8550 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>7</sup> |  | 1677 | 1574 |
| Fannie Mae Pool #BX1042 4.50% 11/1/2052<sup>7</sup> |  | 548 | 528 |
| Fannie Mae Pool #BX1516 4.50% 11/1/2052<sup>7</sup> |  | 542 | 523 |
| Fannie Mae Pool #BX1035 4.50% 11/1/2052<sup>7</sup> |  | 308 | 297 |
| Fannie Mae Pool #BX3075 4.50% 11/1/2052<sup>7</sup> |  | 291 | 280 |
| Fannie Mae Pool #BX2558 4.50% 11/1/2052<sup>7</sup> |  | 62 | 60 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052<sup>7</sup> |  | 36 | 35 |
| Fannie Mae Pool #BW1380 4.50% 12/1/2052<sup>7</sup> |  | 13486 | 12993 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052<sup>7</sup> |  | 4721 | 4549 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>7</sup> |  | 4013 | 3961 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>7</sup> |  | 58203 | 59707 |
| Fannie Mae Pool #BX4022 6.50% 12/1/2052<sup>7</sup> |  | 200 | 205 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>7</sup> |  | 8583 | 8472 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>7</sup> |  | 4225 | 4335 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057<sup>7</sup> |  | 11899 | 10887 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058<sup>7</sup> |  | 9059 | 8322 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059<sup>7</sup> |  | 19463 | 17158 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>7</sup> |  | 22447 | 19666 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>7</sup> |  | 1326 | 1293 |
| Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/2025<sup>3,7</sup> |  | —<sup>8</sup> | —<sup>8</sup> |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041<sup>7</sup> |  | 7 | 7 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041<sup>7</sup> |  | 17 | 19 |
| Fannie Mae, Series 2002-W1, Class 2A, 4.915% 2/25/2042<sup>3,7</sup> |  | 21 | 21 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028<sup>7</sup> |  | 113 | 108 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029<sup>7</sup> |  | 2445 | 2346 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033<sup>7</sup> |  | 51 | 52 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034<sup>7</sup> |  | 46 | 44 |

---

192 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #G05196 5.50% 10/1/2038<sup>7</sup> | USD | 50 | $52 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038<sup>7</sup> |  | 37 | 39 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039<sup>7</sup> |  | 72 | 75 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040<sup>7</sup> |  | 265 | 275 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040<sup>7</sup> |  | 157 | 156 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041<sup>7</sup> |  | 177 | 176 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041<sup>7</sup> |  | 422 | 439 |
| Freddie Mac Pool #RB5138 2.00% 12/1/2041<sup>7</sup> |  | 2632 | 2222 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042<sup>7</sup> |  | 2569 | 2169 |
| Freddie Mac Pool #RB5148 2.00% 3/1/2042<sup>7</sup> |  | 5501 | 4643 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046<sup>7</sup> |  | 20778 | 18802 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047<sup>7</sup> |  | 109 | 98 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047<sup>7</sup> |  | 628 | 603 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047<sup>7</sup> |  | 5178 | 4642 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048<sup>7</sup> |  | 13489 | 12616 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048<sup>7</sup> |  | 330 | 307 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048<sup>7</sup> |  | 1273 | 1217 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049<sup>7</sup> |  | 751 | 693 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049<sup>7</sup> |  | 1997 | 1840 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049<sup>7</sup> |  | 10988 | 10187 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049<sup>7</sup> |  | 29606 | 26538 |
| Freddie Mac Pool #SD8090 2.00% 9/1/2050<sup>7</sup> |  | 1362 | 1115 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>7</sup> |  | 2836 | 2321 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>7</sup> |  | 115 | 94 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>7</sup> |  | 191 | 156 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>7</sup> |  | 2916 | 2387 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051<sup>7</sup> |  | 13776 | 11687 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051<sup>7</sup> |  | 2789 | 2389 |
| Freddie Mac Pool #QC7173 2.50% 9/1/2051<sup>7</sup> |  | 3203 | 2723 |
| Freddie Mac Pool #QD1746 2.50% 11/1/2051<sup>7</sup> |  | 3044 | 2585 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051<sup>7</sup> |  | 1671 | 1434 |
| Freddie Mac Pool #RA6485 3.00% 12/1/2051<sup>7</sup> |  | 35637 | 31327 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>7</sup> |  | 11001 | 9407 |
| Freddie Mac Pool #QD5725 2.50% 1/1/2052<sup>7</sup> |  | 2995 | 2544 |
| Freddie Mac Pool #QD4799 2.50% 1/1/2052<sup>7</sup> |  | 1000 | 848 |
| Freddie Mac Pool #RA6608 3.00% 2/1/2052<sup>7</sup> |  | 888 | 780 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>7</sup> |  | 867 | 790 |
| Freddie Mac Pool #QE0327 2.50% 4/1/2052<sup>7</sup> |  | 1000 | 849 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052<sup>7</sup> |  | 7000 | 5941 |
| Freddie Mac Pool #SD8219 2.50% 6/1/2052<sup>7</sup> |  | 73484 | 62311 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052<sup>7</sup> |  | 3363 | 2957 |
| Freddie Mac Pool #QE4855 3.50% 6/1/2052<sup>7</sup> |  | 68 | 62 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052<sup>7</sup> |  | 333 | 345 |
| Freddie Mac Pool #SD8234 2.50% 8/1/2052<sup>7</sup> |  | 5524 | 4684 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>7</sup> |  | 2186 | 2053 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>7</sup> |  | 1368 | 1285 |
| Freddie Mac Pool #QE8065 4.50% 8/1/2052<sup>7</sup> |  | 4104 | 3954 |
| Freddie Mac Pool #QE7539 4.50% 8/1/2052<sup>7</sup> |  | 2160 | 2083 |
| Freddie Mac Pool #QE8253 4.50% 8/1/2052<sup>7</sup> |  | 1712 | 1649 |
| Freddie Mac Pool #QE6903 4.50% 8/1/2052<sup>7</sup> |  | 248 | 239 |
| Freddie Mac Pool #QE7702 4.50% 8/1/2052<sup>7</sup> |  | 35 | 34 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>7</sup> |  | 73 | 64 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>7</sup> |  | 1763 | 1655 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>7</sup> |  | 1457 | 1368 |
| Freddie Mac Pool #QE9919 4.50% 9/1/2052<sup>7</sup> |  | 23534 | 22676 |
| Freddie Mac Pool #QF0313 4.50% 9/1/2052<sup>7</sup> |  | 9988 | 9636 |
| Freddie Mac Pool #QF0660 4.50% 9/1/2052<sup>7</sup> |  | 2996 | 2889 |
| Freddie Mac Pool #QE9813 4.50% 9/1/2052<sup>7</sup> |  | 406 | 392 |
| Freddie Mac Pool #QF0820 4.50% 9/1/2052<sup>7</sup> |  | 366 | 353 |
| Freddie Mac Pool #RA7930 4.50% 9/1/2052<sup>7</sup> |  | 306 | 295 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052<sup>7</sup> |  | 298 | 287 |

---

American Funds Insurance Series 193

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #QF0311 5.00% 9/1/2052<sup>7</sup> | USD | 17998 | $17766 |
| Freddie Mac Pool #QF2029 3.00% 10/1/2052<sup>7</sup> |  | 696 | 612 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>7</sup> |  | 1691 | 1588 |
| Freddie Mac Pool #QF2379 4.50% 10/1/2052<sup>7</sup> |  | 4994 | 4816 |
| Freddie Mac Pool #QF1254 4.50% 10/1/2052<sup>7</sup> |  | 3226 | 3108 |
| Freddie Mac Pool #QF1849 4.50% 10/1/2052<sup>7</sup> |  | 2140 | 2062 |
| Freddie Mac Pool #QF2136 4.50% 10/1/2052<sup>7</sup> |  | 1908 | 1838 |
| Freddie Mac Pool #QF0819 4.50% 10/1/2052<sup>7</sup> |  | 863 | 833 |
| Freddie Mac Pool #QF2380 4.50% 10/1/2052<sup>7</sup> |  | 632 | 611 |
| Freddie Mac Pool #QF2845 4.50% 10/1/2052<sup>7</sup> |  | 537 | 518 |
| Freddie Mac Pool #QF2182 4.50% 10/1/2052<sup>7</sup> |  | 303 | 292 |
| Freddie Mac Pool #QF0866 4.50% 10/1/2052<sup>7</sup> |  | 126 | 121 |
| Freddie Mac Pool #SD8263 3.00% 11/1/2052<sup>7</sup> |  | 14713 | 12932 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>7</sup> |  | 4331 | 3940 |
| Freddie Mac Pool #QF3144 3.50% 11/1/2052<sup>7</sup> |  | 673 | 614 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052<sup>7</sup> |  | 20313 | 19355 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052<sup>7</sup> |  | 7177 | 6853 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>7</sup> |  | 2753 | 2585 |
| Freddie Mac Pool #QF2936 4.50% 11/1/2052<sup>7</sup> |  | 2907 | 2801 |
| Freddie Mac Pool #QF2846 4.50% 11/1/2052<sup>7</sup> |  | 998 | 961 |
| Freddie Mac Pool #QF3276 5.50% 11/1/2052<sup>7</sup> |  | 703 | 707 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052<sup>7</sup> |  | 100 | 103 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052<sup>7</sup> |  | 53 | 54 |
| Freddie Mac Pool #QF3956 4.50% 12/1/2052<sup>7</sup> |  | 18992 | 18299 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>7</sup> |  | 2480 | 2390 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>7</sup> |  | 32354 | 31937 |
| Freddie Mac Pool #QF4754 5.00% 12/1/2052<sup>7</sup> |  | 3000 | 2961 |
| Freddie Mac Pool #QF4185 6.50% 12/1/2052<sup>7</sup> |  | 668 | 685 |
| Freddie Mac Pool #SD8284 3.00% 1/1/2053<sup>7</sup> |  | 4597 | 4040 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>7</sup> |  | 1671 | 1649 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>7</sup> |  | 59134 | 60661 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035<sup>7</sup> |  | 58 | 58 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037<sup>7</sup> |  | 125 | 126 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036<sup>7</sup> |  | 121 | 100 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036<sup>7</sup> |  | 118 | 99 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>7</sup> |  | 8360 | 7937 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058<sup>7</sup> |  | 1930 | 1821 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032<sup>7</sup> |  | 10720 | 10343 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>7,9</sup> |  | 14785 | 12394 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>7,9</sup> |  | 9533 | 8491 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>7,9</sup> |  | 33185 | 30495 |
| Government National Mortgage Assn. 4.00% 1/1/2053<sup>7,9</sup> |  | 33300 | 31515 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>7,9</sup> |  | 75701 | 75023 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>7,9</sup> |  | 4775 | 4803 |
| Government National Mortgage Assn. 5.50% 2/1/2053<sup>7,9</sup> |  | 51027 | 51288 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049<sup>7</sup> |  | 12379 | 11844 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049<sup>7</sup> |  | 35 | 35 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049<sup>7</sup> |  | 5200 | 5081 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050<sup>7</sup> |  | 11395 | 10581 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052<sup>7</sup> |  | 10072 | 9541 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>7</sup> |  | 18573 | 17594 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>7</sup> |  | 62302 | 60506 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>7</sup> |  | 485 | 471 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>7,9</sup> |  | 7545 | 6905 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>7,9</sup> |  | 210537 | 171362 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2053<sup>7,9</sup> |  | 62762 | 53158 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2053<sup>7,9</sup> |  | 11245 | 9871 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>7,9</sup> |  | 2735 | 2565 |

---

194 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>7,9</sup> | USD | 5931 | $5709 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>7,9</sup> |  | 42025 | 41417 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>7,9</sup> |  | 212640 | 213231 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>7,9</sup> |  | 10275 | 10430 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2053<sup>7,9</sup> |  | 10960 | 9965 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>7,9</sup> |  | 76136 | 71431 |
| Uniform Mortgage-Backed Security 5.00% 2/1/2053<sup>7,9</sup> |  | 13100 | 12908 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>7,9</sup> |  | 112000 | 113591 |
| Uniform Mortgage-Backed Security 6.50% 2/1/2053<sup>7,9</sup> |  | 215026 | 219946 |
|  |  |  | **2374821** |
| **Commercial mortgage-backed securities 1.51%** |  |  |  |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052<sup>7</sup> |  | 770 | 722 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052<sup>7</sup> |  | 100 | 92 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/2061<sup>7</sup> |  | 205 | 191 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061<sup>7</sup> |  | 127 | 117 |
| Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/2061<sup>3,7</sup> |  | 2444 | 2335 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061<sup>7</sup> |  | 1018 | 900 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063<sup>7</sup> |  | 295 | 247 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052<sup>7</sup> |  | 2541 | 2427 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053<sup>3,7</sup> |  | 781 | 757 |
| BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>2,3,7</sup> |  | 8575 | 8420 |
| BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/2037<sup>2,3,7</sup> |  | 3822 | 3739 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/2027<sup>2,3,7</sup> |  | 8476 | 8431 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>2,3,7</sup> |  | 14727 | 14207 |
| BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 5.268% 9/15/2036<sup>2,3,7</sup> |  | 570 | 539 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>2,3,7</sup> |  | 5292 | 5043 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/2036<sup>2,3,7</sup> |  | 995 | 936 |
| BX Trust, Series 2021-ARIA Class C, (1-month USD-LIBOR + 1.646%) 5.964% 10/15/2036<sup>2,3,7</sup> |  | 996 | 931 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD-LIBOR + 0.74%) 5.065% 11/15/2036<sup>2,3,7</sup> |  | 12622 | 12131 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/2037<sup>2,3,7</sup> |  | 5441 | 5335 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>2,3,7</sup> |  | 3741 | 3608 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.188% 6/15/2038<sup>2,3,7</sup> |  | 433 | 413 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.418% 6/15/2038<sup>2,3,7</sup> |  | 293 | 278 |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 5.718% 6/15/2038<sup>2,3,7</sup> |  | 740 | 699 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/2038<sup>2,3,7</sup> |  | 9979 | 9616 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 5.568% 11/15/2038<sup>2,3,7</sup> |  | 339 | 325 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 5.818% 11/15/2038<sup>2,3,7</sup> |  | 100 | 95 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 6.168% 11/15/2038<sup>2,3,7</sup> |  | 151 | 143 |
| BX Trust, Series 2022-GPA, Class A, (1-month USD CME Term SOFR + 2.165%) 6.501% 10/15/2039<sup>2,3,7</sup> |  | 3198 | 3185 |

---

American Funds Insurance Series 195

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049<sup>7</sup> | USD | 610 | $574 |
| Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/2047<sup>7</sup> |  | 350 | 339 |
| CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 6/15/2057<sup>7</sup> |  | 1137 | 1080 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049<sup>7</sup> |  | 200 | 182 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>2,3,7</sup> |  | 2811 | 2735 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/2038<sup>2,3,7</sup> |  | 641 | 618 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/2038<sup>2,3,7</sup> |  | 875 | 841 |
| Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 6.568% 7/15/2038<sup>2,3,7</sup> |  | 670 | 643 |
| Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/2036<sup>2,7</sup> |  | 304 | 284 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040<sup>2,7</sup> |  | 1897 | 1458 |
| Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/2036<sup>2,3,7</sup> |  | 3894 | 3786 |
| GS Mortgage Securities Trust, Series 2022-SHIP, Class A, (1-month USD CME Term SOFR + 0.731%) 5.067% 8/15/2024<sup>2,3,7</sup> |  | 1317 | 1300 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050<sup>7</sup> |  | 400 | 369 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052<sup>7</sup> |  | 100 | 93 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053<sup>7</sup> |  | 1536 | 1271 |
| ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (1-month USD CME Term SOFR + 2.245%) 6.581% 10/15/2039<sup>2,3,7</sup> |  | 3391 | 3398 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/2047<sup>7</sup> |  | 3280 | 3206 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050<sup>7</sup> |  | 640 | 599 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050<sup>7</sup> |  | 240 | 221 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039<sup>2,7</sup> |  | 7867 | 6739 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049<sup>3,7</sup> |  | 2040 | 1906 |
| La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/2039<sup>2,3,7</sup> |  | 848 | 831 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>2,3,7</sup> |  | 1576 | 1510 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/2026<sup>2,3,7</sup> |  | 154 | 150 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/2047<sup>7</sup> |  | 5446 | 5277 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048<sup>7</sup> |  | 410 | 389 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049<sup>7</sup> |  | 245 | 230 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048<sup>7</sup> |  | 730 | 670 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041<sup>2,7</sup> |  | 4065 | 3253 |
| SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 4.894% 7/15/2036<sup>2,3,7</sup> |  | 9351 | 8989 |
| SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 5.244% 7/15/2036<sup>2,3,7</sup> |  | 1000 | 954 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>2,3,7</sup> |  | 8739 | 8418 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 5.398% 11/15/2038<sup>2,3,7</sup> |  | 263 | 251 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 5.647% 11/15/2038<sup>2,3,7</sup> |  | 141 | 134 |

---

196 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 9/15/2048<sup>7</sup> | USD | 2373 | $2267 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049<sup>7</sup> |  | 2550 | 2406 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052<sup>7</sup> |  | 1019 | 892 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060<sup>7</sup> |  | 205 | 192 |
|  |  |  | **154317** |
| **Collateralized mortgage-backed obligations (privately originated) 1.07%** |  |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>2,3,7</sup> |  | 2864 | 2263 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055<sup>2,7</sup> |  | 131 | 119 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)<sup>1,2,7</sup> |  | 6000 | 5521 |
| Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/2029<sup>2,3,7</sup> |  | 414 | 414 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059<sup>2,3,7</sup> |  | 923 | 830 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059<sup>2,3,7</sup> |  | 586 | 556 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061<sup>2,7</sup> |  | 4867 | 4221 |
| Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030<sup>2,3,7</sup> |  | 425 | 413 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031<sup>2,3,7</sup> |  | 3032 | 2858 |
| Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036<sup>2,3,7</sup> |  | 1700 | 1616 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>2,3,7</sup> |  | 6893 | 6513 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060<sup>2,3,7</sup> |  | 204 | 186 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066<sup>2,3,7</sup> |  | 1660 | 1406 |
| Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) 6.678% 5/25/2042<sup>2,3,7</sup> |  | 326 | 330 |
| Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037<sup>2,7</sup> |  | 1575 | 1409 |
| Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060<sup>2,3,7</sup> |  | 1611 | 1384 |
| Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069<sup>2,7</sup> |  | 2051 | 2196 |
| Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069<sup>2,7</sup> |  | 2604 | 2677 |
| Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/2051<sup>2,3,7</sup> |  | 2073 | 1674 |
| Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/2051<sup>2,3,7</sup> |  | 1937 | 1562 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051<sup>2,3,7</sup> |  | 2038 | 1646 |
| Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051<sup>2,3,7</sup> |  | 3206 | 2589 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051<sup>2,3,7</sup> |  | 2222 | 1794 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/2028<sup>3,7</sup> |  | 1497 | 1548 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/2042<sup>2,3,7</sup> |  | 1537 | 1531 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/2042<sup>2,3,7</sup> |  | 73 | 73 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 6.878% 6/25/2042<sup>2,3,7</sup> |  | 278 | 281 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>2,3,7</sup> |  | 611 | 612 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.628% 9/25/2042<sup>2,3,7</sup> |  | 1519 | 1552 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/2050<sup>2,3,7</sup> |  | 3005 | 3000 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/2050<sup>2,3,7</sup> |  | 949 | 1011 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066<sup>2,3,7</sup> |  | 3494 | 2935 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026<sup>2,7</sup> |  | 5380 | 4654 |
| Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/2051<sup>2,3,7</sup> |  | 882 | 712 |
| Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)<sup>1,2,7</sup> |  | 3534 | 3273 |

---

American Funds Insurance Series 197

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |  |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061<sup>2,3,7</sup> | USD | 858 | $780 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)<sup>1,2,7</sup> |  | 2644 | 2380 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>2,3,7</sup> |  | 16160 | 15635 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060<sup>2,3,7</sup> |  | 3088 | 2720 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056<sup>2,3,7</sup> |  | 3558 | 2965 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039<sup>2,7</sup> |  | 1132 | 1028 |
| Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031<sup>2,3,7</sup> |  | 3346 | 3155 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060<sup>2,7</sup> |  | 10737 | 9539 |
| Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>2,10</sup> |  | 1680 | 1486 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038<sup>2,7</sup> |  | 5033 | 4381 |
|  |  |  | **109428** |
| **Total mortgage-backed obligations** |  |  | **2638566** |
| **Asset-backed obligations 4.52%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 8/17/2026<sup>2,7</sup> |  | 701 | 665 |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026<sup>2,7</sup> |  | 672 | 643 |
| Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/2027<sup>2,7</sup> |  | 765 | 744 |
| AGL CLO, Ltd., Series 2022-18A, Class A1, (3-month USD CME Term SOFR + 1.32%) 5.308% 4/21/2031<sup>2,3,7</sup> |  | —<sup>8</sup> | —<sup>8</sup> |
| American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 6/15/2026<sup>2,7</sup> |  | 1178 | 1169 |
| American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 6/15/2026<sup>2,7</sup> |  | 2500 | 2429 |
| American Credit Acceptance Receivables Trust, Series 2022-3, Class B, 4.55% 10/13/2026<sup>2,7</sup> |  | 360 | 353 |
| American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/2027<sup>2,7</sup> |  | 1055 | 1038 |
| American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/2027<sup>2,7</sup> |  | 806 | 760 |
| American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/2036<sup>2,7</sup> |  | 1136 | 1097 |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052<sup>2,7</sup> |  | 2781 | 2631 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052<sup>2,7</sup> |  | 396 | 376 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/2027<sup>7</sup> |  | 997 | 935 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027<sup>7</sup> |  | 1109 | 1009 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027<sup>7</sup> |  | 2613 | 2319 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/2025<sup>2,7</sup> |  | 2755 | 2710 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/2025<sup>2,7</sup> |  | 2210 | 2137 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/2026<sup>2,7</sup> |  | 7689 | 7124 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027<sup>2,7</sup> |  | 2427 | 2203 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027<sup>2,7</sup> |  | 623 | 560 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class C, 4.25% 2/20/2027<sup>2,7</sup> |  | 1279 | 1144 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027<sup>2,7</sup> |  | 3445 | 3005 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027<sup>2,7</sup> |  | 531 | 449 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027<sup>2,7</sup> |  | 193 | 161 |
| Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>2,3,7</sup> |  | 575 | 568 |

---

198 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/2034<sup>2,7</sup> | USD | 180 | $170 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034<sup>2,7</sup> |  | 269 | 227 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046<sup>2,7</sup> |  | 3951 | 3250 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046<sup>2,7</sup> |  | 497 | 375 |
| CarMax Auto Owner Trust, Series 2019-2, Class C, 3.16% 2/18/2025<sup>7</sup> |  | 400 | 396 |
| CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/2026<sup>7</sup> |  | 210 | 190 |
| CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/2027<sup>7</sup> |  | 206 | 184 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028<sup>7</sup> |  | 538 | 514 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037<sup>2,7</sup> |  | 15953 | 13578 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037<sup>2,7</sup> |  | 6185 | 5238 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037<sup>2,7</sup> |  | 671 | 544 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041<sup>2,7</sup> |  | 802 | 702 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>2,7</sup> |  | 18679 | 16693 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>2,7</sup> |  | 1950 | 1613 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060<sup>2,7</sup> |  | 3395 | 2969 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060<sup>2,7</sup> |  | 368 | 291 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>2,7</sup> |  | 6053 | 5242 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061<sup>2,7</sup> |  | 1917 | 1602 |
| CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062<sup>2,7</sup> |  | 15132 | 14821 |
| CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/2062<sup>2,7</sup> |  | 6637 | 6257 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045<sup>2,7</sup> |  | 2298 | 1978 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045<sup>2,7</sup> |  | 4800 | 4174 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046<sup>2,7</sup> |  | 436 | 363 |
| CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 3/17/2025<sup>2,7</sup> |  | 249 | 248 |
| CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 6/16/2025<sup>2,7</sup> |  | 405 | 404 |
| CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026<sup>2,7</sup> |  | 1883 | 1849 |
| CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 9/15/2026<sup>2,7</sup> |  | 514 | 507 |
| CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/2026<sup>2,7</sup> |  | 590 | 559 |
| CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/2028<sup>2,7</sup> |  | 2111 | 2033 |
| CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028<sup>2,7</sup> |  | 2797 | 2658 |
| Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 7/15/2025<sup>7</sup> |  | 86 | 86 |
| Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 10/15/2026<sup>7</sup> |  | 3890 | 3844 |
| Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/2027<sup>7</sup> |  | 5369 | 5249 |
| Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/2029<sup>7</sup> |  | 4053 | 3800 |
| DriveTime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 2/18/2025<sup>2,7</sup> |  | 2320 | 2309 |
| DriveTime Auto Owner Trust, Series 2019-3, Class D, 2.96% 4/15/2025<sup>2,7</sup> |  | 1473 | 1454 |
| DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/2026<sup>2,7</sup> |  | 817 | 791 |
| DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/2026<sup>2,7</sup> |  | 825 | 792 |
| DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/2026<sup>2,7</sup> |  | 449 | 414 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/2027<sup>2,7</sup> |  | 1179 | 1156 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/2027<sup>2,7</sup> |  | 1231 | 1170 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027<sup>2,7</sup> |  | 832 | 764 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045<sup>2,7</sup> |  | 428 | 362 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029<sup>2,7</sup> |  | 897 | 851 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029<sup>2,7</sup> |  | 1380 | 1350 |
| Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/2025<sup>2,7</sup> |  | 3251 | 3218 |
| Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 7/15/2025<sup>7</sup> |  | 401 | 397 |
| Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/2025<sup>2,7</sup> |  | 3405 | 3352 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 9/15/2025<sup>7</sup> |  | 721 | 716 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/2025<sup>7</sup> |  | 1162 | 1150 |
| Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025<sup>7</sup> |  | 587 | 588 |
| Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/2025<sup>2,7</sup> |  | 893 | 875 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/2026<sup>7</sup> |  | 1807 | 1737 |
| Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/2026<sup>7</sup> |  | 1012 | 975 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/2026<sup>7</sup> |  | 3047 | 2976 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 1/15/2027<sup>7</sup> |  | 568 | 558 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027<sup>7</sup> |  | 2612 | 2388 |

---

American Funds Insurance Series 199

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028<sup>7</sup> | USD | 1201 | $1127 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037<sup>2,7</sup> |  | 17959 | 15928 |
| FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/2038<sup>2,7</sup> |  | 1380 | 1195 |
| FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039<sup>2,7</sup> |  | 1733 | 1628 |
| Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030<sup>2,7</sup> |  | 17675 | 17438 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031<sup>2,7</sup> |  | 30070 | 28744 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>2,7</sup> |  | 2069 | 1827 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046<sup>2,7</sup> |  | 1421 | 1210 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046<sup>2,7</sup> |  | 158 | 134 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040<sup>2,7</sup> |  | 2868 | 2550 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041<sup>2,7</sup> |  | 9797 | 8450 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041<sup>2,7</sup> |  | 2739 | 2378 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041<sup>2,7</sup> |  | 214 | 181 |
| GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 7/22/2024<sup>7</sup> |  | 301 | 300 |
| GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 12/20/2024<sup>7</sup> |  | 425 | 424 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035<sup>2,7</sup> |  | 2703 | 2756 |
| Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/2023<sup>2,7,10</sup> |  | 8590 | 8241 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>2,7</sup> |  | 12703 | 11748 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>2,7</sup> |  | 1171 | 1074 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025<sup>2,7</sup> |  | 810 | 731 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>2,7</sup> |  | 17770 | 15498 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>2,7</sup> |  | 1264 | 1085 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>2,7</sup> |  | 859 | 710 |
| LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 8/17/2026<sup>2,7</sup> |  | 866 | 842 |
| LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 11/16/2026<sup>2,7</sup> |  | 304 | 285 |
| LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027<sup>2,7</sup> |  | 1207 | 1188 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027<sup>2,7</sup> |  | 438 | 426 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030<sup>2,7</sup> |  | 623 | 596 |
| Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/2030<sup>2,3,7</sup> |  | 892 | 878 |
| Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/2029<sup>2,3,7</sup> |  | 574 | 568 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/2026<sup>2,7</sup> |  | 1242 | 1203 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.24% 9/15/2026<sup>2,7</sup> |  | 230 | 223 |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028<sup>7,10,11</sup> |  | 1006 | 1006 |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028<sup>7,10,11</sup> |  | 150 | 150 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>2,7</sup> |  | 4052 | 3449 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069<sup>2,7</sup> |  | 2516 | 2110 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070<sup>2,7</sup> |  | 895 | 759 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046<sup>2,7</sup> |  | 4396 | 3702 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062<sup>2,7</sup> |  | 314 | 279 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>2,7</sup> |  | 5377 | 4762 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>2,7</sup> |  | 12315 | 10951 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/2062<sup>2,3,7</sup> |  | 4035 | 3918 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>2,7</sup> |  | 50765 | 42988 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/2030<sup>2,3,7</sup> |  | 273 | 270 |
| Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 3/8/2028<sup>2,7</sup> |  | 240 | 224 |
| Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/2029<sup>2,3,7</sup> |  | 256 | 253 |
| PFS Financing Corp., Series 2021-B, Class A, 0.775% 8/17/2026<sup>2,7</sup> |  | 7884 | 7276 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027<sup>2,7</sup> |  | 1721 | 1681 |
| Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 10/15/2024<sup>2,7</sup> |  | 804 | 802 |
| Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/2025<sup>2,7</sup> |  | 1355 | 1341 |
| Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD-LIBOR + 1.25%) 5.639% 7/25/2051<sup>2,3,7</sup> |  | 577 | 558 |

---

200 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 7/15/2025<sup>7</sup> | USD | 1584 | $1574 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 9/15/2025<sup>7</sup> |  | 523 | 521 |
| Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 1/15/2026<sup>7</sup> |  | 1480 | 1467 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/2026<sup>7</sup> |  | 2812 | 2736 |
| Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/2026<sup>7</sup> |  | 2211 | 2120 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/2027<sup>7</sup> |  | 917 | 892 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027<sup>7</sup> |  | 1802 | 1686 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/2027<sup>7</sup> |  | 1677 | 1613 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027<sup>7</sup> |  | 2236 | 2073 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/2028<sup>7</sup> |  | 856 | 828 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046<sup>2,7</sup> |  | 2641 | 2190 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046<sup>2,7</sup> |  | 487 | 397 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046<sup>2,7</sup> |  | 2392 | 1923 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046<sup>2,7</sup> |  | 3233 | 2805 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041<sup>2,7</sup> |  | 451 | 381 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>2,7</sup> |  | 1243 | 1108 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033<sup>2,7</sup> |  | 1441 | 1245 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075<sup>2,7</sup> |  | 2300 | 2092 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045<sup>2,7</sup> |  | 2971 | 2610 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045<sup>2,7</sup> |  | 1252 | 1135 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045<sup>2,7</sup> |  | 2223 | 1939 |
| Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046<sup>2,7</sup> |  | 6190 | 5211 |
| Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/2046<sup>2,7</sup> |  | 346 | 288 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046<sup>2,7</sup> |  | 5200 | 4431 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045<sup>2,7</sup> |  | 4358 | 3747 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046<sup>2,7</sup> |  | 130 | 107 |
| Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031<sup>2,7</sup> |  | 6000 | 5785 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045<sup>2,7</sup> |  | 10418 | 8932 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046<sup>2,7</sup> |  | 3563 | 2978 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046<sup>2,7</sup> |  | 346 | 285 |
| Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/2025<sup>2,7</sup> |  | 1557 | 1518 |
| Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/2026<sup>2,7</sup> |  | 3023 | 2866 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/2026<sup>2,7</sup> |  | 1690 | 1632 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/2026<sup>2,7</sup> |  | 2181 | 2050 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026<sup>2,7</sup> |  | 1446 | 1318 |
|  |  |  | **461708** |
| **Municipals 1.62%** |  |  |  |
|  **California 0.03%** |  |  |  |
| G.O. Bonds, Series 2009, 7.50% 4/1/2034 |  | 2100 | 2541 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 |  | 650 | 523 |
|  |  |  | **3064** |
| **Illinois 1.47%** |  |  |  |
| City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029 |  | 65 | 61 |
| City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039 |  | 30835 | 26399 |
| City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040 |  | 8945 | 7689 |
| City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 12/15/2025 |  | 2500 | 2155 |
| G.O. Bonds, Series 2013-B, 4.31% 4/1/2023 |  | 2125 | 2122 |
| G.O. Bonds, Pension Funding, Series 2003, 4.95% 6/1/2023 |  | 6228 | 6231 |
| G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 |  | 107000 | 102807 |
| G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 3/1/2023 |  | 3210 | 3215 |
|  |  |  | **150679** |

---

American Funds Insurance Series 201

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Municipals (continued)** |  |  |  |
| **New York 0.05%** |  |  |  |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 2.202% 3/15/2034 | **USD** | **6390** | $**4881** |
| **Texas 0.03%** |  |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | **4075** | **2899** |
| **Wisconsin 0.04%** |  |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 |  | **4580** | **4071** |
| **Total municipals** |  |  | **165594** |
| **Bonds & notes of governments & government agencies outside the U.S. 1.29%** |  |  |  |
| Chile (Republic of) 3.50% 1/31/2034 |  | 600 | 513 |
| Chile (Republic of) 3.10% 5/7/2041 |  | 2340 | 1689 |
| Chile (Republic of) 4.34% 3/7/2042 |  | 1320 | 1120 |
| Chile (Republic of) 4.00% 1/31/2052 |  | 580 | 450 |
| Colombia (Republic of) 4.125% 5/15/2051 |  | 3120 | 1878 |
| Colombia (Republic of), Series B, 5.75% 11/3/2027 | COP | 24813800 | 3883 |
| Dominican Republic 5.95% 1/25/2027<sup>2</sup> | USD | 8100 | 7954 |
| Indonesia (Republic of) 4.65% 9/20/2032 |  | 2690 | 2638 |
| Indonesia (Republic of) 3.35% 3/12/2071 |  | 1660 | 1109 |
| Indonesia (Republic of), Series 91, 6.375% 4/15/2032 | IDR | 31265000 | 1936 |
| Israel (State of) 1.00% 3/31/2030 | ILS | 11800 | 2799 |
| Israel (State of) 3.375% 1/15/2050 | USD | 4750 | 3670 |
| Israel (State of) 3.875% 7/3/2050 |  | 4775 | 4036 |
| Malaysia (Federation of), Series 0219, 3.885% 8/15/2029 | MYR | 5290 | 1193 |
| Panama (Republic of) 3.362% 6/30/2031 | USD | 15625 | 12695 |
| Panama (Republic of) 3.87% 7/23/2060 |  | 7500 | 4863 |
| Panama (Republic of) 4.50% 1/19/2063 |  | 395 | 280 |
| Paraguay (Republic of) 5.00% 4/15/2026 |  | 1250 | 1248 |
| Peru (Republic of) 6.35% 8/12/2028 | PEN | 5840 | 1463 |
| Peru (Republic of) 5.94% 2/12/2029 |  | 6005 | 1450 |
| Peru (Republic of) 2.783% 1/23/2031 | USD | 2155 | 1788 |
| Peru (Republic of) 6.15% 8/12/2032 | PEN | 12950 | 2998 |
| Peru (Republic of) 3.60% 1/15/2072 | USD | 7640 | 4999 |
| Philippines (Republic of) 3.229% 3/29/2027 |  | 475 | 457 |
| Philippines (Republic of) 3.20% 7/6/2046 |  | 4900 | 3598 |
| Philippines (Republic of) 4.20% 3/29/2047 |  | 272 | 234 |
| Poland (Republic of) 5.75% 11/16/2032 |  | 555 | 593 |
| Portuguese Republic 5.125% 10/15/2024 |  | 24775 | 24868 |
| PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/2023<sup>2</sup> |  | 1020 | 1023 |
| PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/2025<sup>2</sup> |  | 1270 | 1251 |
| PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/2030<sup>2</sup> |  | 340 | 324 |
| PT Indonesia Asahan Aluminium Tbk 5.80% 5/15/2050<sup>2</sup> |  | 1150 | 966 |
| Qatar (State of) 4.50% 4/23/2028<sup>2</sup> |  | 5100 | 5141 |
| Qatar (State of) 5.103% 4/23/2048<sup>2</sup> |  | 3400 | 3425 |
| Romania 3.75% 2/7/2034 | EUR | 5625 | 4515 |
| Saudi Arabia (Kingdom of) 3.628% 4/20/2027<sup>2</sup> | USD | 5000 | 4846 |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028<sup>2</sup> |  | 11435 | 10939 |
| United Mexican States 4.875% 5/19/2033 |  | 2175 | 2001 |
| United Mexican States 3.50% 2/12/2034 |  | 1030 | 827 |
| United Mexican States 4.40% 2/12/2052 |  | 440 | 325 |
|  |  |  | **131985** |

---

202 American Funds Insurance Series

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Federal agency bonds & notes 0.11%** |  |  |  |
| Fannie Mae 2.125% 4/24/2026 | **USD** | **11910** | $**11160** |
| **Total bonds, notes & other debt instruments** (cost: $10,540,248,000) |  |  | **9747773** |
| **Short-term securities 13.95%** |  | Shares |  |
| **Money market investments 13.95%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>12,13</sup> |  | **14258627** | **1425720** |
| **Total short-term securities** (cost: $1,425,522,000) |  |  | **1425720** |
| **Total investment securities 109.32%** (cost: $11,965,770,000) |  |  | **11173493** |
| Other assets less liabilities (9.32)% |  |  | (952411) |
| **Net assets 100.00%** |  |  | $**10221082** |

---

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br>at 12/31/2022<br>(000)** |
| 3 Month SOFR Futures | Short | 658 | June 2023 | USD(156415) | $2698 |
| 2 Year U.S. Treasury Note Futures | Short | 2055 | March 2023 | (421436) | 1029 |
| 5 Year Euro-Bobl Futures | Long | 1 | March 2023 | 124 | (4) |
| 5 Year U.S. Treasury Note Futures | Long | 16226 | March 2023 | 1751267 | (2467) |
| 10 Year U.S. Treasury Note Futures | Long | 2294 | March 2023 | 257609 | (1391) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 1388 | March 2023 | (164174) | 2514 |
| 20 Year U.S. Treasury Bond Futures | Long | 999 | March 2023 | 125218 | (2035) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 1708 | March 2023 | 229406 | (7297) |
|  |  |  |  |  | $(6953) |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)**<br>**at 12/31/2022<br> (000)** |
| USD | 1965 | IDR | 30407000 | Citibank | 1/9/2023 | $11 |
| USD | 3158 | ILS | 10725 | HSBC Bank | 1/11/2023 | 106 |
| USD | 1173 | MYR | 5150 | HSBC Bank | 1/11/2023 | (4) |
| USD | 1248 | EUR | 1180 | Morgan Stanley | 1/11/2023 | (16) |
| USD | 4761 | COP | 22893650 | Citibank | 1/13/2023 | 52 |
| USD | 5947 | EUR | 5628 | JPMorgan Chase | 1/13/2023 | (84) |
| USD | 613 | EUR | 582 | JPMorgan Chase | 1/20/2023 | (11) |
| USD | 5952 | PEN | 22885 | Citibank | 1/23/2023 | (59) |
| JPY | 3460300 | USD | 24759 | Morgan Stanley | 2/17/2023 | 1783 |
| JPY | 3432900 | USD | 25173 | Morgan Stanley | 2/17/2023 | 1158 |
| JPY | 3448400 | USD | 25841 | Morgan Stanley | 3/17/2023 | 711 |
|  |  |  |  |  |  | $3647 |

---

American Funds Insurance Series 203

The Bond Fund of America (continued)

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | | | | |
| **Rate** | **Payment frequency** | **Rate** | **Payment frequency** | <br>**Expiration date** | **Notional**<br>**amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid (000)** | **Unrealized<br> appreciation<br> (depreciation)**<br>**at 12/31/2022<br> (000)** |
| SOFR | Annual | 0.471% | Annual | 10/26/2023 | USD87,775 | $3103 | $— | $3103 |
| 0.45801% | Annual | SOFR | Annual | 10/26/2023 | 85775 | (3041) |  | (3041) |
| 3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | 27000 | (479) |  | (479) |
| 3.52647% | Annual | U.S. EFFR | Annual | 6/16/2024 | 72532 | (1257) |  | (1257) |
| 3.5291% | Annual | U.S. EFFR | Annual | 6/16/2024 | 78378 | (1355) |  | (1355) |
| 3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | 4154 | (76) |  | (76) |
| 3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | 19800 | (369) |  | (369) |
| 4.5645% | Annual | U.S. EFFR | Annual | 10/19/2024 | 19200 | (5) |  | (5) |
| 4.533% | Annual | U.S. EFFR | Annual | 10/20/2024 | 23900 | (20) |  | (20) |
| 4.56% | Annual | U.S. EFFR | Annual | 10/27/2024 | 24000 | (4) |  | (4) |
| 4.5245% | Annual | U.S. EFFR | Annual | 10/27/2024 | 28800 | (23) |  | (23) |
| 3-month USD-LIBOR | Quarterly | 1.972% | Semi-annual | 4/26/2051 | 23200 | 6475 |  | 6475 |
| 3-month USD-LIBOR | Quarterly | 1.9855% | Semi-annual | 4/26/2051 | 8580 | 2374 |  | 2374 |
| 3-month USD-LIBOR | Quarterly | 1.9778% | Semi-annual | 4/28/2051 | 13500 | 3753 |  | 3753 |
|  |  |  |  |  |  | $9076 | $— | $9076 |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Value at 12/31/2022 (000)** | **Upfront<br> premium<br> (received)<br> paid<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| CDX.NA.IG.39 | 1.00% | Quarterly | 12/20/2027 | USD74,676 | $(597) | $(310) | $(287) |
| CDX.NA.HY.39 | 5.00% | Quarterly | 12/20/2027 | 153455 | (945) | 5777 | (6722) |
|  |  |  |  |  | $(1542) | $5467 | $(7009) |

---

**Investments in affiliates<sup>13</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliate at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 13.95%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 13.95%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>12</sup> | $1311257 | $4011285 | $3896680 | $(218) | $76 | $1425720 | $34880 |

---

204 American Funds Insurance Series

The Bond Fund of America (continued)

**Restricted securities<sup>11</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028<sup>7,10</sup> | 12/6/2022 | $1006 | $1006 | .01% |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028<sup>7,10</sup> | 12/6/2022 | 150 | 150 | .00 |
| **Total** |  | $1156 | $1156 | .01% |

---

<sup>1</sup> Step bond; coupon rate may change at a later date.

<sup>2</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,530,868,000, which represented 14.98% of the net assets of the fund.

<sup>3</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>4</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>5</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $58,239,000, which represented .57% of the net assets of the fund.

<sup>6</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>7</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>8</sup> Amount less than one thousand.

<sup>9</sup> Purchased on a TBA basis.

<sup>10</sup> Value determined using significant unobservable inputs.

<sup>11</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $1,156,000, which represented .01% of the net assets of the fund.

<sup>12</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>13</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviations**

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

COP = Colombian pesos

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

IDR = Indonesian rupiah

ILS = Israeli shekels

JPY = Japanese yen

LIBOR = London Interbank Offered Rate

MYR = Malaysian ringgits

PEN = Peruvian nuevos soles

PIK = Payment In Kind

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 205

Capital World Bond Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 90.28%** | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Euros 19.79%** |  |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)<sup>1</sup> | EUR | 2800 | $2333 |
| Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)<sup>1</sup> |  | 4200 | 4471 |
| Altria Group, Inc. 1.00% 2/15/2023 |  | 1020 | 1089 |
| Altria Group, Inc. 2.20% 6/15/2027 |  | 2900 | 2795 |
| Altria Group, Inc. 3.125% 6/15/2031 |  | 800 | 711 |
| American Honda Finance Corp. 1.95% 10/18/2024 |  | 560 | 584 |
| American Tower Corp. 0.45% 1/15/2027 |  | 2525 | 2321 |
| American Tower Corp. 0.875% 5/21/2029 |  | 1470 | 1257 |
| AT&T, Inc. 1.60% 5/19/2028 |  | 2350 | 2237 |
| Austria (Republic of) 0% 2/20/2031 |  | 6900 | 5785 |
| Banco de Sabadell, SA 2.625% 3/24/2026 (5-year EUR Mid-Swap + 2.20% on 3/24/2025)<sup>1</sup> |  | 500 | 504 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)<sup>1,2</sup> |  | 5000 | 5177 |
| CaixaBank, SA 2.25% 4/17/2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)<sup>1</sup> |  | 2400 | 2345 |
| Celanese US Holdings, LLC 4.777% 7/19/2026 |  | 235 | 240 |
| Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)<sup>1</sup> |  | 700 | 665 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033 |  | 200 | 273 |
| Dow Chemical Co. 0.50% 3/15/2027 |  | 1110 | 1035 |
| E.ON SE 1.625% 3/29/2031 |  | 810 | 731 |
| Egypt (Arab Republic of) 5.625% 4/16/2030 |  | 300 | 224 |
| Equinor ASA 1.375% 5/22/2032 |  | 2550 | 2267 |
| European Investment Bank 0.25% 1/20/2032 |  | 4900 | 4085 |
| European Investment Bank 1.50% 6/15/2032 |  | 1000 | 932 |
| European Union 0% 7/6/2026 |  | 1600 | 1545 |
| European Union 0.25% 10/22/2026 |  | 610 | 591 |
| European Union 0% 7/4/2031 |  | 705 | 584 |
| European Union 0% 7/4/2035 |  | 220 | 159 |
| European Union 0.20% 6/4/2036 |  | 1500 | 1080 |
| Finland (Republic of) 1.50% 9/15/2032 |  | 3380 | 3154 |
| French Republic O.A.T. 0.75% 2/25/2028 |  | 4500 | 4347 |
| French Republic O.A.T. 0% 11/25/2030 |  | 19550 | 16712 |
| French Republic O.A.T. 0% 5/25/2032 |  | 2120 | 1718 |
| French Republic O.A.T. 2.00% 11/25/2032 |  | 4260 | 4162 |
| French Republic O.A.T. 0.50% 5/25/2040 |  | 2080 | 1414 |
| French Republic O.A.T. 0.75% 5/25/2052 |  | 5930 | 3416 |
| Germany (Federal Republic of) 0% 4/11/2025 |  | 2100 | 2124 |
| Germany (Federal Republic of) 0% 10/9/2026 |  | 6060 | 5908 |
| Germany (Federal Republic of) 0% 4/16/2027 |  | 32700 | 31482 |
| Germany (Federal Republic of) 1.30% 10/15/2027 |  | 3580 | 3626 |
| Germany (Federal Republic of) 0% 2/15/2030 |  | 13340 | 12029 |
| Germany (Federal Republic of) 0% 8/15/2030 |  | 15050 | 13413 |
| Germany (Federal Republic of) 0% 8/15/2031 |  | 12600 | 10944 |
| Germany (Federal Republic of) 1.70% 8/15/2032 |  | 10906 | 10887 |
| Germany (Federal Republic of) 1.00% 5/15/2038 |  | 6040 | 5175 |
| Germany (Federal Republic of) 0% 8/15/2050 |  | 1200 | 673 |
| Germany (Federal Republic of) 0% 8/15/2052 |  | 2650 | 1421 |
| Goldman Sachs Group, Inc. 3.375% 3/27/2025<sup>2</sup> |  | 5000 | 5327 |
| Goldman Sachs Group, Inc. 1.00% 3/18/2033<sup>2</sup> |  | 2705 | 2091 |
| Greece (Hellenic Republic of) 3.375% 2/15/2025 |  | 5825 | 6236 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 |  | 5970 | 5047 |
| Groupe BPCE SA 4.625% 7/18/2023 |  | 1200 | 1296 |
| Groupe BPCE SA 1.00% 4/1/2025 |  | 2900 | 2925 |
| Intesa Sanpaolo SpA 6.625% 9/13/2023 |  | 510 | 557 |
| Israel (State of) 2.875% 1/29/2024 |  | 1180 | 1258 |
| Italy (Republic of) 1.85% 7/1/2025 |  | 17700 | 18218 |
| Italy (Republic of) 1.35% 4/1/2030 |  | 7 | 6 |
| Italy (Republic of) 2.50% 12/1/2032 |  | 9610 | 8613 |
| JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)<sup>1,2</sup> |  | 3208 | 2944 |

---

206 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Euros (continued)** |  |  |  |
| KfW 0.125% 6/30/2025 | EUR | 590 | $590 |
| Lloyds Banking Group PLC 1.75% 9/7/2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)<sup>1</sup> |  | 2400 | 2472 |
| Morgan Stanley 2.103% 5/8/2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)<sup>1</sup> |  | 580 | 592 |
| Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)<sup>1</sup> |  | 1535 | 1460 |
| Morocco (Kingdom of) 3.50% 6/19/2024 |  | 1400 | 1492 |
| Morocco (Kingdom of) 1.50% 11/27/2031 |  | 3300 | 2617 |
| Philippines (Republic of) 0.25% 4/28/2025 |  | 875 | 870 |
| Portuguese Republic 0.475% 10/18/2030 |  | 1610 | 1395 |
| Quebec (Province of) 0.25% 5/5/2031 |  | 920 | 764 |
| Quebec (Province of) 0.50% 1/25/2032 |  | 1155 | 957 |
| Romania 2.125% 3/7/2028 |  | 1440 | 1291 |
| Romania 1.75% 7/13/2030 |  | 2560 | 1913 |
| Romania 2.00% 1/28/2032 |  | 1605 | 1153 |
| Romania 3.75% 2/7/2034 |  | 530 | 425 |
| Russian Federation 2.875% 12/4/2025<sup>3</sup> |  | 3000 | 1349 |
| Russian Federation 2.875% 12/4/2025<sup>3</sup> |  | 1500 | 674 |
| Serbia (Republic of) 3.125% 5/15/2027 |  | 847 | 783 |
| Serbia (Republic of) 1.50% 6/26/2029 |  | 3353 | 2584 |
| Spain (Kingdom of) 0% 1/31/2027 |  | 2325 | 2198 |
| Spain (Kingdom of) 0.80% 7/30/2027 |  | 8970 | 8674 |
| Spain (Kingdom of) 1.45% 4/30/2029 |  | 1890 | 1824 |
| Spain (Kingdom of) 1.25% 10/31/2030 |  | 1295 | 1191 |
| Spain (Kingdom of) 0.50% 10/31/2031 |  | 4645 | 3873 |
| Spain (Kingdom of) 0.70% 4/30/2032 |  | 4785 | 3993 |
| Spain (Kingdom of) 1.90% 10/31/2052 |  | 1010 | 695 |
| State Grid Overseas Investment, Ltd. 1.375% 5/2/2025 |  | 441 | 442 |
| State Grid Overseas Investment, Ltd. 2.125% 5/2/2030 |  | 200 | 177 |
| Stryker Corp. 0.25% 12/3/2024 |  | 480 | 483 |
| Stryker Corp. 0.75% 3/1/2029 |  | 980 | 877 |
| Stryker Corp. 1.00% 12/3/2031 |  | 450 | 376 |
| TOTAL SA 1.75% junior subordinated perpetual bonds (5-year EUR-EURIBOR + 1.765% on 4/4/2024)<sup>1</sup> |  | 2000 | 2025 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027 |  | 1850 | 1684 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 5109 | 4612 |
| Tunisia (Republic of) 6.75% 10/31/2023 |  | 1295 | 1169 |
| Ukraine 6.75% 6/20/2028 |  | 3119 | 619 |
| Ukraine 6.75% 6/20/2028 |  | 1225 | 243 |
| Ukraine 4.375% 1/27/2032 |  | 2705 | 476 |
| Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds (9-year EUR Mid-Swap + 3.36% on 3/28/2031)<sup>1</sup> |  | 1300 | 1140 |
|  |  |  | **293295** |
| **Japanese yen 7.50%** |  |  |  |
| Japan, Series 18, 0.10% 3/10/2024<sup>4</sup> | JPY | 1064481 | 8293 |
| Japan, Series 19, 0.10% 9/10/2024<sup>4</sup> |  | 463865 | 3628 |
| Japan, Series 346, 0.10% 3/20/2027 |  | 777900 | 5905 |
| Japan, Series 356, 0.10% 9/20/2029 |  | 1720800 | 12847 |
| Japan, Series 116, 2.20% 3/20/2030 |  | 576100 | 4933 |
| Japan, Series 26, 0.005% 3/10/2031<sup>4</sup> |  | 527493 | 4178 |
| Japan, Series 362, 0.10% 3/20/2031 |  | 737200 | 5435 |
| Japan, Series 365, 0.10% 12/20/2031 |  | 520150 | 3832 |
| Japan, Series 145, 1.70% 6/20/2033 |  | 742700 | 6290 |
| Japan, Series 152, 1.20% 3/20/2035 |  | 987100 | 7875 |
| Japan, Series 21, 2.30% 12/20/2035 |  | 720000 | 6451 |
| Japan, Series 162, 0.60% 9/20/2037 |  | 1617000 | 11642 |
| Japan, Series 179, 0.50% 12/20/2041 |  | 196950 | 1309 |
| Japan, Series 37, 0.60% 6/20/2050 |  | 694500 | 4183 |
| Japan, Series 70, 0.70% 3/20/2051 |  | 276100 | 1694 |
| Japan, Series 73, 0.70% 12/20/2051 |  | 1568700 | 9576 |

---

American Funds Insurance Series 207

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Japanese yen (continued)** |  |  |  |
| Japan, Series 74, 1.00% 3/20/2052 | JPY | 626900 | $4140 |
| Japan, Series 76, 1.40% 9/20/2052 |  | 296450 | 2162 |
| Philippines (Republic of) 0.001% 4/12/2024 |  | 900000 | 6778 |
|  |  |  | **111151** |
| **British pounds 4.17%** |  |  |  |
| American Honda Finance Corp. 0.75% 11/25/2026 | GBP | 1420 | 1470 |
| Asian Development Bank 1.125% 6/10/2025 |  | 1240 | 1393 |
| KfW 1.125% 7/4/2025 |  | 1165 | 1305 |
| Lloyds Banking Group PLC 7.625% 4/22/2025 |  | 655 | 835 |
| Quebec (Province of) 2.25% 9/15/2026 |  | 1870 | 2083 |
| United Kingdom 0.125% 1/30/2026 |  | 425 | 463 |
| United Kingdom 1.25% 7/22/2027 |  | 3060 | 3335 |
| United Kingdom 4.25% 12/7/2027 |  | 5910 | 7336 |
| United Kingdom 4.75% 12/7/2030 |  | 8230 | 10732 |
| United Kingdom 0.25% 7/31/2031 |  | 11850 | 10738 |
| United Kingdom 1.00% 1/31/2032 |  | 10970 | 10504 |
| United Kingdom 4.25% 6/7/2032 |  | 3010 | 3809 |
| United Kingdom 0.625% 7/31/2035 |  | 210 | 171 |
| United Kingdom 0.875% 1/31/2046 |  | 4916 | 3151 |
| United Kingdom 1.25% 7/31/2051 |  | 6635 | 4338 |
| United Kingdom 1.125% 10/22/2073 |  | 225 | 119 |
|  |  |  | **61782** |
| **Chinese yuan renminbi 2.84%** |  |  |  |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032 | CNY | 25660 | 3646 |
| China (People's Republic of), Series 1910, 3.86% 7/22/2049 |  | 103240 | 16440 |
| China (People's Republic of), Series INBK, 3.39% 3/16/2050 |  | 26230 | 3854 |
| China (People's Republic of), Series INBK, 3.81% 9/14/2050 |  | 51550 | 8146 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051 |  | 45510 | 6877 |
| China Development Bank Corp., Series 1814, 4.15% 10/26/2025 |  | 20900 | 3133 |
|  |  |  | **42096** |
| **Canadian dollars 2.31%** |  |  |  |
| Canada 0.75% 10/1/2024 | CAD | 14570 | 10169 |
| Canada 0.25% 3/1/2026 |  | 5800 | 3847 |
| Canada 3.50% 3/1/2028 |  | 24018 | 17831 |
| Canada 2.75% 12/1/2048 |  | 3500 | 2337 |
|  |  |  | **34184** |
| **Mexican pesos 2.13%** |  |  |  |
| Petróleos Mexicanos 7.19% 9/12/2024 | MXN | 42534 | 2024 |
| United Mexican States 4.50% 12/4/2025<sup>4</sup> |  | 16544 | 845 |
| United Mexican States, Series M, 5.75% 3/5/2026 |  | 44700 | 2078 |
| United Mexican States, Series M, 7.50% 6/3/2027 |  | 251720 | 12188 |
| United Mexican States, Series M20, 8.50% 5/31/2029 |  | 140400 | 7013 |
| United Mexican States, Series M30, 8.50% 11/18/2038 |  | 21100 | 1025 |
| United Mexican States, Series M, 8.00% 11/7/2047 |  | 7830 | 359 |
| United Mexican States, Series M, 8.00% 7/31/2053 |  | 133170 | 6095 |
|  |  |  | **31627** |
| **Australian dollars 1.63%** |  |  |  |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | AUD | 5789 | 3061 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 |  | 12355 | 7622 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 |  | 20520 | 13529 |
|  |  |  | **24212** |

---

208 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Danish kroner 1.62%** |  |  |  |
| Nordea Kredit 0.50% 10/1/2040<sup>5</sup> | DKK | 17477 | $1955 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2040<sup>5</sup> |  | 90967 | 10167 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043<sup>5</sup> |  | 106007 | 11555 |
| Realkredit Danmark AS 1.00% 10/1/2053<sup>5</sup> |  | 2712 | 285 |
|  |  |  | **23962** |
| **South Korean won 0.52%** |  |  |  |
| South Korea (Republic of), Series 2503, 1.50% 3/10/2025 | KRW | 5183670 | 3908 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027 |  | 5158930 | 3821 |
|  |  |  | **7729** |
| **Colombian pesos 0.48%** |  |  |  |
| Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP | 31310800 | 4575 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050 |  | 21884200 | 2569 |
|  |  |  | **7144** |
| **Chilean pesos 0.41%** |  |  |  |
| Chile (Republic of) 4.00% 3/1/2023 | CLP | 2300000 | 2681 |
| Chile (Republic of) 1.50% 3/1/2026<sup>4</sup> |  | 808331 | 933 |
| Chile (Republic of) 5.00% 10/1/2028 |  | 955000 | 1089 |
| Chile (Republic of) 4.70% 9/1/2030 |  | 1205000 | 1371 |
|  |  |  | **6074** |
| **Indonesian rupiah 0.37%** |  |  |  |
| Indonesia (Republic of), Series 84, 7.25% 2/15/2026 | IDR | 22733000 | 1495 |
| Indonesia (Republic of), Series 95, 6.375% 8/15/2028 |  | 3136000 | 200 |
| Indonesia (Republic of), Series 78, 8.25% 5/15/2029 |  | 23729000 | 1643 |
| Indonesia (Republic of), Series 82, 7.00% 9/15/2030 |  | 2930000 | 190 |
| Indonesia (Republic of), Series 68, 8.375% 3/15/2034 |  | 27353000 | 1926 |
|  |  |  | **5454** |
| **Russian rubles 0.23%** |  |  |  |
| Russian Federation 7.00% 8/16/2023<sup>3,6</sup> | RUB | 430300 | 1984 |
| Russian Federation 7.65% 4/10/2030<sup>3</sup> |  | 316110 | 1371 |
|  |  |  | **3355** |
| **Brazilian reais 0.21%** |  |  |  |
| Brazil (Federative Republic of) 6.00% 8/15/2024<sup>4</sup> | BRL | 13461 | 2531 |
| Brazil (Federative Republic of) 10.00% 1/1/2025 |  | 3300 | 598 |
|  |  |  | **3129** |
| **South African rand 0.20%** |  |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR | 30120 | 1581 |
| South Africa (Republic of), Series R-2048, 8.75% 2/28/2048 |  | 30850 | 1420 |
|  |  |  | **3001** |
| **Dominican pesos 0.15%** |  |  |  |
| Dominican Republic 8.90% 2/15/2023 | **DOP** | **128000** | **2271** |
| **Malaysian ringgits 0.15%** |  |  |  |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | **MYR** | **10588** | **2222** |
| **Ukrainian hryvnia 0.11%** |  |  |  |
| Ukraine 15.97% 4/19/2023<sup>6</sup> | **UAH** | **78370** | **1592** |
| **Indian rupees 0.08%** |  |  |  |
| India (Republic of) 5.15% 11/9/2025 | **INR** | **96010** | **1102** |

---

American Funds Insurance Series 209

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Romanian leu 0.07%** |  |  |  |
| Romania 4.75% 2/24/2025 | **RON** | **5000** | $**1038** |
| **Polish zloty 0.06%** |  |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | **PLN** | **4900** | **879** |
| **Norwegian kroner 0.04%** |  |  |  |
| Norway (Kingdom of) 2.125% 5/18/2032 | **NOK** | **6615** | **619** |
| **U.S. dollars 45.21%** |  |  |  |
| 1375209 BC, Ltd. 9.00% 1/30/2028<sup>7</sup> | USD | 60 | 59 |
| 7-Eleven, Inc. 0.95% 2/10/2026<sup>7</sup> |  | 520 | 456 |
| 7-Eleven, Inc. 1.30% 2/10/2028<sup>7</sup> |  | 2180 | 1810 |
| 7-Eleven, Inc. 1.80% 2/10/2031<sup>7</sup> |  | 2015 | 1544 |
| ACE INA Holdings, Inc. 3.35% 5/3/2026 |  | 195 | 187 |
| ACE INA Holdings, Inc. 4.35% 11/3/2045 |  | 425 | 370 |
| Advisor Group Holdings, LLC 6.25% 3/1/2028<sup>7</sup> |  | 295 | 272 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 2102 | 1841 |
| Aeropuerto International de Tocume SA 5.125% 8/11/2061<sup>7</sup> |  | 660 | 542 |
| Aetna, Inc. 2.80% 6/15/2023 |  | 340 | 336 |
| AG Merger Sub II, Inc. 10.75% 8/1/2027<sup>7</sup> |  | 256 | 260 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027<sup>7</sup> |  | 103 | 104 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>1,7</sup> |  | 1225 | 1249 |
| Alabama Power Co. 3.00% 3/15/2052 |  | 980 | 651 |
| Albertsons Companies, Inc. 4.625% 1/15/2027<sup>7</sup> |  | 125 | 116 |
| Albertsons Companies, Inc. 3.50% 3/15/2029<sup>7</sup> |  | 340 | 286 |
| Alcoa Nederland Holding BV 4.125% 3/31/2029<sup>7</sup> |  | 75 | 67 |
| Allegheny Technologies, Inc. 4.875% 10/1/2029 |  | 25 | 22 |
| Allegheny Technologies, Inc. 5.125% 10/1/2031 |  | 45 | 40 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027<sup>7</sup> |  | 280 | 252 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029<sup>7</sup> |  | 90 | 74 |
| Allied Universal Holdco, LLC 9.75% 7/15/2027<sup>7</sup> |  | 175 | 153 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029<sup>7</sup> |  | 300 | 218 |
| Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025<sup>8,9</sup> |  | 570 | 429 |
| Altera Infrastructure, LP 8.50% 7/15/2023<sup>3,6,7</sup> |  | 555 | 104 |
| Amazon.com, Inc. 1.50% 6/3/2030 |  | 2040 | 1644 |
| American Electric Power Company, Inc. 1.00% 11/1/2025 |  | 250 | 224 |
| American Express Co. 3.375% 5/3/2024 |  | 4202 | 4119 |
| Amgen, Inc. 2.20% 2/21/2027 |  | 445 | 400 |
| AmWINS Group, Inc. 4.875% 6/30/2029<sup>7</sup> |  | 220 | 187 |
| Anglo American Capital PLC 3.95% 9/10/2050<sup>7</sup> |  | 521 | 383 |
| Angola (Republic of) 9.50% 11/12/2025 |  | 3580 | 3693 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029<sup>7</sup> |  | 200 | 152 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030<sup>7</sup> |  | 130 | 95 |
| Apple, Inc. 3.35% 8/8/2032 |  | 1600 | 1457 |
| Ardagh Group SA 6.50% Cash 6/30/2027<sup>7,10</sup> |  | 210 | 146 |
| Aretec Escrow Issuer, Inc. 7.50% 4/1/2029<sup>7</sup> |  | 180 | 149 |
| Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)<sup>1</sup> |  | 1921 | 523 |
| Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)<sup>1</sup> |  | 3025 | 775 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032<sup>7</sup> |  | 55 | 45 |
| Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/2029<sup>8,9</sup> |  | 120 | 106 |
| Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028<sup>7</sup> |  | 160 | 157 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029<sup>7</sup> |  | 55 | 49 |
| AssuredPartners, Inc. 7.00% 8/15/2025<sup>7</sup> |  | 120 | 116 |
| AssuredPartners, Inc. 5.625% 1/15/2029<sup>7</sup> |  | 365 | 301 |
| AstraZeneca PLC 3.50% 8/17/2023 |  | 2700 | 2678 |
| AT&T, Inc. 3.50% 9/15/2053 |  | 2070 | 1406 |
| Atkore, Inc. 4.25% 6/1/2031<sup>7</sup> |  | 25 | 21 |
| Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 2.75%) 7.134% 9/22/2028<sup>8,9</sup> |  | 149 | 147 |

---

210 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.134% 9/21/2029<sup>8,9</sup> | USD | 213 | $207 |
| Avantor Funding, Inc. 4.625% 7/15/2028<sup>7</sup> |  | 160 | 146 |
| Avantor Funding, Inc. 3.875% 11/1/2029<sup>7</sup> |  | 90 | 76 |
| B&G Foods, Inc. 5.25% 4/1/2025 |  | 65 | 57 |
| B&G Foods, Inc. 5.25% 9/15/2027 |  | 220 | 169 |
| Ball Corp. 6.875% 3/15/2028 |  | 108 | 111 |
| Bank of America Corp. 2.456% 10/22/2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)<sup>1</sup> |  | 847 | 801 |
| Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)<sup>1</sup> |  | 6260 | 5778 |
| Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>1</sup> |  | 3745 | 3286 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)<sup>1</sup> |  | 4780 | 3693 |
| Bank of Nova Scotia 2.45% 2/2/2032 |  | 2100 | 1695 |
| Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)<sup>1</sup> |  | 2350 | 2335 |
| Barclays Bank PLC 5.501% 8/9/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 8/5/2027)<sup>1</sup> |  | 1290 | 1252 |
| Bath & Body Works, Inc. 6.625% 10/1/2030<sup>7</sup> |  | 120 | 113 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 |  | 75 | 67 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026<sup>7</sup> |  | 80 | 56 |
| Bausch Health Companies, Inc. 5.75% 8/15/2027<sup>7</sup> |  | 140 | 96 |
| Bausch Health Companies, Inc. 14.00% 10/15/2030<sup>7</sup> |  | 160 | 96 |
| Bausch Health Companies, Inc. 5.25% 2/15/2031<sup>7</sup> |  | 160 | 78 |
| Bayer AG 3.375% 10/8/2024<sup>7</sup> |  | 840 | 812 |
| Bayer US Finance II, LLC 4.25% 12/15/2025<sup>7</sup> |  | 203 | 197 |
| Bayerische Motoren Werke AG 3.90% 4/9/2025<sup>7</sup> |  | 900 | 881 |
| Bayerische Motoren Werke AG 4.15% 4/9/2030<sup>7</sup> |  | 900 | 857 |
| Beasley Mezzanine Holdings, LLC 8.625% 2/1/2026<sup>7</sup> |  | 30 | 18 |
| Becton, Dickinson and Company 4.298% 8/22/2032 |  | 320 | 300 |
| Berkshire Hathaway Energy Company 2.85% 5/15/2051 |  | 300 | 198 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031<sup>7</sup> |  | 400 | 350 |
| Blue Racer Midstream, LLC 7.625% 12/15/2025<sup>7</sup> |  | 65 | 65 |
| BMC Software, Inc. 9.125% 3/1/2026<sup>7</sup> |  | 160 | 151 |
| BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/2026<sup>8,9</sup> |  | 25 | 23 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>1,7</sup> |  | 700 | 572 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)<sup>1,7</sup> |  | 1275 | 1000 |
| Boeing Company 5.15% 5/1/2030 |  | 2855 | 2792 |
| Boeing Company 3.625% 2/1/2031 |  | 1127 | 990 |
| Bombardier, Inc. 7.125% 6/15/2026<sup>7</sup> |  | 60 | 58 |
| Bombardier, Inc. 6.00% 2/15/2028<sup>7</sup> |  | 65 | 60 |
| Bombardier, Inc. 7.45% 5/1/2034<sup>7</sup> |  | 125 | 126 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028<sup>7</sup> |  | 43 | 38 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029<sup>7</sup> |  | 132 | 116 |
| Boyd Gaming Corp. 4.75% 12/1/2027 |  | 120 | 112 |
| Boyd Gaming Corp. 4.75% 6/15/2031<sup>7</sup> |  | 45 | 39 |
| Boyne USA, Inc. 4.75% 5/15/2029<sup>7</sup> |  | 107 | 95 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030<sup>7</sup> |  | 745 | 635 |
| British American Tobacco PLC 2.789% 9/6/2024 |  | 1150 | 1101 |
| British American Tobacco PLC 3.215% 9/6/2026 |  | 955 | 882 |
| British American Tobacco PLC 3.557% 8/15/2027 |  | 1545 | 1414 |
| British American Tobacco PLC 3.462% 9/6/2029 |  | 1150 | 991 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>7</sup> |  | 250 | 228 |
| Broadcom, Inc. 3.419% 4/15/2033<sup>7</sup> |  | 698 | 562 |
| Broadcom, Inc. 3.469% 4/15/2034<sup>7</sup> |  | 48 | 38 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>7</sup> |  | 185 | 137 |
| Broadcom, Inc. 3.75% 2/15/2051<sup>7</sup> |  | 926 | 643 |
| BroadStreet Partners, Inc. 5.875% 4/15/2029<sup>7</sup> |  | 160 | 136 |
| BWX Technologies, Inc. 4.125% 4/15/2029<sup>7</sup> |  | 195 | 171 |
| Caesars Entertainment, Inc. 6.25% 7/1/2025<sup>7</sup> |  | 35 | 34 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029<sup>7</sup> |  | 15 | 12 |
| Caesars Resort Collection, LLC 5.75% 7/1/2025<sup>7</sup> |  | 165 | 162 |
| California Resources Corp. 7.125% 2/1/2026<sup>7</sup> |  | 100 | 96 |

---

American Funds Insurance Series 211

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Callon Petroleum Co. 7.50% 6/15/2030<sup>7</sup> | USD | 30 | $27 |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 |  | 798 | 663 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 1378 | 933 |
| CAN-PACK SA 3.875% 11/15/2029<sup>7</sup> |  | 90 | 71 |
| Carnival Corp. 6.00% 5/1/2029<sup>7</sup> |  | 100 | 67 |
| CCO Holdings, LLC 4.75% 3/1/2030<sup>7</sup> |  | 135 | 117 |
| CCO Holdings, LLC 4.50% 8/15/2030<sup>7</sup> |  | 255 | 211 |
| CCO Holdings, LLC 4.25% 2/1/2031<sup>7</sup> |  | 155 | 125 |
| CCO Holdings, LLC 4.50% 6/1/2033<sup>7</sup> |  | 162 | 125 |
| CCO Holdings, LLC 4.25% 1/15/2034<sup>7</sup> |  | 70 | 52 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/2027<sup>7</sup> |  | 125 | 117 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 3.75% 2/15/2028 |  | 2650 | 2394 |
| CDI Escrow Issuer, Inc. 5.75% 4/1/2030<sup>7</sup> |  | 70 | 63 |
| CDK Global, Inc. 7.25% 6/15/2029<sup>7</sup> |  | 55 | 54 |
| Cedar Fair, LP 5.50% 5/1/2025<sup>7</sup> |  | 120 | 119 |
| Centene Corp. 2.45% 7/15/2028 |  | 40 | 34 |
| Centene Corp. 4.625% 12/15/2029 |  | 325 | 298 |
| Centene Corp. 2.50% 3/1/2031 |  | 155 | 122 |
| Central Garden & Pet Co. 4.125% 10/15/2030 |  | 74 | 61 |
| Central Garden & Pet Co. 4.125% 4/30/2031<sup>7</sup> |  | 110 | 91 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028<sup>7</sup> |  | 35 | 32 |
| Charles River Laboratories International, Inc. 4.00% 3/15/2031<sup>7</sup> |  | 70 | 61 |
| Cheniere Energy Partners, LP 4.50% 10/1/2029 |  | 160 | 144 |
| Cheniere Energy Partners, LP 4.00% 3/1/2031 |  | 75 | 64 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032 |  | 56 | 45 |
| Chesapeake Energy Corp. 4.875% 4/15/2022<sup>3</sup> |  | 915 | 21 |
| Chesapeake Energy Corp. 5.875% 2/1/2029<sup>7</sup> |  | 130 | 123 |
| Chesapeake Energy Corp. 6.75% 4/15/2029<sup>7</sup> |  | 30 | 29 |
| Ciena Corp. 4.00% 1/31/2030<sup>7</sup> |  | 80 | 71 |
| Cigna Corp. 2.375% 3/15/2031 |  | 375 | 308 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028<sup>7</sup> |  | 45 | 39 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029<sup>7</sup> |  | 55 | 47 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031<sup>7</sup> |  | 130 | 115 |
| CMS Energy Corp. 3.875% 3/1/2024 |  | 100 | 98 |
| CMS Energy Corp. 3.00% 5/15/2026 |  | 1200 | 1118 |
| CNX Resources Corp. 7.25% 3/14/2027<sup>7</sup> |  | 240 | 239 |
| Coinbase Global, Inc. 3.375% 10/1/2028<sup>7</sup> |  | 55 | 29 |
| Coinbase Global, Inc. 3.625% 10/1/2031<sup>7</sup> |  | 85 | 41 |
| Colombia (Republic of) 3.875% 4/25/2027 |  | 350 | 311 |
| Commonwealth Bank of Australia 2.688% 3/11/2031<sup>7</sup> |  | 4650 | 3593 |
| Compass Diversified Holdings 5.25% 4/15/2029<sup>7</sup> |  | 307 | 263 |
| Compass Diversified Holdings 5.00% 1/15/2032<sup>7</sup> |  | 65 | 52 |
| Comstock Resources, Inc. 6.75% 3/1/2029<sup>7</sup> |  | 110 | 99 |
| Comstock Resources, Inc. 5.875% 1/15/2030<sup>7</sup> |  | 65 | 56 |
| Constellation Oil Services Holding SA 4.00% PIK 12/31/2026<sup>10</sup> |  | 1097 | 649 |
| Constellium SE 3.75% 4/15/2029<sup>7</sup> |  | 125 | 102 |
| Consumers Energy Co. 3.375% 8/15/2023 |  | 345 | 342 |
| Consumers Energy Co. 3.60% 8/15/2032 |  | 1600 | 1462 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>7</sup> |  | 748 | 655 |
| CoreLogic, Inc. 4.50% 5/1/2028<sup>7</sup> |  | 364 | 280 |
| CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/2029<sup>8,9</sup> |  | 65 | 47 |
| Corporate Office Properties, LP 2.75% 4/15/2031 |  | 1212 | 910 |
| Covanta Holding Corp. 4.875% 12/1/2029<sup>7</sup> |  | 25 | 21 |
| Crédit Agricole SA 4.375% 3/17/2025<sup>7</sup> |  | 1100 | 1064 |
| Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)<sup>1,7</sup> |  | 2675 | 2441 |
| Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)<sup>1,7</sup> |  | 1000 | 693 |
| Crestwood Midstream Partners, LP 6.00% 2/1/2029<sup>7</sup> |  | 85 | 78 |
| Crestwood Midstream Partners, LP 8.00% 4/1/2029<sup>7</sup> |  | 100 | 100 |
| Crown Castle International Corp. 2.50% 7/15/2031 |  | 767 | 620 |
| CSX Corp. 3.80% 4/15/2050 |  | 75 | 59 |
| CVR Partners, LP 6.125% 6/15/2028<sup>7</sup> |  | 100 | 90 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>7</sup> |  | 725 | 679 |

---

212 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Danske Bank AS 3.875% 9/12/2023<sup>7</sup> | USD | 1675 | $1654 |
| Darling Ingredients, Inc. 6.00% 6/15/2030<sup>7</sup> |  | 245 | 240 |
| DaVita, Inc. 4.625% 6/1/2030<sup>7</sup> |  | 65 | 52 |
| Deluxe Corp. 8.00% 6/1/2029<sup>7</sup> |  | 20 | 16 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>1</sup> |  | 850 | 751 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>1</sup> |  | 1160 | 985 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 |  | 930 | 1166 |
| Development Bank of Mongolia, LLC 7.25% 10/23/2023 |  | 1980 | 1777 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>7,9,10</sup> |  | 25 | 24 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>10</sup> |  | 22 | 21 |
| Diamond Sports Group, LLC 6.625% 8/15/2027<sup>7</sup> |  | 310 | 3 |
| Diebold Nixdorf, Inc. 9.375% 7/15/2025<sup>7</sup> |  | 309 | 221 |
| Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025<sup>6,8,9</sup> |  | 93 | 63 |
| Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026<sup>6,8,9</sup> |  | 17 | 15 |
| Digital Currency Group, Inc., Term Loan, 8.75% 11/30/2026<sup>6,8</sup> |  | 22 | 18 |
| DIRECTV Financing, LLC 5.875% 8/15/2027<sup>7</sup> |  | 110 | 99 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.384% 8/2/2027<sup>8,9</sup> |  | 102 | 99 |
| Discovery Communications, Inc. 3.625% 5/15/2030 |  | 468 | 387 |
| DISH DBS Corp. 5.25% 12/1/2026<sup>7</sup> |  | 15 | 13 |
| DISH Network Corp. 11.75% 11/15/2027<sup>7</sup> |  | 260 | 268 |
| Dominican Republic 5.50% 1/27/2025<sup>7</sup> |  | 1375 | 1366 |
| Dominican Republic 8.625% 4/20/2027<sup>7</sup> |  | 225 | 235 |
| Dominican Republic 5.50% 2/22/2029<sup>7</sup> |  | 350 | 323 |
| Dominican Republic 6.40% 6/5/2049<sup>7</sup> |  | 813 | 660 |
| Duke Energy Progress, LLC 2.00% 8/15/2031 |  | 2360 | 1871 |
| Dun & Bradstreet Corp. 5.00% 12/15/2029<sup>7</sup> |  | 197 | 169 |
| Edison International 4.125% 3/15/2028 |  | 2390 | 2222 |
| Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2049)<sup>1</sup> |  | 100 | 84 |
| Electricité de France SA 4.875% 9/21/2038<sup>7</sup> |  | 795 | 649 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029<sup>7</sup> |  | 1030 | 819 |
| Enbridge, Inc. 4.00% 10/1/2023 |  | 600 | 595 |
| Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/2029<sup>7</sup> |  | 205 | 156 |
| Enel Finance International SA 1.375% 7/12/2026<sup>7</sup> |  | 1248 | 1077 |
| Enel Finance International SA 1.875% 7/12/2028<sup>7</sup> |  | 1227 | 977 |
| Entegris Escrow Corp. 4.75% 4/15/2029<sup>7</sup> |  | 45 | 41 |
| Entergy Corp. 0.90% 9/15/2025 |  | 750 | 669 |
| Entergy Louisiana, LLC 4.75% 9/15/2052 |  | 1275 | 1151 |
| EQM Midstream Partners, LP 6.50% 7/1/2027<sup>7</sup> |  | 225 | 215 |
| EQM Midstream Partners, LP 7.50% 6/1/2030<sup>7</sup> |  | 45 | 43 |
| EQM Midstream Partners, LP 6.50% 7/15/2048 |  | 40 | 30 |
| EQT Corp. 7.25% 2/1/2030<sup>1</sup> |  | 40 | 42 |
| Equinix, Inc. 1.80% 7/15/2027 |  | 1145 | 982 |
| Equinix, Inc. 2.15% 7/15/2030 |  | 3216 | 2566 |
| Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024 |  | 3910 | 2457 |
| Fair Isaac Corp. 4.00% 6/15/2028<sup>7</sup> |  | 120 | 109 |
| Fannie Mae Pool #MA2754 3.00% 9/1/2026<sup>5</sup> |  | 59 | 57 |
| Fannie Mae Pool #AO4151 3.50% 6/1/2042<sup>5</sup> |  | 108 | 101 |
| Fannie Mae Pool #AP7888 3.50% 10/1/2042<sup>5</sup> |  | 338 | 316 |
| Fannie Mae Pool #AQ0770 3.50% 11/1/2042<sup>5</sup> |  | 131 | 123 |
| Fannie Mae Pool #FM8399 2.50% 8/1/2051<sup>5</sup> |  | 889 | 759 |
| Fannie Mae Pool #BT9589 2.50% 8/1/2051<sup>5</sup> |  | 34 | 29 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051<sup>5</sup> |  | 998 | 848 |
| Fannie Mae Pool #BQ7435 2.50% 9/1/2051<sup>5</sup> |  | 97 | 83 |
| Fannie Mae Pool #MA4414 2.50% 9/1/2051<sup>5</sup> |  | 33 | 28 |
| Fannie Mae Pool #FS0031 2.50% 10/1/2051<sup>5</sup> |  | 336 | 284 |
| Fannie Mae Pool #BT3056 2.50% 11/1/2051<sup>5</sup> |  | 721 | 613 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>5</sup> |  | 3207 | 2718 |
| Fannie Mae Pool #BU3413 2.50% 12/1/2051<sup>5</sup> |  | 807 | 685 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>5</sup> |  | 268 | 227 |

---

American Funds Insurance Series 213

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Fannie Mae Pool #BV2930 2.50% 1/1/2052<sup>5</sup> | USD | 998 | $846 |
| Fannie Mae Pool #BU8226 2.50% 2/1/2052<sup>5</sup> |  | 1260 | 1070 |
| Fannie Mae Pool #BU1339 2.50% 2/1/2052<sup>5</sup> |  | 275 | 234 |
| Fannie Mae Pool #BV0307 2.50% 2/1/2052<sup>5</sup> |  | 273 | 232 |
| Fannie Mae Pool #BQ7473 2.50% 2/1/2052<sup>5</sup> |  | 158 | 134 |
| Fannie Mae Pool #CB2866 2.50% 2/1/2052<sup>5</sup> |  | 95 | 81 |
| Fannie Mae Pool #BV2189 2.50% 2/1/2052<sup>5</sup> |  | 62 | 53 |
| Fannie Mae Pool #CB2876 2.50% 2/1/2052<sup>5</sup> |  | 31 | 27 |
| Fannie Mae Pool #CB2809 2.50% 2/1/2052<sup>5</sup> |  | 32 | 27 |
| Fannie Mae Pool #BV3694 2.50% 2/1/2052<sup>5</sup> |  | 32 | 27 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>5</sup> |  | 2865 | 2557 |
| Fannie Mae Pool #BV4040 2.50% 3/1/2052<sup>5</sup> |  | 1645 | 1398 |
| Fannie Mae Pool #BV7520 2.50% 3/1/2052<sup>5</sup> |  | 864 | 734 |
| Fannie Mae Pool #BV8086 2.50% 3/1/2052<sup>5</sup> |  | 809 | 690 |
| Fannie Mae Pool #BU6885 2.50% 3/1/2052<sup>5</sup> |  | 808 | 686 |
| Fannie Mae Pool #BV5642 2.50% 3/1/2052<sup>5</sup> |  | 94 | 80 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>5</sup> |  | 4881 | 4140 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052<sup>5</sup> |  | 1929 | 1638 |
| Fannie Mae Pool #BQ7478 2.50% 4/1/2052<sup>5</sup> |  | 1222 | 1038 |
| Fannie Mae Pool #CB3350 2.50% 4/1/2052<sup>5</sup> |  | 1011 | 859 |
| Fannie Mae Pool #BU8802 2.50% 4/1/2052<sup>5</sup> |  | 998 | 848 |
| Fannie Mae Pool #BU8916 2.50% 4/1/2052<sup>5</sup> |  | 785 | 666 |
| Fannie Mae Pool #BU6901 2.50% 4/1/2052<sup>5</sup> |  | 91 | 77 |
| Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>5</sup> |  | 2782 | 2531 |
| Fannie Mae Pool #BV8959 2.50% 6/1/2052<sup>5</sup> |  | 127 | 108 |
| Fannie Mae Pool #FS2239 2.50% 7/1/2052<sup>5</sup> |  | 6973 | 5920 |
| Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>5</sup> |  | 1105 | 1065 |
| Fannie Mae Pool #BW6395 4.50% 8/1/2052<sup>5</sup> |  | 999 | 963 |
| Fannie Mae Pool #BW5789 4.50% 8/1/2052<sup>5</sup> |  | 371 | 357 |
| Fannie Mae Pool #BW1201 5.00% 9/1/2052<sup>5</sup> |  | 2820 | 2783 |
| Fannie Mae Pool #MA4761 5.00% 9/1/2052<sup>5</sup> |  | 524 | 517 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>5</sup> |  | 2209 | 2128 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052<sup>5</sup> |  | 1300 | 1283 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>5</sup> |  | 854 | 802 |
| Fannie Mae Pool #MA4839 4.00% 12/1/2052<sup>5</sup> |  | 442 | 415 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>5</sup> |  | 3000 | 2961 |
| Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>5</sup> |  | 238 | 223 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>5</sup> |  | 1000 | 987 |
| Fertitta Entertainment, Inc. 4.625% 1/15/2029<sup>7</sup> |  | 25 | 21 |
| Fertitta Entertainment, Inc. 6.75% 1/15/2030<sup>7</sup> |  | 25 | 20 |
| First Quantum Minerals, Ltd. 6.875% 3/1/2026<sup>7</sup> |  | 325 | 308 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027<sup>7</sup> |  | 240 | 226 |
| First Student Bidco, Inc. 4.00% 7/31/2029<sup>7</sup> |  | 85 | 70 |
| FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)<sup>1</sup> |  | 1800 | 1678 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>7</sup> |  | 2325 | 2033 |
| Florida Power & Light Company 2.875% 12/4/2051 |  | 1465 | 990 |
| Ford Motor Co. 3.25% 2/12/2032 |  | 20 | 15 |
| Ford Motor Credit Company, LLC 3.81% 1/9/2024 |  | 290 | 282 |
| Ford Motor Credit Company, LLC 2.90% 2/16/2028 |  | 200 | 165 |
| Ford Motor Credit Company, LLC 4.00% 11/13/2030 |  | 125 | 103 |
| Freddie Mac Pool #ZS8588 3.00% 11/1/2030<sup>5</sup> |  | 47 | 45 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033<sup>5</sup> |  | 3975 | 3742 |
| Freddie Mac Pool #QC7173 2.50% 9/1/2051<sup>5</sup> |  | 132 | 112 |
| Freddie Mac Pool #QC9156 2.50% 10/1/2051<sup>5</sup> |  | 866 | 736 |
| Freddie Mac Pool #QD1523 2.50% 11/1/2051<sup>5</sup> |  | 757 | 643 |
| Freddie Mac Pool #QD2521 2.50% 12/1/2051<sup>5</sup> |  | 67 | 57 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052<sup>5</sup> |  | 885 | 750 |
| Freddie Mac Pool #QD9066 2.50% 2/1/2052<sup>5</sup> |  | 210 | 179 |
| Freddie Mac Pool #QD7063 2.50% 2/1/2052<sup>5</sup> |  | 95 | 81 |
| Freddie Mac Pool #QD9879 2.50% 3/1/2052<sup>5</sup> |  | 730 | 619 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052<sup>5</sup> |  | 663 | 562 |
| Freddie Mac Pool #RA6959 2.50% 3/1/2052<sup>5</sup> |  | 27 | 23 |

---

214 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Freddie Mac Pool #QD9200 2.50% 4/1/2052<sup>5</sup> | USD | 919 | $780 |
| Freddie Mac Pool #QE0323 2.50% 4/1/2052<sup>5</sup> |  | 900 | 765 |
| Freddie Mac Pool #QE2310 2.50% 4/1/2052<sup>5</sup> |  | 840 | 713 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>5</sup> |  | 3563 | 3345 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052<sup>5</sup> |  | 1276 | 1260 |
| Freddie Mac Pool #QE8063 4.00% 8/1/2052<sup>5</sup> |  | 300 | 282 |
| Freddie Mac Pool #QE8065 4.50% 8/1/2052<sup>5</sup> |  | 3700 | 3565 |
| Freddie Mac Pool #QF0152 4.50% 9/1/2052<sup>5</sup> |  | 500 | 482 |
| Freddie Mac Pool #QF1489 4.00% 10/1/2052<sup>5</sup> |  | 1000 | 939 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>5</sup> |  | 400 | 376 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>5</sup> |  | 8419 | 8111 |
| Freddie Mac Pool #QF0866 4.50% 10/1/2052<sup>5</sup> |  | 2226 | 2151 |
| Freddie Mac Pool #QF1486 4.50% 10/1/2052<sup>5</sup> |  | 400 | 385 |
| Freddie Mac Pool #QF3304 5.00% 10/1/2052<sup>5</sup> |  | 800 | 790 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>5</sup> |  | 4668 | 4246 |
| Freddie Mac Pool #QF3985 4.00% 11/1/2052<sup>5</sup> |  | 308 | 290 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>5</sup> |  | 598 | 576 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>5</sup> |  | 4753 | 4692 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>5</sup> |  | 507 | 501 |
| Frontier Communications Corp. 5.875% 10/15/2027<sup>7</sup> |  | 100 | 93 |
| Frontier Communications Corp. 5.00% 5/1/2028<sup>7</sup> |  | 65 | 57 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 |  | 250 | 194 |
| FS Energy and Power Fund 7.50% 8/15/2023<sup>7</sup> |  | 150 | 150 |
| FXI Holdings, Inc. 12.25% 11/15/2026<sup>7</sup> |  | 497 | 412 |
| Gartner, Inc. 3.75% 10/1/2030<sup>7</sup> |  | 70 | 60 |
| General Motors Financial Co. 1.05% 3/8/2024 |  | 725 | 689 |
| Genesis Energy, LP 8.00% 1/15/2027 |  | 125 | 118 |
| Georgia (Republic of) 2.75% 4/22/2026<sup>7</sup> |  | 400 | 363 |
| GoDaddy Operating Co. 3.50% 3/1/2029<sup>7</sup> |  | 80 | 67 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)<sup>1</sup> |  | 1080 | 933 |
| Goldman Sachs Group, Inc. 2.383% 7/21/2032 (USD-SOFR + 1.248% on 7/21/2031)<sup>1</sup> |  | 726 | 565 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>5,11</sup> |  | 7440 | 6837 |
| Gray Escrow II, Inc. 5.375% 11/15/2031<sup>7</sup> |  | 30 | 22 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028<sup>7</sup> |  | 145 | 123 |
| Groupe BPCE SA 5.15% 7/21/2024<sup>7</sup> |  | 1800 | 1763 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030<sup>7</sup> |  | 660 | 593 |
| Hanesbrands, Inc. 4.625% 5/15/2024<sup>7</sup> |  | 120 | 116 |
| Hanesbrands, Inc. 4.875% 5/15/2026<sup>7</sup> |  | 100 | 90 |
| Harsco Corp. 5.75% 7/31/2027<sup>7</sup> |  | 200 | 158 |
| Harvest Midstream I, LP 7.50% 9/1/2028<sup>7</sup> |  | 25 | 24 |
| HCA, Inc. 5.625% 9/1/2028 |  | 120 | 120 |
| HealthEquity, Inc. 4.50% 10/1/2029<sup>7</sup> |  | 30 | 26 |
| Hess Midstream Operations, LP 5.50% 10/15/2030<sup>7</sup> |  | 34 | 31 |
| Hightower Holding, LLC 6.75% 4/15/2029<sup>7</sup> |  | 235 | 198 |
| Hilcorp Energy I, LP 6.00% 4/15/2030<sup>7</sup> |  | 105 | 94 |
| Hilcorp Energy I, LP 6.00% 2/1/2031<sup>7</sup> |  | 115 | 100 |
| Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030 |  | 25 | 23 |
| Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031<sup>7</sup> |  | 155 | 130 |
| Honduras (Republic of) 6.25% 1/19/2027 |  | 2083 | 1843 |
| Honduras (Republic of) 5.625% 6/24/2030 |  | 958 | 773 |
| Howard Hughes Corp. 5.375% 8/1/2028<sup>7</sup> |  | 275 | 248 |
| Howard Hughes Corp. 4.125% 2/1/2029<sup>7</sup> |  | 195 | 164 |
| Howard Hughes Corp. 4.375% 2/1/2031<sup>7</sup> |  | 120 | 97 |
| Howard Midstream Energy Partners, LLC 6.75% 1/15/2027<sup>7</sup> |  | 60 | 58 |
| HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)<sup>1</sup> |  | 305 | 287 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)<sup>1</sup> |  | 4172 | 3995 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)<sup>1</sup> |  | 921 | 706 |
| Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/2023<sup>9</sup> |  | 3326 | 3316 |
| Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/2025<sup>9</sup> |  | 363 | 342 |
| Huarong Finance II Co., Ltd. 5.50% 1/16/2025 |  | 880 | 835 |

