HIMCO Variable Insurance Trust

N-CSRS 1 d423196dncsrs.htm HIMCO VARIABLE INSURANCE TRUST HIMCO Variable Insurance Trust

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 811-22954

HIMCO VARIABLE INSURANCE TRUST

(Exact name of registrant as specified in charter)

One Hartford Plaza, Hartford, Connecticut 06155

(Address of principal executive offices) (Zip code)

Brenda J. Page

Hartford Investment Management Company

One Hartford Plaza

Hartford, Connecticut 06155

(Name and address of agent for service)

Registrant’s telephone number, including area code: (860) 297-6444

Date of fiscal year end: December 31

Date of reporting period: June 30, 2017

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

LOGO

HIMCO VIT Index Fund

Table of Contents



Financial Statements:

Schedule of Investments as of June 30, 2017 (Unaudited)			2

Statement of Assets and Liabilities as of June 30, 2017 (Unaudited)			9

Statement of Operations for the Six-Month Ended Period June 30, 2017 (Unaudited)			10

Statements of Changes in Net Assets for the Six-Month Period Ended June 30, 2017 (Unaudited), and Year Ended December 31, 2016			11

Notes to Financial Statements (Unaudited)			12

Financial Highlights (Unaudited)			22

How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)			23

Quarterly Portfolio Holdings Information (Unaudited)			23

Expense Example (Unaudited)			24

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer to buy or sell an annuity contract or qualified retirement plan, fund or any security. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus (which contains all pertinent product information including the applicable sales, administrative and other charges) and the current prospectus and/or summary prospectus of the Fund available for investment thereunder.

HIMCO VIT Index Fund

Schedule of Investments

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1%
		Automobiles & Components - 0.7%
	10,467	BorgWarner, Inc.	$	443,382
	14,056	Delphi Automotive plc		1,232,008
	205,214	Ford Motor Co.		2,296,345
	72,053	General Motors Co.		2,516,811
	13,211	Goodyear Tire & Rubber Co. (The)		461,857
	9,184	Harley-Davidson, Inc.		496,120

				7,446,523

		Banks - 6.4%
	522,168	Bank of America Corp.		12,667,796
	42,572	BB&T Corp.		1,933,195
	144,461	Citigroup, Inc.		9,661,552
	26,578	Citizens Financial Group, Inc.		948,303
	9,284	Comerica, Inc.		679,960
	39,366	Fifth Third Bancorp		1,021,941
	57,040	Huntington Bancshares, Inc.		771,181
	186,413	JPMorgan Chase & Co.		17,038,148
	57,512	KeyCorp		1,077,775
	8,073	M&T Bank Corp.		1,307,422
	18,068	People’s United Financial, Inc.		319,081
	25,390	PNC Financial Services Group, Inc. (The)		3,170,449
	63,071	Regions Financial Corp.		923,360
	25,368	SunTrust Banks, Inc.		1,438,873
	83,120	US Bancorp		4,315,590
	235,985	Wells Fargo & Co.		13,075,929
	10,632	Zions Bancorp		466,851

				70,817,406

		Capital Goods - 7.3%
	31,355	3M Co.		6,527,797
	2,314	Acuity Brands, Inc.		470,390
	4,999	Allegion plc		405,519
	12,074	AMETEK, Inc.		731,322
	23,127	Arconic, Inc.		523,827
	29,453	Boeing Co. (The)		5,824,331
	30,913	Caterpillar, Inc.		3,321,911
	8,108	Cummins, Inc.		1,315,280
	15,440	Deere & Co.		1,908,230
	8,168	Dover Corp.		655,237
	23,469	Eaton Corp. plc		1,826,592
	33,815	Emerson Electric Co.		2,016,050
	15,177	Fastenal Co.		660,655
	6,853	Flowserve Corp.		318,185
	7,334	Fluor Corp.		335,751
	15,821	Fortive Corp.		1,002,260
	8,072	Fortune Brands Home & Security, Inc.		526,617
	14,879	General Dynamics Corp.		2,947,530
	456,939	General Electric Co.		12,341,922
	39,999	Honeywell International, Inc.		5,331,467
	16,313	Illinois Tool Works, Inc.		2,336,837
	13,433	Ingersoll-Rand plc		1,227,642
	6,319	Jacobs Engineering Group, Inc.		343,690
	49,222	Johnson Controls International plc		2,134,266
	4,086	L3 Technologies, Inc.		682,689
	13,061	Lockheed Martin Corp.		3,625,864
	16,787	Masco Corp.		641,431
	9,160	Northrop Grumman Corp.		2,351,464
	18,431	PACCAR, Inc.		1,217,183
	6,988	Parker-Hannifin Corp.		1,116,822
	8,797	Pentair plc		585,352
	7,771	Quanta Services, Inc.⁽²⁾		255,821
	15,272	Raytheon Co.		2,466,123


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1% - (continued)
		Capital Goods - 7.3% - (continued)
	6,760	Rockwell Automation, Inc.	$	1,094,850
	8,520	Rockwell Collins, Inc.		895,282
	5,354	Roper Technologies, Inc.		1,239,612
	3,041	Snap-on, Inc.		480,478
	8,026	Stanley Black & Decker, Inc.		1,129,499
	14,045	Textron, Inc.		661,519
	2,566	TransDigm Group, Inc.		689,920
	4,434	United Rentals, Inc.⁽²⁾		499,756
	39,097	United Technologies Corp.		4,774,135
	2,819	WW Grainger, Inc.		508,914
	9,430	Xylem, Inc.		522,705

				80,472,727

		Commercial & Professional Services - 0.6%
	4,531	Cintas Corp.		571,087
	6,307	Equifax, Inc.		866,708
	16,652	IHS Markit Ltd.⁽²⁾		733,354
	17,623	Nielsen Holdings plc		681,305
	12,062	Republic Services, Inc.		768,712
	6,673	Robert Half International, Inc.		319,837
	4,474	Stericycle, Inc.⁽²⁾		341,456
	8,068	Verisk Analytics, Inc.⁽²⁾		680,697
	21,326	Waste Management, Inc.		1,564,262

				6,527,418

		Consumer Durables & Apparel - 1.3%
	14,751	Coach, Inc.		698,312
	17,933	DR Horton, Inc.		619,944
	6,020	Garmin Ltd.		307,201
	19,107	Hanesbrands, Inc.		442,518
	5,903	Hasbro, Inc.		658,244
	6,942	Leggett & Platt, Inc.		364,663
	10,661	Lennar Corp., Class A		568,445
	17,974	Mattel, Inc.		386,980
	8,177	Michael Kors Holdings Ltd.⁽²⁾		296,416
	3,315	Mohawk Industries, Inc.⁽²⁾		801,202
	25,348	Newell Brands, Inc.		1,359,160
	69,533	NIKE, Inc., Class B		4,102,447
	14,899	PulteGroup, Inc.		365,472
	4,093	PVH Corp.		468,649
	2,892	Ralph Lauren Corp.		213,430
	9,690	Under Armour, Inc., Class A⁽²⁾		210,854
	9,672	Under Armour, Inc., Class C⁽²⁾		194,988
	16,809	VF Corp.		968,198
	3,881	Whirlpool Corp.		743,677

				13,770,800

		Consumer Services - 1.8%
	21,961	Carnival Corp.		1,439,983
	1,504	Chipotle Mexican Grill, Inc.⁽²⁾		625,814
	6,524	Darden Restaurants, Inc.		590,031
	10,870	H&R Block, Inc.		335,992
	10,751	Hilton Worldwide Holdings, Inc.		664,949
	16,302	Marriott International, Inc., Class A		1,635,254
	42,766	McDonald’s Corp.		6,550,040
	8,802	Royal Caribbean Cruises Ltd.		961,442
	75,981	Starbucks Corp.		4,430,452
	5,475	Wyndham Worldwide Corp.		549,745
	4,189	Wynn Resorts Ltd.		561,829
	17,358	Yum! Brands, Inc.		1,280,326

				19,625,857

The accompanying Notes are an integral part of these financial statements.


		2

HIMCO VIT Index Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1% - (continued)
		Diversified Financials - 5.2%
	2,970	Affiliated Managers Group, Inc.	$	492,604
	39,393	American Express Co.		3,318,466
	7,999	Ameriprise Financial, Inc.		1,018,193
	54,562	Bank of New York Mellon Corp. (The)		2,783,753
	99,665	Berkshire Hathaway, Inc., Class B⁽²⁾		16,880,261
	6,361	BlackRock, Inc.		2,686,950
	25,341	Capital One Financial Corp.		2,093,673
	4,821	CBOE Holdings, Inc.		440,639
	63,844	Charles Schwab Corp. (The)		2,742,738
	17,828	CME Group, Inc.		2,232,779
	19,948	Discover Financial Services		1,240,566
	14,412	E*TRADE Financial Corp.⁽²⁾		548,088
	17,966	Franklin Resources, Inc.		804,697
	19,208	Goldman Sachs Group, Inc. (The)		4,262,255
	31,065	Intercontinental Exchange, Inc.		2,047,805
	21,347	Invesco Ltd.		751,201
	16,991	Leucadia National Corp.		444,485
	8,733	Moody’s Corp.		1,062,632
	74,734	Morgan Stanley		3,330,147
	5,980	NASDAQ, Inc.		427,510
	14,951	Navient Corp.		248,934
	11,323	Northern Trust Corp.		1,100,709
	6,725	Raymond James Financial, Inc.		539,480
	13,527	S&P Global, Inc.		1,974,807
	18,556	State Street Corp.		1,665,030
	40,414	Synchrony Financial		1,205,146
	12,659	T Rowe Price Group, Inc.		939,424

				57,282,972

		Energy - 6.0%
	29,401	Anadarko Petroleum Corp.		1,333,041
	19,958	Apache Corp.		956,587
	22,325	Baker Hughes, Inc.		1,216,936
	24,426	Cabot Oil & Gas Corp.		612,604
	40,022	Chesapeake Energy Corp.⁽²⁾		198,909
	99,406	Chevron Corp.		10,371,028
	4,990	Cimarex Energy Co.		469,110
	7,774	Concho Resources, Inc.⁽²⁾		944,774
	64,910	ConocoPhillips		2,853,444
	27,583	Devon Energy Corp.		881,829
	30,289	EOG Resources, Inc.		2,741,760
	9,094	EQT Corp.		532,817
	222,326	Exxon Mobil Corp.		17,948,378
	45,536	Halliburton Co.		1,944,843
	5,696	Helmerich & Payne, Inc.		309,521
	14,179	Hess Corp.		622,033
	100,736	Kinder Morgan, Inc.		1,930,102
	44,598	Marathon Oil Corp.		528,486
	27,218	Marathon Petroleum Corp.		1,424,318
	8,510	Murphy Oil Corp.		218,111
	19,940	National Oilwell Varco, Inc.		656,824
	10,452	Newfield Exploration Co.⁽²⁾		297,464
	23,883	Noble Energy, Inc.		675,889
	40,117	Occidental Petroleum Corp.		2,401,805
	19,925	ONEOK, Inc.		1,039,288
	23,017	Phillips 66		1,903,276
	8,925	Pioneer Natural Resources Co.		1,424,252
	9,873	Range Resources Corp.		228,757
	72,905	Schlumberger Ltd.		4,800,065
	24,482	TechnipFMC plc⁽²⁾		665,910
	7,930	Tesoro Corp.		742,248


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1% - (continued)
		Energy - 6.0% - (continued)
	20,518	Transocean Ltd.⁽²⁾	$	168,863
	23,466	Valero Energy Corp.		1,583,016
	43,354	Williams Cos., Inc. (The)		1,312,759

				65,939,047

		Food & Staples Retailing - 1.9%
	23,013	Costco Wholesale Corp.		3,680,469
	53,455	CVS Health Corp.		4,300,989
	47,884	Kroger Co. (The)		1,116,655
	25,835	Sysco Corp.		1,300,276
	77,502	Wal-Mart Stores, Inc.		5,865,351
	44,806	Walgreens Boots Allliance, Inc.		3,508,758
	16,767	Whole Foods Market, Inc.		706,058

				20,478,556

		Food, Beverage & Tobacco - 5.2%
	101,352	Altria Group, Inc.		7,547,683
	29,942	Archer-Daniels-Midland Co.		1,239,000
	9,281	Brown-Forman Corp., Class B		451,057
	10,061	Campbell Soup Co.		524,681
	201,760	Coca-Cola Co. (The)		9,048,936
	21,209	Conagra Brands, Inc.		758,434
	8,996	Constellation Brands, Inc., Class A		1,742,795
	9,645	Dr Pepper Snapple Group, Inc.		878,756
	30,229	General Mills, Inc.		1,674,687
	7,345	Hershey Co. (The)		788,633
	14,153	Hormel Foods Corp.		482,759
	6,109	JM Smucker Co. (The)		722,878
	13,233	Kellogg Co.		919,164
	31,305	Kraft Heinz Co. (The)		2,680,960
	5,941	McCormick & Co., Inc.		579,307
	9,689	Molson Coors Brewing Co., Class B		836,548
	79,610	Mondelez International, Inc., Class A		3,438,356
	21,153	Monster Beverage Corp.⁽²⁾		1,050,881
	74,952	PepsiCo, Inc.		8,656,206
	81,492	Philip Morris International, Inc.		9,571,235
	43,418	Reynolds American, Inc.		2,823,907
	15,121	Tyson Foods, Inc., Class A		947,028

				57,363,891

		Health Care Equipment & Services - 5.7%
	91,048	Abbott Laboratories		4,425,843
	17,404	Aetna, Inc.		2,642,449
	3,962	Align Technology, Inc.⁽²⁾		594,775
	8,707	AmerisourceBergen Corp.		823,073
	13,904	Anthem, Inc.		2,615,760
	25,592	Baxter International, Inc.		1,549,340
	11,929	Becton Dickinson and Co.		2,327,467
	71,851	Boston Scientific Corp.⁽²⁾		1,991,710
	16,574	Cardinal Health, Inc.		1,291,446
	9,039	Centene Corp.⁽²⁾		722,035
	15,426	Cerner Corp.⁽²⁾		1,025,366
	13,433	Cigna Corp.		2,248,550
	2,563	Cooper Cos., Inc. (The)		613,633
	3,800	CR Bard, Inc.		1,201,218
	32,050	Danaher Corp.		2,704,700
	8,168	DaVita, Inc.⁽²⁾		528,960
	12,028	DENTSPLY SIRONA, Inc.		779,896
	11,008	Edwards Lifesciences Corp.⁽²⁾		1,301,586
	6,163	Envision Healthcare Corp.⁽²⁾		386,235
	31,142	Express Scripts Holding Co.⁽²⁾		1,988,105
	15,016	HCA Healthcare, Inc.⁽²⁾		1,309,395

The accompanying Notes are an integral part of these financial statements.


		3

HIMCO VIT Index Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1% - (continued)
		Health Care Equipment & Services - 5.7% - (continued)
	4,162	Henry Schein, Inc.⁽²⁾	$	761,729
	14,692	Hologic, Inc.⁽²⁾		666,723
	7,572	Humana, Inc.		1,821,975
	4,624	IDEXX Laboratories, Inc.⁽²⁾		746,406
	1,933	Intuitive Surgical, Inc.⁽²⁾		1,808,070
	5,368	Laboratory Corp. of America Holdings⁽²⁾		827,424
	11,066	McKesson Corp.		1,820,800
	71,824	Medtronic plc		6,374,380
	4,281	Patterson Cos., Inc.		200,993
	7,179	Quest Diagnostics, Inc.		798,018
	16,277	Stryker Corp.		2,258,922
	50,563	UnitedHealth Group, Inc.		9,375,391
	4,691	Universal Health Services, Inc., Class B		572,677
	4,823	Varian Medical Systems, Inc.⁽²⁾		497,685
	10,558	Zimmer Biomet Holdings, Inc.		1,355,647

				62,958,382

		Household & Personal Products - 1.9%
	13,078	Church & Dwight Co., Inc.		678,487
	6,758	Clorox Co. (The)		900,436
	46,346	Colgate-Palmolive Co.		3,435,629
	24,714	Coty, Inc., Class A		463,635
	11,746	Estee Lauder Cos., Inc. (The), Class A		1,127,381
	18,623	Kimberly-Clark Corp.		2,404,415
	134,196	Procter & Gamble Co. (The)		11,695,181

				20,705,164

		Insurance - 2.8%
	20,822	Aflac, Inc.		1,617,453
	19,126	Allstate Corp. (The)		1,691,503
	46,146	American International Group, Inc.		2,885,048
	13,751	Aon plc		1,828,196
	9,417	Arthur J Gallagher & Co.		539,123
	2,875	Assurant, Inc.		298,109
	24,499	Chubb Ltd.		3,561,665
	7,863	Cincinnati Financial Corp.		569,674
	2,155	Everest Re Group Ltd.		548,641
	19,275	Hartford Financial Services Group, Inc. (The)⁽³⁾		1,013,287
	11,768	Lincoln National Corp.		795,281
	14,487	Loews Corp.		678,137
	27,039	Marsh & McLennan Cos., Inc.		2,107,960
	56,690	MetLife, Inc.		3,114,549
	14,064	Principal Financial Group, Inc.		901,081
	30,479	Progressive Corp. (The)		1,343,819
	22,509	Prudential Financial, Inc.		2,434,123
	5,708	Torchmark Corp.		436,662
	14,661	Travelers Cos., Inc. (The)		1,855,056
	11,974	Unum Group		558,348
	6,668	Willis Towers Watson PLC		969,927
	13,718	XL Group Ltd.		600,848

				30,348,490

		Materials - 2.8%
	11,424	Air Products & Chemicals, Inc.		1,634,317
	5,811	Albemarle Corp.		613,293
	4,647	Avery Dennison Corp.		410,655
	18,370	Ball Corp.		775,398
	12,232	CF Industries Holdings, Inc.		342,007
	58,974	Dow Chemical Co. (The)		3,719,490
	7,651	Eastman Chemical Co.		642,608


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1% - (continued)
		Materials - 2.8% - (continued)
	13,697	Ecolab, Inc.	$	1,818,277
	45,492	EI du Pont de Nemours & Co.		3,671,659
	7,031	FMC Corp.		513,615
	69,840	Freeport-McMoRan, Inc.⁽²⁾		838,778
	4,144	International Flavors & Fragrances, Inc.		559,440
	21,664	International Paper Co.		1,226,399
	17,331	LyondellBasell Industries N.V., Class A		1,462,563
	3,286	Martin Marietta Materials, Inc.		731,398
	23,024	Monsanto Co.		2,725,121
	18,418	Mosaic Co. (The)		420,483
	27,978	Newmont Mining Corp.		906,207
	16,740	Nucor Corp.		968,744
	13,442	PPG Industries, Inc.		1,478,082
	14,999	Praxair, Inc.		1,988,117
	10,274	Sealed Air Corp.		459,864
	4,251	Sherwin-Williams Co. (The)		1,491,931
	6,934	Vulcan Materials Co.		878,399
	13,175	WestRock Co.		746,496

				31,023,341

		Media - 3.0%
	19,327	CBS Corp., Class B		1,232,676
	11,317	Charter Communications, Inc., Class A⁽²⁾		3,812,131
	248,322	Comcast Corp., Class A		9,664,692
	8,068	Discovery Communications, Inc., Class A⁽²⁾		208,396
	11,062	Discovery Communications, Inc., Class C⁽²⁾		278,873
	11,935	DISH Network Corp., Class A⁽²⁾		749,041
	20,731	Interpublic Group of Cos., Inc. (The)		509,983
	20,053	News Corp., Class A		274,726
	6,285	News Corp., Class B		88,933
	12,212	Omnicom Group, Inc.		1,012,375
	5,032	Scripps Networks Interactive, Inc., Class A		343,736
	40,692	Time Warner, Inc.		4,085,884
	55,215	Twenty-First Century Fox, Inc., Class A		1,564,793
	25,558	Twenty-First Century Fox, Inc., Class B		712,302
	18,485	Viacom, Inc., Class B		620,541
	76,329	Walt Disney Co. (The)		8,109,956

				33,269,038

		Pharmaceuticals, Biotechnology & Life Sciences - 8.6%
	83,507	AbbVie, Inc.		6,055,093
	16,911	Agilent Technologies, Inc.		1,002,991
	11,782	Alexion Pharmaceuticals, Inc.⁽²⁾		1,433,516
	17,623	Allergan plc		4,283,975
	38,612	Amgen, Inc.		6,650,145
	11,208	Biogen, Inc.⁽²⁾		3,041,403
	86,440	Bristol-Myers Squibb Co.		4,816,437
	40,969	Celgene Corp.⁽²⁾		5,320,644
	50,947	Eli Lilly & Co.		4,192,938
	68,563	Gilead Sciences, Inc.		4,852,889
	7,661	Illumina, Inc.⁽²⁾		1,329,337
	8,918	Incyte Corp.⁽²⁾		1,122,865
	141,343	Johnson & Johnson		18,698,265
	5,213	Mallinckrodt plc⁽²⁾		233,595
	143,512	Merck & Co., Inc.		9,197,684
	1,355	Mettler-Toledo International, Inc.⁽²⁾		797,472
	24,185	Mylan N.V.⁽²⁾		938,862
	5,774	PerkinElmer, Inc.		393,440

The accompanying Notes are an integral part of these financial statements.


		4

HIMCO VIT Index Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 8.6% - (continued)
	7,523	Perrigo Co. plc	$	568,137
	313,128	Pfizer, Inc.		10,517,969
	3,998	Regeneron Pharmaceuticals, Inc.⁽²⁾		1,963,578
	20,527	Thermo Fisher Scientific, Inc.		3,581,346
	13,068	Vertex Pharmaceuticals, Inc.⁽²⁾		1,684,073
	4,200	Waters Corp.⁽²⁾		772,128
	25,752	Zoetis, Inc.		1,606,410

				95,055,192

		Real Estate - 2.9%
	4,779	Alexandria Real Estate Equities, Inc., REIT		575,726
	22,300	American Tower Corp., REIT		2,950,736
	8,239	Apartment Investment & Management Co., Class A, REIT		354,030
	7,230	AvalonBay Communities, Inc., REIT		1,389,389
	8,073	Boston Properties, Inc., REIT		993,140
	15,778	CBRE Group, Inc., Class A, REIT⁽²⁾		574,319
	19,209	Crown Castle International Corp., REIT		1,924,358
	8,383	Digital Realty Trust, Inc., REIT		946,860
	4,088	Equinix, Inc., REIT		1,754,406
	19,264	Equity Residential, REIT		1,268,149
	3,442	Essex Property Trust, Inc., REIT		885,523
	6,607	Extra Space Storage, Inc., REIT		515,346
	3,790	Federal Realty Investment Trust, REIT		479,018
	30,564	GGP, Inc., REIT		720,088
	24,586	HCP, Inc., REIT		785,769
	38,814	Host Hotels & Resorts, Inc., REIT		709,132
	12,888	Iron Mountain, Inc., REIT		442,832
	22,334	Kimco Realty Corp., REIT		409,829
	6,249	Macerich Co. (The), REIT		362,817
	5,959	Mid-America Apartment Communities, Inc., REIT		627,959
	27,825	Prologis, Inc., REIT		1,631,658
	7,845	Public Storage, REIT		1,635,918
	14,327	Realty Income Corp., REIT		790,564
	7,675	Regency Centers Corp., REIT		480,762
	16,381	Simon Property Group, Inc., REIT		2,649,791
	5,343	SL Green Realty Corp., REIT		565,289
	14,030	UDR, Inc., REIT		546,749
	18,620	Ventas, Inc., REIT		1,293,718
	9,038	Vornado Realty Trust, REIT		848,668
	19,212	Welltower, Inc., REIT		1,438,018
	39,420	Weyerhaeuser Co., REIT		1,320,570

				31,871,131

		Retailing - 5.4%
	3,875	Advance Auto Parts, Inc.		451,786
	20,816	Amazon.com, Inc.⁽²⁾		20,149,888
	3,454	AutoNation, Inc.⁽²⁾		145,621
	1,477	AutoZone, Inc.⁽²⁾		842,569
	7,616	Bed Bath & Beyond, Inc.		231,526
	13,921	Best Buy Co., Inc.		798,091
	9,718	CarMax, Inc.⁽²⁾		612,817
	13,237	Dollar General Corp.		954,255
	12,419	Dollar Tree, Inc.⁽²⁾		868,336
	6,379	Expedia, Inc.		950,152
	6,886	Foot Locker, Inc.		339,342
	11,550	Gap, Inc. (The)		253,985
	7,734	Genuine Parts Co.		717,406
	62,730	Home Depot, Inc. (The)		9,622,782


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1% - (continued)
		Retailing - 5.4% - (continued)
	8,945	Kohl’s Corp.	$	345,903
	12,642	L Brands, Inc.		681,277
	16,175	LKQ Corp.⁽²⁾		532,966
	45,022	Lowe’s Cos., Inc.		3,490,556
	15,977	Macy’s, Inc.		371,305
	22,614	Netflix, Inc.⁽²⁾		3,378,758
	5,837	Nordstrom, Inc.		279,184
	4,775	O’Reilly Automotive, Inc.⁽²⁾		1,044,484
	2,580	Priceline Group, Inc. (The)⁽²⁾		4,825,942
	20,568	Ross Stores, Inc.		1,187,391
	3,589	Signet Jewelers Ltd.		226,968
	34,271	Staples, Inc.		345,109
	28,948	Target Corp.		1,513,691
	5,625	Tiffany & Co.		528,019
	33,752	TJX Cos., Inc. (The)		2,435,882
	6,746	Tractor Supply Co.		365,701
	5,794	TripAdvisor, Inc.⁽²⁾		221,331
	3,060	Ulta Salon Cosmetics & Fragrance, Inc.⁽²⁾		879,260

				59,592,283

		Semiconductors & Semiconductor Equipment - 3.4%
	40,659	Advanced Micro Devices, Inc.⁽²⁾		507,424
	19,257	Analog Devices, Inc.		1,498,195
	56,385	Applied Materials, Inc.		2,329,264
	21,059	Broadcom Ltd.		4,907,800
	247,077	Intel Corp.		8,336,378
	8,225	KLA-Tencor Corp.		752,670
	8,464	Lam Research Corp.		1,197,064
	12,036	Microchip Technology, Inc.		928,938
	54,564	Micron Technology, Inc.⁽²⁾		1,629,281
	31,219	NVIDIA Corp.		4,513,019
	6,669	Qorvo, Inc.⁽²⁾		422,281
	77,520	QUALCOMM, Inc.		4,280,654
	9,682	Skyworks Solutions, Inc.		928,988
	52,276	Texas Instruments, Inc.		4,021,593
	13,015	Xilinx, Inc.		837,125

				37,090,674

		Software & Services - 13.2%
	32,535	Accenture plc, Class A		4,023,929
	36,381	Activision Blizzard, Inc.		2,094,454
	25,956	Adobe Systems, Inc.⁽²⁾		3,671,217
	9,071	Akamai Technologies, Inc.⁽²⁾		451,827
	2,921	Alliance Data Systems Corp.		749,791
	15,616	Alphabet, Inc., Class A⁽²⁾		14,517,883
	15,656	Alphabet, Inc., Class C⁽²⁾		14,227,077
	4,486	ANSYS, Inc.⁽²⁾		545,856
	10,176	Autodesk, Inc.⁽²⁾		1,025,944
	23,475	Automatic Data Processing, Inc.		2,405,248
	16,442	CA, Inc.		566,756
	7,931	Citrix Systems, Inc.⁽²⁾		631,149
	30,904	Cognizant Technology Solutions Corp., Class A		2,052,026
	7,623	CSRA, Inc.		242,030
	14,857	DXC Technology Co.		1,139,829
	52,814	eBay, Inc.⁽²⁾		1,844,265
	16,267	Electronic Arts, Inc.⁽²⁾		1,719,747
	124,023	Facebook, Inc., Class A⁽²⁾		18,724,993
	17,345	Fidelity National Information Services, Inc.		1,481,263
	11,143	Fiserv, Inc.⁽²⁾		1,363,235
	4,745	Gartner, Inc.⁽²⁾		586,055

The accompanying Notes are an integral part of these financial statements.


		5

HIMCO VIT Index Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1% - (continued)
		Software & Services - 13.2% - (continued)
	8,001	Global Payments, Inc.	$	722,650
	44,858	International Business Machines Corp.		6,900,506
	12,771	Intuit, Inc.		1,696,117
	49,216	MasterCard, Inc., Class A		5,977,283
	405,089	Microsoft Corp.		27,922,785
	157,603	Oracle Corp.		7,902,214
	16,776	Paychex, Inc.		955,225
	58,617	PayPal Holdings, Inc.⁽²⁾		3,145,974
	9,328	Red Hat, Inc.⁽²⁾		893,156
	35,084	salesforce.com, Inc.⁽²⁾		3,038,274
	31,914	Symantec Corp.		901,571
	7,887	Synopsys, Inc.⁽²⁾		575,199
	8,690	Total System Services, Inc.		506,193
	4,632	VeriSign, Inc.⁽²⁾		430,591
	96,871	Visa, Inc., Class A		9,084,562
	24,726	Western Union Co. (The)		471,030

				145,187,904

		Technology Hardware & Equipment - 5.5%
	16,035	Amphenol Corp., Class A		1,183,704
	273,566	Apple, Inc.		39,398,975
	262,349	Cisco Systems, Inc.		8,211,524
	48,284	Corning, Inc.		1,450,934
	3,395	F5 Networks, Inc.⁽²⁾		431,369
	7,160	FLIR Systems, Inc.		248,165
	6,397	Harris Corp.		697,785
	87,352	Hewlett Packard Enterprise Co.		1,449,170
	88,323	HP, Inc.		1,543,886
	20,048	Juniper Networks, Inc.		558,938
	8,577	Motorola Solutions, Inc.		743,969
	14,217	NetApp, Inc.		569,391
	15,583	Seagate Technology plc		603,841
	18,628	TE Connectivity Ltd.		1,465,651
	15,281	Western Digital Corp.		1,353,896
	11,201	Xerox Corp.		321,805

				60,233,003

		Telecommunication Services - 2.1%
	322,581	AT&T, Inc.		12,170,981
	28,796	CenturyLink, Inc.		687,648
	15,359	Level 3 Communications, Inc.⁽²⁾		910,789
	214,041	Verizon Communications, Inc.		9,559,071

				23,328,489

		Transportation - 2.3%
	6,485	Alaska Air Group, Inc.		582,094
	25,846	American Airlines Group, Inc.		1,300,571
	7,392	CH Robinson Worldwide, Inc.		507,683
	48,413	CSX Corp.		2,641,413
	38,620	Delta Air Lines, Inc.		2,075,439
	9,453	Expeditors International of Washington, Inc.		533,905
	12,907	FedEx Corp.		2,805,078
	4,501	JB Hunt Transport Services, Inc.		411,301
	5,566	Kansas City Southern		582,482
	15,205	Norfolk Southern Corp.		1,850,448
	31,726	Southwest Airlines Co.		1,971,454
	42,366	Union Pacific Corp.		4,614,081
	14,785	United Continental Holdings, Inc.⁽²⁾		1,112,571
	36,139	United Parcel Service, Inc., Class B		3,996,612

				24,985,132


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 99.1% - (continued)
		Utilities - 3.1%
	34,637	AES Corp.	$	384,817
	11,954	Alliant Energy Corp.		480,192
	12,731	Ameren Corp.		696,004
	25,800	American Electric Power Co., Inc.		1,792,326
	9,350	American Water Works Co., Inc.		728,833
	22,612	CenterPoint Energy, Inc.		619,117
	14,715	CMS Energy Corp.		680,569
	16,023	Consolidated Edison, Inc.		1,294,979
	33,002	Dominion Energy, Inc.		2,528,943
	9,412	DTE Energy Co.		995,696
	36,722	Duke Energy Corp.		3,069,592
	17,095	Edison International		1,336,658
	9,416	Entergy Corp.		722,866
	16,627	Eversource Energy		1,009,425
	48,592	Exelon Corp.		1,752,713
	23,283	FirstEnergy Corp.		678,932
	24,564	NextEra Energy, Inc.		3,442,153
	16,971	NiSource, Inc.		430,385
	16,585	NRG Energy, Inc.		285,594
	26,791	PG&E Corp.		1,778,119
	5,853	Pinnacle West Capital Corp.		498,441
	35,846	PPL Corp.		1,385,806
	26,543	Public Service Enterprise Group, Inc.		1,141,614
	7,499	SCANA Corp.		502,508
	13,161	Sempra Energy		1,483,903
	52,186	Southern Co. (The)		2,498,666
	16,558	WEC Energy Group, Inc.		1,016,330
	26,642	Xcel Energy, Inc.		1,222,335

				34,457,516


		Total Common Stocks (cost $554,544,219)		1,089,830,936


		Total Long-Term Investments (cost $554,544,219)		1,089,830,936


SHORT-TERM INVESTMENTS - 0.9%
		Repurchase Agreements - 0.9%
		RBC Capital Markets LLC TriParty Repurchase Agreement (dated 06/30/2017, repurchase price $9,951,879, collateralized by GNMA 3.50% - 4.00%, 2043 - 2047, U.S. Treasury Notes 1.50% - 2.38%, 2017 - 2024, U.S. Treasury Inflation Index Note 0.38% , 2025, value of $10,123,187)
$	9,951,000	1.06%, 07/03/2017		9,951,000


		Total Short-Term Investments (cost $9,951,000)		9,951,000



Total Investments (cost $564,495,219)⁽⁴⁾	100.0	%	$	1,099,781,936
Other Assets and Liabilities	—	%		(333,023	)

Net Assets	100.0	%	$	1,099,448,913

The accompanying Notes are an integral part of these financial statements.


		6

HIMCO VIT Index Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

The Fund may refer to any one or more of the industry classifications used by one or more widely recognized market indices, ratings group indices and/or as defined by Fund management. Industry classifications may not be identical across all security types.

Equity industry classifications used in this report are the Global Industry Classification Standard (GICS^®), which was developed by and is the exclusive property and service mark of MSCI, Inc. and S&P.

For Fund compliance purposes, the Fund may not use the same classification system shown in this report as these classifications are used for reporting ease.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	Non-income producing.

⁽³⁾

Affiliated company as defined under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940. Hartford Investment Management Company, the Fund’s adviser, is a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. A summary of transactions for the six-month period ended June 30, 2017 is as follows:


Company	Beginning Value At January 1, 2017		Purchase Cost		Sales Proceeds		Realized Gain (Loss)		Unrealized Gain (Loss)		Ending Value At June 30, 2017		Dividend Income
Hartford Financial Services Group, Inc. (The)	$	984,497	$	—	$	(68,886)	$	12,372	$	85,304	$	1,013,287	$	9,268

⁽⁴⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $595,633,196, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	518,510,625
Unrealized Depreciation		(14,361,885	)

Net Unrealized Appreciation	$	504,148,740

Futures Contracts Outstanding at June 30, 2017


Description	Number of Contracts		Expiration Date		Aggregate Cost		Notional Value		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 (E-Mini)		88		09/15/2017	$	10,700,546	$	10,651,976	$	(48,570)

Cash of $560,000 was pledged as initial margin deposit and collateral for the daily variation margin on open futures contracts at June 30, 2017.


GLOSSARY: *(abbreviations used in preceding Schedule of Investments)*

Index Abbreviations:
MSCI		Morgan Stanley Capital International
S&P		Standard & Poor’s

Other Abbreviations:
ETF		Exchange Traded Fund
GNMA		Government National Mortgage Association
REIT		Real Estate Investment Trust

Counterparty Abbreviations:
RBC		RBC Dominion Securities

The accompanying Notes are an integral part of these financial statements.


		7

HIMCO VIT Index Fund

Schedule of Investments – (concluded)

June 30, 2017 (Unaudited)

Diversification by Sector

as of June 30, 2017


Sector	Percentage of Net Assets
Equity Securities
Consumer Discretionary		12.2	%
Consumer Staples		9.0
Energy		6.0
Financials		14.4
Health Care		14.3
Industrials		10.2
Information Technology		22.1
Materials		2.8
Real Estate		2.9
Telecommunication Services		2.1
Utilities		3.1

Total		99.1	%

Short-Term Investments		0.9
Other assets and liabilities		—

Total		100.0	%

A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system and these sector classifications are used for reporting ease.

Investment Valuation Hierarchy Level Summary at June 30, 2017


Description	Total			Level 1⁽¹⁾			Level 2⁽¹⁾		Level 3⁽¹⁾
Assets:
Common Stocks⁽²⁾	$	1,089,830,936		$	1,089,830,936		$	—	$	—
Short-Term Investments		9,951,000			—			9,951,000		—

Total	$	1,099,781,936		$	1,089,830,936		$	9,951,000	$	—

Liabilities:
Futures⁽³⁾	$	(48,570	)	$	(48,570	)	$	—	$	—

Total	$	(48,570	)	$	(48,570	)	$	—	$	—

⁽¹⁾	For the six-month period ended June 30, 2017, there were no transfers between any levels.

⁽²⁾	Refer to the Schedule of Investments for further industry breakout.

⁽³⁾	Derivative instruments (excluding purchased and written options, if applicable) are valued at the unrealized appreciation/depreciation on the investments.

Note:

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

The accompanying Notes are an integral part of these financial statements.


		8

HIMCO VIT Index Fund

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)


Assets:
Investments in unaffiliated securities, at market value (cost $563,709,281)	$	1,098,768,649
Investments in affiliated securities, at market value (cost $785,938)		1,013,287
Cash⁽¹⁾		567,095
Receivables:
Fund shares sold		532,832
Dividends and interest		1,091,374
Variation margin on futures contracts		4,077
Other assets		8,771

Total assets		1,101,986,085

Liabilities:
Payables:
Investment securities purchased		461,833
Fund shares redeemed		1,603,783
Investment management fees		224,970
Distribution fees		81,374
Accrued expenses		165,212

Total liabilities		2,537,172

Net assets	$	1,099,448,913

Summary of Net Assets:
Capital stock and paid-in-capital	$	471,716,230
Undistributed net investment income		27,525,653
Accumulated net realized gain		64,968,883
Unrealized appreciation of investments		535,238,147

Net assets	$	1,099,448,913

Class IA: Net asset value per share	$	45.39

Shares Outstanding		15,629,003

Net Assets	$	709,478,437

Class IB: Net asset value per share	$	44.80

Shares Outstanding		8,705,072

Net Assets	$	389,970,476

⁽¹⁾	Cash of $560,000 was pledged as initial margin deposit and collateral for the daily variation margin on open futures contracts at June 30, 2017.

The accompanying Notes are an integral part of these financial statements.


		9

HIMCO VIT Index Fund

Statement of Operations

For the Six-Month Period Ended June 30, 2017 (Unaudited)


Investment Income:
Dividends from unaffiliated securities	$	11,153,169
Dividends from affiliated securities		9,268
Interest		23,238

Total investment income, net		11,185,675

Expenses:
Investment management fees		1,631,550
Transfer agent fees		7,522
Distribution fees - Class IB		488,667
Custodian fees		10,608
Accounting service fees		153,447
Trustees fees		63,141
Audit fees		33,310
Printing fees		42,257
Legal fees		73,598
Insurance fees		32,395
Other expenses		31,358

Total expenses (before waivers)		2,567,853

Total waivers		(284,110	)

Total expenses		2,283,743

Net Investment Income		8,901,932

Net Realized Gain on Investments and Other Financial Instruments:
Net realized gain on investments in unaffiliated securities		31,617,168
Net realized gain on investments in affiliated securities		12,372
Net realized gain on futures		616,109

Net Realized Gain on Investments and Other Financial Instruments		32,245,649

Net Changes in Unrealized Appreciation (Depreciation) of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		53,995,391
Net unrealized depreciation of futures contracts		(31,106	)

Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		53,964,285

Net Realized and Unrealized Gain on Investments and Other Financial Instruments		86,209,934

Net Increase in Net Assets Resulting from Operations	$	95,111,866

The accompanying Notes are an integral part of these financial statements.


		10

HIMCO VIT Index Fund

Statements of Changes in Net Assets


	For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
Operations:
Net investment income	$	8,901,932		$	19,187,983
Net realized gain on investments and other financial instruments		32,245,649			67,798,334
Net unrealized appreciation (depreciation) of investments and other financial instruments		53,964,285			24,458,604

Net Increase in Net Assets Resulting from Operations		95,111,866			111,444,921

Distributions to Shareholders:
From net investment income
Class IA		—			(13,966,007	)
Class IB		—			(8,249,355	)

Total distributions from net investment income		—			(22,215,362	)

From net realized gain on investments
Class IA		—			(46,415,619	)
Class IB		—			(27,416,493	)

Total distributions from net realized gain on investments		—			(73,832,112	)

Total distributions		—			(96,047,474	)

Capital Share Transactions:
Class IA
Sold		12,520,978			21,673,449
Issued on reinvestment of distributions		—			60,381,626
Redeemed		(41,410,754	)		(96,689,732	)

Total capital share transactions		(28,889,776	)		(14,634,657	)

Class IB
Sold		17,331,559			20,176,793
Issued on reinvestment of distributions		—			35,665,848
Redeemed		(42,730,824	)		(93,903,225	)

Total capital share transactions		(25,399,265	)		(38,060,584	)

Net decrease from capital share transactions		(54,289,041	)		(52,695,241	)

Net Increase (Decrease) in Net Assets		40,822,825			(37,297,794	)

Net Assets:
Beginning of period		1,058,626,088			1,095,923,882

End of period	$	1,099,448,913		$	1,058,626,088

Undistributed net investment income	$	27,525,653		$	18,623,721

Shares:
Class IA
Sold		283,920			529,762
Issued on reinvestment of distributions		—			1,499,047
Redeemed		(939,863	)		(2,384,897	)

Total share activity		(655,943	)		(356,088	)

Class IB
Sold		401,900			504,675
Issued on reinvestment of distributions		—			895,227
Redeemed		(979,575	)		(2,344,051	)

Total share activity		(577,675	)		(944,149	)

The accompanying Notes are an integral part of these financial statements.


		11

HIMCO VIT Index Fund

Notes to Financial Statements

June 30, 2017 (Unaudited)

1.	Organization:

HIMCO Variable Insurance Trust (the “Trust”) is an open-end registered management investment company. The Trust is organized under the laws of the State of Delaware and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”).

HIMCO VIT Index Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“Hartford Life”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

The Fund is a series of the Trust. The Fund is the successor of a series of Hartford Series Fund, Inc. (the “Hartford Index HLS Fund”). The reorganization of the Hartford Index HLS Fund with and into the Fund occurred on October 20, 2014. All information regarding and references to periods prior to October 20, 2014 relate to the Hartford Index HLS Fund. The Fund is a diversified open-end management investment company and applies specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The Fund is authorized to issue an unlimited number of shares for each class.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a distribution plan (the “Distribution Plan”) approved by the Board of Trustees in accordance with Rule 12b-1 under the 1940 Act and the requirements of the applicable market conduct rules of the Financial Industry Regulatory Authority concerning asset-based sales charges.

2.	Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements, which are in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the Exchange is open (“Valuation Date”). If the Exchange is closed due to weather or other extraordinary circumstances on a day it would typically be open for business, the Fund will treat such day as a typical business day and accept purchase and redemption orders and calculate the Fund’s NAV as of 4:00 p.m. Eastern Time. The NAV for each class of shares is determined by dividing the value of the Fund’s net assets attributable to a class of shares by the number of shares outstanding for that class. For any day where, due to technical or other issues, trading is halted before the scheduled close of the Exchange, and not as part of a trading halt that is effected on a market-wide basis, the Fund may elect to continue to treat the Valuation Date as occurring at the time of the schedule close of the Exchange. Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.


		12

HIMCO VIT Index Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio holdings or assets. In addition, market prices are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade do not open for trading for the entire day and no other market prices are available. Securities and other instruments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities or other instruments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that the Fund could obtain the fair value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income securities, including those with a remaining maturity of less than sixty (60 days), and non-exchange traded derivatives held by the Fund are valued in accordance with procedures established by the Board of Trustees. Such investments are normally valued on the basis of quotes obtained from independent pricing services or brokers and dealers. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. Generally, the Fund may use fair valuation in regard to fixed income positions when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. If pricing services do not provide a price for short term investments maturing in 60 days or less, such investments are generally valued at amortized cost if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term exceeded 60 days.

Exchange traded futures, options and options on futures are valued in accordance with procedures established by the Board of Trustees. Such instruments are normally valued on the basis of quotes obtained from independent pricing services. Prices obtained from independent pricing services use most recent settlement prices and/or bid and ask prices for futures; and last sale prices and bid and ask prices for options and options on futures. If pricing services are not able to provide prices for futures, such instruments will generally be valued at the most recent trade price as of the NYSE Close. If pricing services are not able to provide prices for options and options on futures, such instruments will generally be valued on the basis of quotes obtained from brokers, dealers or market makers. If the option is out of the money, within 30 days of expiration and no bid price is available, the option may be valued at zero. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

U.S. GAAP defines fair value as the price that the fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. The determination of which category within the fair value hierarchy is appropriate for any given instrument is based on the lowest level of input that is significant to the fair value measurement. These levels are:

•

Level 1 – Inputs using (unadjusted) quoted prices in active markets or exchanges for identical assets and liabilities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, investment companies, exchange traded funds, rights and warrants.

•

Level 2 – Observable inputs other than Level 1 prices, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities or other market corroborated inputs. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and are valued using independent pricing services; foreign equities, which are principally traded


		13

HIMCO VIT Index Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; senior floating rate interests, which are valued using an aggregate of dealer bids; short-term investments, which are valued at amortized cost; and swaps, which are valued based upon the terms of each swap contract.

•

Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The procedures adopted by the Board of Trustees define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee has the overall responsibility for implementing the procedures adopted by the Board of Trustees, including the responsibility for determining the fair value of the Fund’s investments. The Valuation Committee is also responsible for determining in good faith the fair value of an investment when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment, as provided by the primary pricing service or alternative source, is believed not to reflect the investment’s fair value as of the Valuation Date.

The Valuation Committee is comprised of the Trust’s Chief Executive Officer, Treasurer, Chief Operating Officer, and Chief Legal Officer, or their designees, and other personnel of the investment manager subject to prior approval by the Board of Trustees. In addition, the Trust’s Chief Compliance Officer (“CCO”) shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures and to keep the Trust’s CCO regularly informed of pricing and Valuation Committee proceedings. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s adviser, knowledgeable brokers, and legal counsel in making such determination.

At each quarterly meeting of the Board of Trustees, the Valuation Committee provides a written report that includes details of all fair-valued investments to the extent any are fair-valued, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” review). The Board of Trustees then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary included in the Schedule of Investments.

Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.


		14

HIMCO VIT Index Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Board of Trustees based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and to make distributions of realized gains, if any, at least once per year.

Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include, but are not limited to, losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3.	Securities and Other Investments:

Repurchase Agreements and Reverse Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer, the Fund, at a mutually agreed upon time and price. A reverse repurchase agreement is an agreement by which the Fund agrees to sell an investment and agrees to repurchase the investment sold from the buyer, the counterparty, at a mutually agreed upon time and price. During the period of the repurchase agreement, the counterparty will deposit cash and or securities in a third party custodial account to serve as collateral. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk – that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest, which approximates fair value. Repurchase agreements have master netting arrangements which allow the Fund to offset amounts owed to a counterparty with amounts owed by the counterparty, including any collateral. Upon an event of default under a master repurchase agreement, the non-defaulting party may close out all transactions traded under such agreement and net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default, the master repurchase agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements and related collateral as of June 30, 2017.

Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. When-issued and delayed delivery investments and forward commitments involve the risk that the investment the Fund buys will lose value prior to its delivery. There are also risks that the investment will never be issued or that the other party to the transaction will not


		15

HIMCO VIT Index Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the investment and any gain in the investment’s price. The Fund did not hold when-issued or delayed-delivery investments as of June 30, 2017.

4.	Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments in the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses in the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of year-end are disclosed in the notes to the Schedule of Investments, if applicable. The amounts of realized gains and losses and changes in unrealized appreciation and depreciation on derivative instruments during the year are disclosed in the Statement of Operations.

Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of June 30, 2017.

Additional Derivative Instrument Information:

Fair Value of Derivative Instruments in the Statement of Assets and Liabilities as of June 30, 2017:


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Liabilities:
Unrealized depreciation on futures⁽¹⁾	$	—	$	—	$	—	$	48,570	$	—	$	—	$	48,570

Total	$	—	$	—	$	—	$	48,570	$	—	$	—	$	48,570

⁽¹⁾

Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended June 30, 2017.


		16

HIMCO VIT Index Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

The Effect of Derivative Instruments in the Statement of Operations for the six-month period ended June 30, 2017:


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—	$	—	$	616,109		$	—	$	—	$	616,109

Total	$	—	$	—	$	—	$	616,109		$	—	$	—	$	616,109


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	—	$	—	$	—	$	(31,106	)	$	—	$	—	$	(31,106	)

Total	$	—	$	—	$	—	$	(31,106	)	$	—	$	—	$	(31,106	)

Balance Sheet Offsetting Information – Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the financial statements, and instruments and transactions that are subject to a master netting arrangement, as well as amounts related to margin, reflected as financial collateral (including cash collateral), held at clearing brokers, counterparties and the Fund’s custodian. The master netting arrangements allow the clearing brokers to net any collateral held in or on behalf of the Fund, or liabilities or payment obligations of the clearing brokers to the Fund, against any liabilities or payment obligations of the Fund to the clearing brokers. The Fund is required to deposit financial collateral (including cash collateral) at the Fund’s custodian on behalf of clearing brokers and counterparties to continually meet the original and maintenance requirements established by the clearing brokers and counterparties. Such requirements are specific to the respective clearing broker or counterparty. Certain master netting arrangements may not be enforceable in a bankruptcy.

The following tables present the Fund’s derivative assets and liabilities, presented on a gross basis as no amounts are netted within the Statement of Assets and Liabilities, by counterparty net of amounts available for offset under a master netting agreement or similar agreement (“MNA”) and net of the related collateral received/pledged by the Fund as of June 30, 2017:


Derivative Financial Instruments:	Assets		Liabilities
Futures contracts	$	—	$	48,570

Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		—		48,570

Derivatives not subject to a MNA		—		48,570

Total gross amount of derivative assets and liabilities subject to MNA or similar agreements	$	—	$	—

5.	Principal Risks:

The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.


		17

HIMCO VIT Index Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

6.	Federal Income Taxes:

Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (“IRC”), by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of the IRC. The Fund distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

Net Investment Income (Loss), Net Realized Gains (Losses) and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, adjustments related to REITs, certain derivatives and corporate actions. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):


	For the Year Ended December 31, 2016		For the Year Ended December 31, 2015
Ordinary Income	$	22,579,859	$	4,413,528
Long-Term Capital Gains⁽¹⁾		73,467,615		13,266,673

⁽¹⁾

The Fund designates these distributions as capital gain dividends per IRC Sec. 852(b) (3) (C).

As of December 31, 2016, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:


	Amount
Undistributed Ordinary Income	$	19,068,465
Undistributed Long-Term Capital Gain		62,292,559
Unrealized Appreciation (Depreciation)⁽¹⁾		451,259,793

Total Accumulated Earnings (Deficit)	$	532,620,817

⁽¹⁾

Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, adjustments related to REITs, certain derivatives and corporate actions.

Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as REITs and corporate actions. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statements of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the fiscal year ended December 31, 2016, the Fund recorded reclassifications to increase (decrease) the accounts listed below:


	Amount
Paid In Capital	$	—
Undistributed Net Investment Income		(860,783	)
Accumulated Net Realized Gain		860,783


		18

HIMCO VIT Index Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

Capital Loss Carryforward – Under U.S. tax law, the Fund is permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforwards for U.S. federal income tax purposes as of December 31, 2016.

Accounting for Uncertainty in Income Taxes – In accordance with U.S. GAAP, the Fund analyzes all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2016. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7.	Fees and Expenses:

Investment Management Agreement – Hartford Investment Management Company (“Hartford Investment Management”) serves as the Fund’s investment manager pursuant to an Investment Management Agreement with the Trust. Hartford Investment Management is a wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”). The investment manager provides day-to-day investment management services to the Fund and has overall investment supervisory responsibility for the Fund. In addition, the investment manager provides administrative personnel, services, equipment, facilities and office space for operation of the Fund.

The schedule below reflects the rates of compensation as a percentage of the Fund’s average daily net assets paid to the investment manager for investment management services rendered as of June 30, 2017; the rates are accrued daily and paid monthly.


Average Daily Net Assets	Annual Fee
On first $2 billion		0.30%
On next $3 billion		0.20%
On next $5 billion		0.18%
Over $10 billion		0.17%

Accounting Services Agreement – State Street Bank and Trust Company (“State Street Bank”) provides the Fund with accounting services pursuant to a fund accounting agreement by and between the Trust, on behalf of the Fund, and State Street Bank. The amount paid for accounting services can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Operating Expenses – Allocable expenses incurred by the Trust are allocated to the Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within the Fund.

Hartford Investment Management has contractually agreed to reimburse expenses (exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to maintain total annual operating expenses of the Fund as follows; 0.33% for Class IA and 0.58% for Class IB. This contractual arrangement will remain in effect until April 30, 2018 and shall renew automatically for one-year terms, unless the investment manager provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.


		19

HIMCO VIT Index Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

attributable to the services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Board of Trustees.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board of Trustees has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the distributor that may be used to pay or reimburse entities, including insurance company affiliates of Hartford Investment Management, providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. The distribution fee paid during the period can be found in the Statement of Operations. These fees are accrued daily and paid monthly or at such other intervals as the Board of Trustees may determine.

Transfer Agent Fees – State Street Bank provides transfer agent services to the Fund. The transfer agent is reimbursed for out-of-pocket expenses and other costs associated with the services it provides to the Fund, including costs invoiced by sub-contractors. Hartford Investment Management and its affiliates may pay, out of their own assets, compensation to third-party administrators for recordkeeping and other administrative services. The amount paid for transfer agent services can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Trustee Fees – The Board of Trustees is responsible for oversight of the Fund. The Board of Trustees elects officers who are responsible for the day to day operations of the Fund. The Board of Trustees oversees the investment manager and the other principal service providers of the Fund. The Board of Trustees currently holds four regularly scheduled meetings throughout each year. In addition, the Board of Trustees may hold special meetings at other times either in person or by telephone. The Trustee fees paid during the period can be found in the Statement of Operations.

8.	Investment Transactions:

For the six-month period ended June 30, 2017, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term investments) was as follows:


	Amount
Cost of Purchases	$	25,349,311
Sales Proceeds		74,078,453

9.	Pending Legal Proceedings:

On June 2, 2011, a complaint was filed against Hartford Investment Management Company in the United States District Court of Connecticut (Deutsche Bank Trust Company Americas v. Aetna, Inc., ING Investment Trust Co., Milan E. Chilla, Hartford Investment Management Co., and UBS AG (D. Conn.)). In a similar action, plaintiffs filed a complaint listing The Hartford Index HLS Fund, which was merged into HIMCO VIT Index Fund in October, 2014, as members of the defendant class (The Official Committee of Unsecured Creditors of Tribune Company v. Fitzsimons, et al. (Bankr. D. Del.)). The complaints relate to the bankruptcy of the Tribune Company, which was a public company that repurchased its shares in a leveraged buyout in 2007, but entered bankruptcy a year later. The plaintiffs in each case allege that the repurchase of shares acted as a fraudulent transfer. The plaintiffs in each case seek to recover from each class member the amount of consideration received in the buyout. The Hartford Index HLS Fund held 23,987 shares and received $815,558 in the buyout. The Hartford Index HLS Fund is listed as a member of the defendant shareholder class in an exhibit to the Complaint. Each action was transferred to the United States District Court for the Southern District of New York. In September 2013, the court dismissed the Deutsche Bank Trust Company Americas action, and this dismissal was affirmed in March 2016 by the United States Court of Appeals for the Second Circuit. The plaintiff in the Deutsche Bank Trust Company Americas action has filed a petition for writ of certiorari, which is pending before the U.S. Supreme Court. In The Official Committee of Unsecured Creditors of Tribune Company action, the court in January 2017 granted the motion to dismiss filed in 2014 by the shareholder defendants. As a result, the shareholder defendants, including The Hartford Index HLS Fund, have all now been dismissed from the case. Because other non-shareholder defendants remain in the lawsuit, the dismissal order is not immediately appealable by the plaintiff, but an eventual appeal is expected. The Hartford, on behalf of the Fund, intends to continue to vigorously defend these actions.


		20

HIMCO VIT Index Fund

Notes to Financial Statements – (concluded)

June 30, 2017 (Unaudited)

10.

Recent Accounting Pronouncements:

In October 2016, the SEC adopted amendments to rules under the 1940 Act (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require investment companies to provide standardized, enhanced derivatives disclosures in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments in and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

11.

Indemnifications:

Under the Trust’s organizational documents, the Trust shall indemnify its officers and trustees to the full extent required or permitted under The Delaware Statutory Trust Act and the federal securities laws. In addition, the Trust, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Trust’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12.

Subsequent Event:

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the Financial Statements were issued. Based on this evaluation, no adjustments to, or disclosures in, the Financial Statements were necessary as of June 30, 2017.


		21

HIMCO VIT Index Fund

Financial Highlights


	*— Selected Per-Share Data⁽¹⁾ —*																									*— Ratios and Supplemental Data —*
Class	Net Asset Value at, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations		Distributions from Net Investment Income			Distributions from Realized Gain on Investments			Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾			Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets Before Adjust- ments⁽³⁾			Ratio of Expenses to Average Net Assets After Adjust- ments⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets
HIMCO VIT Index Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IA	$	41.58	$	0.38	$	3.43		$	3.81	$	—		$	—		$	—		$	45.39		9.19	%⁽⁴⁾	$	709,478		0.38	%⁽⁵⁾		0.33	%⁽⁵⁾		1.73	%⁽⁵⁾
IB		41.09		0.32		3.39			3.71		—			—			—			44.80		9.03	⁽⁴⁾		389,970		0.63	⁽⁵⁾		0.58	⁽⁵⁾		1.48	⁽⁵⁾

For the Year Ended December 31, 2016
IA	$	40.92	$	0.79	$	3.82		$	4.61	$	(0.91	)	$	(3.04	)	$	(3.95	)	$	41.58		11.59	%	$	677,208		0.38	%		0.33	%		1.93	%
IB		40.57		0.68		3.79			4.47		(0.91	)		(3.04	)		(3.95	)		41.09		11.34			381,418		0.63			0.58			1.68

For the Year Ended December 31, 2015
IA	$	41.11	$	0.79	$	(0.34	)	$	0.45	$	(0.15	)	$	(0.49	)	$	(0.64	)	$	40.92		1.06	%	$	680,974		0.42	%		0.33	%		1.92	%
IB		40.86		0.69		(0.34	)		0.35		(0.15	)		(0.49	)		(0.64	)		40.57		0.82			414,950		0.67			0.58			1.67

For the Year Ended December 31, 2014
IA	$	38.54	$	0.69	$	4.23		$	4.92	$	(0.58	)	$	(1.77	)	$	(2.35	)	$	41.11		13.33	%	$	760,768		0.33	%		0.33	%		1.74	%
IB		38.35		0.59		4.19			4.78		(0.50	)		(1.77	)		(2.27	)		40.86		13.01			467,467		0.58			0.58			1.49

For the Year Ended December 31, 2013⁽⁶⁾
IA	$	29.69	$	0.62	$	8.85		$	9.47	$	(0.62	)	$	—		$	(0.62	)	$	38.54		31.95	%	$	763,868		0.33	%		0.33	%		1.79	%
IB		29.56		0.53		8.80			9.33		(0.54	)		—			(0.54	)		38.35		31.61			413,119		0.58			0.58			1.54

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IA	$	26.20	$	0.61	$	3.48		$	4.09	$	(0.60	)	$	—		$	(0.60	)	$	29.69		15.63	%	$	691,786		0.33	%		0.33	%		1.98	%
IB		26.09		0.49		3.51			4.00		(0.53	)		—			(0.53	)		29.56		15.34			307,129		0.58			0.58			1.75

⁽¹⁾	Information presented relates to a share outstanding throughout the indicated period. Net investment income (loss) per share amounts are calculated based on average shares outstanding unless otherwise noted.

⁽²⁾	The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees would lower the Fund’s performance.

⁽³⁾	Adjustments include waivers and reimbursements, if applicable.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	Financial highlights for the fiscal years ended December 31, 2013 and December 31, 2012 were audited by the Predecessor Fund’s auditor.

⁽⁷⁾	Net investment income (loss) per share amounts have been calculated using the SEC method.


	Portfolio Turnover Rate for All Share Classes
For the Six Months Ended June 30, 2017 (Unaudited)		2	%
For the Year Ended December 31, 2016		12
For the Year Ended December 31, 2015		8
For the Year Ended December 31, 2014		3
For the Year Ended December 31, 2013⁽¹⁾		3
For the Year Ended December 31, 2012⁽¹⁾		7

⁽¹⁾	Financial highlights for the fiscal years ended December 31, 2013 and December 31, 2012 were audited by the Predecessor Fund’s auditor.


		22

HIMCO VIT Index Fund

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 are available (1) without charge, upon request, by calling 1-800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. Additionally, a complete list of holdings is available on the Fund’s website at www.HVITFunds.com.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available (1) without charge, upon request, by calling 1-800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.


		23

HIMCO VIT Index Fund

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment management fees, distribution and/or service (12b-1) fees, if any, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period of January 1, 2017 through June 30, 2017.

Actual Expenses

The first set of rows of the table below provides information about actual account values and actual expenses. You may use the information in this row, 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 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 set of rows of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or fees which may be applied at the variable life insurance, variable annuity, or qualified retirement plan product level. Therefore, the second set of rows of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.


	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Expenses Paid During Period 1/1/17 - 6/30/17⁽¹⁾		Net Annualized Expense Ratio⁽²⁾
Actual
Class IA	$	1,000	$	1,091.90	$	1.71		0.33	%
Class IB	$	1,000	$	1,090.30	$	3.01		0.58	%
Hypothetical
Class IA	$	1,000	$	1,023.16	$	1.66		0.33	%
Class IB	$	1,000	$	1,021.92	$	2.91		0.58	%

⁽¹⁾	Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

⁽²⁾	Net annualized expense ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers can be found in Fees and Expenses of the accompanying Notes to Financial Statements.


		24

THIS PRIVACY POLICY IS NOT PART OF THIS REPORT

Privacy Policy and Practices of The Hartford Financial Services Group, Inc. and its Affiliates

(herein called “we, our and us”)

This Privacy Policy applies to our United States Operations

We value your trust. We are committed to the responsible:

a) management;

b) use; and

c) protection;

of Personal Information.

This notice describes how we collect, disclose, and protect Personal Information.

We collect Personal Information to:

a) service your Transactions with us; and

b) support our business functions.

We may obtain Personal Information from:

a) You;

b) your Transactions with us; and

c) third parties such as a consumer-reporting agency.

Based on the type of product or service You apply for or get from us, Personal Information such as:

a) your name;

b) your address;

c) your income;

d) your payment; or

e) your credit history;

may be gathered from sources such as applications, Transactions, and consumer reports.

To serve You and service our business, we may share certain Personal Information. We will share Personal Information, only as allowed by law, with affiliates such as:

a) our insurance companies;

b) our employee agents;

c) our brokerage firms; and

d) our administrators.

As allowed by law, we may share Personal Financial Information with our affiliates to:

a) market our products; or

b) market our services;

to You without providing You with an option to prevent these disclosures.

We may also share Personal Information, only as allowed by law, with unaffiliated third parties including:

a) independent agents;

b) brokerage firms;

c) insurance companies;

d) administrators; and

e) service providers;

who help us serve You and service our business.

When allowed by law, we may share certain Personal Financial Information with other unaffiliated third parties who assist us by performing services or functions such as:

a) taking surveys;

b) marketing our products or services; or

c) offering financial products or services under a joint agreement between us and one or more financial institutions.

We, and third parties we partner with, may track some of the pages You visit through the use of:

a) cookies;

b) pixel tagging; or

c) other technologies;

and currently do not process or comply with any web browser’s “do not track” signal or similar mechanism that indicates a request to disable online tracking of individual users who visit our websites or use our services.

For more information, our Online Privacy Policy, which governs information we collect on our website and our affiliate websites, which is available at Online Privacy Policy.

We will not sell or share your Personal Financial Information with anyone for purposes unrelated to our business functions without offering You the opportunity to:

a) “opt-out;” or

b) “opt-in;”

as required by law.

We only disclose Personal Health Information with:

a) your proper written authorization; or

b) as otherwise allowed or required by law.

Our employees have access to Personal Information in the course of doing their jobs, such as:

a) underwriting policies;

b) paying claims;

c) developing new products; or

d) advising customers of our products and services.

We use manual and electronic security procedures to maintain:

a) the confidentiality; and

b) the integrity of;

Personal Information that we have. We use these procedures to guard against unauthorized access.

Some techniques we use to protect Personal Information include:

a) secured files;

b) user authentication;

c) encryption;

d) firewall technology; and

e) the use of detection software.

We are responsible for and must:

a) identify information to be protected;

b) provide an adequate level of protection for that data;

c) grant access to protected data only to those people who must use it in the performance of their job-related duties.

Employees who violate our privacy policies and procedures may be subject to discipline, which may include ending their employment with us.

We will continue to follow our Privacy Policy regarding Personal Information even when a business relationship no longer exists between us.

As used in this Privacy Notice:

Application means your request for our product or service.

Personal Financial Information means financial information such as:

a) credit history;

b) income;

c) financial benefits; or

d) policy or claim information.

Personal Financial Information may include Social Security Numbers, Driver’s license numbers, or other government-issued identification numbers, or credit, debit card, or bank account numbers.

Personal Health Information means health information such as:

a) your medical records; or

b) information about your illness, disability or injury.

Personal Information means information that identifies You personally and is not otherwise available to the public. It includes:

a) Personal Financial Information; and

b) Personal Health Information.

Transaction means your business dealings with us, such as:

a) your Application;

b) your request for us to pay a claim; and

c) your request for us to take an action on your account.

You means an individual who has given us Personal Information in conjunction with:

a) asking about;

b) applying for; or

c) obtaining;

a financial product or service from us if the product or service is used mainly for personal, family, or household purposes.

This Customer Privacy Notice is being provided on behalf of The Hartford Financial Services Group, Inc. and its affiliates, to the extent required by the Gramm-Leach-Bliley Act and implementing regulations.

1stAGChoice, Inc.; Access CoverageCorp, Inc.; Access CoverageCorp Technologies, Inc.; American Maturity Life Insurance Company; Archway 60 R, LLC; Business Management Group, Inc.; DMS R, LLC; First State Insurance Company; Fountain Investors I LLC; Fountain Investors II LLC; Fountain Investors III LLC; Fountain Investors IV LLC; FP R, LLC (Delaware); FTC Resolution Company LLC; Hart Re Group L.L.C.; Hartford Accident and Indemnity Company; Hartford Administrative Services Company; Hartford Casualty General Agency, Inc.; Hartford Casualty Insurance Company; Hartford Financial Services, LLC; Hartford Fire General Agency, Inc.; Hartford Fire Insurance Company; Hartford Funds Distributors, LLC; Hartford Funds Management Company, LLC; Hartford Funds Management Group, Inc.; Hartford Group Benefits Holding Company; Hartford Holdings, Inc.; Hartford HLS Series Fund II, Inc.; Hartford Insurance Company of Illinois; Hartford Insurance Company of the Midwest; Hartford Insurance Company of the Southeast; Hartford Integrated Technologies, Inc.; Hartford International Life Reassurance Corporation; Hartford Investment Management Company; Hartford Life and Accident Insurance Company; Hartford Life and Annuity Insurance Company; Hartford Life Insurance Company; Hartford Life, Inc.; Hartford Life International Holding Company; Hartford Life Private Placement, LLC; Hartford Lloyd’s Corporation; Hartford Lloyd’s Insurance Company; Hartford of Texas General Agency, Inc.; Hartford Residual Market, L.C.C.; Hartford Securities Distribution Company, Inc.; Hartford Series Fund, Inc.; Hartford Specialty Insurance Services of Texas, LLC; Hartford Strategic Investments, LLC; Hartford Underwriters General Agency, Inc.; Hartford Underwriters Insurance Company; Hartford-Comprehensive Employee Benefit Service Company; HDC R, LLC .; Heritage Holdings, Inc.; HIMCO Distribution Services Company; HIMCO Variable Insurance Trust; HLA LLC; HL Investment Advisors, LLC; Horizon Management Group, LLC; HRA Brokerage Services, Inc.; Lanidex Class B, LLC; ; Lanidex R, LLC (Delaware); Lattice Strategies LLC; Maxum Casualty Insurance Company; Maxum Indemnity Company; Maxum Specialty Services Corporation; MPC Resolution Company LLC; New England Insurance Company; New England Reinsurance Corporation; Northern Homelands Company; Nutmeg Insurance Agency, Inc.; Nutmeg Insurance Company; Pacific Insurance Company, Limited; Property and Casualty Insurance Company of Hartford; Sentinel Insurance Company, Ltd.; Trumbull Flood Management, L.L.C.; Trumbull Insurance Company; Twin City Fire Insurance Company.

Revised March 2017

LOGO

The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider investment objectives, risks, and charges and expenses of the HIMCO VIT Index Fund before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or from www.hvitfunds.com. Please read them carefully before investing.

Hartford Investment Management is an SEC-registered investment adviser. SEC registration does not imply a certain level of skill or training; nor does it imply that the SEC has sponsored, recommended, or otherwise approved of Hartford Investment Management.

Distributor: HIMCO Distribution Services Company, member FINRA, SIPC, a broker-dealer affiliated with Hartford Investment Management. Not FDIC Insured – No Bank Guarantee – May Lose Value

LOGO

HIMCO VIT Portfolio Diversifier Fund

Table of Contents



Financial Statements:

Schedule of Investments as of June 30, 2017 (Unaudited)			2

Statement of Assets and Liabilities as of June 30, 2017 (Unaudited)			21

Statement of Operations for the Six-Month Period Ended June 30, 2017 (Unaudited)			22

Statements of Changes in Net Assets for the Six-Month Period Ended June 30, 2017 (Unaudited), and Year Ended December 31, 2016			23

Notes to Financial Statements (Unaudited)			24

Financial Highlights (Unaudited)			35

How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)			36

Quarterly Portfolio Holdings Information (Unaudited)			36

Expense Example (Unaudited)			37

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0%
		Automobiles & Components - 0.2%
	702	BorgWarner, Inc.	$	29,737
	943	Delphi Automotive plc		82,654
	13,773	Ford Motor Co.		154,120
	4,836	General Motors Co.		168,921
	887	Goodyear Tire & Rubber Co. (The)		31,010
	616	Harley-Davidson, Inc.		33,276

				499,718

		Banks - 1.6%
	35,046	Bank of America Corp.		850,216
	2,857	BB&T Corp.		129,736
	9,696	Citigroup, Inc.		648,468
	1,784	Citizens Financial Group, Inc.		63,653
	623	Comerica, Inc.		45,629
	2,642	Fifth Third Bancorp		68,586
	3,828	Huntington Bancshares, Inc.		51,755
	12,511	JPMorgan Chase & Co.		1,143,505
	3,860	KeyCorp		72,336
	542	M&T Bank Corp.		87,777
	1,213	People’s United Financial, Inc.		21,422
	1,704	PNC Financial Services Group, Inc. (The)		212,778
	4,233	Regions Financial Corp.		61,971
	1,703	SunTrust Banks, Inc.		96,594
	5,579	US Bancorp		289,662
	15,838	Wells Fargo & Co.		877,584
	714	Zions Bancorp		31,352

				4,753,024

		Capital Goods - 1.8%
	2,104	3M Co.		438,032
	155	Acuity Brands, Inc.		31,508
	335	Allegion plc		27,175
	810	AMETEK, Inc.		49,062
	1,552	Arconic, Inc.		35,153
	1,977	Boeing Co. (The)		390,952
	2,075	Caterpillar, Inc.		222,979
	544	Cummins, Inc.		88,248
	1,036	Deere & Co.		128,039
	548	Dover Corp.		43,960
	1,575	Eaton Corp. plc		122,582
	2,270	Emerson Electric Co.		135,337
	1,019	Fastenal Co.		44,357
	458	Flowserve Corp.		21,265
	492	Fluor Corp.		22,524
	1,062	Fortive Corp.		67,278
	542	Fortune Brands Home & Security, Inc.		35,360
	999	General Dynamics Corp.		197,902
	30,668	General Electric Co.		828,343
	2,685	Honeywell International, Inc.		357,884
	1,095	Illinois Tool Works, Inc.		156,859
	902	Ingersoll-Rand plc		82,434
	425	Jacobs Engineering Group, Inc.		23,116
	3,304	Johnson Controls International plc		143,261
	274	L3 Technologies, Inc.		45,780
	877	Lockheed Martin Corp.		243,464
	1,125	Masco Corp.		42,986
	615	Northrop Grumman Corp.		157,877
	1,237	PACCAR, Inc.		81,691
	469	Parker-Hannifin Corp.		74,955
	590	Pentair plc		39,259
	522	Quanta Services, Inc.⁽²⁾		17,184


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0% - (continued)
		Capital Goods - 1.8% - (continued)
	1,025	Raytheon Co.	$	165,517
	454	Rockwell Automation, Inc.		73,530
	572	Rockwell Collins, Inc.		60,106
	359	Roper Technologies, Inc.		83,119
	204	Snap-on, Inc.		32,232
	539	Stanley Black & Decker, Inc.		75,853
	943	Textron, Inc.		44,415
	172	TransDigm Group, Inc.		46,246
	298	United Rentals, Inc.⁽²⁾		33,588
	2,624	United Technologies Corp.		320,417
	189	WW Grainger, Inc.		34,120
	633	Xylem, Inc.		35,087

				5,401,036

		Commercial & Professional Services - 0.1%
	304	Cintas Corp.		38,316
	423	Equifax, Inc.		58,129
	1,118	IHS Markit Ltd.⁽²⁾		49,237
	1,183	Nielsen Holdings plc		45,735
	810	Republic Services, Inc.		51,621
	449	Robert Half International, Inc.		21,520
	299	Stericycle, Inc.⁽²⁾		22,820
	541	Verisk Analytics, Inc.⁽²⁾		45,644
	1,431	Waste Management, Inc.		104,964

				437,986

		Consumer Durables & Apparel - 0.3%
	990	Coach, Inc.		46,867
	1,204	DR Horton, Inc.		41,622
	404	Garmin Ltd.		20,616
	1,282	Hanesbrands, Inc.		29,691
	396	Hasbro, Inc.		44,158
	466	Leggett & Platt, Inc.		24,479
	716	Lennar Corp., Class A		38,177
	1,203	Mattel, Inc.		25,901
	549	Michael Kors Holdings Ltd.⁽²⁾		19,901
	222	Mohawk Industries, Inc.⁽²⁾		53,655
	1,701	Newell Brands, Inc.		91,208
	4,667	NIKE, Inc., Class B		275,353
	1,000	PulteGroup, Inc.		24,530
	275	PVH Corp.		31,487
	194	Ralph Lauren Corp.		14,317
	650	Under Armour, Inc., Class A⁽²⁾		14,144
	648	Under Armour, Inc., Class C⁽²⁾		13,064
	1,128	VF Corp.		64,973
	260	Whirlpool Corp.		49,821

				923,964

		Consumer Services - 0.5%
	1,474	Carnival Corp.		96,650
	101	Chipotle Mexican Grill, Inc.⁽²⁾		42,026
	438	Darden Restaurants, Inc.		39,613
	727	H&R Block, Inc.		22,472
	722	Hilton Worldwide Holdings, Inc.		44,656
	1,094	Marriott International, Inc., Class A		109,739
	2,870	McDonald’s Corp.		439,569
	591	Royal Caribbean Cruises Ltd.		64,555
	5,100	Starbucks Corp.		297,381
	367	Wyndham Worldwide Corp.		36,850
	281	Wynn Resorts Ltd.		37,688

The accompanying Notes are an integral part of these financial statements.


		2

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0% - (continued)
		Consumer Services - 0.5% - (continued)
	1,165	Yum! Brands, Inc.	$	85,930

				1,317,129

		Diversified Financials - 1.3%
	199	Affiliated Managers Group, Inc.		33,006
	2,644	American Express Co.		222,731
	537	Ameriprise Financial, Inc.		68,355
	3,662	Bank of New York Mellon Corp. (The)		186,835
	6,689	Berkshire Hathaway, Inc., Class B⁽²⁾		1,132,916
	427	BlackRock, Inc.		180,369
	1,701	Capital One Financial Corp.		140,537
	324	CBOE Holdings, Inc.		29,614
	4,285	Charles Schwab Corp. (The)		184,084
	1,197	CME Group, Inc.		149,912
	1,339	Discover Financial Services		83,272
	965	E*TRADE Financial Corp.⁽²⁾		36,699
	1,206	Franklin Resources, Inc.		54,017
	1,289	Goldman Sachs Group, Inc. (The)		286,029
	2,085	Intercontinental Exchange, Inc.		137,443
	1,433	Invesco Ltd.		50,427
	1,137	Leucadia National Corp.		29,744
	586	Moody’s Corp.		71,304
	5,016	Morgan Stanley		223,513
	401	NASDAQ, Inc.		28,667
	1,003	Navient Corp.		16,700
	760	Northern Trust Corp.		73,880
	451	Raymond James Financial, Inc.		36,179
	908	S&P Global, Inc.		132,559
	1,245	State Street Corp.		111,714
	2,712	Synchrony Financial		80,872
	850	T Rowe Price Group, Inc.		63,078

				3,844,456

		Energy - 1.5%
	1,973	Anadarko Petroleum Corp.		89,456
	1,339	Apache Corp.		64,178
	1,498	Baker Hughes, Inc.		81,656
	1,639	Cabot Oil & Gas Corp.		41,106
	2,675	Chesapeake Energy Corp.⁽²⁾		13,295
	6,672	Chevron Corp.		696,090
	334	Cimarex Energy Co.		31,399
	522	Concho Resources, Inc.⁽²⁾		63,439
	4,357	ConocoPhillips		191,534
	1,851	Devon Energy Corp.		59,176
	2,033	EOG Resources, Inc.		184,027
	609	EQT Corp.		35,681
	14,922	Exxon Mobil Corp.		1,204,653
	3,056	Halliburton Co.		130,522
	381	Helmerich & Payne, Inc.		20,703
	952	Hess Corp.		41,764
	6,761	Kinder Morgan, Inc.		129,541
	2,993	Marathon Oil Corp.		35,467
	1,827	Marathon Petroleum Corp.		95,607
	571	Murphy Oil Corp.		14,635
	1,338	National Oilwell Varco, Inc.		44,074
	698	Newfield Exploration Co.⁽²⁾		19,865
	1,603	Noble Energy, Inc.		45,365
	2,693	Occidental Petroleum Corp.		161,230
	1,337	ONEOK, Inc.		69,738
	1,545	Phillips 66		127,756
	599	Pioneer Natural Resources Co.		95,588


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0% - (continued)
		Energy - 1.5% - (continued)
	663	Range Resources Corp.	$	15,362
	4,893	Schlumberger Ltd.		322,155
	1,643	TechnipFMC plc⁽²⁾		44,690
	531	Tesoro Corp.		49,702
	1,386	Transocean Ltd.⁽²⁾		11,407
	1,575	Valero Energy Corp.		106,249
	2,910	Williams Cos., Inc. (The)		88,115

				4,425,225

		Food & Staples Retailing - 0.5%
	1,545	Costco Wholesale Corp.		247,092
	3,588	CVS Health Corp.		288,691
	3,214	Kroger Co. (The)		74,950
	1,734	Sysco Corp.		87,272
	5,202	Wal-Mart Stores, Inc.		393,687
	3,007	Walgreens Boots Allliance, Inc.		235,478
	1,125	Whole Foods Market, Inc.		47,374

				1,374,544

		Food, Beverage & Tobacco - 1.3%
	6,802	Altria Group, Inc.		506,545
	2,010	Archer-Daniels-Midland Co.		83,174
	621	Brown-Forman Corp., Class B		30,181
	675	Campbell Soup Co.		35,201
	13,541	Coca-Cola Co. (The)		607,314
	1,423	Conagra Brands, Inc.		50,886
	604	Constellation Brands, Inc., Class A		117,013
	647	Dr Pepper Snapple Group, Inc.		58,948
	2,029	General Mills, Inc.		112,407
	493	Hershey Co. (The)		52,933
	950	Hormel Foods Corp.		32,405
	410	JM Smucker Co. (The)		48,515
	888	Kellogg Co.		61,680
	2,101	Kraft Heinz Co. (The)		179,930
	399	McCormick & Co., Inc.		38,907
	650	Molson Coors Brewing Co., Class B		56,121
	5,343	Mondelez International, Inc., Class A		230,764
	1,420	Monster Beverage Corp.⁽²⁾		70,546
	5,031	PepsiCo, Inc.		581,030
	5,469	Philip Morris International, Inc.		642,334
	2,914	Reynolds American, Inc.		189,527
	1,015	Tyson Foods, Inc., Class A		63,569

				3,849,930

		Health Care Equipment & Services - 1.4%
	6,111	Abbott Laboratories		297,056
	1,168	Aetna, Inc.		177,337
	266	Align Technology, Inc.⁽²⁾		39,932
	584	AmerisourceBergen Corp.		55,205
	933	Anthem, Inc.		175,525
	1,718	Baxter International, Inc.		104,008
	801	Becton Dickinson and Co.		156,283
	4,822	Boston Scientific Corp.⁽²⁾		133,666
	1,112	Cardinal Health, Inc.		86,647
	607	Centene Corp.⁽²⁾		48,487
	1,035	Cerner Corp.⁽²⁾		68,796
	902	Cigna Corp.		150,986
	172	Cooper Cos., Inc. (The)		41,180
	255	CR Bard, Inc.		80,608
	2,151	Danaher Corp.		181,523
	547	DaVita, Inc.⁽²⁾		35,424
	807	DENTSPLY SIRONA, Inc.		52,326

The accompanying Notes are an integral part of these financial statements.


		3

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0% - (continued)
		Health Care Equipment & Services - 1.4% - (continued)
	739	Edwards Lifesciences Corp.⁽²⁾	$	87,379
	413	Envision Healthcare Corp.⁽²⁾		25,883
	2,090	Express Scripts Holding Co.⁽²⁾		133,426
	1,008	HCA Healthcare, Inc.⁽²⁾		87,898
	279	Henry Schein, Inc.⁽²⁾		51,063
	986	Hologic, Inc.⁽²⁾		44,745
	508	Humana, Inc.		122,235
	310	IDEXX Laboratories, Inc.⁽²⁾		50,040
	130	Intuitive Surgical, Inc.⁽²⁾		121,598
	360	Laboratory Corp. of America Holdings⁽²⁾		55,490
	743	McKesson Corp.		122,253
	4,821	Medtronic plc		427,864
	287	Patterson Cos., Inc.		13,475
	482	Quest Diagnostics, Inc.		53,579
	1,092	Stryker Corp.		151,548
	3,394	UnitedHealth Group, Inc.		629,315
	315	Universal Health Services, Inc., Class B		38,455
	324	Varian Medical Systems, Inc.⁽²⁾		33,433
	709	Zimmer Biomet Holdings, Inc.		91,036

				4,225,704

		Household & Personal Products - 0.5%
	878	Church & Dwight Co., Inc.		45,551
	454	Clorox Co. (The)		60,491
	3,111	Colgate-Palmolive Co.		230,618
	1,659	Coty, Inc., Class A		31,123
	788	Estee Lauder Cos., Inc. (The), Class A		75,632
	1,250	Kimberly-Clark Corp.		161,388
	9,007	Procter & Gamble Co. (The)		784,960

				1,389,763

		Insurance - 0.7%
	1,398	Aflac, Inc.		108,597
	1,284	Allstate Corp. (The)		113,557
	3,097	American International Group, Inc.		193,624
	923	Aon plc		122,713
	632	Arthur J Gallagher & Co.		36,182
	193	Assurant, Inc.		20,012
	1,644	Chubb Ltd.		239,005
	528	Cincinnati Financial Corp.		38,254
	145	Everest Re Group Ltd.		36,916
	1,294	Hartford Financial Services Group, Inc. (The)⁽³⁾		68,026
	791	Lincoln National Corp.		53,456
	972	Loews Corp.		45,499
	1,815	Marsh & McLennan Cos., Inc.		141,497
	3,805	MetLife, Inc.		209,047
	944	Principal Financial Group, Inc.		60,482
	2,046	Progressive Corp. (The)		90,208
	1,511	Prudential Financial, Inc.		163,400
	383	Torchmark Corp.		29,299
	984	Travelers Cos., Inc. (The)		124,505
	805	Unum Group		37,537
	448	Willis Towers Watson PLC		65,166
	921	XL Group Ltd.		40,340

				2,037,322

		Materials - 0.7%
	767	Air Products & Chemicals, Inc.		109,727
	390	Albemarle Corp.		41,161
	312	Avery Dennison Corp.		27,571
	1,233	Ball Corp.		52,045


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0% - (continued)
		Materials - 0.7% - (continued)
	819	CF Industries Holdings, Inc.	$	22,899
	3,958	Dow Chemical Co. (The)		249,631
	514	Eastman Chemical Co.		43,171
	919	Ecolab, Inc.		121,997
	3,053	EI du Pont de Nemours & Co.		246,408
	472	FMC Corp.		34,480
	4,687	Freeport-McMoRan, Inc.⁽²⁾		56,291
	278	International Flavors & Fragrances, Inc.		37,530
	1,454	International Paper Co.		82,311
	1,163	LyondellBasell Industries N.V., Class A		98,146
	221	Martin Marietta Materials, Inc.		49,190
	1,545	Monsanto Co.		182,866
	1,236	Mosaic Co. (The)		28,218
	1,878	Newmont Mining Corp.		60,828
	1,124	Nucor Corp.		65,046
	902	PPG Industries, Inc.		99,184
	1,007	Praxair, Inc.		133,478
	690	Sealed Air Corp.		30,884
	285	Sherwin-Williams Co. (The)		100,024
	465	Vulcan Materials Co.		58,906
	884	WestRock Co.		50,087

				2,082,079

		Media - 0.8%
	1,297	CBS Corp., Class B		82,722
	760	Charter Communications, Inc., Class A⁽²⁾		256,006
	16,666	Comcast Corp., Class A		648,641
	542	Discovery Communications, Inc., Class A⁽²⁾		14,000
	742	Discovery Communications, Inc., Class C⁽²⁾		18,706
	801	DISH Network Corp., Class A⁽²⁾		50,271
	1,391	Interpublic Group of Cos., Inc. (The)		34,218
	1,341	News Corp., Class A		18,372
	421	News Corp., Class B		5,957
	820	Omnicom Group, Inc.		67,978
	338	Scripps Networks Interactive, Inc., Class A		23,089
	2,731	Time Warner, Inc.		274,220
	3,706	Twenty-First Century Fox, Inc., Class A		105,028
	1,715	Twenty-First Century Fox, Inc., Class B		47,797
	1,241	Viacom, Inc., Class B		41,660
	5,123	Walt Disney Co. (The)		544,319

				2,232,984

		Pharmaceuticals, Biotechnology & Life Sciences - 2.2%
	5,605	AbbVie, Inc.		406,418
	1,135	Agilent Technologies, Inc.		67,317
	791	Alexion Pharmaceuticals, Inc.⁽²⁾		96,241
	1,183	Allergan plc		287,575
	2,591	Amgen, Inc.		446,248
	752	Biogen, Inc.⁽²⁾		204,063
	5,801	Bristol-Myers Squibb Co.		323,232
	2,750	Celgene Corp.⁽²⁾		357,142
	3,419	Eli Lilly & Co.		281,384
	4,602	Gilead Sciences, Inc.		325,730
	514	Illumina, Inc.⁽²⁾		89,189
	599	Incyte Corp.⁽²⁾		75,420
	9,486	Johnson & Johnson		1,254,903
	349	Mallinckrodt plc⁽²⁾		15,639
	9,632	Merck & Co., Inc.		617,315
	91	Mettler-Toledo International, Inc.⁽²⁾		53,557
	1,623	Mylan N.V.⁽²⁾		63,005
	388	PerkinElmer, Inc.		26,438

The accompanying Notes are an integral part of these financial statements.


		4

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 2.2% - (continued)
	504	Perrigo Co. plc	$	38,062
	21,016	Pfizer, Inc.		705,927
	268	Regeneron Pharmaceuticals, Inc.⁽²⁾		131,625
	1,378	Thermo Fisher Scientific, Inc.		240,420
	877	Vertex Pharmaceuticals, Inc.⁽²⁾		113,019
	282	Waters Corp.⁽²⁾		51,843
	1,728	Zoetis, Inc.		107,793

				6,379,505

		Real Estate - 0.7%
	321	Alexandria Real Estate Equities, Inc., REIT		38,671
	1,497	American Tower Corp., REIT		198,083
	551	Apartment Investment & Management Co., Class A, REIT		23,677
	485	AvalonBay Communities, Inc., REIT		93,202
	542	Boston Properties, Inc., REIT		66,677
	1,059	CBRE Group, Inc., Class A, REIT⁽²⁾		38,548
	1,289	Crown Castle International Corp., REIT		129,132
	563	Digital Realty Trust, Inc., REIT		63,591
	274	Equinix, Inc., REIT		117,590
	1,293	Equity Residential, REIT		85,118
	231	Essex Property Trust, Inc., REIT		59,429
	442	Extra Space Storage, Inc., REIT		34,476
	254	Federal Realty Investment Trust, REIT		32,103
	2,051	GGP, Inc., REIT		48,322
	1,650	HCP, Inc., REIT		52,734
	2,605	Host Hotels & Resorts, Inc., REIT		47,593
	865	Iron Mountain, Inc., REIT		29,721
	1,495	Kimco Realty Corp., REIT		27,433
	419	Macerich Co. (The), REIT		24,327
	400	Mid-America Apartment Communities, Inc., REIT		42,152
	1,868	Prologis, Inc., REIT		109,540
	526	Public Storage, REIT		109,687
	962	Realty Income Corp., REIT		53,083
	515	Regency Centers Corp., REIT		32,260
	1,099	Simon Property Group, Inc., REIT		177,774
	359	SL Green Realty Corp., REIT		37,982
	942	UDR, Inc., REIT		36,710
	1,250	Ventas, Inc., REIT		86,850
	607	Vornado Realty Trust, REIT		56,997
	1,289	Welltower, Inc., REIT		96,482
	2,646	Weyerhaeuser Co., REIT		88,641

				2,138,585

		Retailing - 1.4%
	260	Advance Auto Parts, Inc.		30,313
	1,397	Amazon.com, Inc.⁽²⁾		1,352,296
	232	AutoNation, Inc.⁽²⁾		9,781
	99	AutoZone, Inc.⁽²⁾		56,476
	511	Bed Bath & Beyond, Inc.		15,534
	934	Best Buy Co., Inc.		53,546
	652	CarMax, Inc.⁽²⁾		41,115
	888	Dollar General Corp.		64,016
	834	Dollar Tree, Inc.⁽²⁾		58,313
	428	Expedia, Inc.		63,751
	462	Foot Locker, Inc.		22,767
	775	Gap, Inc. (The)		17,042
	519	Genuine Parts Co.		48,143
	4,210	Home Depot, Inc. (The)		645,814


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0% - (continued)
		Retailing - 1.4% - (continued)
	600	Kohl’s Corp.	$	23,202
	849	L Brands, Inc.		45,753
	1,086	LKQ Corp.⁽²⁾		35,784
	3,022	Lowe’s Cos., Inc.		234,296
	1,068	Macy’s, Inc.		24,820
	1,518	Netflix, Inc.⁽²⁾		226,804
	392	Nordstrom, Inc.		18,749
	320	O’Reilly Automotive, Inc.⁽²⁾		69,997
	173	Priceline Group, Inc. (The)⁽²⁾		323,600
	1,380	Ross Stores, Inc.		79,667
	241	Signet Jewelers Ltd.		15,241
	2,300	Staples, Inc.		23,161
	1,943	Target Corp.		101,600
	378	Tiffany & Co.		35,483
	2,265	TJX Cos., Inc. (The)		163,465
	453	Tractor Supply Co.		24,557
	389	TripAdvisor, Inc.⁽²⁾		14,860
	205	Ulta Salon Cosmetics & Fragrance, Inc.⁽²⁾		58,905

				3,998,851

		Semiconductors & Semiconductor Equipment - 0.9%
	2,729	Advanced Micro Devices, Inc.⁽²⁾		34,058
	1,292	Analog Devices, Inc.		100,518
	3,784	Applied Materials, Inc.		156,317
	1,413	Broadcom Ltd.		329,300
	16,583	Intel Corp.		559,510
	552	KLA-Tencor Corp.		50,514
	568	Lam Research Corp.		80,332
	808	Microchip Technology, Inc.		62,361
	3,662	Micron Technology, Inc.⁽²⁾		109,347
	2,095	NVIDIA Corp.		302,853
	448	Qorvo, Inc.⁽²⁾		28,367
	5,203	QUALCOMM, Inc.		287,310
	650	Skyworks Solutions, Inc.		62,368
	3,509	Texas Instruments, Inc.		269,947
	874	Xilinx, Inc.		56,216

				2,489,318

		Software & Services - 3.3%
	2,184	Accenture plc, Class A		270,117
	2,442	Activision Blizzard, Inc.		140,586
	1,742	Adobe Systems, Inc.⁽²⁾		246,388
	608	Akamai Technologies, Inc.⁽²⁾		30,284
	196	Alliance Data Systems Corp.		50,311
	1,048	Alphabet, Inc., Class A⁽²⁾		974,305
	1,051	Alphabet, Inc., Class C⁽²⁾		955,075
	301	ANSYS, Inc.⁽²⁾		36,626
	683	Autodesk, Inc.⁽²⁾		68,860
	1,576	Automatic Data Processing, Inc.		161,477
	1,101	CA, Inc.		37,951
	532	Citrix Systems, Inc.⁽²⁾		42,337
	2,074	Cognizant Technology Solutions Corp., Class A		137,714
	510	CSRA, Inc.		16,193
	997	DXC Technology Co.		76,490
	3,545	eBay, Inc.⁽²⁾		123,791
	1,092	Electronic Arts, Inc.⁽²⁾		115,446
	8,324	Facebook, Inc., Class A⁽²⁾		1,256,758
	1,164	Fidelity National Information Services, Inc.		99,406
	748	Fiserv, Inc.⁽²⁾		91,510
	318	Gartner, Inc.⁽²⁾		39,276

The accompanying Notes are an integral part of these financial statements.