---

American Funds Insurance Series 215

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Huarong Finance II Co., Ltd. 5.00% 11/19/2025 | USD | 1007 | $931 |
| HUB International, Ltd. 7.00% 5/1/2026<sup>7</sup> |  | 315 | 309 |
| Hyundai Capital America 0.875% 6/14/2024<sup>7</sup> |  | 1200 | 1120 |
| Hyundai Capital America 1.50% 6/15/2026<sup>7</sup> |  | 2375 | 2061 |
| Hyundai Capital America 1.65% 9/17/2026<sup>7</sup> |  | 269 | 237 |
| Hyundai Capital America 2.00% 6/15/2028<sup>7</sup> |  | 600 | 490 |
| Hyundai Capital Services, Inc. 3.75% 3/5/2023<sup>7</sup> |  | 2450 | 2442 |
| iHeartCommunications, Inc. 5.25% 8/15/2027<sup>7</sup> |  | 80 | 68 |
| Ingles Markets, Inc. 4.00% 6/15/2031<sup>7</sup> |  | 140 | 118 |
| Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>7</sup> |  | 3270 | 3145 |
| Intesa Sanpaolo SpA 7.00% 11/21/2025<sup>7</sup> |  | 225 | 230 |
| Iraq (Republic of) 6.752% 3/9/2023<sup>7</sup> |  | 545 | 539 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032<sup>7</sup> |  | 55 | 46 |
| Iron Mountain, Inc. 5.25% 7/15/2030<sup>7</sup> |  | 235 | 205 |
| Israel (State of) 3.375% 1/15/2050 |  | 1470 | 1136 |
| Israel (State of) 3.875% 7/3/2050 |  | 795 | 672 |
| Jacobs Entertainment, Inc. 6.75% 2/15/2029<sup>7</sup> |  | 25 | 23 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>1</sup> |  | 45 | 43 |
| Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/2026<sup>8,9</sup> |  | 64 | 60 |
| KB Home 6.875% 6/15/2027 |  | 50 | 50 |
| Keb Hana Bank 3.25% 3/30/2027<sup>7</sup> |  | 1370 | 1278 |
| Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 |  | 110 | 87 |
| Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 |  | 245 | 187 |
| Kinetik Holdings, LP 5.875% 6/15/2030<sup>7</sup> |  | 50 | 47 |
| Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026<sup>7</sup> |  | 85 | 74 |
| Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027<sup>7</sup> |  | 140 | 115 |
| LABL Escrow Issuer, LLC 10.50% 7/15/2027<sup>7</sup> |  | 45 | 42 |
| Lamar Media Corp. 3.75% 2/15/2028 |  | 135 | 121 |
| Lamar Media Corp. 3.625% 1/15/2031 |  | 160 | 132 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030<sup>7</sup> |  | 200 | 177 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032<sup>7</sup> |  | 60 | 53 |
| Las Vegas Sands Corp. 3.20% 8/8/2024 |  | 25 | 24 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029<sup>7</sup> |  | 110 | 88 |
| Level 3 Financing, Inc. 3.75% 7/15/2029<sup>7</sup> |  | 210 | 151 |
| Levi Strauss & Co. 3.50% 3/1/2031<sup>7</sup> |  | 115 | 91 |
| Ligado Networks, LLC 15.50% PIK 11/1/2023<sup>7,10</sup> |  | 124 | 40 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027<sup>7</sup> |  | 5 | 5 |
| Lithia Motors, Inc. 4.625% 12/15/2027<sup>7</sup> |  | 120 | 108 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027<sup>7</sup> |  | 130 | 116 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)<sup>1</sup> |  | 7000 | 6067 |
| LPL Holdings, Inc. 4.625% 11/15/2027<sup>7</sup> |  | 485 | 454 |
| LPL Holdings, Inc. 4.00% 3/15/2029<sup>7</sup> |  | 25 | 22 |
| LSB Industries, Inc. 6.25% 10/15/2028<sup>7</sup> |  | 126 | 115 |
| LSC Communications, Inc. 8.75% 10/15/2023<sup>3,6,7</sup> |  | 431 | 1 |
| Mallinckrodt PLC 10.00% 4/15/2025<sup>7</sup> |  | 440 | 379 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 5 | 4 |
| Mastercard, Inc. 2.00% 11/18/2031 |  | 600 | 483 |
| Match Group, Inc. 5.625% 2/15/2029<sup>7</sup> |  | 130 | 121 |
| Meituan Dianping 2.125% 10/28/2025 |  | 1730 | 1532 |
| Meituan Dianping 3.05% 10/28/2030<sup>7</sup> |  | 3095 | 2390 |
| Methanex Corp. 5.125% 10/15/2027 |  | 55 | 51 |
| Methanex Corp. 5.25% 12/15/2029 |  | 170 | 151 |
| Mexico City Airport Trust 5.50% 7/31/2047 |  | 432 | 334 |
| MGM Resorts International 5.50% 4/15/2027 |  | 90 | 84 |
| Midas OpCo Holdings, LLC 5.625% 8/15/2029<sup>7</sup> |  | 145 | 120 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027<sup>7</sup> |  | 63 | 63 |
| Mineral Resources, Ltd. 8.00% 11/1/2027<sup>7</sup> |  | 155 | 159 |
| Mineral Resources, Ltd. 8.50% 5/1/2030<sup>7</sup> |  | 25 | 25 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027<sup>7</sup> |  | 3236 | 2937 |
| Mohegan Gaming & Entertainment 8.00% 2/1/2026<sup>7</sup> |  | 105 | 98 |

---

216 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Molina Healthcare, Inc. 4.375% 6/15/2028<sup>7</sup> | USD | 80 | $73 |
| Molina Healthcare, Inc. 3.875% 11/15/2030<sup>7</sup> |  | 75 | 64 |
| MoneyGram International, Inc. 5.375% 8/1/2026<sup>7</sup> |  | 50 | 51 |
| Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)<sup>1</sup> |  | 2164 | 1901 |
| Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)<sup>1</sup> |  | 1396 | 1057 |
| Mozart Debt Merger Sub, Inc. 5.25% 10/1/2029<sup>7</sup> |  | 155 | 123 |
| MSCI, Inc. 3.875% 2/15/2031<sup>7</sup> |  | 215 | 179 |
| MSCI, Inc. 3.625% 11/1/2031<sup>7</sup> |  | 350 | 290 |
| Murphy Oil Corp. 5.625% 5/1/2027 |  | 15 | 15 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029 |  | 48 | 44 |
| Nabors Industries, Inc. 7.375% 5/15/2027<sup>7</sup> |  | 55 | 53 |
| National Financial Partners Corp. 6.875% 8/15/2028<sup>7</sup> |  | 105 | 87 |
| Nationstar Mortgage Holdings, Inc. 5.125% 12/15/2030<sup>7</sup> |  | 135 | 104 |
| Navient Corp. 5.00% 3/15/2027 |  | 45 | 39 |
| Navient Corp. 4.875% 3/15/2028 |  | 145 | 119 |
| NCL Corp., Ltd. 5.875% 2/15/2027<sup>7</sup> |  | 80 | 69 |
| NCR Corp. 5.25% 10/1/2030<sup>7</sup> |  | 15 | 12 |
| Neiman Marcus Group, LLC 7.125% 4/1/2026<sup>7</sup> |  | 85 | 80 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 45 | 44 |
| Netflix, Inc. 4.875% 6/15/2030<sup>7</sup> |  | 225 | 210 |
| New Fortress Energy, Inc. 6.75% 9/15/2025<sup>7</sup> |  | 50 | 47 |
| New Fortress Energy, Inc. 6.50% 9/30/2026<sup>7</sup> |  | 255 | 237 |
| New York Life Global Funding 1.20% 8/7/2030<sup>7</sup> |  | 2725 | 2094 |
| Newell Rubbermaid, Inc. 4.70% 4/1/2026 |  | 80 | 75 |
| Nexstar Broadcasting, Inc. 4.75% 11/1/2028<sup>7</sup> |  | 255 | 221 |
| Nexstar Escrow Corp. 5.625% 7/15/2027<sup>7</sup> |  | 115 | 106 |
| NGL Energy Operating, LLC 7.50% 2/1/2026<sup>7</sup> |  | 215 | 192 |
| NGL Energy Partners, LP 7.50% 11/1/2023 |  | 200 | 195 |
| Niagara Mohawk Power Corp. 3.508% 10/1/2024<sup>7</sup> |  | 180 | 173 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028<sup>7</sup> |  | 335 | 322 |
| NorthRiver Midstream Finance, LP 5.625% 2/15/2026<sup>7</sup> |  | 105 | 100 |
| NortonLifeLock, Inc. 7.125% 9/30/2030<sup>7</sup> |  | 160 | 157 |
| Nova Chemicals Corp. 5.25% 6/1/2027<sup>7</sup> |  | 20 | 18 |
| Novelis Corp. 4.75% 1/30/2030<sup>7</sup> |  | 80 | 71 |
| Novelis Corp. 3.875% 8/15/2031<sup>7</sup> |  | 20 | 16 |
| NuStar Logistics, LP 5.625% 4/28/2027 |  | 80 | 75 |
| Oasis Petroleum, Inc. 6.375% 6/1/2026<sup>7</sup> |  | 35 | 34 |
| Occidental Petroleum Corp. 6.375% 9/1/2028 |  | 194 | 196 |
| Occidental Petroleum Corp. 8.875% 7/15/2030 |  | 25 | 28 |
| Occidental Petroleum Corp. 6.625% 9/1/2030 |  | 125 | 129 |
| Occidental Petroleum Corp. 6.125% 1/1/2031 |  | 65 | 66 |
| Occidental Petroleum Corp. 6.45% 9/15/2036 |  | 18 | 18 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 |  | 15 | 15 |
| State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 |  | 1410 | 1008 |
| Oleoducto Central SA 4.00% 7/14/2027<sup>7</sup> |  | 2535 | 2241 |
| Oleoducto Central SA 4.00% 7/14/2027 |  | 630 | 557 |
| Open Text Corp. 3.875% 2/15/2028<sup>7</sup> |  | 25 | 22 |
| Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/2029<sup>8,9</sup> |  | 155 | 151 |
| Option Care Health, Inc. 4.375% 10/31/2029<sup>7</sup> |  | 25 | 22 |
| Oracle Corp. 2.65% 7/15/2026 |  | 2327 | 2142 |
| Oracle Corp. 3.25% 11/15/2027 |  | 1880 | 1730 |
| Oracle Corp. 3.60% 4/1/2050 |  | 980 | 664 |
| Oracle Corp. 3.95% 3/25/2051 |  | 22 | 16 |
| Orange SA 9.00% 3/1/2031<sup>1</sup> |  | 2434 | 2985 |
| Oxford Finance, LLC 6.375% 2/1/2027<sup>7</sup> |  | 30 | 28 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 542 | 499 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 6850 | 4661 |
| Panama (Republic of) 3.75% 4/17/2026<sup>7</sup> |  | 465 | 439 |
| Panther BF Aggregator 2, LP 6.25% 5/15/2026<sup>7</sup> |  | 44 | 43 |
| Panther BF Aggregator 2, LP 8.50% 5/15/2027<sup>7</sup> |  | 85 | 83 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029<sup>7</sup> |  | 65 | 55 |

---

American Funds Insurance Series 217

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Party City Holdings, Inc. 8.75% 2/15/2026<sup>7</sup> | USD | 5 | $1 |
| Performance Food Group, Inc. 5.50% 10/15/2027<sup>7</sup> |  | 11 | 10 |
| Peru (Republic of) 2.392% 1/23/2026 |  | 500 | 461 |
| Petrobras Global Finance Co. 6.75% 6/3/2050 |  | 29 | 25 |
| Petrobras Global Finance Co. 5.50% 6/10/2051 |  | 21 | 16 |
| Petróleos Mexicanos 4.625% 9/21/2023 |  | 714 | 704 |
| Petróleos Mexicanos 6.875% 10/16/2025 |  | 660 | 647 |
| Petróleos Mexicanos 6.875% 8/4/2026 |  | 865 | 819 |
| Petróleos Mexicanos 6.49% 1/23/2027 |  | 406 | 371 |
| Petróleos Mexicanos 6.50% 3/13/2027 |  | 1493 | 1365 |
| Petróleos Mexicanos 6.84% 1/23/2030 |  | 681 | 564 |
| Petróleos Mexicanos 6.70% 2/16/2032 |  | 779 | 613 |
| Petróleos Mexicanos 6.75% 9/21/2047 |  | 346 | 222 |
| Petróleos Mexicanos 7.69% 1/23/2050 |  | 55 | 38 |
| Petróleos Mexicanos 6.95% 1/28/2060 |  | 201 | 128 |
| PG&E Corp. 5.00% 7/1/2028 |  | 145 | 133 |
| PG&E Corp. 5.25% 7/1/2030 |  | 175 | 160 |
| PGT Innovations, Inc. 4.375% 10/1/2029<sup>7</sup> |  | 5 | 4 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 315 | 318 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 420 | 427 |
| Philip Morris International, Inc. 2.10% 5/1/2030 |  | 634 | 514 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 1554 | 1589 |
| Picard Midco, Inc. 6.50% 3/31/2029<sup>7</sup> |  | 235 | 198 |
| Post Holdings, Inc. 5.625% 1/15/2028<sup>7</sup> |  | 85 | 80 |
| Post Holdings, Inc. 5.50% 12/15/2029<sup>7</sup> |  | 80 | 73 |
| Post Holdings, Inc. 4.625% 4/15/2030<sup>7</sup> |  | 444 | 384 |
| Procter & Gamble Company 3.00% 3/25/2030 |  | 338 | 310 |
| PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/2023 |  | 960 | 963 |
| PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/2030<sup>7</sup> |  | 500 | 477 |
| Qatar Petroleum 3.125% 7/12/2041<sup>7</sup> |  | 2895 | 2235 |
| Radiology Partners, Inc. 9.25% 2/1/2028<sup>7</sup> |  | 245 | 138 |
| Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.639% 7/9/2025<sup>8,9</sup> |  | 10 | 8 |
| Range Resources Corp. 4.75% 2/15/2030<sup>7</sup> |  | 145 | 128 |
| Raptor Acquisition Corp. 4.875% 11/1/2026<sup>7</sup> |  | 180 | 160 |
| Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029<sup>7</sup> |  | 25 | 17 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029<sup>7</sup> |  | 25 | 20 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029<sup>7</sup> |  | 20 | 17 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>7</sup> |  | 57 | 61 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027<sup>7</sup> |  | 40 | 32 |
| Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>7</sup> |  | 160 | 165 |
| RP Escrow Issuer, LLC 5.25% 12/15/2025<sup>7</sup> |  | 190 | 145 |
| Russian Federation 4.25% 6/23/2027<sup>3</sup> |  | 1400 | 602 |
| Ryan Specialty Group, LLC 4.375% 2/1/2030<sup>7</sup> |  | 45 | 39 |
| Sabre GLBL, Inc. 11.25% 12/15/2027<sup>7</sup> |  | 75 | 77 |
| Sally Holdings, LLC 5.625% 12/1/2025 |  | 48 | 46 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026 |  | 3750 | 3485 |
| Scentre Group 3.50% 2/12/2025<sup>7</sup> |  | 210 | 201 |
| Scentre Group 3.75% 3/23/2027<sup>7</sup> |  | 110 | 101 |
| Scientific Games Corp. 7.00% 5/15/2028<sup>7</sup> |  | 20 | 19 |
| Scientific Games Holdings, LP 6.625% 3/1/2030<sup>7</sup> |  | 46 | 39 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028<sup>7</sup> |  | 115 | 99 |
| Scotts Miracle-Gro Co. 4.50% 10/15/2029 |  | 140 | 114 |
| Scotts Miracle-Gro Co. 4.375% 2/1/2032 |  | 55 | 42 |
| Sealed Air Corp. 5.00% 4/15/2029<sup>7</sup> |  | 40 | 38 |
| ServiceNow, Inc. 1.40% 9/1/2030 |  | 1830 | 1404 |
| Silgan Holdings, Inc. 4.125% 2/1/2028 |  | 80 | 74 |
| Simmons Foods, Inc. 4.625% 3/1/2029<sup>7</sup> |  | 160 | 130 |
| Singapore Airlines, Ltd. 3.375% 1/19/2029 |  | 3710 | 3353 |
| Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>7</sup> |  | 195 | 170 |
| Sirius XM Radio, Inc. 3.875% 9/1/2031<sup>7</sup> |  | 170 | 133 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028<sup>7</sup> |  | 25 | 24 |

---

218 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| SM Energy Co. 5.625% 6/1/2025 | USD | 55 | $53 |
| SM Energy Co. 6.50% 7/15/2028 |  | 45 | 43 |
| Sonic Automotive, Inc. 4.625% 11/15/2029<sup>7</sup> |  | 45 | 36 |
| Sonic Automotive, Inc. 4.875% 11/15/2031<sup>7</sup> |  | 20 | 16 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 200 | 174 |
| Southwestern Energy Co. 5.95% 1/23/2025<sup>1</sup> |  | 110 | 108 |
| Southwestern Energy Co. 7.75% 10/1/2027 |  | 20 | 20 |
| Southwestern Energy Co. 8.375% 9/15/2028 |  | 30 | 31 |
| Southwestern Energy Co. 5.375% 3/15/2030 |  | 135 | 123 |
| Southwestern Energy Co. 4.75% 2/1/2032 |  | 105 | 90 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>7</sup> |  | 17 | 18 |
| Sprint Corp. 7.625% 3/1/2026 |  | 130 | 137 |
| Sri Lanka (Democratic Socialist Republic of) 5.75% 4/18/2023<sup>3</sup> |  | 2890 | 917 |
| Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>7</sup> |  | 1500 | 1289 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>7</sup> |  | 2560 | 2539 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>7</sup> |  | 453 | 347 |
| Stericycle, Inc. 3.875% 1/15/2029<sup>7</sup> |  | 110 | 96 |
| Studio City Finance, Ltd. 6.00% 7/15/2025<sup>7</sup> |  | 200 | 174 |
| Sunoco, LP 4.50% 5/15/2029 |  | 290 | 254 |
| Sunoco, LP 4.50% 4/30/2030 |  | 35 | 30 |
| Surgery Center Holdings 10.00% 4/15/2027<sup>7</sup> |  | 103 | 105 |
| SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)<sup>1</sup> |  | 12 | 8 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)<sup>1,7</sup> |  | 800 | 740 |
| Talen Energy Corp. 7.25% 5/15/2027<sup>7</sup> |  | 205 | 213 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050<sup>7</sup> |  | 3450 | 2188 |
| Tenet Healthcare Corp. 4.875% 1/1/2026<sup>7</sup> |  | 245 | 232 |
| Tenet Healthcare Corp. 6.125% 10/1/2028<sup>7</sup> |  | 25 | 22 |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  | 4600 | 4518 |
| Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 |  | 3710 | 3695 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 110 | 96 |
| State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | 1780 | 1266 |
| Thermo Fisher Scientific, Inc. 4.80% 11/21/2027 |  | 630 | 633 |
| Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/2028<sup>8,9</sup> |  | 245 | 218 |
| T-Mobile US, Inc. 2.40% 3/15/2029 |  | 1079 | 913 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030 |  | 453 | 412 |
| TransDigm, Inc. 6.25% 3/15/2026<sup>7</sup> |  | 65 | 64 |
| TransDigm, Inc. 5.50% 11/15/2027 |  | 35 | 33 |
| TransDigm, Inc. 4.875% 5/1/2029 |  | 80 | 70 |
| Transocean Guardian, Ltd. 5.875% 1/15/2024<sup>7</sup> |  | 10 | 10 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027<sup>7</sup> |  | 66 | 64 |
| Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>6,7</sup> |  | 100 | 88 |
| Triumph Group, Inc. 6.25% 9/15/2024<sup>7</sup> |  | 35 | 33 |
| U.S. Treasury 0.125% 1/31/2023 |  | 12320 | 12282 |
| U.S. Treasury 2.625% 2/28/2023 |  | 6900 | 6882 |
| U.S. Treasury 1.875% 8/31/2024 |  | 4515 | 4320 |
| U.S. Treasury 3.25% 8/31/2024 |  | 1065 | 1043 |
| U.S. Treasury 0.25% 8/31/2025 |  | 20534 | 18475 |
| U.S. Treasury 2.875% 11/30/2025 |  | 5400 | 5198 |
| U.S. Treasury 4.00% 12/15/2025 |  | 1992 | 1980 |
| U.S. Treasury 0.375% 1/31/2026 |  | 14610 | 13004 |
| U.S. Treasury 0.75% 8/31/2026 |  | 4361 | 3862 |
| U.S. Treasury 0.875% 9/30/2026 |  | 11098 | 9858 |
| U.S. Treasury 1.125% 10/31/2026 |  | 1698 | 1519 |
| U.S. Treasury 2.50% 3/31/2027 |  | 9560 | 8975 |
| U.S. Treasury 3.875% 11/30/2027 |  | 105639 | 105067 |
| U.S. Treasury 1.625% 8/15/2029 |  | 10760 | 9336 |
| U.S. Treasury 1.375% 11/15/2031<sup>12</sup> |  | 25783 | 20999 |

---

American Funds Insurance Series 219

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| U.S. Treasury 1.875% 2/15/2032 | USD | 2000 | $1696 |
| U.S. Treasury 4.125% 11/15/2032 |  | 1169 | 1192 |
| U.S. Treasury 1.125% 5/15/2040 |  | 9170 | 5754 |
| U.S. Treasury 1.875% 2/15/2041<sup>12</sup> |  | 18740 | 13274 |
| U.S. Treasury 1.75% 8/15/2041 |  | 6050 | 4151 |
| U.S. Treasury 2.375% 2/15/2042 |  | 2872 | 2195 |
| U.S. Treasury 3.00% 8/15/2048 |  | 5045 | 4164 |
| U.S. Treasury 2.00% 8/15/2051 |  | 5755 | 3788 |
| U.S. Treasury 3.00% 8/15/2052<sup>12</sup> |  | 29749 | 24666 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>4</sup> |  | 3239 | 2089 |
| UBS Group AG 1.008% 7/30/2024 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 7/30/2023)<sup>1,7</sup> |  | 1950 | 1897 |
| UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)<sup>1,7</sup> |  | 2265 | 2228 |
| UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/2027<sup>8,9</sup> |  | 75 | 69 |
| Ukraine 7.75% 9/1/2024<sup>3</sup> |  | 6210 | 1544 |
| Ukraine 7.75% 9/1/2026<sup>3</sup> |  | 1570 | 338 |
| Ukraine 6.876% 5/21/2031<sup>3</sup> |  | 1269 | 244 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>5,11</sup> |  | 2100 | 2070 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>5,11</sup> |  | 10300 | 10329 |
| Unisys Corp. 6.875% 11/1/2027<sup>7</sup> |  | 35 | 27 |
| United Natural Foods, Inc. 6.75% 10/15/2028<sup>7</sup> |  | 235 | 226 |
| United Rentals, Inc. 4.875% 1/15/2028 |  | 30 | 29 |
| United Rentals, Inc. 6.00% 12/15/2029<sup>7</sup> |  | 315 | 314 |
| Univision Communications, Inc. 4.50% 5/1/2029<sup>7</sup> |  | 240 | 201 |
| Univision Communications, Inc. 7.375% 6/30/2030<sup>7</sup> |  | 145 | 139 |
| US Foods, Inc. 4.625% 6/1/2030<sup>7</sup> |  | 35 | 31 |
| Vail Resorts, Inc. 6.25% 5/15/2025<sup>7</sup> |  | 120 | 120 |
| Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025<sup>7</sup> |  | 75 | 64 |
| Valvoline, Inc. 3.625% 6/15/2031<sup>7</sup> |  | 85 | 70 |
| Venator Finance SARL 9.50% 7/1/2025<sup>7</sup> |  | 185 | 134 |
| Venator Finance SARL 5.75% 7/15/2025<sup>7</sup> |  | 140 | 48 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029<sup>7</sup> |  | 35 | 31 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031<sup>7</sup> |  | 125 | 107 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033<sup>7</sup> |  | 65 | 53 |
| Verizon Communications, Inc. 3.15% 3/22/2030 |  | 575 | 508 |
| Verizon Communications, Inc. 2.55% 3/21/2031 |  | 2100 | 1732 |
| VICI Properties, LP 4.375% 5/15/2025 |  | 1563 | 1520 |
| VICI Properties, LP 4.625% 12/1/2029<sup>7</sup> |  | 15 | 14 |
| VICI Properties, LP 4.125% 8/15/2030<sup>7</sup> |  | 420 | 368 |
| VZ Secured Financing BV 5.00% 1/15/2032<sup>7</sup> |  | 200 | 163 |
| W. R. Grace Holdings, LLC 5.625% 8/15/2029<sup>7</sup> |  | 20 | 16 |
| Warner Music Group 3.75% 12/1/2029<sup>7</sup> |  | 125 | 108 |
| Warner Music Group 3.875% 7/15/2030<sup>7</sup> |  | 135 | 117 |
| Warner Music Group 3.00% 2/15/2031<sup>7</sup> |  | 80 | 64 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>7</sup> |  | 917 | 758 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>7</sup> |  | 1928 | 1482 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028<sup>7</sup> |  | 140 | 138 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026<sup>7</sup> |  | 320 | 302 |
| WEA Finance, LLC 3.75% 9/17/2024<sup>7</sup> |  | 535 | 506 |
| Weatherford International, Ltd. 11.00% 12/1/2024<sup>7</sup> |  | 5 | 5 |
| Weatherford International, Ltd. 6.50% 9/15/2028<sup>7</sup> |  | 65 | 64 |
| Weatherford International, Ltd. 8.625% 4/30/2030<sup>7</sup> |  | 65 | 63 |
| Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>1</sup> |  | 5788 | 5370 |
| Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>1</sup> |  | 1600 | 1363 |
| WESCO Distribution, Inc. 7.125% 6/15/2025<sup>7</sup> |  | 180 | 183 |
| WESCO Distribution, Inc. 7.25% 6/15/2028<sup>7</sup> |  | 245 | 249 |
| Western Global Airlines, LLC 10.375% 8/15/2025<sup>7</sup> |  | 15 | 11 |
| Western Midstream Operating, LP 3.35% 2/1/2025<sup>1</sup> |  | 85 | 81 |
| Western Midstream Operating, LP 4.75% 8/15/2028 |  | 65 | 59 |
| Western Midstream Operating, LP 5.50% 2/1/2050<sup>1</sup> |  | 25 | 21 |

---

220 American Funds Insurance Series

Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)<sup>1</sup> | USD | 1250 | $1147 |
| WeWork Companies, LLC 5.00% 7/10/2025<sup>7</sup> |  | 50 | 17 |
| Wyndham Destinations, Inc. 6.625% 7/31/2026<sup>7</sup> |  | 65 | 64 |
| Wynn Las Vegas, LLC 4.25% 5/30/2023<sup>7</sup> |  | 38 | 38 |
| Wynn Resorts Finance, LLC 7.75% 4/15/2025<sup>7</sup> |  | 180 | 179 |
| Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 9.884% 9/1/2027<sup>8,9</sup> |  | 110 | 100 |
| Ziggo Bond Co. BV 5.125% 2/28/2030<sup>7</sup> |  | 200 | 162 |
| Ziggo Bond Finance BV 4.875% 1/15/2030<sup>7</sup> |  | 300 | 252 |
|  |  |  | **669959** |
| **Total bonds, notes & other debt instruments** (cost: $1,515,444,000) |  |  | **1337877** |

---

---

| | | |
|:---|:---|:---|
| **Investment funds 3.29%** | Shares |  |
| **U.S. dollars 3.29%** |  |  |
| Capital Group Central Corporate Bond Fund<sup>13</sup> | **5972524** | **48676** |
| **Total investment funds** (cost: $47,079,000) |  | **48676** |
| **Preferred securities 0.00%** |  |  |
| **U.S. dollars 0.00%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares<sup>6,7,14</sup> | **48** | **20** |
| **Total preferred securities** (cost: $49,000) |  | **20** |
| **Common stocks 0.01%** |  |  |
| **U.S. dollars 0.01%** |  |  |
| Constellation Oil Services Holding SA, Class B-1<sup>6,14</sup> | 1214969 | 134 |
| Bighorn Permian Resources, LLC<sup>6</sup> | 531 | —<sup>15</sup> |
| **Total common stocks** (cost: $0) |  | **134** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-term securities 6.79%** | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Commercial paper 6.78%** |  |  |  |  |
| DNB Bank ASA 3/2/2023<sup>7</sup> | 4.273% | USD | 35000 | 34740 |
| NRW.Bank 2/6/2023<sup>7</sup> | 4.192 |  | 31100 | 30957 |
| Oesterreich Kontrollbank 2/21/2023 | 4.245 |  | 35000 | 34773 |
|  |  |  |  | **100470** |
|  |  |  | Shares |  |
| **Money market investments 0.01%** |  |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>13,16</sup> |  |  | **1674** | **167** |
| **Total short-term securities** (cost: $100,664,000) |  |  |  | **100637** |
| **Total investment securities 100.37%** (cost: $1,663,236,000) |  |  |  | **1487344** |
| Other assets less liabilities (0.37)% |  |  |  | (5450) |
| **Net assets 100.00%** |  |  |  | $1481894 |

---

American Funds Insurance Series 221

Capital World Bond Fund (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 2 Year Euro-Schatz Futures | Long | 60 | March 2023 | USD | 6771 | $(87) |
| 2 Year U.S. Treasury Note Futures | Long | 130 | March 2023 |  | 26660 | 31 |
| 5 Year Euro-Bobl Futures | Long | 236 | March 2023 |  | 29242 | (987) |
| 5 Year U.S. Treasury Note Futures | Long | 1196 | March 2023 |  | 129084 | (139) |
| 10 Year Euro-Bund Futures | Long | 95 | March 2023 |  | 13518 | (880) |
| 10 Year Italy Government Bond Futures | Long | 71 | March 2023 |  | 8278 | (663) |
| 10 Year Japanese Government Bond Futures | Long | 9 | March 2023 |  | 9975 | (41) |
| 10 Year U.S. Treasury Note Futures | Long | 328 | March 2023 |  | 36833 | (201) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 175 | March 2023 |  | (20699) | 123 |
| 10 Year UK Gilt Futures | Short | 44 | March 2023 |  | (5314) | 335 |
| 20 Year U.S. Treasury Bond Futures | Long | 65 | March 2023 |  | 8147 | (131) |
| 30 Year Euro-Buxl Futures | Long | 57 | March 2023 |  | 8252 | (1530) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 170 | March 2023 |  | (22833) | 183 |
|  |  |  |  |  |  | $(3987) |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)**<br> **at 12/31/2022<br> (000)** |
| KRW | 8431290 | USD | 6478 | Bank of America | 1/9/2023 | $219 |
| HUF | 1284310 | EUR | 3067 | UBS AG | 1/10/2023 | 145 |
| PLN | 20540 | EUR | 4330 | HSBC Bank | 1/10/2023 | 45 |
| DKK | 17400 | USD | 2465 | UBS AG | 1/10/2023 | 42 |
| PLN | 3330 | USD | 739 | UBS AG | 1/10/2023 | 20 |
| SEK | 23400 | USD | 2256 | UBS AG | 1/10/2023 | (12) |
| USD | 6519 | AUD | 9680 | HSBC Bank | 1/10/2023 | (75) |
| USD | 2058 | HUF | 818090 | UBS AG | 1/10/2023 | (127) |
| EUR | 6800 | USD | 7143 | Bank of America | 1/11/2023 | 142 |
| CNH | 154697 | USD | 22271 | Citibank | 1/11/2023 | 105 |
| USD | 1405 | EUR | 1320 | Bank of America | 1/11/2023 | (9) |
| USD | 2019 | EUR | 1900 | Bank of America | 1/11/2023 | (17) |
| SEK | 22100 | USD | 2141 | Bank of America | 1/11/2023 | (22) |
| NZD | 1070 | USD | 682 | Morgan Stanley | 1/12/2023 | (2) |
| JPY | 2083770 | USD | 15470 | Bank of America | 1/13/2023 | 438 |
| CNH | 146490 | USD | 21104 | JPMorgan Chase | 1/13/2023 | 89 |
| USD | 4476 | GBP | 3660 | Morgan Stanley | 1/13/2023 | 50 |
| PLN | 18110 | EUR | 3807 | UBS AG | 1/13/2023 | 50 |
| CHF | 2790 | USD | 2985 | UBS AG | 1/13/2023 | 37 |
| USD | 3682 | CAD | 4970 | Standard Chartered Bank | 1/13/2023 | 11 |
| EUR | 9477 | DKK | 70470 | BNP Paribas | 1/13/2023 | (1) |
| USD | 807 | NOK | 7930 | UBS AG | 1/13/2023 | (3) |
| USD | 19831 | MXN | 394043 | UBS AG | 1/13/2023 | (336) |
| EUR | 6752 | PLN | 31970 | HSBC Bank | 1/17/2023 | (48) |
| JPY | 6231228 | USD | 45941 | Standard Chartered Bank | 1/20/2023 | 1678 |
| JPY | 3696640 | USD | 27194 | Standard Chartered Bank | 1/20/2023 | 1056 |
| USD | 5044 | HUF | 1807090 | Bank of America | 1/20/2023 | 232 |
| JPY | 573812 | AUD | 6280 | HSBC Bank | 1/20/2023 | 105 |
| CAD | 16753 | USD | 12310 | Bank of America | 1/20/2023 | 64 |
| CZK | 124020 | USD | 5572 | Goldman Sachs | 1/20/2023 | (92) |
| USD | 14203 | DKK | 100190 | Bank of America | 1/20/2023 | (244) |

---

222 American Funds Insurance Series

Capital World Bond Fund (continued)

**Forward currency contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract amount** | **Contract amount** | **Contract amount** | **Contract amount** | | | |
| **Currency purchased<br> (000)** | **Currency purchased<br> (000)** | **Currency sold<br> (000)** | **Currency sold<br> (000)** | <br>**Counterparty** | <br>**Settlement<br> date** | **Unrealized<br> appreciation**<br>**(depreciation)<br> at 12/31/2022<br> (000)** |
| USD | 5215 | CZK | 124020 | Morgan Stanley | 1/20/2023 | $(266) |
| HUF | 1807090 | USD | 5519 | Bank of America | 1/20/2023 | (706) |
| EUR | 23500 | USD | 24897 | Bank of America | 1/23/2023 | 303 |
| USD | 2087 | COP | 10038860 | Morgan Stanley | 1/23/2023 | 26 |
| CZK | 47290 | EUR | 1935 | UBS AG | 1/23/2023 | 14 |
| COP | 3594590 | USD | 753 | Bank of America | 1/23/2023 | (15) |
| USD | 10027 | EUR | 9480 | BNP Paribas | 1/23/2023 | (139) |
| THB | 84660 | USD | 2468 | Standard Chartered Bank | 1/26/2023 | (8) |
| JPY | 833790 | USD | 5779 | Standard Chartered Bank | 1/27/2023 | 599 |
| JPY | 1210240 | USD | 8936 | BNP Paribas | 1/27/2023 | 322 |
| JPY | 419350 | USD | 2897 | UBS AG | 1/27/2023 | 310 |
| JPY | 559100 | USD | 4149 | Goldman Sachs | 1/27/2023 | 128 |
| PLN | 24520 | USD | 5913 | BNP Paribas | 2/2/2023 | (333) |
| KRW | 2855970 | USD | 2161 | Standard Chartered Bank | 2/28/2023 | 110 |
| EUR | 14020 | USD | 14746 | Bank of America | 3/6/2023 | 330 |
| CNH | 64940 | USD | 9270 | Standard Chartered Bank | 3/6/2023 | 162 |
| JPY | 417300 | USD | 3097 | BNP Paribas | 3/6/2023 | 111 |
| KRW | 2388130 | USD | 1834 | HSBC Bank | 3/6/2023 | 65 |
|  |  |  |  |  |  | $4553 |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | **Notional** | **Notional** | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **amount<br> (000)** | **amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid<br> (000)** | **Unrealized<br> depreciation**<br>**at 12/31/2022<br> (000)** |
| 1.2475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | NZD | 4428 | $(70) | $— | $(70) |
| 1.234974% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 |  | 37736 | (600) |  | (600) |
| 1.2375% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/26/2023 |  | 13908 | (231) |  | (231) |
| 1.264% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/27/2023 |  | 34764 | (572) |  | (572) |
| 1.26% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/30/2023 |  | 5734 | (95) |  | (95) |
| 1.28% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/31/2023 |  | 5734 | (95) |  | (95) |
| 1.30% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/3/2023 |  | 6295 | (106) |  | (106) |
| 1.4975% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/21/2023 |  | 11830 | (206) |  | (206) |
| 1.445% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/28/2023 |  | 11817 | (215) |  | (215) |
| 1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/29/2023 |  | 12043 | (220) |  | (220) |
| 1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/30/2023 |  | 12093 | (221) |  | (221) |
| 1.5125% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 |  | 10675 | (203) |  | (203) |
| 1.53% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 |  | 12176 | (230) |  | (230) |
| 1.5625% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/15/2023 |  | 12163 | (228) |  | (228) |
| 1.59% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/18/2023 |  | 12163 | (228) |  | (228) |
| 1.62% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/19/2023 |  | 13521 | (252) |  | (252) |
| 2.2525% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 |  | 17111 | (283) |  | (283) |
| 2.24% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 |  | 17111 | (284) |  | (284) |
| 2.20% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/9/2023 |  | 1440 | (24) |  | (24) |
| 2.495% | Annual | SONIA | Annual | 5/5/2024 | GBP | 7210 | (183) |  | (183) |
| 2.42% | Annual | SONIA | Annual | 5/5/2024 |  | 42400 | (1114) |  | (1114) |
| 2.363% | Annual | SONIA | Annual | 5/11/2024 |  | 40870 | (1101) |  | (1101) |
| 2.628% | Annual | SONIA | Annual | 7/28/2024 |  | 40530 | (1386) |  | (1386) |
| SONIA | Annual | 5.6325% | Annual | 9/25/2024 |  | 41140 | (468) |  | (468) |
| 6.255% | 28-day | 28-day MXN-TIIE | 28-day | 5/22/2026 | MXN | 47800 | (198) |  | (198) |

---

American Funds Insurance Series 223

Capital World Bond Fund (continued)

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | **Notional** | **Notional** | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **amount<br> (000)** | **amount<br> (000)** | **Value at**<br>**12/31/2022<br> (000)** | **Upfront<br> premium**<br>**paid<br> (000)** | **Unrealized<br> depreciation**<br>**at 12/31/2022<br> (000)** |
| 6.19% | 28-day | 28-day MXN-TIIE | 28-day | 5/22/2026 | MXN | 48400 | $(205) | $— | $(205) |
| 6.16% | 28-day | 28-day MXN-TIIE | 28-day | 6/9/2026 |  | 58800 | (253) | —<sup>15</sup> | (253) |
| 6.5375% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 |  | 14000 | (52) |  | (52) |
| 6.50% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 |  | 13900 | (53) |  | (53) |
| 6.47% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 |  | 14200 | (55) |  | (55) |
| 6.55% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 |  | 43000 | (160) | —<sup>15</sup> | (160) |
| 6.55% | 28-day | 28-day MXN-TIIE | 28-day | 6/18/2026 |  | 14100 | (53) |  | (53) |
| 6.50% | 28-day | 28-day MXN-TIIE | 28-day | 6/18/2026 |  | 27800 | (106) |  | (106) |
| 6.64% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 62600 | (226) |  | (226) |
| 6.633% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 |  | 172500 | (623) |  | (623) |
| 7.59% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 28900 | (64) |  | (64) |
| 7.62% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 |  | 43375 | (94) |  | (94) |
| 7.52% | 28-day | 28-day MXN-TIIE | 28-day | 10/30/2026 |  | 89445 | (209) |  | (209) |
|  |  |  |  |  |  |  | $(10966) | $—<sup>15</sup> | $(10966) |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value at<br> 12/31/2022<br> (000)** | **Value at<br> 12/31/2022<br> (000)** | **Upfront<br> premium<br> paid<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| CDX.EM.38 | 1.00% | Quarterly | 12/20/2027 |  | USD5,650 |  | $331 | $350 | $(19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — sell protection** |
| **Financing<br> rate received** | **Payment<br> frequency** | **Reference<br> index** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** **<sup>17</sup>**  | **Value at<br> 12/31/2022<br> (000)** | **Value at<br> 12/31/2022<br> (000)** **<sup>18</sup>**  | **Upfront<br> premium<br> (received)<br> paid<br> (000)** | **Unrealized<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5.00% | Quarterly | CDX.NA.HY.39 | 12/20/2027 |  | USD19,138 |  | $118 | $(134) | $252 |
| 1.00% | Quarterly | CDX.NA.IG.39 | 12/20/2027 |  | 97747 |  | 781 | 547 | 234 |
|  |  |  |  |  |  |  | $899 | $413 | $486 |

---

**Investments in affiliates<sup>13</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized gain<br> (000)** | **Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Investment funds 3.29%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $— | $47078 | $— | $— | $1598 | $48676 | $306 |
| **Short-term securities 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>16</sup> | 144080 | 923691 | 1067610 | 17 | (11) | 167 | 2751 |
| &nbsp;&nbsp;&nbsp;**Total 3.30%** |  |  |  | $17 | $1587 | $48843 | $3057 |

---

224 American Funds Insurance Series

Capital World Bond Fund (continued)

**Restricted securities<sup>2</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition<br> date** | **Cost<br> (000)** | **Value<br> (000)** | **Percent<br> of net<br> assets** |
| Goldman Sachs Group, Inc. 3.375% 3/27/2025 | 5/19/2020 | $5689 | $5327 | .36% |
| Goldman Sachs Group, Inc. 1.00% 3/18/2033 | 5/19/2021 | 3239 | 2091 | .14 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)<sup>1</sup> | 5/19/2020 | 6045 | 5177 | .35 |
| JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)<sup>1</sup> | 5/19/2020 | 3381 | 2944 | .20 |
| **Total** |  | $18354 | $15539 | 1.05% |

---

<sup>1</sup> Step bond; coupon rate may change at a later date.

<sup>2</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $15,539,000, which represented 1.05% of the net assets of the fund.

<sup>3</sup> Scheduled interest and/or principal payment was not received.

<sup>4</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>5</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>6</sup> Value determined using significant unobservable inputs.

<sup>7</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,829,000, which represented 11.26% of the net assets of the fund.

<sup>8</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,760,000, which represented .12% of the net assets of the fund.

<sup>9</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>10</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>11</sup> Purchased on a TBA basis.

<sup>12</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $12,515,000, which represented .84% of the net assets of the fund.

<sup>13</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>14</sup> Security did not produce income during the last 12 months.

<sup>15</sup> Amount less than one thousand.

<sup>16</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>17</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>18</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

**Key to abbreviations**

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DAC = Designated Activity Company

DKK = Danish kroner

DOP = Dominican pesos

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

NZD = New Zealand dollars

PIK = Payment In Kind

PLN = Polish zloty

Ref. = Refunding

Rev. = Revenue

RON = Romanian leu

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

UAH = Ukrainian hryvnia

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series 225

American High-Income Trust

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 88.59%** | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans 88.51%** |  |  |  |
| **Energy 14.19%** |  |  |  |
| Aethon United BR, LP / Aethon United Finance Corp. 8.25% 2/15/2026<sup>1</sup> | USD | 295 | $293 |
| Altera Infrastructure, LP 8.50% 7/15/2023<sup>1,2,3</sup> |  | 2009 | 375 |
| Antero Midstream Partners, LP 5.375% 6/15/2029<sup>1</sup> |  | 570 | 522 |
| Antero Resources Corp. 7.625% 2/1/2029<sup>1</sup> |  | 244 | 246 |
| Antero Resources Corp. 5.375% 3/1/2030<sup>1</sup> |  | 230 | 214 |
| Apache Corp. 6.00% 1/15/2037 |  | 165 | 153 |
| Apache Corp. 5.10% 9/1/2040 |  | 695 | 578 |
| Apache Corp. 4.75% 4/15/2043 |  | 265 | 200 |
| Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 11/1/2025<sup>1,4,5</sup> |  | 228 | 242 |
| Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026<sup>1</sup> |  | 2040 | 1982 |
| Ascent Resources Utica Holdings, LLC 9.00% 11/1/2027<sup>1</sup> |  | 170 | 210 |
| Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028<sup>1</sup> |  | 271 | 266 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029<sup>1</sup> |  | 1245 | 1112 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031<sup>1</sup> |  | 1610 | 1409 |
| Blue Racer Midstream, LLC 7.625% 12/15/2025<sup>1</sup> |  | 496 | 493 |
| Bonanza Creek Energy, Inc. 5.00% 10/15/2026<sup>1</sup> |  | 905 | 829 |
| California Resources Corp. 7.125% 2/1/2026<sup>1</sup> |  | 390 | 375 |
| Callon Petroleum Co. 7.50% 6/15/2030<sup>1</sup> |  | 515 | 472 |
| Centennial Resource Production, LLC 6.875% 4/1/2027<sup>1</sup> |  | 440 | 416 |
| Cheniere Energy Partners, LP 4.50% 10/1/2029 |  | 938 | 846 |
| Cheniere Energy Partners, LP 4.00% 3/1/2031 |  | 413 | 352 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032 |  | 615 | 490 |
| Cheniere Energy, Inc. 4.625% 10/15/2028 |  | 3831 | 3470 |
| Chesapeake Energy Corp. 4.875% 4/15/2022<sup>2</sup> |  | 4300 | 97 |
| Chesapeake Energy Corp. 5.50% 2/1/2026<sup>1</sup> |  | 1000 | 966 |
| Chesapeake Energy Corp. 5.875% 2/1/2029<sup>1</sup> |  | 1670 | 1585 |
| Chesapeake Energy Corp. 6.75% 4/15/2029<sup>1</sup> |  | 380 | 371 |
| CNX Midstream Partners, LP 4.75% 4/15/2030<sup>1</sup> |  | 280 | 230 |
| CNX Resources Corp. 7.25% 3/14/2027<sup>1</sup> |  | 1168 | 1161 |
| CNX Resources Corp. 6.00% 1/15/2029<sup>1</sup> |  | 1669 | 1538 |
| CNX Resources Corp. 7.375% 1/15/2031<sup>1</sup> |  | 856 | 822 |
| Comstock Resources, Inc. 6.75% 3/1/2029<sup>1</sup> |  | 910 | 823 |
| Comstock Resources, Inc. 5.875% 1/15/2030<sup>1</sup> |  | 770 | 663 |
| Constellation Oil Services Holding SA 4.00% PIK 12/31/2026<sup>6</sup> |  | 3114 | 1843 |
| Continental Resources, Inc. 5.75% 1/15/2031<sup>1</sup> |  | 365 | 341 |
| Crestwood Midstream Partners, LP 5.75% 4/1/2025 |  | 250 | 244 |
| Crestwood Midstream Partners, LP 5.625% 5/1/2027<sup>1</sup> |  | 290 | 270 |
| Crestwood Midstream Partners, LP 6.00% 2/1/2029<sup>1</sup> |  | 575 | 528 |
| Crestwood Midstream Partners, LP 8.00% 4/1/2029<sup>1</sup> |  | 1675 | 1669 |
| Devon Energy Corp. 5.875% 6/15/2028 |  | 202 | 205 |
| Devon Energy Corp. 4.50% 1/15/2030 |  | 493 | 460 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>1,5,6</sup> |  | 68 | 65 |
| Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>6</sup> |  | 62 | 58 |
| DT Midstream, Inc. 4.125% 6/15/2029<sup>1</sup> |  | 1503 | 1294 |
| DT Midstream, Inc. 4.375% 6/15/2031<sup>1</sup> |  | 832 | 699 |
| Energean Israel Finance, Ltd. 4.50% 3/30/2024<sup>1</sup> |  | 945 | 914 |
| Energean Israel Finance, Ltd. 4.875% 3/30/2026<sup>1</sup> |  | 1080 | 1002 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031<sup>1</sup> |  | 80 | 70 |
| Energean PLC 6.50% 4/30/2027<sup>1</sup> |  | 380 | 354 |
| EnLink Midstream Partners, LLC 5.625% 1/15/2028<sup>1</sup> |  | 445 | 425 |
| EQM Midstream Partners, LP 4.125% 12/1/2026 |  | 127 | 113 |
| EQM Midstream Partners, LP 7.50% 6/1/2027<sup>1</sup> |  | 405 | 397 |
| EQM Midstream Partners, LP 6.50% 7/1/2027<sup>1</sup> |  | 2345 | 2245 |
| EQM Midstream Partners, LP 5.50% 7/15/2028 |  | 881 | 789 |
| EQM Midstream Partners, LP 4.50% 1/15/2029<sup>1</sup> |  | 835 | 703 |
| EQM Midstream Partners, LP 7.50% 6/1/2030<sup>1</sup> |  | 1078 | 1040 |
| EQM Midstream Partners, LP 4.75% 1/15/2031<sup>1</sup> |  | 1645 | 1348 |
| EQM Midstream Partners, LP 6.50% 7/15/2048 |  | 910 | 684 |
| EQT Corp. 6.125% 2/1/2025<sup>7</sup> |  | 250 | 251 |
| EQT Corp. 5.00% 1/15/2029 |  | 290 | 273 |

---

226 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| EQT Corp. 7.25% 2/1/2030<sup>7</sup> | USD | 300 | $312 |
| EQT Corp. 3.625% 5/15/2031<sup>1</sup> |  | 500 | 424 |
| Genesis Energy, LP 5.625% 6/15/2024 |  | 120 | 116 |
| Genesis Energy, LP 6.50% 10/1/2025 |  | 1886 | 1805 |
| Genesis Energy, LP 6.25% 5/15/2026 |  | 320 | 293 |
| Genesis Energy, LP 8.00% 1/15/2027 |  | 2825 | 2672 |
| Genesis Energy, LP 7.75% 2/1/2028 |  | 87 | 80 |
| Harbour Energy PLC 5.50% 10/15/2026<sup>1</sup> |  | 1545 | 1387 |
| Harvest Midstream I, LP 7.50% 9/1/2028<sup>1</sup> |  | 1947 | 1863 |
| Hess Midstream Operations, LP 4.25% 2/15/2030<sup>1</sup> |  | 1300 | 1113 |
| Hess Midstream Operations, LP 5.50% 10/15/2030<sup>1</sup> |  | 630 | 577 |
| Hess Midstream Partners, LP 5.125% 6/15/2028<sup>1</sup> |  | 851 | 788 |
| Hilcorp Energy I, LP 6.25% 11/1/2028<sup>1</sup> |  | 145 | 132 |
| Hilcorp Energy I, LP 5.75% 2/1/2029<sup>1</sup> |  | 985 | 878 |
| Hilcorp Energy I, LP 6.00% 4/15/2030<sup>1</sup> |  | 922 | 821 |
| Hilcorp Energy I, LP 6.00% 2/1/2031<sup>1</sup> |  | 728 | 631 |
| Hilcorp Energy I, LP 6.25% 4/15/2032<sup>1</sup> |  | 835 | 722 |
| Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/2027<sup>1</sup> |  | 220 | 216 |
| Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00% 2/1/2028<sup>1</sup> |  | 260 | 237 |
| Howard Midstream Energy Partners, LLC 6.75% 1/15/2027<sup>1</sup> |  | 460 | 442 |
| Independence Energy Finance, LLC 7.25% 5/1/2026<sup>1</sup> |  | 500 | 472 |
| Kinetik Holdings, LP 5.875% 6/15/2030<sup>1</sup> |  | 500 | 470 |
| Murphy Oil Corp. 5.75% 8/15/2025 |  | 139 | 137 |
| Murphy Oil Corp. 5.625% 5/1/2027 |  | 135 | 131 |
| Murphy Oil Corp. 6.375% 7/15/2028 |  | 415 | 400 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029 |  | 820 | 752 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031<sup>1</sup> |  | 1065 | 878 |
| Nabors Industries, Inc. 7.375% 5/15/2027<sup>1</sup> |  | 1540 | 1494 |
| Nabors Industries, Ltd. 7.25% 1/15/2026<sup>1</sup> |  | 320 | 302 |
| Neptune Energy Group Holdings, Ltd. 6.625% 5/15/2025<sup>1</sup> |  | 1250 | 1216 |
| New Fortress Energy, Inc. 6.75% 9/15/2025<sup>1</sup> |  | 1625 | 1541 |
| New Fortress Energy, Inc. 6.50% 9/30/2026<sup>1</sup> |  | 4175 | 3885 |
| NGL Energy Operating, LLC 7.50% 2/1/2026<sup>1</sup> |  | 8670 | 7735 |
| NGL Energy Partners, LP 6.125% 3/1/2025 |  | 2054 | 1677 |
| NGL Energy Partners, LP 7.50% 4/15/2026 |  | 650 | 498 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028<sup>1</sup> |  | 1805 | 1735 |
| NorthRiver Midstream Finance, LP 5.625% 2/15/2026<sup>1</sup> |  | 625 | 593 |
| NuStar Logistics, LP 6.00% 6/1/2026 |  | 286 | 276 |
| Oasis Petroleum, Inc. 6.375% 6/1/2026<sup>1</sup> |  | 995 | 970 |
| Occidental Petroleum Corp. 5.875% 9/1/2025 |  | 710 | 709 |
| Occidental Petroleum Corp. 6.375% 9/1/2028 |  | 225 | 227 |
| Occidental Petroleum Corp. 8.875% 7/15/2030 |  | 650 | 735 |
| Occidental Petroleum Corp. 6.625% 9/1/2030 |  | 990 | 1025 |
| Occidental Petroleum Corp. 6.125% 1/1/2031 |  | 640 | 647 |
| Occidental Petroleum Corp. 6.45% 9/15/2036 |  | 125 | 128 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 |  | 605 | 624 |
| Occidental Petroleum Corp. 4.20% 3/15/2048 |  | 165 | 127 |
| Parkland Corp. 4.625% 5/1/2030<sup>1</sup> |  | 835 | 692 |
| Patterson-UTI Energy, Inc. 5.15% 11/15/2029 |  | 80 | 72 |
| PDC Energy, Inc. 5.75% 5/15/2026 |  | 600 | 574 |
| Petrobras Global Finance Co. 6.75% 6/3/2050 |  | 288 | 252 |
| Petrobras Global Finance Co. 5.50% 6/10/2051 |  | 202 | 155 |
| Petróleos Mexicanos 6.875% 10/16/2025 |  | 350 | 343 |
| Petróleos Mexicanos 8.75% 6/2/2029 |  | 732 | 687 |
| Petrorio Luxembourg SARL 6.125% 6/9/2026<sup>1</sup> |  | 320 | 305 |
| Range Resources Corp. 4.875% 5/15/2025 |  | 362 | 344 |
| Range Resources Corp. 8.25% 1/15/2029 |  | 900 | 929 |
| Range Resources Corp. 4.75% 2/15/2030<sup>1</sup> |  | 970 | 856 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029<sup>1</sup> |  | 550 | 495 |
| Sabine Pass Liquefaction, LLC 4.50% 5/15/2030 |  | 371 | 345 |
| Sanchez Energy Corp. 7.25% 2/15/2023<sup>1,2</sup> |  | 739 | 12 |

---

American Funds Insurance Series 227

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| SM Energy Co. 5.625% 6/1/2025 | USD | 430 | $413 |
| Southwestern Energy Co. 5.95% 1/23/2025<sup>7</sup> |  | 215 | 212 |
| Southwestern Energy Co. 7.75% 10/1/2027 |  | 272 | 278 |
| Southwestern Energy Co. 8.375% 9/15/2028 |  | 565 | 584 |
| Southwestern Energy Co. 5.375% 2/1/2029 |  | 340 | 316 |
| Southwestern Energy Co. 5.375% 3/15/2030 |  | 2470 | 2257 |
| Southwestern Energy Co. 4.75% 2/1/2032 |  | 1225 | 1049 |
| Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 6/1/2031<sup>1</sup> |  | 335 | 285 |
| Sunoco, LP 6.00% 4/15/2027 |  | 547 | 540 |
| Sunoco, LP 5.875% 3/15/2028 |  | 290 | 275 |
| Sunoco, LP 4.50% 5/15/2029 |  | 1735 | 1520 |
| Sunoco, LP 4.50% 4/30/2030 |  | 1680 | 1461 |
| Tallgrass Energy Partners, LP 7.50% 10/1/2025<sup>1</sup> |  | 85 | 86 |
| Targa Resources Partners, LP 6.50% 7/15/2027 |  | 133 | 134 |
| Targa Resources Partners, LP 6.875% 1/15/2029 |  | 915 | 924 |
| Targa Resources Partners, LP 5.50% 3/1/2030 |  | 802 | 756 |
| Targa Resources Partners, LP 4.875% 2/1/2031 |  | 695 | 629 |
| Transocean Guardian, Ltd. 5.875% 1/15/2024<sup>1</sup> |  | 92 | 90 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027<sup>1</sup> |  | 337 | 328 |
| Transocean, Inc. 6.125% 8/1/2025<sup>1</sup> |  | 178 | 174 |
| Transocean, Inc. 7.25% 11/1/2025<sup>1</sup> |  | 500 | 443 |
| Transocean, Inc. 11.50% 1/30/2027<sup>1</sup> |  | 95 | 95 |
| Transocean, Inc. 6.80% 3/15/2038 |  | 300 | 190 |
| USA Compression Partners, LP 6.875% 4/1/2026 |  | 669 | 643 |
| USA Compression Partners, LP 6.875% 9/1/2027 |  | 247 | 231 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031<sup>1</sup> |  | 2795 | 2386 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033<sup>1</sup> |  | 650 | 532 |
| Weatherford International, Ltd. 11.00% 12/1/2024<sup>1</sup> |  | 185 | 189 |
| Weatherford International, Ltd. 6.50% 9/15/2028<sup>1</sup> |  | 2130 | 2091 |
| Weatherford International, Ltd. 8.625% 4/30/2030<sup>1</sup> |  | 3485 | 3353 |
| Western Gas Partners, LP 4.50% 3/1/2028 |  | 979 | 904 |
| Western Midstream Operating, LP 3.35% 2/1/2025<sup>7</sup> |  | 369 | 350 |
| Western Midstream Operating, LP 4.75% 8/15/2028 |  | 160 | 146 |
| Western Midstream Operating, LP 4.30% 2/1/2030<sup>7</sup> |  | 480 | 420 |
| Western Midstream Operating, LP 5.50% 2/1/2050<sup>7</sup> |  | 770 | 636 |
|  |  |  | **117959** |
| **Consumer discretionary 12.43%** |  |  |  |
| Adient Global Holdings, Ltd. 4.875% 8/15/2026<sup>1</sup> |  | 525 | 490 |
| Affinity Gaming 6.875% 12/15/2027<sup>1</sup> |  | 1040 | 883 |
| Allied Universal Holdco, LLC 6.625% 7/15/2026<sup>1</sup> |  | 508 | 466 |
| Allied Universal Holdco, LLC 9.75% 7/15/2027<sup>1</sup> |  | 716 | 624 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028<sup>1</sup> |  | 490 | 406 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029<sup>1</sup> |  | 2790 | 2029 |
| Asbury Automotive Group, Inc. 4.50% 3/1/2028 |  | 250 | 220 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029<sup>1</sup> |  | 1545 | 1304 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032<sup>1</sup> |  | 1070 | 882 |
| Atlas LuxCo 4 SARL 4.625% 6/1/2028<sup>1</sup> |  | 280 | 227 |
| AutoNation, Inc. 2.40% 8/1/2031 |  | 610 | 440 |
| Bath & Body Works, Inc. 6.625% 10/1/2030<sup>1</sup> |  | 540 | 508 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 |  | 1316 | 1172 |
| Bath & Body Works, Inc. 6.75% 7/1/2036 |  | 655 | 577 |
| Beazer Homes USA, Inc. 5.875% 10/15/2027 |  | 540 | 473 |
| Boyd Gaming Corp. 4.75% 12/1/2027 |  | 441 | 411 |
| Boyd Gaming Corp. 4.75% 6/15/2031<sup>1</sup> |  | 345 | 301 |
| Boyne USA, Inc. 4.75% 5/15/2029<sup>1</sup> |  | 570 | 505 |
| Caesars Entertainment, Inc. 6.25% 7/1/2025<sup>1</sup> |  | 1085 | 1056 |
| Caesars Entertainment, Inc. 8.125% 7/1/2027<sup>1</sup> |  | 665 | 655 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029<sup>1</sup> |  | 560 | 457 |
| Caesars Resort Collection, LLC 5.75% 7/1/2025<sup>1</sup> |  | 345 | 338 |

---

228 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Carnival Corp. 10.50% 2/1/2026<sup>1</sup> | USD | 1405 | $1414 |
| Carnival Corp. 4.00% 8/1/2028<sup>1</sup> |  | 3000 | 2452 |
| Carnival Corp. 6.00% 5/1/2029<sup>1</sup> |  | 655 | 438 |
| Carnival Corp. 10.50% 6/1/2030<sup>1</sup> |  | 100 | 81 |
| CDI Escrow Issuer, Inc. 5.75% 4/1/2030<sup>1</sup> |  | 615 | 552 |
| CEC Entertainment, Inc. 6.75% 5/1/2026<sup>1</sup> |  | 320 | 298 |
| Dana, Inc. 4.25% 9/1/2030 |  | 200 | 161 |
| Dana, Inc. 4.50% 2/15/2032 |  | 375 | 300 |
| Empire Communities Corp. 7.00% 12/15/2025<sup>1</sup> |  | 475 | 430 |
| Empire Resorts, Inc. 7.75% 11/1/2026<sup>1</sup> |  | 470 | 378 |
| Everi Holdings, Inc. 5.00% 7/15/2029<sup>1</sup> |  | 95 | 82 |
| Fertitta Entertainment, Inc. 4.625% 1/15/2029<sup>1</sup> |  | 1260 | 1068 |
| Fertitta Entertainment, Inc. 6.75% 1/15/2030<sup>1</sup> |  | 4090 | 3307 |
| First Student Bidco, Inc. 4.00% 7/31/2029<sup>1</sup> |  | 2135 | 1769 |
| Ford Motor Co. 5.291% 12/8/2046 |  | 70 | 54 |
| Ford Motor Credit Company, LLC 5.125% 6/16/2025 |  | 2215 | 2134 |
| Ford Motor Credit Company, LLC 3.375% 11/13/2025 |  | 465 | 421 |
| Ford Motor Credit Company, LLC 4.542% 8/1/2026 |  | 1460 | 1348 |
| Ford Motor Credit Company, LLC 2.70% 8/10/2026 |  | 350 | 304 |
| Ford Motor Credit Company, LLC 4.271% 1/9/2027 |  | 525 | 476 |
| Ford Motor Credit Company, LLC 4.95% 5/28/2027 |  | 370 | 346 |
| Ford Motor Credit Company, LLC 4.125% 8/17/2027 |  | 835 | 749 |
| Ford Motor Credit Company, LLC 3.815% 11/2/2027 |  | 880 | 775 |
| Ford Motor Credit Company, LLC 2.90% 2/16/2028 |  | 300 | 248 |
| Ford Motor Credit Company, LLC 5.113% 5/3/2029 |  | 200 | 182 |
| Ford Motor Credit Company, LLC 4.00% 11/13/2030 |  | 570 | 469 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028<sup>1</sup> |  | 615 | 522 |
| Hanesbrands, Inc. 4.625% 5/15/2024<sup>1</sup> |  | 1945 | 1887 |
| Hanesbrands, Inc. 4.875% 5/15/2026<sup>1</sup> |  | 1624 | 1454 |
| Hilton Grand Vacations Borrower 5.00% 6/1/2029<sup>1</sup> |  | 591 | 509 |
| Hilton Worldwide Holdings, Inc. 3.75% 5/1/2029<sup>1</sup> |  | 200 | 173 |
| Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030 |  | 408 | 370 |
| Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031<sup>1</sup> |  | 1520 | 1275 |
| International Game Technology PLC 6.50% 2/15/2025<sup>1</sup> |  | 911 | 918 |
| International Game Technology PLC 4.125% 4/15/2026<sup>1</sup> |  | 915 | 855 |
| International Game Technology PLC 5.25% 1/15/2029<sup>1</sup> |  | 4120 | 3846 |
| Jacobs Entertainment, Inc. 6.75% 2/15/2029<sup>1</sup> |  | 505 | 456 |
| KB Home 6.875% 6/15/2027 |  | 330 | 333 |
| KB Home 7.25% 7/15/2030 |  | 330 | 321 |
| Kontoor Brands, Inc. 4.125% 11/15/2029<sup>1</sup> |  | 370 | 303 |
| Las Vegas Sands Corp. 3.20% 8/8/2024 |  | 400 | 378 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029<sup>1</sup> |  | 2565 | 2057 |
| Levi Strauss & Co. 3.50% 3/1/2031<sup>1</sup> |  | 430 | 342 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027<sup>1</sup> |  | 205 | 186 |
| Lithia Motors, Inc. 4.625% 12/15/2027<sup>1</sup> |  | 270 | 244 |
| Lithia Motors, Inc. 3.875% 6/1/2029<sup>1</sup> |  | 1165 | 959 |
| Lithia Motors, Inc. 4.375% 1/15/2031<sup>1</sup> |  | 830 | 677 |
| LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 2/15/2026<sup>1</sup> |  | 335 | 297 |
| M.D.C. Holdings, Inc. 6.00% 1/15/2043 |  | 573 | 468 |
| Marriott International, Inc. 3.50% 10/15/2032 |  | 470 | 392 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 430 | 329 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029<sup>1</sup> |  | 370 | 307 |
| Mattel, Inc. 3.75% 4/1/2029<sup>1</sup> |  | 490 | 431 |
| Melco International Development, Ltd. 4.875% 6/6/2025<sup>1</sup> |  | 440 | 405 |
| Melco International Development, Ltd. 5.75% 7/21/2028<sup>1</sup> |  | 595 | 498 |
| Melco International Development, Ltd. 5.375% 12/4/2029<sup>1</sup> |  | 1221 | 982 |
| Melco Resorts Finance, Ltd. 5.25% 4/26/2026<sup>1</sup> |  | 300 | 264 |
| Merlin Entertainment 5.75% 6/15/2026<sup>1</sup> |  | 492 | 461 |
| MGM Resorts International 6.00% 3/15/2023 |  | 281 | 281 |
| MGM Resorts International 5.50% 4/15/2027 |  | 401 | 374 |
| Mohegan Gaming & Entertainment 8.00% 2/1/2026<sup>1</sup> |  | 370 | 347 |

---

American Funds Insurance Series 229

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Motel 6 Operating, LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 9.318% 9/9/2026<sup>4,5</sup> | USD | 512 | $506 |
| NCL Corp., Ltd. 3.625% 12/15/2024<sup>1</sup> |  | 300 | 257 |
| NCL Corp., Ltd. 5.875% 3/15/2026<sup>1</sup> |  | 405 | 319 |
| NCL Corp., Ltd. 5.875% 2/15/2027<sup>1</sup> |  | 1510 | 1310 |
| NCL Corp., Ltd. 7.75% 2/15/2029<sup>1</sup> |  | 360 | 271 |
| Neiman Marcus Group, LLC 7.125% 4/1/2026<sup>1</sup> |  | 1650 | 1549 |
| Panther BF Aggregator 2, LP 6.25% 5/15/2026<sup>1</sup> |  | 140 | 137 |
| Panther BF Aggregator 2, LP 8.50% 5/15/2027<sup>1</sup> |  | 455 | 445 |
| Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/2025<sup>1,5</sup> |  | 240 | 65 |
| Party City Holdings, Inc. 8.75% 2/15/2026<sup>1</sup> |  | 7577 | 2197 |
| Party City Holdings, Inc. 6.625% 8/1/2026<sup>1</sup> |  | 500 | 13 |
| Penske Automotive Group, Inc. 3.75% 6/15/2029 |  | 670 | 545 |
| PetSmart, Inc. 4.75% 2/15/2028<sup>1</sup> |  | 710 | 644 |
| PetSmart, Inc. 7.75% 2/15/2029<sup>1</sup> |  | 1190 | 1120 |
| Premier Entertainment Sub, LLC 5.625% 9/1/2029<sup>1</sup> |  | 1065 | 787 |
| Premier Entertainment Sub, LLC 5.875% 9/1/2031<sup>1</sup> |  | 375 | 266 |
| QVC, Inc. 4.85% 4/1/2024 |  | 75 | 70 |
| QVC, Inc. 4.375% 9/1/2028 |  | 121 | 73 |
| Raptor Acquisition Corp. 4.875% 11/1/2026<sup>1</sup> |  | 550 | 489 |
| Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029<sup>1</sup> |  | 480 | 330 |
| Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>1</sup> |  | 2371 | 2548 |
| Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026<sup>1</sup> |  | 1820 | 1473 |
| Royal Caribbean Cruises, Ltd. 5.50% 8/31/2026<sup>1</sup> |  | 715 | 602 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027<sup>1</sup> |  | 1365 | 1107 |
| Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028 |  | 1370 | 1009 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>1</sup> |  | 710 | 568 |
| Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>1</sup> |  | 1775 | 1786 |
| Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>1</sup> |  | 1010 | 1039 |
| Sally Holdings, LLC 5.625% 12/1/2025 |  | 1030 | 994 |
| Sands China, Ltd. 5.625% 8/8/2025 |  | 275 | 263 |
| Sands China, Ltd. 5.90% 8/8/2028 |  | 200 | 188 |
| Sands China, Ltd. 4.875% 6/18/2030 |  | 550 | 484 |
| Sands China, Ltd. 3.75% 8/8/2031<sup>7</sup> |  | 560 | 441 |
| Scientific Games Corp. 8.625% 7/1/2025<sup>1</sup> |  | 1215 | 1242 |
| Scientific Games Corp. 7.00% 5/15/2028<sup>1</sup> |  | 985 | 941 |
| Scientific Games Corp. 7.25% 11/15/2029<sup>1</sup> |  | 960 | 923 |
| Scientific Games Holdings, LP 6.625% 3/1/2030<sup>1</sup> |  | 845 | 715 |
| Sonic Automotive, Inc. 4.625% 11/15/2029<sup>1</sup> |  | 1565 | 1255 |
| Sonic Automotive, Inc. 4.875% 11/15/2031<sup>1</sup> |  | 2180 | 1717 |
| Studio City Finance, Ltd. 6.00% 7/15/2025<sup>1</sup> |  | 690 | 599 |
| Studio City Finance, Ltd. 5.00% 1/15/2029<sup>1</sup> |  | 550 | 407 |
| Tempur Sealy International, Inc. 4.00% 4/15/2029<sup>1</sup> |  | 435 | 366 |
| The Gap, Inc. 3.625% 10/1/2029<sup>1</sup> |  | 170 | 120 |
| The Gap, Inc. 3.875% 10/1/2031<sup>1</sup> |  | 108 | 76 |
| The Home Co., Inc. 7.25% 10/15/2025<sup>1</sup> |  | 660 | 568 |
| Travel + Leisure Co. 6.00% 4/1/2027 |  | 205 | 195 |
| Travel + Leisure Co. 4.50% 12/1/2029<sup>1</sup> |  | 1155 | 943 |
| Universal Entertainment Corp. 8.50% 12/11/2024<sup>1</sup> |  | 2945 | 2751 |
| Vail Resorts, Inc. 6.25% 5/15/2025<sup>1</sup> |  | 315 | 316 |
| VICI Properties, LP 4.25% 12/1/2026<sup>1</sup> |  | 462 | 432 |
| VICI Properties, LP / VICI Note Co., Inc. 5.625% 5/1/2024<sup>1</sup> |  | 447 | 443 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026<sup>1</sup> |  | 1245 | 1175 |
| Wheel Pros, Inc. 6.50% 5/15/2029<sup>1</sup> |  | 1280 | 454 |
| Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 8.825% 5/11/2028<sup>4,5</sup> |  | 948 | 647 |
| Wyndham Destinations, Inc. 6.625% 7/31/2026<sup>1</sup> |  | 695 | 681 |
| Wyndham Destinations, Inc. 4.625% 3/1/2030<sup>1</sup> |  | 400 | 332 |
| Wyndham Worldwide Corp. 4.375% 8/15/2028<sup>1</sup> |  | 765 | 688 |
| Wynn Las Vegas, LLC 4.25% 5/30/2023<sup>1</sup> |  | 861 | 850 |
| Wynn Macau, Ltd. 5.625% 8/26/2028<sup>1</sup> |  | 900 | 771 |

---

230 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Wynn Resorts Finance, LLC 7.75% 4/15/2025<sup>1</sup> | USD | 494 | $492 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029<sup>1</sup> |  | 482 | 414 |
| Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 9.884% 9/1/2027<sup>4,5</sup> |  | 465 | 421 |
|  |  |  | **103390** |
| **Communication services 10.50%** |  |  |  |
| Altice France Holding SA 10.50% 5/15/2027<sup>1</sup> |  | 1650 | 1262 |
| Altice France SA 5.125% 7/15/2029<sup>1</sup> |  | 1677 | 1260 |
| Brightstar Escrow Corp. 9.75% 10/15/2025<sup>1</sup> |  | 140 | 129 |
| Cablevision Systems Corp. 5.375% 2/1/2028<sup>1</sup> |  | 457 | 369 |
| CCO Holdings, LLC 5.00% 2/1/2028<sup>1</sup> |  | 586 | 533 |
| CCO Holdings, LLC 6.375% 9/1/2029<sup>1</sup> |  | 300 | 283 |
| CCO Holdings, LLC 4.75% 3/1/2030<sup>1</sup> |  | 3437 | 2972 |
| CCO Holdings, LLC 4.50% 8/15/2030<sup>1</sup> |  | 3029 | 2509 |
| CCO Holdings, LLC 4.25% 2/1/2031<sup>1</sup> |  | 3065 | 2465 |
| CCO Holdings, LLC 4.75% 2/1/2032<sup>1</sup> |  | 1225 | 996 |
| CCO Holdings, LLC 4.50% 5/1/2032 |  | 1024 | 817 |
| CCO Holdings, LLC 4.50% 6/1/2033<sup>1</sup> |  | 1330 | 1023 |
| CCO Holdings, LLC 4.25% 1/15/2034<sup>1</sup> |  | 2040 | 1510 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 5/1/2026<sup>1</sup> |  | 102 | 99 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 6/1/2029<sup>1</sup> |  | 360 | 326 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031 |  | 140 | 109 |
| Centerfield Media Parent, Inc. 6.625% 8/1/2026<sup>1</sup> |  | 960 | 616 |
| Cinemark USA, Inc. 5.875% 3/15/2026<sup>1</sup> |  | 278 | 232 |
| Clear Channel Worldwide Holdings, Inc. 7.75% 4/15/2028<sup>1</sup> |  | 570 | 417 |
| Clear Channel Worldwide Holdings, Inc. 7.50% 6/1/2029<sup>1</sup> |  | 315 | 232 |
| Cogent Communications Group, Inc. 3.50% 5/1/2026<sup>1</sup> |  | 450 | 409 |
| Connect Finco SARL 6.75% 10/1/2026<sup>1</sup> |  | 725 | 673 |
| Consolidated Communications, Inc. 5.00% 10/1/2028<sup>1</sup> |  | 225 | 166 |
| CSC Holdings, LLC 6.50% 2/1/2029<sup>1</sup> |  | 600 | 492 |
| CSC Holdings, LLC 3.375% 2/15/2031<sup>1</sup> |  | 700 | 458 |
| Diamond Sports Group, LLC 5.375% 8/15/2026<sup>1</sup> |  | 503 | 60 |
| Diamond Sports Group, LLC 6.625% 8/15/2027<sup>1</sup> |  | 1056 | 12 |
| DIRECTV Financing, LLC 5.875% 8/15/2027<sup>1</sup> |  | 3010 | 2699 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.384% 8/2/2027<sup>4,5</sup> |  | 1655 | 1613 |
| DISH Network Corp. 11.75% 11/15/2027<sup>1</sup> |  | 3950 | 4073 |
| Embarq Corp. 7.995% 6/1/2036 |  | 2867 | 1339 |
| Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 12.134% 7/31/2028<sup>4,5</sup> |  | 365 | 361 |
| Frontier Communications Corp. 5.875% 10/15/2027<sup>1</sup> |  | 1455 | 1354 |
| Frontier Communications Corp. 5.00% 5/1/2028<sup>1</sup> |  | 3780 | 3304 |
| Frontier Communications Corp. 6.75% 5/1/2029<sup>1</sup> |  | 1990 | 1649 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 |  | 1390 | 1077 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030<sup>1</sup> |  | 750 | 590 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030<sup>1</sup> |  | 970 | 988 |
| Gray Escrow II, Inc. 5.375% 11/15/2031<sup>1</sup> |  | 925 | 668 |
| Gray Television, Inc. 5.875% 7/15/2026<sup>1</sup> |  | 203 | 181 |
| Gray Television, Inc. 7.00% 5/15/2027<sup>1</sup> |  | 1018 | 904 |
| Gray Television, Inc. 4.75% 10/15/2030<sup>1</sup> |  | 397 | 288 |
| iHeartCommunications, Inc. 5.25% 8/15/2027<sup>1</sup> |  | 1995 | 1693 |
| iHeartCommunications, Inc. 4.75% 1/15/2028<sup>1</sup> |  | 250 | 204 |
| Iliad Holding SAS 6.50% 10/15/2026<sup>1</sup> |  | 630 | 585 |
| Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/2026<sup>4,5</sup> |  | 385 | 357 |
| Lamar Media Corp. 3.75% 2/15/2028 |  | 61 | 55 |
| Lamar Media Corp. 4.875% 1/15/2029 |  | 300 | 277 |
| Lamar Media Corp. 4.00% 2/15/2030 |  | 260 | 228 |
| Level 3 Financing, Inc. 3.75% 7/15/2029<sup>1</sup> |  | 855 | 616 |

---

American Funds Insurance Series 231

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| Ligado Networks, LLC 15.50% PIK 11/1/2023<sup>1,6</sup> | USD | 2149 | $701 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027<sup>1</sup> |  | 250 | 223 |
| Live Nation Entertainment, Inc. 3.75% 1/15/2028<sup>1</sup> |  | 425 | 363 |
| Match Group, Inc. 4.625% 6/1/2028<sup>1</sup> |  | 308 | 275 |
| Match Group, Inc. 5.625% 2/15/2029<sup>1</sup> |  | 300 | 280 |
| McGraw-Hill Education, Inc. 5.75% 8/1/2028<sup>1</sup> |  | 520 | 438 |
| Midas OpCo Holdings, LLC 5.625% 8/15/2029<sup>1</sup> |  | 3110 | 2570 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 310 | 300 |
| News Corp. 3.875% 5/15/2029<sup>1</sup> |  | 1620 | 1408 |
| News Corp. 5.125% 2/15/2032<sup>1</sup> |  | 1760 | 1604 |
| Nexstar Broadcasting, Inc. 4.75% 11/1/2028<sup>1</sup> |  | 2910 | 2522 |
| Nexstar Escrow Corp. 5.625% 7/15/2027<sup>1</sup> |  | 324 | 298 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029<sup>1</sup> |  | 750 | 603 |
| Sinclair Television Group, Inc. 4.125% 12/1/2030<sup>1</sup> |  | 710 | 533 |
| Sirius XM Radio, Inc. 3.125% 9/1/2026<sup>1</sup> |  | 1600 | 1423 |
| Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>1</sup> |  | 2385 | 2080 |
| Sirius XM Radio, Inc. 4.125% 7/1/2030<sup>1</sup> |  | 445 | 368 |
| Sirius XM Radio, Inc. 3.875% 9/1/2031<sup>1</sup> |  | 2590 | 2026 |
| Sprint Corp. 7.625% 3/1/2026 |  | 480 | 506 |
| Sprint Corp. 6.875% 11/15/2028 |  | 1656 | 1723 |
| Sprint Corp. 8.75% 3/15/2032 |  | 1751 | 2088 |
| TEGNA, Inc. 5.00% 9/15/2029 |  | 366 | 348 |
| T-Mobile US, Inc. 3.375% 4/15/2029 |  | 860 | 759 |
| Univision Communications, Inc. 5.125% 2/15/2025<sup>1</sup> |  | 3195 | 3049 |
| Univision Communications, Inc. 6.625% 6/1/2027<sup>1</sup> |  | 3050 | 2949 |
| Univision Communications, Inc. 4.50% 5/1/2029<sup>1</sup> |  | 4500 | 3772 |
| Univision Communications, Inc. 7.375% 6/30/2030<sup>1</sup> |  | 935 | 895 |
| Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 8.83% 6/24/2029<sup>4,5</sup> |  | 69 | 69 |
| UPC Broadband Finco BV 4.875% 7/15/2031<sup>1</sup> |  | 430 | 359 |
| Virgin Media O2 4.25% 1/31/2031<sup>1</sup> |  | 1975 | 1603 |
| Virgin Media Secured Finance PLC 4.50% 8/15/2030<sup>1</sup> |  | 990 | 829 |
| VZ Secured Financing BV 5.00% 1/15/2032<sup>1</sup> |  | 1060 | 863 |
| Warner Music Group 3.75% 12/1/2029<sup>1</sup> |  | 1645 | 1417 |
| Warner Music Group 3.875% 7/15/2030<sup>1</sup> |  | 780 | 673 |
| Warner Music Group 3.00% 2/15/2031<sup>1</sup> |  | 225 | 180 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>1</sup> |  | 298 | 246 |
| Ziggo Bond Co. BV 5.125% 2/28/2030<sup>1</sup> |  | 419 | 339 |
| Ziggo Bond Finance BV 4.875% 1/15/2030<sup>1</sup> |  | 1350 | 1132 |
|  |  |  | **87346** |
| **Materials 9.94%** |  |  |  |
| Alcoa Nederland Holding BV 5.50% 12/15/2027<sup>1</sup> |  | 510 | 492 |
| Alcoa Nederland Holding BV 4.125% 3/31/2029<sup>1</sup> |  | 430 | 382 |
| Allegheny Technologies, Inc. 5.875% 12/1/2027 |  | 180 | 172 |
| Allegheny Technologies, Inc. 4.875% 10/1/2029 |  | 1575 | 1394 |
| Allegheny Technologies, Inc. 5.125% 10/1/2031 |  | 1170 | 1036 |
| ArcelorMittal 7.00% 10/15/2039 |  | 488 | 497 |
| ArcelorMittal 6.75% 3/1/2041 |  | 755 | 731 |
| Arconic Corp. 6.00% 5/15/2025<sup>1</sup> |  | 360 | 355 |
| Arconic Rolled Products Corp. 6.125% 2/15/2028<sup>1</sup> |  | 200 | 188 |
| Ardagh Group SA 6.50% Cash 6/30/2027<sup>1,6</sup> |  | 422 | 294 |
| Ardagh Metal Packaging Finance USA, LLC 6.00% 6/15/2027<sup>1</sup> |  | 750 | 735 |
| Ardagh Metal Packaging Finance USA, LLC 3.25% 9/1/2028<sup>1</sup> |  | 500 | 425 |
| Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/2029<sup>1</sup> |  | 550 | 437 |
| Ardagh Packaging Finance 4.125% 8/15/2026<sup>1</sup> |  | 900 | 782 |
| Avient Corp. 7.125% 8/1/2030<sup>1</sup> |  | 335 | 328 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027<sup>1</sup> |  | 460 | 426 |
| Ball Corp. 6.875% 3/15/2028 |  | 1065 | 1095 |
| Ball Corp. 2.875% 8/15/2030 |  | 160 | 128 |

---

232 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments (continued)** | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| Ball Corp. 3.125% 9/15/2031 | USD | 1660 | $1335 |
| BWAY Parent Co., Inc. 5.50% 4/15/2024<sup>1</sup> |  | 1464 | 1427 |
| BWAY Parent Co., Inc. 7.25% 4/15/2025<sup>1</sup> |  | 625 | 579 |
| BWAY Parent Co., Inc., Term Loan, |  |  |  |
| (3-month USD-LIBOR + 3.25%) 7.37% 4/3/2024<sup>4,5</sup> |  | 255 | 250 |
| CAN-PACK SA 3.875% 11/15/2029<sup>1</sup> |  | 1300 | 1026 |
| Cleveland-Cliffs, Inc. 6.75% 3/15/2026<sup>1</sup> |  | 262 | 263 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2027 |  | 297 | 281 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027 |  | 3243 | 3104 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029<sup>1</sup> |  | 1981 | 1761 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031<sup>1</sup> |  | 2875 | 2543 |
| Crown Holdings, Inc. 5.25% 4/1/2030<sup>1</sup> |  | 240 | 227 |
| CVR Partners, LP 6.125% 6/15/2028<sup>1</sup> |  | 1125 | 1011 |
| Element Solutions, Inc. 3.875% 9/1/2028<sup>1</sup> |  | 410 | 349 |
| First Quantum Minerals, Ltd. 7.50% 4/1/2025<sup>1</sup> |  | 3893 | 3797 |
| First Quantum Minerals, Ltd. 6.875% 3/1/2026<sup>1</sup> |  | 2926 | 2775 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027<sup>1</sup> |  | 7610 | 7156 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030 |  | 437 | 398 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043 |  | 411 | 372 |
| FXI Holdings, Inc. 7.875% 11/1/2024<sup>1</sup> |  | 6248 | 5204 |
| FXI Holdings, Inc. 12.25% 11/15/2026<sup>1</sup> |  | 7432 | 6165 |
| GPC Merger Sub, Inc. 7.125% 8/15/2028<sup>1</sup> |  | 334 | 279 |
| Graphic Packaging International, LLC 3.75% 2/1/2030<sup>1</sup> |  | 790 | 673 |
| Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.934% 3/15/2029<sup>4,5</sup> |  | 454 | 391 |
| Kaiser Aluminum Corp. 4.625% 3/1/2028<sup>1</sup> |  | 638 | 558 |
| LABL, Inc. 5.875% 11/1/2028<sup>1</sup> |  | 730 | 637 |
| LABL, Inc. 8.25% 11/1/2029<sup>1</sup> |  | 490 | 391 |
| LSB Industries, Inc. 6.25% 10/15/2028<sup>1</sup> |  | 1620 | 1484 |
| Methanex Corp. 5.125% 10/15/2027 |  | 3870 | 3596 |
| Methanex Corp. 5.25% 12/15/2029 |  | 1217 | 1082 |
| Methanex Corp. 5.65% 12/1/2044 |  | 465 | 355 |
| Mineral Resources, Ltd. 8.00% 11/1/2027<sup>1</sup> |  | 1292 | 1323 |
| Mineral Resources, Ltd. 8.50% 5/1/2030<sup>1</sup> |  | 1270 | 1289 |
| Neon Holdings, Inc. 10.125% 4/1/2026<sup>1</sup> |  | 595 | 508 |
| Nova Chemicals Corp. 4.875% 6/1/2024<sup>1</sup> |  | 760 | 737 |
| Nova Chemicals Corp. 5.25% 6/1/2027<sup>1</sup> |  | 2036 | 1834 |
| Nova Chemicals Corp. 4.25% 5/15/2029<sup>1</sup> |  | 2330 | 1908 |
| Novelis Corp. 3.25% 11/15/2026<sup>1</sup> |  | 825 | 741 |
| Novelis Corp. 4.75% 1/30/2030<sup>1</sup> |  | 563 | 500 |
| Novelis Corp. 3.875% 8/15/2031<sup>1</sup> |  | 1122 | 918 |
| Olin Corp. 5.625% 8/1/2029 |  | 200 | 190 |
| Olin Corp. 5.00% 2/1/2030 |  | 180 | 165 |
| Owens-Illinois, Inc. 5.875% 8/15/2023<sup>1</sup> |  | 191 | 190 |
| Owens-Illinois, Inc. 6.375% 8/15/2025<sup>1</sup> |  | 265 | 260 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028<sup>1</sup> |  | 2185 | 1879 |
| SCIH Salt Holdings, Inc. 6.625% 5/1/2029<sup>1</sup> |  | 1225 | 988 |
| Scotts Miracle-Gro Co. 4.50% 10/15/2029 |  | 379 | 308 |
| Scotts Miracle-Gro Co. 4.375% 2/1/2032 |  | 455 | 344 |
| Sealed Air Corp. 4.00% 12/1/2027<sup>1</sup> |  | 316 | 287 |
| Sealed Air Corp. 5.00% 4/15/2029<sup>1</sup> |  | 690 | 650 |
| Silgan Holdings, Inc. 4.125% 2/1/2028 |  | 377 | 350 |
| SPCM SA 3.375% 3/15/2030<sup>1</sup> |  | 400 | 323 |
| Summit Materials, LLC 6.50% 3/15/2027<sup>1</sup> |  | 360 | 353 |
| Summit Materials, LLC 5.25% 1/15/2029<sup>1</sup> |  | 755 | 704 |
| Trivium Packaging BV 5.50% 8/15/2026<sup>1</sup> |  | 330 | 303 |
| Trivium Packaging BV 8.50% 8/15/2027<sup>1</sup> |  | 703 | 646 |
| Tronox, Ltd. 4.625% 3/15/2029<sup>1</sup> |  | 730 | 608 |
| Valvoline, Inc. 4.25% 2/15/2030<sup>1</sup> |  | 353 | 343 |
| Valvoline, Inc. 3.625% 6/15/2031<sup>1</sup> |  | 410 | 337 |
| Venator Finance SARL 9.50% 7/1/2025<sup>1</sup> |  | 1538 | 1115 |

---

American Funds Insurance Series 233

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| Venator Finance SARL 5.75% 7/15/2025<sup>1</sup> | USD | 3501 | $1201 |
| W. R. Grace Holdings, LLC 5.625% 8/15/2029<sup>1</sup> |  | 440 | 356 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028<sup>1</sup> |  | 1680 | 1658 |
|  |  |  | **82682** |
| **Health care 9.93%** |  |  |  |
| 1375209 BC, Ltd. 9.00% 1/30/2028<sup>1</sup> |  | 720 | 705 |
| AdaptHealth, LLC 5.125% 3/1/2030<sup>1</sup> |  | 625 | 533 |
| Avantor Funding, Inc. 4.625% 7/15/2028<sup>1</sup> |  | 2380 | 2167 |
| Avantor Funding, Inc. 3.875% 11/1/2029<sup>1</sup> |  | 500 | 420 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026<sup>1</sup> |  | 1789 | 1255 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027<sup>1</sup> |  | 252 | 132 |
| Bausch Health Companies, Inc. 9.00% 12/15/2025<sup>1</sup> |  | 1591 | 1258 |
| Bausch Health Companies, Inc. 6.125% 2/1/2027<sup>1</sup> |  | 245 | 169 |
| Bausch Health Companies, Inc. 5.75% 8/15/2027<sup>1</sup> |  | 865 | 590 |
| Bausch Health Companies, Inc. 7.00% 1/15/2028<sup>1</sup> |  | 413 | 200 |
| Bausch Health Companies, Inc. 5.00% 1/30/2028<sup>1</sup> |  | 1357 | 653 |
| Bausch Health Companies, Inc. 4.875% 6/1/2028<sup>1</sup> |  | 3390 | 2163 |
| Bausch Health Companies, Inc. 5.00% 2/15/2029<sup>1</sup> |  | 310 | 149 |
| Bausch Health Companies, Inc. 7.25% 5/30/2029<sup>1</sup> |  | 340 | 165 |
| Bausch Health Companies, Inc. 5.25% 1/30/2030<sup>1</sup> |  | 1712 | 824 |
| Bausch Health Companies, Inc. 14.00% 10/15/2030<sup>1</sup> |  | 550 | 329 |
| Bausch Health Companies, Inc. 5.25% 2/15/2031<sup>1</sup> |  | 3762 | 1828 |
| Catalent Pharma Solutions, Inc. 5.00% 7/15/2027<sup>1</sup> |  | 290 | 270 |
| Catalent Pharma Solutions, Inc. 3.125% 2/15/2029<sup>1</sup> |  | 285 | 227 |
| Catalent Pharma Solutions, Inc. 3.50% 4/1/2030<sup>1</sup> |  | 1310 | 1036 |
| Centene Corp. 4.25% 12/15/2027 |  | 344 | 323 |
| Centene Corp. 2.45% 7/15/2028 |  | 2255 | 1908 |
| Centene Corp. 4.625% 12/15/2029 |  | 2035 | 1864 |
| Centene Corp. 3.375% 2/15/2030 |  | 422 | 358 |
| Centene Corp. 3.00% 10/15/2030 |  | 720 | 592 |
| Centene Corp. 2.50% 3/1/2031 |  | 1245 | 977 |
| Centene Corp. 2.625% 8/1/2031 |  | 400 | 315 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028<sup>1</sup> |  | 561 | 518 |
| Charles River Laboratories International, Inc. 3.75% 3/15/2029<sup>1</sup> |  | 680 | 602 |
| Charles River Laboratories International, Inc. 4.00% 3/15/2031<sup>1</sup> |  | 400 | 347 |
| Community Health Systems, Inc. 8.00% 3/15/2026<sup>1</sup> |  | 580 | 529 |
| Community Health Systems, Inc. 5.625% 3/15/2027<sup>1</sup> |  | 1645 | 1414 |
| Community Health Systems, Inc. 6.00% 1/15/2029<sup>1</sup> |  | 348 | 292 |
| Community Health Systems, Inc. 6.875% 4/15/2029<sup>1</sup> |  | 240 | 124 |
| Community Health Systems, Inc. 5.25% 5/15/2030<sup>1</sup> |  | 1370 | 1035 |
| Community Health Systems, Inc. 4.75% 2/15/2031<sup>1</sup> |  | 100 | 73 |
| DaVita, Inc. 4.625% 6/1/2030<sup>1</sup> |  | 850 | 686 |
| Encompass Health Corp. 4.50% 2/1/2028 |  | 496 | 451 |
| Encompass Health Corp. 4.75% 2/1/2030 |  | 285 | 251 |
| Endo DAC 6.00% 6/30/2028<sup>1,2</sup> |  | 2313 | 127 |
| Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 7/31/2027<sup>1,2</sup> |  | 311 | 44 |
| Endo International PLC 5.875% 10/15/2024<sup>1</sup> |  | 520 | 413 |
| Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/2029<sup>1</sup> |  | 660 | 502 |
| Grifols Escrow Issuer SA 4.75% 10/15/2028<sup>1</sup> |  | 630 | 545 |
| HCA, Inc. 5.625% 9/1/2028 |  | 1300 | 1295 |
| HCA, Inc. 5.875% 2/1/2029 |  | 255 | 255 |
| HCA, Inc. 3.50% 9/1/2030 |  | 1215 | 1051 |
| HCA, Inc. 4.625% 3/15/2052<sup>1</sup> |  | 233 | 182 |
| HCA, Inc. 7.50% 11/15/2095 |  | 250 | 269 |
| HealthEquity, Inc. 4.50% 10/1/2029<sup>1</sup> |  | 600 | 525 |
| IMS Health Holdings, Inc. 5.00% 10/15/2026<sup>1</sup> |  | 823 | 788 |
| Jazz Securities DAC 4.375% 1/15/2029<sup>1</sup> |  | 461 | 412 |
| Mallinckrodt PLC 10.00% 4/15/2025<sup>1</sup> |  | 939 | 808 |
| Minerva Merger Sub, Inc. 6.50% 2/15/2030<sup>1</sup> |  | 640 | 473 |

---

234 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| Molina Healthcare, Inc. 4.375% 6/15/2028<sup>1</sup> | USD | 1055 | $965 |
| Molina Healthcare, Inc. 3.875% 11/15/2030<sup>1</sup> |  | 2309 | 1960 |
| Molina Healthcare, Inc. 3.875% 5/15/2032<sup>1</sup> |  | 2275 | 1893 |
| Mozart Debt Merger Sub, Inc. 3.875% 4/1/2029<sup>1</sup> |  | 220 | 178 |
| Mozart Debt Merger Sub, Inc. 5.25% 10/1/2029<sup>1</sup> |  | 1425 | 1134 |
| Option Care Health, Inc. 4.375% 10/31/2029<sup>1</sup> |  | 290 | 254 |
| Organon Finance 1, LLC 4.125% 4/30/2028<sup>1</sup> |  | 535 | 475 |
| Owens & Minor, Inc. 4.375% 12/15/2024 |  | 1185 | 1147 |
| Owens & Minor, Inc. 4.50% 3/31/2029<sup>1</sup> |  | 1145 | 914 |
| Owens & Minor, Inc. 6.625% 4/1/2030<sup>1</sup> |  | 675 | 581 |
| Par Pharmaceutical, Inc. 7.50% 4/1/2027<sup>1</sup> |  | 4665 | 3555 |
| Radiology Partners, Inc. 9.25% 2/1/2028<sup>1</sup> |  | 1873 | 1054 |
| Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.639% 7/9/2025<sup>4,5</sup> |  | 95 | 80 |
| RP Escrow Issuer, LLC 5.25% 12/15/2025<sup>1</sup> |  | 1175 | 899 |
| Select Medical Holdings Corp. 6.25% 8/15/2026<sup>1</sup> |  | 554 | 528 |
| Surgery Center Holdings 10.00% 4/15/2027<sup>1</sup> |  | 244 | 249 |
| Syneos Health, Inc. 3.625% 1/15/2029<sup>1</sup> |  | 530 | 423 |
| Team Health Holdings, Inc. 6.375% 2/1/2025<sup>1</sup> |  | 704 | 407 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.573% 3/2/2027<sup>4,5</sup> |  | 276 | 209 |
| Tenet Healthcare Corp. 4.625% 7/15/2024 |  | 130 | 127 |
| Tenet Healthcare Corp. 4.875% 1/1/2026<sup>1</sup> |  | 5600 | 5307 |
| Tenet Healthcare Corp. 6.25% 2/1/2027<sup>1</sup> |  | 500 | 481 |
| Tenet Healthcare Corp. 5.125% 11/1/2027<sup>1</sup> |  | 265 | 247 |
| Tenet Healthcare Corp. 4.625% 6/15/2028<sup>1</sup> |  | 890 | 798 |
| Tenet Healthcare Corp. 6.125% 10/1/2028<sup>1</sup> |  | 740 | 664 |
| Tenet Healthcare Corp. 4.25% 6/1/2029<sup>1</sup> |  | 990 | 859 |
| Tenet Healthcare Corp. 4.375% 1/15/2030<sup>1</sup> |  | 1340 | 1162 |
| Tenet Healthcare Corp. 6.875% 11/15/2031 |  | 100 | 90 |
| Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 |  | 3379 | 3319 |
| Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 |  | 1984 | 1976 |
| Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 |  | 3314 | 2905 |
| Teva Pharmaceutical Finance Co. BV 4.75% 5/9/2027 |  | 570 | 516 |
| Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028 |  | 1888 | 1845 |
| Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029 |  | 6865 | 6123 |
| Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 |  | 412 | 253 |
| Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025<sup>1</sup> |  | 4190 | 3568 |
|  |  |  | **82566** |
| **Industrials 8.97%** |  |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026<sup>1</sup> |  | 990 | 954 |
| ADT Security Corp. 4.125% 8/1/2029<sup>1</sup> |  | 200 | 170 |
| Allison Transmission Holdings, Inc. 3.75% 1/30/2031<sup>1</sup> |  | 1235 | 1017 |
| Ashtead Capital, Inc. 5.50% 8/11/2032<sup>1</sup> |  | 600 | 576 |
| Atkore, Inc. 4.25% 6/1/2031<sup>1</sup> |  | 385 | 331 |
| Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.134% 9/21/2029<sup>4,5</sup> |  | 2899 | 2813 |
| ATS Automation Tooling Systems, Inc. 4.125% 12/15/2028<sup>1</sup> |  | 275 | 238 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027<sup>1</sup> |  | 885 | 802 |
| Avis Budget Group, Inc. 5.375% 3/1/2029<sup>1</sup> |  | 1215 | 1041 |
| Avolon Holdings Funding, Ltd. 5.25% 5/15/2024<sup>1</sup> |  | 660 | 647 |
| Avolon Holdings Funding, Ltd. 2.528% 11/18/2027<sup>1</sup> |  | 2098 | 1680 |
| BlueLinx Holdings, Inc. 6.00% 11/15/2029<sup>1</sup> |  | 500 | 416 |
| Bohai Financial Investment Holding Co., Ltd. 4.50% 3/15/2023<sup>1</sup> |  | 132 | 132 |
| Bombardier, Inc. 7.50% 3/15/2025<sup>1</sup> |  | 593 | 588 |
| Bombardier, Inc. 7.125% 6/15/2026<sup>1</sup> |  | 3395 | 3300 |
| Bombardier, Inc. 7.875% 4/15/2027<sup>1</sup> |  | 3978 | 3867 |
| Bombardier, Inc. 6.00% 2/15/2028<sup>1</sup> |  | 1335 | 1236 |
| Bombardier, Inc. 7.45% 5/1/2034<sup>1</sup> |  | 450 | 452 |

---

American Funds Insurance Series 235

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Builders FirstSource, Inc. 4.25% 2/1/2032<sup>1</sup> | USD | 735 | $597 |
| BWX Technologies, Inc. 4.125% 6/30/2028<sup>1</sup> |  | 515 | 464 |
| BWX Technologies, Inc. 4.125% 4/15/2029<sup>1</sup> |  | 1005 | 881 |
| Chart Industries, Inc. 7.50% 1/1/2030<sup>1</sup> |  | 523 | 526 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028<sup>1</sup> |  | 1595 | 1384 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029<sup>1</sup> |  | 1265 | 1077 |
| Clean Harbors, Inc. 4.875% 7/15/2027<sup>1</sup> |  | 766 | 727 |
| CoreLogic, Inc. 4.50% 5/1/2028<sup>1</sup> |  | 4279 | 3288 |
| CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/2029<sup>4,5</sup> |  | 660 | 480 |
| Covanta Holding Corp. 4.875% 12/1/2029<sup>1</sup> |  | 1295 | 1063 |
| Covanta Holding Corp. 5.00% 9/1/2030 |  | 1590 | 1287 |
| Dun & Bradstreet Corp. 5.00% 12/15/2029<sup>1</sup> |  | 1585 | 1358 |
| Garda World Security Corp. 6.00% 6/1/2029<sup>1</sup> |  | 150 | 122 |
| GFL Environmental, Inc. 3.50% 9/1/2028<sup>1</sup> |  | 765 | 673 |
| Harsco Corp. 5.75% 7/31/2027<sup>1</sup> |  | 700 | 554 |
| Herc Holdings, Inc. 5.50% 7/15/2027<sup>1</sup> |  | 200 | 187 |
| Howmet Aerospace, Inc. 5.95% 2/1/2037 |  | 150 | 146 |
| Icahn Enterprises Finance Corp. 4.75% 9/15/2024 |  | 1080 | 1038 |
| Icahn Enterprises, LP 5.25% 5/15/2027 |  | 277 | 254 |
| Icahn Enterprises, LP 4.375% 2/1/2029 |  | 675 | 572 |
| JELD-WEN Holding, Inc. 4.875% 12/15/2027<sup>1</sup> |  | 543 | 410 |
| LABL Escrow Issuer, LLC 6.75% 7/15/2026<sup>1</sup> |  | 450 | 425 |
| LABL Escrow Issuer, LLC 10.50% 7/15/2027<sup>1</sup> |  | 1310 | 1221 |
| LSC Communications, Inc. 8.75% 10/15/2023<sup>1,2,3</sup> |  | 8933 | 27 |
| LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 7.75% 9/30/2022<sup>2,3,4,5</sup> |  | 301 | 1 |
| Masonite International Corp. 3.50% 2/15/2030<sup>1</sup> |  | 530 | 429 |
| MasTec, Inc. 4.50% 8/15/2028<sup>1</sup> |  | 460 | 413 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027<sup>1</sup> |  | 3543 | 3530 |
| Mueller Water Products, Inc. 4.00% 6/15/2029<sup>1</sup> |  | 275 | 242 |
| Park River Holdings, Inc. 5.625% 2/1/2029<sup>1</sup> |  | 775 | 517 |
| PGT Innovations, Inc. 4.375% 10/1/2029<sup>1</sup> |  | 1125 | 943 |
| Pitney Bowes, Inc. 6.875% 3/15/2027<sup>1</sup> |  | 600 | 514 |
| PM General Purchaser, LLC 9.50% 10/1/2028<sup>1</sup> |  | 2428 | 1855 |
| Prime Security Services Borrower, LLC 3.375% 8/31/2027<sup>1</sup> |  | 475 | 411 |
| Prime Security Services Borrower, LLC 6.25% 1/15/2028<sup>1</sup> |  | 627 | 572 |
| R.R. Donnelley & Sons Co. 6.125% 11/1/2026<sup>1</sup> |  | 375 | 351 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029<sup>1</sup> |  | 170 | 147 |
| Rolls-Royce PLC 5.75% 10/15/2027<sup>1</sup> |  | 720 | 687 |
| Sensata Technologies, Inc. 3.75% 2/15/2031<sup>1</sup> |  | 500 | 412 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028<sup>1</sup> |  | 1975 | 1859 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028 |  | 1410 | 1141 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>1</sup> |  | 980 | 1033 |
| SRS Distribution, Inc. 4.625% 7/1/2028<sup>1</sup> |  | 480 | 426 |
| Stericycle, Inc. 5.375% 7/15/2024<sup>1</sup> |  | 1135 | 1120 |
| Stericycle, Inc. 3.875% 1/15/2029<sup>1</sup> |  | 940 | 821 |
| The Brink's Co. 4.625% 10/15/2027<sup>1</sup> |  | 719 | 659 |
| The Hertz Corp. 5.00% 12/1/2029<sup>1</sup> |  | 380 | 289 |
| Titan International, Inc. 7.00% 4/30/2028 |  | 750 | 709 |
| TransDigm, Inc. 6.25% 3/15/2026<sup>1</sup> |  | 1638 | 1619 |
| TransDigm, Inc. 6.875% 5/15/2026 |  | 460 | 450 |
| TransDigm, Inc. 6.375% 6/15/2026 |  | 240 | 234 |
| TransDigm, Inc. 5.50% 11/15/2027 |  | 855 | 805 |
| TransDigm, Inc. 4.625% 1/15/2029 |  | 155 | 137 |
| TransDigm, Inc. 4.875% 5/1/2029 |  | 220 | 192 |
| Triumph Group, Inc. 8.875% 6/1/2024<sup>1</sup> |  | 633 | 645 |
| Triumph Group, Inc. 6.25% 9/15/2024<sup>1</sup> |  | 4812 | 4569 |
| Triumph Group, Inc. 7.75% 8/15/2025 |  | 1260 | 1074 |
| Uber Technologies, Inc. 8.00% 11/1/2026<sup>1</sup> |  | 498 | 501 |
| United Airlines, Inc. 4.375% 4/15/2026<sup>1</sup> |  | 285 | 265 |
| United Airlines, Inc. 4.625% 4/15/2029<sup>1</sup> |  | 505 | 441 |

---

236 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| United Rentals, Inc. 4.875% 1/15/2028 | USD | 680 | $646 |
| United Rentals, Inc. 6.00% 12/15/2029<sup>1</sup> |  | 910 | 906 |
| United Rentals, Inc. 3.875% 2/15/2031 |  | 525 | 441 |
| United Rentals, Inc. 3.75% 1/15/2032 |  | 450 | 368 |
| Vertical U.S. Newco, Inc. 5.25% 7/15/2027<sup>1</sup> |  | 1495 | 1330 |
| WESCO Distribution, Inc. 7.125% 6/15/2025<sup>1</sup> |  | 675 | 685 |
| WESCO Distribution, Inc. 7.25% 6/15/2028<sup>1</sup> |  | 825 | 837 |
| Western Global Airlines, LLC 10.375% 8/15/2025<sup>1</sup> |  | 475 | 357 |
|  |  |  | **74604** |
| **Financials 7.26%** |  |  |  |
| Advisor Group Holdings, LLC 6.25% 3/1/2028<sup>1</sup> |  | 2191 | 2017 |
| AG Merger Sub II, Inc. 10.75% 8/1/2027<sup>1</sup> |  | 3800 | 3852 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027<sup>1</sup> |  | 1058 | 1069 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027<sup>1</sup> |  | 890 | 798 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027<sup>1</sup> |  | 1741 | 1569 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029<sup>1</sup> |  | 1560 | 1285 |
| AmWINS Group, Inc. 4.875% 6/30/2029<sup>1</sup> |  | 1260 | 1070 |
| Aretec Escrow Issuer, Inc. 7.50% 4/1/2029<sup>1</sup> |  | 2875 | 2379 |
| Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/2029<sup>4,5</sup> |  | 1245 | 1096 |
| AssuredPartners, Inc. 8.00% 5/15/2027<sup>1</sup> |  | 437 | 419 |
| AssuredPartners, Inc. 5.625% 1/15/2029<sup>1</sup> |  | 365 | 301 |
| Blackstone Private Credit Fund 7.05% 9/29/2025<sup>1</sup> |  | 640 | 636 |
| BroadStreet Partners, Inc. 5.875% 4/15/2029<sup>1</sup> |  | 575 | 490 |
| Castlelake Aviation Finance DAC 5.00% 4/15/2027<sup>1</sup> |  | 1115 | 972 |
| Coinbase Global, Inc. 3.375% 10/1/2028<sup>1</sup> |  | 1320 | 699 |
| Coinbase Global, Inc. 3.625% 10/1/2031<sup>1</sup> |  | 1090 | 526 |
| Compass Diversified Holdings 5.25% 4/15/2029<sup>1</sup> |  | 4150 | 3557 |
| Compass Diversified Holdings 5.00% 1/15/2032<sup>1</sup> |  | 1230 | 979 |
| Credit Acceptance Corp. 5.125% 12/31/2024<sup>1</sup> |  | 275 | 259 |
| Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026<sup>3,4,5</sup> |  | 823 | 715 |
| Digital Currency Group, Inc., Term Loan, 8.75% 11/30/2026<sup>3,4</sup> |  | 1097 | 879 |
| FS Energy and Power Fund 7.50% 8/15/2023<sup>1</sup> |  | 2784 | 2793 |
| Hightower Holding, LLC 6.75% 4/15/2029<sup>1</sup> |  | 905 | 761 |
| HUB International, Ltd. 7.00% 5/1/2026<sup>1</sup> |  | 2080 | 2040 |
| HUB International, Ltd. 5.625% 12/1/2029<sup>1</sup> |  | 240 | 210 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032<sup>1</sup> |  | 725 | 603 |
| JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)<sup>7</sup> |  | 160 | 132 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>7</sup> |  | 490 | 468 |
| LPL Holdings, Inc. 4.625% 11/15/2027<sup>1</sup> |  | 1592 | 1490 |
| LPL Holdings, Inc. 4.00% 3/15/2029<sup>1</sup> |  | 1900 | 1656 |
| LPL Holdings, Inc. 4.375% 5/15/2031<sup>1</sup> |  | 1135 | 967 |
| MGIC Investment Corp. 5.25% 8/15/2028 |  | 525 | 485 |
| MSCI, Inc. 4.00% 11/15/2029<sup>1</sup> |  | 900 | 785 |
| MSCI, Inc. 3.625% 9/1/2030<sup>1</sup> |  | 66 | 55 |
| MSCI, Inc. 3.875% 2/15/2031<sup>1</sup> |  | 1450 | 1208 |
| MSCI, Inc. 3.625% 11/1/2031<sup>1</sup> |  | 2055 | 1702 |
| MSCI, Inc. 3.25% 8/15/2033<sup>1</sup> |  | 945 | 731 |
| National Financial Partners Corp. 6.875% 8/15/2028<sup>1</sup> |  | 739 | 611 |
| Navient Corp. 5.50% 1/25/2023 |  | 684 | 684 |
| Navient Corp. 6.125% 3/25/2024 |  | 1047 | 1027 |
| Navient Corp. 5.875% 10/25/2024 |  | 1405 | 1362 |
| Navient Corp. 6.75% 6/25/2025 |  | 550 | 529 |
| Navient Corp. 6.75% 6/15/2026 |  | 640 | 608 |
| Navient Corp. 5.00% 3/15/2027 |  | 2883 | 2529 |
| Navient Corp. 4.875% 3/15/2028 |  | 320 | 264 |
| Navient Corp. 5.50% 3/15/2029 |  | 2280 | 1864 |
| Navient Corp. 5.625% 8/1/2033 |  | 1478 | 1056 |
| OneMain Finance Corp. 3.875% 9/15/2028 |  | 206 | 164 |

---

American Funds Insurance Series 237

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| OneMain Holdings, Inc. 7.125% 3/15/2026 | USD | 1335 | $1272 |
| Owl Rock Capital Corp. 3.75% 7/22/2025 |  | 600 | 555 |
| Owl Rock Capital Corp. 3.40% 7/15/2026 |  | 290 | 254 |
| Owl Rock Capital Corp. II 4.625% 11/26/2024<sup>1</sup> |  | 450 | 428 |
| Owl Rock Capital Corp. III 3.125% 4/13/2027 |  | 600 | 495 |
| Owl Rock Core Income Corp. 4.70% 2/8/2027 |  | 800 | 722 |
| Oxford Finance, LLC 6.375% 2/1/2027<sup>1</sup> |  | 1893 | 1764 |
| Quicken Loans, LLC 3.625% 3/1/2029<sup>1</sup> |  | 455 | 361 |
| Rocket Mortgage, LLC 2.875% 10/15/2026<sup>1</sup> |  | 520 | 447 |
| Ryan Specialty Group, LLC 4.375% 2/1/2030<sup>1</sup> |  | 615 | 533 |
| Springleaf Finance Corp. 6.125% 3/15/2024 |  | 367 | 356 |
| Springleaf Finance Corp. 6.625% 1/15/2028 |  | 340 | 314 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027<sup>1</sup> |  | 570 | 500 |
|  |  |  | **60352** |
| **Information technology 4.50%** |  |  |  |
| Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/2024<sup>4,5</sup> |  | 270 | 239 |
| Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025<sup>4,5</sup> |  | 3899 | 2932 |
| Black Knight, Inc. 3.625% 9/1/2028<sup>1</sup> |  | 410 | 357 |
| Block, Inc. 2.75% 6/1/2026 |  | 1455 | 1302 |
| Block, Inc. 3.50% 6/1/2031 |  | 1570 | 1255 |
| BMC Software, Inc. 7.125% 10/2/2025<sup>1</sup> |  | 180 | 175 |
| BMC Software, Inc. 9.125% 3/1/2026<sup>1</sup> |  | 240 | 227 |
| BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/2026<sup>4,5</sup> |  | 1170 | 1080 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028<sup>1</sup> |  | 450 | 399 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029<sup>1</sup> |  | 580 | 511 |
| CDK Global, Inc. 7.25% 6/15/2029<sup>1</sup> |  | 1460 | 1430 |
| Ciena Corp. 4.00% 1/31/2030<sup>1</sup> |  | 440 | 388 |
| CommScope Finance, LLC 6.00% 3/1/2026<sup>1</sup> |  | 430 | 398 |
| CommScope Finance, LLC 8.25% 3/1/2027<sup>1</sup> |  | 360 | 280 |
| CommScope Technologies, LLC 6.00% 6/15/2025<sup>1</sup> |  | 380 | 347 |
| CommScope Technologies, LLC 5.00% 3/15/2027<sup>1</sup> |  | 220 | 150 |
| Condor Merger Sub, Inc. 7.375% 2/15/2030<sup>1</sup> |  | 400 | 322 |
| Diebold Nixdorf, Inc. 9.375% 7/15/2025<sup>1</sup> |  | 7523 | 5380 |
| Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/2026<sup>1,3,6</sup> |  | 1324 | 797 |
| Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025<sup>3,4,5</sup> |  | 2084 | 1404 |
| Elastic NV 4.125% 7/15/2029<sup>1</sup> |  | 350 | 283 |
| Entegris Escrow Corp. 4.75% 4/15/2029<sup>1</sup> |  | 790 | 722 |
| Fair Isaac Corp. 4.00% 6/15/2028<sup>1</sup> |  | 1195 | 1087 |
| Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/2024<sup>4,5</sup> | EUR | 846 | 783 |
| Gartner, Inc. 4.50% 7/1/2028<sup>1</sup> | USD | 2098 | 1960 |
| Gartner, Inc. 3.625% 6/15/2029<sup>1</sup> |  | 154 | 135 |
| Gartner, Inc. 3.75% 10/1/2030<sup>1</sup> |  | 1001 | 864 |
| GoDaddy Operating Co. 5.25% 12/1/2027<sup>1</sup> |  | 390 | 370 |
| GoDaddy Operating Co. 3.50% 3/1/2029<sup>1</sup> |  | 210 | 176 |
| Imola Merger Corp. 4.75% 5/15/2029<sup>1</sup> |  | 300 | 261 |
| MicroStrategy, Inc. 6.125% 6/15/2028<sup>1</sup> |  | 325 | 233 |
| MoneyGram International, Inc. 5.375% 8/1/2026<sup>1</sup> |  | 875 | 888 |
| NCR Corp. 5.125% 4/15/2029<sup>1</sup> |  | 1759 | 1474 |
| NortonLifeLock, Inc. 7.125% 9/30/2030<sup>1</sup> |  | 255 | 251 |
| Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/2029<sup>4,5</sup> |  | 355 | 347 |
| Rocket Software, Inc. 6.50% 2/15/2029<sup>1</sup> |  | 455 | 359 |
| Sabre GLBL, Inc. 7.375% 9/1/2025<sup>1</sup> |  | 133 | 128 |
| Sabre GLBL, Inc. 11.25% 12/15/2027<sup>1</sup> |  | 877 | 904 |
| Sabre Holdings Corp. 9.25% 4/15/2025<sup>1</sup> |  | 1152 | 1149 |
| Synaptics, Inc. 4.00% 6/15/2029<sup>1</sup> |  | 375 | 316 |
| Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/2028<sup>4,5</sup> |  | 1255 | 1117 |
| UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 6.998% 5/4/2026<sup>4,5</sup> |  | 465 | 443 |
| UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/2027<sup>4,5</sup> |  | 1970 | 1820 |

---

238 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Information technology (continued)** |  |  |  |
| Unisys Corp. 6.875% 11/1/2027<sup>1</sup> | USD | 1385 | $1065 |
| VeriSign, Inc. 5.25% 4/1/2025 |  | 132 | 132 |
| Veritas US, Inc. 7.50% 9/1/2025<sup>1</sup> |  | 285 | 197 |
| Viavi Solutions, Inc. 3.75% 10/1/2029<sup>1</sup> |  | 230 | 194 |
| Xerox Corp. 5.50% 8/15/2028<sup>1</sup> |  | 435 | 349 |
|  |  |  | **37380** |
| **Consumer staples 4.14%** |  |  |  |
| Albertsons Companies, Inc. 4.625% 1/15/2027<sup>1</sup> |  | 1060 | 987 |
| Albertsons Companies, Inc. 5.875% 2/15/2028<sup>1</sup> |  | 190 | 181 |
| Albertsons Companies, Inc. 3.50% 3/15/2029<sup>1</sup> |  | 3468 | 2917 |
| Albertsons Companies, Inc. 4.875% 2/15/2030<sup>1</sup> |  | 615 | 550 |
| B&G Foods, Inc. 5.25% 4/1/2025 |  | 1377 | 1210 |
| B&G Foods, Inc. 5.25% 9/15/2027 |  | 2093 | 1608 |
| Central Garden & Pet Co. 4.125% 10/15/2030 |  | 600 | 494 |
| Central Garden & Pet Co. 4.125% 4/30/2031<sup>1</sup> |  | 1005 | 833 |
| Coty, Inc. 5.00% 4/15/2026<sup>1</sup> |  | 700 | 665 |
| Coty, Inc. 6.50% 4/15/2026<sup>1</sup> |  | 460 | 442 |
| Coty, Inc. 4.75% 1/15/2029<sup>1</sup> |  | 1260 | 1142 |
| Darling Ingredients, Inc. 5.25% 4/15/2027<sup>1</sup> |  | 329 | 317 |
| Darling Ingredients, Inc. 6.00% 6/15/2030<sup>1</sup> |  | 1205 | 1180 |
| Edgewell Personal Care Co. 5.50% 6/1/2028<sup>1</sup> |  | 275 | 258 |
| Energizer Holdings, Inc. 4.375% 3/31/2029<sup>1</sup> |  | 545 | 463 |
| Ingles Markets, Inc. 4.00% 6/15/2031<sup>1</sup> |  | 345 | 291 |
| Kraft Heinz Company 3.875% 5/15/2027 |  | 275 | 263 |
| Kraft Heinz Company 4.375% 6/1/2046 |  | 306 | 250 |
| Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026<sup>1</sup> |  | 1953 | 1692 |
| Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027<sup>1</sup> |  | 3040 | 2504 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030<sup>1</sup> |  | 2615 | 2313 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032<sup>1</sup> |  | 715 | 626 |
| Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 8.48% 10/1/2026<sup>4,5</sup> |  | 784 | 753 |
| Performance Food Group, Inc. 5.50% 10/15/2027<sup>1</sup> |  | 705 | 666 |
| Performance Food Group, Inc. 4.25% 8/1/2029<sup>1</sup> |  | 483 | 419 |
| Post Holdings, Inc. 5.625% 1/15/2028<sup>1</sup> |  | 1199 | 1130 |
| Post Holdings, Inc. 5.50% 12/15/2029<sup>1</sup> |  | 811 | 736 |
| Post Holdings, Inc. 4.625% 4/15/2030<sup>1</sup> |  | 3355 | 2901 |
| Post Holdings, Inc. 4.50% 9/15/2031<sup>1</sup> |  | 1350 | 1137 |
| Prestige Brands International, Inc. 5.125% 1/15/2028<sup>1</sup> |  | 103 | 97 |
| Prestige Brands International, Inc. 3.75% 4/1/2031<sup>1</sup> |  | 1275 | 1053 |
| Simmons Foods, Inc. 4.625% 3/1/2029<sup>1</sup> |  | 993 | 810 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028 |  | 1415 | 1205 |
| United Natural Foods, Inc. 6.75% 10/15/2028<sup>1</sup> |  | 2030 | 1954 |
| US Foods, Inc. 4.625% 6/1/2030<sup>1</sup> |  | 460 | 406 |
|  |  |  | **34453** |
| **Real estate 3.45%** |  |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029<sup>1</sup> |  | 2213 | 1677 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030<sup>1</sup> |  | 957 | 699 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026<sup>1</sup> |  | 1304 | 1193 |
| Brookfield Property REIT, Inc. 4.50% 4/1/2027<sup>1</sup> |  | 194 | 162 |
| Forestar Group, Inc. 3.85% 5/15/2026<sup>1</sup> |  | 465 | 408 |
| Forestar Group, Inc. 5.00% 3/1/2028<sup>1</sup> |  | 92 | 79 |
| Hospitality Properties Trust 4.35% 10/1/2024 |  | 145 | 132 |
| Howard Hughes Corp. 5.375% 8/1/2028<sup>1</sup> |  | 1447 | 1306 |
| Howard Hughes Corp. 4.125% 2/1/2029<sup>1</sup> |  | 2043 | 1714 |
| Howard Hughes Corp. 4.375% 2/1/2031<sup>1</sup> |  | 2258 | 1830 |
| Iron Mountain, Inc. 4.875% 9/15/2027<sup>1</sup> |  | 1616 | 1489 |
| Iron Mountain, Inc. 5.25% 3/15/2028<sup>1</sup> |  | 1214 | 1119 |
| Iron Mountain, Inc. 5.00% 7/15/2028<sup>1</sup> |  | 367 | 330 |

---

American Funds Insurance Series 239

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Real estate (continued)** |  |  |  |
| Iron Mountain, Inc. 5.25% 7/15/2030<sup>1</sup> | USD | 2880 | $2509 |
| Iron Mountain, Inc. 4.50% 2/15/2031<sup>1</sup> |  | 950 | 783 |
| Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 |  | 2505 | 1989 |
| Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 |  | 2545 | 1944 |
| Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031 |  | 2050 | 1546 |
| Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025<sup>1</sup> |  | 740 | 697 |
| Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027<sup>1</sup> |  | 1429 | 1203 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029<sup>1</sup> |  | 100 | 81 |
| Medical Properties Trust, Inc. 5.00% 10/15/2027 |  | 638 | 538 |
| Medical Properties Trust, Inc. 3.50% 3/15/2031 |  | 239 | 164 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029<sup>1</sup> |  | 820 | 695 |
| RHP Hotel Properties, LP 4.50% 2/15/2029<sup>1</sup> |  | 535 | 462 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029<sup>1</sup> |  | 800 | 650 |
| VICI Properties, LP 3.50% 2/15/2025<sup>1</sup> |  | 261 | 247 |
| VICI Properties, LP 4.625% 6/15/2025<sup>1</sup> |  | 620 | 595 |
| VICI Properties, LP 3.875% 2/15/2029<sup>1</sup> |  | 1111 | 975 |
| VICI Properties, LP 4.625% 12/1/2029<sup>1</sup> |  | 184 | 168 |
| VICI Properties, LP 4.125% 8/15/2030<sup>1</sup> |  | 330 | 289 |
| WeWork Companies, LLC 5.00% 7/10/2025<sup>1</sup> |  | 2985 | 992 |
|  |  |  | **28665** |
| **Utilities 3.20%** |  |  |  |
| AmeriGas Partners, LP 5.875% 8/20/2026 |  | 80 | 76 |
| AmeriGas Partners, LP 5.75% 5/20/2027 |  | 324 | 302 |
| Calpine Corp. 4.50% 2/15/2028<sup>1</sup> |  | 150 | 134 |
| Calpine Corp. 5.125% 3/15/2028<sup>1</sup> |  | 518 | 463 |
| Calpine Corp. 3.75% 3/1/2031<sup>1</sup> |  | 500 | 403 |
| DPL, Inc. 4.125% 7/1/2025 |  | 555 | 522 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)<sup>7</sup> |  | 1155 | 1113 |
| FirstEnergy Corp. 2.65% 3/1/2030 |  | 624 | 510 |
| FirstEnergy Corp. 2.25% 9/1/2030 |  | 980 | 780 |
| FirstEnergy Corp. 7.375% 11/15/2031 |  | 337 | 380 |
| FirstEnergy Corp. 3.40% 3/1/2050 |  | 510 | 337 |
| FirstEnergy Corp., Series C, 5.35% 7/15/2047<sup>7</sup> |  | 475 | 425 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>1</sup> |  | 265 | 232 |
| FirstEnergy Transmission, LLC 4.55% 4/1/2049<sup>1</sup> |  | 100 | 81 |
| NextEra Energy Partners, LP 4.25% 7/15/2024<sup>1</sup> |  | 122 | 118 |
| NRG Energy, Inc. 3.625% 2/15/2031<sup>1</sup> |  | 845 | 644 |
| Pacific Gas and Electric Co. 5.45% 6/15/2027 |  | 335 | 331 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 |  | 116 | 99 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 |  | 124 | 110 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 |  | 10 | 9 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 |  | 213 | 194 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 393 | 306 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031 |  | 107 | 87 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 280 | 190 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 1000 | 625 |
| PG&E Corp. 5.00% 7/1/2028 |  | 3150 | 2881 |
| PG&E Corp. 5.25% 7/1/2030 |  | 3040 | 2771 |
| Talen Energy Corp. 10.50% 1/15/2026<sup>1,2</sup> |  | 2987 | 1434 |
| Talen Energy Corp. 7.25% 5/15/2027<sup>1</sup> |  | 5189 | 5395 |
| Talen Energy Corp. 6.625% 1/15/2028<sup>1</sup> |  | 130 | 133 |
| Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.008% 11/13/2023<sup>4,5</sup> |  | 3085 | 3116 |
| Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/2026<sup>4,5</sup> |  | 500 | 508 |
| Talen Energy Supply, LLC 7.625% 6/1/2028<sup>1</sup> |  | 489 | 511 |

---

240 American Funds Insurance Series

American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Targa Resources Partners, LP 4.00% 1/15/2032 | USD | 190 | $160 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029<sup>1</sup> |  | 1190 | 1043 |
| Vistra Operations Co., LLC 3.55% 7/15/2024<sup>1</sup> |  | 231 | 222 |
|  |  |  | **26645** |
| **Total corporate bonds, notes & loans** |  |  | **736042** |
| **Mortgage-backed obligations 0.08%** |  |  |  |
| **Collateralized mortgage-backed obligations 0.08%** |  |  |  |
| Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>1,3</sup> |  | **712** | **630** |
| **Total bonds, notes & other debt instruments** (cost: $842,910,000) |  |  | **736672** |
| **Convertible bonds & notes 0.06%** |  |  |  |
| **Communication services 0.05%** |  |  |  |
| DISH DBS Corp., convertible notes, 3.375% 8/15/2026 |  | **635** | **399** |
| **Energy 0.01%** |  |  |  |
| Mesquite Energy, Inc., convertible notes, 13.14% Cash 7/15/2023<sup>1,3,6</sup> |  | **79** | **79** |
| **Total convertible bonds & notes** (cost: $720,000) |  |  | **478** |
| **Convertible stocks 0.11%** |  | Shares |  |
| **Utilities 0.06%** |  |  |  |
| PG&E Corp., convertible preferred units, 5.50% 8/16/2023 |  | **3350** | **483** |
| **Financials 0.05%** |  |  |  |
| 2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 6/1/2023<sup>1</sup> |  | **411** | **472** |
| **Total convertible stocks** (cost: $657,000) |  |  | **955** |
| **Common stocks 4.45%** |  |  |  |
| **Health care 2.60%** |  |  |  |
| Rotech Healthcare, Inc.<sup>3,8,9</sup> |  | **201793** | **21591** |
| **Energy 1.15%** |  |  |  |
| Chesapeake Energy Corp. |  | 29829 | 2815 |
| Weatherford International<sup>8</sup> |  | 33659 | 1714 |
| Ascent Resources - Utica, LLC, Class A<sup>3,8,9</sup> |  | 6297894 | 1260 |
| Denbury, Inc.<sup>8</sup> |  | 13380 | 1164 |
| Diamond Offshore Drilling, Inc.<sup>8</sup> |  | 110972 | 1154 |
| California Resources Corp. |  | 17202 | 748 |
| Constellation Oil Services Holding SA, Class B-1<sup>3,8</sup> |  | 3449949 | 380 |
| Altera Infrastructure, LP<sup>3,8</sup> |  | 3550 | 282 |
| McDermott International, Ltd.<sup>8</sup> |  | 82509 | 26 |
| Mesquite Energy, Inc.<sup>3,8</sup> |  | 3558 | 21 |
| Bighorn Permian Resources, LLC<sup>3</sup> |  | 2894 | —<sup>10</sup> |
|  |  |  | **9564** |
| **Financials 0.32%** |  |  |  |
| Jonah Energy Parent, LLC<sup>3</sup> |  | 38716 | 2289 |
| Navient Corp. |  | 20000 | 329 |
|  |  |  | **2618** |

---

American Funds Insurance Series 241

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value <br> (000) |
| **Consumer discretionary 0.29%** |  |  |
| NMG Parent, LLC<sup>8</sup> | 9965 | $1520 |
| MYT Holding Co., Class B<sup>3,8</sup> | 608846 | 913 |
|  |  | **2433** |
| **Information technology 0.05%** |  |  |
| MoneyGram International, Inc.<sup>8</sup> | **41400** | **451** |
| **Communication services 0.04%** |  |  |
| Intelsat SA<sup>3,8</sup> | 8164 | 196 |
| iHeartMedia, Inc., Class A<sup>8</sup> | 22639 | 139 |
|  |  | **335** |
| **Total common stocks** (cost: $13,251,000) |  | **36992** |
| **Preferred securities 0.32%** |  |  |
| **Consumer discretionary 0.27%** |  |  |
| MYT Holdings, LLC, Series A, 10.00% preferred shares<sup>3,8</sup> | **2095904** | **2201** |
| **Industrials 0.05%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares<sup>1,3,8</sup> | **1022** | **428** |
| **Total preferred securities** (cost: $2,933,000) |  | **2629** |
| **Rights & warrants 0.10%** |  |  |
| **Consumer discretionary 0.10%** |  |  |
| NMG Parent, LLC, warrants, expire 9/24/2027<sup>8</sup> | **27111** | **826** |
| **Communication services 0.00%** |  |  |
| Intelsat Jackson Holdings SA (CVR), Series A<sup>3,8</sup> | 855 | 6 |
| Intelsat Jackson Holdings SA (CVR), Series B<sup>3,8</sup> | 855 | 6 |
|  |  | **12** |
| **Total rights & warrants** (cost: $173,000) |  | **838** |
| **Short-term securities 4.64%** |  |  |
| **Money market investments 4.64%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>11,12</sup> | **385690** | **38565** |
| **Total short-term securities** (cost: $38,557,000) |  | **38565** |
| **Total investment securities 98.27%** (cost: $899,201,000) |  | **817129** |
| Other assets less liabilities 1.73% |  | 14425 |
| **Net assets 100.00%** |  | $**831554** |

---

242 American Funds Insurance Series

American High-Income Trust (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 63 | March 2023 | USD | 6799 | $(98) |
| 10 Year U.S. Treasury Note Futures | Short | 14 | March 2023 |  | (1572) | 10 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | March 2023 |  | (134) | —<sup>10</sup> |
|  |  |  |  |  |  | $(88) |

---

**Swap contracts**

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value at<br> 12/31/2022<br> (000)** | **Upfront<br> premium<br> paid<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| CDX.NA.HY.39 | 5.00% | Quarterly | 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 8050 | $(50) | $104 | $(154) |

---

**Investments in affiliates<sup>12</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliate at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 4.64%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 4.64%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>11</sup> | $17238 | $219950 | $198620 | $(7) | $4 | $38565 | $610 |

---

**Restricted securities<sup>9</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Rotech Healthcare, Inc.<sup>3,8</sup> | 9/26/2013 | $4331 | $21591 | 2.60% |
| Ascent Resources - Utica, LLC, Class A<sup>3,8</sup> | 11/15/2016 | 302 | 1260 | .15 |
| **Total** |  | $4633 | $22851 | 2.75% |

---

American Funds Insurance Series 243

American High-Income Trust (continued)

<sup>1</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $544,764,000, which represented 65.51% of the net assets of the fund.

<sup>2</sup> Scheduled interest and/or principal payment was not received.

<sup>3</sup> Value determined using significant unobservable inputs.

<sup>4</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $25,672,000, which represented 3.09% of the net assets of the fund.

<sup>5</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>6</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>7</sup> Step bond; coupon rate may change at a later date.

<sup>8</sup> Security did not produce income during the last 12 months.

<sup>9</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $22,851,000, which represented 2.75% of the net assets of the fund.

<sup>10</sup> Amount less than one thousand.

<sup>11</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>12</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviations**

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

Refer to the notes to financial statements.

244 American Funds Insurance Series

American Funds Mortgage Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 94.91%** | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations 80.19%** |  |  |  |
| **Federal agency mortgage-backed obligations 77.35%** |  |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033<sup>1</sup> | USD | —<sup>2</sup> | $—<sup>2</sup> |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #256583 5.00% 12/1/2036<sup>1</sup> |  | 32 | 32 |
| Fannie Mae Pool #931768 5.00% 8/1/2039<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041<sup>1</sup> |  | 8 | 8 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041<sup>1</sup> |  | 19 | 16 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041<sup>1</sup> |  | 7 | 6 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041<sup>1</sup> |  | 7 | 7 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>1</sup> |  | 370 | 312 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA4540 2.00% 2/1/2042<sup>1</sup> |  | 530 | 447 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042<sup>1</sup> |  | 4 | 4 |
| Fannie Mae Pool #MA4570 2.00% 3/1/2042<sup>1</sup> |  | 120 | 102 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044<sup>1</sup> |  | 2 | 2 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>1</sup> |  | 374 | 346 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047<sup>1</sup> |  | 39 | 37 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048<sup>1</sup> |  | 20 | 19 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048<sup>1</sup> |  | 27 | 25 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048<sup>1</sup> |  | 8 | 8 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>1</sup> |  | 98 | 91 |
| Fannie Mae Pool #CA5496 3.00% 4/1/2050<sup>1,3</sup> |  | 1215 | 1089 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>1</sup> |  | 54 | 46 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>1</sup> |  | 560 | 482 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050<sup>1</sup> |  | 126 | 109 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050<sup>1</sup> |  | 82 | 70 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>1</sup> |  | 13 | 10 |
| Fannie Mae Pool #CA8955 2.50% 2/1/2051<sup>1</sup> |  | 66 | 57 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>1</sup> |  | 116 | 95 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051<sup>1</sup> |  | 211 | 188 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051<sup>1</sup> |  | 278 | 247 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051<sup>1</sup> |  | 28 | 24 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051<sup>1</sup> |  | 450 | 382 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>1</sup> |  | 3 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051<sup>1</sup> |  | 464 | 397 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051<sup>1</sup> |  | 230 | 197 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>1</sup> |  | 764 | 653 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>1</sup> |  | 295 | 251 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051<sup>1</sup> |  | 247 | 212 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051<sup>1</sup> |  | 100 | 89 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052<sup>1</sup> |  | 280 | 248 |
| Fannie Mae Pool #BV3870 2.50% 2/1/2052<sup>1</sup> |  | 405 | 344 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052<sup>1</sup> |  | 380 | 325 |
| Fannie Mae Pool #BV8569 2.50% 4/1/2052<sup>1</sup> |  | 1274 | 1081 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>1</sup> |  | 204 | 173 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052<sup>1</sup> |  | 179 | 152 |
| Fannie Mae Pool #BW0004 3.50% 7/1/2052<sup>1</sup> |  | 300 | 273 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>1</sup> |  | 22 | 20 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>1</sup> |  | 1967 | 1847 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>1</sup> |  | 28 | 26 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>1</sup> |  | 24 | 22 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>1</sup> |  | 21 | 20 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>1</sup> |  | 20 | 18 |
| Fannie Mae Pool #BW9823 4.50% 9/1/2052<sup>1</sup> |  | 45 | 44 |

---

American Funds Insurance Series 245

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB5208 5.00% 9/1/2052<sup>1</sup> | USD | 599 | $591 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>1</sup> |  | 77 | 72 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>1</sup> |  | 58 | 54 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>1</sup> |  | 48 | 45 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>1</sup> |  | 21 | 20 |
| Fannie Mae Pool #BW7795 4.50% 10/1/2052<sup>1</sup> |  | 477 | 460 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>1</sup> |  | 4 | 4 |
| Fannie Mae Pool #BW7121 5.00% 10/1/2052<sup>1</sup> |  | 577 | 570 |
| Fannie Mae Pool #CB5380 5.00% 10/1/2052<sup>1</sup> |  | 203 | 200 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>1</sup> |  | 38 | 34 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>1</sup> |  | 575 | 540 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>1</sup> |  | 22 | 21 |
| Fannie Mae Pool #BX1516 4.50% 11/1/2052<sup>1</sup> |  | 469 | 452 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>1</sup> |  | 1000 | 987 |
| Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>1</sup> |  | 68 | 64 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>1</sup> |  | 495 | 489 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059<sup>1</sup> |  | 146 | 134 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060<sup>1</sup> |  | 173 | 159 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>1</sup> |  | 53 | 46 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>1</sup> |  | 56 | 54 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026<sup>1</sup> |  | 1 | 1 |
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029<sup>1</sup> |  | 2 | 2 |
| Freddie Mac Pool #A18781 5.00% 3/1/2034<sup>1</sup> |  | 623 | 637 |
| Freddie Mac Pool #RB5138 2.00% 12/1/2041<sup>1</sup> |  | 102 | 86 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042<sup>1</sup> |  | 94 | 79 |
| Freddie Mac Pool #RB5148 2.00% 3/1/2042<sup>1</sup> |  | 597 | 504 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043<sup>1</sup> |  | 1 | 1 |
| Freddie Mac Pool #760012 3.113% 4/1/2045<sup>1,4</sup> |  | 39 | 38 |
| Freddie Mac Pool #760013 3.208% 4/1/2045<sup>1,4</sup> |  | 23 | 22 |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>1,4</sup> |  | 335 | 324 |
| Freddie Mac Pool #760015 2.561% 1/1/2047<sup>1,4</sup> |  | 63 | 60 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047<sup>1</sup> |  | 18 | 17 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047<sup>1</sup> |  | 28 | 26 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048<sup>1</sup> |  | 20 | 19 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048<sup>1</sup> |  | 19 | 18 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048<sup>1</sup> |  | 10 | 9 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048<sup>1</sup> |  | 28 | 27 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048<sup>1</sup> |  | 51 | 51 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048<sup>1</sup> |  | 28 | 27 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048<sup>1</sup> |  | 20 | 20 |
| Freddie Mac Pool #RA1339 3.00% 9/1/2049<sup>1,3</sup> |  | 1531 | 1360 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049<sup>1</sup> |  | 19 | 18 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050<sup>1</sup> |  | 160 | 143 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>1</sup> |  | 597 | 488 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>1</sup> |  | 2 | 2 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>1</sup> |  | 3 | 3 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>1</sup> |  | 327 | 268 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051<sup>1</sup> |  | 80 | 65 |
| Freddie Mac Pool #SD7548 2.50% 11/1/2051<sup>1</sup> |  | 1100 | 947 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051<sup>1</sup> |  | 68 | 58 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>1</sup> |  | 396 | 338 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052<sup>1</sup> |  | 196 | 179 |
| Freddie Mac Pool #SD7550 3.00% 2/1/2052<sup>1</sup> |  | 404 | 361 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052<sup>1,3</sup> |  | 1203 | 1113 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>1</sup> |  | 9 | 9 |
| Freddie Mac Pool #SD1450 2.50% 3/1/2052<sup>1</sup> |  | 3355 | 2879 |
| Freddie Mac Pool #SD7553 3.00% 3/1/2052<sup>1</sup> |  | 325 | 289 |
| Freddie Mac Pool #QE6097 2.50% 7/1/2052<sup>1</sup> |  | 197 | 168 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>1</sup> |  | 1523 | 1430 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>1</sup> |  | 18 | 17 |
| Freddie Mac Pool #SD8238 4.50% 8/1/2052<sup>1</sup> |  | 10 | 10 |

---

246 American Funds Insurance Series

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>1</sup> | USD | 651 | $612 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>1</sup> |  | 23 | 21 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>1</sup> |  | 715 | 706 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>1</sup> |  | 22 | 21 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>1</sup> |  | 14 | 13 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>1</sup> |  | 1232 | 1121 |
| Freddie Mac Pool #SD8273 3.50% 11/1/2052<sup>1</sup> |  | 124 | 112 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>1</sup> |  | 35 | 33 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052<sup>1</sup> |  | 407 | 400 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052<sup>1</sup> |  | 920 | 944 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>1</sup> |  | 1793 | 1728 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>1</sup> |  | 55 | 54 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>1</sup> |  | 210 | 197 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>1</sup> |  | 132 | 130 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>1</sup> |  | 200 | 205 |
| Freddie Mac, Series K152, Class A2, Multi Family, 3.80% 10/25/2032<sup>1,4</sup> |  | 207 | 196 |
| Freddie Mac, Series K152, Class A2, Multi Family, 3.78% 11/25/2032<sup>1</sup> |  | 1767 | 1671 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>1,4</sup> |  | 134 | 126 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056<sup>1</sup> |  | 101 | 91 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>1</sup> |  | 209 | 194 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>1,4</sup> |  | 155 | 145 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057<sup>1</sup> |  | 112 | 98 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>1</sup> |  | 147 | 140 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058<sup>1</sup> |  | 31 | 28 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058<sup>1</sup> |  | 18 | 17 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028<sup>1</sup> |  | 306 | 293 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>1</sup> |  | 14 | 13 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032<sup>1</sup> |  | 469 | 453 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>1,5</sup> |  | 174 | 146 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>1,5</sup> |  | 207 | 180 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>1,5</sup> |  | 388 | 346 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>1,5</sup> |  | 178 | 163 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>1,5</sup> |  | 7330 | 7264 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>1,5</sup> |  | 1198 | 1205 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034<sup>1</sup> |  | 693 | 678 |
| Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/2038<sup>1</sup> |  | 510 | 488 |
| Government National Mortgage Assn. Pool #004410 4.00% 4/20/2039<sup>1</sup> |  | 54 | 52 |
| Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/2039<sup>1</sup> |  | 526 | 502 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039<sup>1</sup> |  | 81 | 86 |
| Government National Mortgage Assn. Pool #004823 4.00% 10/20/2040<sup>1</sup> |  | 83 | 79 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041<sup>1</sup> |  | 169 | 170 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041<sup>1</sup> |  | 12 | 12 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041<sup>1</sup> |  | 83 | 84 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042<sup>1</sup> |  | 131 | 119 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042<sup>1</sup> |  | 198 | 182 |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043<sup>1</sup> |  | 90 | 84 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044<sup>1</sup> |  | 1034 | 997 |
| Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/2052<sup>1</sup> |  | 800 | 777 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>1</sup> |  | 140 | 133 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>1</sup> |  | 1852 | 1798 |

---

American Funds Insurance Series 247

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>1</sup> | USD | 100 | $97 |
| Government National Mortgage Assn. Pool #AN1825 4.619% 6/20/2065<sup>1</sup> |  | 195 | 192 |
| Government National Mortgage Assn. Pool #AO0461 4.628% 8/20/2065<sup>1</sup> |  | 65 | 64 |
| Government National Mortgage Assn. Pool #AO0409 4.617% 12/20/2065<sup>1</sup> |  | 128 | 126 |
| Government National Mortgage Assn. Pool #AO0385 4.498% 1/20/2066<sup>1</sup> |  | 519 | 510 |
| Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066<sup>1</sup> |  | 1 | 1 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2038<sup>1,5</sup> |  | 125 | 122 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>1,5</sup> |  | 1191 | 969 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>1,5</sup> |  | 1882 | 1812 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>1,5</sup> |  | 4837 | 4851 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>1,5</sup> |  | 1958 | 1988 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>1,5</sup> |  | 3690 | 3780 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>1,5</sup> |  | 130 | 122 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>1,5</sup> |  | 1132 | 1148 |
|  |  |  | **68880** |
| **Collateralized mortgage-backed obligations (privately originated) 1.79%** | **Collateralized mortgage-backed obligations (privately originated) 1.79%** | **Collateralized mortgage-backed obligations (privately originated) 1.79%** |  |
| Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030<sup>1,4,6</sup> |  | 74 | 72 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031<sup>1,4,6</sup> |  | 95 | 89 |
| Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036<sup>1,4,6</sup> |  | 306 | 291 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>1,4,6</sup> |  | 181 | 171 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066<sup>1,4,6</sup> |  | 87 | 74 |
| Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060<sup>1,4,6</sup> |  | 159 | 137 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066<sup>1,4,6</sup> |  | 28 | 24 |
| GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 10/25/2052<sup>1,4,6</sup> |  | 212 | 171 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>1,4,6</sup> |  | 175 | 169 |
| Mill City Mortgage Trust, Series 15-1, Class M2, 3.616% 6/25/2056<sup>1,4,6</sup> |  | 38 | 37 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052<sup>1,4,6</sup> |  | 138 | 111 |
| Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031<sup>1,4,6</sup> |  | 95 | 89 |
| Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/2055<sup>1,4,6</sup> |  | 100 | 97 |
| Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 4/25/2055<sup>1,4,6</sup> |  | 10 | 10 |
| Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/2056<sup>1,4,6</sup> |  | 41 | 41 |
| Towd Point Mortgage Trust, Series 2017-5, Class A1, 4.989% 2/25/2057<sup>1,4,6</sup> |  | 10 | 10 |
|  |  |  | **1593** |
| **Commercial mortgage-backed securities 1.05%** |  |  |  |
| BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>1,4,6</sup> |  | 100 | 98 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/2027<sup>1,4,6</sup> |  | 100 | 99 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>1,4,6</sup> |  | 606 | 578 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>1,4,6</sup> |  | 164 | 158 |
|  |  |  | **933** |
| **Total mortgage-backed obligations** |  |  | **71406** |
| **U.S. Treasury bonds & notes 12.04%** |  |  |  |
| **U.S. Treasury inflation-protected securities 10.83%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>7</sup> |  | 714 | 713 |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>7</sup> |  | 355 | 352 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>7</sup> |  | 522 | 516 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>3,7</sup> |  | 3621 | 3546 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>7</sup> |  | 2024 | 1970 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>7</sup> |  | 658 | 637 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>7</sup> |  | 107 | 104 |

---

248 American Funds Insurance Series

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>7</sup> | USD | 65 | $61 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>7</sup> |  | 1202 | 1067 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042<sup>7</sup> |  | 426 | 357 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>7</sup> |  | 385 | 322 |
|  |  |  | **9645** |
| **U.S. Treasury 1.21%** |  |  |  |
| U.S. Treasury 0.875% 1/31/2024 |  | 10 | 9 |
| U.S. Treasury 1.25% 8/15/2031 |  | 443 | 360 |
| U.S. Treasury 1.875% 2/15/2032 |  | 10 | 8 |
| U.S. Treasury 1.875% 2/15/2041<sup>3</sup> |  | 690 | 489 |
| U.S. Treasury 2.375% 2/15/2042 |  | 150 | 115 |
| U.S. Treasury 3.25% 5/15/2042 |  | 60 | 53 |
| U.S. Treasury 1.875% 11/15/2051 |  | 65 | 41 |
|  |  |  | **1075** |
| **Total U.S. Treasury bonds & notes** |  |  | **10720** |
| **Asset-backed obligations 2.68%** |  |  |  |
| Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>1,4,6</sup> |  | 250 | 247 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033<sup>1,6</sup> |  | 54 | 50 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/2034<sup>1,6</sup> |  | 54 | 51 |
| Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/2027<sup>1</sup> |  | 540 | 545 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>1,6</sup> |  | 286 | 256 |
| CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026<sup>1,6</sup> |  | 67 | 66 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>1,6</sup> |  | 86 | 79 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069<sup>1,6</sup> |  | 116 | 101 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>1,6</sup> |  | 215 | 183 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>1,6</sup> |  | 193 | 171 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/2062<sup>1,4,6</sup> |  | 160 | 155 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>1,6</sup> |  | 530 | 449 |
| Santander Drive Auto Receivables Trust, Series 2022-6, Class A2, 4.37% 5/15/2025<sup>1</sup> |  | 35 | 35 |
|  |  |  | **2388** |
| **Total bonds, notes & other debt instruments** (cost: $87,116,000) |  |  | **84514** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-term securities 25.67%** | Weighted<br> average yield<br> at acquisition |  |  |
| **Commercial paper 14.04%** |  |  |  |
| Chariot Funding, LLC 1/27/2023<sup>6</sup> | 4.150% | 2000 | 1993 |
| Citigroup Global Markets, Inc. 2/21/2023<sup>6</sup> | 4.580 | 2000 | 1987 |
| Henkel of America, Inc. 2/1/2023<sup>6</sup> | 4.300 | 2000 | 1992 |
| Honeywell International, Inc. 2/1/2023<sup>6</sup> | 4.100 | 2000 | 1992 |
| Johnson & Johnson 1/30/2023<sup>6</sup> | 4.190 | 1000 | 996 |
| Procter & Gamble Co. 2/9/2023<sup>6</sup> | 4.300 | 500 | 498 |
| Procter & Gamble Co. 2/10/2023<sup>6</sup> | 4.250 | 1500 | 1492 |
| Roche Holdings, Inc. 1/3/2023<sup>6</sup> | 4.230 | 1050 | 1050 |
| Starbird Funding Corp. 1/3/2023<sup>6</sup> | 4.300 | 500 | 500 |
|  |  |  | **12500** |

---

American Funds Insurance Series 249

American Funds Mortgage Fund (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-term securities** (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Federal agency bills & notes 11.63%** |  |  |  |  |
| Federal Farm Credit Banks 1/12/2023 | 3.880% | USD | 4500 | $4495 |
| Federal Home Loan Bank 1/11/2023 | 4.120 |  | 1500 | 1498 |
| Federal Home Loan Bank 2/28/2023 | 4.350 |  | 1500 | 1490 |
| Federal Home Loan Bank 3/3/2023 | 4.370 |  | 1000 | 993 |
| Federal Home Loan Bank 3/22/2023 | 4.440 |  | 1000 | 990 |
| Federal Home Loan Bank 3/24/2023 | 4.462 |  | 900 | 891 |
|  |  |  |  | **10357** |
| **Total short-term securities** (cost: $22,859,000) |  |  |  | **22857** |
| **Total investment securities 120.58%** (cost: $109,975,000) | **Total investment securities 120.58%** (cost: $109,975,000) | **Total investment securities 120.58%** (cost: $109,975,000) |  | **107371** |
| Other assets less liabilities (20.58)% |  |  |  | (18328) |
| **Net assets 100.00%** |  |  |  | $**89043** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000)** |
| 3 Month SOFR Futures | Short | 12 | June 2023 | USD | (2853) | $49 |
| 2 Year U.S. Treasury Note Futures | Short | 5 | March 2023 |  | (1025) | (1) |
| 5 Year U.S. Treasury Note Futures | Long | 144 | March 2023 |  | 15542 | (19) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 47 | March 2023 |  | 5559 | (60) |
| 10 Year U.S. Treasury Note Futures | Long | 5 | March 2023 |  | 562 | (3) |
| 20 Year U.S. Treasury Bond Futures | Long | 18 | March 2023 |  | 2256 | (28) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 12 | March 2023 |  | 1612 | (13) |
|  |  |  |  |  |  | $(75) |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | |  |  | | | |
| **Rate** | **Payment<br> frequency** | **Rate** | **Payment<br> frequency** | <br>**Expiration<br> date** | **Notional<br> amount<br> (000** | **Notional<br> amount<br> (000** |<br>**Value at<br> 12/31/2022<br> (000)** | **Upfront**<br>**premium<br> paid<br> (000)** | **Unrealized**<br>**appreciation<br> at 12/31/2022<br> (000)** |
| 3-month USD-LIBOR | Quarterly | 0.81% | Semi-annual | 7/28/2045 | USD | 1800 | $795 | $5 | $790 |

---

<sup>1</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $692,000, which represented .78% of the net assets of the fund.

<sup>4</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>5</sup> Purchased on a TBA basis.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $16,834,000, which represented 18.91% of the net assets of the fund.

<sup>7</sup> Index-linked bond whose principal amount moves with a government price index.

250 American Funds Insurance Series

American Funds Mortgage Fund (continued)

**Key to abbreviations**

Assn. = Association

CLO = Collateralized Loan Obligations

CME = CME Group

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 251

Ultra-Short Bond Fund

**Investment portfolio** December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-term securities 97.99%** | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Commercial paper 76.48%** |  |  |  |  |
| British Columbia (Province of) 3/6/2023 | 4.470% | USD | 7400 | $7339 |
| CAFCO, LLC 2/3/2023<sup>1</sup> | 4.300 |  | 1250 | 1245 |
| Caisse des Dépôts et Consignations 3/9/2023 | 4.490 |  | 12000 | 11899 |
| Canadian Imperial Holdings, Inc. 1/9/2023 | 4.080 |  | 10000 | 9988 |
| Chariot Funding, LLC 1/23/2023<sup>1</sup> | 4.400 |  | 5000 | 4985 |
| CHARTA, LLC 1/17/2023<sup>1</sup> | 4.330 |  | 10000 | 9978 |
| DBS Bank, Ltd. 3/14/2023<sup>1</sup> | 4.548 |  | 10000 | 9906 |
| DNB Bank ASA 3/13/2023<sup>1</sup> | 4.535 |  | 13000 | 12885 |
| Export Development Canada 2/6/2023 | 4.300 |  | 11810 | 11756 |
| Fairway Finance Company, LLC 1/18/2023<sup>1</sup> | 4.250 |  | 4000 | 3991 |
| Gotham Funding Corp. 1/10/2023<sup>1</sup> | 4.200 |  | 3000 | 2996 |
| Gotham Funding Corp. 3/28/2023<sup>1</sup> | 4.600 |  | 10000 | 9883 |
| Johnson & Johnson 2/27/2023<sup>1</sup> | 4.330 |  | 8700 | 8637 |
| Johnson & Johnson 3/6/2023<sup>1</sup> | 4.430 |  | 5000 | 4959 |
| KfW 2/15/2023<sup>1</sup> | 4.380 |  | 12000 | 11932 |
| Komatsu Finance America, Inc. 1/13/2023<sup>1</sup> | 4.330 |  | 5000 | 4992 |
| Komatsu Finance America, Inc. 1/18/2023<sup>1</sup> | 4.200 |  | 4000 | 3991 |
| Liberty Street Funding, LLC 1/18/2023<sup>1</sup> | 4.400 |  | 10850 | 10825 |
| Linde, Inc. 1/5/2023 | 4.010 |  | 13000 | 12991 |
| LMA-Americas, LLC 1/27/2023<sup>1</sup> | 4.300 |  | 10000 | 9966 |
| L'Oréal USA, Inc. 1/26/2023<sup>1</sup> | 4.240 |  | 10000 | 9967 |
| LVMH Moët Hennessy Louis Vuitton, Inc. 2/6/2023<sup>1</sup> | 4.400 |  | 10000 | 9953 |
| Manhattan Asset Funding Company, LLC 3/24/2023<sup>1</sup> | 4.650 |  | 9700 | 9596 |
| Mizuho Bank, Ltd. 1/31/2023<sup>1</sup> | 4.405 |  | 12000 | 11954 |
| Nestlé Finance International, Ltd. 1/19/2023<sup>1</sup> | 4.280 |  | 6000 | 5986 |
| NRW.Bank 3/8/2023<sup>1</sup> | 4.450 |  | 8250 | 8181 |
| Oesterreichische Kontrollbank 2/15/2023 | 4.390 |  | 13000 | 12926 |
| Procter & Gamble Co. 2/10/2023<sup>1</sup> | 4.250 |  | 13050 | 12984 |
| Québec (Province of) 2/1/2023<sup>1</sup> | 4.230 |  | 10000 | 9960 |
| Siemens Capital Co., LLC 1/18/2023<sup>1</sup> | 4.080 |  | 8000 | 7982 |
| Stadshypotek AB Handelsbanken, Inc. 1/18/2023<sup>1</sup> | 4.150 |  | 6500 | 6485 |
| Starbird Funding Corp. 1/3/2023<sup>1</sup> | 4.300 |  | 11000 | 10995 |
| Sumitomo Mitsui Trust Bank, Ltd. 2/3/2023<sup>1</sup> | 4.300 |  | 9000 | 8962 |
| Sumitomo Mitsui Trust Bank, Ltd. 2/7/2023<sup>1</sup> | 4.600 |  | 6000 | 5972 |
| Toronto-Dominion Bank 1/20/2023<sup>1</sup> | 4.300 |  | 10000 | 9975 |
| TotalEnergies Capital Canada, Ltd. 1/3/2023<sup>1</sup> | 4.280 |  | 13000 | 12994 |
| Toyota Credit de Puerto Rico Corp. 1/17/2023 | 4.340 |  | 3550 | 3542 |
| Toyota Industries Commercial Finance, Inc. 1/23/2023<sup>1</sup> | 4.120 |  | 1100 | 1097 |
| Toyota Industries Commercial Finance, Inc. 3/6/2023<sup>1</sup> | 4.450 |  | 6000 | 5951 |
|  |  |  |  | **330606** |
| **Federal agency bills & notes 21.51%** |  |  |  |  |
| Federal Home Loan Bank 2/1/2023 | 4.130 |  | 15000 | 14951 |
| Federal Home Loan Bank 2/15/2023 | 4.300 |  | 4800 | 4775 |
| Federal Home Loan Bank 2/17/2023 | 4.314 |  | 36317 | 36123 |
| Federal Home Loan Bank 2/22/2023 | 4.357 |  | 23290 | 23149 |
| Federal Home Loan Bank 3/3/2023 | 4.370 |  | 5300 | 5262 |
| Federal Home Loan Bank 3/22/2023 | 4.440 |  | 6000 | 5942 |
| Federal Home Loan Bank 3/24/2023 | 4.462 |  | 2800 | 2771 |
|  |  |  |  | **92973** |
| **Total short-term securities** (cost: $423,636,000) |  |  |  | **423579** |
| **Total investment securities 97.99%** (cost: $423,636,000) | **Total investment securities 97.99%** (cost: $423,636,000) | **Total investment securities 97.99%** (cost: $423,636,000) |  | **423579** |
| Other assets less liabilities 2.01% |  |  |  | 8682 |
| **Net assets 100.00%** |  |  |  | $**432261** |

---

252 American Funds Insurance Series

Ultra-Short Bond Fund (continued)

<sup>1</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $260,165,000, which represented 60.19% of the net assets of the fund.

**Key to abbreviations**

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 253

U.S. Government Securities Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 93.28%** | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations 48.21%** |  |  |  |
| **Federal agency mortgage-backed obligations 48.21%** |  |  |  |
| Fannie Mae Pool #406607 6.50% 8/1/2024<sup>1</sup> | USD | 10 | $11 |
| Fannie Mae Pool #735070 6.50% 10/1/2024<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #745316 6.50% 2/1/2026<sup>1</sup> |  | 56 | 58 |
| Fannie Mae Pool #AL9870 6.50% 2/1/2028<sup>1</sup> |  | 45 | 46 |
| Fannie Mae Pool #695412 5.00% 6/1/2033<sup>1</sup> |  | 1 | 1 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035<sup>1</sup> |  | 6 | 6 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036<sup>1</sup> |  | 666 | 642 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036<sup>1</sup> |  | 1376 | 1326 |
| Fannie Mae Pool #940890 6.50% 6/1/2037<sup>1</sup> |  | —<sup>2</sup> | —<sup>2</sup> |
| Fannie Mae Pool #256828 7.00% 7/1/2037<sup>1</sup> |  | 3 | 3 |
| Fannie Mae Pool #256860 6.50% 8/1/2037<sup>1</sup> |  | 11 | 11 |
| Fannie Mae Pool #888698 7.00% 10/1/2037<sup>1</sup> |  | 13 | 14 |
| Fannie Mae Pool #970343 6.00% 2/1/2038<sup>1</sup> |  | 14 | 14 |
| Fannie Mae Pool #931768 5.00% 8/1/2039<sup>1</sup> |  | 5 | 6 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039<sup>1</sup> |  | 20 | 20 |
| Fannie Mae Pool #932606 5.00% 2/1/2040<sup>1</sup> |  | 9 | 9 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041<sup>1</sup> |  | 372 | 376 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041<sup>1</sup> |  | 205 | 207 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041<sup>1</sup> |  | 33 | 33 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041<sup>1</sup> |  | 174 | 176 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041<sup>1</sup> |  | 26 | 25 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041<sup>1</sup> |  | 125 | 127 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041<sup>1</sup> |  | 18 | 18 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>1</sup> |  | 2961 | 2500 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041<sup>1</sup> |  | 10 | 10 |
| Fannie Mae Pool #MA4540 2.00% 2/1/2042<sup>1</sup> |  | 1366 | 1153 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042<sup>1</sup> |  | 18 | 18 |
| Fannie Mae Pool #MA4570 2.00% 3/1/2042<sup>1</sup> |  | 884 | 746 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043<sup>1</sup> |  | 8 | 7 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043<sup>1</sup> |  | 41 | 39 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044<sup>1</sup> |  | 8 | 7 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045<sup>1</sup> |  | 63 | 59 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>1</sup> |  | 4487 | 4155 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047<sup>1</sup> |  | 57 | 53 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047<sup>1</sup> |  | 17 | 15 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047<sup>1</sup> |  | 8 | 7 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047<sup>1</sup> |  | 7 | 6 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047<sup>1</sup> |  | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047<sup>1</sup> |  | 154 | 148 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048<sup>1</sup> |  | 3243 | 3018 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048<sup>1</sup> |  | 43 | 40 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048<sup>1</sup> |  | 79 | 75 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048<sup>1</sup> |  | 106 | 102 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048<sup>1</sup> |  | 31 | 30 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048<sup>1</sup> |  | 20 | 20 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>1</sup> |  | 1170 | 1084 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049<sup>1</sup> |  | 436 | 408 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049<sup>1</sup> |  | 113 | 105 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049<sup>1</sup> |  | 582 | 545 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049<sup>1</sup> |  | 326 | 304 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050<sup>1</sup> |  | 3675 | 3277 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>1</sup> |  | 926 | 798 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050<sup>1</sup> |  | 604 | 514 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050<sup>1</sup> |  | 195 | 168 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>1</sup> |  | 228 | 187 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>1</sup> |  | 926 | 757 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>1</sup> |  | 11 | 9 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051<sup>1</sup> |  | 6 | 5 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051<sup>1</sup> |  | 5752 | 5108 |

---

<br> 254 American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051<sup>1</sup> | USD | 195 | $167 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051<sup>1</sup> |  | 702 | 596 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>1</sup> |  | 51 | 41 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>1</sup> |  | 1512 | 1284 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>1</sup> |  | 1266 | 1082 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051<sup>1</sup> |  | 845 | 755 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052<sup>1</sup> |  | 2361 | 2088 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052<sup>1</sup> |  | 199 | 171 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>1</sup> |  | 3881 | 3465 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>1</sup> |  | 5807 | 5103 |
| Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>1</sup> |  | 17861 | 16244 |
| Fannie Mae Pool #CB3897 3.50% 6/1/2052<sup>1</sup> |  | 17000 | 15465 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052<sup>1</sup> |  | 3250 | 3052 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052<sup>1</sup> |  | 64 | 63 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052<sup>1</sup> |  | 62 | 61 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>1</sup> |  | 234 | 220 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>1</sup> |  | 6346 | 5959 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>1</sup> |  | 296 | 278 |
| Fannie Mae Pool #BW9411 5.00% 8/1/2052<sup>1</sup> |  | 926 | 914 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052<sup>1</sup> |  | 60 | 59 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>1</sup> |  | 2012 | 1890 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>1</sup> |  | 254 | 238 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>1</sup> |  | 219 | 206 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>1</sup> |  | 208 | 195 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052<sup>1</sup> |  | 1848 | 1780 |
| Fannie Mae Pool #BW6231 4.50% 9/1/2052<sup>1</sup> |  | 223 | 215 |
| Fannie Mae Pool #BW1201 5.00% 9/1/2052<sup>1</sup> |  | 4200 | 4146 |
| Fannie Mae Pool #BV0954 5.00% 9/1/2052<sup>1</sup> |  | 1797 | 1774 |
| Fannie Mae Pool #BW8088 5.00% 9/1/2052<sup>1</sup> |  | 327 | 323 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>1</sup> |  | 821 | 771 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>1</sup> |  | 620 | 582 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>1</sup> |  | 516 | 484 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>1</sup> |  | 222 | 209 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>1</sup> |  | 5035 | 4851 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052<sup>1</sup> |  | 999 | 965 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052<sup>1</sup> |  | 998 | 962 |
| Fannie Mae Pool #BW8981 4.50% 10/1/2052<sup>1</sup> |  | 995 | 958 |
| Fannie Mae Pool #BW8996 4.50% 10/1/2052<sup>1</sup> |  | 994 | 958 |
| Fannie Mae Pool #CB4959 4.50% 10/1/2052<sup>1</sup> |  | 993 | 956 |
| Fannie Mae Pool #BX0902 5.00% 10/1/2052<sup>1</sup> |  | 916 | 904 |
| Fannie Mae Pool #CB5380 5.00% 10/1/2052<sup>1</sup> |  | 478 | 472 |
| Fannie Mae Pool #BX0892 5.00% 10/1/2052<sup>1</sup> |  | 102 | 101 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052<sup>1</sup> |  | 300 | 308 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>1</sup> |  | 612 | 557 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>1</sup> |  | 2492 | 2340 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>1</sup> |  | 232 | 218 |
| Fannie Mae Pool #BX1766 5.00% 11/1/2052<sup>1</sup> |  | 1900 | 1875 |
| Fannie Mae Pool #MA4806 5.00% 11/1/2052<sup>1</sup> |  | 1313 | 1296 |
| Fannie Mae Pool #BX1761 5.00% 11/1/2052<sup>1</sup> |  | 921 | 909 |
| Fannie Mae Pool #BX1274 5.50% 11/1/2052<sup>1</sup> |  | 165 | 166 |
| Fannie Mae Pool #MA4852 6.50% 11/1/2052<sup>1</sup> |  | 244 | 251 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052<sup>1</sup> |  | 995 | 959 |
| Fannie Mae Pool #BX1072 5.00% 12/1/2052<sup>1</sup> |  | 1943 | 1918 |
| Fannie Mae Pool #BX4020 5.00% 12/1/2052<sup>1</sup> |  | 29 | 29 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>1</sup> |  | 39345 | 40362 |
| Fannie Mae Pool #BX1071 6.50% 12/1/2052<sup>1</sup> |  | 82 | 85 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>1</sup> |  | 1457 | 1438 |
| Fannie Mae Pool #MA4894 6.00% 1/1/2053<sup>1</sup> |  | 2000 | 2032 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>1</sup> |  | 8828 | 9056 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>1</sup> |  | 1429 | 1252 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>1</sup> |  | 459 | 448 |

---

<br> American Funds Insurance Series 255

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/2025<sup>1,3</sup> | USD | —<sup>2</sup> | $—<sup>2</sup> |
| Fannie Mae, Series 2001-4, Class NA, 9.00% 10/25/2025<sup>1,3</sup> |  | —<sup>2</sup> | —<sup>2</sup> |
| Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/2023<sup>1,3</sup> |  | 186 | 185 |
| Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024<sup>1,3</sup> |  | 368 | 361 |
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027<sup>1</sup> |  | 2 | 2 |
| Freddie Mac Pool #1H1354 4.336% 11/1/2036<sup>1,3</sup> |  | 53 | 54 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040<sup>1</sup> |  | 279 | 283 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041<sup>1</sup> |  | 660 | 669 |
| Freddie Mac Pool #RB5138 2.00% 12/1/2041<sup>1</sup> |  | 794 | 670 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042<sup>1</sup> |  | 772 | 651 |
| Freddie Mac Pool #RB5148 2.00% 3/1/2042<sup>1</sup> |  | 1823 | 1538 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043<sup>1</sup> |  | 3 | 3 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043<sup>1</sup> |  | 30 | 28 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043<sup>1</sup> |  | 31 | 29 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043<sup>1</sup> |  | 145 | 140 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044<sup>1</sup> |  | 208 | 194 |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>1,3</sup> |  | 268 | 259 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047<sup>1</sup> |  | 50 | 46 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047<sup>1</sup> |  | 78 | 72 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048<sup>1</sup> |  | 57 | 53 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048<sup>1</sup> |  | 56 | 52 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048<sup>1</sup> |  | 40 | 38 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048<sup>1</sup> |  | 35 | 33 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048<sup>1</sup> |  | 34 | 32 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048<sup>1</sup> |  | 22 | 20 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048<sup>1</sup> |  | 17 | 16 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048<sup>1</sup> |  | 14 | 14 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048<sup>1</sup> |  | 1407 | 1351 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048<sup>1</sup> |  | 78 | 75 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048<sup>1</sup> |  | 74 | 71 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048<sup>1</sup> |  | 27 | 25 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048<sup>1</sup> |  | 17 | 16 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048<sup>1</sup> |  | 114 | 109 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048<sup>1</sup> |  | 204 | 202 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048<sup>1</sup> |  | 110 | 109 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048<sup>1</sup> |  | 80 | 79 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048<sup>1</sup> |  | 21 | 21 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049<sup>1</sup> |  | 194 | 180 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049<sup>1</sup> |  | 51 | 48 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049<sup>1</sup> |  | 393 | 368 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049<sup>1</sup> |  | 204 | 191 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>1</sup> |  | 2906 | 2379 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>1</sup> |  | 37 | 30 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>1</sup> |  | 62 | 51 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>1</sup> |  | 2959 | 2422 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051<sup>1</sup> |  | 14344 | 12316 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051<sup>1</sup> |  | 488 | 400 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051<sup>1</sup> |  | 531 | 456 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>1</sup> |  | 333 | 285 |
| Freddie Mac Pool #SD7550 3.00% 2/1/2052<sup>1</sup> |  | 3397 | 3035 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052<sup>1</sup> |  | 14059 | 13011 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>1</sup> |  | 216 | 197 |
| Freddie Mac Pool #SD7553 3.00% 3/1/2052<sup>1</sup> |  | 308 | 274 |
| Freddie Mac Pool #8D0226 2.521% 5/1/2052<sup>1,3</sup> |  | 513 | 462 |
| Freddie Mac Pool #QE6097 2.50% 7/1/2052<sup>1</sup> |  | 635 | 539 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>1</sup> |  | 4913 | 4613 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>1</sup> |  | 189 | 178 |
| Freddie Mac Pool #QE6926 5.00% 8/1/2052<sup>1</sup> |  | 862 | 851 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052<sup>1</sup> |  | 817 | 806 |
| Freddie Mac Pool #QE8695 5.00% 8/1/2052<sup>1</sup> |  | 59 | 58 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052<sup>1</sup> |  | 58 | 57 |

---

<br> 256 American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052<sup>1</sup> | USD | 54 | $54 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>1</sup> |  | 3275 | 3076 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>1</sup> |  | 244 | 229 |
| Freddie Mac Pool #QF0671 4.50% 9/1/2052<sup>1</sup> |  | 503 | 485 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>1</sup> |  | 11870 | 11717 |
| Freddie Mac Pool #QF0311 5.00% 9/1/2052<sup>1</sup> |  | 1324 | 1307 |
| Freddie Mac Pool #QF0151 5.00% 9/1/2052<sup>1</sup> |  | 799 | 789 |
| Freddie Mac Pool #SD8246 5.00% 9/1/2052<sup>1</sup> |  | 225 | 222 |
| Freddie Mac Pool #QF0706 5.00% 9/1/2052<sup>1</sup> |  | 64 | 64 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>1</sup> |  | 234 | 220 |
| Freddie Mac Pool #QF2136 4.50% 10/1/2052<sup>1</sup> |  | 999 | 962 |
| Freddie Mac Pool #QF1431 4.50% 10/1/2052<sup>1</sup> |  | 999 | 962 |
| Freddie Mac Pool #QF1765 4.50% 10/1/2052<sup>1</sup> |  | 995 | 958 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>1</sup> |  | 743 | 716 |
| Freddie Mac Pool #QF1305 5.00% 10/1/2052<sup>1</sup> |  | 74 | 73 |
| Freddie Mac Pool #SD1710 5.00% 10/1/2052<sup>1</sup> |  | 26 | 26 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>1</sup> |  | 381 | 358 |
| Freddie Mac Pool #QF2445 4.50% 11/1/2052<sup>1</sup> |  | 4769 | 4595 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052<sup>1</sup> |  | 1272 | 1249 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052<sup>1</sup> |  | 999 | 965 |
| Freddie Mac Pool #QF2846 4.50% 11/1/2052<sup>1</sup> |  | 998 | 961 |
| Freddie Mac Pool #QF2936 4.50% 11/1/2052<sup>1</sup> |  | 969 | 934 |
| Freddie Mac Pool #QF2976 5.00% 11/1/2052<sup>1</sup> |  | 81 | 80 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>1</sup> |  | 36151 | 34831 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>1</sup> |  | 1866 | 1842 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>1</sup> |  | 2000 | 2052 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>1</sup> |  | 346 | 314 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>1</sup> |  | 199 | 187 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>1</sup> |  | 7348 | 7253 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>1</sup> |  | 10431 | 10701 |
| Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 2.547% 8/15/2023<sup>1,3</sup> |  | 1 | 1 |
| Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 2/25/2023<sup>1</sup> |  | 134 | 133 |
| Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 8/25/2023<sup>1,3</sup> |  | 2526 | 2502 |
| Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 9/25/2024<sup>1</sup> |  | 1363 | 1328 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>1,3</sup> |  | 4525 | 4234 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056<sup>1</sup> |  | 822 | 724 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056<sup>1</sup> |  | 333 | 300 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>1</sup> |  | 4525 | 4204 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>1,3</sup> |  | 4135 | 3866 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057<sup>1</sup> |  | 910 | 800 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057<sup>1,3</sup> |  | 1311 | 1197 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>1</sup> |  | 509 | 484 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057<sup>1</sup> |  | 4148 | 3753 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 11/26/2057<sup>1</sup> |  | 252 | 239 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058<sup>1</sup> |  | 763 | 689 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058<sup>1</sup> |  | 587 | 556 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058<sup>1</sup> |  | 2148 | 2027 |

---

<br> American Funds Insurance Series 257

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058<sup>1</sup> | USD | 731 | $661 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058<sup>1</sup> |  | 396 | 358 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059<sup>1</sup> |  | 1819 | 1687 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028<sup>1</sup> |  | 4262 | 4070 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>1</sup> |  | 18482 | 17646 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029<sup>1</sup> |  | 4786 | 4398 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030<sup>1</sup> |  | 1377 | 1231 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030<sup>1</sup> |  | 435 | 356 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032<sup>1</sup> |  | 4668 | 4503 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>1,4</sup> |  | 1395 | 1169 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>1,4</sup> |  | 2486 | 2155 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>1,4</sup> |  | 1755 | 1563 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>1,4</sup> |  | 2260 | 2077 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>1,4</sup> |  | 6848 | 6787 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>1,4</sup> |  | 14351 | 14436 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038<sup>1</sup> |  | 84 | 89 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038<sup>1</sup> |  | 21 | 21 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038<sup>1</sup> |  | 164 | 176 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038<sup>1</sup> |  | 28 | 29 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039<sup>1</sup> |  | 186 | 190 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039<sup>1</sup> |  | 81 | 86 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040<sup>1</sup> |  | 2598 | 2758 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041<sup>1</sup> |  | 870 | 894 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041<sup>1</sup> |  | 570 | 562 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042<sup>1</sup> |  | 19 | 17 |
| Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/2052<sup>1</sup> |  | 675 | 656 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>1</sup> |  | 28092 | 26611 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>1</sup> |  | 32820 | 31874 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>1</sup> |  | 3100 | 2936 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>1</sup> |  | 13100 | 12722 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2038<sup>1,4</sup> |  | 1115 | 992 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>1,4</sup> |  | 2275 | 2082 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2038<sup>1,4</sup> |  | 920 | 897 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>1,4</sup> |  | 14849 | 12086 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>1,4</sup> |  | 4574 | 4402 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>1,4</sup> |  | 53779 | 53928 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>1,4</sup> |  | 29742 | 30190 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>1,4</sup> |  | 81263 | 83237 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>1,4</sup> |  | 1392 | 1306 |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>1,4</sup> |  | 31200 | 31271 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>1,4</sup> |  | 19158 | 19430 |
|  |  |  | **723593** |
| **U.S. Treasury bonds & notes 39.79%** |  |  |  |
| **U.S. Treasury inflation-protected securities 26.16%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>5</sup> |  | 21974 | 21933 |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>5</sup> |  | 31116 | 30816 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>5</sup> |  | 21857 | 21606 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>5</sup> |  | 55898 | 54749 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>5</sup> |  | 14570 | 14179 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>5</sup> |  | 56967 | 55181 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>5</sup> |  | 26585 | 25622 |