		5

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0% - (continued)
		Software & Services - 3.3% - (continued)
	537	Global Payments, Inc.	$	48,502
	3,011	International Business Machines Corp.		463,182
	857	Intuit, Inc.		113,818
	3,303	MasterCard, Inc., Class A		401,149
	27,188	Microsoft Corp.		1,874,069
	10,578	Oracle Corp.		530,381
	1,126	Paychex, Inc.		64,114
	3,934	PayPal Holdings, Inc.⁽²⁾		211,138
	626	Red Hat, Inc.⁽²⁾		59,939
	2,355	salesforce.com, Inc.⁽²⁾		203,943
	2,142	Symantec Corp.		60,511
	529	Synopsys, Inc.⁽²⁾		38,580
	583	Total System Services, Inc.		33,960
	311	VeriSign, Inc.⁽²⁾		28,911
	6,502	Visa, Inc., Class A		609,758
	1,660	Western Union Co. (The)		31,623

				9,744,479

		Technology Hardware & Equipment - 1.4%
	1,076	Amphenol Corp., Class A		79,430
	18,361	Apple, Inc.		2,644,351
	17,608	Cisco Systems, Inc.		551,130
	3,241	Corning, Inc.		97,392
	228	F5 Networks, Inc.⁽²⁾		28,970
	479	FLIR Systems, Inc.		16,602
	429	Harris Corp.		46,795
	5,863	Hewlett Packard Enterprise Co.		97,267
	5,928	HP, Inc.		103,621
	1,346	Juniper Networks, Inc.		37,527
	576	Motorola Solutions, Inc.		49,962
	952	NetApp, Inc.		38,128
	1,046	Seagate Technology plc		40,533
	1,250	TE Connectivity Ltd.		98,350
	1,026	Western Digital Corp.		90,904
	749	Xerox Corp.		21,519

				4,042,481

		Telecommunication Services - 0.5%
	21,650	AT&T, Inc.		816,854
	1,933	CenturyLink, Inc.		46,160
	1,031	Level 3 Communications, Inc.⁽²⁾		61,138
	14,366	Verizon Communications, Inc.		641,586

				1,565,738

		Transportation - 0.6%
	434	Alaska Air Group, Inc.		38,956
	1,735	American Airlines Group, Inc.		87,305
	496	CH Robinson Worldwide, Inc.		34,065
	3,249	CSX Corp.		177,266
	2,592	Delta Air Lines, Inc.		139,294
	633	Expeditors International of Washington, Inc.		35,752
	866	FedEx Corp.		188,208
	302	JB Hunt Transport Services, Inc.		27,597
	374	Kansas City Southern		39,139
	1,020	Norfolk Southern Corp.		124,134
	2,129	Southwest Airlines Co.		132,296
	2,843	Union Pacific Corp.		309,631
	992	United Continental Holdings, Inc.⁽²⁾		74,648
	2,426	United Parcel Service, Inc., Class B		268,291

				1,676,582


Shares or Principal Amount			Market Value⁽¹⁾
COMMON STOCKS - 25.0% - (continued)
		Utilities - 0.8%
	2,325	AES Corp.	$	25,831
	800	Alliant Energy Corp.		32,136
	854	Ameren Corp.		46,688
	1,732	American Electric Power Co., Inc.		120,322
	628	American Water Works Co., Inc.		48,953
	1,518	CenterPoint Energy, Inc.		41,563
	988	CMS Energy Corp.		45,695
	1,075	Consolidated Edison, Inc.		86,882
	2,215	Dominion Energy, Inc.		169,736
	632	DTE Energy Co.		66,859
	2,465	Duke Energy Corp.		206,049
	1,147	Edison International		89,684
	632	Entergy Corp.		48,519
	1,116	Eversource Energy		67,752
	3,261	Exelon Corp.		117,624
	1,563	FirstEnergy Corp.		45,577
	1,649	NextEra Energy, Inc.		231,074
	1,136	NiSource, Inc.		28,809
	1,110	NRG Energy, Inc.		19,114
	1,798	PG&E Corp.		119,333
	393	Pinnacle West Capital Corp.		33,468
	2,406	PPL Corp.		93,016
	1,781	Public Service Enterprise Group, Inc.		76,601
	502	SCANA Corp.		33,639
	883	Sempra Energy		99,558
	3,503	Southern Co. (The)		167,724
	1,111	WEC Energy Group, Inc.		68,193
	1,788	Xcel Energy, Inc.		82,033

				2,312,432


		Total Common Stocks (cost $55,353,482)		73,142,835


EXCHANGE-TRADED FUND - 0.2%
		Diversified Financial Services - 0.2%
	3,070	Vanguard S&P 500 ETF (cost $688,002)		681,724


		Total Exchange-Traded Funds (cost $688,002)		681,724


ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.4%
		Banc of America Commercial Mortgage Trust,
		Series 2007-5, Class A4
$	4,660	5.49%, 02/10/2051		4,666
		Bear Stearns Commercial Mortgage Securities Trust,
		Series 2007-PW18, Class A4
	17,668	5.70%, 06/11/2050		17,753
		Chase Issuance Trust,
		Series 2013-A1, Class A1
	100,000	1.30%, 02/18/2020		99,903
		Citibank Credit Card Issuance Trust,
		Series 2007-A8, Class A8,
	100,000	5.65%, 09/20/2019		100,883
		Citigroup Commercial Mortgage Trust
		Series 2008-C7, Class A4
	11,924	6.39%, 12/10/2049⁽⁴⁾		11,945

The accompanying Notes are an integral part of these financial statements.


		6

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.4% - (continued)
		Citigroup Commercial Mortgage Trust - (continued)
		Series 2014-GC23, Class A4
$	50,000	3.62%, 07/10/2047	$	52,045
		Citigroup/Deutsche Bank Commercial Mortgage Trust,
		Series 2007-CD5, Class A4
	2,318	5.89%, 11/15/2044⁽⁴⁾		2,320
		COMM Mortgage Trust
		Series 2013-CR9, Class A4,
	35,000	4.37%, 07/10/2045⁽⁴⁾		37,904
		Series 2014-UBS5, Class A4
	45,000	3.84%, 09/10/2047		47,235
		Series 2014-UBS6, Class A5
	50,000	3.64%, 12/10/2047		51,671
		Series 2015-LC23, Class A4
	35,000	3.77%, 10/10/2048		36,615
		Commercial Mortgage Pass-Through Certificates, Series 2012-CR2, Class A4
	30,000	3.15%, 08/15/2045		30,829
		Commercial Mortgage Trust
		Series 2007-GG11, Class A4
	1,698	5.74%, 12/10/2049		1,696
		Series 2013-LC6, Class A4
	15,000	2.94%, 01/10/2046		15,161
		CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4
	35,000	3.81%, 11/15/2048		36,579
		GS Mortgage Securities Corp. II, Series 2013-GC10, Class A5
	10,000	2.94%, 02/10/2046		10,142
		GS Mortgage Securities Trust
		Series 2012-GC6, Class A3
	19,925	3.48%, 01/10/2045		20,786
		Series 2012-GCJ7, Class A4
	49,095	3.38%, 05/10/2045		51,044
		Series 2013-GC12, Class A4
	40,000	3.14%, 06/10/2046		40,848
		Series 2013-GC14, Class A5
	35,000	4.24%, 08/10/2046		37,791
		Series 2013-GC16, Class A4
	40,000	4.27%, 11/10/2046		43,233
		Series 2014-GC18, Class A4
	40,000	4.07%, 01/10/2047		42,644
		Series 2015-GS1, Class A3
	30,000	3.73%, 11/10/2048		31,344
		JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class A3
	8,422	4.17%, 08/15/2046		8,967
		JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class A4
	40,000	3.80%, 09/15/2047		41,863
		LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3
	9,379	5.87%, 09/15/2045⁽⁴⁾		9,438
		ML-CFC Commercial Mortgage Trust, Series 2007-9, Class A4
	18,717	5.70%, 09/12/2049		18,731


Shares or Principal Amount			Market Value⁽¹⁾
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.4% - (continued)
		Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2014-C15, Class A4
$	40,000	4.05%, 04/15/2047	$	42,668
		Series 2014-C16, Class A5
	50,000	3.89%, 06/15/2047		52,891
		Series 2015-C22, Class A4
	30,000	3.31%, 04/15/2048		30,562
		Series 2015-C27, Class A4
	30,000	3.75%, 12/15/2047		31,412
		Morgan Stanley Capital I Trust, Series 2007-IQ16, Class A4
	7,455	5.81%, 12/12/2049		7,477
		Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3
	2,505	5.68%, 05/15/2046		2,503
		WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class A3
	40,000	2.88%, 12/15/2045		40,328


		Total Asset & Commercial Mortgage Backed Securities (cost $1,124,706)		1,111,877


CORPORATE BONDS - 14.3%
		Advertising - 0.0%
		Omnicom Group, Inc.
	40,000	3.63%, 05/01/2022		41,750

		Aerospace/Defense - 0.3%
		Boeing Co. (The)
	230,000	4.88%, 02/15/2020		247,579
	35,000	6.13%, 02/15/2033		45,799
		General Dynamics Corp.
	15,000	3.88%, 07/15/2021		15,954
		Lockheed Martin Corp.
	140,000	4.25%, 11/15/2019		147,427
	75,000	4.85%, 09/15/2041		84,932
		Northrop Grumman Corp.
	40,000	4.75%, 06/01/2043		45,067
	20,000	5.05%, 08/01/2019		21,252
		Raytheon Co.
	95,000	3.13%, 10/15/2020		98,427
		United Technologies Corp.
	65,000	4.50%, 04/15/2020		69,503
	100,000	4.50%, 06/01/2042		109,195

				885,135

		Agriculture - 0.2%
		Altria Group, Inc.
	300,000	4.75%, 05/05/2021		327,212
		Archer-Daniels-Midland Co.
	33,000	4.02%, 04/16/2043		34,260
		Philip Morris International, Inc.
	105,000	4.50%, 03/26/2020		112,002
	75,000	4.50%, 03/20/2042		79,780
		Reynolds American, Inc.
	90,000	4.45%, 06/12/2025		96,422

				649,676

The accompanying Notes are an integral part of these financial statements.


		7

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Auto Manufacturers - 0.3%
		Daimler Finance North America LLC
$	18,000	8.50%, 01/18/2031	$	27,048
		Ford Motor Co.
	175,000	7.45%, 07/16/2031		221,259
		General Motors Co.
	100,000	3.50%, 10/02/2018		101,756
	120,000	6.25%, 10/02/2043		133,290
		Toyota Motor Credit Corp. MTN
	70,000	2.00%, 10/24/2018		70,380
	190,000	3.40%, 09/15/2021		198,552

				752,285

		Beverages - 0.4%
		Anheuser-Busch InBev Finance, Inc.
	395,000	3.65%, 02/01/2026		406,957
		Anheuser-Busch InBev Worldwide, Inc.
	110,000	3.75%, 07/15/2042		106,464
	125,000	5.38%, 01/15/2020		135,347
		Coca-Cola Co. (The)
	210,000	3.15%, 11/15/2020		218,192
		Diageo Capital plc
	25,000	3.88%, 04/29/2043		25,035
		Molson Coors Brewing Co.
	65,000	4.20%, 07/15/2046		64,101
		PepsiCo, Inc.
	60,000	3.13%, 11/01/2020		62,147
	85,000	5.50%, 01/15/2040		105,970

				1,124,213

		Biotechnology - 0.2%
		Amgen, Inc.
	105,000	3.88%, 11/15/2021		110,675
	25,000	4.40%, 05/01/2045		25,679
	68,000	4.66%, 06/15/2051		72,022
		Celgene Corp.
	160,000	3.25%, 08/15/2022		164,483
		Gilead Sciences, Inc.
	230,000	3.70%, 04/01/2024		239,105
	20,000	4.40%, 12/01/2021		21,576
	45,000	4.80%, 04/01/2044		49,037

				682,577

		Chemicals - 0.3%
		Dow Chemical Co. (The)
	200,000	4.13%, 11/15/2021		212,472
	50,000	4.38%, 11/15/2042		51,643
		Eastman Chemical Co.
	68,000	3.80%, 03/15/2025		69,978
		Ecolab, Inc.
	45,000	4.35%, 12/08/2021		48,936
		EI du Pont de Nemours & Co.
	20,000	5.60%, 12/15/2036		23,868
		LYB International Finance BV
	130,000	4.00%, 07/15/2023		137,733
	30,000	4.88%, 03/15/2044		31,768
		Monsanto Co.
	80,000	4.40%, 07/15/2044		81,365
		Potash Corp. of Saskatchewan, Inc.
	35,000	6.50%, 05/15/2019		37,661
		PPG Industries, Inc.
	20,000	3.60%, 11/15/2020		20,850


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Chemicals - 0.3% - (continued)
		Praxair, Inc.
$	55,000	2.45%, 02/15/2022	$	55,330

				771,604

		Commercial Banks - 3.1%
		Bank of America Corp.
	250,000	3.30%, 01/11/2023		254,925
	445,000	5.00%, 05/13/2021		485,552
	115,000	5.88%, 02/07/2042		144,115
		Bank of New York Mellon Corp. (The)
	150,000	3.55%, 09/23/2021		156,666
		Bank of Nova Scotia
	95,000	4.38%, 01/13/2021		101,505
		Barclays PLC
	270,000	2.88%, 06/08/2020		272,674
		BB&T Corp.
	130,000	5.25%, 11/01/2019		138,951
		Capital One Financial Corp.
	140,000	4.75%, 07/15/2021		151,048
		Citigroup, Inc.
	210,000	2.65%, 10/26/2020		212,009
	275,000	6.63%, 06/15/2032		343,799
		Cooperatieve Rabobank UA
	195,000	4.50%, 01/11/2021		209,583
	65,000	5.25%, 05/24/2041		79,356
		Credit Suisse
	650,000	5.30%, 08/13/2019		694,271
		Deutsche Bank AG
	70,000	3.70%, 05/30/2024		69,986
		Fifth Third Bancorp
	100,000	3.50%, 03/15/2022		103,286
		Goldman Sachs Group, Inc. (The)
	525,000	3.85%, 07/08/2024		544,905
	89,000	6.25%, 02/01/2041		116,260
		HSBC Holdings plc
	650,000	5.10%, 04/05/2021		706,682
		HSBC USA, Inc.
	110,000	3.50%, 06/23/2024		113,324
		JPMorgan Chase & Co.
	455,000	4.95%, 03/25/2020		487,978
	220,000	5.50%, 10/15/2040		268,576
	155,000	6.30%, 04/23/2019		166,822
		Landwirtschaftliche Rentenbank
	160,000	1.88%, 09/17/2018		160,804
		Morgan Stanley
	90,000	4.30%, 01/27/2045		93,071
	655,000	5.50%, 07/28/2021		726,300
		PNC Financial Services Group, Inc. (The)
	170,000	3.30%, 03/08/2022		176,237
	150,000	5.13%, 02/08/2020		161,357
		Royal Bank of Canada
	60,000	4.65%, 01/27/2026		64,307
		State Street Corp.
	80,000	4.38%, 03/07/2021		85,731
		Sumitomo Mitsui Financial Group, Inc.
	300,000	2.93%, 03/09/2021		304,768
		Toronto-Dominion Bank (The)
	300,000	2.25%, 11/05/2019		302,225
		US Bancorp
	180,000	4.13%, 05/24/2021		192,509

The accompanying Notes are an integral part of these financial statements.


		8

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Commercial Banks - 3.1% - (continued)
		Wells Fargo & Co.
$	200,000	3.50%, 03/08/2022	$	207,772
	270,000	4.60%, 04/01/2021		291,047
	180,000	5.61%, 01/15/2044		214,052
		Westpac Banking Corp.
	250,000	4.88%, 11/19/2019		266,223

				9,068,676

		Commercial Services - 0.0%
		Princeton University
	75,000	4.95%, 03/01/2019		79,028

		Construction Materials - 0.0%
		Johnson Controls International plc
	100,000	5.00%, 03/30/2020		106,811

		Diversified Financial Services - 0.4%
		American Express Co.
	148,000	2.65%, 12/02/2022		148,170
		BlackRock, Inc.
	105,000	5.00%, 12/10/2019		112,741
		GE Capital International Funding Co.
	468,000	2.34%, 11/15/2020		471,742
		General Electric Capital Corp.
	100,000	5.88%, 01/14/2038		129,412
		HSBC Finance Corp.
	80,000	6.68%, 01/15/2021		90,157
		National Rural Utilities Cooperative Finance Corp.
	110,000	3.05%, 02/15/2022		112,730

				1,064,952

		Electric - 0.9%
		Alabama Power Co.
	107,000	6.00%, 03/01/2039		136,138
		Berkshire Hathaway Energy Co.
	135,000	6.13%, 04/01/2036		173,436
		CenterPoint Energy Houston Electric LLC
	15,000	3.55%, 08/01/2042		14,660
		CMS Energy Corp.
	60,000	5.05%, 03/15/2022		65,997
		Commonwealth Edison Co.
	40,000	3.80%, 10/01/2042		39,971
		Consolidated Edison Co. of New York, Inc.
	80,000	3.95%, 03/01/2043		80,902
	40,000	6.65%, 04/01/2019		43,178
		Dominion Energy, Inc.
	140,000	4.45%, 03/15/2021		149,737
		Series C
	75,000	4.90%, 08/01/2041		81,957
		Duke Energy Carolinas LLC
	90,000	4.00%, 09/30/2042		92,855
	30,000	5.30%, 02/15/2040		36,876
		Entergy Louisiana LLC
	100,000	4.05%, 09/01/2023		107,046
		Exelon Generation Co. LLC
	75,000	4.00%, 10/01/2020		78,252
	135,000	6.25%, 10/01/2039		147,305
		Florida Power & Light Co.
	85,000	5.69%, 03/01/2040		109,892
		Georgia Power Co.
	100,000	2.85%, 05/15/2022		100,495


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Electric - 0.9% - (continued)
		Indiana Michigan Power Co.
$	25,000	6.05%, 03/15/2037	$	30,990
		Kentucky Utilities Co.
	70,000	5.13%, 11/01/2040		83,909
		Nevada Power Co., Series R
	55,000	6.75%, 07/01/2037		74,245
		NiSource Finance Corp.
	40,000	5.25%, 02/15/2043		46,096
		Northern States Power Co.
	80,000	3.40%, 08/15/2042		75,868
		Ohio Power Co., Series M
	75,000	5.38%, 10/01/2021		83,500
		Oncor Electric Delivery Co. LLC
	95,000	7.00%, 09/01/2022		114,362
		Pacific Gas & Electric Co.
	135,000	6.05%, 03/01/2034		174,202
		Progress Energy, Inc.
	140,000	3.15%, 04/01/2022		142,919
	130,000	4.40%, 01/15/2021		138,100
		PSEG Power LLC
	25,000	5.13%, 04/15/2020		26,759
		Public Service Electric & Gas Co.
	65,000	3.95%, 05/01/2042		67,347
		South Carolina Electric & Gas Co.
	40,000	6.05%, 01/15/2038		48,609
		Southern California Edison Co.
	75,000	4.50%, 09/01/2040		83,165
		Xcel Energy, Inc.
	65,000	4.70%, 05/15/2020		68,810

				2,717,578

		Electrical Components & Equipment - 0.0%
		Emerson Electric Co.
	70,000	4.88%, 10/15/2019		74,567

		Electronics - 0.1%
		Honeywell International, Inc.
	80,000	4.25%, 03/01/2021		85,849
	20,000	5.70%, 03/15/2037		25,683
		Thermo Fisher Scientific, Inc.
	150,000	4.15%, 02/01/2024		159,970

				271,502

		Environmental Control - 0.1%
		Republic Services, Inc.
	95,000	5.00%, 03/01/2020		102,031
		Waste Management, Inc.
	105,000	4.75%, 06/30/2020		113,046

				215,077

		Food - 0.3%
		General Mills, Inc.
	80,000	5.65%, 02/15/2019		84,729
		JM Smucker Co. (The)
	70,000	3.50%, 03/15/2025		71,942
		Kellogg Co.
	45,000	4.00%, 12/15/2020		47,533
		Kraft Foods Group, Inc.
	183,000	5.38%, 02/10/2020		197,234
		Kraft Heinz Foods Co.
	100,000	5.00%, 06/04/2042		105,568

The accompanying Notes are an integral part of these financial statements.


		9

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Food - 0.3% - (continued)
		Kroger Co. (The)
$	70,000	6.80%, 12/15/2018	$	74,675
	40,000	7.50%, 04/01/2031		53,042
		Tyson Foods, Inc.
	50,000	3.95%, 08/15/2024		52,321
		Unilever Capital Corp.
	50,000	5.90%, 11/15/2032		65,161

				752,205

		Forest Products&Paper - 0.1%
		Georgia-Pacific LLC
	10,000	7.75%, 11/15/2029		13,863
		International Paper Co.
	200,000	3.80%, 01/15/2026		205,551

				219,414

		Gas - 0.0%
		Atmos Energy Corp.
	8,000	5.50%, 06/15/2041		9,777
		Sempra Energy
	65,000	6.00%, 10/15/2039		82,274

				92,051

		Healthcare-Products - 0.3%
		Abbott Laboratories
	100,000	2.90%, 11/30/2021		101,117
	70,000	2.95%, 03/15/2025		68,320
	100,000	4.75%, 11/30/2036		108,846
		Becton Dickinson and Co.
	35,000	4.69%, 12/15/2044		36,045
		Boston Scientific Corp.
	70,000	6.00%, 01/15/2020		76,185
		Covidien International Finance S.A.
	45,000	3.20%, 06/15/2022		46,527
		Medtronic, Inc.
	225,000	3.50%, 03/15/2025		234,059
		Zimmer Biomet Holdings, Inc.
	60,000	3.55%, 04/01/2025		60,605

				731,704

		Healthcare-Services - 0.2%
		Anthem, Inc.
	90,000	4.65%, 01/15/2043		96,996
		Cigna Corp.
	50,000	4.00%, 02/15/2022		52,851
	10,000	5.38%, 02/15/2042		12,024
		Quest Diagnostics, Inc.
	110,000	4.70%, 04/01/2021		117,696
		UnitedHealth Group, Inc.
	125,000	6.88%, 02/15/2038		177,550

				457,117

		Household Products - 0.1%
		Colgate-Palmolive Co.
	90,000	2.30%, 05/03/2022		90,795
		Procter & Gamble Co. (The)
	57,000	5.55%, 03/05/2037		76,387

				167,182

		Household Products/Wares - 0.0%
		Kimberly-Clark Corp.
	12,000	5.30%, 03/01/2041		14,792


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Insurance - 0.5%
		Allstate Corp. (The)
$	45,000	5.55%, 05/09/2035	$	55,054
		American International Group, Inc.
	110,000	4.50%, 07/16/2044		111,857
		Aon Corp.
	20,000	5.00%, 09/30/2020		21,537
		Aon plc
	60,000	4.75%, 05/15/2045		64,920
		Berkshire Hathaway, Inc.
	75,000	4.50%, 02/11/2043		82,415
		Chubb INA Holdings, Inc.
	165,000	2.70%, 03/13/2023		165,136
	75,000	2.88%, 11/03/2022		76,296
		Lincoln National Corp.
	60,000	4.00%, 09/01/2023		63,212
		Marsh & McLennan Cos., Inc.
	35,000	4.80%, 07/15/2021		38,051
		MetLife, Inc.
	25,000	4.88%, 11/13/2043		28,259
	90,000	5.70%, 06/15/2035		110,938
	120,000	7.72%, 02/15/2019		131,073
		Principal Financial Group, Inc.
	70,000	3.30%, 09/15/2022		71,942
		Prudential Financial, Inc.
	145,000	5.38%, 06/21/2020		158,405
	65,000	5.80%, 11/16/2041		80,927
		Travelers Cos., Inc. (The)
	70,000	4.60%, 08/01/2043		78,075

				1,338,097

		Iron/Steel - 0.0%
		Vale Overseas Ltd.
	90,000	6.88%, 11/10/2039		96,525

		IT Services - 0.4%
		Apple, Inc.
	425,000	2.40%, 05/03/2023		421,655
	110,000	3.45%, 02/09/2045		103,363
		Dell International LLC / EMC Corp.
	240,000	5.45%, 06/15/2023⁽⁵⁾		260,441
		Hewlett Packard Enterprise Co.
	170,000	4.40%, 10/15/2022		180,222
		HP, Inc.
	45,000	4.30%, 06/01/2021		47,827
		International Business Machines Corp.
	105,000	5.60%, 11/30/2039		129,745

				1,143,253

		Machinery-Construction & Mining - 0.1%
		Caterpillar, Inc.
	40,000	3.80%, 08/15/2042		40,157
	185,000	3.90%, 05/27/2021		196,535

				236,692

		Machinery-Diversified - 0.0%
		Deere & Co.
	55,000	3.90%, 06/09/2042		57,413

		Media - 0.5%
		21st Century Fox America, Inc.
	131,000	6.40%, 12/15/2035		166,015
		CBS Corp.
	90,000	3.70%, 08/15/2024		92,352

The accompanying Notes are an integral part of these financial statements.


		10

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Media - 0.5% - (continued)
		Charter Communications Operating LLC / Charter Communications Operating Capital
$	140,000	4.91%, 07/23/2025	$	151,245
		Comcast Corp.
	150,000	4.65%, 07/15/2042		164,464
	105,000	5.15%, 03/01/2020		113,772
	90,000	7.05%, 03/15/2033		123,013
		Discovery Communications LLC
	30,000	4.88%, 04/01/2043		28,009
		Time Warner Cable LLC
	245,000	4.00%, 09/01/2021		256,100
	40,000	4.50%, 09/15/2042		38,060
	65,000	6.75%, 07/01/2018		68,004
		Time Warner, Inc.
	140,000	3.80%, 02/15/2027		140,946
	60,000	4.85%, 07/15/2045		61,781
		Viacom, Inc.
	98,000	4.38%, 03/15/2043		87,112
		Walt Disney Co. (The)
	60,000	2.55%, 02/15/2022		60,558
	55,000	4.13%, 12/01/2041		57,631

				1,609,062

		Mining - 0.1%
		Barrick Gold Corp.
	45,000	5.25%, 04/01/2042		51,201
		BHP Billiton Finance USA Ltd.
	63,000	2.88%, 02/24/2022		64,281
	15,000	4.13%, 02/24/2042		15,358
		Newmont Mining Corp.
	50,000	6.25%, 10/01/2039		61,365
		Rio Tinto Finance USA Ltd.
	50,000	5.20%, 11/02/2040		59,119
		Southern Copper Corp.
	55,000	6.75%, 04/16/2040		63,348

				314,672

		Miscellaneous Manufacturer - 0.2%
		3M Co.
	50,000	5.70%, 03/15/2037		63,907
		Eaton Corp.
	115,000	2.75%, 11/02/2022		115,627
		General Electric Co.
	67,000	4.13%, 10/09/2042		70,511
		Illinois Tool Works, Inc.
	35,000	3.90%, 09/01/2042		36,346
		Newell Brands, Inc.
	150,000	4.20%, 04/01/2026		159,268

				445,659

		Multi-National - 0.8%
		Asian Development Bank
	100,000	1.75%, 09/11/2018		100,399
	90,000	2.00%, 01/22/2025		87,836
		European Bank for Reconstruction & Development
	150,000	1.75%, 11/26/2019		150,311
		European Investment Bank
	850,000	2.88%, 09/15/2020		877,566
		Inter-American Development Bank
	570,000	3.88%, 02/14/2020		601,046


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Multi-National - 0.8% - (continued)
		International Bank for Reconstruction & Development
$	512,000	7.63%, 01/19/2023	$	656,190

				2,473,348

		Office/Business Equipment - 0.0%
		Xerox Corp.
	10,000	4.07%, 03/17/2022⁽⁵⁾		10,256

		Oil&Gas - 1.0%
		Anadarko Petroleum Corp.
	60,000	6.20%, 03/15/2040		68,514
		Apache Corp.
	85,000	5.10%, 09/01/2040		86,839
		BP Capital Markets plc
	280,000	3.25%, 05/06/2022		288,032
		Canadian Natural Resources Ltd.
	40,000	6.50%, 02/15/2037		47,498
		Chevron Corp.
	125,000	2.36%, 12/05/2022		124,422
	150,000	2.43%, 06/24/2020		151,878
		ConocoPhillips
	108,000	6.50%, 02/01/2039		141,805
		Devon Financing Co. LLC
	65,000	7.88%, 09/30/2031		84,349
		Exxon Mobil Corp.
	55,000	2.71%, 03/06/2025		54,611
	40,000	3.57%, 03/06/2045		38,476
		Hess Corp.
	28,000	5.60%, 02/15/2041		27,526
		Kerr-McGee Corp.
	60,000	6.95%, 07/01/2024		70,367
		Marathon Oil Corp.
	15,000	6.60%, 10/01/2037		16,553
		Marathon Petroleum Corp.
	35,000	5.00%, 09/15/2054		32,025
	15,000	5.13%, 03/01/2021		16,259
		Nexen Energy ULC
	50,000	7.50%, 07/30/2039		72,218
		Noble Energy, Inc.
	60,000	6.00%, 03/01/2041		67,139
		Occidental Petroleum Corp.
	40,000	4.10%, 02/01/2021		42,609
	35,000	4.40%, 04/15/2046		36,381
		Petroleos Mexicanos
	100,000	4.88%, 01/24/2022		103,021
	195,000	6.50%, 06/02/2041		193,635
		Phillips 66
	35,000	4.30%, 04/01/2022		37,504
	45,000	4.88%, 11/15/2044		48,236
		Shell International Finance BV
	140,000	3.63%, 08/21/2042		130,967
	170,000	4.30%, 09/22/2019		178,971
		Statoil ASA
	35,000	5.10%, 08/17/2040		40,346
	255,000	5.25%, 04/15/2019		269,987
		Suncor Energy, Inc.
	60,000	6.50%, 06/15/2038		76,832
		Total Capital S.A.
	95,000	4.25%, 12/15/2021		102,121
		Valero Energy Corp.
	140,000	6.13%, 02/01/2020		153,487

The accompanying Notes are an integral part of these financial statements.


		11

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Office/Business Equipment - 0.0% - (continued)
		Valero Energy Corp. - (continued)
$	40,000	7.50%, 04/15/2032	$	51,322

				2,853,930

		Oil&Gas Services - 0.0%
		Baker Hughes, Inc.
	46,000	5.13%, 09/15/2040		52,557
		National Oilwell Varco, Inc.
	50,000	2.60%, 12/01/2022		48,345
	15,000	3.95%, 12/01/2042		12,375

				113,277

		Pharmaceuticals - 0.7%
		AbbVie, Inc.
	420,000	2.90%, 11/06/2022		423,951
		Allergan Funding SCS
	200,000	3.85%, 06/15/2024		208,638
		Allergan Funding SCS
	7,000	4.75%, 03/15/2045		7,556
		AstraZeneca plc
	60,000	6.45%, 09/15/2037		80,802
		Baxalta, Inc.
	100,000	4.00%, 06/23/2025		104,301
		Bristol-Myers Squibb Co.
	25,000	3.25%, 08/01/2042		22,599
		Cardinal Health, Inc.
	105,000	3.50%, 11/15/2024		107,266
		Express Scripts Holding Co.
	165,000	4.50%, 02/25/2026		174,868
		GlaxoSmithKline Capital, Inc.
	40,000	2.80%, 03/18/2023		40,608
	47,000	6.38%, 05/15/2038		64,529
		Johnson & Johnson
	100,000	5.95%, 08/15/2037		134,528
		McKesson Corp.
	70,000	3.80%, 03/15/2024		72,860
	50,000	4.75%, 03/01/2021		53,635
		Merck & Co., Inc.
	75,000	3.60%, 09/15/2042		73,275
		Mylan N.V.
	60,000	3.95%, 06/15/2026		60,794
		Novartis Capital Corp.
	145,000	2.40%, 09/21/2022		145,619
		Pfizer, Inc.
	140,000	3.00%, 12/15/2026		140,391
		Sanofi
	20,000	4.00%, 03/29/2021		21,272
		Teva Pharmaceutical Finance IV BV
	28,000	3.65%, 11/10/2021		28,914
		Teva Pharmaceutical Finance Netherlands III BV
	160,000	3.15%, 10/01/2026		151,948
		Wyeth LLC
	40,000	5.95%, 04/01/2037		51,709

				2,170,063

		Pipelines - 0.4%
		Energy Transfer Partners L.P.
	100,000	6.50%, 02/01/2042		111,704
	64,000	9.00%, 04/15/2019		71,173
		Enterprise Products Operating LLC
	100,000	4.45%, 02/15/2043		99,378


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Pipelines - 0.4% - (continued)
		Enterprise Products Operating LLC - (continued)
$	40,000	4.85%, 03/15/2044	$	42,402
		Kinder Morgan Energy Partners L.P.
	55,000	4.70%, 11/01/2042		51,925
	102,000	6.38%, 03/01/2041		115,014
		MPLX L.P.
	100,000	4.13%, 03/01/2027		100,341
		ONEOK Partners L.P.
	40,000	6.65%, 10/01/2036		48,139
		Plains All American Pipeline L.P. / PAA Finance Corp.
	65,000	6.65%, 01/15/2037		73,044
		TransCanada PipeLines Ltd.
	195,000	3.75%, 10/16/2023		204,587
	55,000	3.80%, 10/01/2020		57,728
		Transcontinental Gas Pipe Line Co. LLC
	20,000	4.45%, 08/01/2042		19,807
		Williams Partners L.P.
	125,000	4.13%, 11/15/2020		130,662
	40,000	6.30%, 04/15/2040		46,356

				1,172,260

		Real Estate Investment Trusts - 0.1%
		Boston Properties L.P.
	100,000	5.88%, 10/15/2019		107,222
		ERP Operating L.P.
	40,000	4.50%, 07/01/2044		42,636
		Welltower, Inc.
	40,000	3.75%, 03/15/2023		41,505
	55,000	5.25%, 01/15/2022		60,383
		Weyerhaeuser Co.
	40,000	7.38%, 03/15/2032		55,076

				306,822

		Retail - 0.5%
		CVS Health Corp.
	340,000	4.00%, 12/05/2023		359,146
		Home Depot, Inc. (The)
	160,000	2.70%, 04/01/2023		162,331
	85,000	5.88%, 12/16/2036		110,726
		McDonald’s Corp.
	100,000	2.75%, 12/09/2020		101,813
	84,000	3.70%, 02/15/2042		78,568
		Target Corp.
	140,000	2.30%, 06/26/2019		141,727
	119,000	2.50%, 04/15/2026		112,907
		Wal-Mart Stores, Inc.
	50,000	3.25%, 10/25/2020		52,071
	50,000	4.25%, 04/15/2021		54,042
	121,000	5.63%, 04/15/2041		157,124
		Walgreen Co.
	110,000	3.10%, 09/15/2022		112,208
		Walgreens Boots Alliance, Inc.
	40,000	4.80%, 11/18/2044		42,566

				1,485,229

		Semiconductors - 0.2%
		Broadcom Corp./Broadcom Cayman Finance Ltd.
	110,000	3.88%, 01/15/2027⁽⁵⁾		112,959

The accompanying Notes are an integral part of these financial statements.


		12

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Semiconductors - 0.2% - (continued)
		Intel Corp.
$	330,000	2.70%, 12/15/2022	$	334,220
		QUALCOMM, Inc.
	85,000	3.45%, 05/20/2025		87,367
		Texas Instruments, Inc.
	80,000	1.65%, 08/03/2019		80,056

				614,602

		Software - 0.4%
		Microsoft Corp.
	225,000	3.13%, 11/03/2025		229,576
	180,000	3.30%, 02/06/2027		185,413
	70,000	4.00%, 02/12/2055		70,884
	85,000	5.20%, 06/01/2039		103,291
		Oracle Corp.
	210,000	2.65%, 07/15/2026		201,509
	55,000	4.13%, 05/15/2045		56,545
	40,000	5.38%, 07/15/2040		48,648
		Visa, Inc.
	250,000	3.15%, 12/14/2025		253,817

				1,149,683

		Telecommunications - 0.8%
		America Movil S.A.B. de C.V.
	60,000	6.13%, 11/15/2037		72,354
		AT&T Mobility LLC
	25,000	7.13%, 12/15/2031		31,933
		AT&T, Inc.
	250,000	3.60%, 02/17/2023		255,865
	222,000	4.55%, 03/09/2049		209,785
	55,000	5.00%, 03/01/2021		59,469
	120,000	5.15%, 03/15/2042		122,543
	14,000	5.35%, 09/01/2040		14,824
		British Telecommunications plc
	43,000	9.13%, 12/15/2030		65,381
		Cisco Systems, Inc.
	120,000	4.45%, 01/15/2020		127,841
	60,000	5.50%, 01/15/2040		74,825
		Deutsche Telekom International Finance BV
	37,000	8.75%, 06/15/2030		54,874
		Orange S.A.
	80,000	5.38%, 07/08/2019		85,137
	25,000	5.38%, 01/13/2042		29,240
		Qwest Corp.
	11,000	6.88%, 09/15/2033		10,824
		Rogers Communications, Inc.
	30,000	4.50%, 03/15/2043		31,002
	50,000	6.80%, 08/15/2018		52,745
		Telefonica Emisiones SAU
	100,000	5.46%, 02/16/2021		109,993
		Verizon Communications, Inc.
	143,000	2.95%, 03/15/2022⁽⁵⁾		143,993
	276,000	5.01%, 08/21/2054		271,616
	240,000	5.15%, 09/15/2023		266,589
		Vodafone Group plc
	95,000	5.45%, 06/10/2019		101,118
	50,000	6.15%, 02/27/2037		60,607

				2,252,558


Shares or Principal Amount			Market Value⁽¹⁾
CORPORATE BONDS - 14.3% - (continued)
		Transportation - 0.3%
		Burlington Northern Santa Fe LLC
$	47,000	4.38%, 09/01/2042	$	50,486
	45,000	4.45%, 03/15/2043		48,886
	170,000	4.70%, 10/01/2019		180,733
		Canadian National Railway Co.
	40,000	2.85%, 12/15/2021		40,874
		Canadian Pacific Railway Co.
	60,000	4.45%, 03/15/2023		64,732
	8,000	7.13%, 10/15/2031		10,914
		CSX Corp.
	85,000	3.70%, 10/30/2020		88,819
	105,000	4.25%, 06/01/2021		111,947
		FedEx Corp.
	70,000	4.10%, 02/01/2045		68,674
		Norfolk Southern Corp.
	70,000	4.84%, 10/01/2041		78,665
		Union Pacific Corp.
	67,000	3.80%, 10/01/2051		65,607
	60,000	4.00%, 02/01/2021		63,591
		United Parcel Service, Inc.
	110,000	3.13%, 01/15/2021		114,231

				988,159


		Total Corporate Bonds (cost $41,095,596)		41,771,456


FOREIGN GOVERNMENT OBLIGATIONS - 1.1%
		Canada - 0.2%
		Hydro-Quebec
	70,000	8.40%, 01/15/2022		86,563
		Province of British Columbia
	105,000	2.65%, 09/22/2021		107,720
		Province of Manitoba
	85,000	2.10%, 09/06/2022		84,158
		Province of Ontario
	285,000	4.40%, 04/14/2020		303,954
		Province of Quebec
	70,000	7.50%, 09/15/2029		99,903

				682,298

		Colombia - 0.1%
		Colombia Government International Bond
	240,000	8.13%, 05/21/2024		305,760

		Germany - 0.4%
		KFW
	420,000	2.13%, 01/17/2023		419,432
	561,000	4.00%, 01/27/2020		593,543

				1,012,975

		Hungary - 0.1%
		Hungary Government International Bond
	100,000	5.38%, 03/25/2024		112,572

		Italy - 0.0%
		Italy Government International Bond
	45,000	5.38%, 06/15/2033		50,941

		Mexico - 0.1%
		Mexico Government International Bond
	70,000	3.63%, 03/15/2022		72,590

The accompanying Notes are an integral part of these financial statements.


		13

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
FOREIGN GOVERNMENT OBLIGATIONS - 1.1% - (continued)
		Mexico - 0.1% - (continued)
		Mexico Government International Bond - (continued)
$	252,000	6.05%, 01/11/2040	$	297,058

				369,648

		Panama - 0.0%
		Panama Government International Bond
	50,000	6.70%, 01/26/2036		64,375

		Peru - 0.0%
		Peruvian Government International Bond
	75,000	5.63%, 11/18/2050		90,862

		Philippines - 0.1%
		Philippine Government International Bond
	120,000	4.00%, 01/15/2021		127,902
	100,000	6.38%, 10/23/2034		134,238

				262,140

		Poland - 0.1%
		Poland Government International Bond
	140,000	5.00%, 03/23/2022		155,400

		Uruguay - 0.0%
		Uruguay Government International Bond
	45,000	5.10%, 06/18/2050		45,810


		Total Foreign Government Obligations (cost $3,095,622)		3,152,781


MUNICIPAL BONDS - 0.3%
		Airport Revenues - 0.0%
		County of Clark Department of Aviation
	5,000	6.82%, 07/01/2045		7,252

		General Obligations - 0.1%
		California State GO,
	105,000	7.60%, 11/01/2040		163,444
		Connecticut State, GO
	45,000	5.85%, 03/15/2032		53,655
		Massachusetts State, GO
	15,000	5.46%, 12/01/2039		18,921
		Mississippi State, GO
	25,000	5.25%, 11/01/2034		29,823
		New York, NY, GO
	15,000	5.85%, 06/01/2040		19,694
		Texas State, GO
	30,000	5.52%, 04/01/2039		39,286

				324,823

		Higher Education (Universities, Dorms, etc.) - 0.0%
		University of California Build America Bonds Rev.,
	50,000	5.77%, 05/15/2043		64,048
		University of Texas System
	25,000	4.79%, 08/15/2046		29,509

				93,557

		Miscellaneous - 0.0%
		New Jersey State Economic Development Authority Lease Rev.
	15,000	7.43%, 02/15/2029		18,436


Shares or Principal Amount			Market Value⁽¹⁾
MUNICIPAL BONDS - 0.3% - (continued)
		Tax Allocation - 0.0%
		New York State Dormitory Authority
$	20,000	5.60%, 03/15/2040	$	25,046

		Transportation - 0.1%
		Bay Area Toll Authority
	30,000	6.26%, 04/01/2049		42,699
		Metropolitan Transportation Authority
	20,000	5.87%, 11/15/2039		25,007
	25,000	6.55%, 11/15/2031		32,549
	15,000	6.65%, 11/15/2039		20,477
		New Jersey State Turnpike Authority
	45,000	7.10%, 01/01/2041		66,040
	15,000	7.41%, 01/01/2040		22,661
		Port Authority of New York & New Jersey
	50,000	4.93%, 10/01/2051		58,773

				268,206

		Utilities - Electric - 0.1%
		American Municipal Power Inc.
	45,000	6.05%, 02/15/2043		55,504
		Municipal Electric Authority of Georgia
	40,000	6.64%, 04/01/2057		49,043

				104,547

		Utilities - Water and Sewer - 0.0%
		New York City Water & Sewer System
	45,000	5.88%, 06/15/2044		61,981


		Total Municipal Bonds (cost $825,755)		903,848


U.S. GOVERNMENT AGENCIES - 15.8%
		FHLB - 0.3%
	650,000	1.38%, 11/15/2019		648,002
	60,000	5.50%, 07/15/2036		81,210

				729,212

		FHLMC - 4.5%
	10,000	2.41%, 03/25/2023		10,058
	10,000	2.45%, 08/25/2023		10,049
	68,885	2.50%, 07/01/2027		69,762
	47,245	2.50%, 09/01/2027		47,843
	77,127	2.50%, 10/01/2027		78,093
	178,871	2.50%, 04/01/2028		181,080
	219,098	2.50%, 06/01/2028		221,797
	65,661	2.50%, 01/01/2029		66,471
	289,999	2.50%, 12/01/2031		292,249
	111,452	2.50%, 12/01/2042		107,553
	10,000	2.53%, 05/25/2026		9,802
	10,000	2.57%, 07/25/2026		9,822
	10,000	2.65%, 08/25/2026		9,859
	15,000	2.67%, 12/25/2024		15,076
	10,000	2.67%, 03/25/2026		9,929
	10,000	2.75%, 01/25/2026		10,000
	15,000	2.79%, 01/25/2022		15,405
	15,000	2.81%, 01/25/2025		15,191
	10,000	3.00%, 12/25/2025		10,196
	20,741	3.00%, 12/01/2025		21,316
	144,035	3.00%, 11/01/2026		148,028
	16,016	3.00%, 03/01/2027		16,460
	53,442	3.00%, 04/01/2027		54,924
	79,974	3.00%, 09/01/2027		82,191

The accompanying Notes are an integral part of these financial statements.


		14

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
U.S. GOVERNMENT AGENCIES - 15.8% - (continued)
		FHLMC - 4.5% - (continued)
$	310,514	3.00%, 10/01/2028	$	319,122
	291,091	3.00%, 12/01/2031		299,197
	63,763	3.00%, 10/01/2042		64,000
	157,084	3.00%, 10/01/2042		157,658
	98,720	3.00%, 11/01/2042		99,088
	102,057	3.00%, 12/01/2042		102,462
	46,435	3.00%, 01/01/2043		46,613
	141,143	3.00%, 01/01/2043		141,835
	52,496	3.00%, 02/01/2043		52,693
	216,313	3.00%, 02/01/2043		217,126
	132,344	3.00%, 02/01/2043		132,720
	28,166	3.00%, 05/01/2043		28,278
	73,718	3.00%, 05/01/2043		74,012
	762,053	3.00%, 08/01/2045		760,898
	288,427	3.00%, 09/01/2046		287,991
	588,700	3.00%, 12/01/2046		587,808
	491,129	3.00%, 01/01/2047		490,385
	10,000	3.01%, 07/25/2025		10,234
	15,000	3.02%, 01/25/2025		15,394
	10,000	3.06%, 11/25/2023⁽⁴⁾		10,344
	15,000	3.06%, 12/25/2024		15,456
	10,000	3.12%, 09/25/2026⁽⁴⁾		10,223
	10,000	3.15%, 11/25/2025		10,327
	15,000	3.22%, 03/25/2027⁽⁴⁾		15,440
	10,000	3.30%, 10/25/2026		10,358
	15,000	3.33%, 05/25/2025⁽⁴⁾		15,700
	15,000	3.33%, 08/25/2025⁽⁴⁾		15,698
	10,000	3.35%, 11/25/2026		10,396
	10,000	3.41%, 12/25/2026		10,484
	15,000	3.43%, 01/25/2027⁽⁴⁾		15,746
	61,118	3.50%, 04/01/2026		63,830
	56,489	3.50%, 08/01/2026		58,871
	184,952	3.50%, 10/01/2026		192,751
	78,046	3.50%, 10/01/2026		81,337
	258,951	3.50%, 07/01/2029		270,298
	22,522	3.50%, 10/01/2040		23,245
	33,487	3.50%, 10/01/2041		34,547
	120,272	3.50%, 11/01/2041		124,082
	70,552	3.50%, 02/01/2042		72,797
	24,743	3.50%, 03/01/2042		25,531
	68,233	3.50%, 04/01/2042		70,401
	67,020	3.50%, 04/01/2042		69,155
	119,267	3.50%, 09/01/2042		123,066
	59,612	3.50%, 09/01/2042		61,509
	176,934	3.50%, 11/01/2042		182,570
	70,536	3.50%, 01/01/2043		72,695
	186,032	3.50%, 12/01/2043		191,833
	436,535	3.50%, 09/01/2044		449,969
	1,312,838	3.50%, 08/01/2046		1,349,768
	680,000	3.75%, 03/27/2019		707,431
	17,993	4.00%, 06/01/2024		18,852
	48,240	4.00%, 07/01/2026		50,657
	47,595	4.00%, 10/01/2040		50,256
	87,850	4.00%, 10/01/2040		92,755
	65,126	4.00%, 10/01/2040		68,770
	10,686	4.00%, 12/01/2040		11,284
	54,145	4.00%, 12/01/2040		57,169
	14,501	4.00%, 02/01/2041		15,312
	92,031	4.00%, 02/01/2041		97,183
	14,006	4.00%, 04/01/2041		14,789
	85,881	4.00%, 01/01/2042		90,690


Shares or Principal Amount			Market Value⁽¹⁾
U.S. GOVERNMENT AGENCIES - 15.8% - (continued)
		FHLMC - 4.5% - (continued)
$	148,912	4.00%, 02/01/2042	$	157,253
	248,434	4.00%, 11/01/2043		263,037
	247,276	4.00%, 05/01/2044		260,260
	152,315	4.00%, 07/01/2044		160,312
	240,817	4.00%, 12/01/2046		253,461
	1,682	4.50%, 05/01/2018		1,719
	12,441	4.50%, 11/01/2024		13,227
	37,967	4.50%, 09/01/2031		40,872
	120,530	4.50%, 10/01/2039		130,066
	19,500	4.50%, 05/01/2040		20,967
	55,100	4.50%, 10/01/2040		59,235
	106,830	4.50%, 06/01/2041		114,855
	109,374	4.50%, 09/01/2041		117,512
	33,059	5.00%, 05/01/2023		34,712
	63,919	5.00%, 03/01/2027		69,391
	45,849	5.00%, 11/01/2033		50,244
	23,208	5.00%, 02/01/2038		25,385
	5,136	5.00%, 04/01/2039		5,607
	380,975	5.00%, 08/01/2041		418,860
	61,136	5.00%, 08/01/2041		66,405
	170,420	5.50%, 05/01/2036		190,467
	12,744	5.50%, 05/01/2038		14,179
	36,256	5.50%, 05/01/2038		40,360
	40,250	5.50%, 08/01/2038		44,826
	25,025	6.00%, 06/01/2036		28,373
	24,012	6.00%, 04/01/2037		27,129
	13,477	6.00%, 10/01/2037		15,178
	150,000	6.25%, 07/15/2032		213,231

				13,171,366

		FNMA - 6.8%
	900,000	1.75%, 06/20/2019		905,909
	5,000	2.29%, 06/25/2026		4,784
	10,000	2.37%, 07/25/2026⁽⁴⁾		9,610
	5,000	2.49%, 05/25/2026		4,860
	10,000	2.50%, 10/25/2026⁽⁴⁾		9,648
	160,434	2.50%, 03/01/2027		162,346
	74,500	2.50%, 07/01/2027		75,384
	171,533	2.50%, 12/01/2027		173,574
	93,878	2.50%, 02/01/2028		94,962
	258,529	2.50%, 04/01/2028		261,506
	241,489	2.50%, 07/01/2028		244,272
	582,840	2.50%, 10/01/2031		586,678
	129,936	2.50%, 01/01/2043		125,898
	10,000	2.53%, 09/25/2026⁽⁴⁾		9,742
	15,000	2.53%, 09/25/2024		14,880
	10,000	2.58%, 03/25/2026		9,818
	15,000	2.59%, 12/25/2024		14,903
	10,000	2.70%, 02/25/2026		9,924
	10,000	2.72%, 10/25/2024		10,034
	10,000	2.80%, 06/25/2025⁽⁴⁾		10,010
	10,000	2.90%, 01/25/2025⁽⁴⁾		10,153
	10,000	2.94%, 01/25/2026⁽⁴⁾		10,122
	39,028	3.00%, 12/01/2025		40,162
	35,652	3.00%, 12/01/2026		36,617
	76,073	3.00%, 03/01/2027		78,294
	87,720	3.00%, 04/01/2027		90,279
	250,615	3.00%, 07/01/2027		257,925
	50,710	3.00%, 08/01/2027		52,131
	169,252	3.00%, 02/01/2030		173,834
	440,422	3.00%, 02/01/2032		452,365

The accompanying Notes are an integral part of these financial statements.