---

<br> 258 American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>5</sup> | USD | 8421 | $8026 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>5</sup> |  | 57803 | 55543 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>5</sup> |  | 7805 | 7419 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2026<sup>5</sup> |  | 3380 | 3245 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>5</sup> |  | 5750 | 5406 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>5</sup> |  | 34217 | 32092 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027<sup>5</sup> |  | 7315 | 6817 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>5</sup> |  | 12137 | 12122 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2030<sup>5</sup> |  | 7293 | 6528 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>5</sup> |  | 6877 | 6102 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031<sup>5</sup> |  | 1001 | 883 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032<sup>5</sup> |  | 4412 | 3860 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041<sup>5</sup> |  | 422 | 446 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042<sup>5</sup> |  | 8558 | 7171 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043<sup>5</sup> |  | 4523 | 3648 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>5</sup> |  | 4914 | 4114 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050<sup>5</sup> |  | 337 | 227 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>5</sup> |  | 6032 | 3891 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2052<sup>5</sup> |  | 1459 | 943 |
|  |  |  | **392569** |
| **U.S. Treasury 13.63%** |  |  |  |
| U.S. Treasury 0.50% 11/30/2023 |  | 12069 | 11611 |
| U.S. Treasury 2.125% 11/30/2023 |  | —<sup>2</sup> | —<sup>2</sup> |
| U.S. Treasury 0.125% 12/15/2023 |  | 1934 | 1853 |
| U.S. Treasury 2.25% 12/31/2023 |  | 1332 | 1300 |
| U.S. Treasury 2.50% 1/31/2024 |  | 26000 | 25395 |
| U.S. Treasury 1.50% 2/29/2024 |  | 369 | 356 |
| U.S. Treasury 3.00% 7/31/2024 |  | 3685 | 3594 |
| U.S. Treasury 2.75% 5/15/2025 |  | 7459 | 7193 |
| U.S. Treasury 3.125% 8/15/2025 |  | 390 | 379 |
| U.S. Treasury 3.50% 9/15/2025 |  | 28000 | 27447 |
| U.S. Treasury 4.00% 12/15/2025 |  | 5694 | 5659 |
| U.S. Treasury 2.625% 7/31/2029 |  | 19809 | 18245 |
| U.S. Treasury 3.125% 8/31/2029 |  | 22521 | 21382 |
| U.S. Treasury 3.875% 12/31/2029 |  | 2905 | 2885 |
| U.S. Treasury 2.75% 8/15/2032 |  | 7500 | 6828 |
| U.S. Treasury 1.125% 5/15/2040 |  | 7000 | 4393 |
| U.S. Treasury 2.50% 2/15/2045 |  | 4850 | 3668 |
| U.S. Treasury 2.50% 2/15/2046 |  | 3900 | 2931 |
| U.S. Treasury 2.50% 5/15/2046 |  | 5400 | 4049 |
| U.S. Treasury 2.875% 11/15/2046 |  | 2700 | 2174 |
| U.S. Treasury 2.875% 5/15/2049 |  | 6300 | 5095 |
| U.S. Treasury 2.25% 8/15/2049 |  | 1635 | 1157 |
| U.S. Treasury 1.25% 5/15/2050<sup>6</sup> |  | 19460 | 10527 |
| U.S. Treasury 1.375% 8/15/2050 |  | 4330 | 2423 |
| U.S. Treasury 1.625% 11/15/2050<sup>6</sup> |  | 26165 | 15671 |
| U.S. Treasury 1.875% 2/15/2051<sup>6</sup> |  | 6672 | 4264 |
| U.S. Treasury 2.00% 8/15/2051 |  | 5546 | 3650 |
| U.S. Treasury 1.875% 11/15/2051 |  | 3164 | 2015 |
| U.S. Treasury 2.875% 5/15/2052 |  | 350 | 282 |
| U.S. Treasury 3.00% 8/15/2052 |  | 7025 | 5825 |
| U.S. Treasury 4.00% 11/15/2052 |  | 2290 | 2302 |
|  |  |  | **204553** |
| **Total U.S. Treasury bonds & notes** |  |  | **597122** |

---

<br> American Funds Insurance Series 259

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Federal agency bonds & notes 5.28%** |  |  |  |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC<br> 2.646% 5/12/2026 | USD | 308 | $296 |
| Fannie Mae 7.125% 1/15/2030 |  | 2000 | 2353 |
| Federal Home Loan Bank 3.25% 11/16/2028 |  | 6500 | 6250 |
| Federal Home Loan Bank 5.50% 7/15/2036 |  | 300 | 328 |
| Private Export Funding Corp. 3.55% 1/15/2024 |  | 3190 | 3143 |
| Private Export Funding Corp. 1.40% 7/15/2028 |  | 3000 | 2536 |
| Tennessee Valley Authority 0.75% 5/15/2025 |  | 3700 | 3390 |
| Tennessee Valley Authority 2.875% 2/1/2027 |  | 5000 | 4742 |
| Tennessee Valley Authority 4.65% 6/15/2035 |  | 1780 | 1764 |
| Tennessee Valley Authority 5.88% 4/1/2036 |  | 875 | 971 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060 |  | 250 | 232 |
| TVA Southaven 3.846% 8/15/2033 |  | 887 | 820 |
| U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 9/18/2023 |  | 1250 | 1255 |
| U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 6/30/2025 |  | 14779 | 14231 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026 |  | 1909 | 2000 |
| U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 8/1/2023 |  | 1500 | 1481 |
| U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 8/1/2024 |  | 2250 | 2190 |
| U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025 |  | 2640 | 2532 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026 |  | 2625 | 2497 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027 |  | 11482 | 10812 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028 |  | 3856 | 3598 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029 |  | 2650 | 2450 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030 |  | 2482 | 2361 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031 |  | 2475 | 2350 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032 |  | 2377 | 2159 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033 |  | 2059 | 1866 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034 |  | 651 | 589 |
|  |  |  | **79196** |
| **Total bonds, notes & other debt instruments** (cost: $1,480,306,000) |  |  | **1399911** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-term securities 21.20%** | Weighted<br> average yield<br> at acquisition |  |  |
| **Commercial paper 13.42%** |  |  |  |
| CAFCO, LLC 2/3/2023<sup>7</sup> | 4.300% | 8750 | 8713 |
| Chariot Funding, LLC 1/3/2023<sup>7</sup> | 3.880 | 10000 | 9995 |
| Chariot Funding, LLC 1/27/2023<sup>7</sup> | 4.150 | 8000 | 7973 |
| Chariot Funding, LLC 2/10/2023<sup>7</sup> | 4.657 | 15000 | 14923 |
| CHARTA, LLC 1/11/2023<sup>7</sup> | 3.900 | 5680 | 5672 |
| Citigroup Global Markets, Inc. 2/21/2023<sup>7</sup> | 4.580 | 6000 | 5959 |
| Coca-Cola Co. 2/21/2023<sup>7</sup> | 4.200 | 15000 | 14903 |
| Honeywell International, Inc. 2/1/2023<sup>7</sup> | 4.100 | 3000 | 2988 |
| Honeywell International, Inc. 2/21/2023<sup>7</sup> | 4.310 | 15300 | 15201 |
| Honeywell International, Inc. 2/27/2023<sup>7</sup> | 4.300 | 6050 | 6006 |

---

<br> 260 American Funds Insurance Series

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Short-term securities** (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Value<br> (000) |
| **Commercial paper (continued)** |  |  |  |
| Johnson & Johnson 1/30/2023<sup>7</sup> | 4.190% | USD9,000 | $8967 |
| Johnson & Johnson 2/13/2023<sup>7</sup> | 4.220 | 10000 | 9946 |
| Linde, Inc. 2/6/2023 | 4.340 | 15000 | 14932 |
| Paccar Financial Corp. 1/6/2023 | 4.110 | 20000 | 19983 |
| Procter & Gamble Co. 2/9/2023<sup>7</sup> | 4.300 | 14500 | 14428 |
| Procter & Gamble Co. 2/10/2023<sup>7</sup> | 4.250 | 18500 | 18406 |
| Roche Holdings, Inc. 1/3/2023<sup>7</sup> | 4.230 | 13950 | 13944 |
| Starbird Funding Corp. 1/3/2023<sup>7</sup> | 4.300 | 8500 | 8496 |
|  |  |  | **201435** |
| **Federal agency bills & notes 6.19%** |  |  |  |
| Federal Farm Credit Banks 1/12/2023 | 3.880 | 5500 | 5494 |
| Federal Home Loan Bank 1/3/2023 | 3.900 | 850 | 850 |
| Federal Home Loan Bank 1/11/2023 | 4.005 | 20700 | 20680 |
| Federal Home Loan Bank 2/8/2023 | 4.161 | 25000 | 24896 |
| Federal Home Loan Bank 2/10/2023 | 4.215 | 6750 | 6720 |
| Federal Home Loan Bank 2/22/2023 | 4.320 | 4400 | 4373 |
| Federal Home Loan Bank 2/24/2023 | 4.297 | 10000 | 9936 |
| Federal Home Loan Bank 3/3/2023 | 4.370 | 20000 | 19856 |
|  |  |  | **92805** |
| **U.S. Treasury bills 1.59%** |  |  |  |
| U.S. Treasury 11/2/2023 | 4.527 | 24780 | **23854** |
| **Total short-term securities** (cost: $318,108,000) |  |  | **318094** |
| **Total investment securities 114.48%** (cost: $1,798,414,000) |  |  | **1718005** |
| Other assets less liabilities (14.48)% |  |  | (217283) |
| **Net assets 100.00%** |  |  | $**1500722** |

---

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Type** | <br>**Number of**<br>**contracts** | <br>**Expiration** |<br><br>**Notional**<br>**amount**<br>**(000)** | **Value and**<br>**unrealized**<br>**appreciation**<br>**(depreciation)**<br>**at 12/31/2022**<br>**(000)** |
| 3 Month SOFR Futures | Short | 270 | June 2023 | USD (64183) | $920 |
| 90 Day Eurodollar Futures | Long | 1495 | September 2023 | 354782 | (15731) |
| 90 Day Eurodollar Futures | Short | 923 | December 2023 | (219697) | 8805 |
| 90 Day Eurodollar Futures | Short | 885 | December 2024 | (213285) | 4539 |
| 2 Year U.S. Treasury Note Futures | Short | 298 | March 2023 | (61113) | 148 |
| 5 Year U.S. Treasury Note Futures | Long | 3872 | March 2023 | 417904 | (536) |
| 10 Year U.S. Treasury Note Futures | Long | 603 | March 2023 | 67715 | (373) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 164 | March 2023 | 19398 | (294) |
| 20 Year U.S. Treasury Bond Futures | Long | 447 | March 2023 | 56029 | (765) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 35 | March 2023 | (4701) | 111 |
|  |  |  |  |  | $(3176) |

---

<br> American Funds Insurance Series 261

U.S. Government Securities Fund (continued)

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | | | | |
| <br>**Rate** | **Payment**<br>**frequency** | <br>**Rate** | **Payment**<br>**frequency** | <br>**Expiration**<br>**date** |<br>**Notional**<br>**amount**<br>**(000)** |<br>**Value at**<br>**12/31/2022**<br>**(000)** |<br>**Upfront**<br>**premium**<br>**paid**<br>**(000)** | **Unrealized**<br>**appreciation**<br>**(depreciation)**<br>**at 12/31/2022**<br>**(000)** |
| SOFR | Annual | 0.471% | Annual | 10/26/2023 | USD 30,500 | $1078 | $— | $1078 |
| 0.45801% | Annual | SOFR | Annual | 10/26/2023 | 30500 | (1081) |  | (1081) |
| 0.241% | Annual | U.S. EFFR | Annual | 3/1/2024 | 119400 | (6219) |  | (6219) |
| U.S. EFFR | Annual | 0.11% | Annual | 5/18/2024 | 97600 | 4372 |  | 4372 |
| 3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | 24000 | (426) |  | (426) |
| 3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | 3697 | (68) |  | (68) |
| 3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | 17700 | (330) |  | (330) |
| 4.345% | Annual | U.S. EFFR | Annual | 9/29/2024 | 19000 | (85) |  | (85) |
| 4.197% | Annual | U.S. EFFR | Annual | 9/30/2024 | 19000 | (131) |  | (131) |
| 4.1735% | Annual | U.S. EFFR | Annual | 9/30/2024 | 19400 | (142) |  | (142) |
| 4.15% | Annual | U.S. EFFR | Annual | 10/6/2024 | 19300 | (146) |  | (146) |
| 4.5645% | Annual | U.S. EFFR | Annual | 10/19/2024 | 7100 | (2) |  | (2) |
| 4.533% | Annual | U.S. EFFR | Annual | 10/20/2024 | 8800 | (7) |  | (7) |
| 4.56% | Annual | U.S. EFFR | Annual | 10/27/2024 | 8900 | (2) |  | (2) |
| 4.5245% | Annual | U.S. EFFR | Annual | 10/27/2024 | 10600 | (8) |  | (8) |
| U.S. EFFR | Annual | 0.1275% | Annual | 6/25/2025 | 20100 | 1938 |  | 1938 |
| U.S. EFFR | Annual | 0.126% | Annual | 6/25/2025 | 20100 | 1938 |  | 1938 |
| U.S. EFFR | Annual | 0.106% | Annual | 6/30/2025 | 22492 | 2187 |  | 2187 |
| 3-month USD-LIBOR | Quarterly | 1.867% | Semi-annual | 7/11/2025 | 49400 | 3060 |  | 3060 |
| 2.925% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/1/2028 | 12800 | (616) |  | (616) |
| 2.92% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/2/2028 | 12200 | (590) |  | (590) |
| U.S. EFFR | Annual | 0.5385% | Annual | 3/26/2030 | 49000 | 9477 |  | 9477 |
| 0.913% | Semi-annual | 3-month USD-LIBOR | Quarterly | 6/9/2030 | 31000 | (5918) |  | (5918) |
| U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | 15500 | 3075 |  | 3075 |
| 3-month USD-LIBOR | Quarterly | 2.963% | Semi-annual | 2/1/2038 | 9800 | 486 |  | 486 |
| 3-month USD-LIBOR | Quarterly | 2.986% | Semi-annual | 2/1/2038 | 7800 | 375 |  | 375 |
| 0.833% | Semi-annual | 3-month USD-LIBOR | Quarterly | 4/3/2040 | 15800 | (5952) |  | (5952) |
| 3-month USD-LIBOR | Quarterly | 0.811% | Semi-annual | 7/27/2050 | 5110 | 2464 |  | 2464 |
| SOFR | Annual | 2.85282% | Annual | 12/6/2052 | 540 | 38 |  | 38 |
| SOFR | Annual | 2.93542% | Annual | 12/6/2052 | 550 | 31 |  | 31 |
|  |  |  |  |  |  | $8796 | $— | $8796 |

---

<sup>1</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

<sup>4</sup> Purchased on a TBA basis.

<sup>5</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>6</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $10,807,000, which represented .72% of the net assets of the fund.

<sup>7</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,520,000, which represented 11.10% of the net assets of the fund.

**Key to abbreviations**

Assn. = Association

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

262 American Funds Insurance Series

Managed Risk Growth Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 85.30%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | **5078871** | $**387467** |
| **Total growth funds** (cost: $439,303,000) |  | **387467** |
| **Fixed income funds 7.53%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **3634107** | **34197** |
| **Total fixed income funds (cost: $35,683,000)** |  | **34197** |
| **Short-term securities 2.48%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **11266894** | **11267** |
| **Total short-term securities** (cost: $11,267,000) |  | **11267** |
| **Options purchased 0.04%** |  |  |
| Options purchased\* |  | **205** |
| **Total options purchased** (cost: $1,216,000) |  | **205** |
| **Total investment securities 95.35%** (cost: $487,469,000) |  | **433136** |
| Other assets less liabilities 4.65% |  | 21106 |
| **Net assets 100.00%** |  | $**454242** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration <br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 35 | USD | 13438 | USD | 2600.00 | 3/17/2023 | $13 |
| S&P 500 Index | 70 |  | 26877 |  | 2700.00 | 3/17/2023 | 29 |
| S&P 500 Index | 175 |  | 67191 |  | 2800.00 | 3/17/2023 | 87 |
| S&P 500 Index | 5 |  | 1920 |  | 2850.00 | 3/17/2023 | 2 |
| S&P 500 Index | 110 |  | 42234 |  | 2900.00 | 3/17/2023 | 74 |
|  |  |  |  |  |  |  | $205 |

---

American Funds Insurance Series 263

Managed Risk Growth Fund (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 283 | March 2023 | USD | 30544 | $(47) |
| Nikkei 225 Index Contracts | Short | 3 | March 2023 |  | (590) | 45 |
| Japanese Yen Currency Contracts | Short | 7 | March 2023 |  | (674) | (31) |
| FTSE 100 Index Contracts | Short | 19 | March 2023 |  | (1716) | (1) |
| British Pound Currency Contracts | Short | 24 | March 2023 |  | (1812) | 47 |
| Mini MSCI Emerging Market Index Contracts | Short | 57 | March 2023 |  | (2734) | 42 |
| Russell 2000 Mini Index Contracts | Short | 66 | March 2023 |  | (5844) | 156 |
| Euro Stoxx 50 Index Contracts | Short | 314 | March 2023 |  | (12714) | 544 |
| Euro Currency Contracts | Short | 101 | March 2023 |  | (13577) | (30) |
| S&P Mid 400 E-mini Index Contracts | Short | 92 | March 2023 |  | (22472) | 455 |
| S&P 500 E-mini Index Contracts | Short | 1194 | March 2023 |  | (230502) | 6305 |
|  |  |  |  |  |  | $7485 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> (depreciation)<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 85.30%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – Growth Fund, Class 1 | $504914 | $458729 | $366785 | $(17443) | $(191948) | $387467 | $2476 | $60090 |
| **Fixed income funds 7.53%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – The Bond Fund of America, Class 1 | 59236 | 70113 | 86469 | (9458) | 775 | 34197 | 1344 | 443 |
| &nbsp;&nbsp;&nbsp;**Total 92.83%** |  |  |  | $(26901) | $(191173) | $421664 | $3820 | $60533 |

---

<sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

264 American Funds Insurance Series

Managed Risk International Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 84.51%** | Shares | Value<br> (000) |
| American Funds Insurance Series – International Fund, Class 1 | **6952007** | $**106435** |
| **Total growth funds** (cost: $119,403,000) |  | **106435** |
| **Fixed income funds 9.95%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **1331210** | **12527** |
| **Total fixed income funds** (cost: $13,253,000) |  | **12527** |
| **Short-term securities 2.09%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **2635506** | **2636** |
| **Total short-term securities** (cost: $2,636,000) |  | **2636** |
| **Options purchased 0.14%** |  |  |
| Options purchased\* |  | **169** |
| **Total options purchased** (cost: $399,000) |  | **169** |
| **Total investment securities 96.69%** (cost: $135,691,000) |  | **121767** |
| Other assets less liabilities 3.31% |  | 4167 |
| **Net assets 100.00%** |  | $**125934** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| iShares MSCI EAFE ETF | 50 | USD | 328 | USD | 47.00 | 3/17/2023 | $—<sup>2</sup> |
| iShares MSCI EAFE ETF | 1700 |  | 11159 |  | 48.00 | 3/17/2023 | 13 |
| iShares MSCI EAFE ETF | 450 |  | 2954 |  | 55.00 | 3/17/2023 | 11 |
| iShares MSCI EAFE ETF | 1375 |  | 9025 |  | 43.00 | 6/16/2023 | 34 |
| iShares MSCI EAFE ETF | 350 |  | 2297 |  | 45.00 | 6/16/2023 | 15 |
| iShares MSCI EAFE ETF | 200 |  | 1313 |  | 46.00 | 6/16/2023 | 9 |
| iShares MSCI EAFE ETF | 1700 |  | 11159 |  | 50.00 | 6/16/2023 | 87 |
|  |  |  |  |  |  |  | $169 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 75 | March 2023 | USD | 8095 | $(13) |
| S&P 500 E-mini Index Contracts | Short | 66 | March 2023 |  | (12742) | 351 |
| Mini MSCI Emerging Market Index Contracts | Short | 394 | March 2023 |  | (18900) | 245 |
| MSCI EAFE Index Contracts | Short | 279 | March 2023 |  | (27194) | 428 |
|  |  |  |  |  |  | $1011 |

---

American Funds Insurance Series 265

Managed Risk International Fund (continued)

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 84.51%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – International Fund, Class 1 | $136987 | $107662 | $92768 | $(7315) | $(38131) | $106435 | $2273 | $16110 |
| **Fixed income funds 9.95%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – The Bond Fund of America, Class 1 | 16071 | 14150 | 15224 | (2409) | (61) | 12527 | 427 | 160 |
| &nbsp;&nbsp;&nbsp;**Total 94.46%** |  |  |  | $(9724) | $(38192) | $118962 | $2700 | $16270 |

---

<sup>1</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

266 American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth-and-income funds 84.89%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | **21639334** | $**274603** |
| **Total growth-and-income funds** (cost: $299,529,000) |  | **274603** |
| **Fixed income funds 9.99%** |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | **3235124** | **32319** |
| **Total fixed income funds** (cost: $34,728,000) |  | **32319** |
| **Short-term securities 2.32%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **7500680** | **7501** |
| **Total short-term securities** (cost: $7,501,000) |  | **7501** |
| **Options purchased 0.09%** |  |  |
| Options purchased\* |  | **274** |
| **Total options purchased** (cost: $1,254,000) |  | **274** |
| **Total investment securities 97.29%** (cost: $343,012,000) |  | **314697** |
| Other assets less liabilities 2.71% |  | 8775 |
| **Net assets 100.00%** |  | $**323472** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 15 | USD | 5759 | USD | 2500.00 | 3/17/2023 | $4 |
| S&P 500 Index | 15 |  | 5759 |  | 2600.00 | 3/17/2023 | 6 |
| S&P 500 Index | 80 |  | 30716 |  | 2700.00 | 3/17/2023 | 33 |
| S&P 500 Index | 130 |  | 49913 |  | 2800.00 | 3/17/2023 | 65 |
| S&P 500 Index | 45 |  | 17278 |  | 2850.00 | 3/17/2023 | 24 |
| S&P 500 Index | 105 |  | 40315 |  | 2900.00 | 3/17/2023 | 70 |
| S&P 500 Index | 30 |  | 11519 |  | 2825.00 | 6/16/2023 | 72 |
|  |  |  |  |  |  |  | $274 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 146 | March 2023 | USD | 15758 | $(81) |
| Russell 2000 Mini Index Contracts | Short | 1 | March 2023 |  | (89) | 3 |
| S&P Mid 400 E-mini Index Contracts | Short | 7 | March 2023 |  | (1710) | 31 |
| Euro Stoxx 50 Index Contracts | Short | 47 | March 2023 |  | (1903) | 70 |
| Euro Currency Contracts | Short | 15 | March 2023 |  | (2016) | (5) |
| FTSE 100 Index Contracts | Short | 31 | March 2023 |  | (2799) | (5) |

---

American Funds Insurance Series 267

Managed Risk Washington Mutual Investors Fund (continued)

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| British Pound Currency Contracts | Short | 38 | March 2023 | USD | (2870) | $68 |
| S&P 500 E-mini Index Contracts | Short | 563 | March 2023 |  | (108687) | 2521 |
|  |  |  |  |  |  | $2602 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions <br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> gain (loss)<br> (000)** | **Net<br> unrealized<br> (depreciation)<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth-and-income funds 84.89%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | $315947 | $235449 | $186345 | $38519 | $(128967) | $274603 | $5946 | $61850 |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 37066 | 33763 | 33365 | (5847) | 702 | 32319 | 1347 |  |
| &nbsp;&nbsp;&nbsp;**Total 94.88%** |  |  |  | $32672 | $(128265) | $306922 | $7293 | $61850 |

---

<br> <sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

268 American Funds Insurance Series

Managed Risk Growth-Income Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth-and-income funds 79.84%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | **33417153** | $**1677875** |
| **Total growth-and-income funds** (cost: $1,757,211,000) |  | **1677875** |
| **Fixed income funds 14.97%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **33434013** | **314614** |
| **Total fixed income funds** (cost: $348,317,000) |  | **314614** |
| **Short-term securities 2.25%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **47304896** | **47305** |
| **Total short-term securities** (cost: $47,305,000) |  | **47305** |
| **Options purchased 0.12%** |  |  |
| Options purchased\* |  | **2485** |
| **Total options purchased** (cost: $13,461,000) |  | **2485** |
| **Total investment securities 97.18%** (cost: $2,166,294,000) |  | **2042279** |
| Other assets less liabilities 2.82% |  | 59165 |
| **Net assets 100.00%** |  | $**2101444** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 420 | USD | 161259 | USD | 2700.00 | 3/17/2023 | $172 |
| S&P 500 Index | 1500 |  | 575925 |  | 2800.00 | 3/17/2023 | 750 |
| S&P 500 Index | 1575 |  | 604721 |  | 2850.00 | 3/17/2023 | 838 |
| S&P 500 Index | 1080 |  | 414666 |  | 2900.00 | 3/17/2023 | 725 |
|  |  |  |  |  |  |  | $2485 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 1001 | March 2023 | USD | 108038 | $(177) |
| Nikkei 225 Index Contracts | Short | 1 | March 2023 |  | (197) | 3 |
| Japanese Yen Currency Contracts | Short | 3 | March 2023 |  | (289) | (4) |
| Russell 2000 Mini Index Contracts | Short | 52 | March 2023 |  | (4604) | 100 |
| Mini MSCI Emerging Market Index Contracts | Short | 230 | March 2023 |  | (11033) | 137 |
| FTSE 100 Index Contracts | Short | 189 | March 2023 |  | (17066) | (33) |
| British Pound Currency Contracts | Short | 235 | March 2023 |  | (17748) | 433 |
| Euro Stoxx 50 Index Contracts | Short | 579 | March 2023 |  | (23445) | 892 |
| Euro Currency Contracts | Short | 187 | March 2023 |  | (25138) | (70) |

---

American Funds Insurance Series 269

Managed Risk Growth-Income Fund (continued)

**Futures contracts** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| S&P Mid 400 E-mini Index Contracts | Short | 210 | March 2023 | USD(51295) | $773 |
| S&P 500 E-mini Index Contracts | Short | 3266 | March 2023 | (630501) | 14597 |
|  |  |  |  |  | $16651 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> gain (loss)<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth-and-income funds 79.84%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series –Growth-Income Fund, Class 1 | $2125192 | $1251540 | $1173057 | $198223 | $(724023) | $1677875 | $26763 | $175737 |
| **Fixed income funds 14.97%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series –The Bond Fund of America, Class 1 | 398789 | 234510 | 257964 | (41426) | (19295) | 314614 | 10505 | 3897 |
| &nbsp;&nbsp;&nbsp;**Total 94.81%** |  |  |  | $156797 | $(743318) | $1992489 | $37268 | $179634 |

---

<br> <sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

270 American Funds Insurance Series

Managed Risk Asset Allocation Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Asset allocation funds 95.19%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | **93886027** | $**2084270** |
| **Total asset allocation funds** (cost: $2,174,894,000) |  | **2084270** |
| **Short-term securities 3.19%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **69776962** | **69777** |
| **Total short-term securities** (cost: $69,777,000) |  | **69777** |
| **Options purchased 0.02%** |  |  |
| Options purchased\* |  | **383** |
| **Total options purchased** (cost: $1,887,000) |  | **383** |
| **Total investment securities 98.40%** (cost: $2,246,558,000) |  | **2154430** |
| Other assets less liabilities 1.60% |  | 35042 |
| **Net assets 100.00%** |  | $**2189472** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 410 | USD | 157419 | USD | 2850.00 | 3/17/2023 | $218 |
| S&P 500 Index | 245 |  | 94068 |  | 2900.00 | 3/17/2023 | 165 |
|  |  |  |  |  |  |  | $383 |

---

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 1028 | March 2023 | USD110,952 | $(162) |
| Mini MSCI Emerging Market Index Contracts | Short | 166 | March 2023 | (7963) | 100 |
| FTSE 100 Index Contracts | Short | 89 | March 2023 | (8036) | (18) |
| Russell 2000 Mini Index Contracts | Short | 93 | March 2023 | (8235) | 157 |
| British Pound Currency Contracts | Short | 110 | March 2023 | (8308) | 196 |
| Euro Stoxx 50 Index Contracts | Short | 399 | March 2023 | (16156) | 623 |
| Euro Currency Contracts | Short | 124 | March 2023 | (16669) | (47) |
| S&P Mid 400 E-mini Index Contracts | Short | 183 | March 2023 | (44700) | 548 |
| S&P 500 E-mini Index Contracts | Short | 2599 | March 2023 | (501737) | 12185 |
|  |  |  |  |  | $13582 |

---

American Funds Insurance Series 271

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> gain<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliate at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Asset allocation funds 95.19%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series –Asset Allocation Fund, Class 1 | $2678055 | $1104342 | $1086607 | $55156 | $(666676) | $2084270 | $46591 | $231217 |

---

<br> <sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

272 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements |  |
| **Statements of assets and liabilities** <br> **at December 31, 2022** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $6783505 | $2874530 | $29811816 | $6445629 | $2920136 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 164535 | 134983 | 1166965 | 306445 | 167414 |
| Cash | 695 | 32 | 1221 | 1055 | 671 |
| Cash collateral received for securities on loan |  | 5872 | 5587 | 161 | 32 |
| Cash collateral pledged for futures contracts |  |  |  |  | 161 |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 6010 | 86 | 1197 | 1640 | 929 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  | — \* |
| Unrealized appreciation on unfunded commitments |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 9427 | 47 | 4581 | 1634 | 4534 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 1203 | 347 | 53171 | 1486 | 1478 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 5076 | 2430 | 18226 | 14915 | 5113 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 27 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  | — \* |
| &nbsp;&nbsp;&nbsp;Securities lending income | 7 | 270 | 48 | 17 | 42 |
| &nbsp;&nbsp;&nbsp;Currency translations | 961 |  |  | 47 | 90 |
| &nbsp;&nbsp;&nbsp;Other |  | — \* | — \* |  |  |
|  | 6971419 | 3018597 | 31062812 | 6773029 | 3100627 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  | 58725 | 55867 | 1607 | 327 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  | 50 |
| Unrealized depreciation on unfunded commitments |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 3893 | 1234 | 69568 | 2056 | 2377 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 23378 | 5067 | 24857 | 18617 | 2624 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 2202 | 1519 | 8498 | 2792 | 1351 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 361 | 162 | 1629 | 235 | 448 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 1005 | 515 | 4478 | 946 | 393 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 85 | 56 | 478 | 174 | 41 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  | — \* |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes | 4611 | 8270 | 886 | 26641 | 8988 |
| &nbsp;&nbsp;&nbsp;Other | 230 | 146 | 203 | 380 | 203 |
|  | 35765 | 75694 | 166464 | 53448 | 16843 |
| **Net assets at December 31, 2022** | $6935654 | $2942903 | $30896348 | $6719581 | $3083784 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $4528931 | $2581405 | $20120055 | $6463732 | $2578375 |
| Total distributable earnings (accumulated loss) | 2406723 | 361498 | 10776293 | 255849 | 505409 |
| **Net assets at December 31, 2022** | $6935654 | $2942903 | $30896348 | $6719581 | $3083784 |
| Investment securities on loan, at value | $— | $59781 | $54504 | $1530 | $311 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 4940295 | 2530368 | 20939019 | 5790481 | 2388619 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 164509 | 133831 | 1166747 | 306396 | 167393 |
| Cash denominated in currencies other than U.S. dollars, at cost | 6096 | 85 | 1195 | 1614 | 939 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 273

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington<br> Mutual<br> Investors<br> Fund** | **Capital<br> World Growth<br> and Income<br> Fund** | **Growth-<br> Income<br> Fund** | **International<br> Growth<br> and Income<br> Fund** | **Capital<br> Income<br> Builder** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $9042759 | $1728292 | $30635898 | $293962 | $1065349 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 391007 | 804 | 2605421 | 5492 | 107723 |
| Cash | 2877 | 739 | 2141 | 75 | 826 |
| Cash collateral received for securities on loan | 1290 | 648 | 24869 | 96 | 655 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  | 1728 | 844 | 556 | 753 |
| Unrealized appreciation on open forward currency contracts |  |  |  | 5 |  |
| Unrealized appreciation on unfunded commitments |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 19678 | 4368 | 3486 | 1304 | 17973 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 1698 | 332 | 11206 | 54 | 475 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 11258 | 1617 | 53240 | 1606 | 3711 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  | 22 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 7 | 5 | 71 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;Currency translations | 3 | 252 |  | 75 | 101 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |
|  | 9470577 | 1738785 | 33337176 | 303228 | 1197594 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 12908 | 6480 | 248693 | 962 | 6553 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Unrealized depreciation on unfunded commitments |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 2823 | 1089 | 28952 | 197 | 49380 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 7197 | 4367 | 62689 | 744 | 1446 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 1903 | 544 | 7284 | 121 | 211 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 706 | 118 | 1021 | 74 | 328 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 1072 | 299 | 3696 | 69 | 143 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 99 | 25 | 530 | 14 | 7 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 95 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  | 25 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes | 159 | 410 | 1143 | 35 | 320 |
| &nbsp;&nbsp;&nbsp;Other | 10 | 55 | 201 | 15 | 20 |
|  | 26877 | 13387 | 354209 | 2231 | 58528 |
| **Net assets at December 31, 2022** | $9443700 | $1725398 | $32982967 | $300997 | $1139066 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $7625116 | $1532409 | $20816349 | $322284 | $1032534 |
| Total distributable earnings (accumulated loss) | 1818584 | 192989 | 12166618 | (21287) | 106532 |
| **Net assets at December 31, 2022** | $9443700 | $1725398 | $32982967 | $300997 | $1139066 |
| Investment securities on loan, at value | $12432 | $6155 | $240456 | $1435 | $6251 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 7334340 | 1456490 | 20399086 | 290864 | 933032 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 390957 | 804 | 2605095 | 5489 | 113396 |
| Cash denominated in currencies other than U.S. dollars, at cost |  | 1754 | 847 | 564 | 763 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

274 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset<br> Allocation<br> Fund** | **American<br> Funds<br> Global<br> Balanced<br> Fund<sup>†</sup>** | **The Bond<br> Fund<br> of America** | **Capital<br> World Bond<br> Fund** | **American<br> High-Income<br> Trust** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $22298926 | $355901 | $9747773 | $1438501 | $778564 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 3019460 | 9460 | 1425720 | 48843 | 38565 |
| Cash | 4463 | 142 | 3761 | 431 | 1024 |
| Cash collateral received for securities on loan | 5690 |  |  |  |  |
| Cash collateral pledged for futures contracts |  |  |  |  | 99 |
| Cash collateral pledged for swap contracts |  |  |  |  | 517 |
| Cash denominated in currencies other than U.S. dollars | 592 | 86 | — \* | 732 | 5 |
| Unrealized appreciation on open forward currency contracts |  | 686 | 3821 | 7008 |  |
| Unrealized appreciation on unfunded commitments |  |  |  | 12 | 572 |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 139321 | 2041 | 780689 | 21 | 1605 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 1899 | 327 | 10460 | 165 | 585 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 74681 | 1624 | 71420 | 10334 | 13187 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 194 | 29 | 494 | 326 | 2 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 11 | 16 | 345 | 149 | 3 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 88 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations | 79 | 18 | 70 | 429 |  |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  | 3 |
|  | 25545404 | 370330 | 12044553 | 1506951 | 834731 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 56897 |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  | 150 | 174 | 2455 |  |
| Unrealized depreciation on unfunded commitments | 9 |  |  | 1 | 3 |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 647278 | 1470 | 1812910 | 19999 | 2546 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 24374 | 477 | 4453 | 677 | 164 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 5696 | 137 | 1428 | 550 | 190 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 3321 | 69 | 614 | 33 | 49 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 2697 | 66 | 1048 | 217 | 153 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 304 | 4 | 124 | 26 | 32 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 630 | 55 | 2321 | 722 | 6 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 13 | 23 | 394 | 222 | 2 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes | 3511 | 100 | 5 | 51 |  |
| &nbsp;&nbsp;&nbsp;Other | 100 | 19 | — \* | 104 | 32 |
|  | 744830 | 2570 | 1823471 | 25057 | 3177 |
| **Net assets at December 31, 2022** | $24800574 | $367760 | $10221082 | $1481894 | $831554 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $19598942 | $316997 | $11855514 | $1808688 | $1203258 |
| Total distributable earnings (accumulated loss) | 5201632 | 50763 | (1634432) | (326794) | (371704) |
| **Net assets at December 31, 2022** | $24800574 | $367760 | $10221082 | $1481894 | $831554 |
| Investment securities on loan, at value | $67688 | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 17788591 | 350438 | 10540249 | 1615990 | 860644 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 3328159 | 9409 | 1425521 | 47246 | 38557 |
| Cash denominated in currencies other than U.S. dollars, at cost | 594 | 86 | — \* | 728 | 5 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 275

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br> Bond Fund** | **U.S.<br> Government<br> Securities<br> Fund** | **Managed<br> Risk<br> Growth<br> Fund** | **Managed<br> Risk<br> International<br> Fund** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $107371 | $423579 | $1718005 | $11472 | $2805 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | 421664 | 118962 |
| Cash | 2692 | 9083 | 40936 |  |  |
| Cash collateral received for securities on loan |  |  |  |  |  |
| Cash collateral pledged for futures contracts |  |  |  | 15705 | 2698 |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 9780 |  | 134003 | 6691 | 1022 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 42 | 322 | 2930 | 237 | 18 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 261 | 29 | 5528 | 57 | 13 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2 |  | 185 | 1011 | 602 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 5 |  | 385 |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | 1 |  |  |  |  |
|  | 120154 | 433013 | 1901972 | 456837 | 126120 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Unrealized depreciation on unfunded commitments |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 31002 |  | 398190 | 2108 | 19 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 22 | 504 | 1200 | 4 | 43 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 13 | 95 | 226 | 39 | 11 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 25 | 50 | 119 | 287 | 80 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 21 | 92 | 310 | 93 | 26 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 3 | 11 | 44 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 25 |  | 744 | 61 | 6 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | — \* |  | 415 |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | — \* |  | 2 |  |  |
|  | 31111 | 752 | 401250 | 2595 | 186 |
| **Net assets at December 31, 2022** | $89043 | $432261 | $1500722 | $454242 | $125934 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $99881 | $429623 | $1743160 | $471757 | $148875 |
| Total distributable earnings (accumulated loss) | (10838) | 2638 | (242438) | (17515) | (22941) |
| **Net assets at December 31, 2022** | $89043 | $432261 | $1500722 | $454242 | $125934 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 109975 | 423636 | 1798414 | 12483 | 3035 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | 474986 | 132656 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

276 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Managed Risk<br> Washington<br> Mutual<br> Investors<br> Fund** | **Managed<br> Risk<br> Growth-<br> Income<br> Fund** | **Managed<br> Risk<br> Asset<br> Allocation<br> Fund** |
| **Assets:** |  |  |  |
| Investment securities, at value: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $7775 | $49790 | $70160 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 306922 | 1992489 | 2084270 |
| Cash |  |  |  |
| Cash collateral received for securities on loan |  |  |  |
| Cash collateral pledged for futures contracts | 6746 | 43741 | 34859 |
| Cash collateral pledged for swap contracts |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |
| Unrealized appreciation on unfunded commitments |  |  |  |
| Receivables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 2029 | 13902 | 1056 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 72 | 11603 | 104 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 36 | 229 | 280 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 363 | 2759 | 2144 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |
|  | 323943 | 2114513 | 2192873 |
| **Liabilities:** |  |  |  |
| Collateral for securities on loan |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |
| Unrealized depreciation on unfunded commitments |  |  |  |
| Payables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 63 | 10953 |  |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 92 | 420 | 1215 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 28 | 179 | 188 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 201 | 1304 | 1381 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 67 | 56 | 465 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 3 | 14 | 29 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 17 | 143 | 123 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |
|  | 471 | 13069 | 3401 |
| **Net assets at December 31, 2022** | $323472 | $2101444 | $2189472 |
| **Net assets consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | $321451 | $1965919 | $2033928 |
| Total distributable earnings (accumulated loss) | 2021 | 135525 | 155544 |
| **Net assets at December 31, 2022** | $323472 | $2101444 | $2189472 |
| Investment securities on loan, at value | $— | $— | $— |
| Investment securities, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 8755 | 60766 | 71664 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 334257 | 2105528 | 2174894 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 277

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $3104085 | $915430 | $13660417 | $3157234 | $1610310 |
|  | Shares outstanding | 102854 | 56436 | 179057 | 206282 | 72225 |
|  | Net asset value per share | $30.18 | $16.22 | $76.29 | $15.31 | $22.30 |
| **Class 1A:** | Net assets | $14317 | $4256 | $187432 | $10423 | $8868 |
|  | Shares outstanding | 477 | 266 | 2479 | 685 | 399 |
|  | Net asset value per share | $30.04 | $16.00 | $75.61 | $15.23 | $22.19 |
| **Class 2:** | Net assets | $3233725 | $1762209 | $14451475 | $3163979 | $763546 |
|  | Shares outstanding | 108539 | 115167 | 191651 | 207745 | 34672 |
|  | Net asset value per share | $29.79 | $15.30 | $75.41 | $15.23 | $22.02 |
| **Class 3:** | Net assets |  |  | $187905 | $15480 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2438 | 1008 | Not applicable |
|  | Net asset value per share |  |  | $77.09 | $15.35 |  |
| **Class 4:** | Net assets | $583527 | $261008 | $2409119 | $372465 | $701060 |
|  | Shares outstanding | 19774 | 17087 | 32713 | 24843 | 32104 |
|  | Net asset value per share | $29.51 | $15.28 | $73.64 | $14.99 | $21.84 |
|  |  | **Washington<br> Mutual<br> Investors<br> Fund** | **Capital<br> World Growth<br> and Income<br> Fund** | **<br>Growth-<br> Income<br> Fund** | **International<br> Growth<br> and Income<br> Fund** | **Capital<br> Income<br> Builder** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $5506834 | $548491 | $19692010 | $13396 | $586560 |
|  | Shares outstanding | 433800 | 46994 | 392155 | 1499 | 53377 |
|  | Net asset value per share | $12.69 | $11.67 | $50.21 | $8.94 | $10.99 |
| **Class 1A:** | Net assets | $64036 | $5749 | $28316 | $4894 | $9764 |
|  | Shares outstanding | 5079 | 496 | 567 | 562 | 890 |
|  | Net asset value per share | $12.61 | $11.61 | $49.93 | $8.70 | $10.98 |
| **Class 2:** | Net assets | $2775107 | $982987 | $11507731 | $162036 | $13016 |
|  | Shares outstanding | 222723 | 84464 | 232660 | 18628 | 1185 |
|  | Net asset value per share | $12.46 | $11.64 | $49.46 | $8.70 | $10.98 |
| **Class 3:** | Net assets |  |  | $124729 |  |  |
|  | Shares outstanding | Not applicable | Not applicable | 2478 | Not applicable | Not applicable |
|  | Net asset value per share |  |  | $50.33 |  |  |
| **Class 4:** | Net assets | $1097723 | $188171 | $1630181 | $120671 | $529726 |
|  | Shares outstanding | 88991 | 16576 | 33460 | 14090 | 48314 |
|  | Net asset value per share | $12.34 | $11.35 | $48.72 | $8.56 | $10.96 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

278 American Funds Insurance Series

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Asset<br> Allocation<br> Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund<sup>†</sup>** | **The Bond<br> Fund<br> of America** | **Capital<br> World Bond<br> Fund** | **American<br> High-Income<br> Trust** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $15137832 | $96407 | $6369876 | $663191 | $223824 |
|  | Shares outstanding | 681900 | 7682 | 676909 | 69436 | 26230 |
|  | Net asset value per share | $22.20 | $12.55 | $9.41 | $9.55 | $8.53 |
| **Class 1A:** | Net assets | $26595 | $2555 | $220548 | $1344 | $1263 |
|  | Shares outstanding | 1203 | 204 | 23592 | 141 | 148 |
|  | Net asset value per share | $22.10 | $12.49 | $9.35 | $9.50 | $8.51 |
| **Class 2:** | Net assets | $4227802 | $157808 | $2843749 | $764813 | $521241 |
|  | Shares outstanding | 192995 | 12632 | 306636 | 80914 | 62452 |
|  | Net asset value per share | $21.91 | $12.49 | $9.27 | $9.45 | $8.35 |
| **Class 3:** | Net assets | $28209 |  |  |  | $8471 |
|  | Shares outstanding | 1269 | Not applicable | Not applicable | Not applicable | 987 |
|  | Net asset value per share | $22.23 |  |  |  | $8.58 |
| **Class 4:** | Net assets | $5380136 | $110990 | $786909 | $52546 | $76755 |
|  | Shares outstanding | 247415 | 9009 | 85213 | 5633 | 8291 |
|  | Net asset value per share | $21.75 | $12.32 | $9.23 | $9.33 | $9.26 |
|  |  | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br> Bond Fund** | **U.S.<br> Government<br> Securities<br> Fund** | **Managed<br> Risk<br> Growth<br> Fund** | **Managed<br> Risk<br> International<br> Fund** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $993 | $50347 | $241681 |  |  |
|  | Shares outstanding | 105 | 4436 | 24189 | Not applicable | Not applicable |
|  | Net asset value per share | $9.45 | $11.35 | $9.99 |  |  |
| **Class 1A:** | Net assets | $1656 | $10 | $3952 |  |  |
|  | Shares outstanding | 177 | 1 | 397 | Not applicable | Not applicable |
|  | Net asset value per share | $9.34 | $11.35 | $9.96 |  |  |
| **Class 2:** | Net assets | $46324 | $297253 | $1058577 |  |  |
|  | Shares outstanding | 4951 | 27031 | 107285 | Not applicable | Not applicable |
|  | Net asset value per share | $9.36 | $11.00 | $9.87 |  |  |
| **Class 3:** | Net assets |  | $4328 | $6507 |  |  |
|  | Shares outstanding | Not applicable | 389 | 649 | Not applicable | Not applicable |
|  | Net asset value per share |  | $11.14 | $10.02 |  |  |
| **Class 4:** | Net assets | $40070 | $80323 | $190005 |  |  |
|  | Shares outstanding | 4334 | 7267 | 19274 | Not applicable | Not applicable |
|  | Net asset value per share | $9.25 | $11.05 | $9.86 |  |  |
| **Class P1:** | Net assets |  |  |  | $9249 | $1762 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 813 | 205 |
|  | Net asset value per share |  |  |  | $11.37 | $8.61 |
| **Class P2:** | Net assets |  |  |  | $444993 | $124172 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 39434 | 14470 |
|  | Net asset value per share |  |  |  | $11.28 | $8.58 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 279

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities <br> at December 31, 2022 (continued)** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Managed Risk<br> Washington<br> Mutual<br> Investors<br> Fund** | **Managed<br> Risk<br> Growth-<br> Income<br> Fund** | **Managed<br> Risk<br> Asset<br> Allocation<br> Fund** |
| Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding<br> (no stated par value) — unlimited shares authorized |  |  |  |
| **Class P1:** | Net assets | $2748 | $1833437 | $7152 |
|  | Shares outstanding | 244 | 146536 | 575 |
|  | Net asset value per share | $11.24 | $12.51 | $12.43 |
| **Class P2:** | Net assets | $320724 | $268007 | $2182320 |
|  | Shares outstanding | 28686 | 21540 | 180515 |
|  | Net asset value per share | $11.18 | $12.44 | $12.09 |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Formerly Global Balanced Fund. |

---

Refer to the notes to financial statements.

280 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations <br> for the year ended December 31, 2022** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $99453 | $23688 | $315299 | $164844 | $57252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 9353 | 3871 | 22361 | 9392 | 4331 |
|  | 108806 | 27559 | 337660 | 174236 | 61583 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 53 | 25 | 1956 | 2 | 7384 |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims | 782 | 264 | 818 | 5544 | 358 |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims | 71 | 3 | 22 | 920 | 14 |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 178 | 2281 | 1158 | 1331 | 338 |
|  | 109890 | 30132 | 341614 | 182033 | 69677 |
| **Fees and expenses<sup>1</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 36131 | 21657 | 109146 | 35444 | 21012 |
| &nbsp;&nbsp;&nbsp;Distribution services | 10254 | 5525 | 48823 | 9585 | 3999 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 1537 | 699 | 6939 | 1008 | 1923 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | 1 | —<sup>2</sup> | 6 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Administrative services | 2236 | 973 | 10468 | 2191 | 1018 |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 77 | 41 | 299 | 90 | 34 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 27 | 14 | 136 | 54 | 14 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 10 | 5 | 45 | 10 | 5 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 79 | 92 | 105 | 90 | 109 |
| &nbsp;&nbsp;&nbsp;Custodian | 868 | 430 | 384 | 1246 | 758 |
| &nbsp;&nbsp;&nbsp;Other | 8 | 51 | 24 | 8 | 51 |
| Total fees and expenses before waivers/reimbursement | 51228 | 29487 | 176375 | 49727 | 28924 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 5162 | 1011 | 1 |  | 3759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses | 5162 | 1011 | 1 |  | 3759 |
| Total fees and expenses after waivers/reimbursement | 46066 | 28476 | 176374 | 49727 | 25165 |
| Net investment income | 63824 | 1656 | 165240 | 132306 | 44512 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 555056 | 25932 | 1853746 | (374601) | (3895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (71) | (30) | (325) | (112) | (44) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | 100 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | 379 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;Currency transactions | (1864) | 50 | 654 | (3241) | 72 |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 553121 | 25952 | 1854075 | (377954) | (3390) |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (2977320) | (1267074) | (15238570) | (1582438) | (968542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (19) | (25285) | 22 | (57) | 5 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | 129 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (30) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Currency translations | 395 | (145) | (48) | (351) | (1943) |
|  | (2976944) | (1292504) | (15238596) | (1582846) | (970379) |
| Net realized gain (loss) and unrealized depreciation | (2423823) | (1266552) | (13384521) | (1960800) | (973769) |
| **Net (decrease) increase in net assets resulting from operations** | $(2359999) | $(1264896) | $(13219281) | $(1828494) | $(929257) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 281

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations <br> for the year ended December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington<br> Mutual<br> Investors<br> Fund** | **Capital<br> World Growth<br> and Income<br> Fund** | **Growth-<br> Income<br> Fund** | **International<br> Growth<br> and Income<br> Fund** | **Capital<br> Income<br> Builder** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $229615 | $49442 | $601261 | $11087 | $32630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 6762 | 1469 | 40278 | 302 | 2614 |
|  | 236377 | 50911 | 641539 | 11389 | 35244 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 1 | 480 | 1322 |  | 4766 |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims |  |  | 3119 | 995 | 103 |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims |  |  | 292 | 35 |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 293 | 147 | 836 | 29 | 65 |
|  | 236671 | 51538 | 647108 | 12448 | 40178 |
| **Fees and expenses<sup>1</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 37368 | 9637 | 89899 | 1720 | 4443 |
| &nbsp;&nbsp;&nbsp;Distribution services | 10015 | 3172 | 35861 | 726 | 1368 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 2882 | 499 | 4286 | 306 | 1362 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | 2 | —<sup>2</sup> | 6 | —<sup>2</sup> | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Administrative services | 2969 | 558 | 10612 | 93 | 337 |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 65 | 23 | 285 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 29 | 5 | 109 | 5 | 3 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 11 | 2 | 42 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 52 | 69 | 102 | 82 | 70 |
| &nbsp;&nbsp;&nbsp;Custodian | 275 | 259 | 469 | 20 | 101 |
| &nbsp;&nbsp;&nbsp;Other | 5 | 6 | 23 | 22 | 1 |
| Total fees and expenses before waivers/reimbursement | 53673 | 14230 | 141694 | 2984 | 7696 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 14561 | 2866 |  | 295 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses | 14561 | 2866 |  | 295 | 1989 |
| Total fees and expenses after waivers/reimbursement | 39112 | 11364 | 141694 | 2689 | 5707 |
| Net investment income | 197559 | 40174 | 505414 | 9759 | 34471 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 73904 | (82354) | 1822012 | (25009) | (1384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (71) | 8 | (316) | (4) | (691) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | (7468) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  | (54) | 7 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 1909 |
| &nbsp;&nbsp;&nbsp;Currency transactions | (22) | (382) | (871) | (231) | (125) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 73811 | (82728) | 1820825 | (25298) | (7752) |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (1207072) | (336626) | (9143460) | (40723) | (104188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 10 | (1) | 130 | (2) | (5193) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | (311) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  | 5 | (2) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 36 |
| &nbsp;&nbsp;&nbsp;Currency translations | (3) | (154) | (173) | 1 | 64 |
|  | (1207065) | (336781) | (9143503) | (40719) | (109594) |
| Net realized gain (loss) and unrealized depreciation | (1133254) | (419509) | (7322678) | (66017) | (117346) |
| **Net (decrease) increase in net assets resulting from operations** | $(935695) | $(379335) | $(6817264) | $(56258) | $(82875) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

282 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations <br> for the year ended December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset<br> Allocation<br> Fund** | **American<br> Funds<br> Global<br> Balanced<br> Fund<sup>3</sup>** | **The Bond<br> Fund<br> of America** | **Capital<br> World Bond<br> Fund** | **American<br> High-Income<br> Trust** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $388405 | $6485 | $1 | $65 | $3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 80475 | 393 | 34880 | 3057 | 610 |
|  | 468880 | 6878 | 34881 | 3122 | 3835 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 178663 | 3237 | 331418 | 44637 | 52726 |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims | 23 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims | 9 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 631 | 7 |  |  |  |
|  | 648206 | 10122 | 366299 | 47759 | 56561 |
| Fees and expenses<sup>1</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 70034 | 2063 | 39380 | 7727 | 3914 |
| &nbsp;&nbsp;&nbsp;Distribution services | 25560 | 721 | 9930 | 2251 | 1656 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 14064 | 300 | 2381 | 146 | 203 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | 4 | —<sup>2</sup> | 2 | —<sup>2</sup> | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Administrative services | 7927 | 118 | 3334 | 492 | 271 |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 164 | 6 | 91 | 22 | 17 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 51 | 2 | 216 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 30 | —<sup>2</sup> | 12 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 83 | 54 | 59 | 51 | 49 |
| &nbsp;&nbsp;&nbsp;Custodian | 616 | 69 | 95 | 143 | 18 |
| &nbsp;&nbsp;&nbsp;Other | 17 | 4 | 11 | 6 | 18 |
| Total fees and expenses before waivers/reimbursement | 118550 | 3337 | 55511 | 10845 | 6152 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers |  | 25 | 21118 | 611 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses |  | 25 | 21118 | 611 | 1428 |
| Total fees and expenses after waivers/reimbursement | 118550 | 3312 | 34393 | 10234 | 4724 |
| Net investment income | 529656 | 6810 | 331906 | 37525 | 51837 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 867100 | 41092 | (720113) | (161648) | (27908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (24724) | 3 | (218) | 17 | (7) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 65437 | 539 | (136499) | (7447) | 1533 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | (1292) | 1795 | (18216) |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | (73) | 142 | 28243 | (796) | (82) |
| &nbsp;&nbsp;&nbsp;Currency transactions | 4210 | (235) | (118) | (3040) | 21 |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 911950 | 40249 | (826910) | (191130) | (26443) |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (5229896) | (113353) | (1058517) | (184433) | (118628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (273363) | 51 | 76 | 1587 | 4 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 13070 | (454) | (6976) | (3811) | 123 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | 725 | 4002 | 4071 |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | (1575) | (763) | 12978 | (6561) | (161) |
| &nbsp;&nbsp;&nbsp;Currency translations | 6 | 14 | 48 | 566 | (31) |
|  | (5491758) | (113780) | (1048389) | (188581) | (118693) |
| Net realized gain (loss) and unrealized depreciation | (4579808) | (73531) | (1875299) | (379711) | (145136) |
| **Net (decrease) increase in net assets resulting from operations** | $(4050152) | $(66721) | $(1543393) | $(342186) | $(93299) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 283

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations<br> for the year ended December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br>Bond Fund** | **U.S.<br> Government<br> Securities<br> Fund** | **Managed<br> Risk<br> Growth<br> Fund** | **Managed<br> Risk<br> International<br> Fund** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $— | $— | $— | $265 | $55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | 3820 | 2700 |
|  |  |  |  | 4085 | 2755 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 2336 | 7293 | 52923 |  |  |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |  |  |
|  | 2336 | 7293 | 52923 | 4085 | 2755 |
| Fees and expenses<sup>1</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 350 | 1110 | 5345 | 746 | 208 |
| &nbsp;&nbsp;&nbsp;Distribution services | 228 | 889 | 3494 | 1219 | 342 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 105 | 173 | 522 | 1244 | 346 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Administrative services | 31 | 121 | 503 |  |  |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  | 58 | 49 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 5 | 7 | 21 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 2 | 3 | 7 | 4 | 2 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | —<sup>2</sup> | —<sup>2</sup> | 2 | 1 | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 44 | 43 | 46 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;Custodian | 17 | 1 | 29 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;Other | —<sup>2</sup> | —<sup>2</sup> | 1 | —<sup>2</sup> | —<sup>2</sup> |
| Total fees and expenses before waivers/reimbursement | 782 | 2347 | 9970 | 3296 | 971 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 158 |  | 2256 | 249 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  | 32 |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses | 158 |  | 2256 | 249 | 101 |
| Total fees and expenses after waivers/reimbursement | 624 | 2347 | 7714 | 3047 | 870 |
| Net investment income | 1712 | 4946 | 45209 | 1038 | 1885 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (9212) | —<sup>2</sup> | (104839) | (3857) | (1108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | (26901) | (9724) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (2688) |  | (52928) | 1884 | 4007 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | 3147 |  | 20919 |  |  |
| &nbsp;&nbsp;&nbsp;Currency transactions |  |  |  | 127 | 29 |
| Capital gain distributions received from affiliated issuers |  |  |  | 60533 | 16270 |
|  | (8753) | —<sup>2</sup> | (136848) | 31786 | 9474 |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (3365) | (59) | (99107) | 399 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | (191173) | (38192) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (79) |  | (3785) | 8824 | 1394 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | (1585) |  | (7297) |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |  |  |
|  | (5029) | (59) | (110189) | (181950) | (36471) |
| Net realized gain (loss) and unrealized depreciation | (13782) | (59) | (247037) | (150164) | (26997) |
| **Net (decrease) increase in net assets resulting from operations** | $(12070) | $4887 | $(201828) | $(149126) | $(25112) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

284 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of operations<br> for the year ended December 31, 2022 (continued)** | **(dollars in thousands)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Managed Risk<br> Washington<br> Mutual<br> Investors<br> Fund** | **Managed<br> Risk<br> Growth-<br> Income<br> Fund** | **Managed<br> Risk<br> Asset<br> Allocation<br> Fund** |
| **Investment income:** |  |  |  |
| Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $158 | $1054 | $1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 7293 | 37268 | 46591 |
|  | 7451 | 38322 | 47821 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;European Union withholding tax reclaims |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest from European Union withholding tax reclaims |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |
|  | 7451 | 38322 | 47821 |
| Fees and expenses<sup>1</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 499 | 3399 | 3572 |
| &nbsp;&nbsp;&nbsp;Distribution services | 824 | 720 | 5935 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 830 | 5665 | 5953 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Administrative services |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services | 53 | 96 | 98 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 2 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 3 | 10 | 13 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | —<sup>2</sup> | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 16 | 18 | 19 |
| &nbsp;&nbsp;&nbsp;Custodian | 7 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;Other | —<sup>2</sup> | 1 | 1 |
| Total fees and expenses before waivers/reimbursement | 2234 | 9923 | 15606 |
| &nbsp;&nbsp;&nbsp;Less waivers/reimbursement of fees and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 166 | 1135 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers/reimbursement of fees and expenses | 166 | 1135 | 1192 |
| Total fees and expenses after waivers/reimbursement | 2068 | 8788 | 14414 |
| Net investment income | 5383 | 29534 | 33407 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |
| Net realized gain (loss)<sup>1</sup> on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (3288) | (38643) | (5894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 32672 | 156797 | 55156 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (4543) | (51822) | (47767) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency transactions | 43 | 322 | 259 |
| Capital gain distributions received from affiliated issuers | 61850 | 179634 | 231217 |
|  | 86734 | 246288 | 232971 |
| Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 51 | 7712 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (128265) | (743318) | (666676) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 2705 | 17339 | 13823 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |
|  | (125509) | (718267) | (652457) |
| Net realized gain (loss) and unrealized depreciation | (38775) | (471979) | (419486) |
| **Net (decrease) increase in net assets resulting from operations** | $(33392) | $(442445) | $(386079) |

---

<sup>1</sup> Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Formerly Global Balanced Fund.

Refer to the notes to financial statements.

American Funds Insurance Series 285

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of changes in net assets** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth Fund** | **Global Growth Fund** | **Global Small <br> Capitalization Fund** | **Global Small <br> Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $63824 | $36408 | $1656 | $(11335) | $165240 | $87664 |
| Net realized gain (loss) | 553121 | 846935 | 25952 | 1098836 | 1854075 | 5061178 |
| Net unrealized (depreciation) appreciation | (2976944) | 485952 | (1292504) | (710657) | (15238596) | 3147345 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (2359999) | 1369295 | (1264896) | 376844 | (13219281) | 8296187 |
| **Distributions paid to shareholders** | (892563) | (486343) | (1091116) | (123155) | (5140514) | (5437958) |
| **Net capital share transactions** | 597636 | 466658 | 721994 | (989509) | 3850397 | 3623473 |
| **Total (decrease) increase in net assets** | (2654926) | 1349610 | (1634018) | (735820) | (14509398) | 6481702 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 9590580 | 8240970 | 4576921 | 5312741 | 45405746 | 38924044 |
| End of year | $6935654 | $9590580 | $2942903 | $4576921 | $30896348 | $45405746 |
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual <br> Investors Fund** | **Washington Mutual <br> Investors Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $132306 | $147317 | $44512 | $32010 | $197559 | $173016 |
| Net realized gain (loss) | (377954) | 1273483 | (3390) | 318018 | 73811 | 2286033 |
| Net unrealized (depreciation) appreciation | (1582846) | (1501184) | (970379) | (136128) | (1207065) | 81431 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (1828494) | (80384) | (929257) | 213900 | (935695) | 2540480 |
| **Distributions paid to shareholders** | (1146487) | (249096) | (357382) | (185700) | (2416808) | (166149) |
| **Net capital share transactions** | 265209 | (832025) | (77021) | 176091 | 1331066 | (488260) |
| **Total (decrease) increase in net assets** | (2709772) | (1161505) | (1363660) | 204291 | (2021437) | 1886071 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 9429353 | 10590858 | 4447444 | 4243153 | 11465137 | 9579066 |
| End of year | $6719581 | $9429353 | $3083784 | $4447444 | $9443700 | $11465137 |

---

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

286 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of changes in net assets (continued)** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital<br> World Growth <br> and Income Fund** | **Capital<br> World Growth <br> and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **International Growth <br> and Income Fund** | **International Growth <br> and Income Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $40174 | $44268 | $505414 | $480125 | $9759 | $34510 |
| Net realized gain (loss) | (82728) | 410057 | 1820825 | 3512628 | (25298) | 357845 |
| Net unrealized (depreciation) appreciation | (336781) | (139980) | (9143503) | 4888658 | (40719) | (342815) |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (379335) | 314345 | (6817264) | 8881411 | (56258) | 49540 |
| **Distributions paid to shareholders** | (454298) | (90172) | (3956410) | (915114) | (154047) | (14532) |
| **Net capital share transactions** | 175376 | (14968) | 804156 | (3505347) | 132760 | (1112349) |
| **Total (decrease) increase in net assets** | (658257) | 209205 | (9969518) | 4460950 | (77545) | (1077341) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 2383655 | 2174450 | 42952485 | 38491535 | 378542 | 1455883 |
| End of year | $1725398 | $2383655 | $32982967 | $42952485 | $300997 | $378542 |
|  | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** | **American Funds<br> Global Balanced Fund\*** | **American Funds<br> Global Balanced Fund\*** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $34471 | $32730 | $529656 | $496078 | $6810 | $4583 |
| Net realized gain (loss) | (7752) | 44998 | 911950 | 2982523 | 40249 | 24122 |
| Net unrealized (depreciation) appreciation | (109594) | 81302 | (5491758) | 990457 | (113780) | 17602 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (82875) | 159030 | (4050152) | 4469058 | (66721) | 46307 |
| **Distributions paid to shareholders** | (31988) | (29764) | (3253724) | (1541316) | (2232) | (29247) |
| **Net capital share transactions** | 109402 | (81691) | 1398530 | (1879473) | (30663) | (4816) |
| **Total (decrease) increase in net assets** | (5461) | 47575 | (5905346) | 1048269 | (99616) | 12244 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 1144527 | 1096952 | 30705920 | 29657651 | 467376 | 455132 |
| End of year | $1139066 | $1144527 | $24800574 | $30705920 | $367760 | $467376 |

---

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 287

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of changes in net assets (continued)** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Bond Fund<br> of America** | **The Bond Fund<br> of America** | **Capital World Bond Fund** | **Capital World Bond Fund** | **American <br> High-Income Trust** | **American <br> High-Income Trust** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $331906 | $215953 | $37525 | $42586 | $51837 | $47176 |
| Net realized gain (loss) | (826910) | 129232 | (191130) | 16012 | (26443) | 7485 |
| Net unrealized (depreciation) appreciation | (1048389) | (353151) | (188581 | (168792 | (118693) | 21386 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (1543393) | (7966) | (342186 | (110194 | (93299) | 76047 |
| **Distributions paid to shareholders** | (462954) | (687442) | (30830) | (91748) | (67772) | (43416) |
| **Net capital share transactions** | (959150) | 2474568 | (230098 | (51795 | (59810) | 152225 |
| **Total (decrease) increase in net assets** | (2965497) | 1779160 | (603114) | (253737) | (220881) | 184856 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 13186579 | 11407419 | 2085008 | 2338745 | 1052435 | 867579 |
| End of year | $10221082 | $13186579 | $1481894 | $2085008 | $831554 | $1052435 |
|  | **American Funds <br> Mortgage Fund** | **American Funds <br> Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **U.S. Government <br> Securities Fund** | **U.S. Government <br> Securities Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $1712 | $1555 | $4946 | $(1883) | $45209 | $26482 |
| Net realized gain (loss) | (8753) | (90) |  |  | (136848) | (5219) |
| Net unrealized (depreciation) appreciation | (5029) | (2808) | (59 | (4 | (110189) | (36820) |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (12070) | (1343) | 4887 | (1887 | (201828) | (15557) |
| **Distributions paid to shareholders** | (1793) | (13157) | (2237) |  | (60476) | (209728) |
| **Net capital share transactions** | (231492) | 29279 | 96950 | (41201 | (402273) | 236927 |
| **Total (decrease) increase in net assets** | (245355) | 14779 | 99600 | (43088) | (664577) | 11642 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 334398 | 319619 | 332661 | 375749 | 2165299 | 2153657 |
| End of year | $89043 | $334398 | $432261 | $332661 | $1500722 | $2165299 |

---

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

288 American Funds Insurance Series

---

| | |
|:---|:---|
| Financial statements (continued) |  |
| **Statements of changes in net assets (continued)** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk<br> Growth Fund** | **Managed Risk<br> Growth Fund** | **Managed Risk<br> International Fund** | **Managed Risk<br> International Fund** | **Managed Risk<br> Washington Mutual<br> Investors Fund** | **Managed Risk<br> Washington Mutual<br> Investors Fund** |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $1038 | $(392) | $1885 | $2984 | $5383 | $3320 |
| Net realized gain (loss) | 31786 | 93312 | 9474 | 654 | 86734 | 15848 |
| Net unrealized (depreciation) appreciation | (181950) | (21491) | (36471) | (10287) | (125509) | 38411 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (149126) | 71429 | (25112) | (6649) | (33392) | 57579 |
| **Distributions paid to shareholders** | (90246) | (27384) | (4275) | (931) | (14671) | (6019) |
| **Net capital share transactions** | 97021 | (11898) | (6014) | (654) | (1502) | (34883) |
| **Total (decrease) increase in net assets** | (142351) | 32147 | (35401) | (8234) | (49565) | 16677 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 596593 | 564446 | 161335 | 169569 | 373037 | 356360 |
| End of year | $454242 | $596593 | $125934 | $161335 | $323472 | $373037 |
|  | **Managed Risk<br> Growth-Income Fund** | **Managed Risk<br> Growth-Income Fund** | **Managed Risk<br> Asset Allocation Fund** | **Managed Risk<br> Asset Allocation Fund** |  |  |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |  |  |
|  | **2022** | **2021** | **2022** | **2021** |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $29534 | $23938 | $33407 | $29121 |  |  |
| Net realized gain (loss) | 246288 | 49377 | 232971 | 133738 |  |  |
| Net unrealized (depreciation) appreciation | (718267) | 292194 | (652457) | 169648 |  |  |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (442445) | 365509 | (386079) | 332507 |  |  |
| **Distributions paid to shareholders** | (99803) | (68168) | (138964) | (38227) |  |  |
| **Net capital share transactions** | (23880) | (64385) | (104505) | (254031) |  |  |
| **Total (decrease) increase in net assets** | (566128) | 232956 | (629548) | 40249 |  |  |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 2667572 | 2434616 | 2819020 | 2778771 |  |  |
| End of year | $2101444 | $2667572 | $2189472 | $2819020 |  |  |

---

---

| | |
|:---|:---|
| \* | Formerly Global Balanced Fund. |
| <sup>†</sup> | Amount less than one thousand. |

---

Refer to the notes to financial statements.

American Funds Insurance Series 289

Notes to financial statements

**1. Organization**

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company with 34 different funds ("the funds"), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

**Capital World Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Growth-Income Fund** — To achieve long-term growth of capital and income.

**International Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Capital Income Builder** — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund (formerly Global Balanced Fund)** — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** — To provide as high a level of current income as is consistent with the preservation of capital.

**Capital World Bond Fund** — To provide, over the long term, a high level of total return consistent with prudent investment management.

**American High-Income Trust** — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

290 American Funds Insurance Series

**American Funds Mortgage Fund** — To provide current income and preservation of capital.

**Ultra-Short Bond Fund** — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund** — To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** — To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Cash** — Cash may include amounts held in an interest bearing deposit facility.

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

American Funds Insurance Series 291

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends and capital gain distributions are recorded on each fund's ex-dividend date.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation**

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as "standard inputs") |
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
| Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |

---

292 American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Fair Valuation Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

The series' investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group.

**Classifications** — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following pages present the funds' valuation levels as of December 31, 2022 (dollars in thousands):

American Funds Insurance Series 293

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $923708 | $643291 | $— | $1566999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 1027635 | 489438 |  | 1517073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 493333 | 473688 |  | 967021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 213109 | 405801 | — \* | 618910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 308045 | 286104 |  | 594149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 203723 | 319481 |  | 523204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 163263 | 172648 | — \* | 335911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 200063 | 25242 |  | 225305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 146303 | 39149 |  | 185452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  | 12072 |  | 12072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 7666 |  |  | 7666 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  | 115128 |  | 115128 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 164535 | 114615 |  | 279150 |
| **Total** | $**3851383** | $**3096657** | $**—** **\*** | $**6948040** |
| \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $145496 | $462740 | $— | $608236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 278192 | 271360 | 842 | 550394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 319599 | 207610 |  | 527209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 368441 | 133632 |  | 502073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 82339 | 175020 |  | 257359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 8263 | 96602 |  | 104865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 35375 | 39017 |  | 74392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 13782 | 16503 | 25418 | 55703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 25084 | 27091 |  | 52175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 10353 | 37278 |  | 47631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 18150 | 27079 |  | 45229 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 7126 |  | 18452 | 25578 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** |  | 10007 |  | 10007 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 148662 |  |  | 148662 |
| **Total** | $**1460862** | $**1503939** | $**44712** | $**3009513** |

---

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2022 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br> value at<br> 1/1/2022** | **Transfers<br> into<br> Level 3\*** | **Purchases** | **Sales** | **Net<br> realized<br> gain** | **Unrealized**<br> **depreciation<sup>†</sup>** | **Transfers<br> out of<br> Level 3\*** | **Ending<br> value at<br> 12/31/2022** |
| Investment securities | $44963 | $— | $— | $— | $— | $(251) | $— | $44712 |
| Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | $(251) |

---

---

| | |
|:---|:---|
| \* | Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities. |
| <sup>†</sup> | Net unrealized depreciation is included in the related amounts on investments in the fund's statement of operations. |

---

294 American Funds Insurance Series

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at**<br> **12/31/2022** | **Valuation**<br> **techniques** | **Unobservable**<br> **inputs** | **Range**<br> **(if applicable)** | **Weighted**<br> **average\*** | **Impact to**<br> **valuation from**<br> **an increase in**<br> **input<sup>†</sup>** |
| Common stocks | $26260 | Market comparable companies | Price/Cash flow multiple | 5.7x | 5.7x | Increase |
| Common stocks | $26260 | Market comparable companies | EV/Sales multiple | 6.2x | 6.2x | Increase |
| Common stocks | $26260 | Market comparable companies | DLOM | 16% | 16% | Decrease |
| Common stocks | $26260 | Market comparable companies | Discount for lack of certainty | 10% | 10% | Decrease |
| Common stocks | $26260 | Market comparable companies | Risk discount | 25% | 25% | Decrease |
| Preferred securities | 18452 | Transaction price | N/A | N/A | N/A | N/A |
| Preferred securities | 18452 | Market comparable companies | EV/Sales multiple | 6.2x - 12.9x | 11.0x | Increase |
| Preferred securities | 18452 | Market comparable companies | Risk discount | 25% | 25% | Decrease |
| Preferred securities | 18452 | Market comparable companies | Net adjustment (decrease) based on movement of market comparables | 44% | 44% | Decrease |
| Preferred securities | 18452 | Market comparable companies | DLOM | 10% | 10% | Decrease |
| **Total** | **$44712** |  |  |  |  |  |

---

---

| | |
|:---|:---|
| \* | Weighted average is by relative fair value. |
| <sup>†</sup> | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |

---

**Key to abbreviations**

DLOM = Discount for lack of marketability

EV = Enterprise value

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $5461425 | $723030 | $4704 | $6189159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 5188144 | 115484 | 45222 | 5348850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 4793527 | 439744 |  | 5233271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 3950043 | 25714 |  | 3975757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3112991 | 255410 |  | 3368401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1737621 | 91688 |  | 1829309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 1796618 |  |  | 1796618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 973571 |  |  | 973571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 596091 | 109850 |  | 705941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 243420 |  |  | 243420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 33920 |  |  | 33920 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  | 21366 | 36770 | 58136 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 7202 |  |  | 7202 |
| &nbsp;&nbsp;&nbsp;**Convertible bonds & notes** |  |  | 7146 | 7146 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments** |  | 15245 |  | 15245 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 1192835 |  |  | 1192835 |
| **Total** | $**29087408** | $**1797531** | $**93842** | $**30978781** |

---

American Funds Insurance Series 295

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $64860 | $1053264 | $— | $1118124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 296778 | 622282 | 4282 | 923342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 29009 | 812708 |  | 841717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 397065 | 317708 |  | 714773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 172457 | 531541 |  | 703998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 135708 | 472880 |  | 608588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 78042 | 530056 |  | 608098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 185096 | 231351 | — \* | 416447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples |  | 289938 |  | 289938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 119038 |  | 119038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  | 39066 |  | 39066 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 24464 | 28174 | 392 | 53030 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** |  | 8446 |  | 8446 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 307469 |  |  | 307469 |
| **Total** | $**1690948** | $**5056452** | $**4674** | $**6752074** |
| \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. |
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $263065 | $173417 | $342 | $436824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 67929 | 361956 | — \* | 429885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 188331 | 216848 |  | 405179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 108081 | 225883 |  | 333964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 105950 | 224085 | — \* | 330035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 162789 | 82689 | — \* | 245478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 60987 | 131035 | — \* | 192022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 81746 | 76207 | — \* | 157953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 47738 | 105152 | — \* | 152890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 14233 | 39215 |  | 53448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 12965 | 36156 |  | 49121 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 14795 | 8412 | 9132 | 32339 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** | 31 | 172 |  | 203 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments** |  | 100586 |  | 100586 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 167623 |  |  | 167623 |
| **Total** | $**1296263** | $**1781813** | $**9474** | $**3087550** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $159 | $— | $— | $159 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | — \* |  | — \* |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 2 |  | 2 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (66) |  |  | (66) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (50) |  | (50) |
| **Total** | $**93** | $**(48)** | $**—** | $**45** |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Futures contracts, forward currency contracts and credit default swaps are not included in the fund's investment portfolio. |

---

**Washington Mutual Investors Fund**

As of December 31, 2022, all of the fund's investment securities were classified as Level 1.

296 American Funds Insurance Series

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $164931 | $106647 | $— | $271578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 186991 | 74725 |  | 261716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 110259 | 113094 | — \* | 223353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 103918 | 113308 |  | 217226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 81430 | 73857 |  | 155287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 63755 | 66879 |  | 130634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 69657 | 51505 |  | 121162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 73762 | 34823 | — \* | 108585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 53364 | 32366 | — \* | 85730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 25266 | 24999 |  | 50265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 12033 | 5443 |  | 17476 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 263 | 2512 |  | 2775 |
| &nbsp;&nbsp;&nbsp;**Convertible bonds & notes** |  | 940 |  | 940 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments** |  | 6016 |  | 6016 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 6525 | 69828 |  | 76353 |
| **Total** | $**952154** | $**776942** | $**—** **\*** | $**1729096** |
| \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. | \* Amount less than one thousand. |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $6365641 | $293106 | $— | $6658747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4414100 | 259779 |  | 4673879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 3850991 | 534723 |  | 4385714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 2896787 |  |  | 2896787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 2446056 | 132438 |  | 2578494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 2480083 |  |  | 2480083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 1457094 | 454816 |  | 1911910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1578057 |  |  | 1578057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1262331 | 69549 |  | 1331880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1068166 |  |  | 1068166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 608248 |  |  | 608248 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 274424 |  |  | 274424 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments** |  | 5916 |  | 5916 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 2789014 |  |  | 2789014 |
| **Total** | $**31490992** | $**1750327** | $**—** | $**33241319** |

---

American Funds Insurance Series 297

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **International Growth and Income Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $6118 | $43633 | $— \* | $49751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4511 | 31485 |  | 35996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 2509 | 32958 |  | 35467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 7470 | 27016 |  | 34486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 1668 | 30886 |  | 32554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 1316 | 29812 |  | 31128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 8708 | 14672 | — \* | 23380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 9657 | 7677 | — \* | 17334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1895 | 15137 | — \* | 17032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1142 | 8106 |  | 9248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  | 4820 |  | 4820 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 1207 | 693 |  | 1900 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 6358 |  |  | 6358 |
| **Total** | $**52559** | $**246895** | $**—** \* | $**299454** |
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts | $— | $5 | $— | $5 |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Forward currency contracts are not included in the fund's investment portfolio. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **Capital Income Builder**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $85911 | $70932 | $— \* | $156843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 64498 | 50174 |  | 114672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 85845 | 22042 |  | 107887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 47860 | 35750 |  | 83610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 64487 | 14336 |  | 78823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 39280 | 31786 |  | 71066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 52011 | 16387 | — \* | 68398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 56684 | 11518 |  | 68202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 20977 | 12204 |  | 33181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 16058 | 16961 |  | 33019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 17155 | 15258 |  | 32413 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  | 545 |  | 545 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 5019 |  |  | 5019 |
| &nbsp;&nbsp;&nbsp;**Investment funds** | 28059 |  |  | 28059 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 107548 |  | 107548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 69718 | 89 | 69807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 19621 |  | 19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 9532 |  | 9532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 743 |  | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 228 |  | 228 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 83850 |  |  | 83850 |
| **Total** | $**667700** | $**505283** | $**89** | $**1173072** |

---

Refer to the end of the tables for footnotes.

298 American Funds Insurance Series

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $60 | $— | $— | $60 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 1900 |  | 1900 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (139) |  |  | (139) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (380) |  | (380) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (47) |  | (47) |
| **Total** | $**(79)** | $**1473** | $**—** | $**1394** |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. |

---

**Asset Allocation Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | $3207943 | $95928 | $19703 | $3323574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 2162881 | 216574 |  | 2379455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 2206657 | 75213 | 1899 | 2283769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 2171644 | 29717 |  | 2201361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 1318784 | 316097 |  | 1634881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1531415 | 12088 |  | 1543503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1171249 |  |  | 1171249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1020328 |  | 550 | 1020878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 856654 |  |  | 856654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 236814 |  |  | 236814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 158713 |  |  | 158713 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  |  | 189 | 189 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** |  |  | — \* | — \* |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** |  |  | 63388 | 63388 |
| &nbsp;&nbsp;&nbsp;**Investment funds** | 1367122 |  |  | 1367122 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 1878858 |  | 1878858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 1617110 |  | 1617110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 1385625 | 10517 | 1396142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 411624 | 5689 | 417313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 40766 |  | 40766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 35724 |  | 35724 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 1690923 |  |  | 1690923 |
| **Total** | $**19101127** | $**6115324** | $**101935** | $**25318386** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $2319 | $— | $— | $2319 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (3485) |  |  | (3485) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (1623) |  | (1623) |
| **Total** | $**(1166)** | $**(1623)** | $**—** | $**(2789)** |

---

---

| | |
|:---|:---|
| \* | Amount less than one thousand. |
| <sup>†</sup> | Futures contracts and credit default swaps are not included in the fund's investment portfolio. |

---

American Funds Insurance Series 299

**American Funds Global Balanced Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $16259 | $22868 | $— | $39127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 19116 | 11649 |  | 30765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 18540 | 10087 |  | 28627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 21174 | 2609 |  | 23783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 4299 | 15340 |  | 19639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 9788 | 7879 |  | 17667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 6808 | 9121 |  | 15929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 10010 | 4766 |  | 14776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 8684 | 2866 |  | 11550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 4150 | 4214 |  | 8364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 2591 | 2616 |  | 5207 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** | 911 | 558 |  | 1469 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 1235 |  |  | 1235 |
| &nbsp;&nbsp;&nbsp;**Investment funds** | 5532 |  |  | 5532 |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 48706 | 77 | 48783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 44273 |  | 44273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans |  | 20755 |  | 20755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 9498 |  | 9498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 2304 |  | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 129 |  | 129 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 3928 | 12021 |  | 15949 |
| **Total** | $**133025** | $**232259** | $**77** | $**365361** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| <br>&nbsp;&nbsp;&nbsp; | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $58 | $— | $— | $58 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 686 |  | 686 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 7 |  | 7 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (431) |  |  | (431) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (150) |  | (150) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (1017) |  | (1017) |
| **Total** | $**(373)** | $**(466)** | $**—** | $**(839)** |

---

\* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**The Bond Fund of America**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| <br>&nbsp;&nbsp;&nbsp; | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans | $— | $3535583 | $— | $3535583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 2803177 |  | 2803177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 2637080 | 1486 | 2638566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 452311 | 9397 | 461708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 165594 |  | 165594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outside the U.S. |  | 131985 |  | 131985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 11160 |  | 11160 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 1425720 |  |  | 1425720 |
| **Total** | $**1425720** | $**9736890** | $**10883** | $**11173493** |

---

300 American Funds Insurance Series

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $6241 | $— | $— | $6241 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 3821 |  | 3821 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 15705 |  | 15705 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (13194) |  |  | (13194) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (174) |  | (174) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (6629) |  | (6629) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (7009) |  | (7009) |
| **Total** | $**(6953)** | $**5714** | $**—** | $**(1239)** |

---

\* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Capital World Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euros | $— | $293295 | $— | $293295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japanese yen |  | 111151 |  | 111151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British pounds |  | 61782 |  | 61782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chinese yuan renminbi |  | 42096 |  | 42096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian dollars |  | 34184 |  | 34184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos |  | 31627 |  | 31627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian dollars |  | 24212 |  | 24212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danish kroner |  | 23962 |  | 23962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korean won |  | 7729 |  | 7729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombian pesos |  | 7144 |  | 7144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos |  | 6074 |  | 6074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesian rupiah |  | 5454 |  | 5454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian rubles |  | 1371 | 1984 | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian reais |  | 3129 |  | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South African rand |  | 3001 |  | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican pesos |  | 2271 |  | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysian ringgits |  | 2222 |  | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukrainian hryvnia |  |  | 1592 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian rupees |  | 1102 |  | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian leu |  | 1038 |  | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polish zloty |  | 879 |  | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian kroner |  | 619 |  | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. dollars |  | 669670 | 289 | 669959 |
| &nbsp;&nbsp;&nbsp;**Investment funds** | 48676 |  |  | 48676 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;**Common stocks** |  |  | 134 | 134 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 167 | 100470 |  | 100637 |
| **Total** | $**48843** | $**1434482** | $**4019** | $**1487344** |

---

American Funds Insurance Series 301

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| <br>&nbsp;&nbsp;&nbsp; | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $672 | $— | $— | $672 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 7008 |  | 7008 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 486 |  | 486 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (4659) |  |  | (4659) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (2455) |  | (2455) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (10966) |  | (10966) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (19) |  | (19) |
| **Total** | $**(3987)** | $**(5946)** | $**—** | $**(9933)** |

---

\* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**American High-Income Trust**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans | $— | $731844 | $4198 | $736042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  |  | 630 | 630 |
| &nbsp;&nbsp;&nbsp;**Convertible bonds & notes** |  | 399 | 79 | 478 |
| &nbsp;&nbsp;&nbsp;**Convertible stocks** | 483 | 472 |  | 955 |
| &nbsp;&nbsp;&nbsp;**Common stocks** | 8540 | 1520 | 26932 | 36992 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  |  | 2629 | 2629 |
| &nbsp;&nbsp;&nbsp;**Rights & warrants** |  | 826 | 12 | 838 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 38565 |  |  | 38565 |
| **Total** | $**47588** | $**735061** | $**34480** | $**817129** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $10 | $— | $— | $10 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (98) |  |  | (98) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (154) |  | (154) |
| **Total** | $**(88)** | $**(154)** | $**—** | $**(242)** |

---

<sup>1</sup> Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2022 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br> value at<br> 1/1/2022** | **Transfers**<br> **into**<br> **Level 3<sup>2</sup>** | **Purchases** | **Sales** | **Net**<br> **realized**<br> **gain<sup>3</sup>** | **Unrealized**<br> **depreciation<sup>3</sup>** | **Transfers**<br> **out of**<br> **Level 3<sup>2</sup>** | **Ending<br> value at<br> 12/31/2022** |
| Investment securities | $40411 | $3989 | $4058 | $(11715) | $883 | $(3084) | $(62) | $34480 |
| Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | $(1467) |

---

<sup>2</sup> Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup> Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund's statement of operations.

302 American Funds Insurance Series

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at**<br> **12/31/2022** | &nbsp;&nbsp;**Valuation**<br> **techniques** | &nbsp;&nbsp;**Unobservable**<br> **inputs** | **Range**<br> **(if applicable)** | **Weighted**<br> **average\*** | **Impact to**<br> **valuation from**<br> **an increase in**<br> **input<sup>†</sup>** |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Expected proceeds | N/A | N/A | N/A |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;EV/EBITDA multiple | 7.5x | 7.5x | Increase |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;DLOM | 15% | 15% | Decrease |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Vendor price | N/A | N/A | N/A |
| Bonds, notes & other debt instruments | $4828 |  |  |  |  |  |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Yield analysis | &nbsp;&nbsp;Yield | 15.7% - 16.0% | 15.8% | Decrease |
| Bonds, notes & other debt instruments | $4828 |  | &nbsp;&nbsp;Transaction price | N/A | N/A | N/A |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables |  |  |  |
| Bonds, notes & other debt instruments | $4828 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables | 10% | 10% |  |
| Convertible bonds & notes | 79 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Transaction price | N/A | N/A | N/A |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Expected proceeds | N/A | N/A | N/A |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;EV/EBITDA multiple | 7.5x | 7.5x | Increase |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;DLOM | 15% | 15% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Vendor price | N/A | N/A | N/A |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Risk discount | 90% | 90% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables |  |  |  |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables | 20% | 20% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Estimated recovery value | &nbsp;&nbsp;Net adjustment (decrease) based on movement of market comparables |  |  |  |
| Common stocks | 26932 |  | &nbsp;&nbsp;EV/EBITDA multiple | 3.7x | 3.7x | Increase |
| Common stocks | 26932 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;EV/EBITDA less CapEx multiple | 10.2x | 10.2x | Increase |
| Common stocks | 26932 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;DLOM | 17% | 17% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Transaction price | N/A | N/A | N/A |
| Common stocks | 26932 | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Discount for lack of certainty | 5% | 5% | Decrease |
| Common stocks | 26932 | &nbsp;&nbsp;Indicative market quotation | &nbsp;&nbsp;Broker quote | N/A | N/A | N/A |
| Preferred securities | 2629 | &nbsp;&nbsp;Indicative market quotation | &nbsp;&nbsp;Broker quote | N/A | N/A | N/A |
| Preferred securities | 2629 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;EV/EBITDA multiple | 3.5x | 3.5x | Increase |
| Preferred securities | 2629 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;DLOM | 30% | 30% | Decrease |
| Rights & warrants | 12 | &nbsp;&nbsp;Indicative market quotation | &nbsp;&nbsp;Broker quote | N/A | N/A | N/A |
| Total | $34480 |  |  |  |  |  |

---

---

| | |
|:---|:---|
| \* | Weighted average is by relative fair value. |
| <sup>†</sup> | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |

---

**Key to abbreviations and symbols**

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

American Funds Insurance Series 303

**American Funds Mortgage Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $71406 | $— | $71406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 10720 |  | 10720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 2388 |  | 2388 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** |  | 22857 |  | 22857 |
| **Total** | $**—** | $**107371** | $**—** | $**107371** |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $49 | $— | $— | $49 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 790 |  | 790 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (124) |  |  | (124) |
| **Total** | $**(75)** | $**790** | $**—** | $**715** |

---

<br> \* Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Ultra-Short Bond Fund**

As of December 31, 2022, all of the fund's investment securities were classified as Level 2.