		15

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
U.S. GOVERNMENT AGENCIES - 15.8% - (continued)
		FNMA - 6.8% - (continued)
$	37,380	3.00%, 04/01/2042	$	37,561
	37,501	3.00%, 09/01/2042		37,548
	73,951	3.00%, 11/01/2042		74,264
	122,858	3.00%, 11/01/2042		123,379
	167,114	3.00%, 12/01/2042		168,308
	193,851	3.00%, 01/01/2043		194,662
	108,089	3.00%, 02/01/2043		108,714
	268,434	3.00%, 02/01/2043		269,558
	157,741	3.00%, 04/01/2043		158,867
	350,956	3.00%, 04/01/2043		353,891
	93,724	3.00%, 04/01/2043		94,121
	64,197	3.00%, 07/01/2043		64,452
	114,071	3.00%, 10/01/2043		114,524
	200,825	3.00%, 11/01/2043		200,696
	936,647	3.00%, 03/01/2046		936,044
	550,063	3.00%, 10/01/2046		550,011
	111,970	3.00%, 11/01/2046		111,968
	1,060,417	3.00%, 11/01/2046		1,059,734
	413,545	3.00%, 12/01/2046		413,279
	390,667	3.00%, 01/01/2047		390,416
	7,976	3.50%, 09/01/2025		8,303
	85,747	3.50%, 10/01/2028		89,527
	160,663	3.50%, 07/01/2029		167,278
	244,824	3.50%, 01/01/2041		252,818
	48,248	3.50%, 02/01/2041		49,824
	49,682	3.50%, 04/01/2041		51,316
	65,214	3.50%, 11/01/2041		67,441
	81,599	3.50%, 01/01/2042		84,198
	32,058	3.50%, 03/01/2042		33,078
	76,629	3.50%, 05/01/2042		79,067
	100,567	3.50%, 06/01/2042		103,860
	87,390	3.50%, 07/01/2042		90,144
	234,304	3.50%, 07/01/2042		241,771
	64,793	3.50%, 08/01/2042		66,852
	87,326	3.50%, 08/01/2042		90,069
	75,964	3.50%, 08/01/2042		78,356
	319,673	3.50%, 09/01/2042		329,874
	49,760	3.50%, 09/01/2042		51,307
	96,107	3.50%, 09/01/2042		99,124
	68,538	3.50%, 01/01/2043		70,624
	205,644	3.50%, 05/01/2043		212,033
	95,579	3.50%, 08/01/2043		98,701
	96,744	3.50%, 08/01/2043		99,834
	142,224	3.50%, 08/01/2043		146,858
	80,935	3.50%, 08/01/2044		83,176
	31,306	3.50%, 10/01/2044		32,173
	80,353	3.50%, 01/01/2045		82,578
	124,543	3.50%, 02/01/2045		127,993
	669,514	3.50%, 11/01/2045		689,360
	625,287	3.50%, 07/01/2046		642,607
	198,355	3.50%, 01/01/2047		203,850
	103,572	4.00%, 05/01/2020		107,221
	28,372	4.00%, 04/01/2025		29,859
	39,606	4.00%, 09/01/2025		41,680
	48,483	4.00%, 08/01/2026		50,190
	108,022	4.00%, 08/01/2040		114,074
	19,790	4.00%, 08/01/2040		20,903
	164,303	4.00%, 09/01/2040		173,393
	7,878	4.00%, 10/01/2040		8,317
	344,962	4.00%, 12/01/2040		364,075
	132,120	4.00%, 02/01/2041		139,451


Shares or Principal Amount			Market Value⁽¹⁾
U.S. GOVERNMENT AGENCIES - 15.8% - (continued)
		FNMA - 6.8% - (continued)
$	36,216	4.00%, 04/01/2041	$	38,089
	18,013	4.00%, 07/01/2041		19,096
	44,121	4.00%, 09/01/2041		46,551
	352,647	4.00%, 12/01/2041		373,509
	141,702	4.00%, 01/01/2042		149,450
	488,288	4.00%, 11/01/2043		516,966
	28,413	4.00%, 01/01/2044		29,883
	252,444	4.00%, 01/01/2044		266,413
	26,397	4.00%, 05/01/2044		27,762
	171,336	4.00%, 12/01/2044		180,197
	17,915	4.50%, 05/01/2025		18,818
	51,643	4.50%, 04/01/2026		54,539
	10,128	4.50%, 04/01/2029		10,888
	77,514	4.50%, 06/01/2030		83,304
	14,731	4.50%, 08/01/2038		15,842
	50,516	4.50%, 01/01/2039		54,181
	34,640	4.50%, 02/01/2039		37,243
	97,853	4.50%, 04/01/2039		105,197
	32,014	4.50%, 11/01/2039		34,337
	56,793	4.50%, 02/01/2040		61,296
	112,780	4.50%, 09/01/2040		122,031
	107,179	4.50%, 10/01/2040		115,705
	77,395	4.50%, 04/01/2041		83,027
	20,703	4.50%, 04/01/2041		22,392
	93,155	4.50%, 04/01/2041		100,398
	111,662	4.50%, 07/01/2041		120,817
	178,388	4.50%, 01/01/2044		191,698
	38,067	5.00%, 02/01/2022		38,982
	31,383	5.00%, 05/01/2028		34,260
	200,263	5.00%, 05/01/2035		219,854
	169,605	5.00%, 08/01/2035		186,359
	84,369	5.00%, 03/01/2037		92,104
	1,515	5.00%, 05/01/2037		1,653
	31,515	5.00%, 02/01/2039		34,421
	45,912	5.00%, 04/01/2039		50,121
	26,560	5.00%, 01/01/2040		29,045
	253,728	5.00%, 01/01/2041		277,249
	237,408	5.50%, 10/01/2035		264,337
	26,096	5.50%, 05/01/2037		29,122
	8,212	5.50%, 01/01/2038		9,137
	13,371	5.50%, 02/01/2038		14,900
	101,744	5.50%, 02/01/2038		113,908
	52,207	5.50%, 06/01/2038		58,024
	20,676	5.50%, 07/01/2038		22,989
	19,442	5.50%, 08/01/2038		21,553
	60,755	5.50%, 09/01/2038		67,472
	17,687	5.50%, 05/01/2040		19,697
	130,000	5.63%, 07/15/2037		178,472
	30,531	6.00%, 04/01/2036		34,498
	50,537	6.00%, 07/01/2037		57,262
	76,081	6.00%, 07/01/2037		86,354
	29,395	6.50%, 06/01/2039		33,144
	53,000	6.63%, 11/15/2030		75,772

				19,906,096

		GNMA - 4.1%
	23,221	2.50%, 10/15/2027		23,633
	70,393	2.50%, 01/15/2043		68,839
	148,325	2.50%, 03/20/2047		144,798
	47,446	3.00%, 04/15/2027		49,057
	94,781	3.00%, 03/20/2028		97,974

The accompanying Notes are an integral part of these financial statements.


		16

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
U.S. GOVERNMENT AGENCIES - 15.8% - (continued)
		GNMA - 4.1% - (continued)
$	40,751	3.00%, 06/20/2042	$	41,320
	175,181	3.00%, 08/20/2042		177,628
	178,661	3.00%, 09/20/2042		181,157
	105,335	3.00%, 11/15/2042		106,845
	135,776	3.00%, 12/20/2042		137,673
	100,014	3.00%, 05/15/2043		101,439
	224,309	3.00%, 06/20/2043		227,442
	207,434	3.00%, 07/20/2043		210,332
	232,576	3.00%, 10/20/2045		235,166
	668,077	3.00%, 09/20/2046		675,517
	486,000	3.00%, 11/20/2046		491,413
	978,898	3.00%, 12/20/2046		989,800
	8,815	3.50%, 09/15/2025		9,210
	30,444	3.50%, 09/20/2040		31,567
	36,468	3.50%, 12/15/2040		37,805
	14,333	3.50%, 02/15/2041		14,858
	13,350	3.50%, 12/20/2041		13,874
	71,582	3.50%, 01/20/2042		74,414
	30,390	3.50%, 02/20/2042		31,601
	18,712	3.50%, 03/15/2042		19,405
	131,404	3.50%, 04/20/2042		136,683
	162,662	3.50%, 05/20/2042		169,196
	8,904	3.50%, 06/15/2042		9,230
	57,527	3.50%, 06/15/2042		59,752
	91,966	3.50%, 06/20/2042		95,745
	109,959	3.50%, 08/20/2042		114,376
	140,720	3.50%, 04/20/2043		146,373
	173,733	3.50%, 07/20/2043		180,713
	101,637	3.50%, 08/15/2043		105,878
	288,115	3.50%, 09/20/2043		299,691
	858,389	3.50%, 04/20/2045		890,039
	1,242,713	3.50%, 11/20/2046		1,288,534
	688,218	3.50%, 01/20/2047		713,594
	14,881	4.00%, 08/15/2026		15,596
	223,910	4.00%, 08/15/2039		235,714
	28,763	4.00%, 07/20/2040		30,504
	17,792	4.00%, 08/15/2040		18,780
	18,733	4.00%, 10/20/2040		19,895
	115,860	4.00%, 12/15/2040		122,708
	36,360	4.00%, 06/15/2041		38,374
	29,914	4.00%, 09/15/2041		32,140
	13,407	4.00%, 12/20/2041		14,190
	27,265	4.00%, 01/20/2042		28,851
	16,880	4.00%, 03/20/2042		17,855
	63,444	4.00%, 05/20/2042		67,092
	45,508	4.00%, 06/15/2042		47,961
	248,354	4.00%, 06/20/2044		261,547
	200,816	4.00%, 09/20/2044		211,483
	221,587	4.00%, 11/20/2044		233,359
	424,325	4.00%, 11/20/2045		446,866
	247,774	4.00%, 03/20/2047		260,986
	67,354	4.50%, 05/15/2039		73,495
	221,322	4.50%, 09/15/2039		242,132
	20,123	4.50%, 04/15/2040		21,578
	6,598	4.50%, 05/20/2040		7,089
	8,230	4.50%, 06/15/2040		8,822
	50,444	4.50%, 06/20/2040		54,202
	142,742	4.50%, 09/20/2040		153,431
	95,699	4.50%, 10/15/2040		103,140
	30,201	4.50%, 10/20/2040		32,562
	65,541	4.50%, 03/20/2041		70,429


Shares or Principal Amount			Market Value⁽¹⁾
U.S. GOVERNMENT AGENCIES - 15.8% - (continued)
		GNMA - 4.1% - (continued)
$	13,833	4.50%, 04/15/2041	$	15,002
	42,182	4.50%, 06/20/2041		45,326
	92,939	5.00%, 11/20/2035		102,312
	43,803	5.00%, 09/15/2039		48,105
	75,120	5.00%, 02/15/2040		82,886
	104,509	5.00%, 09/20/2040		114,822
	64,595	5.00%, 02/20/2041		71,002
	54,482	5.00%, 03/20/2041		60,156
	58,544	5.00%, 08/20/2041		64,276
	16,409	5.00%, 12/20/2041		18,256
	15,764	5.50%, 05/20/2038		17,370
	38,781	5.50%, 07/15/2038		43,185
	36,785	5.50%, 08/20/2041		40,735
	77,496	6.00%, 02/15/2036		87,363
	19,376	6.00%, 08/20/2041		21,748

				12,105,896

		Tennessee Valley Authority - 0.1%
	213,000	6.75%, 11/01/2025		279,100


		Total U.S. Government Agencies (cost $46,287,715)		46,191,670


U.S. GOVERNMENT SECURITIES - 17.6%
		U.S. Treasury Securities - 17.6%
		U.S. Treasury Bonds - 2.5%
	1,160,000	2.50%, 02/15/2045		1,082,561
	3,660,000	2.50%, 02/15/2046		3,406,658
	276,000	3.13%, 11/15/2041		292,258
	2,180,000	3.13%, 02/15/2043		2,303,135
	100,000	3.50%, 02/15/2039		112,981

				7,197,593

		U.S. Treasury Notes - 15.1%
	5,500,000	1.00%, 11/30/2018		5,473,358
	3,300,000	1.13%, 02/28/2021		3,232,970
	4,000,000	1.25%, 11/30/2018		3,994,688
	1,000,000	1.38%, 03/31/2020		996,289
	6,920,000	1.63%, 06/30/2019		6,950,815
	2,650,000	1.63%, 05/15/2026		2,512,325
	6,838,000	1.75%, 05/15/2022		6,800,603
	2,750,000	2.00%, 02/15/2025		2,712,295
	3,800,000	2.00%, 11/15/2026		3,705,296
	315,000	2.13%, 05/15/2025		313,019
	2,410,000	2.75%, 11/15/2023		2,508,661
	2,825,000	2.75%, 02/15/2024		2,939,325
	2,215,000	3.13%, 05/15/2021		2,330,421

			44,470,065


		Total U.S. Government Securities (cost $51,952,130)		51,667,658


		Total Long-Term investments - Excluding Purchased Options (cost $200,423,008)		218,623,849

The accompanying Notes are an integral part of these financial statements.


		17

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)


Shares or Principal Amount			Market Value⁽¹⁾
SHORT-TERM INVESTMENTS - 12.9%
		Repurchase Agreements - 0.3%
		RBC Capital Markets LLC TriParty Repurchase Agreement (dated 06/30/2017, repurchase price $779,069, collateralized by FNMA 6.00%, 2036, GNMA 3.50% - 4.00%, 2043 - 2047, U.S. Treasury Bill 0.00% , 2017, value of $792,459)
	779,000	1.06%, 07/03/2017	$	779,000


		U.S. Government Agencies - 12.6%
		FHLB - 4.4%
	10,000,000	0.87%, 08/23/2017⁽⁶⁾		9,985,550
	3,000,000	1.05%, 08/23/2017⁽⁶⁾		2,995,665

				12,981,215

		FHLMC - 4.4%
	3,000,000	1.01%, 10/05/2017⁽⁶⁾		2,991,696
	4,043,000	1.03%, 08/11/2017⁽⁶⁾		4,038,532
	6,000,000	1.08%, 11/03/2017⁽⁶⁾		5,978,064

				13,008,292


Shares or Principal Amount					Market Value⁽¹⁾
SHORT-TERM INVESTMENTS - 12.9% - (continued)
		FNMA - 3.8%
	6,000,000	0.80%, 07/05/2017⁽⁶⁾			$	5,999,664
	5,000,000	0.92%, 09/07/2017⁽⁶⁾				4,990,560

						10,990,224


						36,979,731


		Total Short-Term investments (cost $37,761,069)				37,758,731


		Total Investments Excluding Purchased Options (cost $238,184,077)	87.6	%	$	256,382,580

		Total Purchased Options (cost $39,981,719)	7.1	%		20,798,665


		Total Investments (cost $278,165,796)⁽⁷⁾	94.7	%	$	277,181,245
		Other Assets and Liabilities	5.3	%		15,395,708

		Total Net Assets	100.0	%	$	292,576,953

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

For Fund compliance purposes, the Fund may not use the same classification system shown in this report as these classifications are used for reporting ease.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	Non-income producing.

⁽³⁾


Company	Beginning Value At January 1, 2017		Purchase Cost		Sales Proceeds		Realized Gain (Loss)		Unrealized Gain (Loss)		Ending Value At June 30, 2017		Dividend Income
Hartford Financial Services Group, Inc. (The)	$	81,100	$	—	$	(19,853)	$	3,217	$	3,562	$	68,026	$	639

⁽⁴⁾	Variable rate securities; the rate reported is the coupon rate in effect at June 30, 2017.

⁽⁵⁾

Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At June 30, 2017, the aggregate value of these securities was $527,649, which represents 0.2% of total net assets.

⁽⁶⁾	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

The accompanying Notes are an integral part of these financial statements.


		18

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (continued)

June 30, 2017 (Unaudited)

⁽⁷⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $278,749,581, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	21,078,493
Unrealized Depreciation		(22,646,829	)

Net Unrealized Depreciation	$	(1,568,336	)

Futures Contracts Outstanding at June 30, 2017


Description	Number of Contracts			Expiration Date		Aggregate Cost			Notional Value		Unrealized Appreciation/ (Depreciation)
Short position contracts:
S&P 500 (E-Mini)		(433	)		09/15/2017		(52,597,718	)		$ (52,412,478)		$ 185,240

Cash of $3,700,000 was pledged as initial margin deposit and collateral for the daily variation margin on open futures contracts at June 30, 2017.

OTC Option Contracts Outstanding at June 30, 2017


Description	Counterparty		Risk Exposure Category		Exercise Price		Expiration Date		Number of Contracts		Market Value		Premiums Received/Paid by Fund⁽¹⁾		Unrealized Appreciation Depreciation
Purchased option contracts:
Put option contracts
S&P 500 Index Option		BCLY		EQ		2,098		11/02/21		31,706	$	6,932,961	$	13,320,087	$	(6,387,126	)
S&P 500 Index Option		CSI		EQ		2,098		11/02/21		31,705		6,932,743		13,290,419		(6,357,676	)
S&P 500 Index Option		JPM		EQ		2,098		11/02/21		31,706		6,932,961		13,371,213		(6,438,252	)

Total put option contracts										95,117	$	20,798,665	$	39,981,719	$	(19,183,054	)

Total purchased option contracts										95,117	$	20,798,665	$	39,981,719	$	(19,183,054	)

⁽¹⁾	For purchased options, premiums are paid by the Fund, for written options, premiums are received.

The brokers deposited securities valued at $14,119,762 and cash of $7,040,000 with the custodian to serve as collateral for the options purchased by the Fund. The collateral is maintained in a segregated account at the custodian on behalf of the Fund. Since the brokers retain legal title to the securities, the securities are not considered assets of the Fund and are not included in the Statement of Assets and Liabilities.


GLOSSARY: (abbreviations used in preceding Schedule of Investments)



Index Abbreviations:
MSCI		Morgan Stanley Capital International
S&P		Standard & Poor’s

Other Abbreviations:
EQ		Equity
ETF		Exchange Traded Fund
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
MTN		Medium Term Note
REIT		Real Estate Investment Trust



Municipal Abbreviations:
DA		Development Authority
GO		General Obligation

Counterparty Abbreviations:
BCLY		Barclays Bank PLC
CSI		Credit Suisse International
JPM		JP Morgan Chase & Co.
RBC		RBC Dominion Securities

The accompanying Notes are an integral part of these financial statements.


		19

HIMCO VIT Portfolio Diversifier Fund

Schedule of Investments – (concluded)

June 30, 2017 (Unaudited)

Credit Exposure

as of June 30, 2017


Credit Rating*	Percentage of Net Assets
AAA/Aaa		20.7	%
AA/Aa		17.0
A		6.3
BBB/Baa		5.4
Not Rated		0.1
Non-Debt Securities and Other Short-Term Instruments		45.2
Other assets and liabilities		5.3

Total		100.0	%

Credit exposure is the long-term credit ratings for the Fund’s holdings, as of the date noted, as provided by Standard and Poor’s Corporation (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch. Inc. (“Fitch”) and typically range from AAA/Aaa (highest) to C/D (lowest). Presentation of S&P, Moody’s and Fitch credit ratings in this report have been selected for informational purposes for shareholders, as well as the Fund’s consideration of industry practice. If S&P, Moody’s and Fitch assign different ratings, the median rating is used. If only two agencies assign ratings, the lower rating is used. Fixed income securities that are not rated by either agency are listed as “Not Rated.” Ratings do not apply to the Fund itself or to the Fund’s shares. Ratings may change.

Investment Valuation Hierarchy Level Summary at June 30, 2017


Description	Total		Level 1⁽¹⁾		Level 2⁽¹⁾		Level 3⁽¹⁾

Assets:
Common Stocks⁽²⁾	$	73,142,835	$	73,142,835	$	—	$	—
Exchange-Traded Funds		681,724		681,724		—		—
Asset & Commercial Mortgage Backed Securities		1,111,877		—		1,111,877		—
Corporate Bonds		41,771,456		—		41,771,456		—
Foreign Government Obligations		3,152,781		—		3,061,919		90,862
Municipal Bonds		903,848		—		903,848		—
U.S. Government Agencies		46,191,670		—		46,191,670		—
U.S. Government Securities		51,667,658		—		51,667,658		—
Short-Term Investments		37,758,731		—		37,758,731		—
Put Options Purchased		20,798,665		—		20,798,665		—

Total	$	277,181,245	$	73,824,559	$	203,265,824	$	90,862

Futures⁽³⁾	$	185,240	$	185,240	$	—	$	—

Total	$	185,240	$	185,240	$	—	$	—

⁽¹⁾

For the six-month period ended June 30, 2017, investments valued at $2,405,370 were transferred from Leve1 1 to Level 2 due to a U.S. Treasury security that no longer represented the most recent issue and is exclusively traded in the secondary market. For the same time period investments valued at $40,500 were transferred from Level 3 to Level 2 due to a security that was previously valued using significant unobservable inputs but is now valued using observable inputs.

⁽²⁾	Refer to the Schedule of Investments for further industry breakout.

⁽³⁾	Derivative instruments (excluding purchased and written options, if applicable) are valued at the unrealized appreciation/depreciation on the investments.

Note:

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

Level 3 investments held by the Fund at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six-month period ended June 30, 2017 is not presented.

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

The accompanying Notes are an integral part of these financial statements.


		20

HIMCO VIT Portfolio Diversifier Fund

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)


Assets:
Investments in unaffiliated securities, at market value (cost $278,112,207)	$	277,113,219
Investments in affiliated securities, at market value (cost $53,589)		68,026
Cash⁽¹⁾		14,716,452
Receivables:
Investment securities sold		766,687
Dividends and interest		939,177
Other assets		2,764

Total assets		293,606,325

Liabilities:
Payables:
Investment securities purchased		715,809
Fund shares redeemed		67,646
Investment management fees		110,570
Variation margin on futures contracts		19,485
Distribution fees		60,519
Trustees fees		184
Accrued expenses		55,159

Total liabilities		1,029,372

Net assets	$	292,576,953

Summary of Net Assets:
Capital stock and paid-in-capital	$	400,309,821
Undistributed net investment income		4,393,578
Accumulated net realized loss		(111,327,135	)
Unrealized depreciation of investments		(799,311	)

Net assets	$	292,576,953

Class IB: Net asset value per share	$	7.18

Shares Outstanding		40,745,262

Net Assets	$	292,576,953

⁽¹⁾	Cash of $3,700,000 was pledged as initial margin deposit and collateral for the daily variation margin on open futures contracts at June 30, 2017.

The accompanying Notes are an integral part of these financial statements.


		21

HIMCO VIT Portfolio Diversifier Fund

Statement of Operations

For the Six-Month Period Ended June 30, 2017 (Unaudited)


Investment Income:
Dividends from unaffiliated securities	$	786,635
Dividends from affiliated securities		639
Interest		1,953,461
Other Income		205

Total investment income, net		2,740,940

Expenses:
Investment management fees		895,848
Transfer agent fees		2,415
Distribution fees - Class IB		373,270
Custodian fees		17,166
Accounting service fees		105,456
Trustees fees		18,933
Audit fees		15,896
Printing fees		14,510
Legal fees		21,334
Insurance fees		10,210
Other expenses		9,421

Total expenses (before waivers)		1,484,459

Total waivers		(209,864	)

Total expenses, net		1,274,595

Net Investment Income		1,466,345

Net Realized Gain (Loss) on Investments and Other Financial Instruments:
Net realized gain on investments in unaffiliated securities		6,946,983
Net realized gain on investments in affiliated securities		3,217
Net realized loss on futures		(5,255,646	)

Net Realized Gain on Investments and Other Financial Instruments		1,694,554

Net Changes in Unrealized Appreciation (Depreciation) of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		851,678
Net unrealized depreciation of purchased options		(10,824,381	)
Net unrealized appreciation of futures contracts		321,118

Net Changes in Unrealized Depreciation of Investments and Other Financial Instruments		(9,651,585	)

Net Realized and Unrealized Loss on Investments and Other Financial Instruments		(7,957,031	)

Net Decrease in Net Assets Resulting from Operations	$	(6,490,686	)

The accompanying Notes are an integral part of these financial statements.


		22

HIMCO VIT Portfolio Diversifier Fund

Statements of Changes in Net Assets


	For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
Operations:
Net investment income	$	1,466,345		$	2,537,220
Net realized gain on investments and other financial instruments		1,694,554			(18,732,372	)
Net unrealized appreciation (depreciation) of investments and other financial instruments		(9,651,585	)		2,238,371

Net Decrease in Net Assets Resulting from Operations		(6,490,686	)		(13,956,781	)

Distributions to Shareholders:
From net investment income
Capital Share Transactions:
Class IB
Sold		14,390,317			54,100,898
Redeemed		(27,872,269	)		(72,733,609	)

Total capital share transactions		(13,481,952	)		(18,632,711	)

Net decrease from capital share transactions		(13,481,952	)		(18,632,711	)

Net Decrease in Net Assets		(19,972,638	)		(32,589,492	)

Net Assets:
Beginning of period		312,549,591			345,139,083

End of period	$	292,576,953		$	312,549,591

Undistributed net investment income	$	4,393,578		$	2,927,233

Shares:
Class IB
Sold		1,991,417			7,156,098
Redeemed		(3,853,465	)		(9,439,893	)

Total share activity		(1,862,048	)		(2,283,795	)

The accompanying Notes are an integral part of these financial statements.


		23

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements

June 30, 2017 (Unaudited)

1.	Organization:

HIMCO VIT Portfolio Diversifier Fund (the “Fund”) serves as an underlying investment option for certain variable annuity separate accounts of Hartford Life Insurance Company (“Hartford Life”) and its affiliates and Forethought Life Insurance Company (“Forethought”). The Fund’s shares are available only to separate accounts of Hartford Life and its affiliates and Forethought who have elected a guaranteed benefit rider subject to an allocation requiring investment in the Fund.

The Fund is a series of the Trust. The Fund is the successor of a series of Hartford Series Fund, Inc. (the “Hartford Portfolio Diversifier HLS Fund”). The reorganization of the Hartford Portfolio Diversifier HLS Fund with and into the Fund occurred on October 20, 2014. All information regarding and references to periods prior to October 20, 2014 relate to the Hartford Portfolio Diversifier HLS Fund. The Fund is a diversified open-end management investment company and applies specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The Fund is authorized to issue an unlimited number of shares.

Class IB shares of the Fund are offered at the per share net asset value (“NAV”) without a sales charge and are subject to distribution and service fees charged pursuant to a distribution plan (the “Distribution Plan”) approved by the Board of Trustees in accordance with Rule 12b-1 under the 1940 Act and the requirements of the applicable market conduct rules of the Financial Industry Regulatory Authority concerning asset-based sales charges.

2.	Significant Accounting Policies:

Determination of Net Asset Value – The NAV per share is determined for the Fund’s shares as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the Exchange is open (“Valuation Date”). If the Exchange is closed due to weather or other extraordinary circumstances on a day it would typically be open for business, the Fund will treat such day as a typical business day and accept purchase and redemption orders and calculate the Fund’s NAV as of 4:00 p.m. Eastern Time. The NAV for each share is determined by dividing the value of the Fund’s net assets by the number of shares outstanding. For any day where, due to technical or other issues, trading is halted before the scheduled close of the Exchange, and not as part of a trading halt that is effected on a market-wide basis, the Fund may elect to continue to treat the Valuation Date as occurring at the time of the schedule close of the Exchange. Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held in the Fund’s portfolio for which market prices are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales were reported, market value is based on prices obtained from independent pricing services, a quotation reporting system or established market makers. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security or other instrument as determined in good faith under policies and procedures established by and under the supervision of the Board of Trustees. Market prices are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio holdings or assets. In addition, market prices are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade do not open for trading for


		24

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

the entire day and no other market prices are available. Securities and other instruments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities or other instruments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that the Fund could obtain the fair value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments in registered open-end investment companies are valued at the respective NAV of each such investment on the Valuation Date. Such open-end funds may use fair value pricing as disclosed in their prospectuses.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Board of Trustees.

•


		25

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

traded instruments and are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; senior floating rate interests, which are valued using an aggregate of dealer bids; short-term investments, which are valued at amortized cost; and swaps, which are valued based upon the terms of each swap contract.

•

For additional information, refer to the Investment Valuation Hierarchy Level Summary included in the Schedule of Investments.

Dividend income from domestic securities is recorded on the ex-dividend date. Interest income, including amortization of premium, accretion of discounts and additional principal received in-kind in lieu of cash, is accrued on a daily basis. Paydown gains and losses on mortgage related and other asset backed securities are included in interest income in the Statement of Operations, as applicable.


		26

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

3.	Securities and Other Investments:

Illiquid and Restricted Investments – The Fund is permitted to invest in illiquid investments in an amount up to 15% of its net assets. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days at approximately the price used for such investments in determination of the Fund’s NAV. The Fund may not be able to sell illiquid investments when the investment manager considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the lack of reliable market quotations for such investments, and investments in them may have an adverse impact on the Fund’s NAV. The Fund may invest in certain restricted investments. Restricted investments may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets.


		27

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

The Fund may also purchase investments that may have restrictions on transfer or resale (including Rule 144A securities and Regulation S securities). These securities may either be determined to be liquid or illiquid pursuant to policies and guidelines established by the Board of Trustees. The Fund did not hold illiquid and/or restricted investments as of June 30, 2017.

Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the Schedule of Investments, had mortgage related and other asset backed securities as of June 30, 2017.

4.	Financial Derivative Instruments:


		28

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of June 30, 2017.

Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. Option contracts are either privately negotiated in the OTC market (“OTC options”) or executed in a registered exchange (“exchange traded options). The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund, as shown on the Schedule of Investments, had outstanding purchased options as of June 30, 2017. The Fund did not hold written options contracts as of June 30, 2017.

Additional Derivative Instrument Information:

Fair Value of Derivative Instruments in the Statement of Assets and Liabilities as of June 30, 2017:


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Investments in unaffiliated securities, at market value (purchased options)	$	—	$	—	$	—	$	20,798,665	$	—	$	—	$	20,798,665
Unrealized appreciation on futures⁽¹⁾		—		—		—		185,240		—		—		185,240

Total	$	—	$	—	$	—	$	20,983,905	$	—	$	—	$	20,983,905

⁽¹⁾

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended June 30, 2017.


		29

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

The Effect of Derivative Instruments in the Statement of Operations for the six-month period ended June 30, 2017:


	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Loss on Derivatives Recognized as a Result of Operations:
Net realized loss on futures	$	—	$	—	$	—	$	(5,255,646	)	$	—	$	—	$	(5,255,646	)

Total	$	—	$	—	$	—	$	(5,255,646	)	$	—	$	—	$	(5,255,646	)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of investments in purchased options	$	—	$	—	$	—	$	(10,824,381	)	$	—	$	—	$	(10,824,381	)
Net change in unrealized appreciation of futures		—		—		—		321,118			—		—		321,118

Total	$	—	$	—	$	—	$	(10,503,263	)	$	—	$	—	$	(10,503,263	)


	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	185,240		$	—
Purchased options		20,798,665			—

Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		20,983,905			—

Derivatives not subject to a MNA		(185,240	)		—

Total gross amount of derivative assets and liabilities subject to MNA or similar agreements	$	20,798,665		$	—


	Gross Amount of Assets		Financial Instruments and Derivatives Available for Offset		Non-cash Collateral Received*			Cash Collateral Received*			Net Amount of Assets
Counterparty
Barclays Bank PLC	$	6,932,961	$	—	$	(6,932,961	)	$	—		$	—
Credit Suisse International		6,932,743		—		—			(6,932,743	)		—
JP Morgan Chase & Co.		6,932,961		—		(6,932,961	)		—			—

Total subject to a master netting or similar arrangement	$	20,798,665	$	—	$	(13,865,922	)	$	(6,932,743	)	$	—

In some instances, the actual collateral received and/or pledged may be more than the amount shown.


		30

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

5.	Principal Risks:

Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage backed securities and certain asset backed securities. For certain asset backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity.

6.	Federal Income Taxes:

Net Investment Income (Loss), Net Realized Gains (Losses) and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, paydown gain/loss, adjustments related to certain corporate actions, REITS, RICs and certain derivatives. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.


	For the Year Ended December 31, 2016		For the Year Ended December 31, 2015
Ordinary Income	$	—	$	3,190,703


		31

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

As of December 31, 2016, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:


	Amount
Undistributed Ordinary Income	$	2,927,233
Undistributed Long-Term Capital Gain		—
Accumulated Capital and Other Losses		(91,489,524	)
Unrealized Appreciation (Depreciation)⁽¹⁾		(12,679,891	)

Total Accumulated Earnings (Deficit)	$	(101,242,182	)

⁽¹⁾

Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as paydown gain/loss and certain distributions from REITs after gain/loss. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statements of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the fiscal year ended December 31, 2016, the Fund recorded reclassifications to increase (decrease) the accounts listed below:


	Amount
Paid In Capital	$	(6,601	)
Undistributed Net Investment Income		370,473
Accumulated Net Realized Loss		(363,872	)

At December 31, 2016 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Capital loss carryforwards with no expiration:


	Amount
Short-Term Capital Loss Carryforward	$	20,086,492
Long-Term Capital Loss Carryforward		71,403,032

Total	$	91,489,524

7.	Fees and Expenses:


		32

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

Investment Management is a wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”). The investment manager provides day-to-day investment management services to the Fund and has overall investment supervisory responsibility for the Fund. In addition, the investment manager provides administrative personnel, services, equipment, facilities and office space for operation of the Fund.


Average Daily Net Assets	Annual Fee
On first $500 million		0.60%
On next $500 million		0.55%
On next $4 billion		0.50%
On next $5 billion		0.48%
Over $10 billion		0.47%

Operating Expenses – Allocable expenses incurred by the Trust are allocated to the Fund in proportion to the average daily net assets of the Fund, except where allocation of certain expenses is more fairly made directly to the Fund.

Hartford Investment Management has contractually agreed to reimburse expenses (exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to maintain total annual operating expenses for the Class IB shares of the Fund at the annual rate of 0.85% of average daily net assets. This contractual arrangement will remain in effect until April 30, 2018 and shall renew automatically for one-year terms, unless the investment manager provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.

Distribution Plan for Class IB Shares – HIMCO Distribution Services Company, a wholly owned subsidiary of The Hartford, serves as the principal underwriter and distributor of the Fund. The Trust, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act for Class IB shares to compensate the distributor, from assets attributable to the services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Board of Trustees.


		33

HIMCO VIT Portfolio Diversifier Fund

Notes to Financial Statements – (concluded)

June 30, 2017 (Unaudited)

meetings throughout each year. In addition, the Board of Trustees may hold special meetings at other times either in person or by telephone. The Trustee fees paid during the period can be found in the Statement of Operations.

8.	Investment Transactions:

For the six-month period ended June 30, 2017, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term investments) was as follows:


	Excluding Government Obligations		U.S. Government Obligations		Total
Cost of Purchases	$	10,155,482	$	18,575,831	$	28,731,313
Sales Proceeds		34,206,832		27,633,743		61,840,575

9.	Recent Accounting Pronouncements:

10.

Indemnifications:

11.

Subsequent Event:


		34

HIMCO VIT Portfolio Diversifier Fund

Financial Highlights


	*— Selected Per-Share Data⁽¹⁾ —*																					*— Ratios and Supplemental Data —*
Class	Net Asset Value at, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions from Net Investment Income			Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾			Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets Before Adjust- ments⁽³⁾			Ratio of Expenses to Average Net Assets After Adjust- ments⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets
HIMCO VIT Portfolio Diversifier Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	7.34	$	0.04	$	(0.20	)	$	(0.16	)	$	—		$	—		$	7.18		(2.18	)%⁽⁴⁾	$	292,577		0.99	%⁽⁵⁾		0.85	%⁽⁵⁾		0.98	%⁽⁵⁾
For the Year Ended December 31, 2016
IB	$	7.69	$	0.06	$	(0.41	)	$	(0.35	)	$	—		$	—		$	7.34		(4.55	)%	$	312,550		0.97	%		0.85	%		0.78	%
For the Year Ended December 31, 2015
IB	$	7.91	$	0.06	$	(0.21	)	$	(0.15	)	$	(0.07	)	$	(0.07	)	$	7.69		(1.89	)%	$	345,139		1.02	%		0.85	%		0.71	%
For the Year Ended December 31, 2014
IB	$	8.13	$	0.05	$	(0.21	)	$	(0.16	)	$	(0.06	)	$	(0.06	)	$	7.91		(2.03	)%	$	417,007		0.90	%		0.85	%		0.59	%
For the Year Ended December 31, 2013⁽⁶⁾
IB	$	9.38	$	0.03	$	(1.25	)	$	(1.22	)	$	(0.03	)	$	(0.03	)	$	8.13		(12.96	)%	$	443,121		0.89	%		0.85	%		0.29	%
For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	10.18	$	0.02	$	(0.79	)	$	(0.77	)	$	(0.03	)	$	(0.03	)	$	9.38		(7.58	)%	$	295,762		0.91	%		0.85	%		0.27	%

⁽¹⁾

Information presented relates to a share outstanding throughout the indicated period. Net investment income (loss) per share amounts are calculated based on average shares outstanding unless otherwise noted.

⁽²⁾

The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees would lower the Fund’s performance.

⁽³⁾

Adjustments include waivers and reimbursements, if applicable.

⁽⁴⁾	Not annualized.

⁽⁵⁾

Annualized.

⁽⁶⁾

Financial highlights for the fiscal years ended December 31, 2013 and December 31, 2012 were audited by the Predecessor Fund’s auditor.

⁽⁷⁾

Net investment income (loss) per share amounts have been calculated using the SEC method.


	Portfolio Turnover Rate
For the Six Months Ended June 30, 2017 (Unaudited)		11	%
For the Year Ended December 31, 2016		52
For the Year Ended December 31, 2015		34
For the Year Ended December 31, 2014		33
For the Year Ended December 31, 2013⁽¹⁾		31
For the Year Ended December 31, 2012⁽¹⁾		61

⁽¹⁾	Financial highlights for the fiscal years ended December 31, 2013 and December 31, 2012 were audited by the Predecessor Fund’s auditor.


		35

HIMCO VIT Portfolio Diversifier Fund

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)


		36

HIMCO VIT Portfolio Diversifier Fund

Expense Example (Unaudited)

Your Fund’s Expenses

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Expenses Paid During Period 1/1/17 - 6/30/17⁽¹⁾		Net Annualized Expense Ratio⁽²⁾
Actual
Class IB	$	1,000	$	978.20	$	4.17		0.85	%
Hypothetical
Class IB	$	1,000	$	1,020.58	$	4.26		0.85	%

⁽¹⁾	Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

⁽²⁾	Net annualized expense ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers can be found in Fees and Expenses of the accompanying Notes to Financial Statements.


		37

THIS PRIVACY POLICY IS NOT PART OF THIS REPORT

Privacy Policy and Practices of The Hartford Financial Services Group, Inc. and its Affiliates

(herein called “we, our and us”)

This Privacy Policy applies to our United States Operations

We value your trust. We are committed to the responsible:

a) management;

b) use; and

c) protection;

of Personal Information.

This notice describes how we collect, disclose, and protect

Personal Information.

We collect Personal Information to:

a) service your Transactions with us; and

b) support our business functions.

We may obtain Personal Information from:

a) You;

b) your Transactions with us; and

c) third parties such as a consumer-reporting agency.

Based on the type of product or service You apply for or get from us, Personal Information such as:

a) your name;

b) your address;

c) your income;

d) your payment; or

e) your credit history;

may be gathered from sources such as applications,

Transactions, and consumer reports.

To serve You and service our business, we may share certain Personal Information. We will share Personal Information, only as allowed by law, with affiliates such as:

a) our insurance companies;

b) our employee agents;

c) our brokerage firms; and

d) our administrators.

As allowed by law, we may share Personal Financial Information with our affiliates to:

a) market our products; or

b) market our services;

to You without providing You with an option to prevent these disclosures.

We may also share Personal Information, only as allowed

by law, with unaffiliated third parties including:

a) independent agents;

b) brokerage firms;

c) insurance companies;

d) administrators; and

e) service providers;

who help us serve You and service our business.

When allowed by law, we may share certain Personal

Financial Information with other unaffiliated third parties

who assist us by performing services or functions such as:

a) taking surveys;

b) marketing our products or services; or

c) offering financial products or services under a joint

agreement between us and one or more financial institutions.

We, and third parties we partner with, may track some

of the pages You visit through the use of:

a) cookies;

b) pixel tagging; or

c) other technologies;

and currently do not process or comply with any web

browser’s “do not track” signal or similar mechanism that

indicates a request to disable online tracking of individual

users who visit our websites or use our services.

For more information, our Online Privacy Policy, which governs information we collect on our website and our affiliate websites, which is available at

Online Privacy Policy.

We will not sell or share your Personal Financial

Information with anyone for purposes unrelated to our

business functions without offering You the opportunity to:

a) “opt-out;” or

b) “opt-in;”

as required by law.

We only disclose Personal Health Information with:

a) your proper written authorization; or

b) as otherwise allowed or required by law.

Our employees have access to Personal Information in

the course of doing their jobs, such as:

a) underwriting policies;

b) paying claims;

c) developing new products; or

d) advising customers of our products and services.

We use manual and electronic security procedures to maintain:

a) the confidentiality; and

b) the integrity of;

Personal Information that we have. We use these procedures to guard against unauthorized access.

Some techniques we use to protect Personal Information

include:

a) secured files;

b) user authentication;

c) encryption;

d) firewall technology; and

e) the use of detection software.

We are responsible for and must:

a) identify information to be protected;

b) provide an adequate level of protection for that data;

c) grant access to protected data only to those people who must use it in the performance of their job-related duties.

Employees who violate our privacy policies and procedures may be subject to discipline, which may include ending their employment with us.

We will continue to follow our Privacy Policy regarding Personal Information even when a business relationship no longer exists between us.

As used in this Privacy Notice:

Application means your request for our product or service.

Personal Financial Information means financial information such as:

a) credit history;

b) income;

c) financial benefits; or

d) policy or claim information.

Personal Financial Information may include Social

Security Numbers, Driver’s license numbers, or other

government-issued identification numbers, or credit,

debit card, or bank account numbers.

Personal Health Information means health information

such as:

a) your medical records; or

b) information about your illness, disability or injury.

Personal Information means information that identifies

You personally and is not otherwise available to the public.

It includes:

a) Personal Financial Information; and

b) Personal Health Information.

Transaction means your business dealings with us,

such as:

a) your Application;

b) your request for us to pay a claim; and

c) your request for us to take an action on your account.

You means an individual who has given us Personal

Information in conjunction with:

a) asking about;

b) applying for; or

c) obtaining;

a financial product or service from us if the product or service is used mainly for personal, family, or household purposes.

Revised March 2017

LOGO

You should carefully consider investment objectives, risks, and charges and expenses of the HIMCO VIT Portfolio Diversifier Fund before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or from www.hvitfunds.com. Please read them carefully before investing.

Distributor: HIMCO Distribution Services Company, member FINRA, SIPC, a broker-dealer affiliated with Hartford Investment Management. Not FDIC Insured – No Bank Guarantee – May Lose Value

LOGO

HIMCO Variable Insurance Trust

Table of Contents



HIMCO Variable Insurance Trust Financial Statements:

Schedules of Investments as of June 30, 2017 (Unaudited):

HIMCO VIT American Funds Asset Allocation Fund			2

HIMCO VIT American Funds Blue Chip Income and Growth Fund			2

HIMCO VIT American Funds Bond Fund			3

HIMCO VIT American Funds Global Bond Fund			3

HIMCO VIT American Funds Global Growth and Income Fund			4

HIMCO VIT American Funds Global Growth Fund			4

HIMCO VIT American Funds Global Small Capitalization Fund			5

HIMCO VIT American Funds Growth Fund			5

HIMCO VIT American Funds Growth-Income Fund			6

HIMCO VIT American Funds International Fund			6

HIMCO VIT American Funds New World Fund			7

Statements of Assets and Liabilities as of June 30, 2017 (Unaudited)			8

Statements of Operations for the Six-Month Period Ended June 30, 2017 (Unaudited)			10

Statements of Changes in Net Assets for the Six-Month Period Ended June 30, 2017 (Unaudited) and Year Ended December 31, 2016			12

Notes to Financial Statements (Unaudited)			16

Financial Highlights (Unaudited)			25

How to Obtain a Copy of the Funds’ Proxy Voting Policies and Voting Records (Unaudited)			30

Quarterly Portfolio Holdings Information (Unaudited)			30

Expense Example (Unaudited)			31

This report is prepared for the general information of contract owners and is not an offer to buy or sell an annuity contract, fund or any security. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus (which contains all pertinent product information including the applicable sales, administrative and other charges) and the current prospectus and/or summary prospectus of the Funds available for investment thereunder.

HIMCO VIT American Funds Asset Allocation Fund

Schedule of Investments

June 30, 2017 (Unaudited)

HIMCO VIT American Funds Blue Chip Income and Growth Fund

Schedule of Investments

June 30, 2017 (Unaudited)


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	1,636,976	American Funds Insurance Series - Asset Allocation Fund Class 1			$	36,586,424


		Total Investment Companies (cost $34,671,369)			$	36,586,424


		Total Investments (cost $34,671,369)⁽²⁾	100.1	%	$	36,586,424
		Other Assets and Liabilities	(0.1	)%		(22,097	)

		Total Net Assets	100.0	%	$	36,564,327

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $34,671,369, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	1,915,055
Unrealized Depreciation		—

Net Unrealized Appreciation	$	1,915,055

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	36,586,424

Total	$	36,586,424


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	2,621,743	American Funds Insurance Series - Blue Chip Income and Growth Fund Class 1			$	36,022,742


		Total Investment Companies (cost $33,651,087)			$	36,022,742


		Total Investments (cost $33,651,087)⁽²⁾	100.1	%	$	36,022,742
		Other Assets and Liabilities	(0.1	)%		(22,830	)

		Total Net Assets	100.0	%	$	35,999,912

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $33,658,790, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	2,363,952
Unrealized Depreciation		—

Net Unrealized Appreciation	$	2,363,952

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	36,022,742

Total	$	36,022,742

The accompanying Notes are an integral part of these financial statements.


		2

HIMCO VIT American Funds Bond Fund

Schedule of Investments

June 30, 2017 (Unaudited)

HIMCO VIT American Funds Global Bond Fund

Schedule of Investments

June 30, 2017 (Unaudited)


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	12,263,650	American Funds Insurance Series - Bond Fund Class 1			$	133,183,240


		Total Investment Companies (cost $133,933,016)			$	133,183,240


		Total Investments (cost $133,933,016)⁽²⁾	100.1	%	$	133,183,240
		Other Assets and Liabilities	(0.1	)%		(71,908	)

		Total Net Assets	100.0	%	$	133,111,332

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $134,795,776, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	—
Unrealized Depreciation		(1,612,536	)

Net Unrealized Depreciation	$	(1,612,536	)

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	133,183,240

Total	$	133,183,240


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	923,474	American Funds Insurance Series - Global Bond Fund Class 1			$	10,823,111


		Total Investment Companies (cost $11,027,314)			$	10,823,111


		Total Investments (cost $11,027,314)⁽²⁾	100.1	%	$	10,823,111
		Other Assets and Liabilities	(0.1	)%		(9,824	)

		Total Net Assets	100.0	%	$	10,813,287

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $11,247,182, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	—
Unrealized Depreciation		(424,071	)

Net Unrealized Depreciation	$	(424,071	)

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	10,823,111

Total	$	10,823,111

The accompanying Notes are an integral part of these financial statements.