**U.S. Government Securities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $723593 | $— | $723593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 597122 |  | 597122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 79196 |  | 79196 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** |  | 318094 |  | 318094 |
| **Total** | $**—** | $**1718005** | $**—** | $**1718005** |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $14523 | $— | $— | $14523 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 30519 |  | 30519 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (17699) |  |  | (17699) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (21723) |  | (21723) |
| **Total** | $**(3176)** | $**8796** | $**—** | $**5620** |

---

<br> \* Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Managed Risk Growth Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**Managed Risk International Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**Managed Risk Washington Mutual Investors Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

304 American Funds Insurance Series

**Managed Risk Growth-Income Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**Managed Risk Asset Allocation Fund**

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**4. Risk factors**

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

**Investing in income-oriented stocks** — The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small companies** — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

American Funds Insurance Series 305

**Investing in developing countries** — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

306 American Funds Insurance Series

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in future delivery contracts** — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund's market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

American Funds Insurance Series 307

**Investing in securities backed by the U.S. government** — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

**Investing in repurchase agreements** — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

**Interest rate risk** — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** — A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

**Management** — The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

308 American Funds Insurance Series

**Management** — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** — Because the managed risk funds' investments consist of investments in underlying funds, the managed risk funds' risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts** — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

**Nondiversification risk** — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. To the extent that a managed risk fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund's investment results.

American Funds Insurance Series 309

**5. Certain investment techniques**

**Securities lending** — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds** |<br>**Value of**<br>**investment**<br>**securities**<br>**on loan** |<br><br>**Cash** |<br>**U.S. government**<br>**securities** |<br>**Value of**<br>**investment**<br>**securities**<br>**purchased** |
| Global Small Capitalization Fund | $59781 | $58725 | $4519 | $52853 |
| Growth Fund | 54504 | 55867 |  | 50280 |
| International Fund | 1530 | 1607 |  | 1446 |
| New World Fund | 311 | 327 |  | 295 |
| Washington Mutual Investors Fund | 12432 | 12908 |  | 11618 |
| Capital World Growth and Income Fund | 6155 | 6480 |  | 5832 |
| Growth-Income Fund | 240456 | 248693 |  | 223824 |
| International Growth and Income Fund | 1435 | 962 | 585 | 866 |
| Capital Income Builder | 6251 | 6553 |  | 5898 |
| Asset Allocation Fund | 67688 | 56897 | 17890 | 51207 |

---

Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds' portfolio turnover rates.

310 American Funds Insurance Series

**Loan transactions** — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** — Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2022, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $5,000,000, $150,000 and $4,155,000, respectively, which would represent 0.02%, 0.01% and 0.50%, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments for Capital World Bond Fund and American High-Income Trust of $12,000 and $572,000, respectively, is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities, and unrealized depreciation on these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust of $9,000, $1,000 and $3,000, respectively, is disclosed as unrealized depreciation on unfunded commitments in each fund's statement of assets and liabilities. Both are included in net unrealized (depreciation) appreciation on investments in unaffiliated issuers in each fund's statement of operations.

**Options contracts** — The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the funds obtain the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the funds pay the current market price, or the option premium, for the option.

The funds may terminate their position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the funds will lose the entire premium. If the option is exercised, the funds complete the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The funds may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in each fund's statement of operations.

**Futures contracts** — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

American Funds Insurance Series 311

**Forward currency contracts** — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

312 American Funds Insurance Series

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Options**<br>**contracts**<br>**purchased** | <br>**Futures**<br>**contracts** | **Forward**<br>**currency**<br>**contracts** | **Interest**<br>**rate**<br>**swaps** | **Credit**<br>**default**<br>**swaps** |
| New World Fund | Not applicable | $25541 | $4534 | Not applicable | $2230 |
| International Growth and Income Fund | Not applicable | Not applicable | 785 | Not applicable | Not applicable |
| Capital Income Builder | Not applicable | 77835 | 97 \* | $24014 | 5645 |
| Asset Allocation Fund | Not applicable | 1604889 | Not applicable | Not applicable | 184454 |
| Global Balanced Fund | Not applicable | 14924 | 29040 | 35865 | 4634 |
| The Bond Fund of America | Not applicable | 3326801 | 90045 | 516484 | 199116 |
| Capital World Bond Fund | Not applicable | 297755 | 449743 | 384936 | 92966 |
| American High-Income Trust | Not applicable | 9021 | Not applicable | Not applicable | 10272 |
| American Funds Mortgage Fund | Not applicable | 31977 | Not applicable | 4025 | Not applicable |
| U.S. Government Securities Fund | Not applicable | 2339082 | Not applicable | 1287321 | Not applicable |
| Managed Risk Growth Fund | $269349 | 170792 | Not applicable | Not applicable | Not applicable |
| Managed Risk International Fund | 63717 | 11008 | Not applicable | Not applicable | Not applicable |
| Managed Risk Washington Mutual Investors Fund | 242721 | 39716 | Not applicable | Not applicable | Not applicable |
| Managed Risk Growth-Income Fund | 2353130 | 267681 | Not applicable | Not applicable | Not applicable |
| Managed Risk Asset Allocation Fund | 418987 | 290562 | Not applicable | Not applicable | Not applicable |

---

\* No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

<br> American Funds Insurance Series 313

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2022 (dollars in thousands):

**New World Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $159 | Unrealized depreciation<sup>1</sup> | $66 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | —<sup>2</sup> | Unrealized depreciation on open forward currency contracts | 50 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | 2 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $161 |  | $116 |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized gain on futures contracts | $100 | Net unrealized appreciation on futures contracts | $129 |
| Forward currency | Currency | Net realized gain on forward currency contracts | 379 | Net unrealized depreciation on forward currency contracts | (30) |
| Swap | Credit | Net realized loss on swap contracts | (2) | Net unrealized appreciation on swap contracts | 2 |
|  |  |  | $477 |  | $101 |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | $5 | Unrealized depreciation on open forward currency contracts | $— |
|  |  | **Net realized loss** | **Net realized loss** | **Net unrealized appreciation** | **Net unrealized appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Forward currency | Currency | Net realized loss on forward currency contracts | $(54) | Net unrealized appreciation on forward currency contracts | $5 |

---

Refer to the end of the tables for footnotes.

314 American Funds Insurance Series

**Capital Income Builder**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $60 | Unrealized depreciation<sup>1</sup> | $139 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 1900 | Unrealized depreciation<sup>1</sup> | 380 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 47 |
|  |  |  | $1960 |  | $566 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized (depreciation) appreciation** | **Net unrealized (depreciation) appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(7468) | Net unrealized depreciation on futures contracts | $(311) |
| Forward currency | Currency | Net realized gain on forward currency contracts | 7 | Net unrealized depreciation on forward currency contracts | (2) |
| Swap | Interest | Net realized gain on swap contracts | 1864 | Net unrealized appreciation on swap contracts | 69 |
| Swap | Credit | Net realized gain on swap contracts | 45 | Net unrealized depreciation on swap contracts | (33) |
|  |  |  | $(5552) |  | $(277) |
| **Asset Allocation Fund** | **Asset Allocation Fund** |  |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $2319 | Unrealized depreciation<sup>1</sup> | $3485 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 1623 |
|  |  |  | $2319 |  | $5108 |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized gain on futures contracts | $65437 | Net unrealized appreciation on futures contracts | $13070 |
| Swap | Credit | Net realized loss on swap contracts | (73) | Net unrealized depreciation on swap contracts | (1575) |
|  |  |  | $65364 |  | $11495 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 315

**American Funds Global Balanced Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $58 | Unrealized depreciation<sup>1</sup> | $431 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 686 | Unrealized depreciation on open forward currency contracts | 150 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 8 | Unrealized depreciation<sup>1</sup> | 1017 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | 7 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $759 |  | $1598 |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized (depreciation) appreciation** | **Net unrealized (depreciation) appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized gain on futures contracts | $539 | Net unrealized depreciation on futures contracts | $(454) |
| Forward currency | Currency | Net realized loss on forward currency contracts | (1292) | Net unrealized appreciation on forward currency contracts | 725 |
| Swap | Interest | Net realized gain on swap contracts | 94 | Net unrealized depreciation on swap contracts | (772) |
| Swap | Credit | Net realized gain on swap contracts | 48 | Net unrealized appreciation on swap contracts | 9 |
|  |  |  | $(611) |  | $(492) |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $6241 | Unrealized depreciation<sup>1</sup> | $13194 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 3821 | Unrealized depreciation on open forward currency contracts | 174 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 15705 | Unrealized depreciation<sup>1</sup> | 6629 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 7009 |
|  |  |  | $25767 |  | $27006 |

---

Refer to the end of the tables for footnotes.

316 American Funds Insurance Series

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized (depreciation) appreciation** | **Net unrealized (depreciation) appreciation** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(136499) | Net unrealized depreciation on futures contracts | $(6976) |
| Forward currency | Currency | Net realized gain on forward currency contracts | 1795 | Net unrealized appreciation on forward currency contracts | 4002 |
| Swap | Interest | Net realized gain on swap contracts | 26807 | Net unrealized appreciation on swap contracts | 20061 |
| Swap | Credit | Net realized gain on swap contracts | 1436 | Net unrealized depreciation on swap contracts | (7083) |
|  |  |  | $(106461) |  | $10004 |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $672 | Unrealized depreciation<sup>1</sup> | $4659 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 7008 | Unrealized depreciation on open forward currency contracts | 2455 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 10966 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | 486 | Unrealized depreciation<sup>1</sup> | 19 |
|  |  |  | $8166 |  | $18099 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized (depreciation) appreciation** | **Net unrealized (depreciation) appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(7447) | Net unrealized depreciation on futures contracts | $(3811) |
| Forward currency | Currency | Net realized loss on forward currency contracts | (18216) | Net unrealized appreciation on forward currency contracts | 4071 |
| Swap | Interest | Net realized loss on swap contracts | (2331) | Net unrealized depreciation on swap contracts | (7110) |
| Swap | Credit | Net realized gain on swap contracts | 1535 | Net unrealized appreciation on swap contracts | 549 |
|  |  |  | $(26459) |  | $(6301) |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $10 | Unrealized depreciation<sup>1</sup> | $98 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 154 |
|  |  |  | $10 |  | $252 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 317

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized gain on futures contracts | $1533 | Net unrealized appreciation on futures contracts | $123 |
| Swap | Credit | Net realized loss on swap contracts | (82) | Net unrealized depreciation on swap contracts | (161) |
|  |  |  | $1451 |  | $(38) |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $49 | Unrealized depreciation<sup>1</sup> | $124 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 790 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $839 |  | $124 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized depreciation** | **Net unrealized depreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(2688) | Net unrealized depreciation on futures contracts | $(79) |
| Swap | Interest | Net realized gain on swap contracts | 3147 | Net unrealized depreciation on swap contracts | (1585) |
|  |  |  | $459 |  | $(1664) |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $14523 | Unrealized depreciation<sup>1</sup> | $17699 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 30519 | Unrealized depreciation<sup>1</sup> | 21723 |
|  |  |  | $45042 |  | $39422 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized depreciation** | **Net unrealized depreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(52928) | Net unrealized depreciation on futures contracts | $(3785) |
| Swap | Interest | Net realized gain on swap contracts | 20919 | Net unrealized depreciation on swap contracts | (7297) |
|  |  |  | $(32009) |  | $(11082) |

---

Refer to the end of the tables for footnotes.

318 American Funds Insurance Series

**Managed Risk Growth Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $205 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> | 47 | Unrealized depreciation<sup>1</sup> | 61 |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 7547 | Unrealized depreciation<sup>1</sup> | 1 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 47 |
|  |  |  | $7799 |  | $109 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation** | **Net unrealized appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(3857) | Net unrealized appreciation on investments in unaffiliated issuers | $399 |
| Futures | Currency | Net realized gain on futures contracts | 463 | Net unrealized appreciation on futures contracts | 52 |
| Futures | Equity | Net realized gain on futures contracts | 12863 | Net unrealized appreciation on futures contracts | 8762 |
| Futures | Interest | Net realized loss on futures contracts | (11442) | Net unrealized appreciation on futures contracts | 10 |
|  |  |  | $(1973) |  | $9223 |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $169 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> |  |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 1024 | Unrealized depreciation<sup>1</sup> |  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 13 |
|  |  |  | $1193 |  | $13 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation** | **Net unrealized appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(1108) | Net unrealized appreciation on investments in unaffiliated issuers | $327 |
| Futures | Currency | Net realized gain on futures contracts |  | Net unrealized appreciation on futures contracts |  |
| Futures | Equity | Net realized gain on futures contracts | 6799 | Net unrealized appreciation on futures contracts | 57 |
| Futures | Interest | Net realized loss on futures contracts | (2792) | Net unrealized appreciation on futures contracts | 1337 |
|  |  |  | $2899 |  | $1721 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 319

**Managed Risk Washington Mutual Investors Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $274 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> | 68 | Unrealized depreciation<sup>1</sup> | 5 |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 2625 | Unrealized depreciation<sup>1</sup> | 5 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 81 |
|  |  |  | $2967 |  | $91 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(3288) | Net unrealized appreciation on investments in unaffiliated issuers | $51 |
| Futures | Currency | Net realized gain on futures contracts | 270 | Net unrealized appreciation on futures contracts | 68 |
| Futures | Equity | Net realized gain on futures contracts | 1194 | Net unrealized appreciation on futures contracts | 2690 |
| Futures | Interest | Net realized loss on futures contracts | (6007) | Net unrealized depreciation on futures contracts | (53) |
|  |  |  | $(7831) |  | $2756 |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $2485 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> | 433 | Unrealized depreciation<sup>1</sup> | 74 |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 16502 | Unrealized depreciation<sup>1</sup> | 33 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 177 |
|  |  |  | $19420 |  | $284 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(38643) | Net unrealized appreciation on investments in unaffiliated issuers | $7712 |
| Futures | Currency | Net realized gain on futures contracts | 1635 | Net unrealized appreciation on futures contracts | 368 |
| Futures | Equity | Net realized loss on futures contracts | (12730) | Net unrealized appreciation on futures contracts | 17087 |
| Futures | Interest | Net realized loss on futures contracts | (40727) | Net unrealized depreciation on futures contracts | (116) |
|  |  |  | $(90465) |  | $25051 |

---

Refer to the end of the tables for footnotes.

320 American Funds Insurance Series

**Managed Risk Asset Allocation Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $383 | Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Currency | Unrealized appreciation<sup>1</sup> | 196 | Unrealized depreciation<sup>1</sup> | 47 |
| Futures | Equity | Unrealized appreciation<sup>1</sup> | 13613 | Unrealized depreciation<sup>1</sup> | 18 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 162 |
|  |  |  | $14192 |  | $227 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(5894) | Net unrealized appreciation on investments in unaffiliated issuers | $396 |
| Futures | Currency | Net realized gain on futures contracts | 1468 | Net unrealized appreciation on futures contracts | 158 |
| Futures | Equity | Net realized loss on futures contracts | (9987) | Net unrealized appreciation on futures contracts | 13720 |
| Futures | Interest | Net realized loss on futures contracts | (39248) | Net unrealized depreciation on futures contracts | (55) |
|  |  |  | $(53661) |  | $14219 |

---

<sup>1</sup> Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Includes options purchased as reported in each fund's investment portfolio.

**Collateral** — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**Rights of offset** — Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counter-party) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

American Funds Insurance Series 321

The following tables present each fund's forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of December 31, 2022, if close-out netting was exercised (dollars in thousands):

**New World Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | |  | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |  |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |  |
| Assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Barclays Bank PLC | $— | <sup>†</sup> | $— | $— | $— | $— | <sup>†</sup> |
| Liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | $26 |  | $— | $— | $— | $26 |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 24 |  |  |  |  | 24 |  |
| Total | $50 |  | $— | $— | $— | $50 |  |

---

**International Growth and Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;UBS AG | $5 | $— | $— | $— | $5 |

---

**American Funds Global Balanced Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $76 | $(29) | $— | $(47) | $— |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 66 | (47) |  |  | 19 |
| &nbsp;&nbsp;&nbsp;Citibank | 113 | (28) |  |  | 85 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 92 | (8) |  |  | 84 |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 33 | (8) |  |  | 25 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 272 | (1) |  |  | 271 |
| &nbsp;&nbsp;&nbsp;UBS AG | 33 | (23) |  |  | 10 |
| Total | $686 | $(145) | $— | $(47) | $494 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $29 | $(29) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 2 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 47 | (47) |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | 28 | (28) |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 8 | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 8 | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 3 |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;UBS AG | 23 | (23) |  |  |  |
| Total | $150 | $(145) | $— | $— | $5 |

---

Refer to the end of the tables for footnotes.

322 American Funds Insurance Series

**The Bond Fund of America**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | $63 | $(59) | $— | $— | $4 |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 106 | (4) |  |  | 102 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3652 | (16) |  | (2380) | 1256 |
| Total | $3821 | $(79) | $— | $(2380) | $1362 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | $59 | $(59) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 4 | (4) |  |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 95 |  |  |  | 95 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 16 | (16) |  |  |  |
| Total | $174 | $(79) | $— | $— | $95 |

---

**Capital World Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br> statement of assets and liabilities and<br> subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets<br> and liabilities** | **Available<br> to offset** | **Non-cash<br> collateral\*** | **Cash<br> collateral\*** |<br>**Net<br> amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $1728 | $(1013) | $(59) | $— | $656 |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 433 | (433) |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | 105 |  |  |  | 105 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 128 | (92) |  |  | 36 |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 215 | (123) |  | (92) |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 89 |  |  |  | 89 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 76 | (76) |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 3616 | (8) |  | (2190) | 1418 |
| &nbsp;&nbsp;&nbsp;UBS AG | 618 | (478) |  |  | 140 |
| Total | $7008 | $(2223) | $(59) | $(2282) | $2444 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $1013 | $(1013) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 473 | (433) | (40) |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 92 | (92) |  |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 123 | (123) |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 268 | (76) |  |  | 192 |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 8 | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;UBS AG | 478 | (478) |  |  |  |
| Total | $2455 | $(2223) | $(40) | $— | $192 |

---

---

| | |
|:---|:---|
| \* | Collateral is shown on a settlement basis. |
| <sup>†</sup> | Amount less than one thousand. |

---

**6. Taxation and distributions**

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

American Funds Insurance Series 323

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2022, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| Global Growth Fund | $782 | $700 | $71 |
| Global Small Capitalization Fund | 264 | 1 | 3 |
| Growth Fund | 818 | 41 | 22 |
| International Fund | 5544 | 1191 | 920 |
| New World Fund | 358 | 110 | 14 |
| Growth-Income Fund | 3119 | 674 | 292 |
| International Growth and Income Fund | 995 | 133 | 35 |
| Capital Income Builder | 103 |  |  |
| Asset Allocation Fund | 23 | 115 | 9 |

---

The reclaims and interest are included in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; net operating losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** | **Washington<br> Mutual<br> Investors<br> Fund** |
| Undistributed ordinary income | $18515 | $1947 | $58974 | $15623 | $8333 | $45061 |
| Undistributed long-term capital gains | 549285 | 39017 | 1978732 |  |  | 89689 |
| Capital loss carryforward\* |  |  |  | (374845) |  |  |
| Gross unrealized appreciation on investments | 2375954 | 670857 | 11042046 | 1336912 | 734224 | 2118125 |
| Gross unrealized depreciation on investments | (532719) | (341080) | (2302474) | (696377) | (227842) | (434198) |
| Net unrealized appreciation (depreciation) on investments | 1843235 | 329777 | 8739572 | 640535 | 506382 | 1683927 |
| Cost of investments | 5104805 | 2679736 | 22239209 | 6111539 | 2581084 | 7749839 |
| Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | (2) | 1 | (1) |  | 2307 |  |

---

Refer to the end of the tables for footnote.

324 American Funds Insurance Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Capital World<br> Growth and<br> Income Fund** | **Growth-<br> Income<br> Fund** | **International<br> Growth<br> and Income<br> Fund** | **Capital<br> Income<br> Builder** | **Asset<br> Allocation<br> Fund** | **American<br> Funds<br> Global<br> Balanced<br> Fund** |
| Undistributed ordinary income | $6716 | $117578 | $1209 | $10957 | $120979 | $2667 |
| Undistributed long-term capital gains |  | 1825597 |  |  | 958605 | 44806 |
| Capital loss carryforward\* | (72176) |  | (23828) | (28240) |  |  |
| Gross unrealized appreciation on investments | 404604 | 11485057 | 40113 | 172719 | 5621631 | 32081 |
| Gross unrealized depreciation on investments | (145788) | (1261066) | (38777) | (48638) | (1495405) | (28506) |
| Net unrealized appreciation (depreciation) on investments | 258816 | 10223991 | 1336 | 124081 | 4126226 | 3575 |
| Cost of investments | 1470280 | 23017328 | 298123 | 1050210 | 21189651 | 360934 |
| Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest |  | 1 | (2) | 1 |  | (5) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **The Bond<br> Fund of<br> America** | **Capital<br> World<br> Bond<br> Fund** | **American<br> High-Income<br> Trust** | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br> Bond<br> Fund** | **U.S.<br> Government<br> Securities<br> Fund** |
| Undistributed ordinary income | $58751 | $— | $9376 | $529 | $2708 | $8185 |
| Capital loss carryforward\* | (907300) | (133685) | (298537) | (9549) | (1) | (177836) |
| Gross unrealized appreciation on investments | 59386 | 15710 | 31393 | 1496 | 27 | 52241 |
| Gross unrealized depreciation on investments | (845293) | (205368) | (114413) | (3313) | (84) | (124942) |
| Net unrealized appreciation (depreciation) on investments | (785907) | (189658) | (83020) | (1817) | (57) | (72701) |
| Cost of investments | 11952694 | 1666306 | 899803 | 109898 | 423636 | 1796326 |
| Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest |  | (18935) |  |  |  |  |
|  | **Managed<br> Risk<br> Growth<br> Fund** | **Managed<br> Risk<br> International<br> Fund** | **Managed<br> Risk<br> Washington<br> Mutual<br> Investors<br> Fund** | **Managed<br> Risk<br> Growth-<br> Income<br> Fund** | **Managed<br> Risk<br> Asset<br> Allocation<br> Fund** |  |
| Undistributed ordinary income | $5720 | $1966 | $5613 | $29224 | $35270 |  |
| Undistributed long-term capital gains | 105958 | 8883 | 41991 | 263419 | 248376 |  |
| Capital loss carryforward utilized |  | 12234 | 23718 |  |  |  |
| Gross unrealized appreciation on investments | 1057 | 229 | 981 | 10979 | 1506 |  |
| Gross unrealized depreciation on investments | (130250) | (34019) | (46563) | (168097) | (129608) |  |
| Net unrealized appreciation (depreciation) on investments | (129193) | (33790) | (45582) | (157118) | (128102) |  |
| Cost of investments | 569814 | 156568 | 362881 | 2216048 | 2296114 |  |

---

\* Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

American Funds Insurance Series 325

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $39498 | $361119 | $400617 | $23870 | $193074 | $216944 |
| Class 1A | 141 | 1617 | 1758 | 55 | 645 | 700 |
| Class 2 | 32689 | 386947 | 419636 | 15210 | 221402 | 236612 |
| Class 4 | 4312 | 66240 | 70552 | 1339 | 30748 | 32087 |
| **Total** | $**76640** | $**815923** | $**892563** | $**40474** | $**445869** | $**486343** |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $47544 | $285173 | $332717 | $— | $55655 | $55655 |
| Class 1A | 209 | 1252 | 1461 |  | 39 | 39 |
| Class 2 | 94748 | 568298 | 663046 |  | 60246 | 60246 |
| Class 4 | 13417 | 80475 | 93892 |  | 7215 | 7215 |
| **Total** | $**155918** | $**935198** | $**1091116** | $**—** | $**123155** | $**123155** |
| **Growth Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $319915 | $1912725 | $2232640 | $181380 | $2073422 | $2254802 |
| Class 1A | 3677 | 23411 | 27088 | 701 | 9031 | 9732 |
| Class 2 | 311929 | 2152577 | 2464506 | 167439 | 2610409 | 2777848 |
| Class 3 | 4207 | 28163 | 32370 | 2435 | 35107 | 37542 |
| Class 4 | 43665 | 340245 | 383910 | 17483 | 340551 | 358034 |
| **Total** | $**683393** | $**4457121** | $**5140514** | $**369438** | $**5068520** | $**5437958** |
| **International Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $94903 | $448918 | $543821 | $131730 | $— | $131730 |
| Class 1A | 281 | 1398 | 1679 | 281 |  | 281 |
| Class 2 | 86539 | 450228 | 536767 | 105815 |  | 105815 |
| Class 3 | 431 | 2195 | 2626 | 545 |  | 545 |
| Class 4 | 9244 | 52350 | 61594 | 10725 |  | 10725 |
| **Total** | $**191398** | $**955089** | $**1146487** | $**249096** | $**—** | $**249096** |

---

326 American Funds Insurance Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **New World Fund**<br>**Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $60201 | $129123 | $189324 | $26785 | $78257 | $105042 |
| Class 1A | 317 | 724 | 1041 | 77 | 273 | 350 |
| Class 2 | 26575 | 61661 | 88236 | 9450 | 36498 | 45948 |
| Class 4 | 22718 | 56063 | 78781 | 5794 | 28566 | 34360 |
| **Total** | $**109811** | $**247571** | $**357382** | $**42106** | $**143594** | $**185700** |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $351097 | $1068126 | $1419223 | $104666 | $— | $104666 |
| Class 1A | 3359 | 10665 | 14024 | 2211 |  | 2211 |
| Class 2 | 173751 | 551636 | 725387 | 46652 |  | 46652 |
| Class 4 | 61406 | 196768 | 258174 | 12620 |  | 12620 |
| **Total** | $**589613** | $**1827195** | $**2416808** | $**166149** | $**—** | $**166149** |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $32166 | $109599 | $141765 | $14543 | $16997 | $31540 |
| Class 1A | 337 | 1188 | 1525 | 99 | 67 | 166 |
| Class 2 | 57060 | 205827 | 262887 | 20948 | 29988 | 50936 |
| Class 4 | 10246 | 37875 | 48121 | 3094 | 4436 | 7530 |
| **Total** | $**99809** | $**354489** | $**454298** | $**38684** | $**51488** | $**90172** |
| **Growth-Income Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $597601 | $1754172 | $2351773 | $328564 | $239575 | $568139 |
| Class 1A | 784 | 2464 | 3248 | 308 | 185 | 493 |
| Class 2 | 328556 | 1071265 | 1399821 | 164258 | 145765 | 310023 |
| Class 3 | 3597 | 11428 | 15025 | 1864 | 1578 | 3442 |
| Class 4 | 41526 | 145017 | 186543 | 16599 | 16418 | 33017 |
| **Total** | $**972064** | $**2984346** | $**3956410** | $**511593** | $**403521** | $**915114** |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $397 | $6104 | $6501 | $4585 | $— | $4585 |
| Class 1A | 147 | 2108 | 2255 | 140 |  | 140 |
| Class 2 | 4951 | 81276 | 86227 | 6218 |  | 6218 |
| Class 4 | 3387 | 55677 | 59064 | 3589 |  | 3589 |
| **Total** | $**8882** | $**145165** | $**154047** | $**14532** | $**—** | $**14532** |

---

American Funds Insurance Series 327

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Capital Income Builder**<br>**Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $17636 | $— | $17636 | $16222 | $— | $16222 |
| Class 1A | 270 |  | 270 | 218 |  | 218 |
| Class 2 | 354 |  | 354 | 315 |  | 315 |
| Class 4 | 13728 |  | 13728 | 13009 |  | 13009 |
| **Total** | $**31988** | $**—** | $**31988** | $**29764** | $**—** | $**29764** |
| **Asset Allocation Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $476426 | $1525081 | $2001507 | $424814 | $579353 | $1004167 |
| Class 1A | 708 | 2098 | 2806 | 423 | 457 | 880 |
| Class 2 | 124332 | 440697 | 565029 | 108045 | 154751 | 262796 |
| Class 3 | 845 | 2914 | 3759 | 717 | 976 | 1693 |
| Class 4 | 142374 | 538249 | 680623 | 107752 | 164028 | 271780 |
| **Total** | $**744685** | $**2509039** | $**3253724** | $**641751** | $**899565** | $**1541316** |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $72 | $498 | $570 | $1680 | $6058 | $7738 |
| Class 1A | 2 | 13 | 15 | 45 | 189 | 234 |
| Class 2 | 123 | 850 | 973 | 2431 | 10638 | 13069 |
| Class 4 | 85 | 589 | 674 | 1305 | 6901 | 8206 |
| **Total** | $**282** | $**1950** | $**2232** | $**5461** | $**23786** | $**29247** |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $235158 | $60668 | $295826 | $301454 | $133858 | $435312 |
| Class 1A | 7470 | 1700 | 9170 | 408 | 193 | 601 |
| Class 2 | 98333 | 27763 | 126096 | 138464 | 69578 | 208042 |
| Class 4 | 24749 | 7113 | 31862 | 28710 | 14777 | 43487 |
| **Total** | $**365710** | $**97244** | $**462954** | $**469036** | $**218406** | $**687442** |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $2151 | $11752 | $13903 | $34401 | $10279 | $44680 |
| Class 1A | 3 | 20 | 23 | 34 | 7 | 41 |
| Class 2 | 2087 | 13752 | 15839 | 33715 | 10855 | 44570 |
| Class 4 | 120 | 945 | 1065 | 1845 | 612 | 2457 |
| **Total** | $**4361** | $**26469** | $**30830** | $**69995** | $**21753** | $**91748** |

---

328 American Funds Insurance Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $18444 |  | $— | $18444 |  | $11054 | $— | $11054 |
| Class 1A | 100 |  |  | 100 |  | 59 |  | 59 |
| Class 2 | 42707 |  |  | 42707 |  | 28636 |  | 28636 |
| Class 3 | 694 |  |  | 694 |  | 429 |  | 429 |
| Class 4 | 5827 |  |  | 5827 |  | 3238 |  | 3238 |
| **Total** | $**67772** |  | $**—** | $**67772** |  | $**43416** | $**—** | $**43416** |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** |  | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $15 |  | $— | $15 |  | $6294 | $3087 | $9381 |
| Class 1A | 37 |  |  | 37 |  | 39 | 18 | 57 |
| Class 2 | 995 |  |  | 995 |  | 1448 | 784 | 2232 |
| Class 4 | 746 |  |  | 746 |  | 936 | 551 | 1487 |
| **Total** | $**1793** |  | $**—** | $**1793** |  | $**8717** | $**4440** | $**13157** |
| **Ultra-Short Bond Fund** |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** |  | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $348 |  | $— | $348 |  | $— | $— | $— |
| Class 1A |  | <sup>†</sup> |  |  | <sup>†</sup> |  |  |  |
| Class 2 | 1570 |  |  | 1570 |  |  |  |  |
| Class 3 | 26 |  |  | 26 |  |  |  |  |
| Class 4 | 293 |  |  | 293 |  |  |  |  |
| **Total** | $**2237** |  | $**—** | $**2237** |  | $**—** | $**—** | $**—** |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** |  | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class 1 | $10360 |  | $— | $10360 |  | $30987 | $9355 | $40342 |
| Class 1A | 153 |  |  | 153 |  | 389 | 129 | 518 |
| Class 2 | 42631 |  |  | 42631 |  | 108143 | 36124 | 144267 |
| Class 3 | 292 |  |  | 292 |  | 714 | 234 | 948 |
| Class 4 | 7040 |  |  | 7040 |  | 17596 | 6057 | 23653 |
| **Total** | $**60476** |  | $**—** | $**60476** |  | $**157829** | $**51899** | $**209728** |

---

Refer to the end of the tables for footnote.

American Funds Insurance Series 329

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | | | |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $162 | $1634 | $1796 | $106 | $409 | $515 |
| Class P2 | 6629 | 81821 | 88450 | 3159 | 23710 | 26869 |
| **Total** | $**6791** | $**83455** | $**90246** | $**3265** | $**24119** | $**27384** |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $69 | $— | $69 | $14 | $— | $14 |
| Class P2 | 4206 |  | 4206 | 917 |  | 917 |
| **Total** | $**4275** | $**—** | $**4275** | $**931** | $**—** | $**931** |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $127 | $— | $127 | $40 | $— | $40 |
| Class P2 | 14544 |  | 14544 | 5979 |  | 5979 |
| **Total** | $**14671** | $**—** | $**14671** | $**6019** | $**—** | $**6019** |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $43232 | $44484 | $87716 | $30716 | $29380 | $60096 |
| Class P2 | 5626 | 6461 | 12087 | 3713 | 4359 | 8072 |
| **Total** | $**48858** | $**50945** | $**99803** | $**34429** | $**33739** | $**68168** |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** | **Ordinary<br> income** | **Long-term<br> capital gains** | **Total<br> distributions<br> paid** |
| Class P1 | $176 | $254 | $430 | $114 | $— | $114 |
| Class P2 | 51616 | 86918 | 138534 | 38113 |  | 38113 |
| **Total** | $**51792** | $**87172** | $**138964** | $**38227** | $**—** | $**38227** |

---

 

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

**7. Fees and transactions**

CRMC, the series' investment adviser, is the parent company of American Funds Distributors<sup>®</sup>, Inc. ("AFD"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, AFD and AFS are considered related parties to the series.

330 American Funds Insurance Series

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

The series' board of trustees approved a revised investment advisory and services agreement effective May 1, 2022. The revised agreement provides investment advisory services fees based on revised annual rates and net asset levels for some of the funds. The following table discloses the annual rates and net asset levels before and after the revised contract became effective:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Prior to May 1, 2022** | **Prior to May 1, 2022** | **Prior to May 1, 2022** | **Prior to May 1, 2022** | **Effective May 1, 2022** | **Effective May 1, 2022** | **Effective May 1, 2022** | **Effective May 1, 2022** |
| | **Rates** | **Rates** | **Net asset levels<br> (in billions)** | **Net asset levels<br> (in billions)** | **Rates** | **Rates** | **Net asset levels<br> (in billions)** | **Net asset levels<br> (in billions)** |
| <br>**Fund** | **Beginning <br> with** | **Ending<br> with** | **Up to** | **In excess<br> of** | **Beginning <br> with** | **Ending<br> with** | **Up to** | **In excess<br> of** |
| Global Growth Fund | .690% | .445% | $.6 | $8 | .475% | .435% | $15 | $15 |
| Global Small Capitalization Fund | .800 | .635 | .6 | 5 | .647 | .615 | 15 | 15 |
| Growth Fund | .500 | .280 | .6 | 34 | .500 | .275 | .6 | 44 |
| International Fund | .690 | .430 | .5 | 21 | .478 | .430 | 15 | 21 |
| New World Fund | .850 | .580 | .5 | 4 | .577 | .510 | 15 | 15 |
| Washington Mutual Investors Fund | .500 | .350 | .6 | 10.5 | .374 | .350 | 15 | 15 |
| Capital World Growth and Income Fund | .690 | .480 | .6 | 3 | .475 | .435 | 15 | 15 |
| Growth-Income Fund | .500 | .219 | .6 | 34 | .500 | .217 | .6 | 44 |
| International Growth and Income Fund | .690 | .500 | .5 | 1.5 | .478 | .450 | 15 | 15 |
| Capital Income Builder | .500 | .410 | .6 | 1 | .357 | .330 | 15 | 15 |
| Asset Allocation Fund | .500 | .240 | .6 | 21 | .500 | .236 | .6 | 34 |
| American Funds Global Balanced Fund | .660 | .510 | .5 | 1 | .446 | .420 | 15 | 15 |
| The Bond Fund of America | .480 | .320 | .6 | 13 | .352 | .320 | 15 | 15 |
| Capital World Bond Fund | .570 | .450 | 1 | 3 | .431 | .360 | 15 | 15 |
| American High-Income Trust | .500 | .420 | .6 | 2 | .404 | .386 | 15 | 15 |
| American Funds Mortgage Fund | .420 | .290 | .6 | 3 | .295 | .280 | 15 | 15 |
| Ultra-Short Bond Fund | .320 | .270 | 1 | 2 | .257 | .242 | 15 | 15 |
| U.S. Government Securities Fund | .420 | .290 | .6 | 3 | .295 | .280 | 15 | 15 |

---

**Investment advisory services waivers** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the year ended December 31, 2022, CRMC waived $1,000 in fees for Growth Fund in advance of the revised investment advisory and service agreement effective May 1, 2022. CRMC also waived a portion of its investment advisory services fees for the following funds based on the rates listed:

---

| | | |
|:---|:---|:---|
| **Fund** | **Waiver rates prior to<br> May 1, 2022** | **Waiver rates effective<br> May 1, 2022** |
| Global Growth Fund | Not applicable | .11% |
| Global Small Capitalization Fund | Not applicable | .05 |
| New World Fund | .18% | .07 |
| Washington Mutual Investors Fund | .16 | .11 |
| Capital World Growth and Income Fund | .23 | .14 |
| International Growth and Income Fund | .14 | .01 |
| Capital Income Builder | .25 | .14 |
| American Funds Global Balanced Fund | Not applicable | .01 |
| The Bond Fund of America | .19 | .19 |
| Capital World Bond Fund | .10 | .10 |
| American High-Income Trust | .19 | .14 |
| American Funds Mortgage Fund | .21 | .12 |
| U.S. Government Securities Fund | .16 | .12 |
| Managed Risk Growth Fund | .05 | .05 |
| Managed Risk International Fund | .05 | .05 |
| Managed Risk Washington Mutual Investors Fund | .05 | .05 |
| Managed Risk Growth-Income Fund | .05 | .05 |
| Managed Risk Asset Allocation Fund | .05 | .05 |

---

American Funds Insurance Series 331

The waiver rates for each fund, except Growth Fund, will be in effect through at least May 1, 2023, and may only be modified or terminated with the approval of the series' board. For the year ended December 31, 2022, total investment advisory services fees waived by CRMC were $58,051,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rates** | **Rates** | **Net asset level<br> (in billions)** | **Net asset level<br> (in billions)** | | |
| <br>**Fund** | **Beginning<br> with** | **Ending<br> with** | **Up to** | **In excess<br> of** | **For the<br> year ended<br> December 31,**<br>**2022,<br> before waiver** | **For the<br> year ended<br> December 31,**<br>**2022,<br> after waiver** |
| Global Growth Fund | .475% | .435% | $15.0 | $15.0 | .485% | .415% |
| Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .668 | .637 |
| Growth Fund | .500 | .275 | .6 | 44.0 | .313 | .313 |
| International Fund | .478 | .430 | 15.0 | 21.0 | .485 | .485 |
| New World Fund | .577 | .510 | 15.0 | 15.0 | .619 | .509 |
| Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .378 | .230 |
| Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .518 | .364 |
| Growth-Income Fund | .500 | .217 | .6 | 44.0 | .254 | .254 |
| International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .555 | .460 |
| Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .395 | .218 |
| Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .265 | .265 |
| American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .523 | .517 |
| The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .354 | .164 |
| Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .471 | .433 |
| American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .433 | .275 |
| American Funds Mortgage Fund | .295 | .280 | 15.0 | 15.0 | .346 | .189 |
| Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .275 | .275 |
| U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .319 | .184 |
| Managed Risk Growth Fund | .150 |  | all |  | .150 | .100 |
| Managed Risk International Fund | .150 |  | all |  | .150 | .100 |
| Managed Risk Washington Mutual Investors Fund | .150 |  | all |  | .150 | .100 |
| Managed Risk Growth-Income Fund | .150 |  | all |  | .150 | .100 |
| Managed Risk Asset Allocation Fund | .150 |  | all |  | .150 | .100 |

---

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00% | 0.25% |
| Class 2 | 0.25 | 0.25 |
| Class 3 | 0.18 | 0.18 |
| Class 4 | 0.25 | 0.25 |
| Class P1 | 0.00 | 0.25 |
| Class P2 | 0.25 | 0.50 |

---

<br> 332 American Funds Insurance Series

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Global Growth Fund**<br>**Share class** |<br>**Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $1002 |
| Class 1A | $— | $37 | 4 |
| Class 2 | 8754 | Not applicable | 1050 |
| Class 4 | 1500 | 1500 | 180 |
| **Total class-specific expenses** | **$10254** | **$1537** | **$2236** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | | |
| **Share class** | **Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $308 |
| Class 1A | $— | $11 | 1 |
| Class 2 | 4837 | Not applicable | 581 |
| Class 4 | 688 | 688 | 83 |
| **Total class-specific expenses** | **$5525** | **$699** | $**973** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Growth Fund**<br>**Share class** |<br>**Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $4542 |
| Class 1A | $— | $407 | 49 |
| Class 2 | 41888 | Not applicable | 5026 |
| Class 3 | 403 | Not applicable | 67 |
| Class 4 | 6532 | 6532 | 784 |
| **Total class-specific expenses** | **$48823** | **$6939** | **$10468** |

---

---

| | | | |
|:---|:---|:---|:---|
| **International Fund**<br>**Share class** |<br>**Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $1036 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 8573 | Not applicable | 1029 |
| Class 3 | 30 | Not applicable | 5 |
| Class 4 | 982 | 982 | 118 |
| **Total class-specific expenses** | **$9585** | **$1008** | **$2191** |

---

<br> American Funds Insurance Series 333

---

| | | | |
|:---|:---|:---|:---|
| **New World Fund**<br>**Share class** |<br>**Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $535 |
| Class 1A | $— | $25 | 3 |
| Class 2 | 2101 | Not applicable | 252 |
| Class 4 | 1898 | 1898 | 228 |
| **Total class-specific expenses** | **$3999** | **$1923** | **$1018** |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $1738 |
| Class 1A | $— | $243 | 29 |
| Class 2 | 7376 | Not applicable | 885 |
| Class 4 | 2639 | 2639 | 317 |
| **Total class-specific expenses** | **$10015** | **$2882** | **$2969** |
| **Capital World Growth and Income Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $175 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 2689 | Not applicable | 323 |
| Class 4 | 483 | 484 | 58 |
| **Total class-specific expenses** | **$3172** | **$499** | **$558** |
| **Growth-Income Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $6289 |
| Class 1A | $— | $73 | 9 |
| Class 2 | 31403 | Not applicable | 3768 |
| Class 3 | 245 | Not applicable | 41 |
| Class 4 | 4213 | 4213 | 505 |
| **Total class-specific expenses** | **$35861** | **$4286** | **$10612** |
| **International Growth and Income Fund** |  |  |  |
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
| Class 1 | Not applicable | Not applicable | $4 |
| Class 1A | $— | $12 | 2 |
| Class 2 | 432 | Not applicable | 52 |
| Class 4 | 294 | 294 | 35 |
| **Total class-specific expenses** | **$726** | **$306** | **$93** |
| **Capital Income Builder** |  |  |  |
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
| Class 1 | Not applicable | Not applicable | $170 |
| Class 1A | $— | $24 | 3 |
| Class 2 | 31 | Not applicable | 4 |
| Class 4 | 1337 | 1338 | 160 |
| **Total class-specific expenses** | **$1368** | **$1362** | **$337** |
| **Asset Allocation Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $4850 |
| Class 1A | $— | $62 | 8 |
| Class 2 | 11503 | Not applicable | 1380 |
| Class 3 | 55 | Not applicable | 9 |
| Class 4 | 14002 | 14002 | 1680 |
| **Total class-specific expenses** | **$25560** | **$14064** | **$7927** |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $31 |
| Class 1A | $— | $7 | 1 |
| Class 2 | 428 | Not applicable | 51 |
| Class 4 | 293 | 293 | 35 |
| **Total class-specific expenses** | **$721** | **$300** | **$118** |
| **The Bond Fund of America** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $2100 |
| Class 1A | $— | $354 | 43 |
| Class 2 | 7903 | Not applicable | 948 |
| Class 4 | 2027 | 2027 | 243 |
| **Total class-specific expenses** | **$9930** | **$2381** | **$3334** |
| **Capital World Bond Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $222 |
| Class 1A | $— | $4 | — \* |
| Class 2 | 2109 | Not applicable | 253 |
| Class 4 | 142 | 142 | 17 |
| **Total class-specific expenses** | **$2251** | **$146** | **$492** |

---

Refer to the end of the tables for footnote.

334 American Funds Insurance Series

---

| | | | |
|:---|:---|:---|:---|
| **American High-Income Trust** | **American High-Income Trust** | | |
| **Share class** | **Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |<br>**Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $71 |
| Class 1A | $— | $3 | — \* |
| Class 2 | 1440 | Not applicable | 173 |
| Class 3 | 16 | Not applicable | 3 |
| Class 4 | 200 | 200 | 24 |
| **Total class-specific expenses** | **$1656** | **$203** | **$271** |
| **American Funds Mortgage Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $3 |
| Class 1A | $— | $4 | 1 |
| Class 2 | 127 | Not applicable | 15 |
| Class 4 | 101 | 101 | 12 |
| **Total class-specific expenses** | **$228** | **$105** | **$31** |
| **Ultra-Short Bond Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $14 |
| Class 1A | $— | $— | — \* |
| Class 2 | 707 | Not applicable | 85 |
| Class 3 | 9 | Not applicable | 1 |
| Class 4 | 173 | 173 | 21 |
| **Total class-specific expenses** | **$889** | **$173** | **$121** |
| **U.S. Government Securities Fund** |  |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** | **Administrative<br> services** |
| Class 1 | Not applicable | Not applicable | $81 |
| Class 1A | $— | $10 | 1 |
| Class 2 | 2967 | Not applicable | 356 |
| Class 3 | 15 | Not applicable | 3 |
| Class 4 | 512 | 512 | 62 |
| **Total class-specific expenses** | **$3494** | **$522** | **$503** |

---

---

| | | |
|:---|:---|:---|
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | |
| **Share class** | **Distribution<br> services** |<br>**Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $25 |
| Class P2 | $1219 | 1219 |
| **Total class-specific expenses** | **$1219** | **$1244** |
| **Managed Risk International Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $4 |
| Class P2 | $342 | 342 |
| **Total class-specific expenses** | **$342** | **$346** |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $6 |
| Class P2 | $824 | 824 |
| **Total class-specific expenses** | **$824** | **$830** |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $4945 |
| Class P2 | $720 | 720 |
| **Total class-specific expenses** | **$720** | **$5665** |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class P1 | Not applicable | $18 |
| Class P2 | $5935 | 5935 |
| **Total class-specific expenses** | **$5935** | **$5953** |

---

\* Amount less than one thousand.

American Funds Insurance Series 335

**Miscellaneous fee reimbursements** — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended December 31, 2022, total fees and expenses reimbursed by CRMC were $32,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net decrease in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | **Decrease in value of<br> deferred amounts** | **Total trustees'<br> compensation** |
| Global Growth Fund | $21 | $(11) | $10 |
| Global Small Capitalization Fund | 10 | (5) | 5 |
| Growth Fund | 99 | (54) | 45 |
| International Fund | 21 | (11) | 10 |
| New World Fund | 10 | (5) | 5 |
| Washington Mutual Investors Fund | 27 | (16) | 11 |
| Capital World Growth and Income Fund | 5 | (3) | 2 |
| Growth-Income Fund | 98 | (56) | 42 |
| International Growth and Income Fund | 1 | — \* | 1 |
| Capital Income Builder | 3 | (2) | 1 |
| Asset Allocation Fund | 73 | (43) | 30 |
| American Funds Global Balanced Fund | 1 | (1) | — \* |
| The Bond Fund of America | 31 | (19) | 12 |
| Capital World Bond Fund | 5 | (3) | 2 |
| American High-Income Trust | 3 | (1) | 2 |
| American Funds Mortgage Fund | — \* | — \* | — \* |
| Ultra-Short Bond Fund | 1 | (1) | — \* |
| U.S. Government Securities Fund | 5 | (3) | 2 |
| Managed Risk Growth Fund | 2 | (1) | 1 |
| Managed Risk International Fund | — \* | — \* | — \* |
| Managed Risk Washington Mutual Investors Fund | 1 | (1) | — \* |
| Managed Risk Growth-Income Fund | 6 | (4) | 2 |
| Managed Risk Asset Allocation Fund | 7 | (4) | 3 |

---

\* Amount less than one thousand.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**Investments in CCBF and CCF** — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

336 American Funds Insurance Series

The following table presents purchase and sale transactions between each fund and related funds, and net realized loss or gain from such sales, if any, as of December 31, 2022 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net<br> realized<br> (loss) gain** |
| Global Growth Fund | $49680 | $71818 | $(20300) |
| Global Small Capitalization Fund | 57920 | 34601 | 1035 |
| Growth Fund | 261401 | 361390 | 36542 |
| International Fund | 104003 | 132023 | (15330) |
| New World Fund | 32986 | 51119 | 1384 |
| Washington Mutual Investors Fund | 78899 | 86050 | (13933) |
| Capital World Growth and Income Fund | 29485 | 42194 | (1316) |
| Growth-Income Fund | 260856 | 367634 | 60804 |
| International Growth and Income Fund | 3035 | 3711 | (301) |
| Capital Income Builder | 11219 | 9127 | 1159 |
| Asset Allocation Fund | 217739 | 147808 | (22154) |
| American Funds Global Balanced Fund | 2864 | 3686 | (19) |
| The Bond Fund of America | 1289 | 6983 | (541) |
| Capital World Bond Fund | 58 | 14120 | (947) |
| American High-Income Trust | 57 | 29194 | (1415) |

---

**8. Indemnifications**

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Committed line of credit**

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2022.

American Funds Insurance Series 337

**10. Capital share transactions**

Capital share transactions in each fund were as follows (dollars and shares in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | | | | | |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | | | | | |
| &nbsp;&nbsp;&nbsp;Class 1 | $434070 | 13042 | $400617 | 12733 | $(553744) | (16845) | $280943 | 8930 |
| &nbsp;&nbsp;&nbsp;Class 1A | 2997 | 91 | 1758 | 56 | (2085) | (65) | 2670 | 82 |
| &nbsp;&nbsp;&nbsp;Class 2 | 92048 | 2700 | 419636 | 13511 | (295933) | (9100) | 215751 | 7111 |
| &nbsp;&nbsp;&nbsp;Class 4 | 99092 | 2978 | 70552 | 2294 | (71372) | (2195) | 98272 | 3077 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**628207** | **18811** | $**892563** | **28594** | $**(923134)** | **(28205)** | $**597636** | **19200** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $683154 | 15421 | $216944 | 5062 | $(307264) | (6960) | $592834 | 13523 |
| &nbsp;&nbsp;&nbsp;Class 1A | 6731 | 151 | 700 | 17 | (2591) | (58) | 4840 | 110 |
| &nbsp;&nbsp;&nbsp;Class 2 | 69770 | 1607 | 236612 | 5601 | (588817) | (13514) | (282435) | (6306) |
| &nbsp;&nbsp;&nbsp;Class 4 | 167855 | 3876 | 32087 | 766 | (48523) | (1127) | 151419 | 3515 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**927510** | **21055** | $**486343** | **11446** | $**(947195)** | **(21659)** | $**466658** | **10842** |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $187481 | 9235 | $331498 | 19030 | $(570697) | (21774) | $(51718) | 6491 |
| &nbsp;&nbsp;&nbsp;Class 1A | 989 | 43 | 1461 | 85 | (276) | (15) | 2174 | 113 |
| &nbsp;&nbsp;&nbsp;Class 2 | 111019 | 5043 | 663046 | 40307 | (118512) | (6722) | 655553 | 38628 |
| &nbsp;&nbsp;&nbsp;Class 4 | 56480 | 2653 | 93892 | 5707 | (34387) | (1715) | 115985 | 6645 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**355969** | **16974** | $**1089897** | **65129** | $**(723872)** | **(30226)** | $**721994** | **51877** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $216763 | 6235 | $55510 | 1581 | $(1077292) | (31128) | $(805019) | (23312) |
| &nbsp;&nbsp;&nbsp;Class 1A | 4095 | 118 | 39 | 1 | (153) | (4) | 3981 | 115 |
| &nbsp;&nbsp;&nbsp;Class 2 | 59596 | 1785 | 60246 | 1778 | (374611) | (11071) | (254769) | (7508) |
| &nbsp;&nbsp;&nbsp;Class 4 | 89704 | 2662 | 7215 | 212 | (30621) | (901) | 66298 | 1973 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**370158** | **10800** | $**123010** | **3572** | $**(1482677)** | **(43104)** | $**(989509)** | **(28732)** |

---

Refer to the end of the tables for footnotes.

338 American Funds Insurance Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Growth Fund**<br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | | | | | |
| &nbsp;&nbsp;&nbsp;Class 1 | $2593666 | 29149 | $2228505 | 26120 | $(3051097) | (31275) | $1771074 | 23994 |
| &nbsp;&nbsp;&nbsp;Class 1A | 133124 | 1387 | 27088 | 320 | (15271) | (181) | 144941 | 1526 |
| &nbsp;&nbsp;&nbsp;Class 2 | 520092 | 5686 | 2464507 | 29214 | (1621163) | (17346) | 1363436 | 17554 |
| &nbsp;&nbsp;&nbsp;Class 3 | 1224 | 14 | 32371 | 376 | (28004) | (296) | 5591 | 94 |
| &nbsp;&nbsp;&nbsp;Class 4 | 409323 | 4647 | 383909 | 4657 | (227877) | (2558) | 565355 | 6746 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**3657429** | **40883** | $**5136380** | **60687** | $**(4943412)** | **(51656)** | $**3850397** | **49914** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $2916865 | 22963 | $2251516 | 19653 | $(2207142) | (17684) | $2961239 | 24932 |
| &nbsp;&nbsp;&nbsp;Class 1A | 68640 | 560 | 9733 | 86 | (25312) | (198) | 53061 | 448 |
| &nbsp;&nbsp;&nbsp;Class 2 | 432245 | 3495 | 2777848 | 24558 | (3289822) | (26755) | (79729) | 1298 |
| &nbsp;&nbsp;&nbsp;Class 3 | 1972 | 15 | 37541 | 326 | (37449) | (298) | 2064 | 43 |
| &nbsp;&nbsp;&nbsp;Class 4 | 553762 | 4582 | 358034 | 3232 | (224958) | (1864) | 686838 | 5950 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**3973484** | **31615** | $**5434672** | **47855** | $**(5784683)** | **(46799)** | $**3623473** | **32671** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $280536 | 15960 | $543821 | 32473 | $(1015741) | (51244) | $(191384) | (2811) |
| &nbsp;&nbsp;&nbsp;Class 1A | 2247 | 127 | 1679 | 101 | (1009) | (63) | 2917 | 165 |
| &nbsp;&nbsp;&nbsp;Class 2 | 189379 | 10637 | 536766 | 32189 | (347301) | (20471) | 378844 | 22355 |
| &nbsp;&nbsp;&nbsp;Class 3 | 87 | 5 | 2627 | 156 | (1366) | (79) | 1348 | 82 |
| &nbsp;&nbsp;&nbsp;Class 4 | 65571 | 3703 | 61594 | 3751 | (53681) | (3200) | 73484 | 4254 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**537820** | **30432** | $**1146487** | **68670** | $**(1419098)** | **(75057)** | $**265209** | **24045** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $366681 | 15339 | $131729 | 5782 | $(1253303) | (51135) | $(754893) | (30014) |
| &nbsp;&nbsp;&nbsp;Class 1A | 4570 | 192 | 281 | 13 | (2479) | (103) | 2372 | 102 |
| &nbsp;&nbsp;&nbsp;Class 2 | 264867 | 11161 | 105815 | 4673 | (502502) | (20818) | (131820) | (4984) |
| &nbsp;&nbsp;&nbsp;Class 3 | 125 | 5 | 546 | 24 | (3534) | (146) | (2863) | (117) |
| &nbsp;&nbsp;&nbsp;Class 4 | 95888 | 4069 | 10725 | 480 | (51434) | (2169) | 55179 | 2380 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**732131** | **30766** | $**249096** | **10972** | $**(1813252)** | **(74371)** | $**(832025)** | **(32633)** |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 339

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $91026 | 3688 | $189325 | 7939 | $(434293) | (16140) | $(153942) | (4513) |
| &nbsp;&nbsp;&nbsp;Class 1A | 1549 | 60 | 1040 | 44 | (1769) | (76) | 820 | 28 |
| &nbsp;&nbsp;&nbsp;Class 2 | 72626 | 2937 | 88236 | 3744 | (163288) | (6534) | (2426) | 147 |
| &nbsp;&nbsp;&nbsp;Class 4 | 133209 | 5310 | 78780 | 3371 | (133462) | (5583) | 78527 | 3098 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**298410** | **11995** | $**357381** | **15098** | $**(732812)** | **(28333)** | $**(77021)** | **(1240)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $180001 | 5517 | $104795 | 3183 | $(165865) | (5053) | $118931 | 3647 |
| &nbsp;&nbsp;&nbsp;Class 1A | 14137 | 436 | 350 | 11 | (21114) | (642) | (6627) | (195) |
| &nbsp;&nbsp;&nbsp;Class 2 | 82347 | 2547 | 45947 | 1410 | (159868) | (4915) | (31574) | (958) |
| &nbsp;&nbsp;&nbsp;Class 4 | 135084 | 4224 | 34360 | 1061 | (74083) | (2295) | 95361 | 2990 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**411569** | **12724** | $**185452** | **5665** | $**(420930)** | **(12905)** | $**176091** | **5484** |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $311628 | 22333 | $1412614 | 106476 | $(1024832) | (69053) | $699410 | 59756 |
| &nbsp;&nbsp;&nbsp;Class 1A | 33907 | 2321 | 14025 | 1066 | (125110) | (7699) | (77178) | (4312) |
| &nbsp;&nbsp;&nbsp;Class 2 | 48719 | 3523 | 725386 | 55707 | (414058) | (28659) | 360047 | 30571 |
| &nbsp;&nbsp;&nbsp;Class 4 | 238615 | 16711 | 258174 | 20025 | (148002) | (10093) | 348787 | 26643 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**632869** | **44888** | $**2410199** | **183274** | $**(1712002)** | **(115504)** | $**1331066** | **112658** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $740227 | 42419 | $104068 | 6017 | $(1150862) | (70448) | $(306567) | (22012) |
| &nbsp;&nbsp;&nbsp;Class 1A | 128020 | 7779 | 2211 | 129 | (4020) | (244) | 126211 | 7664 |
| &nbsp;&nbsp;&nbsp;Class 2 | 51950 | 3263 | 46652 | 2739 | (508810) | (31581) | (410208) | (25579) |
| &nbsp;&nbsp;&nbsp;Class 4 | 156222 | 9709 | 12620 | 746 | (66538) | (4145) | 102304 | 6310 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1076419** | **63170** | $**165551** | **9631** | $**(1730230)** | **(106418)** | $**(488260)** | **(33617)** |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $286528 | 22239 | $137343 | 10946 | $(434782) | (30278) | $(10911) | 2907 |
| &nbsp;&nbsp;&nbsp;Class 1A | 1618 | 116 | 1525 | 122 | (1079) | (91) | 2064 | 147 |
| &nbsp;&nbsp;&nbsp;Class 2 | 15274 | 1157 | 262887 | 21001 | (144703) | (10617) | 133458 | 11541 |
| &nbsp;&nbsp;&nbsp;Class 4 | 25643 | 1909 | 48121 | 3940 | (22999) | (1756) | 50765 | 4093 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**329063** | **25421** | $**449876** | **36009** | $**(603563)** | **(42742)** | $**175376** | **18688** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $171552 | 9531 | $30555 | 1698 | $(117328) | (6578) | $84779 | 4651 |
| &nbsp;&nbsp;&nbsp;Class 1A | 4092 | 231 | 166 | 9 | (605) | (34) | 3653 | 206 |
| &nbsp;&nbsp;&nbsp;Class 2 | 21440 | 1205 | 50935 | 2838 | (216241) | (12206) | (143866) | (8163) |
| &nbsp;&nbsp;&nbsp;Class 4 | 49326 | 2833 | 7530 | 427 | (16390) | (939) | 40466 | 2321 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**246410** | **13800** | $**89186** | **4972** | $**(350564)** | **(19757)** | $**(14968)** | **(985)** |

---

Refer to the end of the tables for footnotes.

340 American Funds Insurance Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $2026623 | 38323 | $2348918 | 43972 | $(3853406) | (68861) | $522135 | 13434 |
| &nbsp;&nbsp;&nbsp;Class 1A | 4813 | 89 | 3248 | 61 | (3333) | (64) | 4728 | 86 |
| &nbsp;&nbsp;&nbsp;Class 2 | 119436 | 2219 | 1399821 | 26589 | (1455432) | (26710) | 63825 | 2098 |
| &nbsp;&nbsp;&nbsp;Class 3 | 766 | 15 | 15025 | 280 | (15511) | (279) | 280 | 16 |
| &nbsp;&nbsp;&nbsp;Class 4 | 180173 | 3342 | 186543 | 3596 | (153528) | (2879) | 213188 | 4059 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**2331811** | **43988** | $**3953555** | **74498** | $**(5481210)** | **(98793)** | $**804156** | **19693** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $778306 | 12603 | $567351 | 8928 | $(3472494) | (56343) | $(2126837) | (34812) |
| &nbsp;&nbsp;&nbsp;Class 1A | 14065 | 224 | 493 | 8 | (2433) | (39) | 12125 | 193 |
| &nbsp;&nbsp;&nbsp;Class 2 | 143239 | 2361 | 310023 | 4964 | (2027406) | (33135) | (1574144) | (25810) |
| &nbsp;&nbsp;&nbsp;Class 3 | 1007 | 16 | 3442 | 54 | (23575) | (379) | (19126) | (309) |
| &nbsp;&nbsp;&nbsp;Class 4 | 302016 | 4995 | 33018 | 536 | (132399) | (2191) | 202635 | 3340 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1238633** | **20199** | $**914327** | **14490** | $**(5658307)** | **(92087)** | $**(3505347)** | **(57398)** |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $2793 | 220 | $6501 | 686 | $(16761) | (946) | $(7467) | (40) |
| &nbsp;&nbsp;&nbsp;Class 1A | 1041 | 92 | 2255 | 244 | (921) | (61) | 2375 | 275 |
| &nbsp;&nbsp;&nbsp;Class 2 | 7743 | 664 | 86227 | 9344 | (24550) | (2262) | 69420 | 7746 |
| &nbsp;&nbsp;&nbsp;Class 4 | 23335 | 2027 | 59065 | 6499 | (13968) | (1295) | 68432 | 7231 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**34912** | **3003** | $**154048** | **16773** | $**(56200)** | **(4564)** | $**132760** | **15212** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $48015 | 2368 | $4294 | 210 | $(1169382) | (59936) | $(1117073) | (57358) |
| &nbsp;&nbsp;&nbsp;Class 1A | 2986 | 152 | 141 | 7 | (561) | (28) | 2566 | 131 |
| &nbsp;&nbsp;&nbsp;Class 2 | 8004 | 401 | 6218 | 322 | (29755) | (1507) | (15533) | (784) |
| &nbsp;&nbsp;&nbsp;Class 4 | 27229 | 1381 | 3589 | 188 | (13127) | (671) | 17691 | 898 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**86234** | **4302** | $**14242** | **727** | $**(1212825)** | **(62142)** | $**(1112349)** | **(57113)** |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 341

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $177351 | 15800 | $17636 | 1573 | $(114944) | (10289) | $80043 | 7084 |
| &nbsp;&nbsp;&nbsp;Class 1A | 2218 | 196 | 270 | 24 | (1259) | (111) | 1229 | 109 |
| &nbsp;&nbsp;&nbsp;Class 2 | 2390 | 211 | 355 | 32 | (1006) | (88) | 1739 | 155 |
| &nbsp;&nbsp;&nbsp;Class 4 | 94517 | 8303 | 13728 | 1228 | (81854) | (7293) | 26391 | 2238 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**276476** | **24510** | $**31989** | **2857** | $**(199063)** | **(17781)** | $**109402** | **9586** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $107711 | 9192 | $16222 | 1379 | $(252397) | (21377) | $(128464) | (10806) |
| &nbsp;&nbsp;&nbsp;Class 1A | 2434 | 206 | 218 | 19 | (451) | (39) | 2201 | 186 |
| &nbsp;&nbsp;&nbsp;Class 2 | 5007 | 428 | 315 | 27 | (1572) | (134) | 3750 | 321 |
| &nbsp;&nbsp;&nbsp;Class 4 | 70040 | 6029 | 13009 | 1105 | (42227) | (3629) | 40822 | 3505 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**185192** | **15855** | $**29764** | **2530** | $**(296647)** | **(25179)** | $**(81691)** | **(6794)** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $1365105 | 57634 | $2001507 | 85450 | $(2607782) | (108817) | $758830 | 34267 |
| &nbsp;&nbsp;&nbsp;Class 1A | 8603 | 375 | 2806 | 121 | (2839) | (126) | 8570 | 370 |
| &nbsp;&nbsp;&nbsp;Class 2 | 58248 | 2413 | 565030 | 24435 | (581503) | (24252) | 41775 | 2596 |
| &nbsp;&nbsp;&nbsp;Class 3 | 126 | 5 | 3759 | 160 | (3377) | (141) | 508 | 24 |
| &nbsp;&nbsp;&nbsp;Class 4 | 332209 | 13862 | 680622 | 29650 | (423984) | (17975) | 588847 | 25537 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1764291** | **74289** | $**3253724** | **139816** | $**(3619485)** | **(151311)** | $**1398530** | **62794** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $1077099 | 38077 | $1004165 | 35557 | $(4395063) | (151941) | $(2313799) | (78307) |
| &nbsp;&nbsp;&nbsp;Class 1A | 8925 | 315 | 880 | 31 | (1749) | (63) | 8056 | 283 |
| &nbsp;&nbsp;&nbsp;Class 2 | 117974 | 4243 | 262797 | 9420 | (649009) | (23286) | (268238) | (9623) |
| &nbsp;&nbsp;&nbsp;Class 3 | 1030 | 36 | 1693 | 60 | (2340) | (83) | 383 | 13 |
| &nbsp;&nbsp;&nbsp;Class 4 | 687105 | 24820 | 271781 | 9809 | (264761) | (9619) | 694125 | 25010 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1892133** | **67491** | $**1541316** | **54877** | $**(5312922)** | **(184992)** | $**(1879473)** | **(62624)** |

---

Refer to the end of the tables for footnotes.

342 American Funds Insurance Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $37857 | 3046 | $570 | 44 | $(45473) | (3593) | $(7046) | (503) |
| &nbsp;&nbsp;&nbsp;Class 1A | 160 | 12 | 15 | 1 | (857) | (63) | (682) | (50) |
| &nbsp;&nbsp;&nbsp;Class 2 | 3979 | 308 | 974 | 74 | (24238) | (1876) | (19285) | (1494) |
| &nbsp;&nbsp;&nbsp;Class 4 | 9992 | 779 | 674 | 52 | (14316) | (1139) | (3650) | (308) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**51988** | **4145** | $**2233** | **171** | $**(84884)** | **(6671)** | $**(30663)** | **(2355)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $9259 | 623 | $7739 | 533 | $(40506) | (2798) | $(23508) | (1642) |
| &nbsp;&nbsp;&nbsp;Class 1A | 925 | 63 | 233 | 16 | (252) | (17) | 906 | 62 |
| &nbsp;&nbsp;&nbsp;Class 2 | 5621 | 383 | 13069 | 902 | (27137) | (1828) | (8447) | (543) |
| &nbsp;&nbsp;&nbsp;Class 4 | 28503 | 1957 | 8206 | 572 | (10476) | (713) | 26233 | 1816 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**44308** | **3026** | $**29247** | **2023** | $**(78371)** | **(5356)** | $**(4816)** | **(307)** |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $1045629 | 102870 | $293730 | 29996 | $(2254686) | (218872) | $(915327) | (86006) |
| &nbsp;&nbsp;&nbsp;Class 1A | 222556 | 22066 | 9170 | 944 | (5163) | (515) | 226563 | 22495 |
| &nbsp;&nbsp;&nbsp;Class 2 | 49800 | 5005 | 126095 | 13059 | (487579) | (48690) | (311684) | (30626) |
| &nbsp;&nbsp;&nbsp;Class 4 | 123107 | 12517 | 31861 | 3314 | (113670) | (11505) | 41298 | 4326 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**1441092** | **142458** | $**460856** | **47313** | $**(2861098)** | **(279582)** | $**(959150)** | **(89811)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $2441954 | 212866 | $432376 | 38456 | $(737146) | (64100) | $2137184 | 187222 |
| &nbsp;&nbsp;&nbsp;Class 1A | 5329 | 464 | 601 | 54 | (2565) | (223) | 3365 | 295 |
| &nbsp;&nbsp;&nbsp;Class 2 | 204371 | 17879 | 208042 | 18765 | (302247) | (26735) | 110166 | 9909 |
| &nbsp;&nbsp;&nbsp;Class 4 | 240539 | 21228 | 43487 | 3939 | (60173) | (5327) | 223853 | 19840 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**2892193** | **252437** | $**684506** | **61214** | $**(1102131)** | **(96385)** | $**2474568** | **217266** |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $63069 | 6354 | $13903 | 1398 | $(234228) | (22105) | $(157256) | (14353) |
| &nbsp;&nbsp;&nbsp;Class 1A | 470 | 46 | 24 | 2 | (371) | (38) | 123 | 10 |
| &nbsp;&nbsp;&nbsp;Class 2 | 32696 | 3225 | 15838 | 1606 | (121387) | (11954) | (72853) | (7123) |
| &nbsp;&nbsp;&nbsp;Class 4 | 7078 | 688 | 1065 | 109 | (8255) | (838) | (112) | (41) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**103313** | **10313** | $**30830** | **3115** | $**(364241)** | **(34935)** | $**(230098)** | **(21507)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $129119 | 10361 | $44414 | 3661 | $(305638) | (24399) | $(132105) | (10377) |
| &nbsp;&nbsp;&nbsp;Class 1A | 1155 | 95 | 40 | 3 | (261) | (21) | 934 | 77 |
| &nbsp;&nbsp;&nbsp;Class 2 | 83201 | 6733 | 44570 | 3700 | (58585) | (4813) | 69186 | 5620 |
| &nbsp;&nbsp;&nbsp;Class 4 | 19357 | 1604 | 2457 | 206 | (11624) | (951) | 10190 | 859 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**232832** | **18793** | $**91481** | **7570** | $**(376108)** | **(30184)** | $**(51795)** | **(3821)** |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 343

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $29406 | 3042 | $17917 | 2062 | $(58971) | (6116) | $(11648) | (1012) |
| &nbsp;&nbsp;&nbsp;Class 1A | 362 | 39 | 100 | 11 | (426) | (45) | 36 | 5 |
| &nbsp;&nbsp;&nbsp;Class 2 | 7171 | 758 | 42707 | 5019 | (98679) | (10782) | (48801) | (5005) |
| &nbsp;&nbsp;&nbsp;Class 3 | 432 | 46 | 695 | 79 | (1385) | (149) | (258) | (24) |
| &nbsp;&nbsp;&nbsp;Class 4 | 65309 | 6490 | 5827 | 619 | (70275) | (6997) | 861 | 112 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**102680** | **10375** | $**67246** | **7790** | $**(229736)** | **(24089)** | $**(59810)** | **(5924)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $160559 | 15547 | $10757 | 1060 | $(19514) | (1906) | $151802 | 14701 |
| &nbsp;&nbsp;&nbsp;Class 1A | 915 | 89 | 59 | 5 | (548) | (53) | 426 | 41 |
| &nbsp;&nbsp;&nbsp;Class 2 | 20019 | 2003 | 28636 | 2874 | (66675) | (6630) | (18020) | (1753) |
| &nbsp;&nbsp;&nbsp;Class 3 | 908 | 88 | 429 | 42 | (1328) | (129) | 9 | 1 |
| &nbsp;&nbsp;&nbsp;Class 4 | 143656 | 13002 | 3238 | 295 | (128886) | (11648) | 18008 | 1649 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**326057** | **30729** | $**43119** | **4276** | $**(216951)** | **(20366)** | $**152225** | **14639** |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class 1 | $784 | 78 | $15 | 2 | $(229165) | (21726) | $(228366) | (21646) |
| &nbsp;&nbsp;&nbsp;Class 1A | 662 | 67 | 37 | 4 | (1033) | (103) | (334) | (32) |
| &nbsp;&nbsp;&nbsp;Class 2 | 3214 | 326 | 995 | 103 | (9402) | (951) | (5193) | (522) |
| &nbsp;&nbsp;&nbsp;Class 4 | 10671 | 1091 | 746 | 78 | (9016) | (920) | 2401 | 249 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**15331** | **1562** | $**1793** | **187** | $**(248616)** | **(23700)** | $**(231492)** | **(21951)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class 1 | $35679 | 3267 | $9382 | 880 | $(27270) | (2517) | $17791 | 1630 |
| &nbsp;&nbsp;&nbsp;Class 1A | 1498 | 139 | 57 | 5 | (436) | (40) | 1119 | 104 |
| &nbsp;&nbsp;&nbsp;Class 2 | 6415 | 588 | 2232 | 210 | (5928) | (547) | 2719 | 251 |
| &nbsp;&nbsp;&nbsp;Class 4 | 11056 | 1029 | 1486 | 142 | (4892) | (457) | 7650 | 714 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**54648** | **5023** | $**13157** | **1237** | $**(38526)** | **(3561)** | $**29279** | **2699** |

---

Refer to the end of the tables for footnotes.

344 American Funds Insurance Series

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | | |  | | |  | | | | |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | | **Shares** | **Shares** | | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $33573 | 2975 | $348 |  |  | 31 |  | $(20904) | (1853) | $13017 | 1153 |
| &nbsp;&nbsp;&nbsp;Class 1A |  |  |  | <sup>†</sup> |  |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 | 117586 | 10755 | 1569 |  |  | 143 |  | (68709) | (6275) | 50446 | 4623 |
| &nbsp;&nbsp;&nbsp;Class 3 | 735 | 67 | 26 |  |  | 2 |  | (1082) | (97) | (321) | (28) |
| &nbsp;&nbsp;&nbsp;Class 4 | 84873 | 7721 | 293 |  |  | 27 |  | (51358) | (4671) | 33808 | 3077 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**236767** | **21518** | $**2236** |  |  | **203** |  | $**(142053)** | **(12896)** | $**96950** | **8825** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $16242 | 1439 | $— |  |  |  |  | $(22707) | (2011) | $(6465) | (572) |
| &nbsp;&nbsp;&nbsp;Class 1A |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 | 86233 | 7864 |  |  |  |  |  | (127622) | (11640) | (41389) | (3776) |
| &nbsp;&nbsp;&nbsp;Class 3 | 1253 | 113 |  |  |  |  |  | (915) | (83) | 338 | 30 |
| &nbsp;&nbsp;&nbsp;Class 4 | 35704 | 3232 |  |  |  |  |  | (29389) | (2660) | 6315 | 572 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**139432** | **12648** | $**—** |  |  | **—** |  | $**(180633)** | **(16394)** | $**(41201** | **(3746** |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| **Share class** | **Amount** | **Shares** | **Amount** |  | **Shares** | **Shares** |  | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $69422 | 6446 | $10134 |  |  | 987 |  | $(316401) | (27982) | $(236845) | (20549) |
| &nbsp;&nbsp;&nbsp;Class 1A | 2902 | 273 | 153 |  |  | 15 |  | (3237) | (300) | (182) | (12) |
| &nbsp;&nbsp;&nbsp;Class 2 | 43941 | 4115 | 42631 |  |  | 4200 |  | (233844) | (21667) | (147272) | (13352) |
| &nbsp;&nbsp;&nbsp;Class 3 | 308 | 28 | 292 |  |  | 28 |  | (2508) | (236) | (1908) | (180) |
| &nbsp;&nbsp;&nbsp;Class 4 | 67334 | 6331 | 7040 |  |  | 695 |  | (90440) | (8406) | (16066 | (1380 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**183907** | **17193** | $**60250** |  |  | **5925** |  | $**(646430)** | **(58591)** | $**(402273** | **(35473** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | $213039 | 17786 | $38963 |  |  | 3337 |  | $(115497) | (9263) | $136505 | 11860 |
| &nbsp;&nbsp;&nbsp;Class 1A | 4388 | 354 | 518 |  |  | 44 |  | (3192) | (265) | 1714 | 133 |
| &nbsp;&nbsp;&nbsp;Class 2 | 91122 | 7303 | 144267 |  |  | 12514 |  | (129818) | (10810) | 105571 | 9007 |
| &nbsp;&nbsp;&nbsp;Class 3 | 1023 | 86 | 948 |  |  | 81 |  | (1549) | (126) | 422 | 41 |
| &nbsp;&nbsp;&nbsp;Class 4 | 87885 | 7227 | 23653 |  |  | 2055 |  | (118823) | (9719) | (7285 | (437 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**397457** | **32756** | $**208349** |  |  | **18031** |  | $**(368879)** | **(30183)** | $**236927** | **20604** |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |  |  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net increase <br> (decrease)** | **Net increase <br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** |  | **Shares** | **Shares** |  | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 | $1679 | 122 | $1796 |  |  | 147 |  | $(2034) | (134) | $1441 | 135 |
| &nbsp;&nbsp;&nbsp;Class P2 | 37760 | 2684 | 88450 |  |  | 7291 |  | (30630) | (2253) | 95580 | 7722 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**39439** | **2806** | $**90246** |  |  | **7438** |  | $**(32664)** | **(2387)** | $**97021** | **7857** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 | $3593 | 199 | $515 |  |  | 30 |  | $(3079) | (172) | $1029 | 57 |
| &nbsp;&nbsp;&nbsp;Class P2 | 39055 | 2202 | 26869 |  |  | 1558 |  | (78851) | (4405) | (12927 | (645 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**42648** | **2401** | $**27384** |  |  | **1588** |  | $**(81930)** | **(4577)** | $**(11898** | **(588** |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 345

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class P1 | $578 | 62 | $69 | 8 | $(323) | (37) | $324 | 33 |
| &nbsp;&nbsp;&nbsp;Class P2 | 5403 | 564 | 4206 | 470 | (15947) | (1788) | (6338) | (754) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**5981** | **626** | $**4275** | **478** | $**(16270)** | **(1825)** | $**(6014)** | **(721)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class P1 | $887 | 80 | $14 | 1 | $(531) | (48) | $370 | 33 |
| &nbsp;&nbsp;&nbsp;Class P2 | 12803 | 1181 | 917 | 80 | (14744) | (1323) | (1024) | (62) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**13690** | **1261** | $**931** | **81** | $**(15275)** | **(1371)** | $**(654)** | **(29)** |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase <br> (decrease)** | **Net increase <br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class P1 | $1026 | 86 | $127 | 11 | $(498) | (43) | $655 | 54 |
| &nbsp;&nbsp;&nbsp;Class P2 | 22662 | 1947 | 14544 | 1281 | (39363) | (3307) | (2157) | (79) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**23688** | **2033** | $**14671** | **1292** | $**(39861)** | **(3350)** | $**(1502)** | **(25)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class P1 | $971 | 80 | $40 | 3 | $(343) | (29) | $668 | 54 |
| &nbsp;&nbsp;&nbsp;Class P2 | 9743 | 800 | 5979 | 487 | (51273) | (4254) | (35551) | (2967) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**10714** | **880** | $**6019** | **490** | $**(51616)** | **(4283)** | $**(34883)** | **(2913)** |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net decrease** | **Net decrease** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class P1 | $49558 | 3678 | $87716 | 6731 | $(157932) | (11880) | $(20658) | (1471) |
| &nbsp;&nbsp;&nbsp;Class P2 | 13539 | 1010 | 12087 | 932 | (28848) | (2135) | (3222) | (193) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**63097** | **4688** | $**99803** | **7663** | $**(186780)** | **(14015)** | $**(23880)** | **(1664)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class P1 | $64192 | 4303 | $60096 | 4023 | $(175764) | (11680) | $(51476) | (3354) |
| &nbsp;&nbsp;&nbsp;Class P2 | 14838 | 1008 | 8072 | 546 | (35819) | (2404) | (12909) | (850) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**79030** | **5311** | $**68168** | **4569** | $**(211583)** | **(14084)** | $**(64385)** | **(4204)** |

---

Refer to the end of the tables for footnotes.

346 American Funds Insurance Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Class P1 | $1649 | 120 | $430 | 34 | $(675) | (52) | $1404 | 102 |
| &nbsp;&nbsp;&nbsp;Class P2 | 38665 | 2998 | 138534 | 11152 | (283108) | (22026) | (105909) | (7876) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**40314** | **3118** | $**138964** | **11186** | $**(283783)** | **(22078)** | $**(104505)** | **(7774)** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Class P1 | $2097 | 141 | $114 | 8 | $(899) | (60) | $1312 | 89 |
| &nbsp;&nbsp;&nbsp;Class P2 | 57616 | 4016 | 38113 | 2632 | (351072) | (24507) | (255343) | (17859) |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**59713** | **4157** | $**38227** | **2640** | $**(351971)** | **(24567)** | $**(254031)** | **(17770)** |

---

---

| | |
|:---|:---|
| \* | Includes exchanges between share classes of the fund. |
| <sup>†</sup> | Amount less than one thousand. |

---

**11. Ownership concentration**

At December 31, 2022, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 18% and 17% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

**12. Investment transactions and other disclosures**

The following tables present additional information for each fund for the year ended December 31, 2022 (dollars in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Global<br> Growth<br> Fund** | **Global<br> Small<br> Capitalization<br> Fund** | | **Growth<br> Fund** | **International<br> Fund** | **New<br> World<br> Fund** | **Washington<br> Mutual<br> Investors<br> Fund** |
| Purchases of investment securities\* | $2020468 | $1224731 |  | $10017065 | $2810699 | $1260720 | $2833147 |
| Sales of investment securities\* | 2146215 | 1218842 |  | 10662318 | 2867081 | 1624730 | 3802409 |
| Non-U.S. taxes paid on dividend income | 6202 | 2117 |  | 9817 | 9312 | 3655 | 1964 |
| Non-U.S. taxes paid on interest income |  |  |  |  |  | 5 |  |
| Non-U.S. taxes paid on realized gains | 1408 | 5338 |  |  | 8023 | 4440 |  |
| Non-U.S. taxes provided on unrealized appreciation | 5103 | 9184 |  |  | 25364 | 8906 |  |
|  | **Capital<br>World<br>Growth<br>and Income<br>Fund** | **Growth-**<br> **Income**<br> **Fund** |  | **International**<br> **Growth**<br> **and Income**<br> **Fund** | **Capital**<br> **Income**<br> **Builder** | **Asset**<br> **Allocation**<br> **Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund** |
| Purchases of investment securities\* | $749437 | $8339283 |  | $142556 | $1242326 | $27267262 | $392565 |
| Sales of investment securities\* | 985479 | 12308349 |  | 139199 | 1167109 | 28617726 | 407112 |
| Non-U.S. taxes paid on dividend income | 2593 | 9673 |  | 744 | 1500 | 9616 | 372 |
| Non-U.S. taxes paid on interest income |  |  |  |  |  |  | 11 |
| Non-U.S. taxes paid on realized gains | 173 |  | <sup>†</sup> | 51 | 46 |  | 43 |
| Non-U.S. taxes provided on unrealized appreciation | 568 |  |  | 58 | 349 | 2592 | 83 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 347

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Bond<br> Fund<br> of America** | **Capital<br> World Bond<br> Fund** | **American<br> High-Income<br> Trust** | **American<br> Funds<br> Mortgage<br> Fund** | **Ultra-Short<br> Bond<br> Fund** | **U.S.<br> Government<br> Securities<br> Fund** |
| Purchases of investment securities\* | $38975446 | $1910865 | $293093 | $1134922 | $— | $9478478 |
| Sales of investment securities\* | 37928493 | 2233596 | 378913 | 1243904 |  | 9100700 |
| Non-U.S. taxes paid on interest income | 22 | 135 |  |  |  |  |
| Non-U.S. taxes paid on realized gains |  | 333 |  |  |  |  |
| Non-U.S. taxes provided on unrealized appreciation |  | 117 |  |  |  |  |
|  | **Managed**<br> **Risk**<br> **Growth**<br> **Fund** | **Managed**<br> **Risk**<br> **International**<br> **Fund** | **Managed**<br> **Risk**<br> **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth-**<br> **Income**<br> **Fund** | **Managed**<br> **Risk**<br> **Asset**<br> **Allocation**<br> **Fund** |  |
| Purchases of investment securities\* | $528842 | $121812 | $269212 | $1486050 | $1104342 |  |
| Sales of investment securities\* | 453254 | 107992 | 219710 | 1431021 | 1086607 |  |

---

---

| | |
|:---|:---|
| \* | Excludes short-term securities and U.S. government obligations, if any. |
| <sup>†</sup> | Amount less than one thousand. |

---

348 American Funds Insurance Series

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Global Growth Fund** | **Global Growth Fund** | | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $45.46 | $.34 | $(11.34) | $(11.00) | $(.31) | $(3.97) | $(4.28) | $30.18 | (24.54)% | $3104 | .53% | .46% | 1.01% |
| 12/31/2021 | 41.16 | .25 | 6.48 | 6.73 | (.26) | (2.17) | (2.43) | 45.46 | 16.72 | 4270 | .55 | .54 | .56 |
| 12/31/2020 | 32.57 | .20 | 9.56 | 9.76 | (.21) | (.96) | (1.17) | 41.16 | 30.79 | 3309 | .56 | .56 | .59 |
| 12/31/2019 | 25.74 | .32 | 8.60 | 8.92 | (.41) | (1.68) | (2.09) | 32.57 | 35.61 | 2515 | .56 | .56 | 1.07 |
| 12/31/2018 | 30.51 | .29 | (2.65) | (2.36) | (.28) | (2.13) | (2.41) | 25.74 | (8.81) | 1942 | .55 | .55 | .98 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 45.28 | .26 | (11.31) | (11.05) | (.22) | (3.97) | (4.19) | 30.04 | (24.73) | 14 | .78 | .71 | .78 |
| 12/31/2021 | 41.02 | .14 | 6.46 | 6.60 | (.17) | (2.17) | (2.34) | 45.28 | 16.45 | 18 | .80 | .79 | .33 |
| 12/31/2020 | 32.47 | .12 | 9.52 | 9.64 | (.13) | (.96) | (1.09) | 41.02 | 30.49 | 12 | .81 | .81 | .34 |
| 12/31/2019 | 25.69 | .25 | 8.55 | 8.80 | (.34) | (1.68) | (2.02) | 32.47 | 35.22 | 8 | .81 | .81 | .83 |
| 12/31/2018 | 30.46 | .23 | (2.66) | (2.43) | (.21) | (2.13) | (2.34) | 25.69 | (9.02) | 5 | .80 | .80 | .77 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 44.94 | .25 | (11.21) | (10.96) | (.22) | (3.97) | (4.19) | 29.79 | (24.74) | 3234 | .78 | .71 | .76 |
| 12/31/2021 | 40.72 | .13 | 6.41 | 6.54 | (.15) | (2.17) | (2.32) | 44.94 | 16.42 | 4559 | .80 | .80 | .30 |
| 12/31/2020 | 32.24 | .12 | 9.44 | 9.56 | (.12) | (.96) | (1.08) | 40.72 | 30.47 | 4387 | .81 | .81 | .34 |
| 12/31/2019 | 25.50 | .24 | 8.51 | 8.75 | (.33) | (1.68) | (2.01) | 32.24 | 35.28 | 3895 | .81 | .81 | .83 |
| 12/31/2018 | 30.24 | .22 | (2.63) | (2.41) | (.20) | (2.13) | (2.33) | 25.50 | (9.04) | 3306 | .80 | .80 | .73 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 44.57 | .17 | (11.12) | (10.95) | (.14) | (3.97) | (4.11) | 29.51 | (24.92) | 584 | 1.03 | .96 | .52 |
| 12/31/2021 | 40.45 | .03 | 6.35 | 6.38 | (.09) | (2.17) | (2.26) | 44.57 | 16.14 | 744 | 1.05 | 1.04 | .07 |
| 12/31/2020 | 32.05 | .03 | 9.38 | 9.41 | (.05) | (.96) | (1.01) | 40.45 | 30.17 | 533 | 1.06 | 1.06 | .09 |
| 12/31/2019 | 25.39 | .17 | 8.45 | 8.62 | (.28) | (1.68) | (1.96) | 32.05 | 34.87 | 382 | 1.06 | 1.06 | .57 |
| 12/31/2018 | 30.13 | .14 | (2.60) | (2.46) | (.15) | (2.13) | (2.28) | 25.39 | (9.24) | 249 | 1.05 | 1.05 | .47 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 349

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> (loss)<br> to average<br> net assets<sup>2</sup>** |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $34.17 | $.05 | $(9.50) | $(9.45) | $— | $(8.50) | $(8.50) | $16.22 | (29.37)% | $916 | .72% | .69% | .24% |
| 12/31/2021 | 32.64 | (.02) | 2.32 | 2.30 |  | (.77) | (.77) | 34.17 | 6.98 | 1707 | .74 | .74 | (.07) |
| 12/31/2020 | 26.80 | (.01) | 7.49 | 7.48 | (.05) | (1.59) | (1.64) | 32.64 | 30.04 | 2391 | .75 | .75 | (.06) |
| 12/31/2019 | 21.75 | .12 | 6.61 | 6.73 | (.10) | (1.58) | (1.68) | 26.80 | 31.84 | 2050 | .75 | .75 | .48 |
| 12/31/2018 | 25.38 | .11 | (2.51) | (2.40) | (.09) | (1.14) | (1.23) | 21.75 | (10.31) | 1453 | .73 | .73 | .42 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 33.93 | —<sup>4</sup> | (9.43) | (9.43) |  | (8.50) | (8.50) | 16.00 | (29.54) | 4 | .97 | .94 | —<sup>5</sup> |
| 12/31/2021 | 32.49 | (.07) | 2.28 | 2.21 |  | (.77) | (.77) | 33.93 | 6.73 | 5 | .99 | .99 | (.21) |
| 12/31/2020 | 26.74 | (.09) | 7.48 | 7.39 | (.05) | (1.59) | (1.64) | 32.49 | 29.72 | 1 | .99 | .99 | (.33) |
| 12/31/2019 | 21.71 | .05 | 6.61 | 6.66 | (.05) | (1.58) | (1.63) | 26.74 | 31.56 | 1 | .99 | .99 | .22 |
| 12/31/2018 | 25.36 | .05 | (2.52) | (2.47) | (.04) | (1.14) | (1.18) | 21.71 | (10.56) | —<sup>6</sup> | .98 | .98 | .21 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 32.94 | —<sup>4</sup> | (9.14) | (9.14) |  | (8.50) | (8.50) | 15.30 | (29.55) | 1762 | .97 | .94 | —<sup>5</sup> |
| 12/31/2021 | 31.56 | (.10) | 2.25 | 2.15 |  | (.77) | (.77) | 32.94 | 6.74 | 2521 | .99 | .99 | (.30) |
| 12/31/2020 | 26.02 | (.08) | 7.25 | 7.17 | (.04) | (1.59) | (1.63) | 31.56 | 29.72 | 2653 | 1.00 | 1.00 | (.31) |
| 12/31/2019 | 21.16 | .05 | 6.43 | 6.48 | (.04) | (1.58) | (1.62) | 26.02 | 31.52 | 2363 | 1.00 | 1.00 | .22 |
| 12/31/2018 | 24.72 | .04 | (2.44) | (2.40) | (.02) | (1.14) | (1.16) | 21.16 | (10.55) | 2056 | .98 | .98 | .17 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 32.96 | (.05) | (9.13) | (9.18) |  | (8.50) | (8.50) | 15.28 | (29.69) | 261 | 1.22 | 1.19 | (.25) |
| 12/31/2021 | 31.67 | (.18) | 2.24 | 2.06 |  | (.77) | (.77) | 32.96 | 6.43 | 344 | 1.24 | 1.24 | (.53) |
| 12/31/2020 | 26.16 | (.14) | 7.27 | 7.13 | (.03) | (1.59) | (1.62) | 31.67 | 29.39 | 268 | 1.25 | 1.25 | (.56) |
| 12/31/2019 | 21.28 | (.01) | 6.47 | 6.46 | —<sup>4</sup> | (1.58) | (1.58) | 26.16 | 31.24 | 206 | 1.25 | 1.25 | (.04) |
| 12/31/2018 | 24.91 | (.02) | (2.46) | (2.48) | (.01) | (1.14) | (1.15) | 21.28 | (10.80) | 146 | 1.24 | 1.24 | (.08) |

---

Refer to the end of the tables for footnotes.