		3

HIMCO VIT American Funds Global Growth and Income Fund

Schedule of Investments

June 30, 2017 (Unaudited)

HIMCO VIT American Funds Global Growth Fund

Schedule of Investments

June 30, 2017 (Unaudited)


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	2,259,967	American Funds Insurance Series - Global Growth and Income Fund Class 1			$	33,108,524


		Total Investment Companies (cost $24,074,344)			$	33,108,524


		Total Investments (cost $24,074,344)⁽²⁾	100.1	%	$	33,108,524
		Other Assets and Liabilities	(0.1	)%		(21,341	)

		Total Net Assets	100.0	%	$	33,087,183

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $25,023,305, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	8,085,219
Unrealized Depreciation		—

Net Unrealized Appreciation	$	8,085,219

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	33,108,524

Total	$	33,108,524


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	659,003	American Funds Insurance Series - Global Growth Fund Class 1			$	18,247,787


		Total Investment Companies (cost $16,577,370)			$	18,247,787


		Total Investments (cost $16,577,370)⁽²⁾	100.1	%	$	18,247,787
		Other Assets and Liabilities	(0.1	)%		(13,161	)

		Total Net Assets	100.0	%	$	18,234,626

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $16,620,301, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	1,627,486
Unrealized Depreciation		—

Net Unrealized Appreciation	$	1,627,486

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	18,247,787

Total	$	18,247,787

The accompanying Notes are an integral part of these financial statements.


		4

HIMCO VIT American Funds Global Small Capitalization Fund

Schedule of Investments

June 30, 2017 (Unaudited)

HIMCO VIT American Funds Growth Fund

Schedule of Investments

June 30, 2017 (Unaudited)


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	1,603,015	American Funds Insurance Series - Global Small Capitalization Fund Class 1			$	36,452,571


		Total Investment Companies (cost $34,566,936)			$	36,452,571


		Total Investments (cost $34,566,936)⁽²⁾	100.1	%	$	36,452,571
		Other Assets and Liabilities	(0.1	)%		(24,312	)

		Total Net Assets	100.0	%	$	36,428,259

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $34,607,735, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	1,844,836
Unrealized Depreciation		—

Net Unrealized Appreciation	$	1,844,836

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	36,452,571

Total	$	36,452,571


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	3,259,037	American Funds Insurance Series - Growth Fund Class 1			$	228,393,328


		Total Investment Companies (cost $205,592,196)			$	228,393,328


		Total Investments (cost $205,592,196)⁽²⁾	100.1	%	$	228,393,328
		Other Assets and Liabilities	(0.1	)%		(119,547	)

		Total Net Assets	100.0	%	$	228,273,781

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $211,209,040, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	17,184,288
Unrealized Depreciation		—

Net Unrealized Appreciation	$	17,184,288

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	228,393,328

Total	$	228,393,328

The accompanying Notes are an integral part of these financial statements.


		5

HIMCO VIT American Funds Growth-Income Fund

Schedule of Investments

June 30, 2017 (Unaudited)

HIMCO VIT American Funds International Fund

Schedule of Investments

June 30, 2017 (Unaudited)


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	2,886,783	American Funds Insurance Series - Growth-Income Fund Class 1			$	131,550,720


		Total Investment Companies (cost $120,947,189)			$	131,550,720


		Total Investments (cost $120,947,189)⁽²⁾	100.1	%	$	131,550,720
		Other Assets and Liabilities	(0.1	)%		(68,338	)

		Total Net Assets	100.0	%	$	131,482,382

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $124,157,672, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	7,393,048
Unrealized Depreciation		—

Net Unrealized Appreciation	$	7,393,048

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	131,550,720

Total	$	131,550,720


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	6,968,878	American Funds Insurance Series - International Fund Class 1			$	137,077,829


		Total Investment Companies (cost $121,986,380)			$	137,077,829


		Total Investments (cost $121,986,380)⁽²⁾	100.1	%	$	137,077,829
		Other Assets and Liabilities	(0.1	)%		(77,827	)

		Total Net Assets	100.0	%	$	137,000,002

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾ At June 30, 2017, the cost of securities for federal income tax purposes was $124,729,922, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	12,347,907
Unrealized Depreciation		—

Net Unrealized Appreciation	$	12,347,907

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	137,077,829

Total	$	137,077,829

The accompanying Notes are an integral part of these financial statements.


		6

HIMCO VIT American Funds New World Fund

Schedule of Investments

June 30, 2017 (Unaudited)


Shares					Market Value⁽¹⁾
INVESTMENT COMPANIES - 100.1%
	876,091	American Funds Insurance Series - New World Fund Class 1			$	19,764,619


		Total Investment Companies (cost $19,082,262)			$	19,764,619


		Total Investments (cost $19,082,262)⁽²⁾	100.1	%	$	19,764,619
		Other Assets and Liabilities	(0.1	)%		(14,216	)

		Total Net Assets	100.0	%	$	19,750,403

Note:

Percentage of investments as shown is the ratio of the total market value to total net assets.

⁽¹⁾	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

⁽²⁾	At June 30, 2017, the cost of securities for federal income tax purposes was $19,572,475, and the aggregate gross unrealized appreciation and depreciation based on that cost were:


Unrealized Appreciation	$	192,144
Unrealized Depreciation		—

Net Unrealized Appreciation	$	192,144

At June 30, 2017, the investment valuation hierarchy levels were:


Assets:
Investments in Securities - Level 1	$	19,764,619

Total	$	19,764,619

The accompanying Notes are an integral part of these financial statements.


		7

HIMCO Variable Insurance Trust

Statements of Assets and Liabilities

June 30, 2017 (Unaudited)


	HIMCO VIT American Funds Asset Allocation Fund		HIMCO VIT American Funds Blue Chip Income and Growth Fund		HIMCO VIT American Funds Bond Fund
Assets:
Investments in underlying funds, at market value	$	36,586,424	$	36,022,742	$	133,183,240
Receivables:
Investment securities sold		1,686		5,952		659,128
Other assets		348		316		1,238

Total assets		36,588,458		36,029,010		133,843,606

Liabilities:
Payables:
Fund shares redeemed		1,686		5,952		659,128
Investment management fees		5,743		5,889		24,075
Distribution fees		7,581		7,443		27,555
Trustees fees		3		—		87
Accrued expenses		9,118		9,814		21,429

Total liabilities		24,131		29,098		732,274

Net assets	$	36,564,327	$	35,999,912	$	133,111,332

Summary of Net Assets:
Capital stock and paid-in-capital	$	29,072,228	$	24,834,051	$	130,219,608
Undistributed net investment income		521,956		1,102,067		3,920,618
Accumulated net realized gain (loss)		5,055,088		7,692,139		(279,118	)
Unrealized appreciation (depreciation)		1,915,055		2,371,655		(749,776	)

Net assets	$	36,564,327	$	35,999,912	$	133,111,332

Class IB: Net asset value per share	$	8.61	$	9.99	$	9.45

Shares Outstanding		4,245,694		3,604,028		14,090,964

Net Assets	$	36,564,327	$	35,999,912	$	133,111,332

Cost of investments in underlying fund	$	34,671,369	$	33,651,087	$	133,933,016

The accompanying Notes are an integral part of these financial statements.


		8

HIMCO Variable Insurance Trust

Statements of Assets and Liabilities (concluded)

June 30, 2017 (Unaudited)


HIMCO VIT American Funds Global Bond Fund			HIMCO VIT American Funds Global Growth and Income Fund		HIMCO VIT American Funds Global Growth Fund		HIMCO VIT American Funds Global Small Capitalization Fund		HIMCO VIT American Funds Growth Fund		HIMCO VIT American Funds Growth- Income Fund		HIMCO VIT American Funds International Fund		HIMCO VIT American Funds New World Fund

$	10,823,111		$	33,108,524	$	18,247,787	$	36,452,571	$	228,393,328	$	131,550,720	$	137,077,829	$	19,764,619

	5,875			624		3,043		232,625		612,267		466,961		385,086		9,701
	94			298		146		326		2,008		1,170		1,206		165

	10,829,080			33,109,446		18,250,976		36,685,522		229,007,603		132,018,851		137,464,121		19,774,485



	5,875			624		3,043		232,625		612,267		466,961		385,086		9,701
	332			4,673		2,076		6,114		41,311		22,883		24,457		2,229
	2,242			6,888		3,804		7,616		47,913		27,302		28,577		4,107
	—			23		—		1		—		—		—		—
	7,344			10,055		7,427		10,907		32,331		19,323		25,999		8,045

	15,793			22,263		16,350		257,263		733,822		536,469		464,119		24,082

$	10,813,287		$	33,087,183	$	18,234,626	$	36,428,259	$	228,273,781	$	131,482,382	$	137,000,002	$	19,750,403


$	11,475,037		$	20,231,230	$	13,779,798	$	26,536,552	$	137,301,721	$	82,855,341	$	105,841,564	$	20,397,868
	65,417			504,150		120,473		109,531		1,323,815		2,351,916		1,547,757		59,110
	(522,964	)		3,317,623		2,663,938		7,896,541		66,847,113		35,671,594		14,519,232		(1,388,932	)
	(204,203	)		9,034,180		1,670,417		1,885,635		22,801,132		10,603,531		15,091,449		682,357

$	10,813,287		$	33,087,183	$	18,234,626	$	36,428,259	$	228,273,781	$	131,482,382	$	137,000,002	$	19,750,403

$	8.96		$	6.86	$	7.51	$	7.03	$	7.57	$	8.46	$	7.92	$	6.08

	1,207,320			4,821,827		2,426,707		5,178,231		30,139,740		15,543,355		17,307,310		3,247,317

$	10,813,287		$	33,087,183	$	18,234,626	$	36,428,259	$	228,273,781	$	131,482,382	$	137,000,002	$	19,750,403

$	11,027,314		$	24,074,344	$	16,577,370	$	34,566,936	$	205,592,196	$	120,947,189	$	121,986,380	$	19,082,262

The accompanying Notes are an integral part of these financial statements.


		9

HIMCO Variable Insurance Trust

Statements of Operations

For the Six-Month Period Ended June 30, 2017 (Unaudited)


	HIMCO VIT American Funds Asset Allocation Fund			HIMCO VIT American Funds Blue Chip Income and Growth Fund			HIMCO VIT American Funds Bond Fund
Investment Income:
Dividends from underlying fund	$	139,416		$	291,987		$	2,186,025

Total investment income		139,416			291,987			2,186,025

Expenses:
Investment management fees		124,617			138,815			334,580
Transfer agent fees		833			822			1,401
Distribution fees - Class IB		47,930			46,272			167,290
Accounting service fees		5,353			5,165			14,786
Trustee fees		2,413			2,250			8,423
Audit fees		7,859			7,805			10,448
Printing fees		2,683			3,066			7,166
Legal fees		2,736			2,590			9,485
Insurance fees		1,283			1,167			4,576
Other expenses		1,441			1,433			1,626

Total expenses (before waivers)		197,148			209,385			559,781

Total waivers		(87,869	)		(102,035	)		(191,743	)

Total expenses, net		109,279			107,350			368,038

Net Investment Income (Loss)		30,137			184,637			1,817,987

Net Realized Gain (Loss) on Investments:
Capital gain distribution received from underlying fund		1,632,268			1,178,104			507,254
Net realized gain (loss) on investments in underlying funds		922,722			1,192,614			(562,370	)

Net Realized Gain on Investments		2,554,990			2,370,718			(55,116	)

Net Changes in Unrealized Appreciation (Depreciation) of Investments:
Net unrealized appreciation (depreciation) of investments in underlying fund		416,718			(536,687	)		1,351,491

Net Realized and Unrealized Gain (Loss) on Investments		2,971,708			1,834,031			1,296,375

Net Increase in Net Assets Resulting from Operations	$	3,001,845		$	2,018,668		$	3,114,362

The accompanying Notes are an integral part of these financial statements.


		10

HIMCO Variable Insurance Trust

Statements of Operations (concluded)

For the Six-Month Period Ended June 30, 2017 (Unaudited)


HIMCO VIT American Funds Global Bond Fund			HIMCO VIT American Funds Global Growth and Income Fund			HIMCO VIT American Funds Global Growth Fund			HIMCO VIT American Funds Global Small Capitalization Fund			HIMCO VIT American Funds Growth Fund			HIMCO VIT American Funds Growth- Income Fund			HIMCO VIT American Funds International Fund			HIMCO VIT American Funds New World Fund

$	65,135		$	107,829		$	21,942		$	154,400		$	918,314		$	471,873		$	522,643		$	33,518

	65,135			107,829			21,942			154,400			918,314			471,873			522,643			33,518


	39,825			129,397			84,874			145,525			857,584			462,754			578,527			105,658
	663			792			695			814			1,947			1,386			1,397			711
	13,275			40,436			21,219			45,476			285,861			165,269			170,155			24,013
	2,533			4,666			3,049			5,039			23,816			14,512			14,701			3,322
	648			2,020			997			2,242			13,927			8,118			8,331			1,154
	7,443			7,919			7,508			8,015			12,599			10,209			10,505			7,573
	2,178			2,654			2,399			3,459			12,498			5,737			11,549			3,135
	737			2,270			1,137			2,543			15,879			9,251			9,462			1,317
	344			1,100			536			1,204			7,419			4,320			4,453			614
	1,386			1,432			1,397			1,437			1,789			1,609			1,618			1,403

	69,032			192,686			123,811			215,754			1,233,319			683,165			810,698			148,900

	(38,234	)		(103,726	)		(74,584	)		(110,249	)		(615,859	)		(326,184	)		(436,357	)		(93,190	)

	30,798			88,960			49,227			105,505			617,460			356,981			374,341			55,710

	34,337			18,869			(27,285	)		48,895			300,854			114,892			148,302			(22,192	)


	931			579,581			540,154			—			21,381,464			8,339,126			1,540,056			—
	(61,451	)		1,242,390			219,580			53,754			10,938,053			4,889,856			2,670,835			(228,723	)

	(60,520	)		1,821,971			759,734			53,754			32,319,517			13,228,982			4,210,891			(228,723	)


	527,429			2,592,633			2,126,689			4,203,929			(806,982	)		(1,094,789	)		18,697,182			2,804,860

	466,909			4,414,604			2,886,423			4,257,683			31,512,535			12,134,193			22,908,073			2,576,137

$	501,246		$	4,433,473		$	2,859,138		$	4,306,578		$	31,813,389		$	12,249,085		$	23,056,375		$	2,553,945

The accompanying Notes are an integral part of these financial statements.


		11

HIMCO Variable Insurance Trust

Statements of Changes in Net Assets


	HIMCO VIT American Funds Asset Allocation Fund						HIMCO VIT American Funds Blue Chip Income and Growth Fund
	For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
Operations:
Net investment income (loss)	$	30,137		$	491,821		$	184,637		$	917,430
Net realized gain (loss) on investments		2,554,990			2,500,099			2,370,718			5,329,289
Net unrealized appreciation (depreciation) of investments		416,718			471,223			(536,687	)		108,356

Net Increase (Decrease) in Net Assets Resulting from Operations		3,001,845			3,463,143			2,018,668			6,355,075

Distributions to Shareholders:
From net investment income
Class IB		—			(1,013,091	)		—			(899,736	)
From net realized gain on investments
Class IB		—			(6,577,960	)		—			(8,179,373	)

Total distributions		—			(7,591,051	)		—			(9,079,109	)

Capital Share Transactions:
Class IB
Sold		1,119,362			2,407,590			544,286			3,895,906
Issued on reinvestment of distributions		—			7,591,051			—			9,079,109
Redeemed		(7,057,295	)		(10,463,729	)		(4,036,979	)		(9,650,580	)

Net increase (decrease) from capital share transactions		(5,937,933	)		(465,088	)		(3,492,693	)		3,324,435

Net Increase (Decrease) in Net Assets		(2,936,088	)		(4,592,996	)		(1,474,025	)		600,401

Net Assets:
Beginning of period		39,500,415			44,093,411			37,473,937			36,873,536

End of period	$	36,564,327		$	39,500,415		$	35,999,912		$	37,473,937

Undistributed net investment income	$	521,956		$	491,819		$	1,102,067		$	917,430

Shares:
Class IB
Sold		133,258			281,473			55,874			362,953
Issued on reinvestment of distributions		—			965,783			—			995,516
Redeemed		(840,267	)		(1,222,357	)		(410,486	)		(951,358	)

Total share activity		(707,009	)		24,899			(354,612	)		407,111

The accompanying Notes are an integral part of these financial statements.


		12

HIMCO Variable Insurance Trust

Statements of Changes in Net Assets (continued)


HIMCO VIT American Funds Bond Fund						HIMCO VIT American Funds Global Bond Fund						HIMCO VIT American Funds Global Growth and Income Fund						HIMCO VIT American Funds Global Growth Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016

$	1,817,987		$	2,102,636		$	34,337		$	31,081		$	18,869		$	485,284		$	(27,285	)	$	147,759
	(55,116	)		2,397			(60,520	)		(162,063	)		1,821,971			3,036,099			759,734			2,285,113
	1,351,491			2,071,693			527,429			345,022			2,592,633			(1,263,416	)		2,126,689			(2,436,159	)

	3,114,362			4,176,726			501,246			214,040			4,433,473			2,257,967			2,859,138			(3,287	)



	—			(4,871,873	)		—			(169,483	)		—			(665,667	)		—			(314,071	)

	—			(1,344,209	)		—			—			—			(4,556,731	)		—			(2,791,775	)

	—			(6,216,082	)		—			(169,483	)		—			(5,222,398	)		—			(3,105,846	)



	7,012,965			10,784,893			1,111,869			2,616,991			141,573			439,412			1,111,886			1,146,915
	—			6,216,082			—			169,483			—			5,222,398			—			3,105,846
	(12,770,601	)		(30,890,662	)		(1,111,514	)		(3,078,042	)		(3,620,398	)		(8,905,562	)		(1,377,777	)		(4,501,163	)

	(5,757,636	)		(13,889,687	)		355			(291,568	)		(3,478,825	)		(3,243,752	)		(265,891	)		(248,402	)

	(2,643,274	)		(15,929,043	)		501,601			(247,011	)		954,648			(6,208,183	)		2,593,247			(3,357,535	)


	135,754,606			151,683,649			10,311,686			10,558,697			32,132,535			38,340,718			15,641,379			18,998,914

$	133,111,332		$	135,754,606		$	10,813,287		$	10,311,686		$	33,087,183		$	32,132,535		$	18,234,626		$	15,641,379

$	3,920,618		$	2,102,631		$	65,417		$	31,080		$	504,150		$	485,281		$	120,473		$	147,758



	752,532			1,134,890			127,615			291,034			22,323			69,783			157,313			162,704
	—			652,950			—			18,442			—			868,951			—			474,175
	(1,369,016	)		(3,223,939	)		(126,758	)		(349,266	)		(565,730	)		(1,420,127	)		(195,792	)		(637,207	)

	(616,484	)		(1,436,099	)		857			(39,790	)		(543,407	)		(481,393	)		(38,479	)		(328	)

The accompanying Notes are an integral part of these financial statements.


		13

HIMCO Variable Insurance Trust

Statements of Changes in Net Assets (continued)


	HIMCO VIT American Funds Global Small Capitalization Fund						HIMCO VIT American Funds Growth Fund
	For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
Operations:
Net investment income (loss)	$	48,895		$	60,637		$	300,854		$	1,022,969
Net realized gain (loss) on investments		53,754			8,131,856			32,319,517			43,069,946
Net unrealized appreciation (depreciation) of investments		4,203,929			(7,572,548	)		(806,982	)		(23,789,767	)

Net Increase (Decrease) in Net Assets Resulting from Operations		4,306,578			619,945			31,813,389			20,303,148

Distributions to Shareholders:
From net investment income
Class IB		—			(160,017	)		—			(748,434	)
From net realized gain on investments
Class IB		—			(7,330,124	)		—			(92,964,012	)

Total distributions		—			(7,490,141	)		—			(93,712,446	)

Capital Share Transactions:
Class IB
Sold		673,144			2,369,229			1,403,612			4,156,939
Issued on reinvestment of distributions		—			7,490,141			—			93,712,446
Redeemed		(4,132,927	)		(9,144,876	)		(30,210,761	)		(56,278,674	)

Net increase (decrease) from capital share transactions		(3,459,783	)		714,494			(28,807,149	)		41,590,711

Net Increase (Decrease) in Net Assets		846,795			(6,155,702	)		3,006,240			(31,818,587	)

Net Assets:
Beginning of period		35,581,464			41,737,166			225,267,541			257,086,128

End of period	$	36,428,259		$	35,581,464		$	228,273,781		$	225,267,541

Undistributed net investment income	$	109,531		$	60,636		$	1,323,815		$	1,022,961

Shares:
Class IB
Sold		99,513			341,446			191,048			453,446
Issued on reinvestment of distributions		—			1,172,166			—			14,551,622
Redeemed		(611,541	)		(1,353,152	)		(4,210,370	)		(6,998,542	)

Total share activity		(512,028	)		160,460			(4,019,322	)		8,006,526

The accompanying Notes are an integral part of these financial statements.


		14

HIMCO Variable Insurance Trust

Statements of Changes in Net Assets (concluded)


HIMCO VIT American Funds Growth-Income Fund						HIMCO VIT American Funds International Fund						HIMCO VIT American Funds New World Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six-Month Period Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016

$	114,892		$	2,237,028		$	148,302		$	1,399,466		$	(22,192	)	$	81,306
	13,228,982			26,215,232			4,210,891			12,521,810			(228,723	)		(946,938	)
	(1,094,789	)		(13,955,688	)		18,697,182			(9,028,302	)		2,804,860			1,766,630

	12,249,085			14,496,572			23,056,375			4,892,974			2,553,945			900,998



	—			(2,142,064	)		—			(1,915,253	)		—			(402,896	)

	—			(39,353,428	)		—			(15,464,176	)		—			(796,215	)

	—			(41,495,492	)		—			(17,379,429	)		—			(1,199,111	)



	1,914,366			3,246,275			2,985,929			8,845,165			864,711			1,098,215
	—			41,495,492			—			17,379,429			—			1,199,111
	(14,776,315	)		(32,328,123	)		(19,738,509	)		(32,294,458	)		(2,241,286	)		(4,718,145	)

	(12,861,949	)		12,413,644			(16,752,580	)		(6,069,864	)		(1,376,575	)		(2,420,819	)

	(612,864	)		(14,585,276	)		6,303,795			(18,556,319	)		1,177,370			(2,718,932	)


	132,095,246			146,680,522			130,696,207			149,252,526			18,573,033			21,291,965

$	131,482,382		$	132,095,246		$	137,000,002		$	130,696,207		$	19,750,403		$	18,573,033

$	2,351,916		$	2,237,024		$	1,547,757		$	1,399,455		$	59,110		$	81,302



	230,670			356,388			424,988			1,274,593			146,177			201,679
	—			5,540,119			—			2,522,414			—			218,020
	(1,804,197	)		(3,661,440	)		(2,664,861	)		(4,612,014	)		(388,583	)		(882,871	)

	(1,573,527	)		2,235,067			(2,239,873	)		(815,007	)		(242,406	)		(463,172	)

The accompanying Notes are an integral part of these financial statements.


		15

HIMCO Variable Insurance Trust

Notes to Financial Statements

June 30, 2017 (Unaudited)

1.	Organization:

The financial statements and the accompanying notes relate to the following funds: HIMCO VIT American Funds Asset Allocation Fund (“Asset Allocation Fund”), HIMCO VIT American Funds Blue Chip Income and Growth Fund (“Blue Chip Income and Growth Fund”), HIMCO VIT American Funds Bond Fund (“Bond Fund”), HIMCO VIT American Funds Global Bond Fund (“Global Bond Fund”), HIMCO VIT American Funds Global Growth and Income Fund (“Global Growth and Income Fund”), HIMCO VIT American Funds Global Growth Fund (“Global Growth Fund”), HIMCO VIT American Funds Global Small Capitalization Fund (“Global Small Capitalization Fund”), HIMCO VIT American Funds Growth Fund (“Growth Fund”), HIMCO VIT American Funds Growth-Income Fund (“Growth-Income Fund”), HIMCO VIT American Funds International Fund (“International Fund”) and HIMCO VIT American Funds New World Fund (“New World Fund”) (each a “Fund” or collectively the “Funds”). The Funds are each a series of the Trust. Each Fund is the successor of a series of Hartford Series Fund, Inc. (collectively referred to as the “American Funds HLS Funds”). The reorganization of the American Funds HLS with and into the respective Funds occurred on October 20, 2014. All information regarding and references to periods prior to October 20, 2014 relate to the respective American Funds HLS Funds.

Each Fund is a diversified open-end management investment company, except for the HIMCO VIT American Funds Global Bond Fund, which is non-diversified. Each Fund is authorized to issue an unlimited number of shares. The Funds are investment companies and apply specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The Funds serve as underlying investment options for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“Hartford Life”) and its affiliates.

The Funds operate in the manner of “feeder funds”, investing all of their assets in shares of corresponding mutual funds (the “Master Funds”). Each Master Fund is offered by American Funds Insurance Series^® and is a registered open-end investment company. The Funds and their related Master Funds are listed below:


Fund		Master Fund
Asset Allocation Fund		Asset Allocation Fund Class 1
Blue Chip Income and Growth Fund		Blue Chip Income and Growth Fund Class 1
Bond Fund		Bond Fund Class 1
Global Bond Fund		Global Bond Fund Class 1
Global Growth and Income Fund		Global Growth and Income Fund Class 1
Global Growth Fund		Global Growth Fund Class 1
Global Small Capitalization Fund		Global Small Capitalization Fund Class 1
Growth Fund		Growth Fund Class 1
Growth-Income Fund		Growth-Income Fund Class 1
International Fund		International Fund Class 1
New World Fund		New World Fund Class 1

The financial statements of the Master Funds, including the Summary Investment Portfolios, are provided separately and should be read in conjunction with the Funds’ financial statements.

Class IB shares of the Funds are offered at the per share net asset value (“NAV”) without a sales charge and are subject to distribution and service fees charged pursuant to a distribution plan (the “Distribution Plan”) approved by the Board of Trustees in accordance with Rule 12b-1 under the 1940 Act and the requirements of the applicable market conduct rules of the Financial Industry Regulatory Authority concerning asset-based sales charges.

2.	Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements, which are in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The


		16

HIMCO Variable Insurance Trust

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

Determination of Net Asset Value – The NAV per share of each Fund is determined as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the Exchange is open (the “Valuation Date”). If the Exchange is closed due to weather or other extraordinary circumstances on a day it would typically be open for business, the Funds will treat such day as a typical business day and accept purchase and redemption orders and calculate the Funds’ NAV as of 4:00 p.m. Eastern Time. The NAV for each share is determined by dividing the value of a Fund’s net assets by the number of shares outstanding. For any day where, due to technical or other issues, trading is halted before the scheduled close of the Exchange, and not as part of a trading halt that is effected on a market-wide basis, the Fund may elect to continue to treat the Valuation Date as occurring at the time of the schedule close of the Exchange. Information that becomes known to the Funds after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

Investment Valuation – The Funds do not buy investment securities directly. Instead, each Fund invests all of its assets in a separate mutual fund, which has the same investment objective and strategies as the Fund. Each Master Fund is a series of American Funds Insurance Series^®. Investments in Class 1 shares of the Master Funds are valued at the respective NAV of each Master Fund as determined as of the NYSE Close on the Valuation Date. If market prices are not readily available or are deemed unreliable, a Fund will use the fair value of the security or other instrument as determined in good faith under policies and procedures established by and under the supervision of the Board of Trustees. The Prospectuses, Statements of Additional Information and Shareholder Reports by the Master Funds explain the valuation methods used for the Master Funds, including the circumstances under which the Master Funds may use fair value pricing and the effects of doing so. Such Prospectuses, Statements of Additional Information and Shareholder Reports are available on the SEC EDGAR database on its internet site at http://www.sec.gov.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of each Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. The determination of which category within the fair value hierarchy is appropriate for any given instrument is based on the lowest level of input that is significant to the fair value measurement. These levels are:

•

Level 1 – Inputs using (unadjusted) quoted prices in active markets or exchanges for identical assets and liabilities.

•

The procedures adopted by the Board of Trustees define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee has the overall responsibility for implementing the procedures adopted by the Board of Trustees, including the responsibility for determining the fair value of the Funds’ investments. The Valuation Committee is also responsible for determining in good faith the fair value of an investment when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment, as provided by the primary pricing service or alternative source, is believed not to reflect the investment’s fair value as of the Valuation Date.


		17

HIMCO Variable Insurance Trust

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

The Valuation Committee is comprised of the Trust’s Chief Executive Officer, Treasurer, Chief Operating Officer, and Chief Legal Officer, or their designees, and other personnel of the investment manager subject to prior approval by the Board of Trustees. In addition, the Trust’s Chief Compliance Officer (“CCO”) shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures and to keep the Trust’s CCO regularly informed of pricing and Valuation Committee proceedings. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Funds’ adviser, knowledgeable brokers, and legal counsel in making such determination.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments.

For additional information, refer to the Investment Valuation Hierarchy Level Summary included in the Schedule of Investments for each Fund.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period. During the six-month period ended June 30, 2017, there were no transfers between different hierarchy levels.

Income and capital gain distributions from the Master Funds are recorded on the ex-dividend date.

Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Funds’ shares are executed in accordance with the investment instructions of the contract holders. Orders for the purchase of a Fund’s shares received by an insurance company prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received by an insurance company after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Board of Trustees based upon the investment performance of the Funds. The policy of all the Funds is to pay dividends from net investment income and to make distributions of realized gains, if any, at least once per year.

Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include, but are not limited to, losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Funds’ capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3.	Principal Risks:

The Funds are exposed to the risks of the Master Funds in direct proportion to the amount of assets each Fund allocates to each Master Fund. The market values of the Master Funds may decline due to general market conditions which are not specifically related to a particular fund, such as real or perceived adverse economic conditions or adverse investor sentiment generally.


		18

HIMCO Variable Insurance Trust

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

4.	Federal Income Taxes:

Federal Income Taxes – For federal income tax purposes, the Funds intend to continue to qualify as Regulated Investment Companies (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“IRC”) by distributing substantially all of their taxable net investment income and net realized capital gains to their shareholders and otherwise complying with the requirements of the IRC. The Funds distributed substantially all of their income and capital gains in the prior years, if applicable, and each Fund intends to distribute substantially all of its income and capital gains prior to the next fiscal year end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

Net Investment Income (Loss), Net Realized Gains (Losses) and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain distribution adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the net investment income (loss) or net realized gains (losses) were recorded by a Fund.

Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Funds for the periods indicated is as follows (as adjusted for dividends payable, if applicable):


	For the Year Ended December 31, 2016						For the Year Ended December 31, 2015
	Ordinary Income			Long-Term Capital Gains⁽¹⁾			Ordinary Income			Long-Term Capital Gains⁽¹⁾
Asset Allocation Fund	$	(1,013,091	)	$	(6,577,960	)	$	(721,372	)	$	(758,343	)
Blue Chip Income and Growth Fund		(899,736	)		(8,179,373	)		(1,263,856	)		(708,750	)
Bond Fund		(4,871,873	)		(1,344,209	)		(3,092,400	)		(414,404	)
Global Bond Fund		(169,483	)		—			(168,861	)		(1,369	)
Global Growth and Income Fund		(665,667	)		(4,556,731	)		(1,501,497	)		(668,984	)
Global Growth Fund		(314,071	)		(2,791,775	)		(165,242	)		(168,621	)
Global Small Capitalization Fund		(160,017	)		(7,330,124	)		—			(544,795	)
Growth Fund		(748,434	)		(92,964,012	)		(2,530,703	)		(6,406,141	)
Growth-Income Fund		(2,142,064	)		(39,353,428	)		(1,666,340	)		(3,952,087	)
International Fund		(1,915,253	)		(15,464,176	)		(2,004,068	)		(1,164,587	)
New World Fund		(402,897	)		(796,214	)		(261,451	)		(8,094	)

⁽¹⁾

The Funds designate these distributions as capital gain dividends per IRC Sec. 852(b) (3) (C).


		19

HIMCO Variable Insurance Trust

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

As of December 31, 2016, the components of distributable earnings (deficit) on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Accumulated Capital⁽¹⁾			Unrealized Appreciation (Depreciation)⁽²⁾			Total Accumulated Earnings (Deficit)
Asset Allocation Fund	$	491,819	$	2,500,098	$	—		$	1,498,337		$	4,490,254
Blue Chip Income and Growth Fund		917,430		5,329,124		—			2,900,639			9,147,193
Bond Fund		2,102,631		233,729		—			(2,558,998	)		(222,638	)
Global Bond Fund		31,080		—		(296,561	)		(897,515	)		(1,162,996	)
Global Growth and Income Fund		485,281		2,444,613		—			5,492,586			8,422,480
Global Growth Fund		147,758		1,944,018		—			(496,086	)		1,595,690
Global Small Capitalization Fund		60,636		7,872,633		—			(2,348,140	)		5,585,129
Growth Fund		1,022,961		40,141,913		—			17,993,797			59,158,671
Growth-Income Fund		2,237,024		25,652,357		—			8,488,575			36,377,956
International Fund		1,399,455		12,905,587		—			(6,202,979	)		8,102,063
New World Fund		81,302		—		(760,202	)		(2,522,510	)		(3,201,410	)

⁽¹⁾

The Funds had capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

⁽²⁾

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of wash sale losses.

(d)

Reclassification of Capital Accounts – The Funds may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Funds. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of a Fund’s distributable income may be shown in the accompanying Statements of Assets and Liabilities as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the fiscal year ended December 31, 2016, the Funds recorded the following reclassifications to increase (decrease) the accounts listed below.


	Paid in Capital		Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Global Growth Fund	$	1	$	—		$	(1	)
New World Fund		—		(1	)		1

Capital Loss Carryforward – Under U.S. tax law, the Funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2016 (tax-year-end), the following Funds had long-term capital loss carryforwards with no expiration for U.S. federal income tax purposes as follows:


	Amount
Global Bond Fund	$	296,561
New World Fund		760,202

Accounting for Uncertainty in Income Taxes – In accordance with U.S. GAAP, the Funds analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Funds do not have an examination in progress.

The Funds have reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules have no effect on the Funds’ financial positions or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax returns for the fiscal year ended December 31, 2016. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.


		20

HIMCO Variable Insurance Trust

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

5.	Fees and Expenses:

Investment Management Agreement – Hartford Investment Management Company (“Hartford Investment Management”) serves as the Funds’ investment manager pursuant to an Investment Management Agreement with the Trust. Hartford Investment Management is a wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”). The investment manager provides day-to-day investment management services to the Funds and has overall investment supervisory responsibility for each Fund. In addition, the investment manager provides administrative personnel, services, equipment, facilities and office space for operation of the Funds.

The schedule below reflects the rates of compensation as a percentage of each Fund’s average daily net assets paid to the investment manager for investment management services rendered during the six-month period ended June 30, 2017. The rates are accrued daily and paid monthly:


Fund	Annual Rate*
Asset Allocation Fund		0.65	%
Blue Chip Income and Growth Fund		0.75	%
Bond Fund		0.50	%
Global Bond Fund		0.75	%
Global Growth and Income Fund		0.80	%
Global Growth Fund		1.00	%
Global Small Capitalization Fund		0.80	%
Growth Fund		0.75	%
Growth-Income Fund		0.70	%
International Fund		0.85	%
New World Fund		1.10	%

Hartford Investment Management has contractually agreed with the Trust, on behalf of each Fund, to waive a portion of its management fee to the extent necessary to maintain its net management fee at 0.25% of average daily net assets per annum, for as long as the Fund is part of a master-feeder fund structure. The Board of Trustees may change or eliminate this waiver if the fund structure changes.

Accounting Services Agreement – State Street Bank and Trust Company (“State Street Bank”) provides the Funds with accounting services pursuant to a fund accounting agreement by and between the Trust, on behalf of the Funds, and State Street Bank. The amount paid for accounting services can be found in the Statements of Operations. These fees are accrued daily and paid monthly.

Operating Expenses – Allocable expenses incurred by the Trust are allocated to each Fund in proportion to the average daily net assets of each Fund, except where allocation of certain expenses is more fairly made directly to the Fund. Hartford Investment Management has contractually agreed to reimburse expenses (exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to maintain total annual operating expenses for the Class IB shares of each Fund as follows:


Fund	Annual Rate
Asset Allocation Fund		0.86	%
Blue Chip Income and Growth Fund		0.99	%
Bond Fund		0.93	%
Global Bond Fund		1.15	%
Global Growth and Income Fund		1.18	%
Global Growth Fund		1.14	%
Global Small Capitalization Fund		1.32	%
Growth Fund		0.89	%
Growth-Income Fund		0.83	%
International Fund		1.09	%
New World Fund		1.36	%


		21

HIMCO Variable Insurance Trust

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

This contractual arrangement will remain in effect until April 30, 2018, and shall renew automatically for one-year terms unless the investment manager provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Funds.

Distribution Plan for Class IB Shares – HIMCO Distribution Services Company, a wholly owned subsidiary of The Hartford, serves as the Funds’ principal underwriter and distributor. The Trust, on behalf of the Funds, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act for Class IB shares to compensate the distributor, from assets attributable to the services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Board of Trustees.

The Distribution Plan provides that each Fund may pay annually up to 0.25% of the average daily net assets of each Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board of Trustees has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, each Fund is authorized to make payments monthly to the distributor that may be used to pay or reimburse entities, including insurance company affiliates of Hartford Investment Management, providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. The distribution fee paid during the period can be found in the Statement of Operations. These fees are accrued daily and paid monthly or at such other intervals as the Board of Trustees may determine.

Transfer Agent Fees – State Street Bank provides transfer agent services to the Funds. The transfer agent is reimbursed for out-of-pocket expenses and other costs associated with the services it provides to the Funds, including costs invoiced by sub-contractors. Hartford Investment Management and its affiliates may pay, out of their own assets, compensation to third-party administrators for recordkeeping and other administrative services. The amount paid for transfer agent services can be found in the Statements of Operations. These fees are accrued daily and paid monthly.

Trustee Fees – The Board of Trustees is responsible for oversight of the Funds. The Board of Trustees elects officers who are responsible for the day to day operations of the Funds. The Board of Trustees oversees the investment manager and the other principal service providers of the Funds. The Board of Trustees currently holds four regularly scheduled meetings throughout each year. In addition, the Board of Trustees may hold special meetings at other times either in person or by telephone. The Trustee fees paid during the period can be found in the Statements of Operations.

6.	Investment Transactions:

For the six-month period ended June 30, 2017, the aggregate cost of purchases and sales of investments in Master Funds (excluding short-term investments) was as follows:


	Cost of Purchases		Sales Proceeds
Asset Allocation Fund	$	2,616,906	$	6,906,168
Blue Chip Income and Growth Fund		1,981,845		4,124,832
Bond Fund		9,507,501		12,958,559
Global Bond Fund		1,088,846		1,063,659
Global Growth and Income Fund		785,104		3,676,745
Global Growth Fund		1,564,443		1,327,834
Global Small Capitalization Fund		764,472		4,186,717
Growth Fund		22,930,789		30,073,186
Growth-Income Fund		10,332,056		14,760,680
International Fund		4,767,896		19,843,606
New World Fund		855,819		2,265,255

7.	Recent Accounting Pronouncements:


		22

HIMCO Variable Insurance Trust

Notes to Financial Statements – (continued)

June 30, 2017 (Unaudited)

require investment companies to provide standardized, enhanced derivatives disclosures in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments in and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the amendments and their impact, if any, on the Funds’ financial statements.

8.	Plan of Liquidation:

At meetings held on June 1, 2017 and June 19, 2017, the Board approved (i) a Plan of Liquidation for each of the Funds (each, a “Feeder Fund” and, collectively, the “Feeder Funds”) and (ii) submission of an Agreement and Plan of Substitution for each Feeder Fund by Hartford Life and Hartford Life and Annuity Insurance Company (collectively, the “Insurance Companies”), who sponsor the variable life insurance policies and variable annuity contracts (collectively, the “Contracts”) for which the Feeder Funds serve as investment vehicles, to the holders of such Contracts (the “Contract Holders”). The Board determined that each Feeder Fund should be liquidated and dissolved contingent upon receiving Contract Holder approval of the applicable Agreement and Plan of Substitution.

Agreement and Plan of Substitution. If Contract Holders approve the Agreement and Plan of Substitution for a Feeder Fund, the Feeder Fund will be liquidated on or about the close of business on November 10, 2017 (the “Liquidation Date”), pursuant to the Plan of Liquidation approved by the Board on behalf of the Feeder Fund. Each Feeder Fund invests in Class 1 shares of a corresponding Master Fund. The Agreement and Plan of Substitution provides that on or about November 10, 2017, the Insurance Companies will redeem shares of the Feeder Fund in complete liquidation of the Feeder Fund. The Insurance Companies will then purchase Class 4 shares of each Master Fund with the cash proceeds from the redemption (each such transaction, a “Substitution”). Each Substitution will take place at relative net asset value with no change in the dollar amount of any Contract Holder’s beneficial investment in the Feeder Fund. The Master Funds are the same funds as those in which the Feeder Funds currently invest. Each Substitution is not expected to increase a Contract Holder’s fees or charges paid under the Contracts. In addition, the net portfolio expense ratio of each Master Fund is expected to be lower than that of the corresponding Feeder Fund immediately following the Substitution. If the Agreement and Plan of Substitution is approved, each Contract Holder’s beneficial interest in shares of each Feeder Fund would be replaced with shares of the corresponding Master Fund as indicated below:


Name of Feeder Fund		Name of Master Fund
HIMCO VIT American Funds Asset Allocation Fund Class IB Shares		American Funds Insurance Series – Asset Allocation Fund Class 4 Shares
HIMCO VIT American Funds Blue Chip Income and Growth Fund Class IB Shares		American Funds Insurance Series – Blue Chip Income and Growth Fund Class 4 Shares
HIMCO VIT American Funds Bond Fund Class IB Shares		American Funds Insurance Series – Bond Fund Class 4 Shares
HIMCO VIT American Funds Global Bond Fund Class IB Shares		American Funds Insurance Series – Global Bond Fund Class 4 Shares
HIMCO VIT American Funds Global Growth Fund Class IB Shares		American Funds Insurance Series – Global Growth Fund Class 4 Shares
HIMCO VIT American Funds Global Growth and Income Fund Class IB Shares		American Funds Insurance Series – Global Growth and Income Fund Class 4 Shares
HIMCO VIT American Funds Global Small Capitalization Fund Class IB Shares		American Funds Insurance Series – Global Small Capitalization Fund Class 4 Shares
HIMCO VIT American Funds Growth Fund Class IB Shares		American Funds Insurance Series – Growth Fund Class 4 Shares
HIMCO VIT American Funds Growth-Income Fund Class IB Shares		American Funds Insurance Series – Growth-Income Fund Class 4 Shares
HIMCO VIT American Funds International Fund Class IB Shares		American Funds Insurance Series – International Fund Class 4 Shares
HIMCO VIT American Funds New World Fund Class IB Shares		American Funds Insurance Series – New World Fund Class 4 Shares


		23

HIMCO Variable Insurance Trust

Notes to Financial Statements – (concluded)

June 30, 2017 (Unaudited)

More information about the Agreement and Plan of Substitution and the Master Funds will be provided in proxy materials that are expected to be mailed in August 2017. If Contract Holders do not approve the Agreement and Plan of Substitution for a Feeder Fund, the Feeder Fund will not be liquidated and the Board will consider what, if any, steps to take. Apart from the proxy materials, no further notification regarding the liquidation of the Feeder Funds will be sent, unless circumstances change from those described above.

Transfer Rights. At any time prior to the Liquidation Date, Contract Holders may transfer their beneficial interests in a Feeder Fund to any of the other investment options offered under their respective Contracts, subject to the terms of the relevant Contract prospectuses and Contracts, and no transfer fees or other charges will be imposed. Following a Substitution, Contract Holders who had any beneficial interest automatically transferred from investing in a Feeder Fund to investing in the corresponding Master Fund may transfer such interests among any of the investment options available under their respective Contracts in accordance with the terms of the Contracts, also free of any transfer fees or other charges. Any such transfer will not be counted as one of the free transfers permitted per calendar year under the Contracts, provided that the transfer occurs prior to, or within 90 days after, the date of the Substitution. Please note, however, that if you have elected an optional living and/or death benefit rider in your Contract, any transfers may be subject to investment restrictions. Please see your Contract prospectus and your Contract for more information about the investment options available for your optional living and/or death benefit rider, if applicable. In addition, Contract Holders’ transfer rights are subject to any market timing/short-term trading provisions described in their respective Contract prospectuses or their Contracts. The Insurance Companies will issue supplements to the prospectuses for its affected Contracts advising Contract Holders of their rights to transfer under their respective Contracts.

9.	Indemnifications:

Under the Trust’s organizational documents, the Trust shall indemnify its officers and trustees to the full extent required or permitted under The Delaware Statutory Trust Act and the federal securities laws. In addition, the Trust, on behalf of the Funds, may enter into contracts that contain a variety of indemnifications. The Trust’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

10.