350 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses<br> to average<br> net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> (loss)<br> to average<br> net assets** |
| **Growth Fund** | **Growth Fund** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $127.58 | $.58 | $(37.03) | $(36.45) | $(.53) | $(14.31) | $(14.84) | $76.29 | (29.75)% | $13660 | .35% | .64% |
| 12/31/2021 | 120.22 | .46 | 24.29 | 24.75 | (.58) | (16.81) | (17.39) | 127.58 | 22.30 | 19783 | .34 | .37 |
| 12/31/2020 | 81.22 | .43 | 41.28 | 41.71 | (.53) | (2.18) | (2.71) | 120.22 | 52.45 | 15644 | .35 | .46 |
| 12/31/2019 | 69.96 | .83 | 19.63 | 20.46 | (.76) | (8.44) | (9.20) | 81.22 | 31.11 | 10841 | .35 | 1.09 |
| 12/31/2018 | 77.85 | .64 | .25 | .89 | (.54) | (8.24) | (8.78) | 69.96 | (.01) | 8474 | .34 | .81 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 126.70 | .39 | (36.79) | (36.40) | (.38) | (14.31) | (14.69) | 75.61 | (29.93) | 187 | .60 | .45 |
| 12/31/2021 | 119.59 | .16 | 24.11 | 24.27 | (.35) | (16.81) | (17.16) | 126.70 | 21.97 | 121 | .59 | .13 |
| 12/31/2020 | 80.92 | .20 | 41.05 | 41.25 | (.40) | (2.18) | (2.58) | 119.59 | 52.07 | 60 | .60 | .21 |
| 12/31/2019 | 69.77 | .65 | 19.55 | 20.20 | (.61) | (8.44) | (9.05) | 80.92 | 30.79 | 18 | .60 | .85 |
| 12/31/2018 | 77.74 | .47 | .24 | .71 | (.44) | (8.24) | (8.68) | 69.77 | (.26) | 10 | .59 | .60 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 126.28 | .35 | (36.62) | (36.27) | (.29) | (14.31) | (14.60) | 75.41 | (29.94) | 14452 | .60 | .38 |
| 12/31/2021 | 119.18 | .15 | 24.03 | 24.18 | (.27) | (16.81) | (17.08) | 126.28 | 21.97 | 21986 | .59 | .12 |
| 12/31/2020 | 80.57 | .19 | 40.89 | 41.08 | (.29) | (2.18) | (2.47) | 119.18 | 52.10 | 20594 | .60 | .21 |
| 12/31/2019 | 69.48 | .63 | 19.47 | 20.10 | (.57) | (8.44) | (9.01) | 80.57 | 30.77 | 15885 | .60 | .83 |
| 12/31/2018 | 77.35 | .44 | .27 | .71 | (.34) | (8.24) | (8.58) | 69.48 | (.25) | 13701 | .59 | .55 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 128.68 | .42 | (37.35) | (36.93) | (.35) | (14.31) | (14.66) | 77.09 | (29.89) | 188 | .53 | .45 |
| 12/31/2021 | 121.13 | .24 | 24.47 | 24.71 | (.35) | (16.81) | (17.16) | 128.68 | 22.07 | 302 | .52 | .19 |
| 12/31/2020 | 81.84 | .26 | 41.56 | 41.82 | (.35) | (2.18) | (2.53) | 121.13 | 52.20 | 279 | .53 | .28 |
| 12/31/2019 | 70.44 | .69 | 19.77 | 20.46 | (.62) | (8.44) | (9.06) | 81.84 | 30.86 | 213 | .53 | .90 |
| 12/31/2018 | 78.32 | .50 | .26 | .76 | (.40) | (8.24) | (8.64) | 70.44 | (.18) | 187 | .52 | .62 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 123.79 | .12 | (35.87) | (35.75) | (.09) | (14.31) | (14.40) | 73.64 | (30.11) | 2409 | .85 | .14 |
| 12/31/2021 | 117.24 | (.15) | 23.59 | 23.44 | (.08) | (16.81) | (16.89) | 123.79 | 21.69 | 3214 | .84 | (.13) |
| 12/31/2020 | 79.41 | (.04) | 40.24 | 40.20 | (.19) | (2.18) | (2.37) | 117.24 | 51.71 | 2347 | .85 | (.04) |
| 12/31/2019 | 68.64 | .44 | 19.19 | 19.63 | (.42) | (8.44) | (8.86) | 79.41 | 30.44 | 1513 | .85 | .59 |
| 12/31/2018 | 76.56 | .24 | .28 | .52 | (.20) | (8.24) | (8.44) | 68.64 | (.50) | 1076 | .84 | .31 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 351

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses<br> to average<br> net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets** |
| **International Fund** | **International Fund** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $22.70 | $.34 | $(4.79) | $(4.45) | $(.34) | $(2.60) | $(2.94) | $15.31 | (20.57)% | $3157 | .54% | 1.95% |
| 12/31/2021 | 23.64 | .38 | (.67) | (.29) | (.65) |  | (.65) | 22.70 | (1.23) | 4747 | .55 | 1.57 |
| 12/31/2020 | 20.86 | .14 | 2.82 | 2.96 | (.18) |  | (.18) | 23.64 | 14.28 | 5652 | .55 | .71 |
| 12/31/2019 | 17.66 | .30 | 3.74 | 4.04 | (.34) | (.50) | (.84) | 20.86 | 23.21 | 5353 | .54 | 1.54 |
| 12/31/2018 | 21.71 | .34 | (2.97) | (2.63) | (.40) | (1.02) | (1.42) | 17.66 | (12.94) | 4811 | .53 | 1.62 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 22.61 | .30 | (4.78) | (4.48) | (.30) | (2.60) | (2.90) | 15.23 | (20.80) | 10 | .79 | 1.73 |
| 12/31/2021 | 23.55 | .33 | (.67) | (.34) | (.60) |  | (.60) | 22.61 | (1.47) | 12 | .80 | 1.39 |
| 12/31/2020 | 20.80 | .08 | 2.81 | 2.89 | (.14) |  | (.14) | 23.55 | 13.96 | 10 | .80 | .43 |
| 12/31/2019 | 17.62 | .25 | 3.72 | 3.97 | (.29) | (.50) | (.79) | 20.80 | 22.90 | 7 | .79 | 1.27 |
| 12/31/2018 | 21.67 | .27 | (2.93) | (2.66) | (.37) | (1.02) | (1.39) | 17.62 | (13.11) | 5 | .78 | 1.32 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 22.60 | .29 | (4.76) | (4.47) | (.30) | (2.60) | (2.90) | 15.23 | (20.79) | 3164 | .79 | 1.71 |
| 12/31/2021 | 23.54 | .33 | (.68) | (.35) | (.59) |  | (.59) | 22.60 | (1.49) | 4190 | .80 | 1.35 |
| 12/31/2020 | 20.78 | .09 | 2.80 | 2.89 | (.13) |  | (.13) | 23.54 | 13.97 | 4481 | .80 | .46 |
| 12/31/2019 | 17.60 | .25 | 3.72 | 3.97 | (.29) | (.50) | (.79) | 20.78 | 22.88 | 4311 | .79 | 1.29 |
| 12/31/2018 | 21.63 | .29 | (2.95) | (2.66) | (.35) | (1.02) | (1.37) | 17.60 | (13.13) | 3875 | .78 | 1.40 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 22.76 | .31 | (4.81) | (4.50) | (.31) | (2.60) | (2.91) | 15.35 | (20.76) | 16 | .72 | 1.78 |
| 12/31/2021 | 23.69 | .34 | (.67) | (.33) | (.60) |  | (.60) | 22.76 | (1.39) | 21 | .73 | 1.41 |
| 12/31/2020 | 20.92 | .10 | 2.81 | 2.91 | (.14) |  | (.14) | 23.69 | 14.00 | 25 | .73 | .53 |
| 12/31/2019 | 17.70 | .27 | 3.75 | 4.02 | (.30) | (.50) | (.80) | 20.92 | 23.05 | 25 | .72 | 1.37 |
| 12/31/2018 | 21.75 | .31 | (2.98) | (2.67) | (.36) | (1.02) | (1.38) | 17.70 | (13.10) | 24 | .71 | 1.48 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 22.31 | .25 | (4.71) | (4.46) | (.26) | (2.60) | (2.86) | 14.99 | (21.02) | 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | .27 | (.67) | (.40) | (.54) |  | (.54) | 22.31 | (1.71) | 459 | 1.05 | 1.13 |
| 12/31/2020 | 20.54 | .04 | 2.76 | 2.80 | (.09) |  | (.09) | 23.25 | 13.66 | 423 | 1.05 | .21 |
| 12/31/2019 | 17.40 | .20 | 3.69 | 3.89 | (.25) | (.50) | (.75) | 20.54 | 22.67 | 379 | 1.04 | 1.03 |
| 12/31/2018 | 21.42 | .23 | (2.93) | (2.70) | (.30) | (1.02) | (1.32) | 17.40 | (13.41) | 295 | 1.03 | 1.13 |

---

Refer to the end of the tables for footnotes.

352 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br>beginning <br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **New World Fund** | **New World Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $31.83 | $.37 | $(7.17) | $(6.80) | $(.39) | $(2.34) | $(2.73) | $22.30 | (21.86)% | $1610 | .68% | .57% | 1.48% |
| 12/31/2021 | 31.59 | .29 | 1.38 | 1.67 | (.36) | (1.07) | (1.43) | 31.83 | 5.16 | 2443 | .74 | .56 | .88 |
| 12/31/2020 | 25.84 | .15 | 5.93 | 6.08 | (.06) | (.27) | (.33) | 31.59 | 23.89 | 2309 | .76 | .64 | .58 |
| 12/31/2019 | 20.98 | .28 | 5.79 | 6.07 | (.29) | (.92) | (1.21) | 25.84 | 29.47 | 2129 | .76 | .76 | 1.18 |
| 12/31/2018 | 25.30 | .27 | (3.65) | (3.38) | (.27) | (.67) | (.94) | 20.98 | (13.83) | 1702 | .77 | .77 | 1.11 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 31.70 | .30 | (7.15) | (6.85) | (.32) | (2.34) | (2.66) | 22.19 | (22.09) | 9 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.43 | .17 | 1.41 | 1.58 | (.24) | (1.07) | (1.31) | 31.70 | 4.90 | 12 | .99 | .81 | .54 |
| 12/31/2020 | 25.74 | .07 | 5.92 | 5.99 | (.03) | (.27) | (.30) | 31.43 | 23.63 | 18 | 1.01 | .87 | .26 |
| 12/31/2019 | 20.92 | .22 | 5.76 | 5.98 | (.24) | (.92) | (1.16) | 25.74 | 29.11 | 4 | 1.01 | 1.01 | .92 |
| 12/31/2018 | 25.25 | .21 | (3.64) | (3.43) | (.23) | (.67) | (.90) | 20.92 | (14.02) | 2 | 1.02 | 1.02 | .91 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 31.48 | .30 | (7.10) | (6.80) | (.32) | (2.34) | (2.66) | 22.02 | (22.10) | 764 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.25 | .20 | 1.38 | 1.58 | (.28) | (1.07) | (1.35) | 31.48 | 4.92 | 1086 | .99 | .81 | .63 |
| 12/31/2020 | 25.59 | .08 | 5.87 | 5.95 | (.02) | (.27) | (.29) | 31.25 | 23.58 | 1109 | 1.01 | .89 | .34 |
| 12/31/2019 | 20.79 | .22 | 5.73 | 5.95 | (.23) | (.92) | (1.15) | 25.59 | 29.15 | 981 | 1.01 | 1.01 | .93 |
| 12/31/2018 | 25.07 | .20 | (3.61) | (3.41) | (.20) | (.67) | (.87) | 20.79 | (14.04) | 843 | 1.02 | 1.02 | .85 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 31.24 | .24 | (7.03) | (6.79) | (.27) | (2.34) | (2.61) | 21.84 | (22.25) | 701 | 1.18 | 1.07 | .99 |
| 12/31/2021 | 31.04 | .12 | 1.36 | 1.48 | (.21) | (1.07) | (1.28) | 31.24 | 4.63 | 906 | 1.24 | 1.06 | .38 |
| 12/31/2020 | 25.47 | .02 | 5.83 | 5.85 | (.01) | (.27) | (.28) | 31.04 | 23.29 | 807 | 1.26 | 1.14 | .08 |
| 12/31/2019 | 20.71 | .16 | 5.70 | 5.86 | (.18) | (.92) | (1.10) | 25.47 | 28.82 | 646 | 1.26 | 1.26 | .67 |
| 12/31/2018 | 24.99 | .14 | (3.59) | (3.45) | (.16) | (.67) | (.83) | 20.71 | (14.25) | 464 | 1.27 | 1.27 | .61 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 353

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $18.09 | $.31 | $(1.69) | $(1.38) | $(.30) | $(3.72) | $(4.02) | $12.69 | (8.28)% | $5507 | .41% | .26% | 2.13% |
| 12/31/2021 | 14.35 | .29 | 3.73 | 4.02 | (.28) |  | (.28) | 18.09 | 28.12 | 6766 | .42 | .31 | 1.79 |
| 12/31/2020 | 13.56 | .25 | .95 | 1.20 | (.26) | (.15) | (.41) | 14.35 | 9.04 | 5684 | .43 | .43 | 2.00 |
| 12/31/2019 | 12.38 | .30 | 2.25 | 2.55 | (.30) | (1.07) | (1.37) | 13.56 | 21.66 | 5559 | .42 | .42 | 2.28 |
| 12/31/2018 | 14.96 | .31 | (1.44) | (1.13) | (.31) | (1.14) | (1.45) | 12.38 | (8.45) | 4810 | .41 | .41 | 2.13 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 17.96 | .27 | (1.67) | (1.40) | (.23) | (3.72) | (3.95) | 12.61 | (8.45) | 64 | .66 | .51 | 1.76 |
| 12/31/2021 | 14.28 | .27 | 3.67 | 3.94 | (.26) |  | (.26) | 17.96 | 27.70 | 169 | .67 | .53 | 1.62 |
| 12/31/2020 | 13.51 | .23 | .93 | 1.16 | (.24) | (.15) | (.39) | 14.28 | 8.79 | 25 | .67 | .67 | 1.78 |
| 12/31/2019 | 12.35 | .26 | 2.24 | 2.50 | (.27) | (1.07) | (1.34) | 13.51 | 21.35 | 9 | .67 | .67 | 2.03 |
| 12/31/2018 | 14.94 | .26 | (1.42) | (1.16) | (.29) | (1.14) | (1.43) | 12.35 | (8.67) | 3 | .66 | .66 | 1.84 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 17.83 | .26 | (1.65) | (1.39) | (.26) | (3.72) | (3.98) | 12.46 | (8.45) | 2775 | .66 | .51 | 1.88 |
| 12/31/2021 | 14.15 | .25 | 3.67 | 3.92 | (.24) |  | (.24) | 17.83 | 27.78 | 3426 | .67 | .56 | 1.54 |
| 12/31/2020 | 13.39 | .22 | .91 | 1.13 | (.22) | (.15) | (.37) | 14.15 | 8.68 | 3082 | .68 | .68 | 1.75 |
| 12/31/2019 | 12.24 | .26 | 2.22 | 2.48 | (.26) | (1.07) | (1.33) | 13.39 | 21.38 | 3093 | .67 | .67 | 2.03 |
| 12/31/2018 | 14.80 | .27 | (1.42) | (1.15) | (.27) | (1.14) | (1.41) | 12.24 | (8.66) | 2850 | .66 | .66 | 1.88 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 17.71 | .23 | (1.64) | (1.41) | (.24) | (3.72) | (3.96) | 12.34 | (8.69) | 1098 | .91 | .77 | 1.64 |
| 12/31/2021 | 14.06 | .21 | 3.65 | 3.86 | (.21) |  | (.21) | 17.71 | 27.51 | 1104 | .92 | .81 | 1.30 |
| 12/31/2020 | 13.31 | .19 | .91 | 1.10 | (.20) | (.15) | (.35) | 14.06 | 8.47 | 788 | .93 | .93 | 1.51 |
| 12/31/2019 | 12.19 | .23 | 2.20 | 2.43 | (.24) | (1.07) | (1.31) | 13.31 | 21.03 | 621 | .92 | .92 | 1.78 |
| 12/31/2018 | 14.77 | .23 | (1.42) | (1.19) | (.25) | (1.14) | (1.39) | 12.19 | (8.92) | 368 | .91 | .91 | 1.62 |

---

Refer to the end of the tables for footnotes.

354 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $18.42 | $.32 | $(3.28) | $(2.96) | $(.34) | $(3.45) | $(3.79) | $11.67 | (17.13)% | $548 | .57% | .41% | 2.36% |
| 12/31/2021 | 16.67 | .38 | 2.10 | 2.48 | (.33) | (.40) | (.73) | 18.42 | 15.03 | 812 | .63 | .47 | 2.14 |
| 12/31/2020 | 15.92 | .22 | 1.14 | 1.36 | (.23) | (.38) | (.61) | 16.67 | 9.03 | 657 | .66 | .66 | 1.49 |
| 12/31/2019 | 13.02 | .31 | 3.67 | 3.98 | (.32) | (.76) | (1.08) | 15.92 | 31.39 | 625 | .65 | .65 | 2.08 |
| 12/31/2018 | 15.81 | .29 | (1.62) | (1.33) | (.28) | (1.18) | (1.46) | 13.02 | (9.36) | 492 | .63 | .63 | 1.94 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18.34 | .28 | (3.25) | (2.97) | (.31) | (3.45) | (3.76) | 11.61 | (17.29) | 6 | .82 | .66 | 2.13 |
| 12/31/2021 | 16.62 | .37 | 2.06 | 2.43 | (.31) | (.40) | (.71) | 18.34 | 14.71 | 7 | .88 | .70 | 2.08 |
| 12/31/2020 | 15.88 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.62 | 8.78 | 2 | .90 | .90 | 1.23 |
| 12/31/2019 | 13.00 | .26 | 3.68 | 3.94 | (.30) | (.76) | (1.06) | 15.88 | 31.04 | 2 | .90 | .90 | 1.77 |
| 12/31/2018 | 15.81 | .26 | (1.63) | (1.37) | (.26) | (1.18) | (1.44) | 13.00 | (9.62) | 1 | .88 | .88 | 1.74 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18.38 | .28 | (3.26) | (2.98) | (.31) | (3.45) | (3.76) | 11.64 | (17.33) | 983 | .82 | .66 | 2.11 |
| 12/31/2021 | 16.63 | .33 | 2.11 | 2.44 | (.29) | (.40) | (.69) | 18.38 | 14.78 | 1340 | .88 | .73 | 1.85 |
| 12/31/2020 | 15.89 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.63 | 8.73 | 1349 | .91 | .91 | 1.23 |
| 12/31/2019 | 12.99 | .27 | 3.68 | 3.95 | (.29) | (.76) | (1.05) | 15.89 | 31.14 | 1366 | .90 | .90 | 1.84 |
| 12/31/2018 | 15.78 | .26 | (1.63) | (1.37) | (.24) | (1.18) | (1.42) | 12.99 | (9.63) | 1228 | .88 | .88 | 1.70 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18.04 | .24 | (3.20) | (2.96) | (.28) | (3.45) | (3.73) | 11.35 | (17.57) | 188 | 1.07 | .91 | 1.86 |
| 12/31/2021 | 16.35 | .29 | 2.06 | 2.35 | (.26) | (.40) | (.66) | 18.04 | 14.46 | 225 | 1.13 | .97 | 1.65 |
| 12/31/2020 | 15.63 | .14 | 1.12 | 1.26 | (.16) | (.38) | (.54) | 16.35 | 8.55 | 166 | 1.16 | 1.16 | .97 |
| 12/31/2019 | 12.81 | .23 | 3.61 | 3.84 | (.26) | (.76) | (1.02) | 15.63 | 30.73 | 145 | 1.15 | 1.15 | 1.56 |
| 12/31/2018 | 15.60 | .21 | (1.60) | (1.39) | (.22) | (1.18) | (1.40) | 12.81 | (9.89) | 95 | 1.13 | 1.13 | 1.43 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 355

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and <br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses<br> to average<br> net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $67.35 | $.85 | $(11.50) | $(10.65) | $(.83) | $(5.66) | $(6.49) | $50.21 | (16.28)% | $19692 | .29% | 1.54% |
| 12/31/2021 | 55.38 | .79 | 12.64 | 13.43 | (.86) | (.60) | (1.46) | 67.35 | 24.42 | 25507 | .29 | 1.28 |
| 12/31/2020 | 50.71 | .75 | 6.02 | 6.77 | (.80) | (1.30) | (2.10) | 55.38 | 13.81 | 22903 | .29 | 1.52 |
| 12/31/2019 | 45.39 | 1.00 | 10.40 | 11.40 | (.92) | (5.16) | (6.08) | 50.71 | 26.46 | 21057 | .29 | 2.05 |
| 12/31/2018 | 50.22 | .84 | (1.25) | (.41) | (.84) | (3.58) | (4.42) | 45.39 | (1.55) | 16783 | .28 | 1.65 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 67.02 | .71 | (11.44) | (10.73) | (.70) | (5.66) | (6.36) | 49.93 | (16.48) | 28 | .54 | 1.30 |
| 12/31/2021 | 55.16 | .65 | 12.55 | 13.20 | (.74) | (.60) | (1.34) | 67.02 | 24.08 | 32 | .53 | 1.04 |
| 12/31/2020 | 50.54 | .63 | 5.99 | 6.62 | (.70) | (1.30) | (2.00) | 55.16 | 13.55 | 16 | .54 | 1.28 |
| 12/31/2019 | 45.28 | .89 | 10.36 | 11.25 | (.83) | (5.16) | (5.99) | 50.54 | 26.14 | 11 | .54 | 1.82 |
| 12/31/2018 | 50.15 | .72 | (1.25) | (.53) | (.76) | (3.58) | (4.34) | 45.28 | (1.78) | 7 | .53 | 1.43 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 66.44 | .70 | (11.33) | (10.63) | (.69) | (5.66) | (6.35) | 49.46 | (16.50) | 11508 | .54 | 1.29 |
| 12/31/2021 | 54.66 | .63 | 12.45 | 13.08 | (.70) | (.60) | (1.30) | 66.44 | 24.10 | 15319 | .54 | 1.03 |
| 12/31/2020 | 50.08 | .62 | 5.93 | 6.55 | (.67) | (1.30) | (1.97) | 54.66 | 13.54 | 14012 | .54 | 1.27 |
| 12/31/2019 | 44.90 | .87 | 10.27 | 11.14 | (.80) | (5.16) | (5.96) | 50.08 | 26.14 | 13586 | .53 | 1.80 |
| 12/31/2018 | 49.71 | .71 | (1.23) | (.52) | (.71) | (3.58) | (4.29) | 44.90 | (1.79) | 12035 | .53 | 1.40 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 67.48 | .75 | (11.51) | (10.76) | (.73) | (5.66) | (6.39) | 50.33 | (16.43) | 125 | .47 | 1.36 |
| 12/31/2021 | 55.49 | .68 | 12.65 | 13.33 | (.74) | (.60) | (1.34) | 67.48 | 24.18 | 166 | .47 | 1.10 |
| 12/31/2020 | 50.81 | .66 | 6.02 | 6.68 | (.70) | (1.30) | (2.00) | 55.49 | 13.60 | 154 | .47 | 1.34 |
| 12/31/2019 | 45.47 | .91 | 10.43 | 11.34 | (.84) | (5.16) | (6.00) | 50.81 | 26.24 | 156 | .46 | 1.87 |
| 12/31/2018 | 50.29 | .75 | (1.25) | (.50) | (.74) | (3.58) | (4.32) | 45.47 | (1.72) | 140 | .46 | 1.47 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 65.57 | .56 | (11.18) | (10.62) | (.57) | (5.66) | (6.23) | 48.72 | (16.70) | 1630 | .79 | 1.05 |
| 12/31/2021 | 53.99 | .48 | 12.28 | 12.76 | (.58) | (.60) | (1.18) | 65.57 | 23.80 | 1928 | .79 | .79 |
| 12/31/2020 | 49.52 | .49 | 5.85 | 6.34 | (.57) | (1.30) | (1.87) | 53.99 | 13.25 | 1407 | .79 | 1.02 |
| 12/31/2019 | 44.47 | .74 | 10.18 | 10.92 | (.71) | (5.16) | (5.87) | 49.52 | 25.86 | 1216 | .79 | 1.56 |
| 12/31/2018 | 49.31 | .58 | (1.23) | (.65) | (.61) | (3.58) | (4.19) | 44.47 | (2.05) | 899 | .78 | 1.15 |

---

Refer to the end of the tables for footnotes.

356 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $19.62 | $.39 | $(3.09) | $(2.70) | $(.28) | $(7.70) | $(7.98) | $8.94 | (15.00)% | $13 | .64% | .54% | 3.29% |
| 12/31/2021 | 19.01 | .54 | .53 | 1.07 | (.46) |  | (.46) | 19.62 | 5.64 | 30 | .67 | .67 | 2.70 |
| 12/31/2020 | 18.18 | .27 | .85 | 1.12 | (.29) |  | (.29) | 19.01 | 6.24 | 1120 | .68 | .68 | 1.70 |
| 12/31/2019 | 15.35 | .46 | 3.03 | 3.49 | (.47) | (.19) | (.66) | 18.18 | 23.06 | 1140 | .66 | .66 | 2.73 |
| 12/31/2018 | 17.72 | .45 | (2.39) | (1.94) | (.43) |  | (.43) | 15.35 | (11.00) | 1034 | .65 | .65 | 2.62 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 19.39 | .35 | (3.05) | (2.70) | (.29) | (7.70) | (7.99) | 8.70 | (15.31) | 5 | .88 | .79 | 3.15 |
| 12/31/2021 | 18.97 | .50 | .52 | 1.02 | (.60) |  | (.60) | 19.39 | 5.39 | 6 | .94 | .92 | 2.50 |
| 12/31/2020 | 18.15 | .22 | .85 | 1.07 | (.25) |  | (.25) | 18.97 | 5.98 | 3 | .93 | .93 | 1.38 |
| 12/31/2019 | 15.33 | .41 | 3.04 | 3.45 | (.44) | (.19) | (.63) | 18.15 | 22.76 | 2 | .91 | .91 | 2.41 |
| 12/31/2018 | 17.70 | .41 | (2.39) | (1.98) | (.39) |  | (.39) | 15.33 | (11.24) | 2 | .90 | .90 | 2.35 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 19.38 | .36 | (3.05) | (2.69) | (.29) | (7.70) | (7.99) | 8.70 | (15.25) | 162 | .88 | .78 | 3.24 |
| 12/31/2021 | 18.95 | .48 | .53 | 1.01 | (.58) |  | (.58) | 19.38 | 5.37 | 211 | .93 | .92 | 2.44 |
| 12/31/2020 | 18.12 | .23 | .85 | 1.08 | (.25) |  | (.25) | 18.95 | 6.01 | 221 | .93 | .93 | 1.43 |
| 12/31/2019 | 15.30 | .42 | 3.02 | 3.44 | (.43) | (.19) | (.62) | 18.12 | 22.76 | 257 | .91 | .91 | 2.49 |
| 12/31/2018 | 17.66 | .41 | (2.38) | (1.97) | (.39) |  | (.39) | 15.30 | (11.23) | 230 | .90 | .90 | 2.38 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 19.23 | .33 | (3.04) | (2.71) | (.26) | (7.70) | (7.96) | 8.56 | (15.52) | 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | .44 | .51 | .95 | (.54) |  | (.54) | 19.23 | 5.09 | 132 | 1.18 | 1.17 | 2.21 |
| 12/31/2020 | 18.01 | .19 | .83 | 1.02 | (.21) |  | (.21) | 18.82 | 5.73 | 112 | 1.18 | 1.18 | 1.19 |
| 12/31/2019 | 15.22 | .37 | 3.01 | 3.38 | (.40) | (.19) | (.59) | 18.01 | 22.47 | 101 | 1.16 | 1.16 | 2.18 |
| 12/31/2018 | 17.58 | .36 | (2.36) | (2.00) | (.36) |  | (.36) | 15.22 | (11.46) | 71 | 1.15 | 1.15 | 2.10 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 357

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.17 | $.37 | $(1.21) | $(.84) | $(.34) | $— | $(.34) | $10.99 | (6.90)% | $586 | .44% | .26% | 3.31% |
| 12/31/2021 | 10.87 | .37 | 1.28 | 1.65 | (.35) |  | (.35) | 12.17 | 15.31 | 563 | .53 | .27 | 3.19 |
| 12/31/2020 | 10.73 | .31 | .15 | .46 | (.32) |  | (.32) | 10.87 | 4.64 | 621 | .53 | .35 | 3.07 |
| 12/31/2019 | 9.37 | .32 | 1.36 | 1.68 | (.32) |  | (.32) | 10.73 | 18.16 | 533 | .53 | .53 | 3.17 |
| 12/31/2018 | 10.40 | .31 | (1.00) | (.69) | (.32) | (.02) | (.34) | 9.37 | (6.77) | 317 | .54 | .54 | 3.08 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.15 | .34 | (1.19) | (.85) | (.32) |  | (.32) | 10.98 | (7.06) | 10 | .69 | .52 | 3.06 |
| 12/31/2021 | 10.86 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.15 | 14.95 | 10 | .78 | .52 | 2.94 |
| 12/31/2020 | 10.72 | .28 | .16 | .44 | (.30) |  | (.30) | 10.86 | 4.38 | 6 | .78 | .60 | 2.81 |
| 12/31/2019 | 9.36 | .29 | 1.37 | 1.66 | (.30) |  | (.30) | 10.72 | 17.90 | 6 | .78 | .78 | 2.84 |
| 12/31/2018 | 10.39 | .28 | (.99) | (.71) | (.30) | (.02) | (.32) | 9.36 | (7.01) | 2 | .79 | .79 | 2.82 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.16 | .34 | (1.20) | (.86) | (.32) |  | (.32) | 10.98 | (7.13) | 13 | .69 | .51 | 3.06 |
| 12/31/2021 | 10.87 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.16 | 14.94 | 13 | .78 | .52 | 2.93 |
| 12/31/2020 | 10.72 | .29 | .16 | .45 | (.30) |  | (.30) | 10.87 | 4.48 | 8 | .78 | .60 | 2.83 |
| 12/31/2019 | 9.36 | .30 | 1.35 | 1.65 | (.29) |  | (.29) | 10.72 | 17.89 | 6 | .78 | .78 | 2.91 |
| 12/31/2018 | 10.40 | .28 | (1.00) | (.72) | (.30) | (.02) | (.32) | 9.36 | (7.08) | 4 | .79 | .79 | 2.83 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.14 | .31 | (1.20) | (.89) | (.29) |  | (.29) | 10.96 | (7.37) | 530 | .94 | .76 | 2.81 |
| 12/31/2021 | 10.85 | .31 | 1.27 | 1.58 | (.29) |  | (.29) | 12.14 | 14.68 | 559 | 1.03 | .77 | 2.69 |
| 12/31/2020 | 10.71 | .26 | .15 | .41 | (.27) |  | (.27) | 10.85 | 4.11 | 462 | 1.03 | .85 | 2.55 |
| 12/31/2019 | 9.35 | .27 | 1.36 | 1.63 | (.27) |  | (.27) | 10.71 | 17.62 | 454 | 1.03 | 1.03 | 2.68 |
| 12/31/2018 | 10.38 | .26 | (1.00) | (.74) | (.27) | (.02) | (.29) | 9.35 | (7.25) | 352 | 1.04 | 1.04 | 2.58 |

---

Refer to the end of the tables for footnotes.

358 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses<br> to average<br> net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $29.08 | $.52 | $(4.24) | $(3.72) | $(.51) | $(2.65) | $(3.16) | $22.20 | (13.19)% | $15138 | .30% | 2.15% |
| 12/31/2021 | 26.50 | .48 | 3.54 | 4.02 | (.50) | (.94) | (1.44) | 29.08 | 15.40 | 18836 | .30 | 1.71 |
| 12/31/2020 | 24.05 | .43 | 2.59 | 3.02 | (.46) | (.11) | (.57) | 26.50 | 12.71 | 19238 | .30 | 1.80 |
| 12/31/2019 | 21.29 | .51 | 3.94 | 4.45 | (.50) | (1.19) | (1.69) | 24.05 | 21.54 | 17730 | .29 | 2.21 |
| 12/31/2018 | 23.71 | .48 | (1.43) | (.95) | (.44) | (1.03) | (1.47) | 21.29 | (4.35) | 14627 | .28 | 2.04 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 28.97 | .46 | (4.22) | (3.76) | (.46) | (2.65) | (3.11) | 22.10 | (13.43) | 27 | .55 | 1.95 |
| 12/31/2021 | 26.42 | .42 | 3.52 | 3.94 | (.45) | (.94) | (1.39) | 28.97 | 15.13 | 24 | .55 | 1.49 |
| 12/31/2020 | 23.99 | .37 | 2.58 | 2.95 | (.41) | (.11) | (.52) | 26.42 | 12.43 | 14 | .55 | 1.56 |
| 12/31/2019 | 21.26 | .45 | 3.92 | 4.37 | (.45) | (1.19) | (1.64) | 23.99 | 21.19 | 11 | .54 | 1.95 |
| 12/31/2018 | 23.69 | .42 | (1.42) | (1.00) | (.40) | (1.03) | (1.43) | 21.26 | (4.58) | 7 | .53 | 1.82 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 28.74 | .46 | (4.19) | (3.73) | (.45) | (2.65) | (3.10) | 21.91 | (13.41) | 4228 | .55 | 1.90 |
| 12/31/2021 | 26.21 | .41 | 3.49 | 3.90 | (.43) | (.94) | (1.37) | 28.74 | 15.10 | 5473 | .55 | 1.46 |
| 12/31/2020 | 23.79 | .37 | 2.56 | 2.93 | (.40) | (.11) | (.51) | 26.21 | 12.46 | 5242 | .55 | 1.55 |
| 12/31/2019 | 21.08 | .45 | 3.89 | 4.34 | (.44) | (1.19) | (1.63) | 23.79 | 21.23 | 5154 | .54 | 1.96 |
| 12/31/2018 | 23.49 | .41 | (1.41) | (1.00) | (.38) | (1.03) | (1.41) | 21.08 | (4.60) | 4668 | .53 | 1.78 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 29.12 | .48 | (4.25) | (3.77) | (.47) | (2.65) | (3.12) | 22.23 | (13.37) | 28 | .48 | 1.97 |
| 12/31/2021 | 26.53 | .43 | 3.55 | 3.98 | (.45) | (.94) | (1.39) | 29.12 | 15.22 | 36 | .48 | 1.53 |
| 12/31/2020 | 24.08 | .39 | 2.59 | 2.98 | (.42) | (.11) | (.53) | 26.53 | 12.50 | 33 | .48 | 1.62 |
| 12/31/2019 | 21.32 | .47 | 3.93 | 4.40 | (.45) | (1.19) | (1.64) | 24.08 | 21.30 | 32 | .47 | 2.02 |
| 12/31/2018 | 23.73 | .43 | (1.41) | (.98) | (.40) | (1.03) | (1.43) | 21.32 | (4.49) | 29 | .46 | 1.85 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 28.56 | .39 | (4.16) | (3.77) | (.39) | (2.65) | (3.04) | 21.75 | (13.66) | 5380 | .80 | 1.66 |
| 12/31/2021 | 26.06 | .34 | 3.47 | 3.81 | (.37) | (.94) | (1.31) | 28.56 | 14.84 | 6337 | .80 | 1.22 |
| 12/31/2020 | 23.67 | .31 | 2.54 | 2.85 | (.35) | (.11) | (.46) | 26.06 | 12.16 | 5131 | .80 | 1.30 |
| 12/31/2019 | 20.99 | .39 | 3.87 | 4.26 | (.39) | (1.19) | (1.58) | 23.67 | 20.92 | 4493 | .79 | 1.71 |
| 12/31/2018 | 23.40 | .35 | (1.40) | (1.05) | (.33) | (1.03) | (1.36) | 20.99 | (4.83) | 3594 | .78 | 1.54 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 359

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **(Loss) income from** **<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $14.73 | $.26 | $(2.37) | $(2.11) | $— | $(.07) | $(.07) | $12.55 | (14.33)% | $96 | .59% | .58% | 1.99% |
| 12/31/2021 | 14.19 | .18 | 1.37 | 1.55 | (.19) | (.82) | (1.01) | 14.73 | 11.05 | 120 | .73 | .73 | 1.24 |
| 12/31/2020 | 13.51 | .17 | 1.24 | 1.41 | (.19) | (.54) | (.73) | 14.19 | 10.53 | 139 | .72 | .72 | 1.29 |
| 12/31/2019 | 11.67 | .24 | 2.17 | 2.41 | (.20) | (.37) | (.57) | 13.51 | 20.79 | 134 | .72 | .72 | 1.88 |
| 12/31/2018 | 12.75 | .23 | (.96) | (.73) | (.20) | (.15) | (.35) | 11.67 | (5.81) | 110 | .72 | .72 | 1.82 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 3 | .84 | .84 | 1.71 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.83 | 4 | .98 | .98 | 1.02 |
| 12/31/2020 | 13.49 | .14 | 1.23 | 1.37 | (.16) | (.54) | (.70) | 14.16 | 10.25 | 3 | .97 | .97 | 1.03 |
| 12/31/2019 | 11.65 | .21 | 2.17 | 2.38 | (.17) | (.37) | (.54) | 13.49 | 20.54 | 2 | .97 | .97 | 1.63 |
| 12/31/2018 | 12.74 | .18 | (.94) | (.76) | (.18) | (.15) | (.33) | 11.65 | (6.03) | 2 | .98 | .98 | 1.44 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 158 | .84 | .83 | 1.73 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.79 | 208 | .98 | .98 | 1.01 |
| 12/31/2020 | 13.48 | .14 | 1.23 | 1.37 | (.15) | (.54) | (.69) | 14.16 | 10.30 | 208 | .97 | .97 | 1.03 |
| 12/31/2019 | 11.65 | .21 | 2.16 | 2.37 | (.17) | (.37) | (.54) | 13.48 | 20.44 | 207 | .97 | .97 | 1.64 |
| 12/31/2018 | 12.72 | .20 | (.96) | (.76) | (.16) | (.15) | (.31) | 11.65 | (6.01) | 185 | .97 | .97 | 1.57 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 14.53 | .19 | (2.33) | (2.14) |  | (.07) | (.07) | 12.32 | (14.73) | 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12) | (.82) | (.94) | 14.53 | 10.46 | 135 | 1.23 | 1.23 | .77 |
| 12/31/2020 | 13.36 | .10 | 1.22 | 1.32 | (.12) | (.54) | (.66) | 14.02 | 10.00 | 105 | 1.22 | 1.22 | .78 |
| 12/31/2019 | 11.55 | .18 | 2.14 | 2.32 | (.14) | (.37) | (.51) | 13.36 | 20.21 | 94 | 1.22 | 1.22 | 1.37 |
| 12/31/2018 | 12.63 | .17 | (.96) | (.79) | (.14) | (.15) | (.29) | 11.55 | (6.31) | 69 | 1.22 | 1.22 | 1.34 |

---

Refer to the end of the tables for footnotes.

360 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.21 | $.31 | $(1.67) | $(1.36) | $(.32) | $(.12) | $(.44) | $9.41 | (12.26)% | $6370 | .39% | .20% | 3.09% |
| 12/31/2021 | 11.89 | .21 | (.23) | (.02) | (.19) | (.47) | (.66) | 11.21 | (.14) | 8555 | .39 | .26 | 1.84 |
| 12/31/2020 | 11.17 | .23 | .87 | 1.10 | (.27) | (.11) | (.38) | 11.89 | 9.96 | 6844 | .40 | .40 | 2.00 |
| 12/31/2019 | 10.47 | .30 | .71 | 1.01 | (.31) |  | (.31) | 11.17 | 9.70 | 6481 | .39 | .39 | 2.76 |
| 12/31/2018 | 10.82 | .29 | (.35) | (.06) | (.28) | (.01) | (.29) | 10.47 | (.45) | 5962 | .38 | .38 | 2.70 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.16 | .31 | (1.69) | (1.38) | (.31) | (.12) | (.43) | 9.35 | (12.49) | 220 | .64 | .45 | 3.15 |
| 12/31/2021 | 11.84 | .18 | (.23) | (.05) | (.16) | (.47) | (.63) | 11.16 | (.36) | 12 | .64 | .51 | 1.59 |
| 12/31/2020 | 11.13 | .20 | .87 | 1.07 | (.25) | (.11) | (.36) | 11.84 | 9.68 | 9 | .65 | .65 | 1.74 |
| 12/31/2019 | 10.45 | .27 | .71 | .98 | (.30) |  | (.30) | 11.13 | 9.36 | 7 | .64 | .64 | 2.48 |
| 12/31/2018 | 10.80 | .26 | (.33) | (.07) | (.27) | (.01) | (.28) | 10.45 | (.60) | 3 | .63 | .63 | 2.50 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.06 | .28 | (1.66) | (1.38) | (.29) | (.12) | (.41) | 9.27 | (12.58) | 2844 | .64 | .45 | 2.84 |
| 12/31/2021 | 11.73 | .18 | (.22) | (.04) | (.16) | (.47) | (.63) | 11.06 | (.31) | 3729 | .64 | .52 | 1.57 |
| 12/31/2020 | 11.02 | .20 | .86 | 1.06 | (.24) | (.11) | (.35) | 11.73 | 9.73 | 3840 | .65 | .65 | 1.75 |
| 12/31/2019 | 10.34 | .27 | .70 | .97 | (.29) |  | (.29) | 11.02 | 9.36 | 3561 | .64 | .64 | 2.51 |
| 12/31/2018 | 10.69 | .26 | (.34) | (.08) | (.26) | (.01) | (.27) | 10.34 | (.71) | 3524 | .63 | .63 | 2.45 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.01 | .26 | (1.65) | (1.39) | (.27) | (.12) | (.39) | 9.23 | (12.75) | 787 | .89 | .70 | 2.61 |
| 12/31/2021 | 11.69 | .15 | (.22) | (.07) | (.14) | (.47) | (.61) | 11.01 | (.59) | 891 | .89 | .76 | 1.34 |
| 12/31/2020 | 11.00 | .17 | .85 | 1.02 | (.22) | (.11) | (.33) | 11.69 | 9.38 | 714 | .90 | .90 | 1.48 |
| 12/31/2019 | 10.33 | .24 | .70 | .94 | (.27) |  | (.27) | 11.00 | 9.08 | 502 | .89 | .89 | 2.25 |
| 12/31/2018 | 10.68 | .23 | (.33) | (.10) | (.24) | (.01) | (.25) | 10.33 | (.89) | 366 | .88 | .88 | 2.22 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 361

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.79 | $.25 | $(2.30) | $(2.05) | $(.03) | $(.16) | $(.19) | $9.55 | (17.43)% | $663 | .51% | .48% | 2.43% |
| 12/31/2021 | 12.94 | .25 | (.85) | (.60) | (.24) | (.31) | (.55) | 11.79 | (4.73) | 988 | .60 | .50 | 2.06 |
| 12/31/2020 | 12.12 | .26 | .95 | 1.21 | (.18) | (.21) | (.39) | 12.94 | 10.17 | 1219 | .59 | .52 | 2.08 |
| 12/31/2019 | 11.42 | .31 | .61 | .92 | (.22) |  | (.22) | 12.12 | 8.08 | 1077 | .58 | .58 | 2.60 |
| 12/31/2018 | 11.88 | .30 | (.44) | (.14) | (.28) | (.04) | (.32) | 11.42 | (1.14) | 1015 | .57 | .57 | 2.56 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.76 | .22 | (2.30) | (2.08) | (.02) | (.16) | (.18) | 9.50 | (17.69) | 1 | .76 | .73 | 2.19 |
| 12/31/2021 | 12.91 | .23 | (.85) | (.62) | (.22) | (.31) | (.53) | 11.76 | (4.88) | 1 | .85 | .75 | 1.85 |
| 12/31/2020 | 12.10 | .23 | .95 | 1.18 | (.16) | (.21) | (.37) | 12.91 | 9.89 | 1 | .83 | .76 | 1.83 |
| 12/31/2019 | 11.41 | .28 | .60 | .88 | (.19) |  | (.19) | 12.10 | 7.75 | 1 | .83 | .83 | 2.35 |
| 12/31/2018 | 11.87 | .27 | (.43) | (.16) | (.26) | (.04) | (.30) | 11.41 | (1.29) | 1 | .82 | .82 | 2.36 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.70 | .22 | (2.29) | (2.07) | (.02) | (.16) | (.18) | 9.45 | (17.70) | 765 | .76 | .73 | 2.18 |
| 12/31/2021 | 12.84 | .22 | (.84) | (.62) | (.21) | (.31) | (.52) | 11.70 | (4.92) | 1030 | .85 | .75 | 1.82 |
| 12/31/2020 | 12.03 | .22 | .95 | 1.17 | (.15) | (.21) | (.36) | 12.84 | 9.90 | 1058 | .84 | .77 | 1.83 |
| 12/31/2019 | 11.34 | .28 | .60 | .88 | (.19) |  | (.19) | 12.03 | 7.77 | 1002 | .83 | .83 | 2.35 |
| 12/31/2018 | 11.79 | .27 | (.43) | (.16) | (.25) | (.04) | (.29) | 11.34 | (1.33) | 1032 | .82 | .82 | 2.32 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.57 | .19 | (2.25) | (2.06) | (.02) | (.16) | (.18) | 9.33 | (17.84) | 53 | 1.01 | .98 | 1.94 |
| 12/31/2021 | 12.71 | .19 | (.84) | (.65) | (.18) | (.31) | (.49) | 11.57 | (5.18) | 66 | 1.10 | 1.00 | 1.57 |
| 12/31/2020 | 11.92 | .19 | .94 | 1.13 | (.13) | (.21) | (.34) | 12.71 | 9.62 | 61 | 1.09 | 1.02 | 1.58 |
| 12/31/2019 | 11.24 | .24 | .60 | .84 | (.16) |  | (.16) | 11.92 | 7.54 | 49 | 1.08 | 1.08 | 2.09 |
| 12/31/2018 | 11.70 | .24 | (.43) | (.19) | (.23) | (.04) | (.27) | 11.24 | (1.61) | 40 | 1.07 | 1.07 | 2.09 |

---

Refer to the end of the tables for footnotes.

362 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers<sup>3</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2,3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $10.19 | $.56 | $(1.47) | $(.91) | $(.75) | $— | $(.75) | $8.53 | (9.01)% | $224 | .47% | .32% | 5.95% |
| 12/31/2021 | 9.80 | .51 | .34 | .85 | (.46) |  | (.46) | 10.19 | 8.74 | 278 | .53 | .37 | 4.95 |
| 12/31/2020 | 9.87 | .61 | .17 | .78 | (.85) |  | (.85) | 9.80 | 8.21 | 123 | .52 | .52 | 6.46 |
| 12/31/2019 | 9.34 | .67 | .52 | 1.19 | (.66) |  | (.66) | 9.87 | 12.85 | 525 | .51 | .51 | 6.71 |
| 12/31/2018 | 10.19 | .64 | (.84) | (.20) | (.65) |  | (.65) | 9.34 | (2.15) | 501 | .50 | .50 | 6.32 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.16 | .53 | (1.46) | (.93) | (.72) |  | (.72) | 8.51 | (9.29) | 1 | .72 | .57 | 5.70 |
| 12/31/2021 | 9.78 | .49 | .33 | .82 | (.44) |  | (.44) | 10.16 | 8.42 | 1 | .78 | .64 | 4.75 |
| 12/31/2020 | 9.86 | .56 | .20 | .76 | (.84) |  | (.84) | 9.78 | 7.94 | 1 | .78 | .78 | 5.85 |
| 12/31/2019 | 9.33 | .65 | .51 | 1.16 | (.63) |  | (.63) | 9.86 | 12.61 | 1 | .75 | .75 | 6.47 |
| 12/31/2018 | 10.18 | .62 | (.84) | (.22) | (.63) |  | (.63) | 9.33 | (2.35) | 1 | .75 | .75 | 6.11 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 9.98 | .52 | (1.43) | (.91) | (.72) |  | (.72) | 8.35 | (9.26) | 521 | .72 | .57 | 5.68 |
| 12/31/2021 | 9.61 | .48 | .33 | .81 | (.44) |  | (.44) | 9.98 | 8.42 | 673 | .78 | .65 | 4.80 |
| 12/31/2020 | 9.70 | .55 | .19 | .74 | (.83) |  | (.83) | 9.61 | 7.94 | 665 | .78 | .78 | 5.88 |
| 12/31/2019 | 9.19 | .64 | .50 | 1.14 | (.63) |  | (.63) | 9.70 | 12.55 | 667 | .76 | .76 | 6.45 |
| 12/31/2018 | 10.03 | .61 | (.83) | (.22) | (.62) |  | (.62) | 9.19 | (2.34) | 661 | .75 | .75 | 6.07 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.24 | .54 | (1.47) | (.93) | (.73) |  | (.73) | 8.58 | (9.25) | 9 | .65 | .50 | 5.76 |
| 12/31/2021 | 9.84 | .50 | .34 | .84 | (.44) |  | (.44) | 10.24 | 8.60 | 10 | .71 | .58 | 4.86 |
| 12/31/2020 | 9.92 | .57 | .19 | .76 | (.84) |  | (.84) | 9.84 | 7.93 | 10 | .71 | .71 | 5.94 |
| 12/31/2019 | 9.38 | .66 | .52 | 1.18 | (.64) |  | (.64) | 9.92 | 12.70 | 10 | .69 | .69 | 6.52 |
| 12/31/2018 | 10.23 | .63 | (.85) | (.22) | (.63) |  | (.63) | 9.38 | (2.33) | 10 | .68 | .68 | 6.14 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.99 | .55 | (1.58) | (1.03) | (.70) |  | (.70) | 9.26 | (9.53) | 77 | .97 | .82 | 5.44 |
| 12/31/2021 | 10.54 | .50 | .36 | .86 | (.41) |  | (.41) | 10.99 | 8.18 | 90 | 1.03 | .89 | 4.52 |
| 12/31/2020 | 10.56 | .57 | .22 | .79 | (.81) |  | (.81) | 10.54 | 7.74 | 69 | 1.03 | 1.03 | 5.58 |
| 12/31/2019 | 9.96 | .67 | .54 | 1.21 | (.61) |  | (.61) | 10.56 | 12.27 | 63 | 1.01 | 1.01 | 6.21 |
| 12/31/2018 | 10.82 | .63 | (.90) | (.27) | (.59) |  | (.59) | 9.96 | (2.64) | 31 | 1.00 | 1.00 | 5.83 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 363

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $10.63 | $.07 | $(1.10) | $(1.03) | $(.15) | $— | $(.15) | $9.45 | (9.76)% | $1 | .45% | .25% | .70% |
| 12/31/2021 | 11.11 | .06 | (.09) | (.03) | (.08) | (.37) | (.45) | 10.63 | (.32) | 231 | .49 | .29 | .58 |
| 12/31/2020 | 10.56 | .10 | .64 | .74 | (.17) | (.02) | (.19) | 11.11 | 6.98 | 224 | .48 | .36 | .93 |
| 12/31/2019 | 10.30 | .24 | .30 | .54 | (.28) |  | (.28) | 10.56 | 5.30 | 210 | .47 | .47 | 2.26 |
| 12/31/2018 | 10.47 | .20 | (.14) | .06 | (.23) |  | (.23) | 10.30 | .58 | 209 | .48 | .48 | 1.97 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.59 | .19 | (1.24) | (1.05) | (.20) |  | (.20) | 9.34 | (10.03) | 2 | .69 | .54 | 1.91 |
| 12/31/2021 | 11.08 | .04 | (.10) | (.06) | (.06) | (.37) | (.43) | 10.59 | (.47) | 2 | .74 | .54 | .33 |
| 12/31/2020 | 10.55 | .07 | .63 | .70 | (.15) | (.02) | (.17) | 11.08 | 6.63 | 1 | .73 | .59 | .61 |
| 12/31/2019 | 10.28 | .22 | .30 | .52 | (.25) |  | (.25) | 10.55 | 5.09 | 1 | .71 | .71 | 2.04 |
| 12/31/2018 | 10.46 | .18 | (.14) | .04 | (.22) |  | (.22) | 10.28 | .36 | 1 | .73 | .73 | 1.77 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.61 | .18 | (1.23) | (1.05) | (.20) |  | (.20) | 9.36 | (9.94) | 46 | .69 | .54 | 1.87 |
| 12/31/2021 | 11.09 | .04 | (.10) | (.06) | (.05) | (.37) | (.42) | 10.61 | (.57) | 58 | .74 | .54 | .33 |
| 12/31/2020 | 10.54 | .08 | .63 | .71 | (.14) | (.02) | (.16) | 11.09 | 6.72 | 58 | .73 | .60 | .68 |
| 12/31/2019 | 10.28 | .21 | .31 | .52 | (.26) |  | (.26) | 10.54 | 5.04 | 56 | .72 | .72 | 2.01 |
| 12/31/2018 | 10.45 | .18 | (.15) | .03 | (.20) |  | (.20) | 10.28 | .32 | 57 | .73 | .73 | 1.72 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.49 | .16 | (1.22) | (1.06) | (.18) |  | (.18) | 9.25 | (10.16) | 40 | .94 | .79 | 1.66 |
| 12/31/2021 | 10.97 | .01 | (.09) | (.08) | (.03) | (.37) | (.40) | 10.49 | (.78) | 43 | .99 | .79 | .08 |
| 12/31/2020 | 10.44 | .04 | .63 | .67 | (.12) | (.02) | (.14) | 10.97 | 6.38 | 37 | .98 | .85 | .41 |
| 12/31/2019 | 10.19 | .18 | .31 | .49 | (.24) |  | (.24) | 10.44 | 4.80 | 28 | .97 | .97 | 1.71 |
| 12/31/2018 | 10.38 | .15 | (.15) | —<sup>4</sup> | (.19) |  | (.19) | 10.19 | .07 | 24 | .98 | .98 | 1.49 |

---

Refer to the end of the tables for footnotes.

364 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from<br> investment operations<sup>1</sup>** | **Income (loss) from<br> investment operations<sup>1</sup>** | **Income (loss) from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> end<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of <br> expenses<br> to average<br> net assets** |<br>**Ratio of<br> net income<br> (loss)<br> to average<br> net assets** |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.27 | $.17 | $(.01) | $.16 | $(.08) | $— | $(.08) | $11.35 | 1.42% | $51 | .32% | 1.48% |
| 12/31/2021 | 11.31 | (.03) | (.01) | (.04) |  |  |  | 11.27 | (.35) | 37 | .37 | (.28) |
| 12/31/2020 | 11.30 | .02 | .02 | .04 | (.03) |  | (.03) | 11.31 | .34 | 44 | .37 | .16 |
| 12/31/2019 | 11.31 | .22 | —<sup>4</sup> | .22 | (.23) |  | (.23) | 11.30 | 1.92 | 30 | .36 | 1.92 |
| 12/31/2018 | 11.29 | .18 | —<sup>4</sup> | .18 | (.16) |  | (.16) | 11.31 | 1.58 | 37 | .35 | 1.60 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.28 | .16 | (.01) | .15 | (.08) |  | (.08) | 11.35 | 1.32 | —<sup>6</sup> | .31 | 1.40 |
| 12/31/2021 | 11.31 | (.03) | —<sup>4</sup> | (.03) |  |  |  | 11.28 | (.27) | —<sup>6</sup> | .36 | (.28) |
| 12/31/2020 | 11.30 | .03 | .01 | .04 | (.03) |  | (.03) | 11.31 | .32 | —<sup>6</sup> | .35 | .26 |
| 12/31/2019 | 11.31 | .22 | —<sup>4</sup> | .22 | (.23) |  | (.23) | 11.30 | 1.92 | —<sup>6</sup> | .37 | 1.90 |
| 12/31/2018 | 11.29 | .18 | —<sup>4</sup> | .18 | (.16) |  | (.16) | 11.31 | 1.58 | —<sup>6</sup> | .35 | 1.60 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.93 | .13 | —<sup>4</sup> | .13 | (.06) |  | (.06) | 11.00 | 1.17 | 297 | .57 | 1.23 |
| 12/31/2021 | 10.99 | (.06) | —<sup>4</sup> | (.06) |  |  |  | 10.93 | (.55) | 245 | .62 | (.53) |
| 12/31/2020 | 11.01 | —<sup>4</sup> | —<sup>4</sup> | —<sup>4</sup> | (.02) |  | (.02) | 10.99 | .03 | 288 | .62 | (.05) |
| 12/31/2019 | 11.03 | .18 | —<sup>4</sup> | .18 | (.20) |  | (.20) | 11.01 | 1.62 | 230 | .61 | 1.66 |
| 12/31/2018 | 11.01 | .15 | —<sup>4</sup> | .15 | (.13) |  | (.13) | 11.03 | 1.36 | 247 | .60 | 1.34 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.07 | .13 | —<sup>4</sup> | .13 | (.06) |  | (.06) | 11.14 | 1.19 | 4 | .50 | 1.19 |
| 12/31/2021 | 11.12 | (.05) | —<sup>4</sup> | (.05) |  |  |  | 11.07 | (.45) | 5 | .55 | (.46) |
| 12/31/2020 | 11.13 | —<sup>4</sup> | .02 | .02 | (.03) |  | (.03) | 11.12 | .13 | 4 | .55 | .03 |
| 12/31/2019 | 11.14 | .20 | —<sup>4</sup> | .20 | (.21) |  | (.21) | 11.13 | 1.76 | 3 | .54 | 1.74 |
| 12/31/2018 | 11.12 | .16 | (.01) | .15 | (.13) |  | (.13) | 11.14 | 1.38 | 4 | .53 | 1.42 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.00 | .12 | (.03) | .09 | (.04) |  | (.04) | 11.05 | .83 | 80 | .82 | 1.05 |
| 12/31/2021 | 11.08 | (.09) | .01 | (.08) |  |  |  | 11.00 | (.72) | 46 | .87 | (.79) |
| 12/31/2020 | 11.13 | (.04) | .01 | (.03) | (.02) |  | (.02) | 11.08 | (.25) | 40 | .87 | (.35) |
| 12/31/2019 | 11.15 | .16 | —<sup>4</sup> | .16 | (.18) |  | (.18) | 11.13 | 1.40 | 22 | .86 | 1.40 |
| 12/31/2018 | 11.13 | .12 | .01 | .13 | (.11) |  | (.11) | 11.15 | 1.14 | 18 | .86 | 1.11 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 365

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before<br> waivers** |<br>**Ratio of<br> expenses to<br> average net<br> assets after<br> waivers<sup>2</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.67 | $.32 | $(1.56) | $(1.24) | $(.44) | $— | $(.44) | $9.99 | (10.75)% | $242 | .36% | .22% | 2.90% |
| 12/31/2021 | 13.04 | .18 | (.26) | (.08) | (.18) | (1.11) | (1.29) | 11.67 | (.44) | 522 | .39 | .29 | 1.50 |
| 12/31/2020 | 12.34 | .16 | 1.07 | 1.23 | (.26) | (.27) | (.53) | 13.04 | 10.09 | 429 | .38 | .38 | 1.21 |
| 12/31/2019 | 11.94 | .25 | .43 | .68 | (.28) |  | (.28) | 12.34 | 5.69 | 1418 | .37 | .37 | 2.07 |
| 12/31/2018 | 12.08 | .24 | (.13) | .11 | (.25) |  | (.25) | 11.94 | .91 | 1445 | .36 | .36 | 2.02 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.63 | .29 | (1.55) | (1.26) | (.41) |  | (.41) | 9.96 | (10.93) | 4 | .60 | .47 | 2.70 |
| 12/31/2021 | 13.00 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.63 | (.65) | 5 | .64 | .53 | 1.28 |
| 12/31/2020 | 12.32 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 13.00 | 9.75 | 4 | .64 | .64 | .69 |
| 12/31/2019 | 11.93 | .22 | .43 | .65 | (.26) |  | (.26) | 12.32 | 5.42 | 2 | .62 | .62 | 1.82 |
| 12/31/2018 | 12.08 | .22 | (.14) | .08 | (.23) |  | (.23) | 11.93 | .70 | 1 | .61 | .61 | 1.82 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.53 | .29 | (1.54) | (1.25) | (.41) |  | (.41) | 9.87 | (10.95) | 1059 | .61 | .47 | 2.69 |
| 12/31/2021 | 12.89 | .15 | (.25) | (.10) | (.15) | (1.11) | (1.26) | 11.53 | (.62) | 1391 | .64 | .54 | 1.24 |
| 12/31/2020 | 12.21 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 12.89 | 9.80 | 1439 | .64 | .64 | .73 |
| 12/31/2019 | 11.82 | .22 | .42 | .64 | (.25) |  | (.25) | 12.21 | 5.31 | 1343 | .62 | .62 | 1.82 |
| 12/31/2018 | 11.96 | .21 | (.14) | .07 | (.21) |  | (.21) | 11.82 | .73 | 1323 | .61 | .61 | 1.77 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.70 | .30 | (1.57) | (1.27) | (.41) |  | (.41) | 10.02 | (10.90) | 6 | .54 | .40 | 2.76 |
| 12/31/2021 | 13.07 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.70 | (.62) | 9 | .57 | .47 | 1.31 |
| 12/31/2020 | 12.37 | .10 | 1.12 | 1.22 | (.25) | (.27) | (.52) | 13.07 | 9.91 | 10 | .57 | .57 | .78 |
| 12/31/2019 | 11.97 | .23 | .43 | .66 | (.26) |  | (.26) | 12.37 | 5.49 | 9 | .55 | .55 | 1.88 |
| 12/31/2018 | 12.11 | .22 | (.14) | .08 | (.22) |  | (.22) | 11.97 | .71 | 9 | .54 | .54 | 1.84 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.52 | .26 | (1.54) | (1.28) | (.38) |  | (.38) | 9.86 | (11.19) | 190 | .85 | .72 | 2.45 |
| 12/31/2021 | 12.88 | .12 | (.25) | (.13) | (.12) | (1.11) | (1.23) | 11.52 | (.88) | 238 | .89 | .79 | .98 |
| 12/31/2020 | 12.22 | .05 | 1.10 | 1.15 | (.22) | (.27) | (.49) | 12.88 | 9.48 | 272 | .89 | .89 | .42 |
| 12/31/2019 | 11.84 | .19 | .42 | .61 | (.23) |  | (.23) | 12.22 | 5.14 | 124 | .87 | .87 | 1.56 |
| 12/31/2018 | 11.98 | .18 | (.12) | .06 | (.20) |  | (.20) | 11.84 | .50 | 91 | .86 | .86 | 1.53 |

---

Refer to the end of the tables for footnotes.

366 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> before<br> waivers/<br> reimburse-<br> ments<sup>7</sup>** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> after<br> waivers/<br> reimburse-<br> ments<sup>2,7</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,8,9</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $18.53 | $.06 | $(4.46) | $(4.40) | $(.22) | $(2.54) | $(2.76) | $11.37 | (24.62)% | $9 | .41% | .36% | .69% | .47% |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18) | (.74) | (.92) | 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
| 12/31/2020 | 13.78 | .07 | 4.20 | 4.27 | (.12) | (.68) | (.80) | 17.25 | 32.45 | 11 | .42 | .37 | .72 | .49 |
| 12/31/2019 | 12.30 | .15 | 2.44 | 2.59 | (.19) | (.92) | (1.11) | 13.78 | 22.01 | 6 | .42 | .37 | .73 | 1.19 |
| 12/31/2018 | 13.22 | .11 | (.04) | .07 | (.10) | (.89) | (.99) | 12.30 | (.04)<sup>10</sup> | 3 | .42<sup>10</sup> | .37<sup>10</sup> | .71<sup>10</sup> | .82<sup>10</sup> |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 18.42 | .03 | (4.45) | (4.42) | (.18) | (2.54) | (2.72) | 11.28 | (24.88) | 445 | .67 | .62 | .95 | .20 |
| 12/31/2021 | 17.11 | (.01) | 2.16 | 2.15 | (.10) | (.74) | (.84) | 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07) |
| 12/31/2020 | 13.71 | .03 | 4.16 | 4.19 | (.11) | (.68) | (.79) | 17.11 | 32.03 | 554 | .67 | .62 | .97 | .20 |
| 12/31/2019 | 12.21 | .09 | 2.45 | 2.54 | (.12) | (.92) | (1.04) | 13.71 | 21.74 | 434 | .68 | .63 | .99 | .73 |
| 12/31/2018 | 13.14 | .06 | (.04) | .02 | (.06) | (.89) | (.95) | 12.21 | (.37) | 340 | .68 | .63 | .97 | .46 |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $10.55 | $.15 | $(1.75) | $(1.60) | $(.34) | $— | $(.34) | $8.61 | (15.27)%<sup>10</sup> | $2 | .44%<sup>10</sup> | .37%<sup>10</sup> | .87%<sup>10</sup> | 1.70%<sup>10</sup> |
| 12/31/2021 | 11.07 | .24 | (.67) | (.43) | (.09) |  | (.09) | 10.55 | (3.92)<sup>10</sup> | 2 | .44<sup>10</sup> | .36<sup>10</sup> | .87<sup>10</sup> | 2.12<sup>10</sup> |
| 12/31/2020 | 11.01 | .08 | .22 | .30 | (.16) | (.08) | (.24) | 11.07 | 3.13<sup>10</sup> | 2 | .43<sup>10</sup> | .35<sup>10</sup> | .86<sup>10</sup> | .82<sup>10</sup> |
| 12/31/2019 | 9.82 | .17 | 1.54 | 1.71 | (.20) | (.32) | (.52) | 11.01 | 17.91<sup>10</sup> | 1 | .41<sup>10</sup> | .33<sup>10</sup> | .84<sup>10</sup> | 1.64<sup>10</sup> |
| 12/31/2018 | 11.25 | .32 | (1.44) | (1.12) | (.26) | (.05) | (.31) | 9.82 | (10.11)<sup>10</sup> | —<sup>6</sup> | .33<sup>10</sup> | .28<sup>10</sup> | .77<sup>10</sup> | 3.02<sup>10</sup> |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 10.48 | .12 | (1.74) | (1.62) | (.28) |  | (.28) | 8.58 | (15.54) | 124 | .70 | .63 | 1.13 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65) | (.45) | (.06) |  | (.06) | 10.48 | (4.13) | 160 | .71 | .63 | 1.14 | 1.79 |
| 12/31/2020 | 10.92 | .04 | .23 | .27 | (.12) | (.08) | (.20) | 10.99 | 2.80 | 168 | .71 | .63 | 1.14 | .42 |
| 12/31/2019 | 9.76 | .13 | 1.55 | 1.68 | (.20) | (.32) | (.52) | 10.92 | 17.64 | 165 | .71 | .63 | 1.14 | 1.21 |
| 12/31/2018 | 11.15 | .16 | (1.32) | (1.16) | (.18) | (.05) | (.23) | 9.76 | (10.50) | 151 | .69 | .64 | 1.13 | 1.49 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.95 | $.23 | $(1.38) | $(1.15) | $(.56) | $— | $(.56) | $11.24 | (8.92)%<sup>10</sup> | $3 | .41%<sup>10</sup> | .36%<sup>10</sup> | .75%<sup>10</sup> | 1.96%<sup>10</sup> |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24) |  | (.24) | 12.95 | 17.46<sup>10</sup> | 2 | .41<sup>10</sup> | .36<sup>10</sup> | .77<sup>10</sup> | 1.33<sup>10</sup> |
| 12/31/2020 | 12.01 | .18 | (.35) | (.17) | (.26) | (.34) | (.60) | 11.24 | (.93)<sup>10</sup> | 2 | .40<sup>10</sup> | .35<sup>10</sup> | .76<sup>10</sup> | 1.66<sup>10</sup> |
| 12/31/2019 | 11.28 | .25 | 1.28 | 1.53 | (.20) | (.60) | (.80) | 12.01 | 14.14<sup>10</sup> | 1 | .38<sup>10</sup> | .33<sup>10</sup> | .74<sup>10</sup> | 2.14<sup>10</sup> |
| 12/31/2018 | 13.04 | .40 | (1.27) | (.87) | (.45) | (.44) | (.89) | 11.28 | (6.99)<sup>10</sup> | —<sup>6</sup> | .33<sup>10</sup> | .28<sup>10</sup> | .67<sup>10</sup> | 3.21<sup>10</sup> |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.88 | .19 | (1.37) | (1.18) | (.52) |  | (.52) | 11.18 | (9.16) | 321 | .67 | .62 | 1.01 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20) |  | (.20) | 12.88 | 17.11 | 371 | .68 | .62 | 1.03 | .91 |
| 12/31/2020 | 11.91 | .13 | (.33) | (.20) | (.19) | (.34) | (.53) | 11.18 | (1.25) | 355 | .68 | .63 | 1.04 | 1.18 |
| 12/31/2019 | 11.21 | .18 | 1.31 | 1.49 | (.19) | (.60) | (.79) | 11.91 | 13.88 | 365 | .68 | .63 | 1.04 | 1.62 |
| 12/31/2018 | 12.96 | .19 | (1.10) | (.91) | (.40) | (.44) | (.84) | 11.21 | (7.38) | 336 | .68 | .63 | 1.02 | 1.49 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 367

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income<br> (loss)** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> before<br> waivers/<br> reimburse-<br> ments<sup>7</sup>** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> after<br> waivers/<br> reimburse-<br> ments<sup>2,7</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,8,9</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $15.73 | $.18 | $(2.79) | $(2.61) | $(.30) | $(.31) | $(.61) | $12.51 | (16.74)% | $1833 | .41% | .36% | .65% | 1.33% |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21) | (.20) | (.41) | 15.73 | 15.32 | 2328 | .41 | .36 | .66 | .96 |
| 12/31/2020 | 13.76 | .17 | 1.08 | 1.25 | (.26) | (.74) | (1.00) | 14.01 | 9.85 | 2120 | .41 | .36 | .66 | 1.24 |
| 12/31/2019 | 11.73 | .22 | 2.01 | 2.23 | (.10) | (.10) | (.20) | 13.76 | 19.14 | 1987 | .42 | .37 | .67 | 1.71 |
| 12/31/2018 | 12.66 | (.02) | (.15) | (.17) | (.19) | (.57) | (.76) | 11.73 | (1.66) | 1662 | .40 | .35 | .64 | (.20) |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 15.64 | .15 | (2.78) | (2.63) | (.26) | (.31) | (.57) | 12.44 | (16.93) | 268 | .66 | .61 | .90 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17) | (.20) | (.37) | 15.64 | 15.05 | 340 | .66 | .61 | .91 | .70 |
| 12/31/2020 | 13.69 | .14 | 1.07 | 1.21 | (.23) | (.74) | (.97) | 13.93 | 9.58 | 315 | .66 | .61 | .91 | 1.02 |
| 12/31/2019 | 11.67 | .19 | 2.00 | 2.19 | (.07) | (.10) | (.17) | 13.69 | 18.84 | 283 | .67 | .62 | .92 | 1.47 |
| 12/31/2018 | 12.58 | .16 | (.36) | (.20) | (.14) | (.57) | (.71) | 11.67 | (1.97) | 230 | .69 | .64 | .93 | 1.25 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $15.33 | $.24 | $(2.34) | $(2.10) | $(.32) | $(.48) | $(.80) | $12.43 | (13.75)% | $7 | .41% | .36% | .64% | 1.80% |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27) |  | (.27) | 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
| 12/31/2020 | 13.81 | .25 | .51 | .76 | (.21) | (.52) | (.73) | 13.84 | 6.10 | 5 | .41 | .36 | .66 | 1.91 |
| 12/31/2019 | 12.23 | .26 | 1.92 | 2.18 | (.03) | (.57) | (.60) | 13.81 | 18.25 | 2 | .41 | .36 | .65 | 2.01 |
| 12/31/2018 | 13.59 | .22 | (.80) | (.58) | (.25) | (.53) | (.78) | 12.23 | (4.63) | 2 | .37 | .32 | .59 | 1.67 |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 14.93 | .18 | (2.25) | (2.07) | (.29) | (.48) | (.77) | 12.09 | (13.97) | 2182 | .66 | .61 | .89 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20) |  | (.20) | 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |
| 12/31/2020 | 13.46 | .15 | .56 | .71 | (.20) | (.52) | (.72) | 13.45 | 5.88 | 2773 | .66 | .61 | .91 | 1.15 |
| 12/31/2019 | 12.22 | .19 | 1.93 | 2.12 | (.31) | (.57) | (.88) | 13.46 | 17.98 | 2830 | .66 | .61 | .90 | 1.51 |
| 12/31/2018 | 13.55 | .17 | (.79) | (.62) | (.18) | (.53) | (.71) | 12.22 | (4.89) | 2541 | .62 | .57 | .84 | 1.27 |

---

Refer to the end of the tables for footnotes.

368 American Funds Insurance Series

Financial highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes**<br>**excluding mortgage dollar roll transactions<sup>11,12</sup>** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Capital Income Builder | 48% | 60% | 110% | 44% | 42% |
| Asset Allocation Fund | 42 | 45 | 49 | 47 | 34 |
| American Funds Global Balanced Fund | 111 | 36 | 68 | 60 | 30 |
| The Bond Fund of America | 77 | 87 | 72 | 146 | 98 |
| Capital World Bond Fund | 114 | 64 | 88 | 110 | 78 |
| American Funds Mortgage Fund | 56 | 38 | 123 | 84 | 60 |
| U.S. Government Securities Fund | 77 | 126 | 112 | 103 | 76 |
| **Portfolio turnover rate for all share classes** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **including mortgage dollar roll transactions<sup>11,12</sup>** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Global Growth Fund | 29% | 18% | 17% | 14% | 25% |
| Global Small Capitalization Fund | 40 | 29 | 38 | 50 | 43 |
| Growth Fund | 29 | 25 | 32 | 21 | 35 |
| International Fund | 42 | 44 | 40 | 32 | 29 |
| New World Fund | 40 | 43 | 70 | 38 | 58 |
| Washington Mutual Investors Fund | 30 | 90 | 40 | 37 | 49 |
| Capital World Growth and Income Fund | 42 | 85 | 36 | 29 | 49 |
| Growth-Income Fund | 25 | 24 | 33 | 27 | 39 |
| International Growth and Income Fund | 48 | 41 | 56 | 28 | 38 |
| Capital Income Builder | 126 | 93 | 184 | 72 | 98 |
| Asset Allocation Fund | 118 | 124 | 145 | 79 | 86 |
| American Funds Global Balanced Fund | 126 | 39 | 86 | 74 | 51 |
| The Bond Fund of America | 415 | 456 | 461 | 373 | 514 |
| Capital World Bond Fund | 188 | 91 | 145 | 159 | 125 |
| American High-Income Trust | 34 | 56 | 78 | 58 | 67 |
| American Funds Mortgage Fund | 1141 | 975 | 1143 | 350 | 811 |
| Ultra-Short Bond Fund | —<sup>13</sup> | —<sup>13</sup> | —<sup>13</sup> | —<sup>13</sup> | —<sup>13</sup> |
| U.S. Government Securities Fund | 695 | 433 | 867 | 277 | 446 |
| Managed Risk Growth Fund | 97 | 32 | 80 | 10 | 7 |
| Managed Risk International Fund | 82 | 24 | 71 | 8 | 8 |
| Managed Risk Washington Mutual Investors Fund | 70 | 16 | 101 | 13 | 11 |
| Managed Risk Growth-Income Fund | 67 | 13 | 38 | 6 | 14 |
| Managed Risk Asset Allocation Fund | 48 | 5 | 30 | 8 | 12 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> Amount less than $.01.

<sup>5</sup> Amount less than .01%.

<sup>6</sup> Amount less than $1 million.

<sup>7</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>8</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.

<sup>9</sup> Unaudited.

<sup>10</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

<sup>11</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>12</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>13</sup> Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

American Funds Insurance Series 369

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund<sup>®</sup>, Washington Mutual Investors Fund, Capital World Growth and Income Fund<sup>®</sup>, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder<sup>®</sup>, Asset Allocation Fund, American Funds<sup>®</sup> Global Balanced Fund, The Bond Fund of America<sup>®</sup>, Capital World Bond Fund<sup>®</sup>, American High-Income Trust<sup>®</sup>, American Funds Mortgage Fund<sup>®</sup>, Ultra-Short Bond Fund, U.S. Government Securities Fund<sup>®</sup>, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund<sup>®</sup>, Washington Mutual Investors Fund, Capital World Growth and Income Fund<sup>®</sup>, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder<sup>®</sup>, Asset Allocation Fund, American Funds<sup>®</sup> Global Balanced Fund (formerly Global Balanced Fund), The Bond Fund of America<sup>®</sup>, Capital World Bond Fund<sup>®</sup>, American High Income Trust<sup>®</sup>, American Funds Mortgage Fund<sup>®</sup>, Ultra-Short Bond Fund, U.S. Government Securities Fund<sup>®</sup>, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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, 2022 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 opinions.

/s/PricewaterhouseCoopers LLP

Los Angeles, California<br> February 13, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

370 American Funds Insurance Series

---

| | |
|:---|:---|
| Expense example | **unaudited** |

---

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

**Actual expenses:**

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

**Hypothetical example for comparison purposes:**

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. 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 fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

**Notes:**

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables 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 transactional costs were included, your costs would have been higher.

American Funds Insurance Series 371

Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> account value<br> 7/1/2022** | **Ending<br> account value<br> 12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1</sup>** | **Annualized<br> expense<br> ratio** |
| **Global Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1045.68 | $2.11 | .41% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.14 | 2.09 | .41 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1044.04 | 3.40 | .66 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1043.99 | 3.40 | .66 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1042.74 | 4.69 | .91 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.62 | 4.63 | .91 |
| **Global Small Capitalization Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1038.40 | $3.34 | .65% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1021.93 | 3.31 | .65 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1036.94 | 4.62 | .90 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1020.67 | 4.58 | .90 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1037.29 | 4.62 | .90 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1020.67 | 4.58 | .90 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1035.94 | 5.90 | 1.15 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1019.41 | 5.85 | 1.15 |
| **Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1000.70 | $1.77 | .35% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.44 | 1.79 | .35 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 999.41 | 3.02 | .60 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 999.43 | 3.02 | .60 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 999.93 | 2.67 | .53 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.53 | 2.70 | .53 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 998.12 | 4.28 | .85 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.92 | 4.33 | .85 |
| **International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1025.33 | $2.71 | .53% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.53 | 2.70 | .53 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1024.07 | 3.98 | .78 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.27 | 3.97 | .78 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1023.84 | 3.98 | .78 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.27 | 3.97 | .78 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1024.24 | 3.62 | .71 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1021.63 | 3.62 | .71 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1022.83 | 5.25 | 1.03 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.01 | 5.24 | 1.03 |
| **New World Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1024.46 | $2.91 | .57% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.33 | 2.91 | .57 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1022.80 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.07 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1022.92 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.07 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1021.54 | 5.45 | 1.07 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1019.81 | 5.45 | 1.07 |

---

Refer to the end of the tables for footnotes.

372 American Funds Insurance Series

Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> account value<br> 7/1/2022** | **Ending<br> account value<br> 12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1</sup>** | **Annualized<br> expense<br> ratio** |
| **Washington Mutual Investors Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1052.84 | $1.40 | .27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.84 | 1.38 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1052.10 | 2.69 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1052.45 | 2.69 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1051.21 | 3.98 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1051.64 | $2.12 | .41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.14 | 2.09 | .41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1050.71 | 3.41 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1050.34 | 3.41 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1048.71 | 4.70 | .91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.62 | 4.63 | .91 |
| **Growth-Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1042.31 | $1.49 | .29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.74 | 1.48 | .29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1041.04 | 2.78 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.48 | 2.75 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1041.03 | 2.78 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.48 | 2.75 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1041.33 | 2.42 | .47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.84 | 2.40 | .47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1039.68 | 4.06 | .79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.22 | 4.02 | .79 |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1049.28 | $3.00 | .58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.28 | 2.96 | .58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1047.38 | 4.28 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.02 | 4.23 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1048.38 | 4.29 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.02 | 4.23 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1046.04 | 5.57 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1019.76 | 5.50 | 1.08 |
| **Capital Income Builder** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1030.31 | $1.38 | .27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.84 | 1.38 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1029.07 | 2.66 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1028.17 | 2.66 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1026.94 | 3.93 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 373

Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **account value**<br> **7/1/2022** | **Ending**<br> **account value**<br> **12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1</sup>** | **Annualized**<br> **expense**<br> **ratio** |
| **Asset Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1030.72 | $1.54 | .30% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.69 | 1.53 | .30 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1029.04 | 2.81 | .55 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.43 | 2.80 | .55 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1029.79 | 2.81 | .55 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.43 | 2.80 | .55 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1029.98 | 2.46 | .48 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.79 | 2.45 | .48 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1027.95 | 4.09 | .80 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.17 | 4.08 | .80 |
| **American Funds Global Balanced Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1023.65 | $2.65 | .52% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1022.93 | 3.93 | .77 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1022.09 | 3.92 | .77 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1021.56 | 5.20 | 1.02 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.06 | 5.19 | 1.02 |
| **The Bond Fund of America** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $974.47 | $1.00 | .20% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1024.20 | 1.02 | .20 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 973.31 | 2.24 | .45 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.94 | 2.29 | .45 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 972.85 | 2.24 | .45 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.94 | 2.29 | .45 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 971.88 | 3.48 | .70 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.68 | 3.57 | .70 |
| **Capital World Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $983.53 | $2.40 | .48% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1022.79 | 2.45 | .48 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 982.42 | 3.65 | .73 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1021.53 | 3.72 | .73 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 982.33 | 3.65 | .73 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1021.53 | 3.72 | .73 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 981.07 | 4.89 | .98 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.27 | 4.99 | .98 |
| **American High-Income Trust** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1038.86 | $1.59 | .31% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.64 | 1.58 | .31 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1037.88 | 2.88 | .56 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1037.22 | 2.88 | .56 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1038.14 | 2.52 | .49 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.74 | 2.50 | .49 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1036.07 | 4.16 | .81 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.12 | 4.13 | .81 |

---

Refer to the end of the tables for footnotes.

374 American Funds Insurance Series

Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> account value<br> 7/1/2022** | **Ending<br> account value<br> 12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1</sup>** | **Annualized<br> expense<br> ratio** |
| **American Funds Mortgage Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $968.01 | $1.64 | .33% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.54 | 1.68 | .33 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 966.87 | 2.88 | .58 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.28 | 2.96 | .58 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 967.70 | 2.93 | .59 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.23 | 3.01 | .59 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 966.53 | 4.16 | .84 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1020.97 | 4.28 | .84 |
| **Ultra-Short Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $1013.26 | $1.57 | .31% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1023.64 | 1.58 | .31 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 1013.23 | 1.52 | .30 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1023.69 | 1.53 | .30 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 1012.64 | 2.84 | .56 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 1012.86 | 2.49 | .49 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1022.74 | 2.50 | .49 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 1010.10 | 4.10 | .81 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.12 | 4.13 | .81 |
| **U.S. Government Securities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 – actual return | $1000.00 | $960.56 | $1.09 | .22% |
| &nbsp;&nbsp;&nbsp;Class 1 – assumed 5% return | 1000.00 | 1024.10 | 1.12 | .22 |
| &nbsp;&nbsp;&nbsp;Class 1A – actual return | 1000.00 | 959.29 | 2.27 | .46 |
| &nbsp;&nbsp;&nbsp;Class 1A – assumed 5% return | 1000.00 | 1022.89 | 2.35 | .46 |
| &nbsp;&nbsp;&nbsp;Class 2 – actual return | 1000.00 | 959.68 | 2.27 | .46 |
| &nbsp;&nbsp;&nbsp;Class 2 – assumed 5% return | 1000.00 | 1022.89 | 2.35 | .46 |
| &nbsp;&nbsp;&nbsp;Class 3 – actual return | 1000.00 | 959.92 | 1.93 | .39 |
| &nbsp;&nbsp;&nbsp;Class 3 – assumed 5% return | 1000.00 | 1023.24 | 1.99 | .39 |
| &nbsp;&nbsp;&nbsp;Class 4 – actual return | 1000.00 | 958.46 | 3.50 | .71 |
| &nbsp;&nbsp;&nbsp;Class 4 – assumed 5% return | 1000.00 | 1021.63 | 3.62 | .71 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series 375

Expense example (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br> account value<br> 7/1/2022** | **Ending<br> account value<br> 12/31/2022** | **Expenses**<br> **paid during**<br> **period<sup>1,2</sup>** | **Annualized**<br> **expense ratio<sup>2</sup>** | **Effective**<br> **expenses paid**<br> **during period<sup>3</sup>** | **Effective**<br> **annualized**<br> **expense ratio<sup>4</sup>** |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $968.78 | $1.84 | .37% | $3.42 | .69% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.34 | 1.89 | .37 | 3.52 | .69 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 967.08 | 3.07 | .62 | 4.71 | .95 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.08 | 3.16 | .62 | 4.84 | .95 |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $1004.86 | $1.82 | .36% | $4.40 | .87% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.39 | 1.84 | .36 | 4.43 | .87 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 1003.52 | 3.13 | .62 | 5.71 | 1.13 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.08 | 3.16 | .62 | 5.75 | 1.13 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $1005.83 | $1.87 | .37% | $3.79 | .75% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.34 | 1.89 | .37 | 3.82 | .75 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 1004.38 | 3.18 | .63 | 5.10 | 1.01 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.03 | 3.21 | .63 | 5.14 | 1.01 |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $989.69 | $1.81 | .36% | $3.26 | .65% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.39 | 1.84 | .36 | 3.31 | .65 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 989.03 | 3.06 | .61 | 4.51 | .90 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.13 | 3.11 | .61 | 4.58 | .90 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class P1 – actual return | $1000.00 | $1007.60 | $1.82 | .36% | $3.24 | .64% |
| &nbsp;&nbsp;&nbsp;Class P1 – assumed 5% return | 1000.00 | 1023.39 | 1.84 | .36 | 3.26 | .64 |
| &nbsp;&nbsp;&nbsp;Class P2 – actual return | 1000.00 | 1006.19 | 3.03 | .60 | 4.50 | .89 |
| &nbsp;&nbsp;&nbsp;Class P2 – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 | 4.53 | .89 |

---

<sup>1</sup> The "expenses paid during period" are equal to the "annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

<sup>2</sup> The "expenses paid during period" and "annualized expense ratio" do not include the expenses of the underlying funds in which each fund invests.

<sup>3</sup> The "effective expenses paid during period" are equal to the "effective annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).

<sup>4</sup> The "effective annualized expense ratio" reflects the net annualized expense ratio of the class plus the class's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

376 American Funds Insurance Series

---

| | |
|:---|:---|
| Liquidity Risk Management Program | **unaudited** |

---

The series has adopted a liquidity risk management program (the "program"). The series' board has designated Capital Research and Management Company ("CRMC") as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund's investments, limiting the amount of each fund's illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC's process of determining the degree of liquidity of each fund's investments is supported by one or more third-party liquidity assessment vendors.

The series' board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund's liquidity risk.

American Funds Insurance Series 377

This page intentionally left blank.

378 American Funds Insurance Series

This page intentionally left blank.

American Funds Insurance Series 379

This page intentionally left blank.

380 American Funds Insurance Series

This page intentionally left blank.

American Funds Insurance Series 381

Board of trustees and other officers

Independent trustees<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and year of birth** | **Year first**<br> **elected**<br> **a trustee**<br> **of the series<sup>2</sup>** | **Principal occupation(s) during past five years** | **Number of**<br> **portfolios in**<br> **fund complex**<br> **overseen by**<br> **trustee** | **Other directorships<sup>3</sup>**<br> **held by trustee** |
| **Francisco G. Cigarroa, MD,** 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 |  |
| **James G. Ellis,** 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 96 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation |
| **Nariman Farvardin,** 1956 | 2018 | President, Stevens Institute of Technology | 91 |  |
| **Jennifer C. Feikin,** 1968 | 2022 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents | 97 | Hertz Global Holdings, Inc. |
| **Leslie Stone Heisz,** 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 97 | Edwards Lifesciences; Public Storage |
| **Mary Davis Holt,** 1950 | 2015–2016; 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003) | 87 |  |
| **Merit E. Janow,** 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated |
| **Margaret Spellings,** 1957<br> Chair of the Board (Independent and Non-Executive) | 2010 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 |  |
| **Alexandra Trower,** 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 |  |
| **Paul S. Williams,** 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc. |

---

Interested trustees<sup>4,5</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Name, year of birth and**<br> **position with series** | **Year first**<br> **elected** <br> **a trustee**<br> **or officer**<br> **of the series<sup>2</sup>** | **Number of**<br> **portfolios in**<br> **fund complex**<br> **overseen by**<br> **trustee** | **Other directorships<sup>3</sup>**<br> **held by trustee** |
| **Donald D. O'Neal,** 1960<br> Co-President and Trustee | 1998 Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company<sup>5</sup> | 35 |  |
| **Michael C. Gitlin,** 1970<br> Trustee | 2019 Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.<sup>5</sup> | 86 |  |

---

**The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.**

382 American Funds Insurance Series

Other officers<sup>5</sup>

---

| | | |
|:---|:---|:---|
| **Name, year of birth and**<br> **position with series** | **Year first**<br> **elected**<br> **an officer**<br> **of the series<sup>2</sup>** | **Principal occupation(s) during past five years and positions held with affiliated entities**<br> **or the principal underwriter of the series** |
| **Alan N. Berro,** 1960<br> Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Maria Manotok,** 1974 Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group Companies Global<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group International, Inc.<sup>5</sup> |
| **Michael W. Stockton,** 1967<br> Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Patrice Collette,** 1967<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.<sup>5</sup> |
| **Peter Eliot,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Irfan M. Furniturewala,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Sung Lee,** 1966 <br> Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital International, Inc.<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Keiko McKibben,** 1969<br> Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company |
| **Carlos A. Schonfeld,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited<sup>5</sup> |
| **Alan J. Wilson,** 1961 <br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company |
| **Steven I. Koszalka,** 1964<br> Secretary | 2003 | Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Gregory F. Niland,** 1971<br> Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company |
| **Susan K. Countess,** 1966<br> Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company |
| **Sandra Chuon,** 1972<br> Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company |
| **Brian C. Janssen,** 1972<br> Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |

---

<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the series within the meaning of the Investment Company Act of 1940.