Subsequent Event:


		24

HIMCO Variable Insurance Trust

Financial Highlights


	*— Selected Per-Share Data⁽¹⁾ —*																								*— Ratios and Supplemental Data —*
Class	Net Asset Value at, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Realized Gain on Investments			Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾			Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets Before Adjust- ments⁽³⁾			Ratio of Expenses to Average Net Assets After Adjust- ments⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾
HIMCO VIT American Funds Asset Allocation Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	7.98	$	0.01	$	0.62		$	0.63		$	—		$	—		$	—		$	8.61		7.89	%⁽⁴⁾	$	36,564		1.03	%⁽⁵⁾		0.57	%⁽⁵⁾		0.16	%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	8.95	$	0.10	$	0.68		$	0.78		$	(0.23	)	$	(1.52	)	$	(1.75	)	$	7.98		9.11	%	$	39,500		1.01	%		0.57	%		1.20	%

For the Year Ended December 31, 2015
IB	$	9.12	$	0.18	$	(0.08	)	$	0.10		$	(0.13	)	$	(0.14	)	$	(0.27	)	$	8.95		1.12	%	$	44,093		1.01	%		0.56	%		1.99	%

For the Year Ended December 31, 2014
IB	$	12.63	$	0.12	$	0.44		$	0.56		$	(0.18	)	$	(3.89	)	$	(4.07	)	$	9.12		5.05	%	$	54,855		0.99	%		0.55	%		1.09	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	11.04	$	0.12	$	2.39		$	2.51		$	(0.17	)	$	(0.75	)	$	(0.92	)	$	12.63		23.40	%	$	62,961		0.95	%		0.55	%		0.97	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	9.70	$	0.19	$	1.34		$	1.53		$	(0.17	)	$	(0.02	)	$	(0.19	)	$	11.04		15.80	%	$	64,616		0.95	%		0.55	%		1.56	%

HIMCO VIT American Funds Blue Chip Income and Growth Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	9.47	$	0.05	$	0.47		$	0.52		$	—		$	—		$	—		$	9.99		5.49	%⁽⁴⁾	$	36,000		1.13	%⁽⁵⁾		0.58	%⁽⁵⁾		1.00	%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	10.38	$	0.25	$	1.56		$	1.81		$	(0.27	)	$	(2.45	)	$	(2.72	)	$	9.47		18.46	%	$	37,474		1.12	%		0.58	%		2.44	%

For the Year Ended December 31, 2015
IB	$	11.25	$	0.23	$	(0.58	)	$	(0.35	)	$	(0.33	)	$	(0.19	)	$	(0.52	)	$	10.38		(3.30	)%	$	36,874		1.13	%		0.57	%		2.07	%

For the Year Ended December 31, 2014
IB	$	12.31	$	0.34	$	1.38		$	1.72		$	(0.20	)	$	(2.58	)	$	(2.78	)	$	11.25		15.02	%	$	47,550		1.10	%		0.57	%		2.83	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	10.11	$	0.17	$	3.02		$	3.19		$	(0.18	)	$	(0.81	)	$	(0.99	)	$	12.31		32.55	%	$	43,502		1.07	%		0.57	%		1.51	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	9.07	$	0.15	$	1.07		$	1.22		$	(0.12	)	$	(0.06	)	$	(0.18	)	$	10.11		13.53	%	$	39,920		1.07	%		0.57	%		1.67	%

HIMCO VIT American Funds Bond Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	9.23	$	0.13	$	0.09		$	0.22		$	—		$	—		$	—		$	9.45		2.38	%⁽⁴⁾	$	133,111		0.84	%⁽⁵⁾		0.55	%⁽⁵⁾		2.72	%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	9.40	$	0.14	$	0.12		$	0.26		$	(0.34	)	$	(0.09	)	$	(0.43	)	$	9.23		2.66	%	$	135,755		0.83	%		0.55	%		1.45	%

For the Year Ended December 31, 2015
IB	$	9.60	$	0.27	$	(0.28	)	$	(0.01	)	$	(0.17	)	$	(0.02	)	$	(0.19	)	$	9.40		(0.06	)%	$	151,684		0.84	%		0.54	%		2.81	%

For the Year Ended December 31, 2014
IB	$	9.75	$	0.14	$	0.34		$	0.48		$	(0.17	)	$	(0.46	)	$	(0.63	)	$	9.60		4.98	%	$	189,076		0.81	%		0.54	%		1.42	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	10.52	$	0.17	$	(0.42	)	$	(0.25	)	$	(0.22	)	$	(0.30	)	$	(0.52	)	$	9.75		(2.37	)%	$	236,846		0.79	%		0.54	%		1.67	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	10.52	$	0.23	$	0.29		$	0.52		$	(0.29	)	$	(0.23	)	$	(0.52	)	$	10.52		5.01	%	$	199,008		0.79	%		0.54	%		2.13	%

See Portfolio Turnover information at the conclusion of Financial Highlights


		25

HIMCO Variable Insurance Trust

Financial Highlights – (continued)


	*— Selected Per-Share Data⁽¹⁾ —*																									*— Ratios and Supplemental Data —*
Class	Net Asset Value at, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Realized Gain on Investments			Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾			Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets Before Adjust- ments⁽³⁾			Ratio of Expenses to Average Net Assets After Adjust- ments⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾
HIMCO VIT American Funds Global Bond Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	8.55	$	0.03		$	0.38		$	0.41		$	—		$	—		$	—		$	8.96		4.80	%⁽⁴⁾	$	10,813		1.30	%⁽⁵⁾		0.58	%⁽⁵⁾		0.65	%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	8.47	$	0.02		$	0.19		$	0.21		$	(0.13	)	$	—		$	(0.13	)	$	8.55		2.40	%	$	10,312		1.25	%		0.58	%		0.28	%

For the Year Ended December 31, 2015
IB	$	8.98	$	0.11		$	(0.50	)	$	(0.39	)	$	(0.12	)	$	—	⁽⁸⁾	$	(0.12	)	$	8.47		(4.39	)%	$	10,559		1.25	%		0.58	%		1.29	%

For the Year Ended December 31, 2014
IB	$	9.66	$	0.10		$	0.05		$	0.15		$	(0.01	)	$	(0.82	)	$	(0.83	)	$	8.98		1.17	%	$	15,042		1.22	%		0.63	%		1.01	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	11.10	$	(0.06	)	$	(0.29	)	$	(0.35	)	$	(0.37	)	$	(0.72	)	$	(1.09	)	$	9.66		(3.03	)%	$	17,007		1.09	%		0.59	%		(0.59	)%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	11.02	$	0.24		$	0.38		$	0.62		$	(0.31	)	$	(0.23	)	$	(0.54	)	$	11.10		5.83	%	$	38,193		1.07	%		0.57	%		1.69	%

HIMCO VIT American Funds Global Growth and Income Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	5.99	$	—	⁽⁸⁾	$	0.87		$	0.87		$	—		$	—		$	—		$	6.86		14.52	%⁽⁴⁾	$	33,087		1.19	%⁽⁵⁾		0.55	%⁽⁵⁾		0.12	%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	6.56	$	0.09		$	0.37		$	0.46		$	(0.13	)	$	(0.90	)	$	(1.03	)	$	5.99		7.02	%	$	32,133		1.18	%		0.54	%		1.40	%

For the Year Ended December 31, 2015
IB	$	7.01	$	0.10		$	(0.20	)	$	(0.10	)	$	(0.24	)	$	(0.11	)	$	(0.35	)	$	6.56		(1.64	)%	$	38,341		1.17	%		0.55	%		1.49	%

For the Year Ended December 31, 2014
IB	$	11.24	$	0.29		$	0.32		$	0.61		$	(0.37	)	$	(4.47	)	$	(4.84	)	$	7.01		5.36	%	$	48,147		1.15	%		0.57	%		3.04	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	9.58	$	0.24		$	1.84		$	2.08		$	(0.26	)	$	(0.16	)	$	(0.42	)	$	11.24		22.16	%	$	52,712		1.11	%		0.56	%		2.28	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	8.38	$	0.23		$	1.20		$	1.43		$	(0.23	)	$	—		$	(0.23	)	$	9.58		17.30	%	$	74,927		1.10	%		0.55	%		2.05	%

HIMCO VIT American Funds Global Growth Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	6.34	$	(0.01	)	$	1.18		$	1.17		$	—		$	—		$	—		$	7.51		18.45	%⁽⁴⁾	$	18,235		1.46	%⁽⁵⁾		0.58	%⁽⁵⁾		(0.32	)%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	7.71	$	0.06		$	(0.01	)	$	0.05		$	(0.14	)	$	(1.28	)	$	(1.42	)	$	6.34		0.15	%	$	15,641		1.44	%		0.59	%		0.87	%

For the Year Ended December 31, 2015
IB	$	7.35	$	0.12		$	0.36		$	0.48		$	(0.06	)	$	(0.06	)	$	(0.12	)	$	7.71		6.60	%	$	18,999		1.43	%		0.59	%		1.51	%

For the Year Ended December 31, 2014
IB	$	12.56	$	0.08		$	0.07		$	0.15		$	(0.12	)	$	(5.24	)	$	(5.36	)	$	7.35		1.97	%	$	20,704		1.42	%		0.60	%		0.75	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	10.45	$	0.08		$	2.83		$	2.91		$	(0.06	)	$	(0.74	)	$	(0.80	)	$	12.56		28.77	%	$	24,509		1.34	%		0.59	%		0.71	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	8.74	$	0.06		$	1.86		$	1.92		$	(0.10	)	$	(0.11	)	$	(0.21	)	$	10.45		22.19	%	$	29,055		1.33	%		0.58	%		0.48	%

See Portfolio Turnover information at the conclusion of Financial Highlights


		26

HIMCO Variable Insurance Trust

Financial Highlights – (continued)


	*— Selected Per-Share Data⁽¹⁾ —*																								*— Ratios and Supplemental Data —*
Class	Net Asset Value at, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations		Distributions from Net Investment Income			Distributions from Realized Gain on Investments			Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾			Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets Before Adjust- ments⁽³⁾			Ratio of Expenses to Average Net Assets After Adjust- ments⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾
HIMCO VIT American Funds Global Small Capitalization Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	6.25	$	0.01		$	0.77		$	0.78	$	—		$	—		$	—		$	7.03		12.48	%⁽⁴⁾	$	36,428		1.19	%⁽⁵⁾		0.58	%⁽⁵⁾		0.27	%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	7.55	$	0.01		$	0.15		$	0.16	$	(0.03	)	$	(1.43	)	$	(1.46	)	$	6.25		1.67	%	$	35,581		1.17	%		0.59	%		0.16	%

For the Year Ended December 31, 2015
IB	$	7.64	$	0.03		$	(0.02	)	$	0.01	$	—		$	(0.10	)	$	(0.10	)	$	7.55		(0.03	)%	$	41,737		1.17	%		0.58	%		0.34	%

For the Year Ended December 31, 2014
IB	$	9.47	$	(0.02	)	$	0.16		$	0.14	$	(0.03	)	$	(1.94	)	$	(1.97	)	$	7.64		1.75	%	$	50,478		1.15	%		0.57	%		(0.26	)%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	8.29	$	0.03		$	2.18		$	2.21	$	(0.09	)	$	(0.94	)	$	(1.03	)	$	9.47		27.89	%	$	61,224		1.13	%		0.58	%		0.30	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	7.83	$	0.10		$	1.23		$	1.33	$	(0.10	)	$	(0.77	)	$	(0.87	)	$	8.29		17.85	%	$	53,881		1.11	%		0.56	%		0.99	%

HIMCO VIT American Funds Growth Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	6.59	$	0.01		$	0.97		$	0.98	$	—		$	—		$	—		$	7.57		14.87	%⁽⁴⁾	$	228,274		1.08	%⁽⁵⁾		0.54	%⁽⁵⁾		0.26	%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	9.83	$	0.04		$	0.76		$	0.80	$	(0.03	)	$	(4.01	)	$	(4.04	)	$	6.59		9.10	%	$	225,268		1.07	%		0.54	%		0.43	%

For the Year Ended December 31, 2015
IB	$	9.53	$	0.03		$	0.59		$	0.62	$	(0.09	)	$	(0.23	)	$	(0.32	)	$	9.83		6.50	%	$	257,086		1.09	%		0.54	%		0.26	%

For the Year Ended December 31, 2014
IB	$	13.09	$	0.10		$	0.70		$	0.80	$	(0.10	)	$	(4.26	)	$	(4.36	)	$	9.53		8.21	%	$	299,254		1.06	%		0.54	%		0.85	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	10.45	$	0.07		$	3.00		$	3.07	$	(0.06	)	$	(0.37	)	$	(0.43	)	$	13.09		29.78	%	$	351,018		1.04	%		0.54	%		0.60	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	8.95	$	0.05		$	1.51		$	1.56	$	(0.03	)	$	(0.03	)	$	(0.06	)	$	10.45		17.56	%	$	333,889		1.04	%		0.54	%		0.50	%

HIMCO VIT American Funds Growth-Income Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	7.72	$	0.01		$	0.73		$	0.74	$	—		$	—		$	—		$	8.46		9.59	%⁽⁴⁾	$	131,482		1.03	%⁽⁵⁾		0.54	%⁽⁵⁾		0.17	%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	9.86	$	0.14		$	0.87		$	1.01	$	(0.16	)	$	(2.99	)	$	(3.15	)	$	7.72		11.21	%	$	132,095		1.03	%		0.54	%		1.62	%

For the Year Ended December 31, 2015
IB	$	10.09	$	0.13		$	—	⁽⁸⁾	$	0.13	$	(0.11	)	$	(0.25	)	$	(0.36	)	$	9.86		1.19	%	$	146,681		1.04	%		0.54	%		1.32	%

For the Year Ended December 31, 2014
IB	$	13.26	$	0.11		$	1.03		$	1.14	$	(0.15	)	$	(4.16	)	$	(4.31	)	$	10.09		10.30	%	$	171,832		1.01	%		0.54	%		0.90	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	10.20	$	0.11		$	3.23		$	3.34	$	(0.14	)	$	(0.14	)	$	(0.28	)	$	13.26		33.14	%	$	197,689		0.99	%		0.54	%		0.97	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	8.81	$	0.13		$	1.38		$	1.51	$	(0.12	)	$	—		$	(0.12	)	$	10.20		17.16	%	$	183,220		0.99	%		0.54	%		1.29	%

See Portfolio Turnover information at the conclusion of Financial Highlights


		27

HIMCO Variable Insurance Trust

Financial Highlights – (continued)


	*— Selected Per-Share Data⁽¹⁾ —*																									*— Ratios and Supplemental Data —*
Class	Net Asset Value at, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Realized Gain on Investments			Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾			Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets Before Adjust- ments⁽³⁾			Ratio of Expenses to Average Net Assets After Adjust- ments⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾
HIMCO VIT American Funds International Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	6.69	$	0.01		$	1.22		$	1.23		$	—		$	—		$	—		$	7.92		18.39	%⁽⁴⁾	$	137,000		1.19	%⁽⁵⁾		0.55	%⁽⁵⁾		0.22	%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	7.33	$	0.07		$	0.20		$	0.27		$	(0.10	)	$	(0.81	)	$	(0.91	)	$	6.69		3.27	%	$	130,696		1.18	%		0.55	%		0.99	%

For the Year Ended December 31, 2015
IB	$	7.85	$	0.09		$	(0.45	)	$	(0.36	)	$	(0.10	)	$	(0.06	)	$	(0.16	)	$	7.33		(4.83	)%	$	149,253		1.20	%		0.55	%		1.12	%

For the Year Ended December 31, 2014
IB	$	10.27	$	0.09		$	(0.36	)	$	(0.27	)	$	(0.12	)	$	(2.03	)	$	(2.15	)	$	7.85		(2.88	)%	$	180,339		1.17	%		0.55	%		0.98	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	8.73	$	0.09		$	1.74		$	1.83		$	(0.11	)	$	(0.18	)	$	(0.29	)	$	10.27		21.23	%	$	226,400		1.15	%		0.55	%		0.99	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	7.54	$	0.10		$	1.22		$	1.32		$	(0.13	)	$	—		$	(0.13	)	$	8.73		17.58	%	$	225,298		1.14	%		0.54	%		1.15	%

HIMCO VIT American Funds New World Fund
For the Six-Month Period Ended June 30, 2017 (Unaudited)
IB	$	5.32	$	(0.01	)	$	0.77		$	0.76		$	—		$	—		$	—		$	6.08		14.29	%⁽⁴⁾	$	19,750		1.55	%⁽⁵⁾		0.58	%⁽⁵⁾		(0.23	)%⁽⁵⁾

For the Year Ended December 31, 2016
IB	$	5.39	$	0.02		$	0.26		$	0.28		$	(0.12	)	$	(0.23	)	$	(0.35	)	$	5.32		4.89	%	$	18,573		1.52	%		0.57	%		0.41	%

For the Year Ended December 31, 2015
IB	$	5.65	$	0.09		$	(0.29	)	$	(0.20	)	$	(0.06	)	$	—	⁽⁸⁾	$	(0.06	)	$	5.39		(3.52	)%	$	21,292		1.51	%		0.58	%		1.61	%

For the Year Ended December 31, 2014
IB	$	9.17	$	0.05		$	(0.54	)	$	(0.49	)	$	(0.10	)	$	(2.93	)	$	(3.03	)	$	5.65		(8.17	)%	$	27,138		1.49	%		0.59	%		0.59	%

For the Year Ended December 31, 2013⁽⁶⁾
IB	$	9.46	$	0.07		$	0.89		$	0.96		$	(0.08	)	$	(1.17	)	$	(1.25	)	$	9.17		11.06	%	$	34,304		1.43	%		0.58	%		0.77	%

For the Year Ended December 31, 2012⁽⁶⁾⁽⁷⁾
IB	$	8.66	$	0.07		$	1.38		$	1.45		$	(0.15	)	$	(0.50	)	$	(0.65	)	$	9.46		17.47	%	$	51,697		1.41	%		0.56	%		0.61	%

⁽¹⁾	Information presented relates to a share outstanding throughout the indicated period. Net investment income (loss) per share amounts are calculated based on average shares outstanding unless otherwise noted.

⁽²⁾	The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees would lower the Fund’s performance.

⁽³⁾	Adjustments include waivers and reimbursements, if applicable. Ratios do not include expenses of the Master Funds.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	Financial highlights for the fiscal years ended December 31, 2013 and December 31, 2012 were audited by the Predecessor Funds’ auditor.

⁽⁷⁾	Net investment income (loss) per share amounts have been calculated using the SEC method.

⁽⁸⁾	Per share amount is less than $0.005.

See Portfolio Turnover information at the conclusion of Financial Highlights


		28

HIMCO Variable Insurance Trust

Financial Highlights – (concluded)


	Portfolio Turnover Rate
	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013⁽¹⁾			For the Year Ended December 31, 2012⁽¹⁾
HIMCO VIT American Funds Asset Allocation Fund		7	%		9	%		16	%		11	%		29	%		14	%
HIMCO VIT American Funds Blue Chip Income and Growth Fund		5			19			18			15			16			23
HIMCO VIT American Funds Bond Fund		7			9			9			6			15			15
HIMCO VIT American Funds Global Bond Fund		10			22			5			12			10			8
HIMCO VIT American Funds Global Growth and Income Fund		2			3			3			7			4			5
HIMCO VIT American Funds Global Growth Fund		8			15			18			15			7			4
HIMCO VIT American Funds Global Small Capitalization Fund		2			24			16			5			11			4
HIMCO VIT American Funds Growth Fund		10			12			22			8			3			4
HIMCO VIT American Funds Growth-Income Fund		8			15			19			8			6			9
HIMCO VIT American Funds International Fund		4			16			14			6			4			7
HIMCO VIT American Funds New World Fund		4			6			11			16			6			8

⁽¹⁾	Financial highlights for the fiscal years ended December 31, 2013 and December 31, 2012 were audited by the Predecessor Funds’ auditor.


		29

HIMCO Variable Insurance Trust

HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 are available (1) without charge, upon request, by calling 1-800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available (1) without charge, upon request, by calling 1-800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.


		30

HIMCO Variable Insurance Trust

Expense Example (Unaudited)

Your Fund’s Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment management fees, distribution and/or service (12b-1) fees, if any, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period of January 1, 2017 through June 30, 2017.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second set of rows of the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


Fund Name	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Expenses Paid During Period 1/1/17 - 6/30/17⁽¹⁾		Net Annualized Expense Ratio⁽²⁾
HIMCO VIT American Funds Asset Allocation Fund
Actual
Class IB	$	1,000.00	$	1,078.90	$	4.43		0.86	%
Hypothetical
Class IB	$	1,000.00	$	1,020.53	$	4.31		0.86	%
HIMCO VIT American Funds Blue Chip Income and Growth Fund
Actual
Class IB	$	1,000.00	$	1,054.90	$	5.04		0.99	%
Hypothetical
Class IB	$	1,000.00	$	1,019.89	$	4.96		0.99	%
HIMCO VIT American Funds Bond Fund
Actual
Class IB	$	1,000.00	$	1,023.80	$	4.67		0.93	%
Hypothetical
Class IB	$	1,000.00	$	1,020.18	$	4.66		0.93	%
HIMCO VIT American Funds Global Bond Fund
Actual
Class IB	$	1,000.00	$	1,048.00	$	5.84		1.15	%
Hypothetical
Class IB	$	1,000.00	$	1,019.09	$	5.76		1.15	%


		31

HIMCO Variable Insurance Trust

Expense Example (Unaudited) – (concluded)


Fund Name	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Expenses Paid During Period 1/1/17 - 6/30/17⁽¹⁾		Net Annualized Expense Ratio⁽²⁾
HIMCO VIT American Funds Global Growth and Income Fund
Actual
Class IB	$	1,000.00	$	1,145.20	$	6.28		1.18	%
Hypothetical
Class IB	$	1,000.00	$	1,018.94	$	5.91		1.18	%
HIMCO VIT American Funds Global Growth Fund
Actual
Class IB	$	1,000.00	$	1,184.50	$	6.17		1.14	%
Hypothetical
Class IB	$	1,000.00	$	1,019.14	$	5.71		1.14	%
HIMCO VIT American Funds Global Small Capitalization Fund
Actual
Class IB	$	1,000.00	$	1,124.80	$	6.95		1.32	%
Hypothetical
Class IB	$	1,000.00	$	1,018.25	$	6.61		1.32	%
HIMCO VIT American Funds Growth Fund
Actual
Class IB	$	1,000.00	$	1,148.70	$	4.74		0.89	%
Hypothetical
Class IB	$	1,000.00	$	1,020.38	$	4.46		0.89	%
HIMCO VIT American Funds Growth-Income Fund
Actual
Class IB	$	1,000.00	$	1,095.90	$	4.31		0.83	%
Hypothetical
Class IB	$	1,000.00	$	1,020.68	$	4.16		0.83	%
HIMCO VIT American Funds International Fund
Actual
Class IB	$	1,000.00	$	1,183.90	$	5.90		1.09	%
Hypothetical
Class IB	$	1,000.00	$	1,019.39	$	5.46		1.09	%
HIMCO VIT American Funds New World Fund
Actual
Class IB	$	1,000.00	$	1,142.90	$	7.23		1.36	%
Hypothetical
Class IB	$	1,000.00	$	1,018.05	$	6.81		1.36	%

⁽¹⁾	Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

⁽²⁾	Net annualized expense ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers can be found in Fees and Expenses of the accompanying Notes to Financial Statements.


		32

THIS PRIVACY POLICY IS NOT PART OF THIS REPORT

Privacy Policy and Practices of The Hartford Financial Services Group, Inc. and its Affiliates

(herein called “we, our and us”)

This Privacy Policy applies to our United States Operations

We value your trust. We are committed to the responsible:

a) management;

b) use; and

c) protection;

of Personal Information.

This notice describes how we collect, disclose, and protect Personal Information.

We collect Personal Information to:

a) service your Transactions with us; and

b) support our business functions.

We may obtain Personal Information from:

a) You;

b) your Transactions with us; and

c) third parties such as a consumer-reporting agency.

Based on the type of product or service You apply for or get from us, Personal Information such as:

a) your name;

b) your address;

c) your income;

d) your payment; or

e) your credit history;

may be gathered from sources such as applications, Transactions, and consumer reports.

To serve You and service our business, we may share certain Personal Information. We will share Personal Information, only as allowed by law, with affiliates such as:

a) our insurance companies;

b) our employee agents;

c) our brokerage firms; and

d) our administrators.

As allowed by law, we may share Personal Financial Information with our affiliates to:

a) market our products; or

b) market our services;

to You without providing You with an option to prevent these disclosures.

We may also share Personal Information, only as allowed by law, with unaffiliated third parties including:

a) independent agents;

b) brokerage firms;

c) insurance companies;

d) administrators; and

e) service providers;

who help us serve You and service our business.

When allowed by law, we may share certain Personal Financial Information with other unaffiliated third parties who assist us by performing services or functions such as:

a) taking surveys;

b) marketing our products or services; or

c) offering financial products or services under a joint agreement between us and one or more financial institutions.

We, and third parties we partner with, may track some of the pages You visit through the use of:

a) cookies;

b) pixel tagging; or

c) other technologies;

For more information, our Online Privacy Policy, which governs information we collect on our website and our affiliate websites, which is available at Online Privacy Policy.

We will not sell or share your Personal Financial Information with anyone for purposes unrelated to our business functions without offering You the opportunity to:

a) “opt-out;” or

b) “opt-in;”

as required by law.

We only disclose Personal Health Information with:

a) your proper written authorization; or

b) as otherwise allowed or required by law.

Our employees have access to Personal Information in the course of doing their jobs, such as:

a) underwriting policies;

b) paying claims;

c) developing new products; or

d) advising customers of our products and services.

We use manual and electronic security procedures to maintain:

a) the confidentiality; and

b) the integrity of;

Personal Information that we have. We use these procedures to guard against unauthorized access.

Some techniques we use to protect Personal Information include:

a) secured files;

b) user authentication;

c) encryption;

d) firewall technology; and

e) the use of detection software.

We are responsible for and must:

a) identify information to be protected;

b) provide an adequate level of protection for that data;

c) grant access to protected data only to those people who must use it in the performance of their job-related duties.

Employees who violate our privacy policies and procedures may be subject to discipline, which may include ending their employment with us.

We will continue to follow our Privacy Policy regarding Personal Information even when a business relationship no longer exists between us.

As used in this Privacy Notice:

Application means your request for our product or service.

Personal Financial Information means financial information such as:

a) credit history;

b) income;

c) financial benefits; or

d) policy or claim information.

Personal Health Information means health information such as:

a) your medical records; or

b) information about your illness, disability or injury.

Personal Information means information that identifies You personally and is not otherwise available to the public. It includes:

a) Personal Financial Information; and

b) Personal Health Information.

Transaction means your business dealings with us, such as:

a) your Application;

b) your request for us to pay a claim; and

c) your request for us to take an action on your account.

You means an individual who has given us Personal Information in conjunction with:

a) asking about;

b) applying for; or

c) obtaining;

a financial product or service from us if the product or service is used mainly for personal, family, or household purposes.

Revised March 2017

LOGO

You should carefully consider investment objectives, risks, and charges and expenses of HIMCO Variable Insurance Trust Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or from www.hvitfunds.com. Please read them carefully before investing.

Distributor: HIMCO Distribution Services Company, member FINRA, SIPC, a broker-dealer affiliated with Hartford Investment Management. Not FDIC Insured – No Bank Guarantee – May Lose Value

LOGO

American Funds Insurance Series, from Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For more than 85 years, Capital has invested with a long-term focus based on thorough research and attention to risk.

Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.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. 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 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. 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.



Contents

1		Letter to investors

4		Fund reviews

		Investment portfolios

45		Global Growth Fund

48		Global Small Capitalization Fund

52		Growth Fund

55		International Fund

59		New World Fund^®

63		Blue Chip Income and Growth Fund

66		Global Growth and Income Fund

69		Growth-Income Fund

72		International Growth and Income Fund

75		Capital Income Builder^®

79		Asset Allocation Fund

84		Global Balanced Fund

89		Bond Fund

95		Global Bond Fund

101		High-Income Bond Fund

106		Mortgage Fund

110		Ultra-Short Bond Fund

111		U.S. Government/AAA-Rated Securities Fund

115		Managed Risk Growth Fund

116		Managed Risk International Fund

117		Managed Risk Blue Chip Income and Growth Fund

118		Managed Risk Growth-Income Fund

119		Managed Risk Asset Allocation Fund

120		Financial statements

Fellow investors:

Global stocks rallied for the six months ended June 30, 2017, with the MSCI ACWI (All Country World Index)¹ gaining 11.48%. Against a backdrop of supportive global monetary policy, strong corporate earnings and improving economic data in the U.S., Europe and Japan helped to diminish investors’ concerns about increasing populism and geopolitical uncertainty.

The MSCI USA Index¹ advanced 9.53%, and several market indexes hit a series of new highs in anticipation of the Trump administration reducing regulations and delivering tax reforms. While the U.S. economy continued to grow, there were some signs of moderation in the form of tepid consumer activity and hiring. The U.S. Federal Reserve increased short-term interest rates by a quarter percentage point in both March and June. These rate hikes can be considered steps toward “normalization” after central banks pursued accommodative monetary policies focused on healing stresses in the global financial system caused by the 2008 financial crisis.

European markets also rose, despite heightened political uncertainty ahead of pivotal elections in the U.K. and France that served as referenda on the future of Europe. The MSCI Europe Index climbed 15.36%, reversing last year’s weakness, with Spain (23.81%), France (17.05%), Germany (15.32%) and the U.K.

(10.00%) all registering double-digit gains. Elsewhere among developed markets, Japanese equities rose 9.92%,

See page 2 for footnotes.

buoyed by the country’s longest streak of economic expansion in more than a decade.

Emerging markets enjoyed some of the best results with the MSCI EM (Emerging Markets) Index¹ up 18.43%. Gains were solid across Asia as Chinese equities advanced 24.86%, outweighing concerns about the nation’s debt load. Chinese industrial production remained robust, as the government introduced policies to cool the housing market and confront the country’s high debt. Indian equities soared 20.53%, despite the currency demonetization initiative announced by Prime Minister Modi in November as part of his efforts to curtail corruption. Russian stocks slipped 14.18% as oil prices fell, and OPEC and Russia considered extending cuts in oil production to speed up rebalancing of global inventories.

In bond markets, U.S. investment-grade and high-yield corporates advanced 3.80% and 4.92%, respectively, as demand remained healthy despite tightening monetary policy. Bloomberg Barclays Global Aggregate Index², a measure of global investment-grade bonds (rated BBB/Baa and above), rose 4.41%, while the Bloomberg Barclays U.S. Aggregate Index² (which measures U.S. investment-grade bonds) improved to 2.27%. The 10-year Treasury yield, which stood at 2.45% on December 31, 2016, declined marginally to 2.31%. U.S. dollar-denominated emerging markets bonds, as measured by the J.P. Morgan EMBI (Emerging Markets Bond Index) Global³,


		American Funds Insurance Series 1

climbed 6.20% as their higher yields were popular in the current interest rate environment.

The U.S. dollar depreciated against most currencies. Gainers included the euro (8.13%), Japanese yen (3.80%) and Singapore dollar (4.93%).

AFIS funds recorded positive returns during the period; those funds with exposure to growth stocks and companies outside the U.S. enjoyed the strongest returns.

Looking ahead

In today’s uncertain political environment, the underlying economic reality is generally positive. The U.S. is likely to continue growing at a moderate pace, even as some countries experience sluggish growth and low inflation. While China is currently growing, its development has relied on infrastructure spending, and investments in fixed assets may be approaching a point of diminishing returns. Geopolitical challenges plague many parts of the world. The European landscape continues to evolve following parliamentary elections in the U.K. and the presidential victory of Emmanuel Macron in France. The conflict in Syria and mounting tensions in the Middle East bear watching as well. Against this backdrop, markets may be more volatile going forward, which is not a negative per se. Volatility often creates opportunities for long-term investors. So, we believe that investors should keep to their long-term plans and not panic.

Valuations are richer in the U.S. than in other parts of the world, but this is normal given that U.S. indexes comprise a greater proportion of innovative technology companies (which tend to have higher multiples) and a lesser proportion of financial companies (which tend to have lower multiples). Our goal is to see through uncertainties and focus on the fundamental outlook for each business that we evaluate. Our investment approach – based on extensive research, a long-term outlook and close attention to valuation – has served investors well over time.

We have confidence that this time-tested and robust approach will continue to serve our investors well in the long run. We thank you for your support and look forward to reporting to you again in six months’ time.

Sincerely,

LOGO

Donald D. O’Neal

Vice Chairman of the Board

LOGO

Alan N. Berro

President

August 14, 2017

All market indexes referenced in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

¹Country returns are based on MSCI indexes, which reflect reinvestment of distributions and dividends net of withholding taxes, except for the MSCI USA Index, which reflects dividends gross of withholding taxes. Source: MSCI.

²Bloomberg Barclays source: Bloomberg Index Services Ltd.

³This report, and any product, index or fund referred to herein, is not sponsored, endorsed or promoted in any way by J.P. Morgan or any of its affiliates who provide no warranties whatsoever, express or implied, and shall have no liability to any prospective investor, in connection with this report. J.P. Morgan disclaimer: http://www.jpmorgan.com/pages/jpmorgan/ib/girg.


2 American Funds Insurance Series

Summary investment portfolios

Summary investment portfolios are designed to streamline this report and help investors better focus on the funds’ principal holdings. Ultra-Short Bond Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund show a complete listing of portfolio holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings for each fund in the series.

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 2 shares (Class P2 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. The series investment adviser waived a portion of its management fees for all existing funds from September 1, 2004, through December 31, 2008, for U.S. Government/AAA-Rated Securities Fund from July 1, 2010, through December 31, 2010, and for Blue Chip Income and Growth Fund from February 1, 2014, through January 31, 2015. For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of the funds’ net assets and is currently reimbursing a portion of other expenses for all funds except Managed Risk Asset Allocation Fund. The waivers and reimbursements will be in effect through at least May 1, 2018, unless modified or terminated by the series board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursements. The waivers may only be modified or terminated with the approval of the series board. Applicable fund results shown reflect the waivers and reimbursements, without which results would have been lower. See 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 – Growth Fund.^SM The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series – International Fund.^SM The Managed Risk Blue Chip Income and Growth Fund pursues its objective by investing in shares of American Funds Insurance Series – Blue Chip Income and Growth Fund.^SM The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income Fund.^SM The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation Fund.^SM The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures contracts. 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.

Individual funds are listed in this report according to their risk potential, with managed risk funds listed last.


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. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.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 rose 18.57% for the six months ended June 30, 2017, compared with a 11.48% increase for the MSCI ACWI (All Country World Index).¹

Global stocks rose amid strong corporate earnings and improving economic data in the U.S., Europe and Japan. Several key market indexes hit a series of new highs. U.S. equity markets surged in anticipation of lower regulation and tax cuts. Information technology stocks led markets higher, as the share price of U.S. tech giants Apple and Alphabet advanced. European stocks climbed higher despite the U.K’s pivotal vote to leave the European Union. Markets cheered Emmanuel Macron’s victory in the French presidential election as the centrist leader pledged to keep France in the European Union. Emerging markets also enjoyed strong returns, supported by technology companies reporting strong earnings.

Larger-than-index investments and strong stock selection in information technology and consumer discretionary contributed most to the fund’s returns. An eclectic mix of stocks boosted the fund’s returns. Nintendo shares rose to an eight-year high on optimism that more third-party developers would create games for the company’s new flagship console. Consumer discretionary company Amazon advanced and posted a double-digit return as the company expanded its product offerings through Prime. Mortgage lender Indiabulls Housing Finance rose, benefitting from India’s affordable housing initiative.

The fund’s exposure to companies in the energy sector detracted from returns. Seven Generations and Schlumberger slipped and hindered returns as oil prices declined on concerns of oversupply.

Stocks of companies domiciled in the U.S. and Japan were additive to results on a relative basis, while stocks of companies based in Denmark and Korea hindered relative returns.

While political uncertainties may result in volatility, the fund’s portfolio managers are optimistic long-term investments can be found among companies with innovative products and services that are changing the way people live around the world.

Percent of net assets

Country diversification


The Americas
United States	40.6	%
Other	1.4

	42.0


Europe
United Kingdom	7.1
France	6.8
Switzerland	3.5
Netherlands	3.5
Spain	1.7
Germany	1.7
Russian Federation	1.2
Finland	1.2
Denmark	1.0


Europe (continued)
Italy	1.0	%
Sweden	1.0
Other	.6

	30.3


Asia/Pacific Basin
Japan	7.5
China	5.1
Taiwan	4.0
Hong Kong	2.7
India	1.8
South Korea	1.3
Other	1.4

	23.8


Other regions
South Africa	1.1	%


Short-term securities & other assets less liabilities	2.8


Total	100.0	%


4		American Funds Insurance Series

Global Growth Fund

Percent of net assets

Largest individual

equity securities


Amazon	4.92	%
TSMC	3.44
Alphabet	3.33
Nintendo	2.96
ASML Holding	2.94


Facebook	2.32	%
British American Tobacco	2.26
Regeneron Pharmaceuticals	2.05
AIA Group	1.92
Alibaba Group	1.88

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since April 30, 1997)	Expense ratio
Class 1	18.75%	23.89%	13.95%	7.04%	9.81%	.56%
Class 1A	18.66	23.64	13.68	6.77	9.54	.81²
Class 2	18.57	23.54	13.66	6.77	9.54	.81
Class 4	18.44	23.25	13.47	6.54	9.29	1.06

Investment results assume all distributions are reinvested and respect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2017. See the Financial Highlights table in this report for details.

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

¹Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		5

Global Small Capitalization Fund

Global Small Capitalization Fund increased 12.71% for the six months ended June 30, 2017, leading its benchmark, the MSCI All Country World Small Cap Index,¹ which gained 10.36%.

Global stocks rose amid strong corporate earnings and improving economic data in the U.S., Europe and Japan. Several key market indexes hit a series of new highs. U.S. equity markets surged in anticipation of lower regulation and tax cuts. European stocks climbed higher despite the U.K’s pivotal vote to leave the European Union. Markets cheered Emmanuel Macron’s victory in the French presidential election as the centrist leader pledged to keep France in the European Union. Emerging markets also enjoyed strong returns, buoyed by technology companies reporting strong earnings.

Consumer discretionary holdings aided returns, with zooplus reporting revenue growth. The company was among the top contributors to returns. Information technology company Sunny Optical rallied on optimism the smartphone market is improving as shipments of smartphone camera lenses grew at a robust pace and was also among the top contributors to results.

Energy stocks were the biggest detractors from returns, as the price of oil declined due to concerns of oversupply. Among the top detractors were investments in Laredo Petroleum, SM Energy and Carrizo.

While investments in U.S. companies were additive to relative returns, larger-than-index investments in U.K. domiciled companies detracted from relative results.

While political uncertainties may result in volatility, the fund’s portfolio managers are optimistic that our investment process can help identify companies outside the U.S. with innovative products and services that are changing the way people live around the globe.

Percent of net assets

Country diversification


The Americas
United States	40.4	%
Canada	2.3
Other	1.8

	44.5


Asia/Pacific Basin
Japan	6.3
China	5.2
India	4.0
Hong Kong	3.2
Thailand	2.2


Asia/Pacific Basin (continued)
Taiwan	2.1	%
Philippines	1.9
Indonesia	1.0
Other	1.5

	27.4


Europe
United Kingdom	11.2
Germany	3.5
Other	6.6

	21.3


Short-term securities & other assets less liabilities	6.8	%


Total	100.0	%

Percent of net assets

Largest individual

equity securities


Qorvo	2.80	%
Insulet	1.65
GW Pharmaceuticals	1.62
China Biologic Products	1.41
Domino’s Pizza	1.27


zooplus	1.23	%
Kotak Mahindra Bank	1.20
athenahealth	1.19
Hilton Grand Vacations	1.00
Kite Pharma	.99


6		American Funds Insurance Series

Global Small Capitalization Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since April 30, 1998)	Expense ratio
Class 1	12.82%	20.09%	11.22%	3.15%	9.42%	.74%
Class 1A	12.77	19.88	10.96	2.90	9.16	.99²
Class 2	12.71	19.85	10.95	2.90	9.16	.99
Class 4	12.57	19.52	10.69	2.65	8.88	1.24

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2017. See the Financial Highlights table in this report for details.

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

¹Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		7

Growth Fund

Growth Fund gained 15.00% for the six months ended June 30, 2017, compared with a 9.34% increase in its benchmark index, Standard & Poor’s 500 Composite Index.¹

U.S. stocks rose to new highs led by strong corporate earnings and improving economic sentiment. Positive economic data on employment and industrial production bolstered optimism in the economy. Information technology stocks advanced, led by tech giants such as Alphabet and Apple, amid growing optimism over consumer demand. Defensive sectors also rose, led by health care and consumer staples.

Larger-than-index investments and strong stock selection in consumer discretionary and information technology boosted the fund’s returns. Among the fund’s top contributors to returns (posting double-digit gains) were consumer discretionary companies Amazon and Tesla and information technology companies Facebook and Broadcom.

Exposure to the energy sector detracted from fund results as the price of crude oil declined, despite OPEC’s decision to extend production cuts into 2018. Energy exploration and production companies Noble Energy and EOG Resources, as well as oil-field services company Schlumberger, detracted from returns.

The fund’s portfolio managers are keeping a close watch on the U.S. economy, which continues to show modest economic growth. Portfolio managers continue to favor well-managed, growth-oriented companies that are capable of generating free cash flow in myriad economic environments and remain optimistic that our global research will help us identify attractive long-term investment opportunities.

Percent of net assets

Largest individual

equity securities


Amazon	5.72	%
Facebook	5.34
Alphabet	3.43
Microsoft	3.41
Broadcom	3.03


UnitedHealth Group	2.76	%
Apple	2.35
Tesla	2.31
Home Depot	1.94
ASML	1.91


8		American Funds Insurance Series

Growth Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since February 8, 1984)	Expense ratio
Class 1	15.15%	25.04%	15.95%	7.55%	12.66%	.35%
Class 1A	15.07	24.80	15.67	7.28	12.38	.60²
Class 2	15.00	24.74	15.66	7.28	12.36	.60
Class 3	15.05	24.82	15.75	7.35	12.46	.53
Class 4	14.86	24.42	15.41	7.03	12.11	.85

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

¹Source: S&P Dow Jones Indices LLC.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		9

International Fund

International Fund gained 18.55% for the six months ended June 30, 2017. Its benchmark, the MSCI ACWI (All Country World Index) ex USA,¹ rose 14.10%.

It was a challenging start to the year as rising populism, the U.K. vote to depart the EU by March 2019, and pivotal elections in Europe dominated investor concerns. By the end of the period, global markets advanced amid strong corporate earnings and improving economic data in the U.S., Europe and Japan. Global markets were led by the information technology sector, as technology companies reported strong earnings.

Investments in the information technology sector contributed most to returns. The fund took advantage of the rally in the information technology sector, helped by investments in Tencent and Alibaba Group. Strong Chinese consumption contributed to revenue growth for both companies. Investments in the financials sector were also among the top contributors to the fund’s returns. HDFC Bank surged after the company reported a more than 18% increase in fourth-quarter profits as the bank continued to gain market share from state-owned banks. Investments in the energy sector hindered the fund’s returns. Tullow was among the top detractors to returns, as the company’s share price declined on write-downs due to the weakness in crude oil prices.

The fund’s portfolio managers strive to maintain a balanced approach and look for companies that have the potential to thrive in today’s uncertain political environment. That is why we take a multilayered approach to research, and invest in different geographies, industries and ultimately companies that can control their own destiny through efficiencies or innovative products.

Percent of net assets

Country diversification


Asia/Pacific Basin
Japan	11.6	%
Hong Kong	9.3
China	9.1
India	7.8
South Korea	6.5
Australia	1.8
Thailand	1.2
Philippines	1.1

	48.4


Europe
United Kingdom	11.8
France	7.3
Switzerland	4.3


Europe (continued)
Netherlands	3.5	%
Germany	2.3
Spain	2.3
Italy	1.7
Denmark	1.0
Belgium	1.0
Other	1.5

	36.7


The Americas
Canada	2.0
Brazil	1.0
United States	.6

	3.6


Other regions
Israel	1.4	%
South Africa	.9

	2.3


Short-term securities & other assets less liabilities	9.0


Total	100.0	%

Percent of net assets

Largest individual

equity securities


Tencent	3.43	%
AIA Group	3.34
HDFC Bank	3.33
Samsung Electronics	3.26
Alibaba Group	2.96


Airbus Group	2.40	%
Altice	2.36
Novartis	1.86
Kering	1.67
UniCredit	1.65


10		American Funds Insurance Series

International Fund

Average annual total

returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since May 1, 1990)	Expense ratio
Class 1	18.71%	24.54%	9.67%	3.17%	8.28%	.54%
Class 1A	18.58	24.25	9.40	2.91	8.01	.79²
Class 2	18.55	24.20	9.40	2.91	8.00	.79
Class 3	18.64	24.32	9.48	2.98	8.09	.72
Class 4	18.48	23.94	9.16	2.67	7.75	1.04

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

¹Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		11

New World Fund^®

New World Fund gained 14.48% for the six months ended June 30, 2017. Its benchmark indexes, the MSCI ACWI (All Country World Index) and the MSCI Emerging Markets Index,¹ rose 11.48% and 18.43%, respectively.

It was a challenging start to the year as rising populism, the U.K.’s vote to depart the EU by March 2019, and pivotal elections in Europe dominated investor concerns. By the end of the period, global markets advanced amid strong corporate earnings and improving economic data in the U.S., Europe and Japan. Global markets were led by the information technology sector, as technology companies reported strong earnings.

Investments in India were the most additive to the fund’s returns, with Reliance Industries and HDFC Bank among the top contributors to results. Reliance Industries rose as the company launched India’s largest fourth-generation, mobile-telecom network and reported strong earnings from its refining and petrochemical businesses. HDFC Bank also surged after the company reported a more than 18% increase in fourth-quarter profits as the bank continued to gain market share from state-owned banks. Russian food retailer Lenta was a key detractor hurt by lower profits amid sluggish consumer demand. Reliance Communications also detracted from the fund’s returns as the company reported fourth-quarter losses.

While political and economic uncertainty remains, the fund’s portfolio managers continue to carefully monitor the portfolio while also looking for idiosyncratic investment opportunities when stock prices are favorable.

Percent of net assets

Country diversification


Asia/Pacific Basin
India	11.2	%
China	9.6
Japan	7.3
Taiwan	4.3
Indonesia	2.1
Australia	1.8
South Korea	1.6
Hong Kong	1.3
Thailand	1.1
Other	.2

	40.5


The Americas
United States	19.2	%
Brazil	6.8
Mexico	4.7
Argentina	2.1
Other	.6

	33.4


Europe
United Kingdom	7.5
Russian Federation	3.4
France	2.6
Switzerland	1.5
Other	2.5

	17.5


Other regions
South Africa	1.6	%
Other	.8

	2.4


Short-term securities & other assets less liabilities	6.2


Total	100.0	%

Percent of net assets

Largest individual

equity securities


Reliance Industries	4.41	%
British American Tobacco	3.12
TSMC	2.93
Murata Manufacturing	2.81
Alphabet	2.51


IEnova	2.29	%
HDFC Bank	2.12
Facebook	1.91
SoftBank	1.67
Samsung Electronics	1.62


12		American Funds Insurance Series

New World Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since June 17, 1999)	Expense ratio
Class 1	14.59%	18.19%	6.42%	3.73%	8.31%	.78%
Class 1A	14.49	17.93	6.16	3.48	8.04	1.03²
Class 2	14.48	17.85	6.14	3.48	8.04	1.03
Class 4	14.32	17.59	5.91	3.23	7.78	1.28

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

¹Source: MSCI. Results for MSCI indexes reflect dividends net of withholding taxes and reinvestment of distributions.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		13

Blue Chip Income and Growth Fund

Blue Chip Income and Growth Fund gained 5.76% for the six months ended June 30, 2017, trailing its benchmark index, Standard & Poor’s 500 Composite Index,¹ which rose 9.34%.

Investments in industrials and consumer staples boosted the fund’s returns. Among the fund’s top contributors to returns (posting double-digit gains) was industrials company CSX as the company appointed a new CEO and took cost-cutting measures to spur a turnaround. Consumer staples company Philip Morris International was also among the fund’s top contributors as the company climbed to record highs.

Investments in the energy sector hindered returns as the price of oil declined amid concerns of oversupply. Energy exploration and production companies Halliburton and Canadian Natural Resources hindered returns.

Given the fund’s focus on investing in dividend-paying stocks, lower-than-index investments and stock selection in information technology were a drag on relative returns. On a country basis, lower-than-index investments in U.S. domiciled companies also detracted from the fund’s relative returns.

The fund’s portfolio managers are keeping a close watch on the U.S. economy, which continues to show modest economic growth. Portfolio managers continue to favor well-managed, high-quality companies that are capable of generating positive cash flow in myriad economic environments and remain optimistic that our global research will help us identify attractive long-term investment opportunities.

Percent of net assets

Largest individual

equity securities


AbbVie	5.52	%
Amgen	4.59
Verizon Communications	4.43
JPMorgan Chase	4.00
Wells Fargo	3.40


Prudential Financial	3.22	%
Apple	3.22
Altria	3.15
Intel	2.84
Texas Instruments	2.28


14		American Funds Insurance Series

Blue Chip Income and Growth Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since July 5, 2001)	Expense ratio
Class 1	5.82%	14.53%	14.71%	6.50%	6.38%	.41%
Class 1A	5.74	14.30	14.43	6.24	6.12	.66²
Class 2	5.76	14.24	14.43	6.24	6.12	.66
Class 4	5.52	13.88	14.26	6.03	5.89	.91

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008, and from February 1, 2014, through January 31, 2015. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2017. See the Financial Highlights table in this report for details.

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

¹Source: S&P Dow Jones Indices LLC.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		15

Global Growth and Income Fund

Global Growth and Income Fund gained 14.70% for the six months ended June 30, 2017, in line with the MSCI ACWI (All Country World Index),¹ which rose 11.48%.

Global stocks rallied amid strong corporate earnings and improving economic data in the U.S., Europe and Japan. Several key market indexes hit a series of new highs, despite political uncertainty. U.S. equity markets surged in anticipation of lower regulation and tax cuts, led by information technology stocks. European stocks also climbed higher despite the U.K’s pivotal vote to leave the European Union. Markets cheered Emmanuel Macron’s victory in the French presidential election as the centrist leader pledged to keep France in the European Union. Emerging markets enjoyed strong returns as well, buoyed by strong earnings growth of technology companies.

Several sectors, led by information technology, made positive contributions to the fund’s returns. The fund’s holdings in Nintendo, Broadcom and TSMC were among the top contributors to results. Nintendo shares soared to an eight-year high on optimism that more third-party developers would create games for the company’s new flagship console. Semiconductor manufacturer TSMC rose, fueled by higher demand for smartphone microchips and optimism over demand for Apple’s next iPhone. Semiconductor manufacturer Broadcom also rose as the company’s second-quarter earnings topped analyst estimates.

Exposure to the energy sector was a drag on the fund’s returns. Among the fund’s top detractors to returns were Helmerich & Payne, BP and Royal Dutch Shell, which slid as oil prices declined on concerns of oversupply.

The fund’s cash position enables portfolio managers to better navigate a challenging environment by focusing on opportunities when stock prices are favorable. The fund’s portfolio managers are also optimistic they can uncover promising long-term investment opportunities, and companies with sustainable dividends and income.

Percent of net assets

Country diversification


The Americas
United States	35.4	%
Mexico	3.5
Canada	2.3
Brazil	1.6
Argentina	.3

	43.1


Europe
United Kingdom	12.5
Switzerland	4.9
France	4.2
Germany	3.9
Denmark	1.2


Europe (continued)
Ireland	1.2	%
Other	2.1

	30.0


Asia/Pacific Basin
Japan	8.2
Taiwan	5.0
India	2.7
China	2.0
Australia	1.2
Other	2.7

	21.8


Short-term securities & other assets less liabilities	5.1	%


Total	100.0	%

Percent of net assets

Largest individual

equity securities


Nintendo	4.81	%
British American Tobacco	4.03
TSMC	3.36
Microsoft	3.23
Nestlé	2.51


UnitedHealth Group	2.44	%
Broadcom	2.26
Airbus Group SE	1.98
IEnova	1.73
Murata Manufacturing	1.44


16		American Funds Insurance Series

Global Growth and Income Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since May 1, 2006)	Expense ratio
Class 1	14.88%	21.35%	12.12%	5.61%	6.72%	.63%
Class 1A	14.87	21.20	11.87	5.36	6.46	.88²
Class 2	14.70	21.02	11.85	5.34	6.45	.88
Class 4	14.58	20.71	11.61	5.10	6.20	1.13

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from May 1, 2006, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2017. See the Financial Highlights table in this report for details.