<sup>2</sup> Trustees and officers of the series serve until their resignation, removal or retirement.

<sup>3</sup> This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.

<sup>4</sup> The term interested trustee refers to a trustee who is an "interested person" within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).

<sup>5</sup> Company affiliated with Capital Research and Management Company.

American Funds Insurance Series 383

**Office of the series**<br> 333 South Hope Street<br> Los Angeles, CA 90071-1406

**Investment adviser**<br> Capital Research and Management Company<br> 333 South Hope Street<br> Los Angeles, CA 90071-1406

**Investment subadviser**<br> Milliman Financial Risk Management LLC<br> (Managed Risk Funds only)<br> 71 South Wacker Drive, 31st Floor<br> Chicago, IL 60606-4637

**Custodian of assets**<br> State Street Bank and Trust Company<br> One Lincoln Street<br> Boston, MA 02111-2900

**Counsel**<br> Morgan, Lewis & Bockius LLP<br> One Federal Street<br> Boston, MA 02110-1726

**Independent registered public accounting firm**<br> PricewaterhouseCoopers LLP<br> 601 South Figueroa Street<br> Los Angeles, CA 90017-3874

384 American Funds Insurance Series

**Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/afis.**

"American Funds Proxy Voting Procedures and Principles" — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet's methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group<sup>®</sup> as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds' participation in market gains. The use of the managed risk strategy could cause the funds' returns to lag those of the applicable underlying funds in certain rising market conditions.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright© 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage<sup><sup>®</sup></sup>

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System<sup>TM</sup> — has resulted in superior outcomes.

**Aligned with investor success**

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.<sup>1</sup>

**The Capital System**

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

**American Funds Insurance Series' superior outcomes**

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.<sup>2</sup> Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.<sup>3</sup> We strive to keep management fees competitive. Over the past 20 years, most funds' fees have been below industry averages.<sup>4</sup>

<sup>1</sup> Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.

<sup>2</sup> Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund's inception through December 31, 2021. Periods covered are the shorter of the fund's lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.

<sup>3</sup> Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor's 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in "lockstep," in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.

<sup>4</sup> Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

![](x1_c105652x388x1.jpg)

---

| | |
|:---|:---|
| **American Funds Insurance Series<sup>®</sup><br> Portfolio Series**<br>Annual report<br> for the year ended<br> December 31, 2022 | ![](image_033.jpg) |

---

![](image_034.jpg)

**Portfolios that invest<br> in global companies<br> for the long term**

American Funds Insurance Series — Portfolio Series, from Capital Group, serves as an underlying investment vehicle for variable annuities and insurance products. For over 90 years, Capital has invested with a long-term focus based on thorough research and attention to risk.

**American Funds Global Growth Portfolio<sup>SM</sup>** seeks to provide long-term growth of capital.

**American Funds Growth and Income Portfolio<sup>SM</sup>** seeks to provide long-term growth of capital while providing current income.

**American Funds Managed Risk Growth Portfolio<sup>SM</sup>** seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**American Funds Managed Risk Growth and Income Portfolio<sup>SM</sup>** seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.

**American Funds Managed Risk Global Allocation Portfolio<sup>SM</sup>** seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

**Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2022. Also shown are the estimated gross and net expense ratios as of the series prospectus dated May 1, 2023 (unaudited):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cumulative<br>total returns** | **Average annual <br> total returns** | **Average annual <br> total returns** | **Gross** | **Gross** | **Net** | **Net** |
|  | **1 year** | **5 years** | **Lifetime\*** | **expense ratio** | **expense ratio** | **expense ratio** | **expense ratio** |
| American Funds Global Growth Portfolio, Class 4 | –24.75% | 4.67% | 6.22% | 0.98 | % | 0.98 | % |
| American Funds Growth and Income Portfolio, Class 4 | –15.74 | 4.63 | 5.26 | 0.80 |  | 0.80 |  |
| American Funds Managed Risk Growth Portfolio, Class P2 | –20.36 | 2.84 | 3.87 | 1.00 |  | 0.95 |  |
| American Funds Managed Risk Growth and Income Portfolio, Class P2 | –15.10 | 2.36 | 3.30 | 0.96 |  | 0.91 |  |
| American Funds Managed Risk Global Allocation Portfolio, Class P2 | –18.25 | 1.03 | 2.20 | 1.08 | <sup>†</sup> | 1.03 | <sup>†</sup> |

---

\* Since May 1, 2015, for all funds. <br> <sup>†</sup> The expense ratio is restated to reflect current fees.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund's daily net assets for the three managed risk portfolios. Investment results and net expense ratios shown reflect the waiver, without which the results would have been lower and the expenses would have been higher. This waiver will be in effect through at least May 1, 2024, unless modified or terminated by the series board. The waiver may only be modified or terminated with the approval of the series board. Refer to the fund's most recent prospectus for details.

Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the funds' prospectuses. These risks may be heightened in connection with investments in developing countries. Small-company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. The return of principal for bond funds and funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds' participation in market gains. The use of the managed risk strategy could cause the funds' returns to lag those of the underlying funds in certain market conditions. Refer to the funds' prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

**Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.**

Contents

---

| | |
|:---|:---|
| 1 | Letter to investors |
| 4 | The value of a hypothetical $10,000 investment |
|  | **Investment portfolios** |
| 8 | American Funds Global Growth Portfolio |
| 9 | American Funds Growth and Income Portfolio |
| 11 | American Funds Managed Risk Growth Portfolio |
| 13 | American Funds Managed Risk Growth and Income Portfolio |
| 15 | American Funds Managed Risk Global Allocation Portfolio |
| 17 | Financial statements |
| 39 | Board of trustees and other officers |

---

Fellow investors:

We are pleased to present this annual report for American Funds Insurance Series (AFIS) — Portfolio Series, a suite of funds that offers variable annuity investors objective-based portfolios to help meet retirement goals. The investment adviser's Portfolio Solutions Committee develops the allocation approach and selects the underlying funds in which the fund invests. The members of the Portfolio Solutions Committee, who are jointly and primarily responsible for the portfolio management of the fund, include Alan N. Berro, Michelle J. Black, Samir Mathur, Wesley K. Phoa, John R. Queen, William L. Robbins and Andrew B. Suzman.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times, and all but one sector declined in the MSCI All Country World Index (ACWI)<sup>1</sup>. Communication services, consumer discretionary and information technology stocks suffered the biggest losses.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top sector in the S&P 500 Index for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

The S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined by 18.11%. The Bloomberg U.S. Aggregate Index,<sup>3</sup> which measures investment-grade U.S. bonds (rated BBB/Baa and above), was down 13.01%.

**American Funds Global Growth Portfolio** declined by 24.75%. Its benchmark, the MSCI ACWI,<sup>1,4</sup> a free float-adjusted, market capitalization-weighted index designed to measure the results of more than 40 developed and emerging equity markets, fell by 18.36%. The Morningstar U.S. Insurance World Large-Stock Growth Category Average,<sup>5</sup> a peer fund comparison for the insurance industry that includes portfolios that invest the majority of their assets in the U.S., Europe and Japan (and typically have 20%–60% of assets in the U.S.), was down 26.11%.

**American Funds Growth and Income Portfolio** fell by 15.74%. It's benchmark, the AFIS Growth and Income Portfolio Series Custom Index<sup>6</sup> declined 15.35%. The Morningstar U.S. Insurance Allocation — 50% to 70% Equity Category Average,<sup>5</sup> a peer fund comparison for the insurance industry that includes funds that seek to provide both income and capital appreciation by investing in multiple asset classes including stocks, bonds and cash, was down 16.01%.

**American Funds Managed Risk Growth Portfolio** was down 20.36%. The S&P 500 Managed Risk Index — Moderate<sup>7</sup> fell 13.13%.

Past results are not predictive of results in future periods.

See page 2 for footnotes.

American Funds Insurance Series – Portfolio Series 1

**American Funds Managed Risk Growth and Income Portfolio** decreased 15.10%. The S&P 500 Managed Risk Index —Moderate<sup>7</sup> fell 13.13%.

**American Funds Managed Risk Global Allocation Portfolio** finished down 18.25%. The S&P Global LargeMidCap Managed Risk Index — Moderate<sup>7</sup> was down 14.78%.

Historically, stock markets have experienced periods of volatility, and we know these events can be unsettling for shareholders. We strive to construct portfolios we believe will decline less than the market during periods of correction. In line with this idea, American Funds Global Growth Portfolio and American Funds Growth and Income Portfolio are more conservatively positioned than their benchmark indexes. It is also important to emphasize that all the managed risk portfolios employ a specific risk-management overlay. As such, the funds seek to buffer the effects of volatility and provide a measure of downside protection.

Thank you for placing your trust in us and for your investment in the American Funds Insurance Series — Portfolio Series.

Sincerely,

![](image_035.jpg)

Donald D. O'Neal

Co-President

![](image_036.jpg)

Alan N. Berro

Co-President

February 17, 2023

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest) are assigned by credit agencies such as Standard & Poor's, Moody's and/or Finch as an indication of an issuer's creditworthiness.

Past results are not predictive of results in future periods.

<sup>1</sup> Source: MSCI.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> Source: Bloomberg Index Services Ltd.

<sup>4</sup> MSCI index results reflect dividends net of withholding taxes. Source: MSCI.

<sup>5</sup> Source: Morningstar, Inc.© 2023 All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from this information. Past performance is no guarantee of future results.

<sup>6</sup> The American Funds Insurance Series Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.

<sup>7</sup> Source: S&P Dow Jones Indices LLC. The S&P Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index. These indices are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC.

2 American Funds Insurance Series – Portfolio Series

**Results at a glance**

For periods ended December 31, 2022, with all distributions reinvested

---

| | | | |
|:---|:---|:---|:---|
|  | Cumulative <br> total returns | Average annual <br> total returns | Average annual <br> total returns |
|  | 1 year | 5 years | Lifetime<br>(since 5/1/15) |
| **American Funds Global Growth Portfolio (Class 4)** | **–24.75%** | **4.67%** | **6.22%** |
| MSCI ACWI (All Country World Index)<sup>1</sup> | –18.36 | 5.23 | 6.26 |
| Morningstar U.S. Insurance World Large-Stock Growth Category Average<sup>2</sup> | –26.11 | 5.30 | 6.51 |
| **American Funds Growth and Income Portfolio (Class 4)** | **–15.74** | **4.63** | **5.26** |
| AFIS Growth and Income Portfolio Series Custom Index<sup>3</sup> | –15.35 | 4.26 | 5.11 |
| Morningstar U.S. Insurance — 50% to 70% Equity Allocation Category Average<sup>2</sup> | –16.01 | 3.55 | 4.40 |
| **American Funds Managed Risk Growth Portfolio (Class P2)** | **–20.36** | **2.84** | **3.87** |
| S&P 500 Managed Risk Index — Moderate<sup>4</sup> | –13.13 | 4.99 | 5.72 |
| **American Funds Managed Risk Growth and Income Portfolio (Class P2)** | **–15.10** | **2.36** | **3.30** |
| S&P 500 Managed Risk Index — Moderate<sup>4</sup> | –13.13 | 4.99 | 5.72 |
| **American Funds Managed Risk Global Allocation Portfolio (Class P2)** | **–18.25** | **1.03** | **2.20** |
| S&P Global LargeMidCap Managed Risk Index — Moderate<sup>4</sup> | –14.78 | 2.88 | 3.54 |
| S&P 500 Index<sup>3</sup> | –18.11 | 9.42 | 10.20 |
| Bloomberg U.S. Aggregate Index<sup>3</sup> | –13.01 | 0.02 | 0.77 |
| Bloomberg Global Aggregate Index<sup>5</sup> | –16.25 | –1.66 | –0.15 |
| MSCI ACWI ex USA<sup>6</sup> | –16.00 | 0.88 | 2.49 |

---

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

<sup>1</sup> MSCI ACWI is a free float-adjusted, market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Index results reflect dividends net of withholding taxes. Source: MSCI.

<sup>2</sup> Source: Morningstar, Inc.

<sup>3</sup> The American Funds Insurance Series Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC. The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. Source: MSCI. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.

<sup>4</sup> The S&P Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index. Source: S&P Dow Jones Indices LLC. These indices are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC.

<sup>5</sup> Bloomberg Global Aggregate Index represents the global investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.

<sup>6</sup> The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. Source: MSCI.

The Portfolio Series features five objective-based portfolios that offer retirement investors a structured approach with broad diversification.

The funds invest in underlying American Funds Insurance Series funds that are aligned to help investors pursue retirement goals such as accumulating assets, planning an income strategy or preserving capital.

The managed risk strategy is operated by Milliman Financial Risk Management LLC.

American Funds Insurance Series – Portfolio Series 3

The value of a hypothetical $10,000 investment

(for the year ended December 31, 2022, with all distributions reinvested)

*Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.*

**Global Growth Portfolio**

![](image_037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br> (since 5/1/15)** |
| **Class 4 shares** | –24.75% | 4.67% | 6.22% |

---

**Growth and Income Portfolio**

![](image_038.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br> (since 5/1/15)** |
| **Class 4 shares** | –15.74% | 4.63% | 5.26% |

---

4 American Funds Insurance Series – Portfolio Series

**Managed Risk Growth Portfolio**

![](image_039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br> (since 5/1/15)** |
| **Class P2 shares** | –20.36% | 2.84% | 3.87% |

---

**Managed Risk Growth and Income Portfolio**

![](image_040.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br>(since 5/1/15)** |
| **Class P2 shares** | –15.10% | 2.36% | 3.30% |

---

**Managed Risk Global Allocation Portfolio**

![](image_041.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>5</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>5</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) |
|  | **1 year** | **5 years** | **Lifetime<br> (since 5/1/15)** |
| **Class P2 shares** | –18.25% | 1.03% | 2.20% |

---

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Results reflect dividends net of withholding taxes. Source: MSCI.

<sup>2</sup> Source: S&P Dow Jones Indices LLC.

<sup>3</sup> The American Funds Insurance Series Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. MSCI index results reflect dividends net of withholding taxes.

<sup>4</sup> Source: Bloomberg Index Services Ltd.

<sup>5</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee equal to 0.05% of the funds' net assets for the three managed risk portfolios. Investment results shown reflect the waiver, without which the results would have been lower. This waiver will be in effect through at least May 1, 2023, unless modified or terminated by the series board. The waiver may only be modified or terminated with the approval of the series board. Refer to the funds' most recent prospectuses for details.

<sup>6</sup> Source: S&P Dow Jones Indices LLC. The S&P Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. These indexes are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the managed risk strategy for the managed risk funds.

American Funds Insurance Series – Portfolio Series 5

**American Funds Global Growth Portfolio**

---

| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 30.0% | Global Growth Fund |
| 20.0% | Growth Fund |
| 15.0% | Global Small Capitalization Fund |
| 10.0% | International Fund |
| 5.0% | New World Fund |
| 20.0% | Capital World Growth and Income Fund |

---

The fund's investment objective is to provide long-term growth of capital. The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) Funds in different combinations and weightings. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income funds. Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks.

For the 12 months ended December 31, 2022, the fund's shares declined 24.75%. All the underlying funds had negative returns.

**American Funds Growth and Income Portfolio**

---

| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 9.8% | Growth Fund |
| 20.1% | Capital World Growth and Income Fund |
| 20.1% | Growth-Income Fund |
| 10.0% | Asset Allocation Fund |
| 10.1% | Capital Income Builder Fund |
| 29.9% | The Bond Fund of America |

---

The fund's investment objective is to provide long-term growth of capital while providing current income. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed income funds.

For the 12 months ended December 31, 2022, the fund's shares were down 15.74%. All the underlying funds had negative returns.

**American Funds Managed Risk Growth Portfolio**

---

| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 29.8% | Growth Fund |
| 15.0% | Global Growth Fund |
| 10.0% | Global Small Capitalization Fund |
| 15.0% | Growth-Income Fund |
| 5.0% | Washington Mutual Investors Fund |
| 19.0% | The Bond Fund of America |
| 6.2% | Cash & equivalents in support of managed risk strategy\*<sup>,†</sup> |

---

The fund's investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income and fixed income funds. The managed risk strategy was modestly additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

For the 12 months ended December 31, 2022, the fund's shares dropped 20.36%. All the underlying funds had negative returns.

See page 7 for footnotes.

6 American Funds Insurance Series – Portfolio Series

**American Funds Managed Risk Growth and Income Portfolio**

---

| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 10.0% | Growth Fund |
| 25.0% | Capital World Growth and Income Fund |
| 25.0% | Growth-Income Fund |
| 5.0% | Asset Allocation Fund |
| 15.0% | Capital Income Builder Fund |
| 14.4% | The Bond Fund of America |
| 5.6% | Cash & equivalents in support of managed risk strategy\*<sup>,†</sup> |

---

The fund's investment objective is to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed income funds. The managed risk strategy was additive to returns overall. Within the strategy, the equity future overlay contributed while the Treasury future and option overlays detracted.

For the 12 months ended December 31, 2022, the fund's shares declined 15.10%. All the underlying funds had negative returns.

**American Funds Managed Risk Global Allocation Portfolio**

---

| | |
|:---|:---|
| **Underlying allocations as of 12/31/22:** | **Underlying allocations as of 12/31/22:** |
| 24.9% | Global Growth Fund |
| 20.0% | Capital World Growth and Income Fund |
| 10.0% | Asset Allocation Fund |
| 24.9% | Global Balanced Fund |
| 15.0% | Capital World Bond Fund |
| 5.2% | Cash & equivalents in support of managed risk strategy\*<sup>,†</sup> |

---

The fund's investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds may include growth, growth-and-income, equity-income, balanced, asset allocation and fixed income funds. The managed risk strategy was modestly additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

For the 12 months ended December 31, 2022, the fund's shares fell 18.25%. All the underlying funds had negative returns.

---

| | |
|:---|:---|
| \* | Cash and equivalents includes short-term securities, accrued income and other assets less liabilities. It also may include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public. |
| <sup>†</sup> | The managed risk strategy is operated by Milliman Financial Risk Management LLC. Futures contracts may not provide an effective hedge of the underlying securities because changes in the prices of futures contracts may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the fund from market declines and will limit the fund's participation in market gains. The use of the managed risk strategy could cause the fund's return to lag that of the underlying funds in certain rising market conditions. |
| The Portfolio Series funds are actively monitored; allocations and funds may change. | The Portfolio Series funds are actively monitored; allocations and funds may change. |

---

Allocations may not achieve fund objectives. The portfolios' risks are directly related to the risks of the underlying funds. Underlying fund allocations are as of December 2022. Allocation percentages and underlying funds are subject to the Portfolio Solutions Committee's discretion and will evolve over time. Underlying funds may be added or removed during the year.

American Funds Insurance Series – Portfolio Series 7

American Funds<sup>®</sup> Global Growth Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 80.06%** | Shares | Value<br> (000) |
| American Funds Insurance Series - Global Growth Fund, Class 1 | 609300 | $18388 |
| American Funds Insurance Series - Growth Fund, Class 1 | 160232 | 12224 |
| American Funds Insurance Series - Global Small Capitalization Fund, Class 1<sup>1</sup> | 569453 | 9237 |
| American Funds Insurance Series - International Fund, Class 1 | 401899 | 6153 |
| American Funds Insurance Series - New World Fund, Class 1 | 138894 | 3097 |
| **Total growth funds** (cost: $58,722,000) |  | **49099** |
| **Growth-and-income funds 20.02%** |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | **1052166** | **12279** |
| **Total growth-and-income funds** (cost: $13,978,000) |  | **12279** |
| **Total investment securities 100.08%** (cost: $72,700,000) |  | **61378** |
| Other assets less liabilities (0.08)% |  | (51) |
| **Net assets 100.00%** |  | $**61327** |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 80.06%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Growth Fund, Class 1 | $25184 | $3928 | $1954 | $(484) | $(8286) | $18388 | $185 | $2268 |
| American Funds Insurance Series - Growth Fund, Class 1 | 16742 | 4136 | 1668 | (540) | (6446) | 12224 | 80 | 1931 |
| American Funds Insurance Series - Global Small Capitalization Fund, Class 1<sup>1</sup> | 12680 | 4444 | 764 | (395) | (6728) | 9237 |  | 3329 |
| American Funds Insurance Series - International Fund, Class 1 | 8437 | 1573 | 1126 | (355) | (2376) | 6153 | 132 | 900 |
| American Funds Insurance Series - New World Fund, Class 1 | 4217 | 538 | 388 | (104) | (1166) | 3097 | 53 | 300 |
|  |  |  |  |  |  | 49099 |  |  |
| **Growth-and-income funds 20.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 16853 | 4060 | 2584 | (254) | (5796) | 12279 | 338 | 2897 |
| **Total 100.08%** |  |  |  | $**(2132)** | $**(30798)** | $**61378** | $**788** | $**11625** |

---

<br> <sup>1</sup> Fund did not produce income during the last 12 months. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

8 American Funds Insurance Series – Portfolio Series

American Funds<sup>®</sup> Growth and Income Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 9.86%** | Shares | Value<br> (000) |
| American Funds Insurance Series - Growth Fund, Class 1 | **420345** | $**32068** |
| **Total growth funds** (cost: $32,534,000) |  | **32068** |
| **Growth-and-income funds 40.19%** |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 5602737 | 65384 |
| American Funds Insurance Series - Growth-Income Fund, Class 1 | 1301174 | 65332 |
| **Total growth-and-income funds** (cost: $146,427,000) |  | **130716** |
| **Asset allocation funds 10.01%** |  |  |
| American Funds Insurance Series - Asset Allocation Fund, Class 1 | **1466444** | **32555** |
| **Total asset allocation funds** (cost: $41,375,000) |  | **32555** |
| **Equity-income funds 10.10%** |  |  |
| American Funds Insurance Series - Capital Income Builder, Class 1 | **2988378** | **32842** |
| **Total equity-income funds** (cost: $28,991,000) |  | **32842** |
| **Fixed income funds 29.92%** |  |  |
| American Funds Insurance Series - The Bond Fund of America, Class 1 | **10341834** | **97317** |
| **Total fixed income funds** (cost: $115,183,000) |  | **97317** |
| **Total investment securities 100.08%** (cost: $364,510,000) |  | **325498** |
| Other assets less liabilities (0.08)% |  | (270) |
| **Net assets 100.00%** |  | $**325228** |

---

<br> American Funds Insurance Series – Portfolio Series 9

American Funds<sup>®</sup> Growth and Income Portfolio (continued)

**Investments in affiliates<sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 9.86%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth Fund, Class 1 | $37645 | $12860 | $1769 | $(467) | $(16201) | $32068 | $207 | $4750 |
| **Growth-and-income funds 40.19%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 75361 | 22903 | 3572 | (1379) | (27929) | 65384 | 1763 | 14711 |
| American Funds Insurance Series - Growth-Income Fund, Class 1 | 75346 | 12638 | 2939 | (401) | (19312) | 65332 | 1037 | 6454 |
|  |  |  |  |  |  | 130716 |  |  |
| **Asset allocation funds 10.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Asset Allocation Fund, Class 1 | 37647 | 4167 | 141 | (38) | (9080) | 32555 | 722 | 3432 |
| **Equity-income funds 10.10%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital Income Builder, Class 1 | 37800 | 1200 | 2637 | (10) | (3511) | 32842 | 1027 |  |
| **Fixed income funds 29.92%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - The Bond Fund of America, Class 1 | 113219 | 16185 | 14077 | (1190) | (16820) | 97317 | 3262 | 1145 |
| **Total 100.08%** |  |  |  | $**(3485)** | $**(92853)** | $**325498** | $**8018** | $**30492** |

---

<br> <sup>1</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

10 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Growth Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 54.89%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | 6180000 | $471472 |
| American Funds Insurance Series – Global Growth Fund, Class 1 | 7813452 | 235810 |
| American Funds Insurance Series – Global Small Capitalization Fund, Class 1<sup>1</sup> | 9692149 | 157207 |
| **Total growth funds** (cost: $974,627,000) |  | **864489** |
| **Growth-and-income funds 19.96%** |  |  |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 4696475 | 235810 |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 6194116 | 78603 |
| **Total growth-and-income funds** (cost: $338,430,000) |  | **314413** |
| **Fixed income funds 18.96%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **31732625** | **298604** |
| **Total fixed income funds** (cost: $324,846,000) |  | **298604** |
| **Short-term securities 2.30%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>2</sup> | **36195248** | **36195** |
| **Total short-term securities** (cost: $36,195,000) |  | **36195** |
| **Options purchased 0.05%** |  |  |
| Options purchased\* |  | **820** |
| **Total options purchased** (cost: $4,575,000) |  | **820** |
| **Total investment securities 96.16%** (cost: $1,678,673,000) |  | **1514521** |
| Other assets less liabilities 3.84% |  | 60507 |
| **Net assets 100.00%** |  | $**1575028** |

---

**\*Options purchased**

**Put**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 260 | USD | 99827 | USD | 2700.00 | 3/17/2023 | $107 |
| S&P 500 Index | 520 |  | 199654 |  | 2800.00 | 3/17/2023 | 260 |
| S&P 500 Index | 390 |  | 149740 |  | 2850.00 | 3/17/2023 | 208 |
| S&P 500 Index | 365 |  | 140142 |  | 2900.00 | 3/17/2023 | 245 |
|  |  |  |  |  |  |  | $820 |

---

<br> American Funds Insurance Series – Portfolio Series 11

American Funds Managed Risk Growth Portfolio (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 1003 | &nbsp;&nbsp;March 2023 | USD108,253 | $(632) |
| Nikkei 225 Index Contracts | Short | 55 | &nbsp;&nbsp;March 2023 | (10812) | 736 |
| Japanese Yen Currency Contracts | Short | 124 | &nbsp;&nbsp;March 2023 | (11946) | (503) |
| FTSE 100 Index Contracts | Short | 193 | &nbsp;&nbsp;March 2023 | (17428) | (22) |
| British Pound Currency Contracts | Short | 241 | &nbsp;&nbsp;March 2023 | (18201) | 450 |
| Russell 2000 Mini Index Contracts | Short | 289 | &nbsp;&nbsp;March 2023 | (25589) | 639 |
| Mini MSCI Emerging Market Index Contracts | Short | 949 | &nbsp;&nbsp;March 2023 | (45523) | 679 |
| S&P Mid 400 E-mini Index Contracts | Short | 219 | &nbsp;&nbsp;March 2023 | (53493) | 990 |
| Euro Stoxx 50 Index Contracts | Short | 1686 | &nbsp;&nbsp;March 2023 | (68269) | 3645 |
| Euro Currency Contracts | Short | 558 | &nbsp;&nbsp;March 2023 | (75009) | (199) |
| S&P 500 E-mini Index Contracts | Short | 2413 | &nbsp;&nbsp;March 2023 | (465830) | 12739 |
|  |  |  |  |  | $18522 |

---

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> (loss) gain<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 54.89%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Growth Fund, Class 1 | $594971 | $610806 | $485512 | $(74595) | $(174198) | $471472 | $3035 | $73126 |
| American Funds Insurance Series – Global Growth Fund, Class 1 | 298430 | 199629 | 157673 | (63977) | (40599) | 235810 | 2306 | 28510 |
| American Funds Insurance Series – Global Small Capitalization Fund, Class 1<sup>1</sup> | 198324 | 193830 | 120373 | (49894) | (64680) | 157207 |  | 55512 |
|  |  |  |  |  |  | 864489 |  |  |
| **Growth-and-income funds 19.96%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 298430 | 174061 | 163203 | 27479 | (100957) | 235810 | 3775 | 24366 |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 100106 | 60366 | 54457 | 6411 | (33823) | 78603 | 1724 | 18483 |
|  |  |  |  |  |  | 314413 |  |  |
| **Fixed income funds 18.96%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 398536 | 265026 | 303889 | (50923) | (10146) | 298604 | 10438 | 3634 |
| **Total 93.81%** |  |  |  | $**(205499)** | $**(424403)** | $**1477506** | $**21278** | $**203631** |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

12 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Growth and Income Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 9.98%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | **1662632** | $**126842** |
| **Total growth funds** (cost: $139,120,000) |  | **126842** |
| **Growth-and-income funds 49.93%** |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 27182977 | 317226 |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 6317971 | 317226 |
| **Total growth-and-income funds** (cost: $712,977,000) |  | **634452** |
| **Asset allocation funds 4.99%** |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | **2856806** | **63421** |
| **Total asset allocation funds** (cost: $74,571,000) |  | **63421** |
| **Equity-income funds 14.97%** |  |  |
| American Funds Insurance Series – Capital Income Builder Fund, Class 1 | **17312400** | **190263** |
| **Total equity-income funds** (cost: $186,414,000) |  | **190263** |
| **Fixed income funds 14.47%** |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | **19544014** | **183909** |
| **Total fixed income funds** (cost: $200,329,000) |  | **183909** |
| **Short-term securities 2.26%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup> | **28679353** | **28679** |
| **Total short-term securities** (cost: $28,679,000) |  | **28679** |
| **Options purchased 0.05%** |  |  |
| Options purchased\* |  | **594** |
| **Total options purchased** (cost: $3,164,000) |  | **594** |
| **Total investment securities 96.65%** (cost: $1,345,254,000) |  | **1228160** |
| Other assets less liabilities 3.35% |  | 42621 |
| **Net assets 100.00%** |  | $**1270781** |

---

**\*Options purchased**

**Put**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 100 | USD38,395 | USD2,700.00 | 3/17/2023 | $41 |
| S&P 500 Index | 300 | 115185 | 2800.00 | 3/17/2023 | 150 |
| S&P 500 Index | 405 | 155500 | 2850.00 | 3/17/2023 | 215 |
| S&P 500 Index | 280 | 107506 | 2900.00 | 3/17/2023 | 188 |
|  |  |  |  |  | $594 |

---

<br> American Funds Insurance Series – Portfolio Series 13

American Funds Managed Risk Growth and Income Portfolio (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 720 | &nbsp;&nbsp;March 2023 | USD77,709 | $(251) |
| Russell 2000 Mini Index Contracts | Short | 39 | &nbsp;&nbsp;March 2023 | (3453) | 85 |
| Nikkei 225 Index Contracts | Short | 60 | &nbsp;&nbsp;March 2023 | (11795) | 773 |
| Japanese Yen Currency Contracts | Short | 137 | &nbsp;&nbsp;March 2023 | (13198) | (550) |
| FTSE 100 Index Contracts | Short | 226 | &nbsp;&nbsp;March 2023 | (20407) | (29) |
| British Pound Currency Contracts | Short | 283 | &nbsp;&nbsp;March 2023 | (21374) | 507 |
| S&P Mid 400 E-mini Index Contracts | Short | 121 | &nbsp;&nbsp;March 2023 | (29556) | 494 |
| Mini MSCI Emerging Market Index Contracts | Short | 688 | &nbsp;&nbsp;March 2023 | (33003) | 384 |
| Euro Stoxx 50 Index Contracts | Short | 1229 | &nbsp;&nbsp;March 2023 | (49764) | 2002 |
| Euro Currency Contracts | Short | 419 | &nbsp;&nbsp;March 2023 | (56324) | (159) |
| S&P 500 E-mini Index Contracts | Short | 1760 | &nbsp;&nbsp;March 2023 | (339768) | 8554 |
|  |  |  |  |  | $11810 |

---

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> (loss) gain<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 9.98%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Growth Fund, Class 1 | $152822 | $182784 | $143439 | $(28675) | $(36650) | $126842 | $812 | $19581 |
| **Growth-and-income funds 49.93%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 382784 | 303748 | 225697 | (17063) | (126546) | 317226 | 8493 | 72892 |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 382784 | 278821 | 248906 | 30763 | (126236) | 317226 | 5044 | 32314 |
|  |  |  |  |  |  | 634452 |  |  |
| **Asset allocation funds 4.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | 77139 | 32563 | 28374 | (6205) | (11702) | 63421 | 1412 | 6848 |
| **Equity-income funds 14.97%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Capital Income Builder Fund, Class 1 | 229961 | 80029 | 99546 | 16756 | (36937) | 190263 | 6034 |  |
| **Fixed income funds 14.47%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 229961 | 161401 | 171292 | (28820) | (7341) | 183909 | 6301 | 2213 |
| **Total 94.34%** |  |  |  | $**(33244)** | $**(345412)** | $**1198887** | $**28096** | $**133848** |

---

<br> <sup>1</sup> Rate represents the seven-day yield at 12/31/2022. <br> <sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

14 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Global Allocation Portfolio

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 24.95%** | Shares | Value<br> (000) |
| American Funds Insurance Series – Global Growth Fund, Class 1 | **3082175** | $**93020** |
| **Total growth funds** (cost: $99,633,000) |  | **93020** |
| **Growth-and-income funds 19.96%** |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | **6377301** | **74423** |
| **Total growth-and-income funds** (cost: $85,463,000) |  | **74423** |
| **Asset allocation funds 9.98%** |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | **1676992** | **37229** |
| **Total asset allocation funds** (cost: $39,765,000) |  | **37229** |
| **Balanced funds 24.94%** |  |  |
| American Funds Insurance Series – American Funds Global Balanced Fund, Class 1<sup>1</sup> | **7411955** | **93020** |
| **Total balanced funds** (cost: $96,573,000) |  | **93020** |
| **Fixed income funds 14.97%** |  |  |
| American Funds Insurance Series – Capital World Bond Fund, Class 1 | **5845671** | **55826** |
| **Total fixed income funds** (cost: $59,716,000) |  | **55826** |
| **Short-term securities 2.38%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>2</sup> | **8870516** | **8871** |
| **Total short-term securities** (cost: $8,871,000) |  | **8871** |
| **Options purchased 0.05%** |  |  |
| Options purchased\* |  | **196** |
| **Total options purchased** (cost: $1,050,000) |  | **196** |
| **Total investment securities 97.23%** (cost: $391,071,000) |  | **362585** |
| Other assets less liabilities 2.77% |  | 10312 |
| **Net assets 100.00%** |  | $**372897** |

---

**\*Options purchased**

**Put**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> contracts** | **Notional<br> amount<br> (000)** | **Exercise<br> price** | **Expiration<br> date** | **Value at<br> 12/31/2022<br> (000)** |
| S&P 500 Index | 35 | USD13,438 | USD2,700.00 | 3/17/2023 | $14 |
| S&P 500 Index | 95 | 36475 | 2800.00 | 3/17/2023 | 48 |
| S&P 500 Index | 145 | 55673 | 2850.00 | 3/17/2023 | 77 |
| S&P 500 Index | 85 | 32636 | 2900.00 | 3/17/2023 | 57 |
|  |  |  |  |  | $196 |

---

<br> American Funds Insurance Series – Portfolio Series 15

American Funds Managed Risk Global Allocation Portfolio (continued)

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000)** |
| 5 Year U.S. Treasury Note Futures | Long | 195 | March 2023 | USD21,046 | $(32) |
| Russell 2000 Mini Index Contracts | Short | 12 | March 2023 | (1062) | 24 |
| Nikkei 225 Index Contracts | Short | 18 | March 2023 | (3538) | 245 |
| Japanese Yen Currency Contracts | Short | 41 | March 2023 | (3950) | (169) |
| S&P Mid 400 E-mini Index Contracts | Short | 22 | March 2023 | (5374) | 76 |
| FTSE 100 Index Contracts | Short | 74 | March 2023 | (6682) | (13) |
| British Pound Currency Contracts | Short | 93 | March 2023 | (7024) | 162 |
| Mini MSCI Emerging Market Index Contracts | Short | 311 | March 2023 | (14919) | 203 |
| Euro Stoxx 50 Index Contracts | Short | 589 | March 2023 | (23849) | 938 |
| Euro Currency Contracts | Short | 195 | March 2023 | (26213) | (77) |
| S&P 500 E-mini Index Contracts | Short | 332 | March 2023 | (64093) | 1542 |
|  |  |  |  |  | $2899 |

---

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> (loss) gain<br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 24.95%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Global Growth Fund, Class 1 | $120215 | $101081 | $86466 | $(17519) | $(24291) | $93020 | $917 | $11561 |
| **Growth-and-income funds 19.96%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 96446 | 68848 | 55497 | (698) | (34676) | 74423 | 2021 | 17806 |
| **Asset allocation funds 9.98%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | 47995 | 19622 | 19466 | 446 | (11368) | 37229 | 834 | 4164 |
| **Balanced funds 24.94%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – American Funds Global Balanced Fund, Class 1<sup>1</sup> | 120215 | 35303 | 45375 | (544) | (16579) | 93020 |  | 568 |
| **Fixed income funds 14.97%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – Capital World Bond Fund, Class 1 | 72221 | 46740 | 49395 | (12487) | (1253) | 55826 | 181 | 987 |
| **Total 94.80%** |  |  |  | $**(30802)** | $**(88167)** | $**353518** | $**3953** | $**35086** |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

16 American Funds Insurance Series – Portfolio Series

Financial statements

---

| | |
|:---|:---|
| **Statements of assets and liabilities** <br> **at December 31, 2022** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Global<br> Growth<br> Portfolio** | **Growth and<br> Income<br> Portfolio** | **Managed Risk<br> Growth<br> Portfolio** | **Managed Risk<br> Growth and<br> Income<br> Portfolio** | **Managed<br> Risk<br> Global<br> Allocation<br> Portfolio** |
| **Assets:** | **Assets:** |  |  |  |  |  |
| Investment securities, at value: | Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | Unaffiliated issuers | $— | $— | $37015 | $29273 | $9067 |
| Affiliated issuers | Affiliated issuers | 61378 | 325498 | 1477506 | 1198887 | 353518 |
| Cash collateral pledged for futures contracts | Cash collateral pledged for futures contracts |  |  | 46390 | 33122 | 8615 |
| Receivables for: | Receivables for: |  |  |  |  |  |
| Sales of investments | Sales of investments | 40 | 113 | 14088 | 9253 | 1576 |
| Sales of fund's shares | Sales of fund's shares | — \* | — \* | 224 |  |  |
| Dividends | Dividends |  |  | 156 | 124 | 39 |
| Variation margin on futures contracts | Variation margin on futures contracts |  |  | 3861 | 2748 | 958 |
|  |  | 61418 | 325611 | 1579240 | 1273407 | 373773 |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |
| Payables for: | Payables for: |  |  |  |  |  |
| Purchases of investments | Purchases of investments |  |  | 952 | 720 | 275 |
| Repurchases of fund's shares | Repurchases of fund's shares | 40 | 113 | 1394 | 373 | 128 |
| Investment advisory services | Investment advisory services |  |  | 135 | 109 | 32 |
| Insurance administrative fees | Insurance administrative fees | 38 | 200 | 985 | 791 | 234 |
| Services provided by related parties | Services provided by related parties | 13 | 68 | 328 | 265 | 78 |
| Trustees' deferred compensation | Trustees' deferred compensation | — \* | 2 | 11 | 9 | 3 |
| Variation margin on futures contracts | Variation margin on futures contracts |  |  | 407 | 359 | 126 |
|  |  | 91 | 383 | 4212 | 2626 | 876 |
| **Net assets at December 31, 2022** | **Net assets at December 31, 2022** | $61327 | $325228 | $1575028 | $1270781 | $372897 |
| **Net assets consist of:** | **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | Capital paid in on shares of beneficial interest | $64008 | $335831 | $1748600 | $1308993 | $407471 |
| Total accumulated loss | Total accumulated loss | (2681) | (10603) | (173572) | (38212) | (34574) |
| **Net assets at December 31, 2022** | **Net assets at December 31, 2022** | $61327 | $325228 | $1575028 | $1270781 | $372897 |
| Investment securities, at cost: | Investment securities, at cost: |  |  |  |  |  |
| Unaffiliated issuers | Unaffiliated issuers | $— | $— | $40770 | $31843 | $9921 |
| Affiliated issuers | Affiliated issuers | 72700 | 364510 | 1637903 | 1313411 | 381150 |
| Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 4:** | Net assets | $61327 | $325228 |  |  |  |
|  | Shares outstanding | 5527 | 29903 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share | $11.09 | $10.88 |  |  |  |
| **Class P2:** | Net assets |  |  | $1575028 | $1270781 | $372897 |
|  | Shares outstanding | Not applicable | Not applicable | 169362 | 128603 | 39896 |
|  | Net asset value per share |  |  | $9.30 | $9.88 | $9.35 |

---

\* Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series – Portfolio Series 17

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** <br> **for the year ended December 31, 2022** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global<br> Growth<br> Portfolio** | **Growth and<br> Income<br> Portfolio** | **Managed Risk<br> Growth<br> Portfolio** | **Managed Risk<br>Growth and<br> Income<br> Portfolio** | **Managed<br>Risk<br>Global<br> Allocation<br> Portfolio** |
| **Investment income:** |  |  |  |  |  |
| Income: |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $— | $— | $814 | $628 | $189 |
| Affiliated issuers | 788 | 8018 | 21278 | 28096 | 3953 |
|  | 788 | 8018 | 22092 | 28724 | 4142 |
| **Fees and expenses:** |  |  |  |  |  |
| Investment advisory services |  |  | 2542 | 2013 | 611 |
| Distribution services | 167 | 837 | 4237 | 3354 | 1019 |
| Insurance administrative services | 167 | 837 | 4237 | 3354 | 1019 |
| Transfer agent services | — \* | — \* | — \* | — \* | — \* |
| Accounting and administrative services |  |  | 92 | 75 | 29 |
| Reports to shareholders | 1 | 4 | 11 | 9 | 3 |
| Registration statement and prospectus | 1 | 4 | 18 | 11 | 3 |
| Trustees' compensation | — \* | — \* | 2 | 1 | — \* |
| Auditing and legal | 2 | 8 | 41 | 33 | 10 |
| Custodian | 6 | 26 | 3 | 3 | 4 |
| Other | — \* | — \* | 1 | 1 | — \* |
| Total fees and expenses before waivers | 344 | 1716 | 11184 | 8854 | 2698 |
| Less waivers of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers |  |  | 848 | 672 | 204 |
| Total fees and expenses after waivers | 344 | 1716 | 10336 | 8182 | 2494 |
| Net investment income | 444 | 6302 | 11756 | 20542 | 1648 |
| **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
| Net realized (loss) gain on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers |  |  | (11359) | (10694) | (2781) |
| Affiliated issuers | (2132) | (3485) | (205499) | (33244) | (30802) |
| Futures contracts |  |  | (1952) | (8831) | (5949) |
| Currency transactions |  |  | (190) | (304) | (54) |
| Capital gain distributions received from affiliated issuers | 11625 | 30492 | 203631 | 133848 | 35086 |
|  | 9493 | 27007 | (15369) | 80775 | (4500) |
| Net unrealized (depreciation) appreciation on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers |  |  | 446 | 1072 | 117 |
| Affiliated issuers | (30798) | (92853) | (424403) | (345412) | (88167) |
| Futures contracts |  |  | 19387 | 12550 | 2667 |
|  | (30798) | (92853) | (404570) | (331790) | (85383) |
| Net realized gain (loss) and unrealized depreciation | (21305) | (65846) | (419939) | (251015) | (89883) |
| **Net decrease in net assets resulting from operations** | $(20861) | $(59544) | $(408183) | $(230473) | $(88235) |

---

\* Amount less than one thousand.

Refer to the notes to financial statements.

18 American Funds Insurance Series – Portfolio Series

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth<br> Portfolio** | **Global Growth<br> Portfolio** | **Growth and Income<br> Portfolio** | **Growth and Income<br> Portfolio** | **Managed Risk<br> Growth Portfolio** | **Managed Risk<br> Growth Portfolio** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $444 | $381 | $6302 | $4363 | $11756 | $4460 |
| Net realized gain (loss) | 9493 | 8596 | 27007 | 29430 | (15369) | 282863 |
| Net unrealized (depreciation) appreciation | (30798) | 804 | (92853) | 5432 | (404570) | (87129) |
| Net (decrease) increase in net assets resulting from operations | (20861) | 9781 | (59544) | 39225 | (408183) | 200194 |
| **Distributions paid to shareholders** | (9974) | (1572) | (35419) | (10434) | (259110) | (18360) |
| **Net capital share transactions** | 8118 | 5159 | 43477 | 35193 | 248176 | 59229 |
| **Total (decrease) increase in net assets** | (22717) | 13368 | (51486) | 63984 | (419117) | 241063 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 84044 | 70676 | 376714 | 312730 | 1994145 | 1753082 |
| End of year | $61327 | $84044 | $325228 | $376714 | $1575028 | $1994145 |
|  | **Managed Risk<br> Growth and Income<br> Portfolio** | **Managed Risk<br> Growth and Income<br> Portfolio** | **Managed Risk<br> Global Allocation<br> Portfolio** | **Managed Risk<br> Global Allocation<br> Portfolio** |  |  |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |  |  |
|  | 2022 | 2021 | 2022 | 2021 |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $20542 | $15751 | $1648 | $3149 |  |  |
| Net realized gain (loss) | 80775 | 121319 | (4500) | 44187 |  |  |
| Net unrealized (depreciation) appreciation | (331790) | 14188 | (85383) | (8638) |  |  |
| Net (decrease) increase in net assets resulting from operations | (230473) | 151258 | (88235) | 38698 |  |  |
| **Distributions paid to shareholders** | (112305) | (16939) | (40195) | (3407) |  |  |
| **Net capital share transactions** | 79014 | 10702 | 18917 | (949) |  |  |
| **Total (decrease) increase in net assets** | (263764) | 145021 | (109513) | 34342 |  |  |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 1534545 | 1389524 | 482410 | 448068 |  |  |
| End of year | $1270781 | $1534545 | $372897 | $482410 |  |  |

---

Refer to the notes to financial statements.

American Funds Insurance Series – Portfolio Series 19

Notes to financial statements

**1. Organization**

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company with 34 different funds (the "funds"), including five funds in the series covered in this report. The other 29 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance Series report and six funds in the series are covered in the American Funds Insurance Series — Target Date Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), three of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund in the American Funds Insurance Series – Portfolio Series are as follows:

**Global Growth Portfolio** — Seeks to provide long-term growth of capital.

**Growth and Income Portfolio** — Seeks to provide long-term growth of capital while providing current income.

**Managed Risk Growth Portfolio** — Seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Growth and Income Portfolio** — Seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.

**Managed Risk Global Allocation Portfolio** — Seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund offers one share class (Class 4 for Global Growth Portfolio and Growth and Income Portfolio, and Class P2 for the three managed risk funds). Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

20 American Funds Insurance Series – Portfolio Series

**Fees and expenses** — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Distributions paid to shareholders** — Income dividends and capital gain distributions paid to shareholders are recorded on each fund's ex-dividend date.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in each fund's statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation**

**Security valuation** — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund's statement of additional information. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued.

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Fair Valuation Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group.

**Classifications** — The series' investment adviser classifies each fund's assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of December 31, 2022, all of the investment securities held by each fund were classified as Level 1.

**4. Risk factors**

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Allocation risk** — Investments in each fund are subject to risks related to the investment adviser's allocation choices. The selection of the underlying funds and the allocation of each fund's assets could cause each fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. Some of the funds may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. To the extent that any of the funds that invest in the non-diversified investment company invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on that fund's investment results.

American Funds Insurance Series – Portfolio Series 21

**Fund structure** — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by a fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund's investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

**Underlying fund risks** — Because each fund's investments consist of underlying funds, each fund's risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in each fund and the applicable underlying funds.

**Market conditions** — The prices of, and the income generated by, the securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of each fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in income-oriented stocks** — The value of an underlying fund's securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds' portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

22 American Funds Insurance Series – Portfolio Series

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying funds' rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the underlying fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in small companies** — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds' securities could cause the value of the underlying funds' shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds' investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

American Funds Insurance Series – Portfolio Series 23

**Liquidity risk** — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or try to limit losses, or may be forced to sell at a loss.

**Management** — The investment adviser to the funds and to the underlying funds actively manages each underlying fund's investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Investing in options and futures contracts** — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, a fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.

**Short positions** — A fund may suffer losses from short positions in futures and options contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

24 American Funds Insurance Series – Portfolio Series

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in future delivery contracts** — The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund's market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of the underlying fund.

**Investing in securities backed by the U.S. government** — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

**Asset allocation** — A certain fund's percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Currency** — The prices of, and the income generated by, many debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund's securities denominated in such currencies would generally fall and vice versa.

**Nondiversification risk** — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than a diversified fund. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on a managed risk fund's investment results.

**Management** — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

American Funds Insurance Series – Portfolio Series 25

**5. Certain investment techniques**

**Options contracts** — The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the fund will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the fund obtains the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the fund pays the current market price, or the option premium, for the option.

The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire premium. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in the fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in the fund's statement of operations. The average month-end notional amount of options contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $845,906,000, $739,642,000 and $205,037,000, respectively.

**Futures contracts** — The managed risk funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract. When initial margin is deposited with brokers, a receivable is recorded in each fund's statement of assets and liabilities.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations. The average month-end notional amount of futures contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $1,394,639,000, $1,600,393,000 and $551,847,000, respectively.

The tables on the following page identify the location and fair value amounts on each fund's statement of assets and liabilities and the effect on each fund's statement of operations resulting from the managed risk funds' use of options purchased and futures contracts as of December 31, 2022 (dollars in thousands):

26 American Funds Insurance Series – Portfolio Series

**Managed Risk Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers\* | $820 | Investment securities from unaffiliated issuers\* | $— |
| Futures | Currency | Unrealized appreciation<sup>†</sup> | 450 | Unrealized depreciation<sup>†</sup> | 702 |
| Futures | Equity | Unrealized appreciation<sup>†</sup> | 19428 | Unrealized depreciation<sup>†</sup> | 22 |
| Futures | Interest | Unrealized appreciation<sup>†</sup> |  | Unrealized depreciation<sup>†</sup> | 632 |
|  |  |  | $20698 |  | $1356 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(11359) | Net unrealized appreciation on investments in unaffiliated issuers | $446 |
| Futures | Currency | Net realized gain on futures contracts | 3921 | Net unrealized depreciation on futures contracts | (168) |
| Futures | Equity | Net realized gain on futures contracts | 12464 | Net unrealized appreciation on futures contracts | 20103 |
| Futures | Interest | Net realized loss on futures contracts | (18337) | Net unrealized depreciation on futures contracts | (548) |
|  |  |  | $(13311) |  | $19833 |

---

**Managed Risk Growth and Income Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers\* | $594 | Investment securities from unaffiliated issuers\* | $— |
| Futures | Currency | Unrealized appreciation<sup>†</sup> | 507 | Unrealized depreciation<sup>†</sup> | 709 |
| Futures | Equity | Unrealized appreciation<sup>†</sup> | 12292 | Unrealized depreciation<sup>†</sup> | 29 |
| Futures | Interest | Unrealized appreciation<sup>†</sup> |  | Unrealized depreciation<sup>†</sup> | 251 |
|  |  |  | $13393 |  | $989 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(10694) | Net unrealized appreciation on investments in unaffiliated issuers | $1072 |
| Futures | Currency | Net realized gain on futures contracts | 5166 | Net unrealized depreciation on futures contracts | (125) |
| Futures | Equity | Net realized gain on futures contracts | 2807 | Net unrealized appreciation on futures contracts | 12783 |
| Futures | Interest | Net realized loss on futures contracts | (16804) | Net unrealized depreciation on futures contracts | (108) |
|  |  |  | (19525) |  | $13622 |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series – Portfolio Series 27

**Managed Risk Global Allocation Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Options purchased | Equity | Investment securities from unaffiliated issuers\* | $196 | Investment securities from unaffiliated issuers\* | $— |
| Futures | Currency | Unrealized appreciation<sup>†</sup> | 162 | Unrealized depreciation<sup>†</sup> | 246 |
| Futures | Equity | Unrealized appreciation<sup>†</sup> | 3028 | Unrealized depreciation<sup>†</sup> | 13 |
| Futures | Interest | Unrealized appreciation<sup>†</sup> |  | Unrealized depreciation<sup>†</sup> | 32 |
|  |  |  | $3386 |  | $291 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br> operations** | **Value** | **Location on statement of<br> operations** | **Value** |
| Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(2781) | Net unrealized appreciation on investments in unaffiliated issuers | $117 |
| Futures | Currency | Net realized gain on futures contracts | 1663 | Net unrealized depreciation on futures contracts | (83) |
| Futures | Equity | Net realized loss on futures contracts | (3328) | Net unrealized appreciation on futures contracts | 2756 |
| Futures | Interest | Net realized loss on futures contracts | (4284) | Net unrealized depreciation on futures contracts | (6) |
|  |  |  | $(8730) |  | $2784 |

---

---

| | |
|:---|:---|
| \* | Includes options purchased as reported in the fund's investment portfolio. |
| <sup>†</sup> | Includes cumulative appreciation/depreciation on futures contracts as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities. |

---

**Collateral** — Funds that invest in futures contracts participate in a collateral program. The program calls for each fund to pledge highly liquid assets, such as cash or U.S. government securities, as collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund's investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**6. Taxation and distributions**

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses and capital losses related to sales of certain securities within 30 days of purchase. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

28 American Funds Insurance Series – Portfolio Series

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global<br> Growth<br> Portfolio** | **Growth and<br> Income<br> Portfolio** | **Managed<br> Risk Growth<br> Portfolio** | **Managed<br> Risk Growth<br> and Income<br> Portfolio** | **Managed<br> Risk Global<br> Allocation<br> Portfolio** |
| Undistributed ordinary income | $537 | $5747 | $17068 | $19332 | $2811 |
| Undistributed long-term capital gains | 8800 | 25351 | 272779 | 182472 | 34930 |
| Gross unrealized appreciation on investments | 841 | 6662 | 4492 | 7191 | 1100 |
| Gross unrealized depreciation on investments | (12860) | (48360) | (467911) | (247207) | (73415) |
| Net unrealized depreciation on investments | (12019) | (41698) | (463419) | (240016) | (72315) |
| Cost of investments | 73397 | 367196 | 1996462 | 1479986 | 437799 |
| Reclassification to total accumulated loss from capital paid in on shares of beneficial interest | (1) |  |  |  |  |

---

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class 4 | $1799 | $8175 | $9974 | $214 | $1358 | $1572 |

---

**Growth and Income Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class 4 | $10097 | $25322 | $35419 | $5732 | $4702 | $10434 |

---

**Managed Risk Growth Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class P2 | $29570 | $229540 | $259110 | $18360 | $— | $18360 |

---

**Managed Risk Growth and Income Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class P2 | $34140 | $78165 | $112305 | $16939 | $— | $16939 |

---

**Managed Risk Global Allocation Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| <br>**Share class** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** | **Ordinary** **<br> income** | **Long-term** **<br> capital gains** | **Total** **<br> distributions<br> paid** |
| Class P2 | $6466 | $33729 | $40195 | $3407 | $— | $3407 |

---

American Funds Insurance Series – Portfolio Series 29

**7. Fees and transactions**

CRMC, the series' investment adviser, is the parent company of American Funds Distributors<sup>®</sup>, Inc. ("AFD"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, AFD and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on an annual rate of 0.150% of daily net assets for the three managed risk funds. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — CRMC waived a portion of the investment advisory services fees equal to 0.05% of each fund's daily net assets for the three managed risk funds. For the year ended December 31, 2022, total investment advisory services fees waived by CRMC were $1,724,000. CRMC does not intend to recoup these waivers. Investment advisory services fees are presented in each fund's statement of operations gross of the waivers from CRMC.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.25% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 4 | 0.25% | 0.25% |
| Class P2 | 0.25 | 0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for all share classes. Under the plan, each share class pays 0.25% of each insurance company's respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC to provide administrative services to all of the funds. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. CRMC receives administrative services fee at the annual rate of 0.03% of average daily net assets from the Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The three managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which each fund compensates BNY Mellon for providing accounting and administrative services. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

30 American Funds Insurance Series – Portfolio Series

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation in each fund's statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**8. Indemnifications**

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Capital share transactions**

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Portfolio**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class 4 | $6416 | 505 | $9974 | 853 | $(8272) | (678) | $8118 | 680 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class 4 | $12509 | 747 | $1572 | 93 | $(8922) | (529) | $5159 | 311 |
| **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class 4 | $32757 | 2764 | $35420 | 3125 | $(24700) | (2083) | $43477 | 3806 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class 4 | $46703 | 3326 | $10433 | 745 | $(21943) | (1582) | $35193 | 2489 |
| **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class P2 | $66751 | 6086 | $259110 | 26420 | $(77685) | (7596) | $248176 | 24910 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class P2 | $129307 | 9721 | $18360 | 1371 | $(88438) | (6636) | $59229 | 4456 |

---

American Funds Insurance Series – Portfolio Series 31

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** |
|  | **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class P2 | $48413 | 4527 | $112305 | 10888 | $(81704) | (7614) | $79014 | 7801 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class P2 | $64009 | 5216 | $16939 | 1367 | $(70246) | (5764) | $10702 | 819 |
| **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |
| Class P2 | $12516 | 1158 | $40195 | 4150 | $(33794) | (3420) | $18917 | 1888 |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |
| Class P2 | $22259 | 1801 | $3407 | 275 | $(26615) | (2176) | $(949) | (100) |

---

**10. Ownership concentration**

At December 31, 2022, Managed Risk Growth and Income Portfolio held 18% and 17% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of American Funds Insurance Series -American Funds Global Balanced Fund.

**11. Investment transactions**

Each fund engaged in purchases and sales of investment securities during the year ended December 31, 2022, as follows (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global<br> Growth<br> Portfolio** | **Growth and<br> Income<br> Portfolio** | **Managed<br> Risk<br> Growth<br> Portfolio** | **Managed<br> Risk<br> Growth and<br> Income<br> Portfolio** | **Managed<br> Risk<br> Global<br> Allocation<br> Portfolio** |
| Purchases of investment securities\* | $18679 | $69953 | $1503718 | $1039346 | $271594 |
| Sales of investment securities\* | 8484 | 25136 | 1285107 | 917254 | 256199 |

---

\* Excludes short-term securities and U.S. government obligations, if any.

32 American Funds Insurance Series – Portfolio Series

Financial highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distribu-<br> tions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> before<br> waivers/<br> reimburse-<br> ments<sup>3</sup>** | **Ratio of<br> expenses**<br>**to average<br> net assets<br> after<br> waivers/<br> reimburse-<br> ments<sup>2,3</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,4,5</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $17.34 | $.08 | $(4.30) | $(4.22) | $(.31) | $(1.72) | $(2.03) | $11.09 | (24.75)% | $61 | .51% | .51% | .98% | .66% |
| 12/31/2021 | 15.58 | .08 | 2.02 | 2.10 | (.05) | (.29) | (.34) | 17.34 | 13.49 | 84 | .52 | .52 | 1.04 | .48 |
| 12/31/2020 | 13.35 | .03 | 2.91 | 2.94 | (.12) | (.59) | (.71) | 15.58 | 23.80 | 71 | .55 | .55 | 1.15 | .24 |
| 12/31/2019 | 10.68 | .12 | 3.18 | 3.30 | (.09) | (.54) | (.63) | 13.35 | 31.67 | 54 | .61 | .56 | 1.18 | .97 |
| 12/31/2018 | 12.17 | .08 | (1.22) | (1.14) | (.12) | (.23) | (.35) | 10.68 | (9.77) | 36 | .59 | .58 | 1.20 | .69 |
| **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $14.44 | $.22 | $(2.46) | $(2.24) | $(.31) | $(1.01) | $(1.32) | $10.88 | (15.74)% | $325 | .51% | .51% | .80% | 1.88% |
| 12/31/2021 | 13.25 | .18 | 1.44 | 1.62 | (.23) | (.20) | (.43) | 14.44 | 12.32 | 377 | .52 | .52 | .84 | 1.28 |
| 12/31/2020 | 12.13 | .18 | 1.53 | 1.71 | (.22) | (.37) | (.59) | 13.25 | 14.86 | 313 | .52 | .52 | .91 | 1.49 |
| 12/31/2019 | 10.59 | .22 | 1.81 | 2.03 | (.19) | (.30) | (.49) | 12.13 | 19.57 | 257 | .52 | .52 | .96 | 1.92 |
| 12/31/2018 | 11.40 | .20 | (.58) | (.38) | (.16) | (.27) | (.43) | 10.59 | (3.51) | 168 | .53 | .53 | .97 | 1.81 |
| **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $13.80 | $.07 | $(2.80) | $(2.73) | $(.19) | $(1.58) | $(1.77) | $9.30 | (20.36)% | $1575 | .66% | .61% | .99% | .69% |
| 12/31/2021 | 12.52 | .03 | 1.38 | 1.41 | (.13) |  | (.13) | 13.80 | 11.29 | 1994 | .66 | .61 | 1.01 | .24 |
| 12/31/2020 | 11.61 | .07 | 1.38 | 1.45 | (.13) | (.41) | (.54) | 12.52 | 13.35 | 1753 | .66 | .61 | 1.03 | .65 |
| 12/31/2019 | 10.28 | .13 | 1.80 | 1.93 | (.14) | (.46) | (.60) | 11.61 | 19.26 | 1474 | .66 | .61 | 1.02 | 1.20 |
| 12/31/2018 | 11.16 | .12 | (.53) | (.41) | (.14) | (.33) | (.47) | 10.28 | (3.98) | 1073 | .66 | .61 | 1.00 | 1.06 |
| **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** |  |  |  |  |  |  |  |  |  |  |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.70 | $.16 | $(2.05) | $(1.89) | $(.28) | $(.65) | $(.93) | $9.88 | (15.10)% | $1271 | .66% | .61% | .99% | 1.53% |
| 12/31/2021 | 11.58 | .13 | 1.13 | 1.26 | (.14) |  | (.14) | 12.70 | 10.93 | 1535 | .66 | .61 | 1.04 | 1.07 |
| 12/31/2020 | 11.55 | .13 | .39 | .52 | (.18) | (.31) | (.49) | 11.58 | 4.96 | 1390 | .66 | .61 | 1.05 | 1.16 |
| 12/31/2019 | 10.18 | .18 | 1.74 | 1.92 | (.18) | (.37) | (.55) | 11.55 | 19.29 | 1288 | .67 | .62 | 1.08 | 1.66 |
| 12/31/2018 | 11.13 | .17 | (.67) | (.50) | (.17) | (.28) | (.45) | 10.18 | (4.72) | 974 | .66 | .61 | 1.07 | 1.54 |
| **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** |  |  |  |  |  |  |  |  |  |  |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.69 | $.04 | $(2.32) | $(2.28) | $(.17) | $(.89) | $(1.06) | $9.35 | (18.25)% | $373 | .66% | .61% | 1.11% | .40% |
| 12/31/2021 | 11.76 | .08 | .94 | 1.02 | (.09) |  | (.09) | 12.69 | 8.70 | 482 | .67 | .62 | 1.19 | .68 |
| 12/31/2020 | 11.60 | .07 | .52 | .59 | (.12) | (.31) | (.43) | 11.76 | 5.65 | 448 | .68 | .63 | 1.20 | .61 |
| 12/31/2019 | 10.07 | .13 | 1.89 | 2.02 | (.15) | (.34) | (.49) | 11.60 | 20.44 | 424 | .68 | .63 | 1.20 | 1.20 |
| 12/31/2018 | 11.04 | .14 | (.88) | (.74) | (.10) | (.13) | (.23) | 10.07 | (6.90) | 325 | .68 | .63 | 1.20 | 1.27 |

---

Refer to the next page for footnotes.

American Funds Insurance Series – Portfolio Series 33

Financial highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Portfolio turnover rate** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Global Growth Portfolio | 13% | 36% | 14% | 14% | 12% |
| Growth and Income Portfolio | 7 | 36 | 7 | 6 | 5 |
| Managed Risk Growth Portfolio | 80 | 46 | 80 | 6 | 4 |
| Managed Risk Growth and Income Portfolio | 72 | 44 | 73 | 5 | 4 |
| Managed Risk Global Allocation Portfolio | 66 | 29 | 49 | 6 | 3 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers/reimbursements from CRMC. During the years shown, CRMC waived a portion of investment advisory services fees on each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the funds.

<sup>3</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>4</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.

<sup>5</sup> Unaudited.

34 American Funds Insurance Series – Portfolio Series

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of American Funds Global Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Managed Risk Growth Portfolio, American Funds Managed Risk Growth and Income Portfolio and American Funds Managed Risk Global Allocation Portfolio

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of American Funds Global Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Managed Risk Growth Portfolio, American Funds Managed Risk Growth and Income Portfolio and American Funds Managed Risk Global Allocation Portfolio (five of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California<br> February 17, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

American Funds Insurance Series – Portfolio Series 35

---

| | |
|:---|:---|
| Expense example | **unaudited** |

---

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

**Actual expenses:**

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

**Hypothetical example for comparison purposes:**

The second line of each share class in the tables on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. 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 fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

**Notes:**

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables 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 transactional costs were included, your costs would have been higher.

36 American Funds Insurance Series – Portfolio Series

Expense example (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning <br> account value <br> 7/1/2022** | **Ending <br> account value <br> 12/31/2022** | **Expenses <br> paid during <br> period<sup>1,2</sup>** | **Annualized <br> expense ratio<sup>2</sup>** | **Effective <br> expenses paid<br> during period<sup>3</sup>** | **Effective <br> annualized <br> expense ratio<sup>4</sup>** |
| **Global Growth Portfolio** | **Global Growth Portfolio** | **Global Growth Portfolio** |  |  |  |  |
| Class 4 – actual return | $1000.00 | $1030.53 | $2.61 | .51% | $5.02 | .98% |
| Class 4 – assumed 5% return | 1000.00 | 1022.63 | 2.60 | .51 | 4.99 | .98 |
| **Growth and Income Portfolio** | **Growth and Income Portfolio** | **Growth and Income Portfolio** |  |  |  |  |
| Class 4 – actual return | $1000.00 | $1015.72 | $2.59 | .51% | $4.06 | .80% |
| Class 4 – assumed 5% return | 1000.00 | 1022.63 | 2.60 | .51 | 4.08 | .80 |
| **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** | **Managed Risk Growth Portfolio** |  |  |  |  |
| Class P2 – actual return | $1000.00 | $981.66 | $3.05 | .61% | $4.94 | .99% |
| Class P2 – assumed 5% return | 1000.00 | 1022.13 | 3.11 | .61 | 5.04 | .99 |
| **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** | **Managed Risk Growth and Income Portfolio** |  |  |  |  |
| Class P2 – actual return | $1000.00 | $992.56 | $3.06 | .61% | $4.97 | .99% |
| Class P2 – assumed 5% return | 1000.00 | 1022.13 | 3.11 | .61 | 5.04 | .99 |
| **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** | **Managed Risk Global Allocation Portfolio** |  |  |  |  |
| Class P2 – actual return | $1000.00 | $994.42 | $3.07 | .61% | $5.58 | 1.11% |
| Class P2 – assumed 5% return | 1000.00 | 1022.13 | 3.11 | .61 | 5.65 | 1.11 |

---

<sup>1</sup> The "expenses paid during period" are equal to the "annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

<sup>2</sup> The "expenses paid during period" and "annualized expense ratio" do not include the expenses of the underlying funds in which each fund invests.

<sup>3</sup> The "effective expenses paid during period" are equal to the "effective annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).

<sup>4</sup> The "effective annualized expense ratio" reflects the net annualized expense ratio of the class plus the class's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

American Funds Insurance Series – Portfolio Series 37

---

| | |
|:---|:---|
| Liquidity Risk Management Program | **unaudited** |

---

The series has adopted a liquidity risk management program (the "program"). The series' board has designated Capital Research and Management Company ("CRMC") as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund's investments, limiting the amount of each fund's illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC's process of determining the degree of liquidity of each fund's investments is supported by one or more third-party liquidity assessment vendors.

The series' board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund's liquidity risk.

38 American Funds Insurance Series – Portfolio Series

Board of trustees and other officers

Independent trustees<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and year of birth** | **Year first<br> elected<br> a trustee<br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years** | **Number of<br> portfolios in<br> fund complex<br> overseen by<br> trustee** | **Other directorships<sup>3</sup> held by trustee** |
| **Francisco G. Cigarroa, MD,** 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 |  |
| **James G. Ellis,** 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 96 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation |
| **Nariman Farvardin,** 1956 | 2018 | President, Stevens Institute of Technology | 91 |  |
| **Jennifer C. Feikin,** 1968 | 2022 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents | 97 | Hertz Global Holdings, Inc. |
| **Leslie Stone Heisz,** 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 97 | Edwards Lifesciences; Public Storage |
| **Mary Davis Holt,** 1950 | 2015–2016;<br> 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003) | 87 |  |
| **Merit E. Janow,** 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated |
| **Margaret Spellings,** 1957<br> Chair of the Board<br> (Independent and<br> Non-Executive) | 2010 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 |  |
| **Alexandra Trower,** 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 |  |
| **Paul S. Williams,** 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc. |
| Interested trustees<sup>4,5</sup> | Interested trustees<sup>4,5</sup> | Interested trustees<sup>4,5</sup> |  |  |
| **Name, year of birth and<br> position with series** | **Year first<br> elected<br> a trustee<br> or officer<br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years<br> and positions held with affiliated entities or<br> the principal underwriter of the series** | **Number of<br> portfolios in<br> fund complex<br> overseen by<br> trustee** | **Other directorships<sup>3</sup> held by trustee** |
| **Donald D. O'Neal,** 1960 <br> Co-President and Trustee | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company<sup>5</sup> | 35 |  |
| **Michael C. Gitlin,** 1970 <br> Trustee | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.<sup>5</sup> | 86 |  |

---

**The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.**

American Funds Insurance Series – Portfolio Series 39

Other officers<sup>5</sup>

---

| | | |
|:---|:---|:---|
| **Name, year of birth and<br> position with series** | **Year first<br> elected<br> an officer<br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years and positions held with affiliated entities<br> or the principal underwriter of the series** |
| **Alan N. Berro,** 1960 <br> Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Maria Manotok,** 1974 <br> Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group Companies Global<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group International, Inc.<sup>5</sup> |
| **Michael W. Stockton,** 1967<br> Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Patrice Collette,** 1967<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.<sup>5</sup> |
| **Peter Eliot,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Irfan M. Furniturewala,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Sung Lee,** 1966<br> Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital International, Inc.<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Keiko McKibben,** 1969<br> Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company |
| **Carlos A. Schonfeld,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited<sup>5</sup> |
| **Alan J. Wilson,** 1961<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company |
| **Steven I. Koszalka,** 1964<br> Secretary | 2003 | Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Gregory F. Niland,** 1971<br> Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company |
| **Susan K. Countess,** 1966<br> Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company |
| **Sandra Chuon,** 1972<br> Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company |
| **Brian C. Janssen,** 1972<br> Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |

---

<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the series within the meaning of the Investment Company Act of 1940.

<sup>2</sup> Trustees and officers of the series serve until their resignation, removal or retirement.

<sup>3</sup> This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.

<sup>4</sup> The term interested trustee refers to a trustee who is an "interested person" within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).

<sup>5</sup> Company affiliated with Capital Research and Management Company.

40 American Funds Insurance Series – Portfolio Series

**Office of the series**

333 South Hope Street<br> Los Angeles, CA 90071-1406

**Investment adviser**

Capital Research and Management Company<br> 333 South Hope Street<br> Los Angeles, CA 90071-1406

**Investment subadviser**

Milliman Financial Risk Management LLC<br> (Managed Risk Funds only)<br> 71 South Wacker Drive, 31st Floor<br> Chicago, IL 60606

**Custodian of assets**

State Street Bank and Trust Company<br> One Lincoln Street<br> Boston, MA 02111

**Counsel**

Morgan, Lewis & Bockius LLP<br> One Federal Street<br> Boston, MA 02110-1726

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP<br> 601 South Figueroa Street<br> Los Angeles, CA 90017-3874

**Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/individual/investments.**

"Proxy Voting Guidelines for American Funds Insurance Series — Portfolio Series" — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

American Funds Insurance Series — Portfolio Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of American Funds Insurance Series — Portfolio Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series — Portfolio Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright© 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

American Funds Insurance Series – Portfolio Series 41

The Capital Advantage<sup>®</sup>

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System<sup>TM</sup> — has resulted in superior outcomes.

**Aligned with investor success**

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.<sup>1</sup>

**The Capital System**

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

**American Funds Insurance Series' superior outcomes**

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.<sup>2</sup> Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.<sup>3</sup> We strive to keep management fees competitive. Over the past 20 years, most funds' fees have been below industry averages.<sup>4</sup>

<sup>1</sup> Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.

<sup>2</sup> Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund's inception through December 31, 2021. Periods covered are the shorter of the fund's lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.

<sup>3</sup> Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor's 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in "lockstep," in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.

<sup>4</sup> Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

![](image_042.jpg)

---

| | |
|:---|:---|
| **American Funds Insurance Series<sup>®</sup> <br> Target Date Series**<br>Annual report<br> for the year ended<br> December 31, 2022 | ![](image_043.jpg) |

---

![](image_044.jpg)

**Offering variable<br> annuity investors<br> a balanced approach<br> to building and<br> preserving wealth<br> through retirement**

Depending on the proximity to its target date, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, each fund seeks to balance total return and stability over time.

American Funds, by Capital Group, is one of the nation's largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

**Fund results shown in this report, unless otherwise indicated, are for Class 4 shares at net asset value. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.**

Each target date fund is composed of a mix of the American Funds and is subject to the risks and returns of the underlying funds. Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Small company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Investments in mortgage-related securities involve additional risks, such as prepayment risk, as more fully described in the prospectus. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. While not directly correlated to changes in interest rates, the values of inflation linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations. Fund shares of U.S. Government Securities Fund<sup>®</sup> are not guaranteed by the U.S. government.

The funds' allocation strategy does not guarantee that investors' retirement savings goals will be met. The allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The funds may seek dividend income to help dampen risk while maintaining equity exposure, and may invest in fixed income securities to help provide current income, capital preservation and inflation protection. The funds' risks are directly related to the risks of the underlying funds. Refer to the series prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the series.

**Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.**

Contents

---

| | |
|:---|:---|
| 1 | Letter to investors |
| 4 | The value of a $10,000 investment |
| 6 | Investment approach for American Funds Insurance Series – Target Date Series |
|  | **Investment portfolios** |
| 7 | American Funds IS 2035 Target Date Fund |
| 9 | American Funds IS 2030 Target Date Fund |
| 11 | American Funds IS 2025 Target Date Fund |
| 13 | American Funds IS 2020 Target Date Fund |
| 15 | American Funds IS 2015 Target Date Fund |
| 17 | American Funds IS 2010 Target Date Fund |
| 19 | Financial statements |
| 43 | Board of trustees and other officers |

---

Fellow investors:

It is our pleasure to present the annual report for American Funds Insurance Series<sup>®</sup> — Target Date Series for the year ended December 31, 2022.

All six of the funds declined amid a wide market downturn. However, three of the six funds outpaced their respective S&P Target Date Index<sup>1</sup> (as shown in the table on page 3). We continue to maintain a long-term perspective regarding the series' results – balancing investors' need to build wealth with the need to preserve it near and during retirement. Although comparisons with indexes can provide insights, we believe a comparison of absolute returns should be accompanied by an analysis of risk to fully assess whether a target date series is meeting its objectives.

**About the series**

Launched December 6, 2019, the series offers a suite of funds that offer variable annuity investors objective-based portfolios to help meet retirement goals. It is managed by the Target Date Solutions Committee ("the Committee"), a group of seasoned investment professionals with varied backgrounds, diverse investment approaches and decades of experience. The members of the committee include Michelle J. Black, David A. Hoag, Jessica C. Spaly, Samir Mathur, Wesley K. Phoa, Bradley J. Vogt and Shannon Ward.

In managing the series, the Committee carefully selects a mix of individual American Funds, employing an objective-based framework supported by rigorous analysis. The Committee regularly monitors each fund in the series.

**Investment objectives**

Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the funds seek to balance total return and stability over time.

**The investment environment**

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Communication services, consumer discretionary and information technology stocks suffered the biggest losses. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. equities had their worst year since 2008 as the S&P 500 Index<sup>2</sup> fell 18.11%. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index<sup>3</sup> lost 12.46% in one of the worst bond market

See page 2 for footnotes.

Past results are not predictive of results in future periods.

American Funds Insurance Series – Target Date Series 1

declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies.

For the fiscal year, the MSCI All Country World Index ex USA<sup>4</sup> fell 16.00%. The Bloomberg U.S. Aggregate Index<sup>5</sup> declined 13.01%, while the Bloomberg Global Aggregate Index<sup>6</sup> was down 16.25%.

**Inside the series**

Over the year ended December 31, 2022, the more conservative 2010, 2015 and 2020 funds beat their respective S&P Target Date Index. These funds benefited from the relative resiliency of their underlying fixed income funds, resulting in a positive excess return for eight out of the 10 underlying funds.

Despite declines for American High-Income Trust<sup>®</sup> (8.84%) and American Funds Mortgage Fund<sup>®</sup> (9.74%), both fixed income funds outpaced their benchmarks, by 2.34 and 2.07 percentage points, respectively. Capital World Bond Fund<sup>®</sup> was the relative laggard among the fixed income funds, declining by 17.17% for the year, versus a 16.25% decline for its benchmark, resulting in a difference of –0.92 percentage points.

Results in the underlying equity funds were mixed as growth-oriented stocks declined across the board. However, 11 of the 17 underlying equity funds outpaced their benchmarks, led by American Mutual Fund<sup>®</sup> and Washington Mutual Investors Fund, which exceeded by 13.92 and 9.93 percentage points, respectively.

Over their lifetimes, Target Date Series funds have outpaced their benchmarks by an average of 0.66%.

**Looking ahead**

Big questions remain about how the U.S. economy will do in 2023. It is possible that the delayed impact of higher rates will keep growth slow, or even cause a mild recession. However, we have confidence in the long-term trajectory of the economy and the stock market has likely digested much of the potential bad news already, given the decline this year. Investors have reason for hope, as we've already taken a measure of pain, in both stocks and bonds. Inflation may persist above the levels we've been used to the past 10 years, but is likely to gently decline over the coming year from the 6.5% figure published in January 2023. That would be good news on its own, and would also lighten the upward pressure we've seen on interest rates this past year. The global negative impact of COVID-19 has already persisted longer than anyone predicted back in early 2020, but should also decline with time, particularly as China has decided to end lockdowns. That will eventually help economic growth.

Thus, as 2023 progresses we may see, out of many fears, a reason for optimism. The ongoing war in Ukraine remains a wild card, and we hope it does not spill over into a larger conflict. That may be the biggest risk to a mildly positive outlook for stocks. There can still be bumps in the road, but with our world-class research, we will continue to focus on finding those companies with the best fundamentals and the best risk-versus-return tradeoffs. We believe that we will find plenty of attractive securities for the long term in this environment. In the event of periods of volatility, we remain committed to our process, and will look for opportunities at that time as well.

Our time-tested process is based on extensive research, a long-term framework and close attention to valuation, and has resulted in superior outcomes for investors over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

![](image_045.jpg)

Donald D. O'Neal<br> Co-President

![](image_046.jpg)

Alan N. Berro<br> Co-President

February 17, 2023

Past results are not predictive of results in future periods.

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

<sup>1</sup> Source: S&P Dow Jones Indices LLC. The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

<sup>2</sup> Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

<sup>3</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

<sup>4</sup> Source: MSCI. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes.

<sup>5</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/ or Fitch as an indication of an issuer's creditworthiness.

<sup>6</sup> Source: Bloomberg Index Services Ltd. Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets.

2 American Funds Insurance Series – Target Date Series

**Results at a glance**

For periods ended December 31, 2022, with all distributions reinvested

---

| | | | |
|:---|:---|:---|:---|
|  | Cumulative<br> total returns | Average annual<br> total returns | |
| Class 4 shares | 1 year | Lifetime<br> (since 12/6/19) | Expense<br> ratio |
| **American Funds IS 2035 Target Date Fund** | **–16.79%** | **4.36%** | **0.86%** |
| S&P Target Date 2035 Index | –14.99 | 3.97 |  |
| **American Funds IS 2030 Target Date Fund** | **–14.87** | **3.49** | **0.63** |
| S&P Target Date 2030 Index | –13.96 | 3.33 |  |
| **American Funds IS 2025 Target Date Fund** | **–13.25** | **3.21** | **0.86** |
| S&P Target Date 2025 Index | –13.13 | 2.77 |  |
| **American Funds IS 2020 Target Date Fund** | **–11.51** | **2.88** | **0.84** |
| S&P Target Date 2020 Index | –12.81 | 1.93 |  |
| **American Funds IS 2015 Target Date Fund** | **–10.63** | **2.82** | **0.83** |
| S&P Target Date 2015 Index | –12.16 | 1.91 |  |
| **American Funds IS 2010 Target Date Fund** | **–9.56** | **2.67** | **0.83** |
| S&P Target Date 2010 Index | –11.44 | 1.59 |  |
| S&P 500 Index | –18.11 | 8.46 |  |
| MSCI All Country World Index (ACWI) ex USA | –16.00 | 1.31 |  |
| Bloomberg U.S. Aggregate Index | –13.01 | –2.61 |  |

---

The target date funds invest in Class R-6 shares of the underlying funds.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/ or expense reimbursements, without which they would have been lower. Expense ratios are as of the series prospectus dated May 1, 2023 (unaudited), and are restated to reflect current fees. Visit capitalgroup.com/afis for more information.

Past results are not predictive of results in future periods.

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. Source: S&P Dow Jones Indices LLC.

S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC.

MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure developed and emerging equity markets excluding the U.S., and its results reflect dividends net of withholding taxes. Source: MSCI.

Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.

American Funds Insurance Series – Target Date Series 3

The value of a $10,000 investment

(for periods ended December 31, 2022, with all distributions reinvested)

*Fund results shown are for Class 4 shares and reflect a hypothetical $10,000 investment. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis.*

**2035 Fund**

![](image_047.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment** <br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –16.79% | 4.36% | 0.86% |

---

**2030 Fund**

![](image_048.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –14.87% | 3.49% | 0.63% |

---

**2025 Fund**

![](image_049.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –13.25% | 3.21% | 0.86% |

---

**2020 Fund**

![](image_050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –11.51% | 2.88% | 0.84% |

---

4 American Funds Insurance Series – Target Date Series

**2015 Fund**

![](image_051.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –10.63% | 2.82% | 0.83% |

---

**2010 Fund**

![](image_052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) | **Average annual total returns<sup>2</sup> based on a $1,000 investment**<br> (for the year ended December 31, 2022) |
|  | **1 year** | **Lifetime** <br> **(since 12/6/19)** | **Expense ratio** |
| **Class 4 shares** | –9.56% | 2.67% | 0.83% |

---

Past results are not predictive of results in future periods.

<sup>1</sup> The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. Source: S&P Dow Jones Indices LLC.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Expense ratios are as of the series prospectus dated May 1, 2023, and are restated to reflect current fees. Visit capitalgroup.com/afis for more information.

The results shown are before taxes on fund distributions and sale of fund shares.

American Funds Insurance Series – Target Date Series 5

Investment approach for American Funds Insurance Series – Target Date Series

The glide path illustrates the investment approach of the funds by showing how investments in the various fund categories will change over time. Each fund's asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. As you can see, even into retirement a fairly substantial portion will remain invested in funds that concentrate on stocks. We believe that with retirement lasting two decades or longer for many people, an equity component makes sense, particularly in the early years of retirement. The allocations shown reflect the target allocations as of December 31, 2022.

**American Funds Insurance Series — Target Date Series glide path**

![](image_053.jpg)

The Target Date Solutions Committee continually monitors the funds in the series. Each target date fund will continue to be managed for approximately 30 years after the fund reaches its target date. The target date is the year that corresponds roughly to the year in which an investor is assumed to retire and begin taking withdrawals. The funds may be subject to an allocation approach that will not meet an investor's retirement goals. The funds' investment adviser anticipates that the funds will invest their assets within a range that deviates no more than 10% above or below these allocations. The investment adviser will monitor the funds on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.

6 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2035 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 28.65%** | Shares | Value<br> (000) |
| AMCAP Fund, Class R-6<sup>1</sup> | 1856 | $57 |
| The Growth Fund of America, Class R-6 | 1153 | 57 |
| SMALLCAP World Fund, Inc., Class R-6 | 734 | 43 |
| New Perspective Fund, Class R-6 | 865 | 41 |
| American Funds Global Insight Fund, Class R-6 | 1943 | 36 |
| The New Economy Fund, Class R-6 | 326 | 14 |
| New World Fund, Inc., Class R-6 | 107 | 7 |
| **Total growth funds (cost: $249,000)** |  | **255** |
| **Growth-and-income funds 31.80%** |  |  |
| American Mutual Fund, Class R-6 | 1288 | 62 |
| Capital World Growth and Income Fund, Class R-6 | 1212 | 62 |
| Fundamental Investors, Class R-6 | 948 | 57 |
| Washington Mutual Investors Fund, Class R-6 | 928 | 48 |
| The Investment Company of America, Class R-6 | 868 | 36 |
| International Growth and Income Fund, Class R-6 | 559 | 18 |
| **Total growth-and-income funds (cost: $269,000)** |  | **283** |
| **Equity-income funds 7.64%** |  |  |
| The Income Fund of America, Class R-6 | 1576 | 36 |
| Capital Income Builder, Class R-6 | 510 | 32 |
| **Total equity-income funds (cost: $65,000)** |  | **68** |
| **Balanced funds 13.03%** |  |  |
| American Balanced Fund, Class R-6 | 2471 | 71 |
| American Funds Global Balanced Fund, Class R-6 | 1372 | 45 |
| **Total balanced funds (cost: $110,000)** |  | **116** |
| **Fixed income funds 18.99%** |  |  |
| U.S. Government Securities Fund, Class R-6 | 3617 | 44 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 4072 | 37 |
| American Funds Mortgage Fund, Class R-6 | 2958 | 27 |
| American Funds Multi-Sector Income Fund, Class R-6 | 2582 | 23 |
| Intermediate Bond Fund of America, Class R-6 | 1289 | 16 |
| American Funds Strategic Bond Fund, Class R-6 | 1126 | 11 |
| Capital World Bond Fund, Class R-6 | 662 | 11 |
| **Total fixed income funds (cost: $168,000)** |  | **169** |
| **Total investment securities 100.11% (cost: $861,000)** |  | **891** |
| Other assets less liabilities (0.11)% |  | (1) |
| **Net assets 100.00%** |  | $**890** |

---

American Funds Insurance Series – Target Date Series 7

American Funds<sup>®</sup> IS 2035 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> (loss) gain <br> (000)** | **Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 28.65%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6<sup>1</sup> | $10 | $63 | $16 | $(1) | $1 | $57 | $— | $—<sup>3</sup> |
| The Growth Fund of America, Class R-6 | 10 | 64 | 14 | (1) | (2) | 57 | —<sup>3</sup> | 1 |
| SMALLCAP World Fund, Inc., Class R-6 | 7 | 47 | 11 | (1) | 1 | 43 | —<sup>3</sup> |  |
| New Perspective Fund, Class R-6 | 8 | 45 | 12 | —<sup>3</sup> | —<sup>3</sup> | 41 | —<sup>3</sup> | 1 |
| American Funds Global Insight Fund, Class R-6 | 5 | 38 | 9 | —<sup>3</sup> | 2 | 36 | —<sup>3</sup> |  |
| The New Economy Fund, Class R-6 | 4 | 15 | 4 | (1) | —<sup>3</sup> | 14 | —<sup>3</sup> |  |
| New World Fund, Inc., Class R-6 | 2 | 7 | 2 | —<sup>3</sup> | —<sup>3</sup> | 7 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 255 |  |  |
| **Growth-and-income funds 31.80%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | 10 | 68 | 17 | —<sup>3</sup> | 1 | 62 | 1 | 1 |
| Capital World Growth and Income Fund, Class R-6 | 10 | 67 | 18 | —<sup>3</sup> | 3 | 62 | 1 |  |
| Fundamental Investors, Class R-6 | 10 | 62 | 15 | (1) | 1 | 57 | 1 | 1 |
| Washington Mutual Investors Fund, Class R-6 | 8 | 52 | 13 | —<sup>3</sup> | 1 | 48 | —<sup>3</sup> | 1 |
| The Investment Company of America, Class R-6 | 6 | 39 | 9 | —<sup>3</sup> | —<sup>3</sup> | 36 | —<sup>3</sup> | 1 |
| International Growth and Income Fund, Class R-6 | 3 | 19 | 5 | —<sup>3</sup> | 1 | 18 | —<sup>3</sup> | —<sup>3</sup> |
|  |  |  |  |  |  | 283 |  |  |
| **Equity-income funds 7.64%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 | 6 | 39 | 9 | —<sup>3</sup> | —<sup>3</sup> | 36 | 1 | 1 |
| Capital Income Builder, Class R-6 | 5 | 35 | 9 | —<sup>3</sup> | 1 | 32 | 1 |  |
|  |  |  |  |  |  | 68 |  |  |
| **Balanced funds 13.03%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 11 | 77 | 19 | —<sup>3</sup> | 2 | 71 | 1 | —<sup>3</sup> |
| American Funds Global Balanced Fund, Class R-6 | 7 | 48 | 12 | —<sup>3</sup> | 2 | 45 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 116 |  |  |
| **Fixed income funds 18.99%** |  |  |  |  |  |  |  |  |
| U.S. Government Securities Fund, Class R-6 | 10 | 49 | 15 | (1) | 1 | 44 | —<sup>3</sup> |  |
| American Funds Inflation Linked Bond Fund, Class R-6 | 4 | 44 | 10 | —<sup>3</sup> | (1) | 37 | 2 |  |
| American Funds Mortgage Fund, Class R-6 | 2 | 31 | 7 | —<sup>3</sup> | 1 | 27 | —<sup>3</sup> |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 29 | 6 | —<sup>3</sup> | —<sup>3</sup> | 23 | —<sup>3</sup> |  |
| Intermediate Bond Fund of America, Class R-6 | 2 | 19 | 5 | —<sup>3</sup> | —<sup>3</sup> | 16 | —<sup>3</sup> |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 14 | 3 | —<sup>3</sup> | —<sup>3</sup> | 11 | —<sup>3</sup> |  |
| Capital World Bond Fund, Class R-6 | 2 | 13 | 5 | —<sup>3</sup> | 1 | 11 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 169 |  |  |
| **Total 100.11%** |  |  |  | $(6) | $16 | $891 | $8 | $7 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

8 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2030 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 19.07%** | Shares | Value<br> (000) |
| AMCAP Fund, Class R-6<sup>1</sup> | 950 | $29 |
| The Growth Fund of America, Class R-6 | 465 | 23 |
| American Funds Global Insight Fund, Class R-6 | 922 | 17 |
| SMALLCAP World Fund, Inc., Class R-6 | 234 | 13 |
| New Perspective Fund, Class R-6 | 247 | 12 |
| **Total growth funds (cost: $109,000)** |  | **94** |
| **Growth-and-income funds 28.80%** |  |  |
| American Mutual Fund, Class R-6 | 716 | 35 |
| Capital World Growth and Income Fund, Class R-6 | 670 | 34 |
| Washington Mutual Investors Fund, Class R-6 | 477 | 25 |
| Fundamental Investors, Class R-6 | 343 | 21 |
| The Investment Company of America, Class R-6 | 408 | 17 |
| International Growth and Income Fund, Class R-6 | 313 | 10 |
| **Total growth-and-income funds (cost: $148,000)** |  | **142** |
| **Equity-income funds 8.11%** |  |  |
| Capital Income Builder, Class R-6 | 317 | 20 |
| The Income Fund of America, Class R-6 | 880 | 20 |
| **Total equity-income funds (cost: $41,000)** |  | **40** |
| **Balanced funds 12.98%** |  |  |
| American Balanced Fund, Class R-6 | 1378 | 39 |
| American Funds Global Balanced Fund, Class R-6 | 767 | 25 |
| **Total balanced funds (cost: $70,000)** |  | **64** |
| **Fixed income funds 31.24%** |  |  |
| American Funds Inflation Linked Bond Fund, Class R-6 | 3027 | 27 |
| American Funds Mortgage Fund, Class R-6 | 2743 | 25 |
| U.S. Government Securities Fund, Class R-6 | 2013 | 25 |
| Intermediate Bond Fund of America, Class R-6 | 1674 | 21 |
| The Bond Fund of America, Class R-6 | 1822 | 21 |
| American Funds Multi-Sector Income Fund, Class R-6 | 1663 | 15 |
| American Funds Strategic Bond Fund, Class R-6 | 1051 | 10 |
| Capital World Bond Fund, Class R-6 | 615 | 10 |
| **Total fixed income funds (cost: $166,000)** |  | **154** |
| **Total investment securities 100.20% (cost: $534,000)** |  | **494** |
| Other assets less liabilities (0.20)% |  | (1) |
| **Net assets 100.00%** |  | $**493** |

---

American Funds Insurance Series – Target Date Series 9

American Funds<sup>®</sup> IS 2030 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss <br> (000)** | **Net<br> unrealized<br> depreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** | **Capital gain<br> distributions<br> received<br> (000)** |
| **Growth funds 19.07%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6<sup>1</sup> | $17 | $21 | $2 | $—<sup>3</sup> | $(7) | $29 | $— | $1 |
| The Growth Fund of America, Class R-6 | 14 | 18 | 2 | (1) | (6) | 23 | —<sup>3</sup> | 1 |
| American Funds Global Insight Fund, Class R-6 | 10 | 10 | 1 | —<sup>3</sup> | (2) | 17 | —<sup>3</sup> |  |
| SMALLCAP World Fund, Inc., Class R-6 | 9 | 9 | 1 | (1) | (3) | 13 | —<sup>3</sup> |  |
| New Perspective Fund, Class R-6 | 7 | 9 | 1 | —<sup>3</sup> | (3) | 12 | —<sup>3</sup> | —<sup>3</sup> |
|  |  |  |  |  |  | 94 |  |  |
| **Growth-and-income funds 28.80%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | 20 | 22 | 4 | —<sup>3</sup> | (3) | 35 | 1 | 1 |
| Capital World Growth and Income Fund, Class R-6 | 19 | 23 | 4 | —<sup>3</sup> | (4) | 34 | 1 |  |
| Washington Mutual Investors Fund, Class R-6 | 14 | 16 | 2 | —<sup>3</sup> | (3) | 25 | —<sup>3</sup> | 1 |
| Fundamental Investors, Class R-6 | 13 | 14 | 3 | —<sup>3</sup> | (3) | 21 | —<sup>3</sup> | —<sup>3</sup> |
| The Investment Company of America, Class R-6 | 10 | 11 | 1 | —<sup>3</sup> | (3) | 17 | —<sup>3</sup> | 1 |
| International Growth and Income Fund, Class R-6 | 6 | 6 | 1 | —<sup>3</sup> | (1) | 10 | —<sup>3</sup> | —<sup>3</sup> |
|  |  |  |  |  |  | 142 |  |  |
| **Equity-income funds 8.11%** |  |  |  |  |  |  |  |  |
| Capital Income Builder, Class R-6 | 11 | 12 | 2 | —<sup>3</sup> | (1) | 20 | 1 |  |
| The Income Fund of America, Class R-6 | 11 | 13 | 2 | —<sup>3</sup> | (2) | 20 | 1 | 1 |
|  |  |  |  |  |  | 40 |  |  |
| **Balanced funds 12.98%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 22 | 25 | 3 | (1) | (4) | 39 | 1 | —<sup>3</sup> |
| American Funds Global Balanced Fund, Class R-6 | 14 | 15 | 2 | —<sup>3</sup> | (2) | 25 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 64 |  |  |
| **Fixed income funds 31.24%** |  |  |  |  |  |  |  |  |
| American Funds Inflation Linked Bond Fund, Class R-6 | 12 | 21 | 2 | —<sup>3</sup> | (4) | 27 | 2 |  |
| American Funds Mortgage Fund, Class R-6 | 14 | 16 | 3 | —<sup>3</sup> | (2) | 25 | —<sup>3</sup> |  |
| U.S. Government Securities Fund, Class R-6 | 18 | 17 | 7 | (1) | (2) | 25 | 1 |  |
| Intermediate Bond Fund of America, Class R-6 | 16 | 16 | 9 | (1) | (1) | 21 | 1 |  |
| The Bond Fund of America, Class R-6 | 6 | 18 | 2 | —<sup>3</sup> | (1) | 21 | —<sup>3</sup> | —<sup>3</sup> |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 16 | 1 | —<sup>3</sup> | —<sup>3</sup> | 15 | —<sup>3</sup> |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 12 | 1 | —<sup>3</sup> | (1) | 10 | —<sup>3</sup> |  |
| Capital World Bond Fund, Class R-6 | 14 | 9 | 10 | (3) | —<sup>3</sup> | 10 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 154 |  |  |
| **Total 100.20%** |  |  |  | $(8) | $(58) | $494 | $9 | $6 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

10 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2025 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 10.68%** | Shares | Value<br> (000) |
| AMCAP Fund, Class R-6<sup>1</sup> | 1860 | $57 |
| American Funds Global Insight Fund, Class R-6 | 2301 | 42 |
| The Growth Fund of America, Class R-6 | 442 | 22 |
| New Perspective Fund, Class R-6 | 256 | 12 |
| SMALLCAP World Fund, Inc., Class R-6 | 208 | 12 |
| **Total growth funds** (cost: $173,000) |  | **145** |
| **Growth-and-income funds 25.70%** |  |  |
| American Mutual Fund, Class R-6 | 1817 | 88 |
| Capital World Growth and Income Fund, Class R-6 | 1704 | 88 |
| Washington Mutual Investors Fund, Class R-6 | 1329 | 69 |
| Fundamental Investors, Class R-6 | 693 | 42 |
| The Investment Company of America, Class R-6 | 1016 | 42 |
| International Growth and Income Fund, Class R-6 | 624 | 20 |
| **Total growth-and-income funds (cost: $360,000)** |  | **349** |
| **Equity-income funds 11.12%** |  |  |
| The Income Fund of America, Class R-6 | 3850 | 87 |
| Capital Income Builder, Class R-6 | 1021 | 64 |
| **Total equity-income funds (cost: $158,000)** |  | **151** |
| **Balanced funds 12.66%** |  |  |
| American Balanced Fund, Class R-6 | 3838 | 110 |
| American Funds Global Balanced Fund, Class R-6 | 1917 | 62 |
| **Total balanced funds (cost: $187,000)** |  | **172** |
| **Fixed income funds 39.91%** |  |  |
| The Bond Fund of America, Class R-6 | 8869 | 101 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 10183 | 93 |
| Intermediate Bond Fund of America, Class R-6 | 6002 | 75 |
| American Funds Mortgage Fund, Class R-6 | 8224 | 74 |
| U.S. Government Securities Fund, Class R-6 | 5399 | 66 |
| American Funds Multi-Sector Income Fund, Class R-6 | 5460 | 49 |
| American Funds Strategic Bond Fund, Class R-6 | 3551 | 34 |
| Capital World Bond Fund, Class R-6 | 1683 | 27 |
| American High-Income Trust, Class R-6 | 2539 | 23 |
| **Total fixed income funds (cost: $609,000)** |  | **542** |
| **Total investment securities 100.07% (cost: $1,487,000)** |  | **1359** |
| Other assets less liabilities (0.07)% |  | (1) |
| **Net assets 100.00%** |  | $**1358** |

---

American Funds Insurance Series – Target Date Series 11

American Funds<sup>®</sup> IS 2025 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of** | | | **Net** | **Net** | **Value of** | | **Capital gain** |
|  | **affiliates at** | | | **realized** | **unrealized** | **affiliates at** | **Dividend** | **distributions** |
|  | **1/1/2022** | **Additions** | **Reductions** | **loss** | **depreciation** | **12/31/2022** | **income** | **received** |
|  | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** |
| **Growth funds 10.68%** |  |  |  |  |  |  |  |  |
| AMCAP Fund, Class R-6<sup>1</sup> | $57 | $29 | $6 | $(2) | $(21) | $57 | $— | $4 |
| American Funds Global Insight Fund, Class R-6 | 35 | 15 | 2 | —<sup>3</sup> | (6) | 42 | 1 |  |
| The Growth Fund of America, Class R-6 | 29 | 11 | 7 | (3) | (8) | 22 | —<sup>3</sup> | 1 |
| New Perspective Fund, Class R-6 | 15 | 5 | 3 | (1) | (4) | 12 | —<sup>3</sup> | 1 |
| SMALLCAP World Fund, Inc., Class R-6 | 14 | 5 | 3 | (1) | (3) | 12 | —<sup>3</sup> |  |
|  |  |  |  |  |  | 145 |  |  |
| **Growth-and-income funds 25.70%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | 77 | 32 | 14 | —<sup>3</sup> | (7) | 88 | 2 | 2 |
| Capital World Growth and Income Fund, Class R-6 | 77 | 37 | 10 | (2) | (14) | 88 | 2 |  |
| Washington Mutual Investors Fund, Class R-6 | 59 | 25 | 6 | —<sup>3</sup> | (9) | 69 | 2 | 3 |
| Fundamental Investors, Class R-6 | 36 | 17 | 2 | (1) | (8) | 42 | 1 | 1 |
| The Investment Company of America, Class R-6 | 36 | 17 | 2 | (1) | (8) | 42 | 1 | 2 |
| International Growth and Income Fund, Class R-6 | 19 | 8 | 3 | (1) | (3) | 20 | 1 | —<sup>3</sup> |
|  |  |  |  |  |  | 349 |  |  |
| **Equity-income funds 11.12%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 | 64 | 35 | 2 | —<sup>3</sup> | (10) | 87 | 3 | 3 |
| Capital Income Builder, Class R-6 | 51 | 22 | 3 | —<sup>3</sup> | (6) | 64 | 2 |  |
|  |  |  |  |  |  | 151 |  |  |
| **Balanced funds 12.66%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 94 | 38 | 6 | (1) | (15) | 110 | 2 | 1 |
| American Funds Global Balanced Fund, Class R-6 | 53 | 21 | 3 | —<sup>3</sup> | (9) | 62 | 1 |  |
|  |  |  |  |  |  | 172 |  |  |
| **Fixed income funds 39.91%** |  |  |  |  |  |  |  |  |
| The Bond Fund of America, Class R-6 | 68 | 47 |  |  | (14) | 101 | 3 | —<sup>3</sup> |
| American Funds Inflation Linked Bond Fund, Class R-6 | 64 | 46 | —<sup>3</sup> | —<sup>3</sup> | (17) | 93 | 6 |  |
| Intermediate Bond Fund of America, Class R-6 | 100 | 41 | 56 | (5) | (5) | 75 | 2 |  |
| American Funds Mortgage Fund, Class R-6 | 60 | 26 | 3 | —<sup>3</sup> | (9) | 74 | 2 |  |
| U.S. Government Securities Fund, Class R-6 | 63 | 24 | 11 | (2) | (8) | 66 | 2 |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 50 |  |  | (1) | 49 | 1 |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 37 |  |  | (3) | 34 | 1 |  |
| Capital World Bond Fund, Class R-6 | 54 | 27 | 42 | (10) | (2) | 27 | 1 |  |
| American High-Income Trust, Class R-6 | 20 | 16 | 9 | (1) | (3) | 23 | 1 |  |
|  |  |  |  |  |  | 542 |  |  |
| **Total 100.07%** |  |  |  | $(31) | $(193) | $1359 | $37 | $18 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

12 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2020 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 4.32%** | Shares | Value<br> (000) |
| American Funds Global Insight Fund, Class R-6 | 3548 | $65 |
| AMCAP Fund, Class R-6<sup>1</sup> | 1496 | 46 |
| **Total growth funds (cost: $136,000)** |  | **111** |
| **Growth-and-income funds 22.93%** |  |  |
| American Mutual Fund, Class R-6 | 3190 | 155 |
| Capital World Growth and Income Fund, Class R-6 | 2700 | 139 |
| Washington Mutual Investors Fund, Class R-6 | 2478 | 129 |
| The Investment Company of America, Class R-6 | 1889 | 78 |
| Fundamental Investors, Class R-6 | 1286 | 77 |
| International Growth and Income Fund, Class R-6 | 361 | 11 |
| **Total growth-and-income funds (cost: $626,000)** |  | **589** |
| **Equity-income funds 16.23%** |  |  |
| The Income Fund of America, Class R-6 | 11947 | 270 |
| Capital Income Builder, Class R-6 | 2334 | 147 |
| **Total equity-income funds (cost: $439,000)** |  | **417** |
| **Balanced funds 12.18%** |  |  |
| American Balanced Fund, Class R-6 | 7245 | 208 |
| American Funds Global Balanced Fund, Class R-6 | 3246 | 105 |
| **Total balanced funds (cost: $354,000)** |  | **313** |
| **Fixed income funds 44.42%** |  |  |
| The Bond Fund of America, Class R-6 | 17831 | 203 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 21777 | 199 |
| American Funds Mortgage Fund, Class R-6 | 17012 | 153 |
| Intermediate Bond Fund of America, Class R-6 | 12145 | 151 |
| U.S. Government Securities Fund, Class R-6 | 10343 | 127 |
| American Funds Multi-Sector Income Fund, Class R-6 | 11538 | 103 |
| American High-Income Trust, Class R-6 | 8446 | 77 |
| American Funds Strategic Bond Fund, Class R-6 | 8009 | 76 |
| Capital World Bond Fund, Class R-6 | 3221 | 52 |
| **Total fixed income funds (cost: $1,305,000)** |  | **1141** |
| **Total investment securities 100.08% (cost: $2,860,000)** |  | **2571** |
| Other assets less liabilities (0.08)% |  | (2) |
| **Net assets 100.00%** |  | $**2569** |

---

American Funds Insurance Series – Target Date Series 13

American Funds<sup>®</sup> IS 2020 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of** | | | **Net** | **Net** | **Value of** | | **Capital gain** |
|  | **affiliates at** | | | **realized** | **unrealized** | **affiliates at** | **Dividend** | **distributions** |
|  | **1/1/2022** | **Additions** | **Reductions** | **loss** | **depreciation** | **12/31/2022** | **income** | **received** |
|  | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** |
| **Growth funds 4.32%** |  |  |  |  |  |  |  |  |
| American Funds Global Insight Fund, Class R-6 | $78 | $3 | $3 | $—<sup>3</sup> | $(13) | $65 | $1 | $— |
| AMCAP Fund, Class R-6<sup>1</sup> | 66 | 6 | 4 | (1) | (21) | 46 |  | 4 |
|  |  |  |  |  |  | 111 |  |  |
| **Growth-and-income funds 22.93%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | 179 | 11 | 20 | —<sup>3</sup> | (15) | 155 | 4 | 4 |
| Capital World Growth and Income Fund, Class R-6 | 167 | 15 | 11 | (3) | (29) | 139 | 4 |  |
| Washington Mutual Investors Fund, Class R-6 | 149 | 14 | 13 | (1) | (20) | 129 | 3 | 6 |
| The Investment Company of America, Class R-6 | 90 | 11 | 4 | (1) | (18) | 78 | 1 | 4 |
| Fundamental Investors, Class R-6 | 89 | 10 | 3 | (1) | (18) | 77 | 1 | 3 |
| International Growth and Income Fund, Class R-6 | 18 | 1 | 5 | (1) | (2) | 11 | —<sup>3</sup> | —<sup>3</sup> |
|  |  |  |  |  |  | 589 |  |  |
| **Equity-income funds 16.23%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 | 286 | 33 | 12 | (1) | (36) | 270 | 10 | 9 |
| Capital Income Builder, Class R-6 | 161 | 8 | 6 | —<sup>3</sup> | (16) | 147 | 6 |  |
|  |  |  |  |  |  | 417 |  |  |
| **Balanced funds 12.18%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 239 | 9 | 6 | (1) | (33) | 208 | 4 | 1 |
| American Funds Global Balanced Fund, Class R-6 | 119 | 7 | 2 | —<sup>3</sup> | (19) | 105 | 2 |  |
|  |  |  |  |  |  | 313 |  |  |
| **Fixed income funds 44.42%** |  |  |  |  |  |  |  |  |
| The Bond Fund of America, Class R-6 | 239 | 11 | 11 | (1) | (35) | 203 | 6 | —<sup>3</sup> |
| American Funds Inflation Linked Bond Fund, Class R-6 | 209 | 39 | 12 | (1) | (36) | 199 | 12 |  |
| American Funds Mortgage Fund, Class R-6 | 179 | 6 | 11 | (1) | (20) | 153 | 3 |  |
| Intermediate Bond Fund of America, Class R-6 | 268 | 10 | 105 | (9) | (13) | 151 | 5 |  |
| U.S. Government Securities Fund, Class R-6 | 149 | 7 | 9 | (1) | (19) | 127 | 4 |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 108 | 3 | —<sup>3</sup> | (2) | 103 | 3 |  |
| American High-Income Trust, Class R-6 | 149 | 8 | 60 | (8) | (12) | 77 | 6 |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 83 |  |  | (7) | 76 | 3 |  |
| Capital World Bond Fund, Class R-6 | 149 | 4 | 74 | (19) | (8) | 52 | 2 |  |
|  |  |  |  |  |  | 1141 |  |  |
| **Total 100.08%** |  |  |  | $(50) | $(392) | $2571 | $80 | $31 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

14 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2015 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth funds 1.21%** | Shares | Value<br> (000) |
| American Funds Global Insight Fund, Class R-6 | 11156 | $205 |
| AMCAP Fund, Class R-6<sup>1</sup> | 3314 | 102 |
| **Total growth funds (cost: $368,000)** |  | **307** |
| **Growth-and-income funds 20.97%** |  |  |
| American Mutual Fund, Class R-6 | 31567 | 1529 |
| Capital World Growth and Income Fund, Class R-6 | 24724 | 1275 |
| Washington Mutual Investors Fund, Class R-6 | 21618 | 1124 |
| The Investment Company of America, Class R-6 | 18632 | 768 |
| Fundamental Investors, Class R-6 | 10180 | 613 |
| **Total growth-and-income funds (cost: $5,248,000)** |  | **5309** |
| **Equity-income funds 18.72%** |  |  |
| The Income Fund of America, Class R-6 | 141629 | 3206 |
| Capital Income Builder, Class R-6 | 24321 | 1531 |
| **Total equity-income funds (cost: $4,773,000)** |  | **4737** |
| **Balanced funds 11.46%** |  |  |
| American Balanced Fund, Class R-6 | 65382 | 1881 |
| American Funds Global Balanced Fund, Class R-6 | 31386 | 1020 |
| **Total balanced funds (cost: $3,126,000)** |  | **2901** |
| **Fixed income funds 47.72%** |  |  |
| The Bond Fund of America, Class R-6 | 189097 | 2152 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 221536 | 2020 |
| Intermediate Bond Fund of America, Class R-6 | 158357 | 1968 |
| American Funds Mortgage Fund, Class R-6 | 167052 | 1502 |
| American Funds Multi-Sector Income Fund, Class R-6 | 112535 | 1007 |
| American Funds Strategic Bond Fund, Class R-6 | 95717 | 903 |
| Short-Term Bond Fund of America, Class R-6 | 80585 | 762 |
| American High-Income Trust, Class R-6 | 83620 | 758 |
| Capital World Bond Fund, Class R-6 | 31313 | 505 |
| U.S. Government Securities Fund, Class R-6 | 40890 | 501 |
| **Total fixed income funds (cost: $13,399,000)** |  | **12078** |
| **Total investment securities 100.08% (cost: $26,914,000)** |  | **25332** |
| Other assets less liabilities (0.08)% |  | (21) |
| **Net assets 100.00%** |  | $**25311** |

---

American Funds Insurance Series – Target Date Series 15

American Funds<sup>®</sup> IS 2015 Target Date Fund (continued)

**Investments in affiliates<sup>2</sup>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of** | **Value of** | | | | **Net** | **Net** | **Value of** | | **Capital gain** |
|  | **affiliates at** | **affiliates at** | | | | **realized** | **unrealized** | **affiliates at** | **Dividend** | **distributions** |
|  | **1/1/2022** | **1/1/2022** | **Additions** | **Additions** | **Reductions** | **loss** | **depreciation** | **12/31/2022** | **income** | **received** |
|  | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** |
| **Growth funds 1.21%** |  |  |  |  |  |  |  |  |  |  |
| American Funds Global Insight Fund, Class R-6 | $| 231 | $| 71 | $57 | $(6) | $(34) | $205 | $3 | $— |
| AMCAP Fund, Class R-6<sup>1</sup> |  | 115 |  | 48 | 18 | (3) | (40) | 102 |  | 7 |
|  |  |  |  |  |  |  |  | 307 |  |  |
| **Growth-and-income funds 20.97%** | **Growth-and-income funds 20.97%** | **Growth-and-income funds 20.97%** | **Growth-and-income funds 20.97%** | **Growth-and-income funds 20.97%** |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 |  | 1150 |  | 621 | 132 | (2) | (108) | 1529 | 31 | 41 |
| Capital World Growth and Income Fund, Class R-6 |  | 959 |  | 615 | 97 | (14) | (188) | 1275 | 26 |  |
| Washington Mutual Investors Fund, Class R-6 |  | 882 |  | 495 | 121 | (3) | (129) | 1124 | 22 | 42 |
| The Investment Company of America, Class R-6 |  | 576 |  | 364 | 36 | (4) | (132) | 768 | 11 | 31 |
| Fundamental Investors, Class R-6 |  | 499 |  | 271 | 41 | (4) | (112) | 613 | 10 | 18 |
|  |  |  |  |  |  |  |  | 5309 |  |  |
| **Equity-income funds 18.72%** |  |  |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 |  | 2376 |  | 1286 | 104 | (3) | (349) | 3206 | 99 | 107 |
| Capital Income Builder, Class R-6 |  | 1148 |  | 560 | 45 | (2) | (130) | 1531 | 51 |  |
|  |  |  |  |  |  |  |  | 4737 |  |  |
| **Balanced funds 11.46%** |  |  |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 |  | 1450 |  | 686 | 23 | (3) | (229) | 1881 | 33 | 9 |
| American Funds Global Balanced Fund, Class R-6 |  | 763 |  | 410 | 18 | (4) | (131) | 1020 | 16 |  |
|  |  |  |  |  |  |  |  | 2901 |  |  |
| **Fixed income funds 47.72%** |  |  |  |  |  |  |  |  |  |  |
| The Bond Fund of America, Class R-6 |  | 1532 |  | 966 | 65 | (5) | (276) | 2152 | 54 | 2 |
| American Funds Inflation Linked Bond Fund, Class R-6 |  | 1344 |  | 1128 | 135 | (7) | (310) | 2020 | 125 |  |
| Intermediate Bond Fund of America, Class R-6 |  | 2106 |  | 971 | 899 | (73) | (137) | 1968 | 51 |  |
| American Funds Mortgage Fund, Class R-6 |  | 1148 |  | 560 | 46 | (3) | (157) | 1502 | 30 |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  |  |  | 1035 | 8 | —<sup>3</sup> | (20) | 1007 | 24 |  |
| American Funds Strategic Bond Fund, Class R-6 |  |  |  | 979 | 7 | —<sup>3</sup> | (69) | 903 | 35 |  |
| Short-Term Bond Fund of America, Class R-6 |  | 382 |  | 422 | 14 | (1) | (27) | 762 | 11 |  |
| American High-Income Trust, Class R-6 |  | 959 |  | 356 | 408 | (49) | (100) | 758 | 49 |  |
| Capital World Bond Fund, Class R-6 |  | 956 |  | 375 | 623 | (154) | (49) | 505 | 18 |  |
| U.S. Government Securities Fund, Class R-6 |  | 574 |  | 122 | 117 | (12) | (66) | 501 | 15 |  |
|  |  |  |  |  |  |  |  | 12078 |  |  |
| **Total 100.08%** |  |  |  |  |  | $(352) | $(2793) | $25332 | $714 | $257 |

---

<sup>1</sup> Fund did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Amount less than one thousand.

Refer to the notes to financial statements.

16 American Funds Insurance Series – Target Date Series

American Funds<sup>®</sup> IS 2010 Target Date Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| **Growth-and-income funds 17.67%** | Shares | Value<br> (000) |
| American Mutual Fund, Class R-6 | 480502 | $23276 |
| Washington Mutual Investors Fund, Class R-6 | 332424 | 17289 |
| Capital World Growth and Income Fund, Class R-6 | 318494 | 16422 |
| The Investment Company of America, Class R-6 | 315240 | 13000 |
| Fundamental Investors, Class R-6 | 100483 | 6054 |
| **Total growth-and-income funds (cost: $77,876,000)** |  | **76041** |
| **Equity-income funds 22.60%** |  |  |
| The Income Fund of America, Class R-6 | 3041645 | 68833 |
| Capital Income Builder, Class R-6 | 451261 | 28411 |
| **Total equity-income funds (cost: $101,401,000)** |  | **97244** |
| **Balanced funds 9.81%** |  |  |
| American Balanced Fund, Class R-6 | 1047795 | 30145 |
| American Funds Global Balanced Fund, Class R-6 | 371303 | 12067 |
| **Total balanced funds (cost: $46,107,000)** |  | **42212** |
| **Fixed income funds 50.00%** |  |  |
| Intermediate Bond Fund of America, Class R-6 | 3531254 | 43894 |
| The Bond Fund of America, Class R-6 | 3629297 | 41301 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 3489751 | 31827 |
| Short-Term Bond Fund of America, Class R-6 | 3095463 | 29252 |
| American Funds Mortgage Fund, Class R-6 | 3157007 | 28382 |
| American Funds Strategic Bond Fund, Class R-6 | 1822389 | 17185 |
| American Funds Multi-Sector Income Fund, Class R-6 | 1633420 | 14619 |
| American High-Income Trust, Class R-6 | 566427 | 5132 |
| Capital World Bond Fund, Class R-6 | 219810 | 3541 |
| **Total fixed income funds (cost: $236,591,000)** |  | **215133** |
| **Total investment securities 100.08% (cost: $461,975,000)** |  | **430630** |
| Other assets less liabilities (0.08)% |  | (352) |
| **Net assets 100.00%** |  | $**430278** |

---

American Funds Insurance Series – Target Date Series 17

American Funds<sup>®</sup> IS 2010 Target Date Fund (continued)

**Investments in affiliates<sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of** | | | **Net** | **Net** | **Value of** | | **Capital gain** |
|  | **affiliates at** | | | **realized** | **unrealized** | **affiliates at** | **Dividend** | **distributions** |
|  | **1/1/2022** | **Additions** | **Reductions** | **loss** | **depreciation** | **12/31/2022** | **income** | **received** |
|  | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** | **(000)** |
| **Growth-and-income funds 17.67%** |  |  |  |  |  |  |  |  |
| American Mutual Fund, Class R-6 | $17676 | $9162 | $1762 | $(63) | $(1737) | $23276 | $481 | $632 |
| Washington Mutual Investors Fund, Class R-6 | 12626 | 7580 | 860 | (84) | (1973) | 17289 | 345 | 665 |
| Capital World Growth and Income Fund, Class R-6 | 13257 | 7996 | 1979 | (226) | (2626) | 16422 | 366 |  |
| The Investment Company of America, Class R-6 | 9469 | 6746 | 875 | (138) | (2202) | 13000 | 201 | 546 |
| Fundamental Investors, Class R-6 | 5050 | 2714 | 511 | (83) | (1116) | 6054 | 106 | 187 |
|  |  |  |  |  |  | 76041 |  |  |
| **Equity-income funds 22.60%** |  |  |  |  |  |  |  |  |
| The Income Fund of America, Class R-6 | 47346 | 30485 | 1423 | (143) | (7432) | 68833 | 2153 | 2336 |
| Capital Income Builder, Class R-6 | 20201 | 11006 | 377 | (35) | (2384) | 28411 | 951 |  |
|  |  |  |  |  |  | 97244 |  |  |
| **Balanced funds 9.81%** |  |  |  |  |  |  |  |  |
| American Balanced Fund, Class R-6 | 22095 | 11896 | 144 | (20) | (3682) | 30145 | 535 | 157 |
| American Funds Global Balanced Fund, Class R-6 | 10100 | 4007 | 234 | (31) | (1775) | 12067 | 206 |  |
|  |  |  |  |  |  | 42212 |  |  |
| **Fixed income funds 50.00%** |  |  |  |  |  |  |  |  |
| Intermediate Bond Fund of America, Class R-6 | 49239 | 23264 | 23632 | (2031) | (2946) | 43894 | 1210 |  |
| The Bond Fund of America, Class R-6 | 27776 | 18877 |  |  | (5352) | 41301 | 1043 | 43 |
| American Funds Inflation Linked Bond Fund, Class R-6 | 19570 | 17439 | 201 | (22) | (4959) | 31827 | 1961 |  |
| Short-Term Bond Fund of America, Class R-6 | 22095 | 12501 | 3977 | (194) | (1173) | 29252 | 470 |  |
| American Funds Mortgage Fund, Class R-6 | 20201 | 11132 |  |  | (2951) | 28382 | 556 |  |
| American Funds Strategic Bond Fund, Class R-6 |  | 18546 |  |  | (1361) | 17185 | 667 |  |
| American Funds Multi-Sector Income Fund, Class R-6 |  | 15020 | 72 | (4) | (325) | 14619 | 348 |  |
| American High-Income Trust, Class R-6 | 9469 | 1936 | 4914 | (598) | (761) | 5132 | 414 |  |
| Capital World Bond Fund, Class R-6 | 9469 | 2016 | 6089 | (1478) | (377) | 3541 | 153 |  |
|  |  |  |  |  |  | 215133 |  |  |
| **Total 100.08%** |  |  |  | $(5150) | $(45132) | $430630 | $12166 | $4566 |

---

<sup>1</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

18 American Funds Insurance Series – Target Date Series

Financial statements

---

| | |
|:---|:---|
| **Statements of assets and liabilities** <br> **at December 31, 2022** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2025 Fund** | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2010 Fund** |
| **Assets:** | **Assets:** | | | | | | |
| Investment securities of affiliated issuers, at value | Investment securities of affiliated issuers, at value | $891 | $494 | $1359 | $2571 | $25332 | $430630 |
| Cash | Cash | — \* | — \* | — \* | — \* | 1 |  |
| Receivables for: | Receivables for: |  |  |  |  |  |  |
| Sales of investments | Sales of investments | — \* | — \* | — \* | — \* | 1 |  |
| Sales of fund's shares | Sales of fund's shares |  |  |  |  |  | 253 |
| Dividends and capital gain distributions | Dividends and capital gain distributions | — \* | — \* | 2 | 3 | 29 | 499 |
| Total assets | Total assets | 891 | 494 | 1361 | 2574 | 25363 | 431382 |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |  |
| Payables for: | Payables for: |  |  |  |  |  |  |
| Purchases of investments | Purchases of investments | — \* | 1 | 2 | 3 | 29 | 747 |
| Repurchases of fund's shares | Repurchases of fund's shares | — \* | — \* | — \* | — \* | 2 | 5 |
| Insurance administrative fees | Insurance administrative fees | 1 | — \* | 1 | 1 | 15 | 254 |
| Services provided by related parties | Services provided by related parties | — \* | — \* | — \* | 1 | 6 | 98 |
| Total liabilities | Total liabilities | 1 | 1 | 3 | 5 | 52 | 1104 |
| **Net assets at December 31, 2022** | **Net assets at December 31, 2022** | $890 | $493 | $1358 | $2569 | $25311 | $430278 |
| **Net assets consist of:** | **Net assets consist of:** |  |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | Capital paid in on shares of beneficial interest | $853 | $530 | $1484 | $2852 | $26698 | $457163 |
| Total distributable earnings (accumulated loss) | Total distributable earnings (accumulated loss) | 37 | (37) | (126) | (283) | (1387) | (26885) |
| **Net assets at December 31, 2022** | **Net assets at December 31, 2022** | $890 | $493 | $1358 | $2569 | $25311 | $430278 |
| Investment securities from affiliated issuers, at cost | Investment securities from affiliated issuers, at cost | $861 | $534 | $1487 | $2860 | $26914 | $461975 |
| Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized |  |  |  |  |  |  |
| **Class 1:** | **Net assets** | $12 | $11 | $11 | $11 | $11 | $11 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $9.95 | $9.95 | $10.17 | $10.06 | $10.09 | $10.17 |
| **Class 1A:** | **Net assets** | $11 | $11 | $11 | $11 | $11 | $11 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $9.95 | $9.95 | $10.17 | $10.06 | $10.08 | $10.17 |
| **Class 2:** | **Net assets** | $11 | $11 | $11 | $11 | $11 | $11 |
|  | Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 |
|  | Net asset value per share | $9.95 | $9.95 | $10.17 | $10.06 | $10.08 | $10.17 |
| **Class 4:** | **Net assets** | $856 | $460 | $1325 | $2536 | $25278 | $430245 |
|  | Shares outstanding | 87 | 47 | 131 | 254 | 2519 | 42536 |
|  | Net asset value per share | $9.90 | $9.92 | $10.13 | $10.01 | $10.04 | $10.11 |

---

\* Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series – Target Date Series 19

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** <br> **for the year ended December 31, 2022** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2025 Fund** | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2010 Fund** |
| **Investment income:** |  |  |  |  |  |  |
| Income: |  |  |  |  |  |  |
| Dividends from affiliated issuers | $8 | $9 | $37 | $80 | $714 | $12166 |
| **Fees and expenses\*:** |  |  |  |  |  |  |
| Distribution services |  | 1 | 3 | 7 | 55 | 946 |
| Insurance administrative services |  | 1 | 3 | 7 | 55 | 946 |
| Transfer agent services |  |  |  |  |  |  |
| Reports to shareholders | 1 |  |  |  | 1 | 28 |
| Registration statement and prospectus |  |  |  |  | 1 | 21 |
| Auditing and legal |  |  | 1 | 1 | 4 | 78 |
| Custodian |  |  |  |  | 2 | 36 |
| Other |  |  |  |  | 1 | 12 |
| Total fees and expenses | 1 | 2 | 7 | 15 | 119 | 2067 |
| Net investment income | 7 | 7 | 30 | 65 | 595 | 10099 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |  |
| Net realized loss on investments in affiliated issuers | (6) | (8) | (31) | (50) | (352) | (5150) |
| Capital gain distributions received from affiliated issuers | 7 | 6 | 18 | 31 | 257 | 4566 |
|  | 1 | (2 | (13 | (19 | (95 | (584 |
| Net unrealized appreciation (depreciation) on investments in affiliated issuers | 16 | (58 | (193 | (392 | (2793 | (45132 |
| Net realized gain (loss) and unrealized appreciation (depreciation) | 17 | (60 | (206 | (411 | (2888 | (45716 |
| **Net increase (decrease) in net assets resulting from operations** | $24 | $(53 | $(176 | $(346 | $(2293 | $(35617 |

---

---

| | |
|:---|:---|
| \* | Additional information related to class-specific fees and expenses is included in the notes to financial statements. |
| <sup>†</sup> | Amount less than one thousand. |

---

Refer to the notes to financial statements.

20 American Funds Insurance Series – Target Date Series

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** | **(dollars in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **IS 2035 Fund** | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2030 Fund** | **IS 2025 Fund** | **IS 2025 Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $7 | $2 | $7 | $3 | $30 | $13 |
| Net realized gain (loss) | 1 | 8 | (2) | 15 | (13) | 39 |
| Net unrealized appreciation (depreciation) | 16 | 8 | (58) | 14 | (193) | 25 |
| Net increase (decrease) in net assets resulting from operations | 24 | 18 | (53) | 32 | (176) | 77 |
| **Distributions paid to shareholders** | (10) | (2) | (20) | (3) | (61) | (10) |
| **Net capital share transactions** | 734 | 2 | 290 | 74 | 451 | 549 |
| **Total increase (decrease) in net assets** | 748 | 18 | 217 | 103 | 214 | 616 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 142 | 124 | 276 | 173 | 1144 | 528 |
| End of year | $890 | $142 | $493 | $276 | $1358 | $1144 |
|  | **IS 2020 Fund** | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2015 Fund** | **IS 2010 Fund** | **IS 2010 Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $65 | $35 | $595 | $268 | $10099 | $3575 |
| Net realized gain (loss) | (19) | 73 | (95) | 531 | (584) | 6436 |
| Net unrealized appreciation (depreciation) | (392) | 45 | (2793) | 594 | (45132) | 6256 |
| Net increase (decrease) in net assets resulting from operations | (346) | 153 | (2293) | 1393 | (35617) | 16267 |
| **Distributions paid to shareholders** | (132) | (22) | (964) | (198) | (13384) | (2239) |
| **Net capital share transactions** | 66 | 1804 | 9434 | 6227 | 163880 | 175011 |
| **Total increase (decrease) in net assets** | (412) | 1935 | 6177 | 7422 | 114879 | 189039 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 2981 | 1046 | 19134 | 11712 | 315399 | 126360 |
| End of year | $2569 | $2981 | $25311 | $19134 | $430278 | $315399 |

---

Refer to the notes to financial statements.

American Funds Insurance Series – Target Date Series 21

Notes to financial statements

**1. Organization**

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company with 34 different funds (the "funds"), including six funds in the American Funds Insurance Series — Target Date Series covered in this report. The other 28 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance Series report and five funds in the series are covered in the American Funds Insurance Series — Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

Each fund in the American Funds Insurance Series — Target Date Series is designed for investors who plan to retire in, or close to, the year designated in the fund's name. Depending on its proximity to its target date, each fund seeks to achieve the following objectives to varying degrees: growth, income and conservation of capital. As each fund approaches and passes its target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds. Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the "underlying funds") in different combinations and weightings. CRMC is also the investment adviser of the underlying funds.

Each fund offers four share classes (Classes 1, 1A, 2 and 4). Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

**Fees and expenses** — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends and capital gain distributions paid to shareholders are recorded on each fund's ex-dividend date.

22 American Funds Insurance Series – Target Date Series

**3. Valuation**

**Security valuation** — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund's statement of additional information. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Fair Valuation Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group.

**Classifications** — The series' investment adviser classifies each fund's assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of December 31, 2022, all of the investment securities held by each fund were classified as Level 1.

**4. Risk factors**

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Allocation risk** — Investments in each fund are subject to risks related to the investment adviser's allocation choices. The selection of the underlying funds and the allocation of each fund's assets could cause each fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, each fund's equity exposure may result in investment volatility that could reduce an investor's available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk each fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.

**Fund structure** — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund's investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

American Funds Insurance Series – Target Date Series 23

**Underlying fund risks** — Because each fund's investments consist of underlying funds, each fund's risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in each fund and the applicable underlying funds, as described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds' investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

**Investing in stocks** — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund's securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund's assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting, and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds' portfolios. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

24 American Funds Insurance Series – Target Date Series

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds' securities could cause the value of the underlying funds' shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds' investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund's assets will consist of underlying funds that primarily invest in bonds.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as "junk bonds."

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in securities backed by the U.S. government** — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk, and credit risk.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce an underlying fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund.

American Funds Insurance Series – Target Date Series 25

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund's use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund's returns and increase the underlying fund's price volatility. The underlying fund's counterparty to a derivative transaction (including, if applicable, the underlying fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and system failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Interest rate risk** — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Liquidity risk** — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or try to limit losses, or may be forced to sell at a loss.

**Management** — The investment adviser to the funds and to the underlying funds actively manages each underlying fund's investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**5. Taxation and distributions**

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

26 American Funds Insurance Series – Target Date Series

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses, capital losses related to sales of certain securities within 30 days of purchase, and net capital losses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **IS 2035<br> Fund** | **IS 2030<br> Fund** | **IS 2025<br> Fund** | **IS 2020<br> Fund** | **IS 2015<br> Fund** | **IS 2010<br> Fund** |
| Undistributed ordinary income | $11 | $5 | $15 | $30 | $303 | $5077 |
| Undistributed long-term capital gain | 7 | 1 |  |  |  | 480 |
| Capital loss carryforward\* |  |  | (11) | (16) | (25) |  |
| Gross unrealized appreciation on investments | 24 |  | 3 | 5 | 204 | 481 |
| Gross unrealized depreciation on investments | (4) | (43) | (133) | (301) | (1869) | (32923) |
| Net unrealized appreciation (depreciation) on investments | 20 | (43) | (130) | (296) | (1665) | (32442) |
| Cost of investments | 871 | 537 | 1489 | 2867 | 26997 | 463072 |

---

<br> \* Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **IS 2035 Fund**<br>**Share class** | **Ordinary<br> income** | | **Long-term<br> capital gains** | | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | | **Long-term<br> capital gains** | | **Total<br> distributions<br> paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 3 |  | 7 |  | 10 |  | 1 |  | 1 |  | 2 |  |
| **Total** | $**3** |  | $**7** |  | $**10** |  | $**1** |  | $**1** |  | $**2** |  |
| **IS 2030 Fund** | **IS 2030 Fund** | **IS 2030 Fund** |  |  |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **Share class** | **Ordinary<br> income** |  | **Long-term<br> capital gains** |  | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** |  | **Long-term<br> capital gains** |  | **Total<br> distributions<br> paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 10 |  | 10 |  | 20 |  | 2 |  | 1 |  | 3 |  |
| **Total** | $**10** |  | $**10** |  | $**20** |  | $**2** |  | $**1** |  | $**3** |  |

---

Refer to the next page for footnote.

American Funds Insurance Series – Target Date Series 27

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **IS 2025 Fund**<br>**Share class** | **Ordinary<br> income** | | **Long-term<br> capital gains** | | **Total<br> distributions<br> paid** |  | **Ordinary<br> income** | | **Long-term<br> capital gains** | | **Total<br> distributions<br> paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 32 |  | 29 |  | 61 |  | 5 |  | 5 |  | 10 |  |
| **Total** | $**32** |  | $**29** |  | $**61** |  | $**5** |  | $**5** |  | $**10** |  |
| **IS 2020 Fund** | **IS 2020 Fund** | **IS 2020 Fund** |  |  |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **Share class** | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 74 |  | 58 |  | 132 |  | 15 |  | 7 |  | 22 |  |
| **Total** | $**74** |  | $**58** |  | $**132** |  | $**15** |  | $**7** |  | $**22** |  |
| **IS 2015 Fund** | **IS 2015 Fund** | **IS 2015 Fund** |  |  |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **Share class** | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 580 |  | 384 |  | 964 |  | 142 |  | 56 |  | 198 |  |
| **Total** | $**580** |  | $**384** |  | $**964** |  | $**142** |  | $**56** |  | $**198** |  |
| **IS 2010 Fund** | **IS 2010 Fund** | **IS 2010 Fund** |  |  |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| **Share class** | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  | **Ordinary**<br> **income** |  | **Long-term**<br> **capital gains** |  | **Total**<br> **distributions**<br> **paid** |  |
| Class 1 | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> | $— | <sup>†</sup> |
| Class 1A |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 2 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 4 | 7953 |  | 5431 |  | 13384 |  | 1695 |  | 544 |  | 2239 |  |
| **Total** | $**7953** |  | $**5431** |  | $**13384** |  | $**1695** |  | $**544** |  | $**2239** |  |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

28 American Funds Insurance Series – Target Date Series

**6. Fees and transactions**

CRMC, the series' investment adviser, is the parent company of American Funds Distributors<sup>®</sup>, Inc. ("AFD"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, AFD and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments are based on an annualized percentage of average net assets as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00% | 0.25% |
| Class 2 | 0.25 | 0.25 |
| Class 4 | 0.25 | 0.25 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A and 4 shares. Under the plan, each share class pays 0.25% of each insurance company's respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. In addition, the funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each underlying fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets for Class R-6 shares. Currently CRMC receives an administrative services fee at the annual rate of 0.03% of the average daily net assets of the Class R-6 shares of each underlying fund for CRMC's provision of administrative services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

American Funds Insurance Series – Target Date Series 29

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| **IS 2035 Fund**<br>**Share class** | <br>**Distribution**<br> **services** | <br>**Insurance**<br> **administrative**<br> **services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | — \* | — \* |
| **Total class-specific expenses** | **$—** **\*** | **$—** **\*** |
| **IS 2030 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 1 | 1 |
| **Total class-specific expenses** | **$1** | **$1** |
| **IS 2025 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 3 | 3 |
| **Total class-specific expenses** | **$3** | **$3** |
| **IS 2020 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 7 | 7 |
| **Total class-specific expenses** | **$7** | **$7** |
| **IS 2015 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 55 | 55 |
| **Total class-specific expenses** | **$55** | **$55** |
| **IS 2010 Fund** |  |  |
| **Share class** | **Distribution<br> services** | **Insurance<br> administrative<br> services** |
| Class 1 | Not applicable | Not applicable |
| Class 1A | $— | $— |
| Class 2 |  | Not applicable |
| Class 4 | 946 | 946 |
| **Total class-specific expenses** | **$946** | **$946** |

---

\* Amount less than one thousand.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation in each fund's statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**7. Indemnifications**

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

30 American Funds Insurance Series – Target Date Series

**8. Capital share transactions**

Capital share transactions in each fund were as follows (dollars and shares in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **IS 2035 Fund**<br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | | | | | |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 956 | 101 | 7 | 1 | (232) | (23) | 731 | 79 |
| **Total net increase (decrease)** | $**956** | **101** | $**10** | **1** | $**(232)** | **(23)** | $**734** | **79** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | — \* | — \* | 2 | — \* | — \* | — \* | 2 | — \* |
| **Total net increase** | $**—** **\*** | **—** **\*** | $**2** | **—** **\*** | $**—** **\*** | **—** **\*** | $**2** | **—** **\*** |
| **IS 2030 Fund** |  |  |  |  |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 309 | 30 | 18 | 2 | (40) | (4) | 287 | 28 |
| **Total net increase (decrease)** | $**309** | **30** | $**21** | **2** | $**(40)** | **(4)** | $**290** | **28** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 188 | 16 | 3 | — \* | (117) | (10) | 74 | 6 |
| **Total net increase (decrease)** | $**188** | **16** | $**3** | **—** **\*** | $**(117)** | **(10)** | $**74** | **6** |

---

Refer to the end of the tables for footnote.

American Funds Insurance Series – Target Date Series 31

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **<br> Reinvestments of<br> distributions** | **<br> Reinvestments of<br> distributions** | **<br> Repurchases** | **<br> Repurchases** | **Net increase** | **Net increase** |
| **IS 2025 Fund**<br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | | | | | |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 456 | 40 | 58 | 6 | (66) | (6) | 448 | 40 |
| **Total net increase (decrease)** | $**456** | **40** | $**61** | **6** | $**(66)** | **(6)** | $**451** | **40** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 573 | 49 | 10 | 1 | (34) | (3) | 549 | 47 |
| **Total net increase (decrease)** | $**573** | **49** | $**10** | **1** | $**(34)** | **(3)** | $**549** | **47** |
| **IS 2020 Fund** |  |  |  |  |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **<br> **Repurchases** | **<br> **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 57 | 5 | 130 | 13 | (124) | (11) | 63 | 7 |
| **Total net increase (decrease)** | $**57** | **5** | $**133** | **13** | $**(124)** | **(11)** | $**66** | **7** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 2214 | 190 | 22 | 2 | (432) | (38) | 1804 | 154 |
| **Total net increase (decrease)** | $**2214** | **190** | $**22** | **2** | $**(432)** | **(38)** | $**1804** | **154** |
| **IS 2015 Fund** |  |  |  |  |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 2 |  |  | 1 | — \* |  |  | 1 | — \* |
| Class 4 | 9603 | 905 | 961 | 96 | (1133) | (108) | 9431 | 893 |
| **Total net increase (decrease)** | $**9603** | **905** | $**964** | **96** | $**(1133)** | **(108)** | $**9434** | **893** |
| **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 7058 | 621 | 198 | 17 | (1029) | (90) | 6227 | 548 |
| **Total net increase (decrease)** | $**7058** | **621** | $**198** | **17** | $**(1029)** | **(90)** | $**6227** | **548** |

---

Refer to the end of the tables for footnote.

32 American Funds Insurance Series – Target Date Series

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **IS 2010 Fund**<br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  |  |  |  |  |  |
| Class 1 | $— |  | $1 | — \* | $— |  | $1 | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 163223 | 15214 | 13384 | 1321 | (12728) | (1232) | 163879 | 15303 |
| **Total net increase (decrease)** | $**163223** | **15214** | $**13385** | **1321** | $**(12728)** | **(1232)** | $**163880** | **15303** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |  |  |  |  |  |
| Class 1 | $— |  | $— \* | — \* | $— |  | $— \* | — \* |
| Class 1A |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 2 |  |  | — \* | — \* |  |  | — \* | — \* |
| Class 4 | 175669 | 15529 | 2239 | 195 | (2897) | (259) | 175011 | 15465 |
| **Total net increase (decrease)** | $**175669** | **15529** | $**2239** | **195** | $**(2897)** | **(259)** | $**175011** | **15465** |

---

\* Amount less than one thousand.

**9. Investment transactions**

Each fund engaged in purchases and sales of investment securities of affiliated issuers during the year ended December 31, 2022, as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **IS 2035 Fund** | **IS 2030 Fund** | **IS 2025 Fund** | **IS 2020 Fund** | **IS 2015 Fund** | **IS 2010 Fund** |
| Purchases of investment securities\* | $983 | $350 | $631 | $402 | $12341 | $212323 |
| Sales of investment securities\* | 244 | 67 | 193 | 373 | 3015 | 47052 |

---

\* Excludes short-term securities and U.S. government obligations, if any.

American Funds Insurance Series – Target Date Series 33

Financial highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distribu-<br> tions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of**<br>**expenses<br> to average<br> net assets<br> before<br> reimburse-<br> ments<sup>3</sup>** | **Ratio of**<br>**expenses<br> to average<br> net assets<br> after<br> reimburse-<br> ments<sup>3</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,4,5</sup>** |<br>**Ratio of**<br> **net income**<br> **to average**<br> **net assets<sup>2</sup>** |
| **IS 2035 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.93 | $.22 | $(2.35) | $(2.13) | $(.09) | $(.76) | $(.85) | $9.95 | (16.33)% | $—<sup>6</sup> | .03% | .03% | .37% | 2.04% |
| 12/31/2021 | 11.39 | .17 | 1.58 | 1.75 | (.10) | (.11) | (.21) | 12.93 | 15.46 | —<sup>6</sup> | 4.86 | .06 | .40 | 1.40 |
| 12/31/2020 | 10.19 | .15 | 1.43 | 1.58 | (.12) | (.26) | (.38) | 11.39 | 16.03 | —<sup>6</sup> | 46.43 | .06 | .42 | 1.52 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .08 | .19 | .27 | (.08) |  | (.08) | 10.19 | 2.70<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .37<sup>10</sup> | .75<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.93 | .22 | (2.35) | (2.13) | (.09) | (.76) | (.85) | 9.95 | (16.33) | —<sup>6</sup> | .03 | .03 | .37 | 2.04 |
| 12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10) | (.11) | (.21) | 12.93 | 15.56 | —<sup>6</sup> | 4.86 | .06 | .40 | 1.40 |
| 12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12) | (.26) | (.38) | 11.38 | 15.93 | —<sup>6</sup> | 46.43 | .06 | .42 | 1.51 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .08 | .19 | .27 | (.08) |  | (.08) | 10.19 | 2.70<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .37<sup>10</sup> | .75<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.93 | .22 | (2.35) | (2.13) | (.09) | (.76) | (.85) | 9.95 | (16.33)<sup>11</sup> | —<sup>6</sup> | .03<sup>11</sup> | .03<sup>11</sup> | .37<sup>11</sup> | 2.04<sup>11</sup> |
| 12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10) | (.11) | (.21) | 12.93 | 15.56<sup>11</sup> | —<sup>6</sup> | 4.86<sup>11</sup> | .06<sup>11</sup> | .40<sup>11</sup> | 1.40<sup>11</sup> |
| 12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12) | (.26) | (.38) | 11.38 | 15.93<sup>11</sup> | —<sup>6</sup> | 46.43<sup>11</sup> | .06<sup>11</sup> | .42<sup>11</sup> | 1.51<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .08 | .19 | .27 | (.08) |  | (.08) | 10.19 | 2.70<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .37<sup>10,11</sup> | .75<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.92 | .28 | (2.47) | (2.19) | (.07) | (.76) | (.83) | 9.90 | (16.79) | 1 | .50 | .50 | .84 | 2.70 |
| 12/31/2021 | 11.39 | .12 | 1.58 | 1.70 | (.06) | (.11) | (.17) | 12.92 | 14.99 | —<sup>6</sup> | 5.31 | .49 | .83 | .97 |
| 12/31/2020 | 10.19 | .35 | 1.22 | 1.57 | (.11) | (.26) | (.37) | 11.39 | 16.01 | —<sup>6</sup> | 52.83 | .18 | .54 | 3.35 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .08 | .19 | .27 | (.08) |  | (.08) | 10.19 | 2.70<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .37<sup>10</sup> | .75<sup>9</sup> |
| **IS 2030 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.41 | $.24 | $(2.04) | $(1.80) | $(.14) | $(.52) | $(.66) | $9.95 | (14.44)% | $—<sup>6</sup> | .04% | .04% | .36% | 2.29% |
| 12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12) | (.07) | (.19) | 12.41 | 13.07 | —<sup>6</sup> | 2.53 | .06 | .38 | 1.59 |
| 12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13) | (.21) | (.34) | 11.14 | 13.41 | —<sup>6</sup> | 45.36 | .06 | .41 | 1.71 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .16 | .23 | (.08) |  | (.08) | 10.15 | 2.28<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .35<sup>10</sup> | .69<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.41 | .24 | (2.04) | (1.80) | (.14) | (.52) | (.66) | 9.95 | (14.44) | —<sup>6</sup> | .04 | .04 | .36 | 2.29 |
| 12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12) | (.07) | (.19) | 12.41 | 13.07 | —<sup>6</sup> | 2.53 | .06 | .38 | 1.59 |
| 12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13) | (.21) | (.34) | 11.14 | 13.41 | —<sup>6</sup> | 45.36 | .06 | .41 | 1.71 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .16 | .23 | (.08) |  | (.08) | 10.15 | 2.28<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .35<sup>10</sup> | .69<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.41 | .24 | (2.04) | (1.80) | (.14) | (.52) | (.66) | 9.95 | (14.44)<sup>11</sup> | —<sup>6</sup> | .04<sup>11</sup> | .04<sup>11</sup> | .36<sup>11</sup> | 2.29<sup>11</sup> |
| 12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12) | (.07) | (.19) | 12.41 | 13.07<sup>11</sup> | —<sup>6</sup> | 2.53<sup>11</sup> | .06<sup>11</sup> | .38<sup>11</sup> | 1.59<sup>11</sup> |
| 12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13) | (.21) | (.34) | 11.14 | 13.41<sup>11</sup> | —<sup>6</sup> | 45.36<sup>11</sup> | .06<sup>11</sup> | .41<sup>11</sup> | 1.72<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .16 | .23 | (.08) |  | (.08) | 10.15 | 2.28<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .35<sup>10,11</sup> | .69<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.40 | .25 | (2.10) | (1.85) | (.11) | (.52) | (.63) | 9.92 | (14.87) | —<sup>6</sup> | .52 | .52 | .84 | 2.38 |
| 12/31/2021 | 11.14 | .13 | 1.27 | 1.40 | (.07) | (.07) | (.14) | 12.40 | 12.55 | —<sup>6</sup> | 2.93 | .53 | .85 | 1.10 |
| 12/31/2020 | 10.15 | .46 | .87 | 1.33 | (.13) | (.21) | (.34) | 11.14 | 13.39 | —<sup>6</sup> | 44.54 | .25 | .60 | 4.38 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .16 | .23 | (.08) |  | (.08) | 10.15 | 2.28<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .35<sup>10</sup> | .69<sup>9</sup> |

---

Refer to the end of the tables for footnotes.

34 American Funds Insurance Series – Target Date Series

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distribu-<br> tions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of**<br>**expenses<br> to average<br> net assets<br> before<br> reimburse-<br> ments<sup>3</sup>** | **Ratio of**<br>**expenses<br> to average<br> net assets<br> after<br> reimburse-<br> ments<sup>3</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,4,5</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **IS 2025 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $12.27 | $.28 | $(1.87) | $(1.59) | $(.21) | $(.30) | $(.51) | $10.17 | (12.87)% | $—<sup>6</sup> | .04% | .04% | .35% | 2.63% |
| 12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09) | (.08) | (.17) | 12.27 | 11.42 | —<sup>6</sup> | 1.26 | .06 | .37 | 1.77 |
| 12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19) | (.05) | (.24) | 11.17 | 12.75 | —<sup>6</sup> | 20.72 | .06 | .38 | 1.85 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .13 | .20 | (.08) |  | (.08) | 10.12 | 1.98<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .33<sup>10</sup> | .66<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.27 | .28 | (1.87) | (1.59) | (.21) | (.30) | (.51) | 10.17 | (12.87) | —<sup>6</sup> | .04 | .04 | .35 | 2.63 |
| 12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09) | (.08) | (.17) | 12.27 | 11.42 | —<sup>6</sup> | 1.26 | .06 | .37 | 1.77 |
| 12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19) | (.05) | (.24) | 11.17 | 12.75 | —<sup>6</sup> | 20.72 | .06 | .38 | 1.85 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .13 | .20 | (.08) |  | (.08) | 10.12 | 1.98<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .33<sup>10</sup> | .66<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.27 | .28 | (1.87) | (1.59) | (.21) | (.30) | (.51) | 10.17 | (12.87)<sup>11</sup> | —<sup>6</sup> | .04<sup>11</sup> | .04<sup>11</sup> | .35<sup>11</sup> | 2.63<sup>11</sup> |
| 12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09) | (.08) | (.17) | 12.27 | 11.42<sup>11</sup> | —<sup>6</sup> | 1.26<sup>11</sup> | .06<sup>11</sup> | .37<sup>11</sup> | 1.77<sup>11</sup> |
| 12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19) | (.05) | (.24) | 11.17 | 12.75<sup>11</sup> | —<sup>6</sup> | 20.72<sup>11</sup> | .06<sup>11</sup> | .38<sup>11</sup> | 1.85<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .13 | .20 | (.08) |  | (.08) | 10.12 | 1.98<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .33<sup>10,11</sup> | .66<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 12.22 | .24 | (1.87) | (1.63) | (.16) | (.30) | (.46) | 10.13 | (13.25) | 1 | .54 | .54 | .85 | 2.21 |
| 12/31/2021 | 11.16 | .18 | 1.02 | 1.20 | (.06) | (.08) | (.14) | 12.22 | 10.77 | 1 | 1.35 | .55 | .86 | 1.48 |
| 12/31/2020 | 10.12 | .20 | 1.06 | 1.26 | (.17) | (.05) | (.22) | 11.16 | 12.42 | 1 | 7.44 | .54 | .86 | 1.93 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .13 | .20 | (.08) |  | (.08) | 10.12 | 1.98<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .33<sup>10</sup> | .66<sup>9</sup> |
| **IS 2020 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.97 | $.31 | $(1.64) | $(1.33) | $(.27) | $(.31) | $(.58) | $10.06 | (11.08)% | $—<sup>6</sup> | .05% | .05% | .34% | 2.94% |
| 12/31/2021 | 10.94 | .24 | .93 | 1.17 | (.09) | (.05) | (.14) | 11.97 | 10.68 | —<sup>6</sup> | .68 | .06 | .35 | 2.09 |
| 12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19) | (.02) | (.21) | 10.94 | 10.52 | —<sup>6</sup> | 14.67 | .06 | .36 | 2.41 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.68<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .31<sup>10</sup> | .65<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.97 | .31 | (1.64) | (1.33) | (.27) | (.31) | (.58) | 10.06 | (11.08) | —<sup>6</sup> | .05 | .05 | .34 | 2.94 |
| 12/31/2021 | 10.95 | .24 | .92 | 1.16 | (.09) | (.05) | (.14) | 11.97 | 10.58 | —<sup>6</sup> | .68 | .06 | .35 | 2.09 |
| 12/31/2020 | 10.09 | .25 | .82 | 1.07 | (.19) | (.02) | (.21) | 10.95 | 10.62 | —<sup>6</sup> | 14.67 | .06 | .36 | 2.41 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.68<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .31<sup>10</sup> | .65<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.97 | .31 | (1.64) | (1.33) | (.27) | (.31) | (.58) | 10.06 | (11.08)<sup>11</sup> | —<sup>6</sup> | .05<sup>11</sup> | .05<sup>11</sup> | .34<sup>11</sup> | 2.94<sup>11</sup> |
| 12/31/2021 | 10.94 | .24 | .93 | 1.17 | (.09) | (.05) | (.14) | 11.97 | 10.68<sup>11</sup> | —<sup>6</sup> | .68<sup>11</sup> | .06<sup>11</sup> | .35<sup>11</sup> | 2.09<sup>11</sup> |
| 12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19) | (.02) | (.21) | 10.94 | 10.52<sup>11</sup> | —<sup>6</sup> | 14.67<sup>11</sup> | .06<sup>11</sup> | .36<sup>11</sup> | 2.41<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.68<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .31<sup>10,11</sup> | .65<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.91 | .26 | (1.63) | (1.37) | (.22) | (.31) | (.53) | 10.01 | (11.51) | 3 | .55 | .55 | .84 | 2.42 |
| 12/31/2021 | 10.92 | .23 | .87 | 1.10 | (.06) | (.05) | (.11) | 11.91 | 10.10 | 3 | .94 | .56 | .85 | 1.96 |
| 12/31/2020 | 10.09 | .29 | .73 | 1.02 | (.17) | (.02) | (.19) | 10.92 | 10.15 | 1 | 5.79 | .54 | .84 | 2.75 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.68<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .31<sup>10</sup> | .65<sup>9</sup> |

---

Refer to the end of the tables for footnotes.

American Funds Insurance Series – Target Date Series 35

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distribu-<br> tions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total<br> return<sup>2</sup>** |<br>**Net assets,<br> end of<br> year<br> (in millions)** | **Ratio of**<br>**expenses**<br> **to average**<br> **net assets**<br> **before**<br> **reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br>**expenses**<br> **to average**<br> **net assets**<br> **after**<br> **reimburse-**<br> **ments<sup>3</sup>** |<br>**Net<br> effective<br> expense<br> ratio<sup>2,4,5</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>2</sup>** |
| **IS 2015 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.79 | $.32 | $(1.52) | $(1.20) | $(.23) | $(.27) | $(.50) | $10.09 | (10.13)% | $—<sup>6</sup> | .04% | .04% | .33% | 3.03% |
| 12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13) | (.04) | (.17) | 11.79 | 10.26 | —<sup>6</sup> | .12 | .06 | .34 | 2.16 |
| 12/31/2020 | 10.09 | .76 | .20 | .96 | (.20) | —<sup>12</sup> | (.20) | 10.85 | 9.62 | —<sup>6</sup> | 7.60 | .06 | .35 | 7.46 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.69<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .65<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.79 | .32 | (1.53) | (1.21) | (.23) | (.27) | (.50) | 10.08 | (10.13) | —<sup>6</sup> | .04 | .04 | .33 | 3.03 |
| 12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13) | (.04) | (.17) | 11.79 | 10.26 | —<sup>6</sup> | .12 | .06 | .34 | 2.16 |
| 12/31/2020 | 10.09 | .76 | .20 | .96 | (.20) | —<sup>12</sup> | (.20) | 10.85 | 9.62 | —<sup>6</sup> | 7.60 | .06 | .35 | 7.46 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.69<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .65<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.79 | .32 | (1.53) | (1.21) | (.23) | (.27) | (.50) | 10.08 | (10.13)<sup>11</sup> | —<sup>6</sup> | .04<sup>11</sup> | .04<sup>11</sup> | .33<sup>11</sup> | 3.03<sup>11</sup> |
| 12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13) | (.04) | (.17) | 11.79 | 10.26<sup>11</sup> | —<sup>6</sup> | .12<sup>11</sup> | .06<sup>11</sup> | .34<sup>11</sup> | 2.16<sup>11</sup> |
| 12/31/2020 | 10.09 | .76 | .20 | .96 | (.20) | —<sup>12</sup> | (.20) | 10.85 | 9.62<sup>11</sup> | —<sup>6</sup> | 7.60<sup>11</sup> | .06<sup>11</sup> | .35<sup>11</sup> | 7.46<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.69<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .30<sup>10,11</sup> | .65<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.75 | .29 | (1.55) | (1.26) | (.18) | (.27) | (.45) | 10.04 | (10.63) | 25 | .54 | .54 | .83 | 2.71 |
| 12/31/2021 | 10.83 | .20 | .85 | 1.05 | (.09) | (.04) | (.13) | 11.75 | 9.74 | 19 | .62 | .56 | .84 | 1.76 |
| 12/31/2020 | 10.09 | .27 | .65 | .92 | (.18) | —<sup>12</sup> | (.18) | 10.83 | 9.20 | 12 | .93 | .56 | .85 | 2.58 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .07 | .10 | .17 | (.08) |  | (.08) | 10.09 | 1.69<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .65<sup>9</sup> |
| **IS 2010 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | $11.63 | $.32 | $(1.38) | $(1.06) | $(.22) | $(.18) | $(.40) | $10.17 | (9.15)% | $—<sup>6</sup> | .04% | .04% | .32% | 3.00% |
| 12/31/2021 | 10.76 | .23 | .76 | .99 | (.09) | (.03) | (.12) | 11.63 | 9.28 | —<sup>6</sup> | .08 | .06 | .33 | 2.07 |
| 12/31/2020 | 10.08 | .25 | .65 | .90 | (.22) | —<sup>12</sup> | (.22) | 10.76 | 9.02 | —<sup>6</sup> | .10 | .08 | .37 | 2.51 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .06 | .09 | .15 | (.07) |  | (.07) | 10.08 | 1.54<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .62<sup>9</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.63 | .32 | (1.38) | (1.06) | (.22) | (.18) | (.40) | 10.17 | (9.15) | —<sup>6</sup> | .04 | .04 | .32 | 3.00 |
| 12/31/2021 | 10.76 | .23 | .76 | .99 | (.09) | (.03) | (.12) | 11.63 | 9.28 | —<sup>6</sup> | .08 | .06 | .33 | 2.07 |
| 12/31/2020 | 10.08 | .26 | .64 | .90 | (.22) | —<sup>12</sup> | (.22) | 10.76 | 9.02 | —<sup>6</sup> | .10 | .08 | .37 | 2.51 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .06 | .09 | .15 | (.07) |  | (.07) | 10.08 | 1.54<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | —<sup>9</sup> | .30<sup>10</sup> | .62<sup>9</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.63 | .32 | (1.38) | (1.06) | (.22) | (.18) | (.40) | 10.17 | (9.15)<sup>11</sup> | —<sup>6</sup> | .04<sup>11</sup> | .04<sup>11</sup> | .32<sup>11</sup> | 3.00<sup>11</sup> |
| 12/31/2021 | 10.76 | .23 | .76 | .99 | (.09) | (.03) | (.12) | 11.63 | 9.28<sup>11</sup> | —<sup>6</sup> | .08<sup>11</sup> | .06<sup>11</sup> | .33<sup>11</sup> | 2.07<sup>11</sup> |
| 12/31/2020 | 10.08 | .25 | .65 | .90 | (.22) | —<sup>12</sup> | (.22) | 10.76 | 9.02<sup>11</sup> | —<sup>6</sup> | .10<sup>11</sup> | .08<sup>11</sup> | .37<sup>11</sup> | 2.51<sup>11</sup> |
| 12/31/2019<sup>7,8</sup> | 10.00 | .06 | .09 | .15 | (.07) |  | (.07) | 10.08 | 1.54<sup>9,11</sup> | —<sup>6</sup> | —<sup>9,11</sup> | —<sup>9,11</sup> | .30<sup>10,11</sup> | .62<sup>9,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2022 | 11.58 | .28 | (1.40) | (1.12) | (.17) | (.18) | (.35) | 10.11 | (9.56) | 430 | .55 | .55 | .83 | 2.67 |
| 12/31/2021 | 10.74 | .20 | .73 | .93 | (.06) | (.03) | (.09) | 11.58 | 8.75 | 315 | .58 | .56 | .83 | 1.81 |
| 12/31/2020 | 10.08 | .24 | .62 | .86 | (.20) | —<sup>12</sup> | (.20) | 10.74 | 8.55 | 126 | .55 | .55 | .84 | 2.36 |
| 12/31/2019<sup>7,8</sup> | 10.00 | .06 | .09 | .15 | (.07) |  | (.07) | 10.08 | 1.54<sup>9</sup> | —<sup>6</sup> | —<sup>9</sup> | <sup>—</sup> <sup>9</sup> | .30<sup>10</sup> | .62<sup>9</sup> |

---

Refer to the end of the tables for footnotes.

36 American Funds Insurance Series – Target Date Series

Financial highlights (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Portfolio turnover rate for all share classes** | **2022** | **2021** | **2020** | **2019** |
| IS 2035 Fund | &nbsp;&nbsp;88% | &nbsp;&nbsp;18% | &nbsp;&nbsp;48% | —%<sup>13</sup> |
| IS 2030 Fund | &nbsp;&nbsp;21 | &nbsp;&nbsp;60 | 45 | —<sup>13</sup> |
| IS 2025 Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;10 | 10 | —<sup>13</sup> |
| IS 2020 Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;30 | 15 | —<sup>13</sup> |
| IS 2015 Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | 5 | —<sup>13</sup> |
| IS 2010 Fund | &nbsp;&nbsp;12 | 7 | 1 | —<sup>13</sup> |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain reimbursements from CRMC. During some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for each of the funds. No expenses were accrued on any of the funds during the period December 6, 2019, commencement of operations, through December 31, 2019.

<sup>3</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>4</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.

<sup>5</sup> Unaudited.

<sup>6</sup> Amount less than $1 million.

<sup>7</sup> Based on operations for a period that is less than a full year.

<sup>8</sup> For the period December 6, 2019, commencement of operations, through December 31, 2019.

<sup>9</sup> Not annualized.

<sup>10</sup> Annualized.

<sup>11</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

<sup>12</sup> Amount less than $.01.

<sup>13</sup> There was no turnover.

American Funds Insurance Series – Target Date Series 37

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of American Funds IS 2035 Target Date Fund, American Funds IS 2030 Target Date Fund, American Funds IS 2025 Target Date Fund, American Funds IS 2020 Target Date Fund, American Funds IS 2015 Target Date Fund and American Funds IS 2010 Target Date Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of American Funds IS 2035 Target Date Fund, American Funds IS 2030 Target Date Fund, American Funds IS 2025 Target Date Fund, American Funds IS 2020 Target Date Fund, American Funds IS 2015 Target Date Fund and American Funds IS 2010 Target Date Fund (six of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 17, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

38 American Funds Insurance Series – Target Date Series

---

| | |
|:---|:---|
| Expense example | **unaudited** |

---

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

**Actual expenses:**

The first line of each share class in the tables on the following pages 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 period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes:**

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. 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 fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

**Notes:**

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables 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 transactional costs were included, your costs would have been higher.

American Funds Insurance Series – Target Date Series 39

Expense example (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>7/1/2022** | **Ending<br>account value<br>12/31/2022** | **Expenses<br>paid during<br>period<sup>1,2</sup>** | **Annualized<br>expense ratio<sup>2</sup>** | **Effective<br>expenses paid<br>during period<sup>3</sup>** | **Effective<br>annualized<br>expense ratio<sup>4</sup>** |
| **IS 2035 Fund** | | | | | | |
| Class 1 – actual return | $1000.00 | $1021.08 | $.15 | .03% | $1.88 | .37% |
| Class 1 – assumed 5% return | 1000.00 | 1025.05 | .15 | .03 | 1.89 | .37 |
| Class 1A – actual return | 1000.00 | 1021.08 | .15 | .03 | 1.88 | .37 |
| Class 1A – assumed 5% return | 1000.00 | 1025.05 | .15 | .03 | 1.89 | .37 |
| Class 2 – actual return | 1000.00 | 1021.08 | .15 | .03 | 1.88 | .37 |
| Class 2 – assumed 5% return | 1000.00 | 1025.05 | .15 | .03 | 1.89 | .37 |
| Class 4 – actual return | 1000.00 | 1018.58 | 2.59 | .51 | 4.32 | .85 |
| Class 4 – assumed 5% return | 1000.00 | 1022.63 | 2.60 | .51 | 4.33 | .85 |
| **IS 2030 Fund** |  |  |  |  |  |  |
| Class 1 – actual return | $1000.00 | $1015.39 | $.30 | .06% | $1.93 | .38% |
| Class 1 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.94 | .38 |
| Class 1A – actual return | 1000.00 | 1015.39 | .30 | .06 | 1.93 | .38 |
| Class 1A – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.94 | .38 |
| Class 2 – actual return | 1000.00 | 1015.39 | .30 | .06 | 1.93 | .38 |
| Class 2 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.94 | .38 |
| Class 4 – actual return | 1000.00 | 1013.00 | 2.74 | .54 | 4.36 | .86 |
| Class 4 – assumed 5% return | 1000.00 | 1022.48 | 2.75 | .54 | 4.38 | .86 |
| **IS 2025 Fund** |  |  |  |  |  |  |
| Class 1 – actual return | $1000.00 | $1011.23 | $.30 | .06% | $1.88 | .37% |
| Class 1 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.89 | .37 |
| Class 1A – actual return | 1000.00 | 1011.23 | .30 | .06 | 1.88 | .37 |
| Class 1A – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.89 | .37 |
| Class 2 – actual return | 1000.00 | 1011.23 | .30 | .06 | 1.88 | .37 |
| Class 2 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.89 | .37 |
| Class 4 – actual return | 1000.00 | 1008.18 | 2.78 | .55 | 4.35 | .86 |
| Class 4 – assumed 5% return | 1000.00 | 1022.43 | 2.80 | .55 | 4.38 | .86 |
| **IS 2020 Fund** |  |  |  |  |  |  |
| Class 1 – actual return | $1000.00 | $1010.11 | $.30 | .06% | $1.77 | .35% |
| Class 1 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.79 | .35 |
| Class 1A – actual return | 1000.00 | 1010.11 | .30 | .06 | 1.77 | .35 |
| Class 1A – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.79 | .35 |
| Class 2 – actual return | 1000.00 | 1010.11 | .30 | .06 | 1.77 | .35 |
| Class 2 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.79 | .35 |
| Class 4 – actual return | 1000.00 | 1007.75 | 2.83 | .56 | 4.30 | .85 |
| Class 4 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 | 4.33 | .85 |
| **IS 2015 Fund** |  |  |  |  |  |  |
| Class 1 – actual return | $1000.00 | $1010.09 | $.25 | .05% | $1.72 | .34% |
| Class 1 – assumed 5% return | 1000.00 | 1024.95 | .26 | .05 | 1.73 | .34 |
| Class 1A – actual return | 1000.00 | 1010.09 | .25 | .05 | 1.72 | .34 |
| Class 1A – assumed 5% return | 1000.00 | 1024.95 | .26 | .05 | 1.73 | .34 |
| Class 2 – actual return | 1000.00 | 1010.09 | .25 | .05 | 1.72 | .34 |
| Class 2 – assumed 5% return | 1000.00 | 1024.95 | .26 | .05 | 1.73 | .34 |
| Class 4 – actual return | 1000.00 | 1007.60 | 2.83 | .56 | 4.30 | .85 |
| Class 4 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 | 4.33 | .85 |

---

Refer to the next page for footnotes.

40 American Funds Insurance Series – Target Date Series

Expense example (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>7/1/2022** | **Ending<br>account value<br>12/31/2022** | **Expenses<br>paid during<br>period<sup>1,2</sup>** | **Annualized<br>expense ratio<sup>2</sup>** | **Effective<br>expenses paid<br>during period<sup>3</sup>** | **Effective<br>annualized<br>expense ratio<sup>4</sup>** |
| **IS 2010 Fund** | | | | | | |
| Class 1 – actual return | $1000.00 | $1007.44 | $.30 | .06% | $1.72 | .34% |
| Class 1 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.73 | .34 |
| Class 1A – actual return | 1000.00 | 1007.44 | .30 | .06 | 1.72 | .34 |
| Class 1A – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.73 | .34 |
| Class 2 – actual return | 1000.00 | 1007.44 | .30 | .06 | 1.72 | .34 |
| Class 2 – assumed 5% return | 1000.00 | 1024.90 | .31 | .06 | 1.73 | .34 |
| Class 4 – actual return | 1000.00 | 1005.87 | 2.83 | .56 | 4.25 | .84 |
| Class 4 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 | 4.28 | .84 |

---

<sup>1</sup> The "expenses paid during period" are equal to the "annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

<sup>2</sup> The "expenses paid during period" and "annualized expense ratio" do not include the expenses of the underlying funds in which each fund invests.

<sup>3</sup> The "effective expenses paid during period" are equal to the "effective annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).

<sup>4</sup> The "effective annualized expense ratio" reflects the net annualized expense ratio of the class plus the class's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

American Funds Insurance Series – Target Date Series 41

---

| | |
|:---|:---|
| Liquidity Risk Management Program | **unaudited** |

---

The series has adopted a liquidity risk management program (the "program"). The series' board has designated Capital Research and Management Company ("CRMC") as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund's investments, limiting the amount of each fund's illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC's process of determining the degree of liquidity of each fund's investments is supported by one or more third-party liquidity assessment vendors.

The series' board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund's liquidity risk.

42 American Funds Insurance Series – Target Date Series

Board of trustees and other officers

Independent trustees<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and year of birth** | **Year first <br> elected <br> a trustee <br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years** | **Number of <br> portfolios in <br> fund complex <br> overseen by <br> trustee** | **Other directorships<sup>3</sup> held by trustee** |
| **Francisco G. Cigarroa, MD,** 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 |  |
| **James G. Ellis,** 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 96 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation |
| **Nariman Farvardin,** 1956 | 2018 | President, Stevens Institute of Technology | 91 |  |
| **Jennifer C. Feikin,** 1968 | 2022 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents | 97 | Hertz Global Holdings, Inc. |
| **Leslie Stone Heisz,** 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 97 | Edwards Lifesciences; Public Storage |
| **Mary Davis Holt,** 1950 | 2015–2016;<br> 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003) | 87 |  |
| **Merit E. Janow,** 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated |
| **Margaret Spellings,** 1957 <br> Chair of the Board <br> (Independent and Non-Executive) | 2010 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 |  |
| **Alexandra Trower,** 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 |  |
| **Paul S. Williams,** 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc. |
| Interested trustees<sup>4,5</sup> | Interested trustees<sup>4,5</sup> | Interested trustees<sup>4,5</sup> |  |  |
| **Name, year of birth and <br>position with series** | **Year first <br> elected <br> a trustee <br> or officer <br> of the series<sup>2</sup>** | **Principal occupation(s) during past five years <br> and positions held with affiliated entities or <br> the principal underwriter of the series** | **Number of <br> portfolios in <br> fund complex <br> overseen by <br> trustee** | **Other directorships<sup>3</sup> held by trustee** |
| **Donald D. O'Neal,** 1960<br> Co-President and Trustee | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company<sup>5</sup> | 35 |  |
| **Michael C. Gitlin,** 1970<br> Trustee | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.<sup>5</sup> | 86 |  |

---

**The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.**

American Funds Insurance Series – Target Date Series 43

Other officers<sup>5</sup>

---

| | | |
|:---|:---|:---|
| **Name, year of birth and<br>position with series** | **Year first<br>elected<br>an officer<br>of the series<sup>2</sup>** | **Principal occupation(s) during past five years and positions held with affiliated entities <br> or the principal underwriter of the series** |
| **Alan N. Berro,** 1960<br> Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Maria Manotok,** 1974<br> Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group Companies Global<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group International, Inc.<sup>5</sup> |
| **Michael W. Stockton,** 1967<br> Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Patrice Collette,** 1967<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.<sup>5</sup> |
| **Peter Eliot,** 1971 <br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Irfan M. Furniturewala,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Sung Lee,** 1966<br> Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital International, Inc.<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Keiko McKibben,** 1969<br> Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company |
| **Carlos A. Schonfeld,** 1971<br>Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited<sup>5</sup> |
| **Alan J. Wilson,** 1961<br>Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company |
| **Steven I. Koszalka,** 1964<br>Secretary | 2003 | Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Gregory F. Niland,** 1971<br>Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company |
| **Susan K. Countess,** 1966<br>Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company |
| **Sandra Chuon,** 1972<br>Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company |
| **Brian C. Janssen,** 1972<br>Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |

---

<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the series within the meaning of the Investment Company Act of 1940.

<sup>2</sup> Trustees and officers of the series serve until their resignation, removal or retirement.

<sup>3</sup> This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.

<sup>4</sup> The term interested trustee refers to a trustee who is an "interested person" within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).

<sup>5</sup> Company affiliated with Capital Research and Management Company.

44 American Funds Insurance Series – Target Date Series

**Office of the series**

333 South Hope Street

Los Angeles, CA 90071-1406

**Investment adviser**

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

**Custodian of assets**

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

**Counsel**

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

**Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.**

"Proxy Voting Guidelines for American Funds Insurance Series — Target Date Series" — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

American Funds Insurance Series — Target Date Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of American Funds Insurance Series — Target Date Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series — Target Date Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright© 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage<sup>®</sup>

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System<sup>TM</sup> — has resulted in superior outcomes.

**Aligned with investor success**

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.<sup>1</sup>

**The Capital System**

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

**American Funds Insurance Series' superior outcomes** 

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.<sup>2</sup> Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.<sup>3</sup> We strive to keep management fees competitive. Over the past 20 years, most funds' fees have been below industry averages.<sup>4</sup>

---

| | |
|:---|:---|
| <sup>1</sup> | Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022. |
| <sup>2</sup> | Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund's inception through December 31, 2021. Periods covered are the shorter of the fund's lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. |
| <sup>3</sup> | Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor's 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in "lockstep," in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction. |
| <sup>4</sup> | Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds. |
| All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies. | All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies. |

---

![](image_054.jpg)

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 333 South Hope Street, Los Angeles, California 90071.

ITEM 3 – Audit Committee Financial Expert

The Registrant's board has determined that Paul S. Williams, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.

ITEM 4 – Principal Accountant Fees and Services

---

| | | |
|:---|:---|:---|
| | | **AFIS** |
| Registrant: |  |  |
| a) Audit Fees: |  |  |
| Audit | 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809,000 |
|  | 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853,000 |

---

---

| | | |
|:---|:---|:---|
| b) Audit-Related Fees: |  |  |
|  | 2021 |  |
|  | 2022 |  |
| c) Tax Fees: |  |  |
|  | 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201000 |
|  | 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000 |
|  | The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. |  |
| d) All Other Fees: |  |  |
|  | 2021 |  |
|  | 2022 |  |
|  | Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below): |  |
| a) Audit Fees: |  |  |
|  | Not Applicable |  |
| b) Audit-Related Fees: |  |  |
|  | 2021 |  |
|  | 2022 |  |
|  | The audit-related fees consist of assurance and related services relating to the examination of the Registrant's transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. |  |
| c) Tax Fees: |  |  |
|  | 2021 |  |
|  | 2022 |  |
|  | The tax fees consist of consulting services relating to the Registrant's investments. |  |
| d) All Other Fees: |  |  |
|  | 2021 |  |
|  | 2022 |  |
|  | The other fees consist of subscription services related to an accounting research tool. |  |

---

---

| |
|:---|
| All audit and permissible non-audit services that the Registrant's audit committee considers compatible with maintaining the independent registered public accounting firm's independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates. |
| Aggregate non-audit fees paid to the Registrant's auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $201,000 for fiscal year 2021 and $208,000 for fiscal year 2022. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors' independence. |

---

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal
 controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's
 semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

ITEM 12 – Exhibits

---

| | |
|:---|:---|
| (a)(1) | The [Code of Ethics](afis_coe.htm) that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto. |
| (a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](afis_cert302.htm) and [906](afis_cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits 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.

---

| |
|:---|
| AMERICAN FUNDS INSURANCE SERIES |
| By __<u>/s/ Maria Manotok</u>________________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Maria Manotok,<br> Principal Executive Officer |
| Date: February 28, 2023 |

---

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 _<u>/s/ Maria Manotok</u>_____________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Maria Manotok,<br> Principal Executive Officer |
| Date: February 28, 2023 |

---

---

| |
|:---|
| By <u>___/s/ Gregory F. Niland__________________</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory F. Niland, Treasurer and<br> Principal Financial Officer |
| Date: February 28, 2023 |

---

## Ex-99.Code

**Code of Ethics**

The following Code of Ethics is in effect for the Registrant:

---

| | | |
|:---|:---|:---|
| The Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability for adherence to the Code. These provisions shall apply to the principal executive officer or chief executive officer and treasurer ("Covered Officers") of the Fund. | The Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability for adherence to the Code. These provisions shall apply to the principal executive officer or chief executive officer and treasurer ("Covered Officers") of the Fund. | The Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability for adherence to the Code. These provisions shall apply to the principal executive officer or chief executive officer and treasurer ("Covered Officers") of the Fund. |
| (1) | It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest. Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations. | It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest. Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations. |
| (2) | Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Duties of Covered Officers include: | Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Duties of Covered Officers include: |
|  | • | Acting with integrity; |
|  | • | Adhering to a high standard of business ethics; and |
|  | • | Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund; |
| (3) | Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund. | Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund. |
|  | • | Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements; and |
|  | • | Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund's auditors, independent trustees, governmental regulators and self-regulatory organizations. |
| (4) | Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies' Personal Investing Committee. The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund. The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate. The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board. | Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies' Personal Investing Committee. The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund. The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate. The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board. |
| (5) | Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund. | Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund. |
| (6) | Material amendments to these provisions must be ratified by a majority vote of the Board. As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed. | Material amendments to these provisions must be ratified by a majority vote of the Board. As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed. |

---

## Ex-99.Cert

<br>**American Funds Insurance Series**<br> 333 South Hope Street, 55th Floor<br> Los Angeles, California 90071<br> (949) 975-5000<br>

**CERTIFICATION**

I, **Maria Manotok,** certify that:

---

| | |
|:---|:---|
| 1. | I have reviewed this report on Form N-CSR of **American Funds Insurance Series;** |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
|  | a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and |
|  | d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions): |
|  | a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
|  | b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

Date: February 28, 2023

_<u>/s/ Maria Manotok</u>___________________

Maria Manotok,

Principal Executive Officer

American Funds Insurance Series

<br>**American Funds Insurance Series**<br> 333 South Hope Street, 55th Floor<br> Los Angeles, California 90071<br> (949) 975-5000<br>

**CERTIFICATION**

I, **Gregory F. Niland**, certify that:

---

| | |
|:---|:---|
| 1. | I have reviewed this report on Form N-CSR of **American Funds Insurance Series;** |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
|  | a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and |
|  | d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions): |
|  | a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
|  | b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

Date: February 28, 2023

_<u>__/s/ Gregory F. Niland___</u>____

Gregory F. Niland, Treasurer and

Principal Financial Officer

American Funds Insurance Series

## Exhibit 99.906

<br>**American Funds Insurance Series**<br> 333 South Hope Street, 55th Floor<br> Los Angeles, California 90071<br> (949) 975-5000<br>

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

MARIA MANOTOK, Principal Executive Officer, and GREGORY F. NILAND, Treasurer and Principal Financial Officer of American Funds Insurance Series (the "Registrant"), each certify to the best of her or his knowledge that:

1) The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2) The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| AMERICAN FUNDS INSURANCE SERIES | AMERICAN FUNDS INSURANCE SERIES |
| _<u>/s/ Maria Manotok</u>_____________________ | <u>__/s/ Gregory F. Niland_________________</u> |
| Maria Manotok, Principal Executive Officer | Gregory F. Niland, Treasurer |
| Date: February 28, 2023 | Date: February 28, 2023 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to AMERICAN FUNDS INSURANCE SERIES and will be retained by AMERICAN FUNDS INSURANCE SERIES and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.