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

¹Source MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		17

Growth-Income Fund

Growth-Income Fund gained 9.77% for the six months ended June 30, 2017. Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, rose 9.34%.

U.S. stocks rose to new highs led by strong corporate earnings and improving economic sentiment, as well as the anticipation of fewer regulations and more tax cuts. Positive economic data on employment and industrial production bolstered optimism in the economy. Information technology stocks advanced, led by tech giants such as Alphabet and Apple, amid growing optimism over consumer demand. Defensive sectors also rose, led by health care and consumer staples.

Regarding the fund, stock selection and an overweight position in consumer discretionary contributed most to the fund’s returns. Among the fund’s top contributors to results (posting double-digit gains) was consumer discretionary company Amazon. An increase in revenue from Amazon Web Services contributed to the company’s strong first-quarter earnings.

The fund’s weakest sector on an absolute basis was energy, impacted by persistent oversupply concerns that continued to drive oil prices lower. Investments in the telecommunication services sector also hindered returns and Verizon Communications was among the top detractors as the company reported first-quarter earnings that missed analyst expectations.

The portfolio managers exercise some caution when considering the potential impact on the U.S. economy and markets that could result from the new administration’s lack of success so far in various reforms. Should uncertainty eventually result in increased volatility, the fund’s healthy cash position can give portfolio managers an opportunity to invest in companies with more favorable valuations for the long term. The portfolio managers remain confident in our robust research process and its ability to identify attractive investments.

Percent of net assets

Largest individual

equity securities


Amazon	3.64	%
Microsoft	2.24
Alphabet	2.21
Netflix	1.97
AbbVie	1.94


Amgen	1.74	%
Verizon Communications	1.71
Texas Instruments	1.63
Broadcom	1.53
JPMorgan Chase	1.46


18		American Funds Insurance Series

Growth-Income Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since February 8, 1984)	Expense ratio
Class 1	9.90%	19.02%	15.01%	6.72%	11.27%	.29%
Class 1A	9.85	18.82	14.74	6.46	10.99	.54²
Class 2	9.77	18.70	14.72	6.45	10.96	.54
Class 3	9.83	18.82	14.80	6.53	11.07	.47
Class 4	9.64	18.43	14.47	6.20	10.72	.79

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

¹Source: S&P Dow Jones Indices LLC.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		19

International Growth and Income Fund

International Growth and Income Fund rose 15.48% for the six months ended June 30, 2017, while the MSCI ACWI (All Country World Index) ex USA¹ gained 14.10%.

Strong corporate earnings and improving economic data in the U.S., Europe and Japan, with a backdrop of supportive global monetary policy, helped to diminish investors’ concerns about increasing populism and geopolitical uncertainty. Information technology stocks led U.S. markets higher, as the share price of U.S. tech giants Apple and Alphabet advanced. European stocks also climbed higher despite the U.K’s pivotal vote to leave the European Union. Markets cheered Emmanuel Macron’s victory in the French presidential election as the centrist leader pledged to keep France in the European Union. Emerging markets enjoyed strong returns buoyed by strong earnings from technology companies.

The top contributor to the fund’s results was the financials sector. HDFC Bank surged after the company reported a more than 18% increase in fourth-quarter profits as the bank continued to gain market share from state-owned banks. HDFC Bank was among the top contributors to the fund’s returns. On the downside, investments in the energy sector detracted from returns as the price of crude oil slipped on concerns of oversupply. Among stock investments, Teva Pharmaceutical dragged down results as the company missed first-quarter revenue expectations.

By region, holdings in the U.S., India and Hong Kong contributed to relative returns, and holdings in China, Israel and Sweden were a drag on relative returns.

As geopolitics weigh on investor sentiment, the fund’s portfolio managers are optimistic that our global research and the fund’s flexible mandate can help us identify attractive investment opportunities.

Percent of net assets

Country diversification


Europe
United Kingdom	21.0	%
France	6.9
Switzerland	4.9
Spain	3.9
Germany	2.4
Portugal	2.0
Netherlands	1.8
Italy	1.8
Denmark	1.6
Other	3.4

	49.7


Asia/Pacific Basin
Hong Kong	7.4
Japan	4.7


Asia/Pacific Basin (continued)
South Korea	3.9	%
China	3.8
India	3.5
Taiwan	2.9
Thailand	1.9
Australia	1.2
Other	.4

	29.7


The Americas
United States	2.6
Brazil	1.6
Canada	1.3
Other	.8

	6.3


Other regions
Israel	2.1	%
Other	.6

	2.7


Short-term securities & other assets less liabilities	11.6


Total	100.0	%

Percent of net assets

Largest individual

equity securities


HDFC Bank	3.52	%
Royal Dutch Shell	3.37
Imperial Brands	2.39
TSMC	2.32
Cheung Kong Property Holdings	2.18


Samsung Electronics	2.06	%
Novartis	2.06
Shanghai International Airport Co., Ltd., Class A	2.05
Capita PLC	2.00
Teva Pharmaceutical Industries Ltd. (ADR)	1.88


20		American Funds Insurance Series

International Growth and Income Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	Lifetime (since November 18, 2008)	Expense ratio
Class 1	15.54%	16.13%	7.19%	9.97%	.68%
Class 1A	15.53	15.98	6.95	9.71	.93²
Class 2	15.48	15.89	6.93	9.70	.93
Class 4	15.29	15.52	6.74	9.46	1.18

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from November 18, 2008, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2017. See the Financial Highlights table in this report for details.

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

¹Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		21

Capital Income Builder^®

Capital Income Builder, a mix of stocks and bonds, rose 8.15% for the six months ended June 30, 2017. During the same period, the MSCI ACWI (All Country World Index)¹ rose 11.48%. The Bloomberg Barclays U.S. Aggregate Index² gained 2.27%. The index blend of 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index³ rose 8.65%. The Lipper Global Equity Income Funds Average⁴ a measure of similar funds, increased 8.92%.

Global stocks rose amid strong corporate earnings and improving economic data in the U.S., Europe and Japan. Several key market indexes hit a series of new highs. U.S. equity markets surged in anticipation of lower regulation and tax cuts. Information technology stocks led markets higher. European stocks climbed higher despite the U.K’s pivotal vote to leave the European Union. Markets cheered Emmanuel Macron’s victory in the French presidential election as the centrist leader pledged to keep France in the European Union.

In the equity portfolio, the top contributor to the fund’s returns was the consumer staples sector due in part to good stock selection. Consumer staples company Philip Morris International was among the top contributors to returns, as the company reached record highs and registered double-digit gains. The fund’s fixed income holdings also rose on an absolute basis, contributing to the fund’s objective of generating a stream of income for its investors.

Given the fund’s focus on investing in stocks that pay dividends, we did not hold non-yielding information technology stocks that were strong in the first half. This hindered relative returns. Investments in the energy sector were also a detractor as the price of oil declined due to concerns of oversupply. Energy exploration and production company Helmerich & Payne and oil transportation company Inter Pipeline detracted from the fund’s returns.

The fund’s portfolio managers are keeping a close watch on the U.S. economy, which continues to show modest economic growth. Portfolio managers continue to maintain an overweight position in defensive sectors such as consumer staples, telecommunication services and utilities. They continue to search for companies dedicated to both paying dividends and increasing them over time to meet the fund’s objectives of providing above-average and growing income.

Percent of net assets

Country diversification


The Americas
United States	51.4	%
Canada	2.3

	53.7


Europe
United Kingdom	15.3
France	3.3
Switzerland	2.8
Sweden	2.5
Finland	2.2
Italy	1.9
Other	3.5

	31.5


Asia/Pacific Basin
Hong Kong	2.1	%
Singapore	1.9
Australia	1.8
Taiwan	1.6
Other	1.9

	9.3


Other regions
United Arab Emirates	.2	%


Short-term securities & other assets less liabilities	5.3


Total	100.0	%


22		American Funds Insurance Series

Capital Income Builder

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	Lifetime (since May 1, 2014)	Expense ratio
Class 1	8.27%	6.94%	3.51%	.54%
Class 1A	8.12	6.65	3.24	.80⁵
Class 2	8.15	6.73	3.44	.80
Class 4	7.92	6.43	2.99	1.04

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2017. See the Financial Highlights table in this report for details.

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

¹Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²Source: Bloomberg Index Services Ltd.

³Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.

⁴Source: Thomson Reuters Lipper.

⁵Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		23

Asset Allocation Fund

Asset Allocation Fund, which is a mix of stocks and bonds, rose 8.17% for the six months ended June 30, 2017. Standard & Poor’s 500 Composite Index,¹ the benchmark for the fund’s equity holdings, gained 9.34% over the same period, while the Bloomberg Barclays U.S. Aggregate Index,² which measures investment-grade U.S. bonds (rated BBB/Baa and above), rose 2.27%. A blend of the two indexes, the 60%/40% S&P 500/Bloomberg Barclays U.S. Aggregate Index,³ advanced 6.48%.

U.S. stocks rose to new highs led by strong corporate earnings and improving economic sentiment. Positive economic data on employment and industrial production bolstered optimism in the economy. Information technology stocks advanced, led by tech giants such as Alphabet, Facebook and Apple, amid growing optimism over consumer demand. Defensive sectors also rose, led by health care and consumer staples. Bonds also advanced, led by U.S. long credit.

Investments in the information technology and consumer staples sectors boosted the fund’s returns. Consumer staples company Philip Morris International climbed to record highs and was the top contributor to results. Holdings in the energy sector detracted the most from the fund’s returns as oil prices slumped. Noble Energy and Weatherford International slid amid investor concerns about a glut of crude oil.

The fund’s relatively defensive interest rate exposure compared to its fixed income benchmark was additive to results. Federal agency mortgage-backed securities also accounted for gains.

The fund’s portfolio managers are keeping a close watch on the U.S. economy, which continues to show modest economic growth. They continue to favor well-managed companies that are capable of generating positive cash flow and dividend income for investors in myriad economic environments. The fund’s cash position allows portfolio managers to remain flexible and better navigate uncertainty by focusing on opportunities when stock prices are favorable.

Percent of net assets

Largest individual

equity securities


Microsoft	3.15	%
TSMC	2.55
Philip Morris International	2.38
Comcast	2.02
UnitedHealth Group	1.91


JPMorgan Chase	1.70	%
Lockheed Martin	1.67
Johnson & Johnson	1.60
Chubb	1.51
DuPont	1.50


24		American Funds Insurance Series

Asset Allocation Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since August 1,1989)	Expense ratio
Class 1	8.28%	13.41%	11.27%	6.26%	8.57%	.29%
Class 1A	8.23	13.21	11.01	6.00	8.30	.54⁴
Class 2	8.17	13.16	10.99	5.99	8.29	.54
Class 3	8.20	13.25	11.08	6.07	8.37	.47
Class 4	8.02	12.89	10.82	5.77	8.05	.79

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

¹Source: S&P Dow Jones Indices LLC.

²Source: Bloomberg Index Services Ltd.

³Data sources: S&P Dow Jones Indices LLC and Bloomberg Index Services Ltd. The 60%/40% S&P 500/Bloomberg Barclays U.S. Aggregate Index blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.

⁴Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		25

Global Balanced Fund

Global Balanced Fund rose 11.12% for the six months ended June 30, 2017. The MSCI ACWI (All Country World Index),¹ which measures global stocks, gained 11.48%, while the Bloomberg Barclays Global Aggregate Index,² a measure of investment-grade bonds (rated BBB/Baa and above), increased 4.41%. The 60%/40% MSCI ACWI/ Bloomberg Barclays Global Aggregate Index³ rose 8.61%.

Several key market indexes hit a series of new highs as the U.S. continued to demonstrate slow and steady economic expansion. The Federal Reserve raised the benchmark federal funds rate by a quarter percentage point twice this year, reassuring investors of persistent U.S. economic strength.

Overseas, European stocks rose despite political turmoil ahead of pivotal elections in the U.K. and France that served as referendums on the future of Europe. Markets cheered Emmanuel Macron’s victory as the centrist leader pledged to keep France in the European Union. Emerging markets also enjoyed some of the best results with solid gains across Asia.

Strong selection and larger-than-index investments in consumer staples were beneficial and contributed the most to the fund’s returns. Consumer staples company British American Tobacco was among the fund’s top contributors to returns (posting double-digit gains). British American Tobacco rose as the company’s vaping business gained market share in Europe. The company expected that a weak pound would have a positive impact on the company’s profits repatriated to the U.K. Consumer staples company Philip Morris International also boosted the fund’s results, as the company’s shares reached record highs.

Larger-than-index investments in the energy sector were a detractor, hurt by concerns of an oversupply of crude oil that drove oil prices lower. Energy exploration and production companies LUKOIL PJSC and ConocoPhillips, oil-field services company Schlumberger and energy delivery company Enbridge were among the top detractors.

In fixed income, above-benchmark investments in Mexican debt and lower-than-index investments in euro-denominated debt contributed to relative returns. Exposure to select currencies, such as the Polish zloty, was also additive to relative results.

The fund’s portfolio managers exercise caution amid geopolitical uncertainty and continue to stay the course of focusing on global research and bottom-up analysis. As valuations for many companies are up, security selection is particularly important at this point in the market cycle. Portfolio managers continue to monitor changes in consumer behavior, the democratization of technology and e-commerce that present opportunities in the consumer staples sector for long-term investors.

Percent of net assets

Largest sectors

Information technology

12.5%

Largest fixed income

U.S. Treasury

8.5%

in common stock

Consumer staples

7.9

holdings (by issuer)

Japanese Government

2.7

holdings

Industrials

7.4

Polish Government

1.4

Financials

6.6

Mexican Government

1.2

Health care

5.7

Spanish Government


26		American Funds Insurance Series

Global Balanced Fund

Percent of net assets

Currency

diversification


	Equity securities			Bonds & notes			Forward currency contracts			Short-term securities & other assets less liabilities			Total
U.S. dollars		32.9	%		16.7	%		(.1	)%		6.0	%		55.5	%
Euros		7.6			3.2			1.6			-			12.4
British pounds		6.9			.9			(.8	)		-			7.0
Japanese yen		3.4			2.7			.8			-			6.9
Swiss franc		2.4			-			-			-			2.4
Swedish kronor		1.5			-			.5			-			2.0
Hong Kong dollars		1.7			-			-			-			1.7
New Taiwan dollars		1.6			-			-			-			1.6
Polish zloty		-			1.4			(.1	)		-			1.3
Indian rupees		.6			.7			(.3	)		-			1.0
Other currencies		4.2			5.6			(1.6	)		-			8.2

														100.0	%

Percent of net assets

Largest individual

equity securities


Nintendo	2.29	%
British American Tobacco	1.98
Microsoft	1.81
Humana	1.73
ASML Holding	1.61


TSMC	1.57	%
JPMorgan Chase	1.35
Merck	1.29
Boeing	1.26
Philip Morris International	1.22

Average annual

total returns based on

a $1,000 investment


For periods ended June 30, 2017
	6 months		1 year		5 years		Lifetime (since May 2, 2011)		Expense ratio
Class 1		11.19%		12.47%		7.36%		5.67%		.72%
Class 1A		11.19		12.33		7.12		5.43		.97⁴
Class 2		11.12		12.22		7.11		5.42		.97
Class 4		11.00		12.01		7.07		5.34		1.24

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

¹Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²Source: Bloomberg Index Services Ltd.

³Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.

⁴Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		27

Bond Fund

Bond Fund gained 2.51% for the six months ended June 30, 2017, outpacing its benchmark, the Bloomberg Barclays U.S. Aggregate Index¹ which rose 2.27%.

U.S. bond markets generated modest returns amid political uncertainty and a mixed global economy. The Federal Reserve raised the benchmark federal funds rate by a quarter percentage point twice this year, reassuring investors of persistent U.S. economic strength. The yield on the benchmark 10-year Treasury note fell 14 basis points to end the six-month period at 2.31%.

The fund had a modestly overweight duration relative to the benchmark, which generally helped returns as yields marginally declined. The fund also benefited from sector allocation, with U.S. high-yield securities contributing most to the fund.

On the whole, the U.S. economy appears to be in good shape and is expected to grow at a moderate pace. As U.S. interest rates increase, investors have the opportunity of reinvesting at higher yields. The fund’s portfolio managers expect continued investor demand for flight-to-safety assets and higher yields. Given uncertainty over how the Federal Reserve will reduce assets on its balance sheet, portfolio managers may experience periods of volatility in the months ahead. Nonetheless, they will continue to search the bond market for promising investment opportunities.

Percent of net assets

Largest holdings

(by issuer)


U.S. Treasury	21.2	%
Freddie Mac	10.8
Fannie Mae	10.5
Ginnie Mae	5.4
Mexican Government	2.2


Japanese Government	1.5	%
Portuguese Government	1.4
State of Illinois	1.1
Pemex	.9
Enbridge Energy Partners, LP	.9


28		American Funds Insurance Series

Bond Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since January 2, 1996)	Expense ratio
Class 1	2.62%	.32%	2.45%	3.28%	4.80%	.38%
Class 1A	2.52	.10	2.20	3.03	4.54	.63²
Class 2	2.51	.06	2.19	3.02	4.54	.63
Class 4	2.29	-.18	1.96	2.78	4.28	.88

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

¹Source: Bloomberg Index Services Ltd.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		29

Global Bond Fund

Global Bond Fund rose 4.94% for the six months ended June 30, 2017, while the Bloomberg Barclays Global Aggregate Index¹ rose 4.41%.

Global bond markets rose as a mixed global economy and political turmoil contributed to investor demand for perceived flight-to-safety assets and high quality credit. Although there was much optimism at the beginning of the year about U.S. fiscal policy designed to spur growth, uncertainty about fiscal expansion contributed to a weaker U.S. dollar. The Federal Reserve raised the benchmark federal funds rate by a quarter percentage point twice this year, reassuring investors of persistent U.S. economic strength. Global central banks kept monetary policy steady to remain flexible amid economic uncertainty. The yield on the benchmark 10-year Treasury note fell 14 basis points to end the period at 2.31%. Meanwhile, 10-year U.K. bonds traded at lower yields.

Low exposure to euro-denominated debt and Japanese debt combined with above-benchmark investments in Mexican debt contributed to relative returns. Exposure to select currencies, such as the Polish zloty and Hungarian forint, were also additive to relative results.

The fund’s portfolio managers maintain a cautious approach to investing in global bond markets, and believe that our global research can help identify attractive long-term investments around the world. Having the flexibility to diversify and adjust exposure by country, sector and currency continues to serve as a hallmark of the fund’s approach to global investing.

Percent of net assets


Currency weighting (after hedging) by country

United States²	48.6	%
Japan	16.1
Euro zone³	11.4
United Kingdom	3.6
Poland	2.8
Norway	2.1
Sweden	2.0
Colombia	1.3
Mexico	1.1
India	1.1
Turkey	1.1
Denmark	.9
Malaysia	.9
Chile	.8
Hungary	.5
Thailand	.4
Egypt	.3
Argentina	.2
Canada	.2
Israel	.2
Philippines	.1
Other	4.3

Total	100.0	%


Non-U.S. government bonds by country

Euro zone³:
Germany	3.5	%
Portugal	2.4
Spain	1.0
Italy	.8
Other	2.5		10.2	%

Japan			9.1
Poland			4.5
Mexico			3.6
India			2.5
Malaysia			2.1
Norway			1.7
Australia			1.7
United Kingdom			1.6
Colombia			1.2
Other			9.3

Total			47.5	%

Percent of net assets

Largest holdings

(by issuer)


U.S. Treasury	15.7	%
Japanese Government	9.1
Polish Government	4.5
Mexican Government	3.6
German Government	3.3


Indian Government	2.4	%
Portuguese Government	2.4
Malaysian Government	2.1
Norwegian Government	1.7
Australian Government	1.7


30		American Funds Insurance Series

Global Bond Fund

Average annual

total returns based on a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since October 4, 2006)	Expense ratio
Class 1	5.09%	.14%	1.32%	4.06%	4.21%	.57%
Class 1A	5.08	.01	1.09	3.82	3.96	.82⁴
Class 2	4.94	-.17	1.06	3.80	3.94⁵	.82
Class 4	4.88	-.37	.90	3.59	3.73	1.07

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from October 4, 2006, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2017. See the Financial Highlights table in this report for details.

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

¹Source: Bloomberg Index Services Ltd.

²Includes U.S. dollar-denominated debt of other countries, totaling 13.9%.

³Countries using the euro as a common currency; those represented in the fund’s portfolio are Belgium, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Slovenia and Spain.

⁴Based on estimated amounts for the current fiscal year.

⁵Global 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%.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 217

LOGO


American Funds Insurance Series		31

High-Income Bond Fund

High-Income Bond Fund gained 4.43% for the six months ended June 30, 2017. The fund’s benchmark, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index,¹ increased 4.92%.

Renewed investor expectations of more rapid economic growth led to higher interest rates as the Federal Reserve increased the benchmark federal funds rate in March and June of this year by a quarter percentage point each time. U.S. bond markets rose for the six-month period, led by U.S. long credit. The yield on the benchmark 10-year Treasury note fell 14 basis points to end the period at 2.31%, and the spread between U.S. corporate bonds and Treasuries declined by a modest 14 basis points.

The fund’s allocation to high-yield debt and exposure to short interest duration, or the fund’s relatively low sensitivity to interest rates compared with the benchmark, were additive to results. High-yield bond investments in the energy sector, however, detracted from returns as oil prices declined due to concerns of oversupply.

The fund’s portfolio managers believe current fundamentals support a constructive high-yield market environment. While we are monitoring the Federal Reserve’s tightening monetary policy, maturities in the high-yield market have tended to be shorter than some other markets, which should help dampen the effect of rising rates.

Percent of net assets

Largest holdings

(by issuer)


VRX	2.8	%
Altice	1.9
Cheniere Energy	1.8
First Quantum Minerals	1.7
Tenet Healthcare	1.5


Sprint Nextel	1.4	%
Chesapeake Energy	1.4
AES	1.3
Cliffs Natural Resources	1.3
CCO Holdings LLC and CCO Holdings Capital	1.3


32		American Funds Insurance Series

High-Income Bond Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since February 8, 1984)	Expense ratio
Class 1	4.60%	13.18%	5.79%	5.63%	8.94%	.49%
Class 1A	4.60	13.03	5.56	5.38	8.67	.74²
Class 2	4.43	13.00	5.54	5.37	8.61	.74
Class 3	4.46	12.94	5.59	5.44	8.74	.67
Class 4	4.29	12.63	5.37	5.15	8.41	.99

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

¹Source: Bloomberg Index Services Ltd.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		33

Mortgage Fund

Mortgage Fund gained 1.37% for the six months ended June 30, 2017, while the Bloomberg Barclays U.S. Mortgage-Backed Securities Index¹ rose 1.35%.

The Federal Reserve increased the benchmark federal funds overnight lending rate in March and June of this year by a quarter percentage point each time. Long maturity U.S. Treasury yields modestly declined, pushing their prices higher. The housing market continued to function smoothly as home sales rose modestly and home prices increased about 5% on a year-over-year basis.

The fund’s investments in the agency mortgage-backed securities sector, inflation linked treasury bonds and securitized debt were additive to relative returns. As the yield curve flattened, the fund’s curve positioning detracted from relative returns.

The fund’s portfolio managers seek to identify high-quality mortgage-backed securities based on our bottom-up approach to investing. In the current environment, demand for fiight-to-safety assets and the fund’s low correlation to equities should help investors navigate macroeconomic and geopolitical uncertainty and remain well diversified.

Percent of net assets

Breakdown of

mortgage-backed

obligations


30-year pass-throughs:
Ginnie Mae	14.1	%
Fannie Mae	6.8
Freddie Mac	27.9		48.8	%

Other			13.2

Total			62.0	%


34		American Funds Insurance Series

Mortgage Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	Lifetime (since May 2, 2011)	Expense ratio
Class 1	1.51%	1.12%	2.17%	2.83%	.46%
Class 1A	1.41	.89	1.92	2.58	.71²
Class 2	1.37	.85	1.91	2.58	.71
Class 4	1.25	.62	1.78	2.41	.96

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

¹Source: Bloomberg Index Services Ltd.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		35

Ultra-Short Bond Fund

Ultra-Short Bond Fund gained 0.09% for the six months ended June 30, 2017, while the Bloomberg Barclays Short-Term Government/Corporate Index¹ gained 0.43%.

The fund’s returns were higher than in 2016 as yields on three-month Treasury bills were up approximately 50 basis points since the end of last year. Short-term interest rates still remain near historically low levels.

The Federal Reserve raised the benchmark federal funds rate by a quarter percentage point twice this year, reassuring investors of persistent U.S. economic strength. Given these increases in interest rates, the fund’s portfolio managers believe the fund has the potential to provide current income.


36		American Funds Insurance Series

Ultra-Short Bond Fund

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since February 8, 1984)	Expense ratio

Class 1	.27%	.36%	–.09%	.36%	3.53%	.35%
Class 1A	.26	.23	–.31	.12	3.28	.60²
Class 2	.09	–.00	–.36	.09	3.24	.60
Class 3	.18	.09	–.29	.16	3.35	.53
Class 4	–.00	–.18	–.45	–.08	3.04	.85

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

¹ Source: Bloomberg Index Services Ltd.

² Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2017


Commercial paper	68.9	%
Federal agency discount notes	24.8
Bonds & notes of governments & government agencies outside the U.S.	3.2
U.S. Treasury bills	3.2
Other assets less liabilities	(.1	)

Total	100.0	%


American Funds Insurance Series		37

U.S. Government/AAA-Rated Securities Fund

U.S. Government/AAA-Rated Securities Fund gained 1.76% for the six months ended June 30, 2017, while the Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index¹ rose 1.64%.

The Federal Reserve increased the benchmark federal funds rate by a quarter percentage point twice this year – moves that lend credence to the case for continued domestic growth and economic stability. U.S. government debt rose modestly. The yield on the benchmark 10-year Treasury note declined by 14 basis points over the six months to end the period at 2.31%.

Some of the major themes driving the markets in the first half of 2017 were concerns about global economic growth, geopolitical events such as elections in Europe, and recent weak consumer price inflation in the U.S.

During the period, the fund’s duration contributed to relative returns. The fund also benefited from sector allocation, with U.S. agency securities contributing to relative returns. As the yield curve flattened, yield curve positioning detracted from relative returns.

The fund strives to meet its objective of providing a high level of current income consistent with the preservation of capital. The fund’s portfolio managers have positioned the fund with the expectation that rate hikes over the next two to three years will be at a slower pace than is currently priced into the market. They believe this can lead to a steepening yield curve and higher inflation expectations.

Percent of net assets

Breakdown of mortgage-backed obligations


30-year pass-throughs:
Freddie Mac	10.5	%
Fannie Mae	13.2
Ginnie Mac	8.1		31.8	%

Other			4.2

Total			36.0	%


38		American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Average annual

total returns based on

a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	5 years	10 years	Lifetime (since December 2, 1985)	Expense ratio
Class 1	1.87%	-.67%	1.63%	3.96%	5.96%	.36%
Class 1A	1.86	-.80	1.40	3.72	5.70	.61²
Class 2	1.76	-.93	1.36	3.70	5.66	.61
Class 3	1.83	-.86	1.43	3.78	5.77	.54
Class 4	1.62	-1.24	1.21	3.49	5.45	.86

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008, and from July 1, 2010, through December 31, 2010. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2017. See the Financial Highlights table in this report for details.

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

¹Source: Bloomberg Index Services Ltd.

²Based on estimated amounts for the current fiscal year.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2017

LOGO


American Funds Insurance Series		39

Managed Risk Growth Fund

Managed Risk Growth Fund gained 13.91% for the six months ended June 30, 2017. Standard & Poor’s 500 Managed Risk Index – Moderate Aggressive¹ rose 7.89%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 9.34%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Growth Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded 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.

While the underlying fund’s larger-than-index investments and strong stock selection in consumer discretionary and information technology added to returns, energy stocks detracted from the fund’s results.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	Lifetime (since May 1, 2013)	Gross expense ratio	Net expense ratio
Class P1	14.10%	20.64%	8.32%	.87%	.71%
Class P2	13.91	20.24	7.96	1.12	.96

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios, which are restated for Class P1 shares to reflect current fees, are as of the fund’s prospectus dated May 1, 2017. The investment adviser is currently waiving a portion of its management fee equal to 0.05% of the fund’s net assets. In addition, the investment adviser is currently reimbursing a portion of miscellaneous expenses. Investment results and net expense ratios shown reflect the waiver and reimbursement, without which the results would have been lower and the expenses would have been higher. This waiver and reimbursement will be in effect through at least May 1, 2018, unless modified or terminated by the fund’s board. 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. See the Financial Highlights table in this report for details.

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

¹Source: 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. These indexes are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC.

²Source: S&P Dow Jones Indices LLC.

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

Managed Risk International Fund advanced 16.57% for the six months ended June 30, 2017, outpacing the Standard & Poor’s EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,¹ which rose 11.59%. The MSCI ACWI (All Country World Index) ex USA² rose 14.10%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – International Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded 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 fund’s investments in the information technology sector contributed most to returns, while holdings in the energy sector hindered returns.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	Lifetime (since May 1, 2013)	Gross expense ratio	Net expense ratio
Class P1	16.87%	17.80%	2.40%	1.05%	.89%
Class P2	16.57	17.37	2.00	1.30	1.14

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

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

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 Blue Chip Income and Growth Fund

Managed Risk Blue Chip Income and Growth Fund gained 5.11% for the six months ended June 30, 2017, trailing Standard & Poor’s 500 Managed Risk Index – Moderate Aggressive,¹ which rose 7.89%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 9.34%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Blue Chip Income and Growth Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded 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 fund’s investments in industrials and consumer discretionary boosted fund results on a relative basis, while investments in the information technology sector were a drag on relative returns.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	Lifetime (since May 1, 2013)	Gross expense ratio	Net expense ratio
Class P1	5.37%	12.31%	7.60%	.92%	.76%
Class P2	5.11	11.89	7.21	1.17	1.01

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

²Source: S&P Dow Jones Indices LLC.

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

Managed Risk Growth-Income Fund gained 9.10% for the six months ended June 30, 2017, outpacing the Standard & Poor’s 500 Managed Risk Index – Moderate Aggressive,¹ which rose 7.89%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 9.34%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded 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 fund’s stock selection and overweight position in consumer discretionary added the most to returns. The fund’s weakest sector on an absolute basis was energy, impacted by a decline in oil prices on concerns of oversupply.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	Lifetime (since May 1, 2013)	Gross expense ratio	Net expense ratio
Class P1	9.11%	15.96%	7.83%	.83%	.67%
Class P2	9.10	15.77	7.50	1.08	.92

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

²Source: S&P Dow Jones Indices LLC.

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

Managed Risk Asset Allocation Fund rose 7.43% for the six months ended June 30, 2017, beating the Standard & Poor’s 500 Managed Risk Index – Moderate,¹ which rose 7.16%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 9.34%, while the Bloomberg Barclays U.S. Aggregate Index,³ which measures investment-grade U.S. bonds (rated BBB/Baa and above), rose 2.27%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded 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 fund’s investments in the information technology sector contributed the most to absolute returns. Holdings in the energy sector hindered returns as oil prices slumped on concerns of oversupply.

Average annual total returns based on a $1,000 investment

For periods ended June 30, 2017


	6 months	1 year	Lifetime (since September 28, 2012)	Gross expense ratio	Net expense ratio
Class P1	7.53%	12.01%	8.11%	.70%	.65%
Class P2	7.43	11.74	7.84	.95	.90

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2017. The investment adviser is currently waiving a portion of its management fee equal to 0.05% of the fund’s net assets. 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, 2018, unless modified or terminated by the fund’s board. The waiver may only be modified or terminated with the approval of the fund’s board. See the Financial Highlights table in this report for details.

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

²Source: S&P Dow Jones Indices LLC.

³Source: Bloomberg Index Services Ltd.

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


44		American Funds Insurance Series

Global Growth Fund


Summary investment portfolio June 30, 2017		unaudited


Common stocks 97.12%		Shares		Value (000)

Information	Taiwan Semiconductor Manufacturing Co., Ltd.		27,614,000	$	189,267
technology	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		335,000		11,712
29.76%	Alphabet Inc., Class A¹		140,400		130,527
	Alphabet Inc., Class C¹		71,052		64,567
	Nintendo Co., Ltd.		516,200		172,931
	ASML Holding NV		675,542		88,036
	ASML Holding NV (New York registered)		643,900		83,907
	Facebook, Inc., Class A¹		898,500		135,656
	Alibaba Group Holding Ltd. (ADR)¹		781,050		110,050
	Microsoft Corp.		1,380,000		95,123
	Visa Inc., Class A		998,800		93,668
	Murata Manufacturing Co., Ltd.		608,000		92,274
	Broadcom Ltd.		392,200		91,402
	Samsung Electronics Co., Ltd.		18,520		38,476
	Samsung Electronics Co., Ltd., nonvoting preferred		18,500		30,107
	Tencent Holdings Ltd.		1,800,000		64,369
	AAC Technologies Holdings Inc.		4,418,540		55,236
	Just Eat PLC¹		5,264,900		44,915
	Other securities				148,947

					1,741,170


Consumer	Amazon.com, Inc.¹		297,100		287,593
discretionary	Ulta Beauty, Inc.¹		315,300		90,598
19.00%	Home Depot, Inc.		513,000		78,694
	Peugeot SA		3,878,800		77,373
	Priceline Group Inc.¹		39,000		72,950
	Industria de Diseño Textil, SA		1,723,000		66,142
	McDonald’s Corp.		293,000		44,876
	Naspers Ltd., Class N		208,300		40,522
	Other securities				352,875

					1,111,623


Health care	Regeneron Pharmaceuticals, Inc.¹		243,700		119,691
13.90%	UnitedHealth Group Inc.		344,700		63,914
	Bayer AG		421,600		54,509
	Boston Scientific Corp.¹		1,779,200		49,319
	Express Scripts Holding Co.¹		720,200		45,978
	AstraZeneca PLC		686,500		45,914
	Sartorius AG, non-registered shares, nonvoting preferred		444,000		42,841
	Straumann Holding AG		71,500		40,675
	Eurofins Scientific SE, non-registered shares		68,145		38,383
	Mettler-Toledo International Inc.¹		65,000		38,255
	Other securities				273,900

					813,379


Financials	AIA Group Ltd.		15,387,900		112,441
9.74%	JPMorgan Chase & Co.		869,100		79,436
	Indiabulls Housing Finance Ltd.		3,031,000		50,463
	Prudential PLC		1,905,134		43,696
	MarketAxess Holdings Inc.		188,000		37,807
	Other securities				245,859

					569,702


American Funds Insurance Series		45

Global Growth Fund


Common stocks (continued)		Shares		Value (000)

Consumer staples	British American Tobacco PLC		1,938,000	$	132,114
7.61%	Nestlé SA		739,650		64,369
	Altria Group, Inc.		650,000		48,405
	Pernod Ricard SA		301,400		40,363
	Other securities				159,630

					444,881


Industrials 6.14%	Airbus SE, non-registered shares		1,109,500		91,239
	KONE Oyj, Class B		880,000		44,767
	Caterpillar Inc.		399,000		42,877
	ASSA ABLOY AB, Class B		1,677,000		36,846
	Other securities				143,617

					359,346


Energy 2.46%	Other securities				144,098


Materials 2.06%	Sherwin-Williams Co.		116,000		40,711
	Other securities				79,594

					120,305


Telecommunication	SoftBank Group Corp.		776,000		62,763
services 1.46%	Other securities				22,870

					85,633


Miscellaneous	Other common stocks in initial period of acquisition				291,977

4.99%	Total common stocks (cost: $4,016,519,000)				5,682,114


Bonds, notes & other debt instruments 0.04%		Principal amount (000)

U.S. Treasury bonds & notes 0.04%
U.S. Treasury	Other securities				1,999

0.04%	Total bonds, notes & other debt instruments (cost: $1,999,000)				1,999


Short-term securities 3.03%

	Other securities				177,358

	Total short-term securities (cost: $177,375,000)				177,358


	Total investment securities 100.19% (cost: $4,195,893,000)				5,861,471
	Other assets less liabilities (0.19)%				(10,921	)

	Net assets 100.00%			$	5,850,550


46		American Funds Insurance Series

Global Growth Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $41,497,000, which represented .71% of the net assets of the fund. “Other securities” also includes securities (with an aggregate value of $153,405,000, which represented 2.62% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

Forward currency contracts



Contract amount				Unrealized appreciation at 6/30/2017 (000)
Purchases (000)	Sales (000)	Counterparty	Settlement date	Unrealized appreciation at 6/30/2017 (000)

USD5,243	JPY581,294	Bank of America, N.A.	7/25/2017	$69

¹	Security did not produce income during the last 12 months.

Key to abbreviations and symbol

ADR = American Depositary Receipts

JPY = Japanese yen

USD/$ = U.S. dollars

See Notes to Financial Statements


American Funds Insurance Series		47

Global Small Capitalization Fund


Summary investment portfolio June 30, 2017		unaudited


Common stocks 92.48%		Shares		Value (000)

Consumer	Domino’s Pizza, Inc.		242,300	$	51,254
discretionary	zooplus AG, non-registered shares¹		250,671		49,817
21.57%	Hilton Grand Vacations Inc.¹		1,114,900		40,203
	GVC Holdings PLC		4,048,748		39,892
	Cedar Fair, LP		531,000		38,285
	Melco International Development Ltd.		13,831,000		37,025
	Five Below, Inc.¹		684,000		33,769
	Tele Columbus AG¹		2,743,000		30,389
	Hostelworld Group PLC²		5,720,000		25,852
	Vail Resorts, Inc.		121,107		24,564
	AA PLC		7,894,804		23,444
	Other securities				475,713

					870,207


Information	Qorvo, Inc.¹		1,783,038		112,902
technology	VTech Holdings Ltd.		2,189,000		34,682
16.57%	AAC Technologies Holdings Inc.		2,563,061		32,041
	ZPG PLC		6,660,920		31,388
	II-VI, Inc.¹		814,200		27,927
	Paycom Software, Inc.¹		374,985		25,653
	Hamamatsu Photonics KK		785,753		24,102
	Lumentum Holdings Inc.¹		419,900		23,955
	Mellanox Technologies, Ltd.¹		553,000		23,945
	Topcon Corp.		1,360,510		23,394
	Other securities				308,651

					668,640


Health care	Insulet Corp.¹		1,298,633		66,633
16.05%	GW Pharmaceuticals PLC (ADR)¹		652,600		65,423
	China Biologic Products, Inc.¹		503,000		56,889
	athenahealth, Inc.¹		342,000		48,068
	Kite Pharma, Inc.¹		385,539		39,969
	Illumina, Inc.¹		230,200		39,944
	Integra LifeSciences Holdings Corp.¹		688,523		37,531
	NuVasive, Inc.¹		460,750		35,441
	iRhythm Technologies, Inc.¹		807,980		34,331
	Bluebird Bio, Inc.¹		267,765		28,129
	Ultragenyx Pharmaceutical Inc.¹		387,108		24,043
	Other securities				170,898

					647,299


Industrials	International Container Terminal Services, Inc.		20,180,000		39,112
10.02%	Other securities				364,989

					404,101


Financials	Kotak Mahindra Bank Ltd.		3,282,732		48,540
8.40%	Essent Group Ltd.¹		1,058,841		39,325
	Texas Capital Bancshares, Inc.¹		481,423		37,262
	Webster Financial Corp.		553,000		28,878
	Avanza Bank Holding AB		560,129		24,460
	Other securities				160,380

					338,845


Consumer staples	COSMOS Pharmaceutical Corp.		193,900		37,720
3.65%	Other securities				109,464

					147,184


48		American Funds Insurance Series

Global Small Capitalization Fund


Common stocks		Shares		Value (000)

Materials	Lundin Mining Corp.		5,999,000	$	34,094
3.46%	Other securities				105,345

					139,439


Real estate	WHA Corp. PCL		340,831,250		31,705
2.75%	MGM Growth Properties LLC REIT, Class A		1,048,600		30,608
	Other securities				48,469

					110,782


Energy	Other securities				104,542

2.59%

Utilities	ENN Energy Holdings Ltd.		4,991,400		30,112
2.16%	Other securities				57,118

					87,230


Telecommunication	Other securities				17,039

services 0.42%

Miscellaneous	Other common stocks in initial period of acquisition				195,276

4.84%	Total common stocks (cost: $3,037,636,000)				3,730,584


Rights & warrants 0.02%

Real estate	Other securities				227

0.01%

Miscellaneous	Other rights & warrants in initial period of acquisition				424

0.01%	Total rights & warrants (cost: $431,000)				651


Bonds, notes & other debt instruments 0.69%		Principal amount (000)

Corporate bonds & notes 0.59%
Consumer	Caesars Entertainment Operating Co. 10.00% 2018³	$	25,950		24,004

discretionary 0.59%

U.S. Treasury bonds & notes 0.10%
U.S. Treasury	Other securities				4,116

0.10%	Total bonds, notes & other debt instruments (cost: $25,619,000)				28,120


Short-term securities 6.87%

	Bank of Montreal 1.15% due 8/15/2017		30,000		29,952
	Fairway Finance Corp. 1.24% due 9/13/2017⁴		10,000		9,973
	Federal Home Loan Bank 1.03%-1.05% due 9/6/2017-10/3/2017		52,700		52,572
	Nordea Bank AB 1.03% due 7/20/2017⁴		55,900		55,864


American Funds Insurance Series		49

Global Small Capitalization Fund



Short-term securities (continued)		Principal amount (000)		Value (000)

	Statoil ASA 1.14% due 7/28/2017⁴		$25,000	$	24,979
	Victory Receivables Corp. 1.22% due 7/21/2017⁴		30,000		29,975
	Other securities				73,788

	Total short-term securities (cost: $277,117,000)				277,103


	Total investment securities 100.06% (cost: $3,340,803,000)				4,036,458
	Other assets less liabilities (0.06)%				(2,599	)

	Net assets 100.00%			$	4,033,859

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some securities in “Other securities” (with an aggregate value of $11,697,000, an aggregate cost of $10,011,000, and which represented .29% of the net assets of the fund) were acquired from 5/1/2015 to 4/28/2017 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale. “Other securities“ also includes a security which was pledged as collateral. The total value of pledged collateral was $654,000, which represented .02% of the net assets of the fund.

Forward currency contracts

Contract amount

Unrealized
appreciation
(depreciation)
at 6/30/2017
(000)

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

USD3,971

JPY437,000

UBS AG

7/12/2017

$ 83

USD44,059

GBP34,000

HSBC Bank

7/13/2017

(244

)

USD15,876

JPY1,765,175

JPMorgan Chase

7/28/2017

162

USD10,245

INR663,163

Citibank

7/31/2017

USD15,586

GBP12,190

Citibank

8/21/2017

(317

)

(286

)

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. The value of the fund’s affiliated-company holdings is either shown in the summary investment portfolio or included in the value of “Other securities” under the respective industry sectors. Further details on such holdings and related transactions during the six months ended June 30, 2017, appear below.


	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)				Net unrealized appreciation (000)			Dividend income (000)			Value of affiliates at 6/30/2017 (000)
Hostelworld Group PLC		–		5,720,000		–		5,720,000		$	–			$	2,585		$	999		$	25,852
Time Technoplast Ltd.⁵		11,888,000		–		11,888,000		–			5,933				107			–			–
Indochine Mining Ltd.^1,5,6		182,998		–		182,998		–			(8,032	)			8,032			–			–
Victoria Oil & Gas PLC^1,5		6,966,560		–		6,966,560		–			(1,438	)			3,759			–			–

										$	(3,537)			$	14,483		$	999		$	25,852


50		American Funds Insurance Series

Global Small Capitalization Fund

¹	Security did not produce income during the last 12 months.

²	Represents an affiliated company as defined under the Investment Company Act of 1940.

³	Scheduled interest and/or principal payment was not received.

⁴

Acquired in a transaction exempt from registration under Section 4(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 $190,528,000, which represented 4.72% of the net assets of the fund.

⁵	Unaffiliated issuer at 6/30/2017.

⁶

Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Miscellaneous“ and “Other securities,“ was $56,540,000, which represented 1.40% of the net assets of the fund. This amount includes $43,269,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

Key to abbreviations and symbol

ADR = American Depositary Receipts

GBP = British pounds

INR = Indian rupees

JPY = Japanese yen

USD/$ = U.S. dollars

See Notes to Financial Statements


American Funds Insurance Series		51

Growth Fund


Summary investment portfolio June 30, 2017		unaudited


Common stocks 92.89%		Shares		Value (000)

Information	Facebook, Inc., Class A¹		8,340,500	$	1,259,249
technology	Alphabet Inc., Class C¹		613,000		557,052
30.26%	Alphabet Inc., Class A¹		271,500		252,408
	Microsoft Corp.		11,676,000		804,827
	Broadcom Ltd.		3,068,300		715,067
	Apple Inc.		3,851,000		554,621
	ASML Holding NV (New York registered)		2,251,504		293,393
	ASML Holding NV		1,199,568		156,327
	Taiwan Semiconductor Manufacturing Co., Ltd.		48,812,000		334,559
	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		3,225,392		112,760
	Visa Inc., Class A		2,955,000		277,120
	Samsung Electronics Co., Ltd.		89,330		185,585
	Intel Corp.		4,926,000		166,203
	Alibaba Group Holding Ltd. (ADR)¹		1,143,000		161,049
	TE Connectivity Ltd.		1,925,000		151,459
	Adobe Systems Inc.¹		1,000,000		141,440
	Other securities				1,016,208

					7,139,327


Consumer	Amazon.com, Inc.¹		1,393,416		1,348,827
discretionary	Tesla, Inc.¹		1,506,200		544,657
20.78%	Home Depot, Inc.		2,985,000		457,899
	Netflix, Inc.¹		2,746,000		410,280
	Comcast Corp., Class A		10,390,000		404,379
	Ulta Beauty, Inc.¹		1,120,000		321,821
	Priceline Group Inc.¹		131,531		246,031
	Starbucks Corp.		4,195,000		244,610
	Charter Communications, Inc., Class A¹		698,680		235,350
	Other securities				688,079

					4,901,933


Health care	UnitedHealth Group Inc.		3,517,500		652,215
14.59%	Regeneron Pharmaceuticals, Inc.¹		834,500		409,856
	Centene Corp.¹		4,031,052		322,000
	Intuitive Surgical, Inc.¹		313,500		293,239
	Humana Inc.		993,200		238,984
	Vertex Pharmaceuticals Inc.¹		1,711,200		220,522
	Boston Scientific Corp.¹		7,845,000		217,463
	Thermo Fisher Scientific Inc.		995,000		173,598
	Incyte Corp.¹		1,040,000		130,946
	Other securities				784,045

					3,442,868


Energy	EOG Resources, Inc.		2,402,400		217,465
7.45%	Schlumberger Ltd.		2,900,000		190,936
	Concho Resources Inc.¹		1,550,000		188,372
	Noble Energy, Inc.		5,663,000		160,263
	Suncor Energy Inc.		4,402,090		128,621
	Other securities				872,407

					1,758,064


Financials	JPMorgan Chase & Co.		2,635,000		240,839
7.34%	Wells Fargo & Co.		3,335,000		184,792
	Legal & General Group PLC		40,158,246		135,102
	Other securities				1,171,273

					1,732,006


52		American Funds Insurance Series

Growth Fund


Common stocks		Shares		Value (000)

Industrials	Boeing Co.		876,400	$	173,308
6.13%	Fortive Corp.		2,329,397		147,567
	TransDigm Group Inc.		524,000		140,888
	MTU Aero Engines AG		941,034		132,738
	Rockwell Collins, Inc.		1,225,000		128,723
	Other securities				723,031

					1,446,255


Consumer staples	Constellation Brands, Inc., Class A		815,000		157,890
2.32%	Other securities				389,821

					547,711


Telecommunication	Zayo Group Holdings, Inc.¹		6,245,000		192,970
services	Other securities				26,491

0.93%					219,461


Other 1.38%	Other securities				324,938


Miscellaneous 1.71%	Other common stocks in initial period of acquisition				402,317

	Total common stocks (cost: $14,405,033,000)				21,914,880


Convertible stocks 0.05%

Consumer	Other securities				12,276

discretionary 0.05%	Total convertible stocks (cost: $10,650,000)				12,276



Short-term securities 7.21%		Principal amount (000)

	Apple Inc. 0.89%-1.15% due 7/20/2017-9/19/2017²	$	135,000		134,824
	Chariot Funding, LLC 0.95%-1.00% due 7/7/2017-7/14/2017²		150,000		149,954
	Federal Home Loan Bank 0.84%-1.03% due 7/5/2017-9/20/2017		909,575		908,835
	Jupiter Securitization Co., LLC 0.95% due 7/3/2017²		20,000		19,998
	Other securities				486,947

	Total short-term securities (cost: $1,700,520,000)				1,700,558


	Total investment securities 100.15% (cost: $16,116,203,000)				23,627,714
	Other assets less liabilities (0.15)%				(35,001	)

	Net assets 100.00%			$	23,592,713

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security which was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security which was valued under fair value procedures was $12,276,000, which represented .05% of the net assets of the fund. This security was acquired for $10,650,000 on 5/22/2015 through a private placement transaction exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale.


American Funds Insurance Series		53

Growth Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Security did not produce income during the last 12 months.

Acquired in a transaction exempt from registration under Section 4(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, including those in “Other securities,” was $686,896,000, which represented 2.91% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See Notes to Financial Statements


54		American Funds Insurance Series


International Fund
Summary investment portfolio June 30, 2017		unaudited


Common stocks 90.29%		Shares		Value (000)

Financials	AIA Group Ltd.		40,078,700	$	292,860
16.62%	HDFC Bank Ltd.¹		10,149,569		261,259
	HDFC Bank Ltd. (ADR)		352,300		30,639
	UniCredit SpA²		7,776,692		145,223
	Prudential PLC		5,142,265		117,944
	Kotak Mahindra Bank Ltd.		6,186,048		91,469
	Barclays PLC		34,317,708		90,623
	BNP Paribas SA		1,002,776		72,224
	Credit Suisse Group AG		4,172,789		60,314
	Other securities				296,876

					1,459,431


Information	Tencent Holdings Ltd.		8,410,399		300,762
technology	Samsung Electronics Co., Ltd.		137,599		285,865
13.61%	Alibaba Group Holding Ltd. (ADR)²		1,844,800		259,932
	ASML Holding NV		693,834		90,420
	Nintendo Co., Ltd.		188,239		63,062
	Other securities				194,919

					1,194,960


Consumer	Altice NV, Class A²		7,869,893		181,570
discretionary	Altice NV, Class B²		1,118,127		25,803
13.22%	Kering SA		431,324		146,904
	Galaxy Entertainment Group Ltd.		18,326,000		111,259
	Hyundai Motor Co.		653,354		91,081
	Naspers Ltd., Class N		364,200		70,850
	Sony Corp.		1,580,500		60,227
	Sands China Ltd.		13,028,000		59,655
	Other securities				413,431

					1,160,780


Health care	Novartis AG		1,967,000		163,694
9.59%	Teva Pharmaceutical Industries Ltd. (ADR)		3,660,300		121,595
	Grifols, SA, Class B, preferred nonvoting, non-registered shares		3,304,730		69,828
	Grifols, SA, Class A, non-registered shares		881,000		24,537
	Grifols, SA, Class B (ADR)		793,690		16,771
	Takeda Pharmaceutical Co. Ltd.		1,646,500		83,573
	UCB SA		1,111,391		76,455
	Merck KGaA		567,900		68,592
	Sysmex Corp.		1,055,000		62,939
	Other securities				153,565

					841,549


Consumer staples	Nestlé SA		1,317,700		114,675
8.28%	AMOREPACIFIC Corp.		385,274		102,367
	Pernod Ricard SA		717,437		96,077
	Associated British Foods PLC		2,250,488		86,058
	British American Tobacco PLC		1,126,000		76,760
	Treasury Wine Estates Ltd.		6,529,100		66,040
	Other securities				185,182

					727,159


Industrials	Airbus SE, non-registered shares		2,559,364		210,469
8.08%	Rolls-Royce Holdings PLC²		8,468,900		98,280
	Other securities				400,540

					709,289


American Funds Insurance Series		55

International Fund


Common stocks (continued)		Shares		Value (000)

Utilities	Power Grid Corp. of India Ltd.		35,497,206	$	115,628
5.86%	DONG Energy AS		1,873,324		84,568
	ENN Energy Holdings Ltd.		13,136,000		79,246
	CK Infrastructure Holdings Ltd.		7,942,000		66,731
	China Gas Holdings Ltd.		31,610,000		63,807
	Other securities				104,190

					514,170


Materials	Nitto Denko Corp.		1,092,000		89,710
5.29%	Grasim Industries Ltd.		3,031,988		58,264
	Other securities				316,366

					464,340


Energy	Royal Dutch Shell PLC, Class B		2,974,624		79,907
3.80%	Royal Dutch Shell PLC, Class A		2,338,425		61,980
	Other securities				191,776

					333,663


Telecommunication	Nippon Telegraph and Telephone Corp.		2,715,000		128,176
services	SoftBank Group Corp.		911,900		73,755
3.02%	Other securities				63,242

					265,173


Real estate	Cheung Kong Property Holdings Ltd.		12,918,528		101,181
1.93%	Other securities				68,688

					169,869


Miscellaneous	Other common stocks in initial period of acquisition				86,831

0.99%	Total common stocks (cost: $6,468,357,000)				7,927,214


Bonds, notes & other debt instruments 0.75%		Principal amount (000)

Corporate bonds & notes 0.45%
Other	Other securities				39,031

0.45%	Total corporate bonds & notes				39,031


U.S. Treasury bonds & notes 0.26%
U.S. Treasury	Other securities				22,819

0.26%

Bonds & notes of governments outside the U.S. 0.04%
	Other securities				3,838

	Total bonds, notes & other debt instruments (cost: $55,678,000)				65,688


56		American Funds Insurance Series

International Fund


Short-term securities 9.06%		Principal amount (000)		Value (000)

	Bank of Tokyo-Mitsubishi UFJ, Ltd. 1.03% due 7/12/2017	$	55,000	$	54,978
	Federal Home Loan Bank 0.82%–1.07% due 7/7/2017–10/27/2017		408,200		407,665
	Mizuho Bank, Ltd. 0.95%–1.19% due 7/3/2017–7/26/2017³		105,200		105,145
	Other securities				228,011

	Total short-term securities (cost: $795,808,000)				795,799


	Total investment securities 100.10% (cost: $7,319,843,000)				8,788,701
	Other assets less liabilities (0.10)%				(9,083	)


	Net assets 100.00%			$	8,779,618

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.


American Funds Insurance Series		57

International Fund

Forward currency contracts



Contract amount				Unrealized appreciation at 6/30/2017 (000)
Purchases (000)	Sales (000)	Counterparty	Settlement date	Unrealized appreciation at 6/30/2017 (000)

USD26,925	INR1,744,071	Bank of America, N.A.	7/31/2017	$59

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $261,259,000, which represented 2.98% of the net assets of the fund.

²	Security did not produce income during the last 12 months.

Acquired in a transaction exempt from registration under Rule 144A or Section 4(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, including those in “Other securities,” was $340,257,000, which represented 3.88% of the net assets of the fund.

Key to abbreviations and symbol

ADR = American Depositary Receipts

INR = Indian rupees

USD/$ = U.S. dollars

See Notes to Financial Statements


58		American Funds Insurance Series

New World Fund


Summary investment portfolio June 30, 2017		unaudited


Common stocks 89.02%		Shares		Value (000)

Information	Taiwan Semiconductor Manufacturing Co., Ltd.		9,887,000	$	67,766
technology	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		700,000		24,472
24.07%	Murata Manufacturing Co., Ltd.		584,000		88,632
	Alphabet Inc., Class C¹		69,700		63,338
	Alphabet Inc., Class A¹		16,900		15,712
	Facebook, Inc., Class A¹		399,100		60,256
	Samsung Electronics Co., Ltd.		18,500		38,434
	Samsung Electronics Co., Ltd., nonvoting preferred		7,750		12,613
	Alibaba Group Holding Ltd. (ADR)¹		361,550		50,942
	Microsoft Corp.		729,000		50,250
	Intel Corp.		1,293,460		43,641
	United Microelectronics Corp.		80,327,000		38,949
	Broadcom Ltd.		159,750		37,230
	Baidu, Inc., Class A (ADR)¹		177,600		31,766
	Yandex NV, Class A¹		1,201,950		31,539
	TravelSky Technology Ltd., Class H		7,580,456		22,331
	Other securities				80,686

					758,557


Consumer	Matahari Department Store Tbk PT²		38,552,200		40,941
discretionary	Domino’s Pizza, Inc.		173,400		36,679
10.99%	Kroton Educacional SA, ordinary nominative		7,721,000		34,656
	Naspers Ltd., Class N		177,519		34,534
	Sony Corp.		700,000		26,674
	Maruti Suzuki India Ltd.		224,500		25,068
	MakeMyTrip Ltd., non-registered shares¹		733,931		24,623
	Starbucks Corp.		380,000		22,158
	Other securities				101,056

					346,389


Financials	HDFC Bank Ltd.²		1,891,100		48,678
10.66%	HDFC Bank Ltd. (ADR)		208,400		18,125
	BM&FBOVESPA SA - Bolsa de Valores, Mercadorias e Futuros, ordinary nominative		7,928,300		47,265
	Grupo Financiero Galicia SA, Class B (ADR)		935,951		39,909
	AIA Group Ltd.		4,611,600		33,698
	Housing Development Finance Corp. Ltd.		1,158,700		28,950
	Other securities				119,565

					336,190


Consumer staples	British American Tobacco PLC		1,440,000		98,165
8.59%	CP ALL PCL		17,121,500		31,627
	Nestlé SA		312,196		27,169
	Lenta Ltd. (GDR)¹		4,126,200		23,973
	Lenta Ltd. (GDR)^1,3		244,500		1,421
	Foshan Haitian Flavouring and Food Co. Ltd., Class A		1,999,900		12,030
	Other securities				76,381

					270,766


Energy	Reliance Industries Ltd.¹		6,506,589		138,915
8.57%	Other securities				131,101

					270,016


American Funds Insurance Series		59

New World Fund


Common stocks (continued)		Shares		Value (000)

Industrials	Airbus SE, non-registered shares		612,229	$	50,347
6.26%	Eicher Motors Ltd.¹		104,200		43,589
	Grupo Aeroportuario del Sureste, SA de CV, Series B		1,315,200		27,749
	Other securities				75,792

					197,477


Health care	Hypermarcas SA, ordinary nominative		4,903,700		41,149
4.95%	CSL Ltd.		269,500		28,591
	Other securities				86,271

					156,011


Materials	Randgold Resources Ltd.		529,600		46,939
4.88%	Vale SA, Class A, preferred nominative		2,830,000		22,988
	Klabin SA, units		4,487,400		21,984
	Other securities				61,817

					153,728


Utilities	Infraestructura Energética Nova, SAB de CV		13,547,613		72,222
2.72%	Other securities				13,535

					85,757


Telecommunication	SoftBank Group Corp.		650,000		52,572
services	Other securities				8,558

1.94%					61,130


Real estate	American Tower Corp. REIT		236,800		31,333
1.17%	Other securities				5,471

					36,804


Miscellaneous	Other common stocks in initial period of acquisition				133,078

4.22%	Total common stocks (cost: $2,336,213,000)				2,805,903


Rights & warrants 1.54%

Consumer staples	Foshan Haitian Flavouring and Food Co., Ltd., Class A, warrants, expire 2018^2,3		5,330,000		32,061
1.34%	Other securities				10,052

					42,113


Consumer	Other securities				6,248

discretionary	Total rights & warrants (cost: $40,814,000)				48,361

0.20%

Bonds, notes & other debt instruments 3.20%		Principal amount (000)

Bonds & notes of governments & government agencies outside the U.S. 2.59%
	Other securities				81,623


Corporate bonds & notes 0.56%
Other	Other securities				17,837

0.56%	Total corporate bonds & notes				17,837


60		American Funds Insurance Series

New World Fund



Bonds, notes & other debt instruments		Principal amount (000)		Value (000)

U.S. Treasury bonds & notes 0.05%
U.S. Treasury	Other securities			$	1,499

0.05%	Total bonds, notes & other debt instruments (cost: $99,154,000)				100,959


Short-term securities 5.56%

	Federal Home Loan Bank 0.83%-0.95% due 7/11/2017-8/23/2017		$40,000		39,957
	Liberty Street Funding Corp. 1.22% due 7/5/2017³		24,300		24,296
	Nordea Bank AB 1.03% due 7/20/2017³		39,200		39,175
	Sumitomo Mitsui Banking Corp. 1.15% due 7/21/2017³		22,200		22,184
	Victory Receivables Corp. 1.20%-1.22% due 7/11/2017-7/21/2017³		37,700		37,672
	Other securities				12,063

	Total short-term securities (cost: $175,358,000)				175,347


	Total investment securities 99.32% (cost: $2,651,539,000)				3,130,570
	Other assets less liabilities 0.68%				21,335

	Net assets 100.00%			$	3,151,905

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.


American Funds Insurance Series		61

New World Fund

Forward currency contracts


Contract amount					Unrealized appreciation (depreciation) at 6/30/2017 (000)
Purchases (000)	Sales (000)	Counterparty	Settlement date
USD526	COP1,530,569	Citibank		7/10/2017	$ 25
USD1,315	ZAR16,955	Goldman Sachs		7/10/2017	21
USD1,397	BRL4,600	JPMorgan Chase		7/10/2017	12
USD3,162	INR204,401	JPMorgan Chase		7/10/2017	4
USD496	TRY1,775	Bank of America, N.A.		7/10/2017	(7)
USD1,897	MXN34,748	Bank of America, N.A.		7/10/2017	(14)
USD2,964	ZAR38,500	Barclays Bank PLC		7/12/2017	28
USD1,265	COP3,721,800	JPMorgan Chase		7/17/2017	47
USD900	BRL3,000	JPMorgan Chase		7/21/2017	(1)
USD298	EUR265	HSBC Bank		7/21/2017	(5)
USD3,967	INR257,150	JPMorgan Chase		8/10/2017	11
USD685	INR44,350	Citibank		8/10/2017	2
USD1,389	JPY153,000	Bank of America, N.A.		8/17/2017	25
USD570	JPY63,000	UBS AG		8/21/2017	8
USD595	EUR530	HSBC Bank		8/23/2017	(12)



										$144

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Security did not produce income during the last 12 months.

Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,“ was $158,032,000, which represented 5.01% of the net assets of the fund. This amount includes $58,508,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

Acquired in a transaction exempt from registration under Rule 144A or Section 4(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 $209,408,000, which represented 6.64% of the net assets of the fund.

Key to abbreviations and symbol

ADR = American Depositary Receipts

BRL = Brazilian reais

COP = Colombian pesos

EUR = Euros

GDR = Global Depositary Receipts

INR = Indian rupees

JPY = Japanese yen

MXN = Mexican pesos

TRY = Turkish lira

USD/$ = U.S. dollars

ZAR = South African rand

See Notes to Financial Statements


62		American Funds Insurance Series

Blue Chip Income and Growth Fund


Summary investment portfolio June 30, 2017		unaudited


Common stocks 96.55%		Shares		Value (000)

Health care	AbbVie Inc.		6,761,500	$	490,277
16.68%	Amgen Inc.		2,366,500		407,582
	Teva Pharmaceutical Industries Ltd. (ADR)		5,375,800		178,584
	Medtronic PLC		1,460,000		129,575
	Abbott Laboratories		1,576,100		76,614
	Bristol-Myers Squibb Co.		1,125,000		62,685
	Other securities				136,236

					1,481,553


Financials	JPMorgan Chase & Co.		3,884,900		355,080
14.50%	Wells Fargo & Co.		5,444,000		301,652
	Prudential Financial, Inc.		2,649,000		286,463
	Citigroup Inc.		2,531,000		169,273
	American International Group, Inc.		1,506,300		94,174
	Other securities				81,000

					1,287,642


Information	Apple Inc.		1,983,180		285,618
technology	Intel Corp.		7,487,200		252,618
13.63%	Texas Instruments Inc.		2,630,000		202,326
	Oracle Corp.		3,150,000		157,941
	Microsoft Corp.		2,050,000		141,306
	Western Union Co.		6,290,000		119,825
	Other securities				50,764

					1,210,398


Consumer staples	Altria Group, Inc.		3,754,000		279,560
13.04%	Kimberly-Clark Corp.		1,395,800		180,212
	Kellogg Co.		2,152,800		149,533
	Philip Morris International Inc.		1,250,000		146,813
	Reynolds American Inc.		1,607,000		104,519
	Mondelez International, Inc.		1,580,000		68,240
	Kraft Heinz Co.		776,666		66,514
	Other securities				162,787

					1,158,178


Industrials	CSX Corp.		3,641,500		198,680
9.76%	General Dynamics Corp.		740,696		146,732
	Illinois Tool Works Inc.		650,000		93,112
	Union Pacific Corp.		750,000		81,683
	Rockwell Automation		450,000		72,882
	Boeing Co.		329,000		65,060
	General Electric Co.		2,400,000		64,824
	Other securities				143,711

					866,684


Telecommunication	Verizon Communications Inc.		8,804,171		393,194
services	AT&T Inc.		4,181,000		157,749
7.54%	CenturyLink, Inc.		4,966,000		118,588

					669,531


American Funds Insurance Series		63

Blue Chip Income and Growth Fund


Common stocks (continued)		Shares		Value (000)

Energy	Canadian Natural Resources, Ltd.		6,859,000	$	197,814
5.83%	Exxon Mobil Corp.		2,054,000		165,819
	Halliburton Co.		2,419,700		103,345
	Other securities				50,842

					517,820


Consumer	Amazon.com, Inc.¹		104,500		101,156
discretionary	Las Vegas Sands Corp.		1,435,000		91,682
4.81%	McDonald’s Corp.		500,000		76,580
	General Motors Co.		2,000,000		69,860
	Other securities				87,945

					427,223


Materials	Vale SA, Class A, preferred nominative (ADR)		14,564,737		118,703
3.73%	Vale SA, ordinary nominative (ADR)		460,500		4,029
	Freeport-McMoRan Inc.¹		6,840,000		82,148
	Other securities				125,996

					330,876


Utilities	Exelon Corp.		2,263,000		81,626
1.67%	Other securities				66,357

					147,983


Real estate 0.45%	Other securities				40,072



Miscellaneous 4.91%	Other common stocks in initial period of acquisition				435,631

	Total common stocks (cost: $6,803,622,000)				8,573,591


Short-term securities 3.24%		Principal amount (000)

	ExxonMobil Corp. 1.14% due 9/11/2017	$	33,000		32,924
	Federal Home Loan Bank 0.91%–1.03% due 7/19/2017–9/5/2017		135,000		134,856
	Jupiter Securitization Co., LLC 0.93% due 7/17/2017²		50,000		49,972
	Other securities				70,180

	Total short-term securities (cost: $287,927,000)				287,932


	Total investment securities 99.79% (cost: $7,091,549,000)				8,861,523
	Other assets less liabilities 0.21%				18,249

	Net assets 100.00%			$	8,879,772

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.


64		American Funds Insurance Series

Blue Chip Income and Growth Fund

¹	Security did not produce income during the last 12 months.

Acquired in a transaction exempt from registration under Section 4(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, including those in “Other securities,” was $112,653,000, which represented 1.27% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See Notes to Financial Statements


American Funds Insurance Series		65

Global Growth and Income Fund

Summary investment portfolio June 30, 2017

unaudited


Common stocks 92.54%		Shares		Value (000)

Information	Nintendo Co., Ltd.		278,000	$	93,132
technology	Taiwan Semiconductor Manufacturing Co., Ltd.		9,480,800		64,982
22.19%	Microsoft Corp.		907,000		62,520
	Broadcom Ltd.		188,000		43,813
	Murata Manufacturing Co., Ltd.		183,000		27,773
	Facebook, Inc., Class A¹		140,300		21,183
	Apple Inc.		138,000		19,875
	AAC Technologies Holdings Inc.		1,503,500		18,795
	TE Connectivity Ltd.		200,000		15,736
	Alibaba Group Holding Ltd. (ADR)¹		105,000		14,795
	Alphabet Inc., Class C¹		9,000		8,179
	Alphabet Inc., Class A¹		6,000		5,578
	Other securities				33,060

					429,421


Financials	YES Bank Ltd.		815,000		18,453
10.78%	Prudential PLC		765,000		17,546
	Blackstone Group LP		453,250		15,116
	First Republic Bank		145,000		14,514
	CIT Group Inc.		250,000		12,175
	Capital One Financial Corp.		144,000		11,897
	Other securities				118,856

					208,557


Industrials	Airbus SE, non-registered shares		467,000		38,404
9.93%	Grupo Aeroportuario del Pacífico SAB de CV		2,080,000		23,425
	Lockheed Martin Corp.		82,300		22,847
	Boeing Co.		113,000		22,346
	Deutsche Post AG		523,000		19,605
	Flughafen Zürich AG		69,000		16,939
	Ryanair Holdings PLC (ADR)¹		141,375		15,213
	Other securities				33,256

					192,035


Consumer staples	British American Tobacco PLC		1,144,000		77,987
9.80%	Nestlé SA		558,700		48,622
	Costco Wholesale Corp.		130,600		20,887
	Other securities				42,166

					189,662


Consumer	Amazon.com, Inc.¹		20,000		19,360
discretionary	Home Depot, Inc.		122,000		18,715
8.82%	Sony Corp.		480,000		18,291
	ProSiebenSat.1 Media SE		430,000		17,995
	Vivendi SA		715,200		15,921
	Nitori Holdings Co., Ltd.		105,000		14,040
	Other securities				66,281

					170,603


Energy	Royal Dutch Shell PLC, Class B (ADR)		347,000		18,887
7.07%	Royal Dutch Shell PLC, Class A (ADR)		141,457		7,524
	BP PLC		4,030,206		23,243
	Reliance Industries Ltd.¹		1,052,094		22,462


66		American Funds Insurance Series

Global Growth and Income Fund


Common stocks		Shares		Value (000)

	Enbridge Inc.		260,760	$	10,381
	Enbridge Inc. (CAD denominated)		239,029		9,522
	Other securities				44,840

					136,859


Health care	UnitedHealth Group Inc.		255,100		47,301
6.99%	Hypermarcas SA, ordinary nominative		2,150,000		18,041
	Other securities				69,904

					135,246


Materials	Randgold Resources Ltd.		271,100		24,028
4.23%	James Hardie Industries PLC (CDI)		850,000		13,393
	Other securities				44,467

					81,888


Real estate	MGM Growth Properties LLC REIT, Class A		943,856		27,551
3.61%	Gaming and Leisure Properties, Inc. REIT		604,000		22,753
	Other securities				19,600

					69,904


Utilities	Infraestructura Energética Nova, SAB de CV		6,281,884		33,488
3.50%	DONG Energy AS		491,552		22,190
	Other securities				12,119

					67,797


Telecommunication	Vodafone Group PLC		4,350,000		12,337
services	Other securities				20,272

1.69%					32,609


Miscellaneous	Other common stocks in initial period of acquisition				76,045

3.93%	Total common stocks (cost: $1,435,467,000)				1,790,626


Rights & warrants 0.01%

Miscellaneous	Other rights & warrants in initial period of acquisition				178

0.01%	Total rights & warrants (cost: $187,000)				178


Convertible bonds 0.35%		Principal amount (000)

Miscellaneous	Other convertible bonds in initial period of acquisition				6,821

0.35%	Total convertible bonds (cost: $6,003,000)				6,821


Bonds, notes & other debt instruments 1.98%

Corporate bonds & notes 1.90%
Telecommunication	Sprint Corp. 7.25% 2021	$	33,000		36,754

services
1.90%


American Funds Insurance Series		67

Global Growth and Income Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)

U.S. Treasury bonds & notes 0.08%
U.S. Treasury	Other securities			$	1,599

0.08%	Total bonds, notes & other debt instruments (cost: $32,553,000)				38,353


Short-term securities 3.59%
	Bank of Tokyo-Mitsubishi UFJ, Ltd. 1.16% due 7/14/2017		$47,800		47,778
	Nestlé Capital Corp. 1.14% due 9/12/2017²		15,500		15,463
	Other securities				6,098

	Total short-term securities (cost: $69,341,000)				69,339


	Total investment securities 98.47% (cost: $1,543,551,000)				1,905,317
	Other assets less liabilities 1.53%				29,699

	Net assets 100.00%			$	1,935,016

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Miscellaneous” includes a security which was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security which was valued under fair value procedures was $6,491,000, which represented .34% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Security did not produce income during the last 12 months.

Acquired in a transaction exempt from registration under Section 4(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 $15,463,000, which represented .80% of the net assets of the fund.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

See Notes to Financial Statements


68		American Funds Insurance Series

Growth-Income Fund

Summary investment portfolio June 30, 2017

unaudited


Common stocks 92.56%		Shares		Value (000)

Information	Microsoft Corp.		9,171,027	$	632,159
technology	Alphabet Inc., Class A¹		373,700		347,421
15.92%	Alphabet Inc., Class C¹		303,884		276,149
	Texas Instruments Inc.		5,992,659		461,015
	Broadcom Ltd.		1,857,590		432,911
	Apple Inc.		2,379,100		342,638
	Oracle Corp.		5,921,000		296,879
	Intel Corp.		7,904,600		266,701
	Accenture PLC, Class A		1,654,500		204,629
	QUALCOMM Inc.		3,218,175		177,708
	Other securities				1,059,988

					4,498,198


Consumer	Amazon.com, Inc.¹		1,061,200		1,027,242
discretionary	Netflix, Inc.¹		3,716,277		555,249
14.98%	Comcast Corp., Class A		6,032,600		234,789
	Twenty-First Century Fox, Inc., Class A		6,891,000		195,291
	Home Depot, Inc.		1,243,000		190,676
	Time Warner Inc.		1,767,902		177,515
	Other securities				1,850,600

					4,231,362


Health care	AbbVie Inc.		7,549,600		547,422
14.57%	Amgen Inc.		2,858,916		492,391
	Stryker Corp.		2,203,757		305,837
	UnitedHealth Group Inc.		1,513,596		280,651
	Medtronic PLC		2,805,700		249,006
	Express Scripts Holding Co.¹		3,627,500		231,580
	Gilead Sciences, Inc.		3,212,100		227,352
	Humana Inc.		877,000		211,024
	Merck & Co., Inc.		3,128,280		200,491
	Illumina, Inc.¹		1,100,300		190,924
	Other securities				1,181,029

					4,117,707


Financials	JPMorgan Chase & Co.		4,499,400		411,245
11.34%	Goldman Sachs Group, Inc.		1,010,280		224,181
	Marsh & McLennan Companies, Inc.		2,726,100		212,527
	Wells Fargo & Co.		3,381,200		187,352
	Bank of New York Mellon Corp.		3,486,500		177,881
	American International Group, Inc.		2,716,489		169,835
	Aon PLC, Class A		1,214,800		161,508
	Other securities				1,658,137

					3,202,666


Industrials	CSX Corp.		4,913,400		268,075
8.11%	Union Pacific Corp.		2,186,433		238,124
	General Dynamics Corp.		1,122,100		222,288
	Other securities				1,564,302

					2,292,789


Consumer staples	Philip Morris International Inc.		2,912,130		342,030
7.27%	Coca-Cola Co.		5,964,900		267,526
	Procter & Gamble Co.		1,887,992		164,539
	Other securities				1,280,352

					2,054,447


American Funds Insurance Series		69

Growth-Income Fund


Common stocks (continued)		Shares		Value (000)

Energy	TOTAL SA		4,688,868	$	231,808
5.94%	EOG Resources, Inc.		2,345,155		212,284
	Chevron Corp.		1,716,900		179,124
	Other securities				1,055,603

					1,678,819


Materials	Celanese Corp., Series A		3,424,433		325,116
4.68%	Dow Chemical Co.		3,554,100		224,157
	Monsanto Co.		1,666,485		197,245
	Vale SA, Class A, preferred nominative (ADR)		18,591,184		151,518
	Vale SA, Class A, preferred nominative		4,440,000		36,065
	Other securities				388,416

					1,322,517


Real estate	Other securities				517,877

1.83%

Telecommunication	Verizon Communications Inc.		10,842,400		484,221
services	Other securities				22,544

1.79%					506,765


Utilities	Sempra Energy		1,649,600		185,992
0.85%	Other securities				53,804

					239,796


Mutual funds	Other securities				132,822

0.47%

Miscellaneous	Other common stocks in initial period of acquisition				1,358,818

4.81%	Total common stocks (cost: $19,495,854,000)				26,154,583


Convertible stocks 0.02%

Financials	Other securities				5,722

0.02%	Total convertible stocks (cost: $6,000,000)				5,722


Convertible bonds 0.33%		Principal amount (000)

Other	Other securities				93,133

0.33%	Total convertible bonds (cost: $71,028,000)				93,133


Bonds, notes & other debt instruments 0.20%

U.S. Treasury bonds & notes 0.20%
U.S. Treasury	U.S. Treasury 1.625% 2026	$	59,900		56,801

0.20%	Total bonds, notes & other debt instruments (cost: $60,218,000)				56,801


70		American Funds Insurance Series

Growth-Income Fund


Short-term securities 6.85%		Principal amount (000)		Value (000)

	Apple Inc. 0.89% due 7/11/2017²	$	50,000	$	49,984
	Chariot Funding, LLC 0.95% due 7/7/2017²		50,000		49,988
	Coca-Cola Co. 1.09% due 8/2/2017²		50,000		49,950
	Federal Home Loan Bank 0.80%–1.04% due 7/5/2017–10/3/2017		1,169,400		1,168,348
	Jupiter Securitization Co., LLC 1.17% due 7/27/2017²		50,000		49,954
	U.S. Treasury Bills 0.59%–0.91% due 7/6/2017–9/21/2017		242,100		241,864
	Other securities				325,405

	Total short-term securities (cost: $1,935,411,000)				1,935,493


	Total investment securities 99.96% (cost: $21,568,511,000)				28,245,732
	Other assets less liabilities 0.04%				11,308

	Net assets 100.00%			$	28,257,040

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. One security in “Other securities” (with a value of $5,722,000, an aggregate cost of $6,000,000, and which represented .02% of the net assets of the fund) was acquired on 6/28/2012 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale.

¹	Security did not produce income during the last 12 months.

Acquired in a transaction exempt from registration under Section 4(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 $500,083,000, which represented 1.77% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See Notes to Financial Statements


American Funds Insurance Series		71

International Growth and Income Fund

Summary investment portfolio June 30, 2017

unaudited


Common stocks 85.41%		Shares		Value (000)

Financials	HDFC Bank Ltd.¹		1,884,593	$	48,511
18.04%	Zurich Insurance Group AG		83,900		24,420
	KB Financial Group Inc.		356,500		17,978
	Banco Santander, SA		2,571,524		17,011
	Prudential PLC		738,000		16,927
	St. James’s Place PLC		1,048,000		16,134
	AIA Group Ltd.		1,833,000		13,394
	UniCredit SpA²		674,400		12,594
	Sampo Oyj, Class A		203,000		10,403
	Lloyds Banking Group PLC		11,968,000		10,311
	BNP Paribas SA		137,300		9,889
	Bank of Montreal		76,927		5,649
	Other securities				45,458

					248,679


Consumer staples	Imperial Brands PLC		734,463		32,988
10.42%	Philip Morris International Inc.		208,700		24,512
	Pernod Ricard SA		128,650		17,228
	British American Tobacco PLC		212,600		14,493
	CALBEE, Inc.		284,400		11,164
	Other securities				43,232

					143,617


Industrials	Shanghai International Airport Co., Ltd., Class A		5,134,562		28,257
10.40%	Capita PLC		3,066,000		27,614
	Airbus SE, non-registered shares		163,000		13,404
	Abertis Infraestructuras, SA, Class A, non-registered shares		721,507		13,366
	ASSA ABLOY AB, Class B		585,700		12,868
	CK Hutchison Holdings Ltd.		847,348		10,636
	Other securities				37,151

					143,296


Consumer	HUGO BOSS AG		207,500		14,528
discretionary	Toyota Motor Corp.		226,000		11,841
8.04%	Ctrip.com International, Ltd. (ADR)²		202,200		10,891
	Christian Dior SE¹		33,500		9,759
	Other securities				63,860

					110,879


Utilities	EDP - Energias de Portugal, SA		6,947,820		22,719
7.70%	DONG Energy AS		497,000		22,436
	SSE PLC		801,800		15,174
	Power Assets Holdings Ltd.		1,313,000		11,596
	CK Infrastructure Holdings Ltd.		1,282,000		10,772
	Other securities				23,472

					106,169


Information	Taiwan Semiconductor Manufacturing Co., Ltd.		4,668,000		31,995
technology	Samsung Electronics Co., Ltd.		13,671		28,402
7.48%	Flex Ltd.²		703,000		11,466
	Other securities				31,277

					103,140


72		American Funds Insurance Series

International Growth and Income Fund


Common stocks		Shares		Value (000)

Health care	Novartis AG		341,145	$	28,390
6.07%	Teva Pharmaceutical Industries Ltd. (ADR)		781,700		25,968
	Other securities				29,248

					83,606


Energy	Royal Dutch Shell PLC, Class A		1,753,707		46,482
4.64%	TOTAL SA		208,000		10,283
	Other securities				7,118

					63,883


Real estate	Cheung Kong Property Holdings Ltd.		3,833,348		30,024
4.41%	Sun Hung Kai Properties Ltd.		888,000		13,046
	Other securities				17,772

					60,842


Telecommunication	BT Group PLC		4,904,461		18,828
services	Nippon Telegraph and Telephone Corp.		332,800		15,712
2.75%	Other securities				3,327

					37,867


Materials	Rio Tinto PLC		274,325		11,583
2.69%	Fortescue Metals Group Ltd.		2,403,000		9,641
	Other securities				15,822

					37,046


Miscellaneous	Other common stocks in initial period of acquisition				38,208

2.77%	Total common stocks (cost: $1,081,498,000)				1,177,232


Bonds, notes & other debt instruments 2.96%		Principal amount (000)

Corporate bonds & notes 1.47%
Health care	Teva Pharmaceutical Finance Company BV 3.15%–4.10% 2026–2046	$	2,775		2,604
0.54%	Other securities				4,823

					7,427


Materials	FMG Resources 9.75% 2022³		5,900		6,748

0.49%

Energy	Other securities				6,066

0.44%	Total corporate bonds & notes				20,241


Bonds & notes of governments & government agencies outside the U.S. 1.46%
	Other securities				20,189


U.S. Treasury bonds & notes 0.03%
U.S. Treasury	Other securities				419

0.03%	Total bonds, notes & other debt instruments (cost: $38,065,000)				40,849


American Funds Insurance Series		73

International Growth and Income Fund


Short-term securities 12.16%		Principal amount (000)		Value (000)

	Chariot Funding, LLC 1.18% due 7/18/2017³		$15,000	$	14,991
	CPPIB Capital Inc. 1.14% due 7/18/2017³		32,200		32,182
	Fairway Finance Corp. 1.24% due 9/13/2017³		15,000		14,960
	Federal Home Loan Bank 1.00%–1.03% due 7/12/2017–8/23/2017		45,200		45,167
	General Electric Co. 1.08% due 7/3/2017		15,600		15,599
	Victory Receivables Corp. 1.06%–1.14% due 7/3/2017–7/11/2017³		30,000		29,990
	Other securities				14,659

	Total short-term securities (cost: $167,548,000)				167,548


	Total investment securities 100.53% (cost: $1,287,111,000)				1,385,629
	Other assets less liabilities (0.53)%				(7,261	)

	Net assets 100.00%			$	1,378,368

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,“ was $65,021,000, which represented 4.72% of the net assets of the fund. This amount includes $4,659,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

²	Security did not produce income during the last 12 months.

Acquired in a transaction exempt from registration under Rule 144A or Section 4(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 $103,694,000, which represented 7.52% of the net assets of the fund.

Key to Abbreviation

ADR = American Depositary Receipts

See Notes to Financial Statements


74		American Funds Insurance Series

Capital Income Builder

Summary investment portfolio June 30, 2017

unaudited


Common stocks 72.88%		Shares		Value (000)

Financials	Sampo Oyj, Class A		217,380	$	11,140
14.27%	Swedbank AB, Class A		211,087		5,144
	Lloyds Banking Group PLC		5,949,400		5,126
	Zurich Insurance Group AG		17,206		5,008
	Mercury General Corp.		88,510		4,780
	KBC Groep NV		57,447		4,357
	HSBC Holdings PLC (GBP denominated)		437,200		4,053
	ABN AMRO Group NV, depository receipts		141,555		3,753
	Other securities				28,217

					71,578


Consumer staples	Philip Morris International Inc.		190,235		22,342
12.66%	Coca-Cola Co.		250,145		11,219
	Altria Group, Inc.		149,110		11,104
	British American Tobacco PLC		93,200		6,353
	Imperial Brands PLC		123,800		5,561
	Diageo PLC		168,400		4,976
	Other securities				1,979

					63,534


Telecommunication	Vodafone Group PLC		3,422,700		9,707
services	Singapore Telecommunications Ltd.		2,861,700		8,086
7.90%	Verizon Communications Inc.		151,851		6,782
	HKT Trust and HKT Ltd., units		4,775,340		6,263
	Other securities				8,792

					39,630


Energy	Royal Dutch Shell PLC, Class B		279,360		7,504
7.40%	Royal Dutch Shell PLC, Class B (ADR)		8,500		463
	Royal Dutch Shell PLC, Class A		3,192		85
	Exxon Mobil Corp.		92,600		7,476
	Enbridge Inc. (CAD denominated)		174,970		6,970
	Helmerich & Payne, Inc.		96,200		5,227
	Inter Pipeline Ltd.		244,600		4,791
	Other securities				4,585

					37,101


Health care	AstraZeneca PLC		104,010		6,956
6.03%	AstraZeneca PLC (ADR)		114,800		3,914
	Pfizer Inc.		232,100		7,796
	Roche Holding AG, non-registered shares, nonvoting		26,075		6,640
	Other securities				4,933

					30,239


Information	Taiwan Semiconductor Manufacturing Co., Ltd.		1,003,000		6,875
technology	Microsoft Corp.		61,720		4,254
4.94%	Paychex, Inc.		67,410		3,838
	Other securities				9,790

					24,757


Real estate	Crown Castle International Corp. REIT		83,300		8,345
4.68%	Iron Mountain Inc. REIT		165,295		5,680
	Nexity SA, Class A, non-registered shares		89,436		5,197
	Other securities				4,262

					23,484


American Funds Insurance Series		75

Capital Income Builder


Common stocks (continued)		Shares		Value (000)

Industrials	Sydney Airport, units		963,757	$	5,252
4.07%	Boeing Co.		20,200		3,994
	Airbus SE, non-registered shares		45,592		3,749
	Other securities				7,438

					20,433


Utilities	SSE PLC		309,313		5,854
3.97%	CMS Energy Corp.		79,100		3,658
	Other securities				10,410

					19,922


Consumer	Greene King PLC		549,600		4,821
discretionary	Las Vegas Sands Corp.		71,400		4,562
3.60%	Other securities				8,686

					18,069


Materials	Amcor Ltd.		294,697		3,672
1.23%	Other securities				2,506

					6,178


Miscellaneous	Other common stocks in initial period of acquisition				10,684

2.13%	Total common stocks (cost: $346,870,000)				365,609


Convertible stocks 1.22%

Real estate	American Tower Corp., Series B, 5.50% depository share, convertible preferred 2018		50,600		6,134

1.22%	Total convertible stocks (cost: $5,305,000)				6,134


Bonds, notes & other debt instruments 20.55%		Principal amount (000)

Mortgage-backed obligations 7.49%
Federal agency	Fannie Mae 4.00% 2036–2047¹	$	5,869		6,208
mortgage-backed	Fannie Mae 4.00% 2047¹		3,830		4,029
obligations	Freddie Mac 4.00% 2047¹		13,957		14,701
7.38%	Freddie Mac 4.50% 2047¹		6,924		7,419
	Freddie Mac 2.50%–4.00% 2032–2047¹		777		802
	Other securities				3,842

					37,001


Other	Other securities				553

0.11%	Total mortgage-backed obligations				37,554


U.S. Treasury bonds & notes 7.47%
U.S. Treasury	U.S. Treasury 8.00% 2021		5,500		6,932
6.85%	U.S. Treasury 8.125% 2021		8,200		10,267
	U.S. Treasury 1.875% 2022		3,900		3,905
	U.S. Treasury 2.00% 2025		9,400		9,242
	U.S. Treasury 2.00%–2.88% 2026–2045		4,100		4,018

					34,364


76		American Funds Insurance Series

Capital Income Builder


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)

U.S. Treasury	U.S. Treasury Inflation-Protected Securities 0.38%-0.63% 2025-2026²	$	3,089	$	3,096

inflation-protected	Total U.S. Treasury bonds & notes				37,460

securities
0.62%

Corporate bonds & notes 4.57%
Financials	Other securities				7,592

1.51%

Consumer staples	Altria Group, Inc. 9.25% 2019		200		230
0.40%	Other securities				1,767

					1,997


Telecommunication	Verizon Communications Inc. 4.50%-4.60% 2020-2021		600		643

services
0.13%

Other	Other securities				12,695

2.53%	Total corporate bonds & notes				22,927


Asset-backed obligations 1.02%
	Other securities				5,117

	Total bonds, notes & other debt instruments (cost: $103,148,000)				103,058


Short-term securities 5.06%

	Total short-term securities (cost: $25,392,000)				25,394


	Total investment securities 99.71% (cost: $480,715,000)				500,195
	Other assets less liabilities 0.29%				1,468

	Net assets 100.00%			$	501,663

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $1,125,000, which represented .22% of the net assets of the fund. This amount includes $1,040,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. “Other securities“ also includes securities (with an aggregate value of $484,000, which represented .10% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.


American Funds Insurance Series		77

Capital Income Builder

Forward currency contracts

Contract amount

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

Unrealized
depreciation
at 6/30/2017
(000)

USD257

NZD357

Bank of America, N.A.

7/21/2017

$(5)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

²	Index-linked bond whose principal amount moves with a government price index.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

USD/$ = U.S. dollars

See Notes to Financial Statements


78		American Funds Insurance Series

Asset Allocation Fund

Summary investment portfolio June 30, 2017

unaudited


Common stocks 62.94%		Shares		Value (000)

Information	Microsoft Corp.		10,820,000	$	745,823
technology	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		15,550,000		543,628
18.29%	Taiwan Semiconductor Manufacturing Co., Ltd.		8,600,000		58,945
	ASML Holding NV (New York registered)		2,502,100		326,049
	ASML Holding NV		50,859		6,628
	VeriSign, Inc.¹		3,240,000		301,190
	Broadcom Ltd.		1,245,000		290,147
	Facebook, Inc., Class A¹		1,722,000		259,987
	Intel Corp.		6,000,000		202,440
	Apple Inc.		1,132,850		163,153
	Western Digital Corp.		1,800,000		159,480
	AAC Technologies Holdings Inc.		12,661,500		158,280
	Alphabet Inc., Class C		168,985		153,562
	Intuit Inc.		1,133,200		150,500
	Symantec Corp.		5,000,000		141,250
	Texas Instruments Inc.		1,520,200		116,949
	Other securities				546,100

					4,324,111


Health care	UnitedHealth Group Inc.		2,431,000		450,756
8.52%	Johnson & Johnson		2,850,000		377,026
	Humana Inc.		1,310,000		315,212
	Express Scripts Holding Co.¹		3,550,000		226,632
	Merck & Co., Inc.		2,170,300		139,095
	Other securities				503,990

					2,012,711


Consumer	Comcast Corp., Class A		12,246,000		476,614
discretionary	Newell Brands Inc.		5,600,000		300,272
7.96%	Home Depot, Inc.		1,600,000		245,440
	Amazon.com, Inc.¹		210,225		203,498
	VF Corp.		2,730,000		157,248
	General Motors Co.		3,500,000		122,255
	Other securities				376,668

					1,881,995


Financials	JPMorgan Chase & Co.		4,400,000		402,160
7.68%	Chubb Ltd.		2,458,500		357,417
	First Republic Bank		2,480,000		248,248
	Citigroup Inc.		2,750,000		183,920
	Bank of America Corp.		7,000,000		169,820
	Other securities				454,362

					1,815,927


Consumer staples	Philip Morris International Inc.		4,794,000		563,055
5.18%	Associated British Foods PLC		4,600,000		175,904
	Nestlé SA		908,230		79,041
	Nestlé SA (ADR)		900,000		78,480
	Other securities				327,673

					1,224,153


Energy	Noble Energy, Inc.		9,000,000		254,700
4.48%	Weatherford International PLC¹		48,600,000		188,082
	Chevron Corp.		1,279,750		133,516
	Other securities				483,206

					1,059,504


American Funds Insurance Series		79

Asset Allocation Fund


Common stocks (continued)		Shares		Value (000)

Industrials	Lockheed Martin Corp.		1,422,000	$	394,761
3.53%	Boeing Co.		1,551,800		306,869
	Other securities				132,724

					834,354


Materials	E.I. du Pont de Nemours and Co.		4,405,000		355,528
3.39%	LyondellBasell Industries NV		2,200,000		185,658
	Other securities				261,012

					802,198


Real estate	Other securities				279,872

1.19%

Telecommunication	AT&T Inc.		3,700,800		139,631
services	Other securities				90,487

0.97%					230,118


Utilities	Other securities				76,630

0.33%

Miscellaneous	Other common stocks in initial period of acquisition				335,415

1.42%	Total common stocks (cost: $10,593,691,000)				14,876,988



Convertible stocks 0.04%

Industrials	Other securities				4,426

0.02%

Miscellaneous	Other convertible stocks in initial period of acquisition				5,350

0.02%	Total convertible stocks (cost: $19,828,000)				9,776


Bonds, notes & other debt instruments 29.13%		Principal amount (000)

U.S. Treasury bonds & notes 12.55%
U.S. Treasury	U.S. Treasury 1.50% 2019		$ 400,000		400,924
10.27%	U.S. Treasury 1.25% 2020²		328,117		326,102
	U.S. Treasury 1.625% 2020		125,000		125,156
	U.S. Treasury 2.875% 2046		147,158		148,198
	U.S. Treasury 3.00% 2047		112,750		116,484
	U.S. Treasury 0.63%-4.75% 2018-2046		1,312,407		1,312,155

					2,429,019


U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.625% 2024³		213,965		217,193
inflation-protected	U.S. Treasury Inflation-Protected Security 1.375% 2044³		134,572		146,704
securities	U.S. Treasury Inflation-Protected Securities 0.13%-2.63% 2017-2046³		176,480		174,433

2.28%					538,330

	Total U.S. Treasury bonds & notes				2,967,349


80		American Funds Insurance Series

Asset Allocation Fund


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)

Corporate bonds & notes 9.69%
Energy	Other securities			$	451,692

1.91%

Financials	ACE INA Holdings Inc. 2.30%-4.35% 2020-2045		$ 6,905		7,084
1.50%	JPMorgan Chase & Co. 2.55%-5.30% 2020-2049		13,252		13,467
	Other securities				334,443

					354,994


Health care	Johnson & Johnson 2.25%-3.75% 2022-2047		11,785		12,009
1.38%	UnitedHealth Group Inc. 3.35% 2022		4,355		4,549
	Other securities				310,806

					327,364


Consumer	Comcast Corp. 1.63%-5.88% 2018-2036		9,285		8,875
discretionary	Home Depot, Inc. 1.80%-4.25% 2020-2047		13,665		13,890
0.92%	Newell Rubbermaid Inc. 2.60%-5.50% 2019-2046		9,253		9,825
	Other securities				185,214

					217,804


Industrials	Lockheed Martin Corp. 2.50%-3.55% 2020-2026		15,050		15,474
0.48%	Other securities				96,927

					112,401


Consumer staples	Philip Morris International Inc. 1.88%-4.25% 2020-2044		13,445		13,608
0.47%	Other securities				96,430

					110,038


Information	Apple Inc. 2.50%-3.35% 2022-2027		3,695		3,739
technology	Broadcom Ltd. 2.38%-3.88% 2020-2027⁴		19,670		20,114
0.43%	Microsoft Corp. 2.40%-4.20% 2026-2037		10,150		10,692
	Other securities				67,529

					102,074


Other	Other securities				614,941

2.60%	Total corporate bonds & notes				2,291,308


Mortgage-backed obligations 5.68%
Federal agency	Fannie Mae 0%-7.50% 2021-2056^5,6,7		582,350		606,624
mortgage-backed	Freddie Mac 1.69%-6.50% 2022-2050^5,6,7		419,104		435,897
obligations	Other securities				223,537

5.36%					1,266,058


Other	Other securities				75,787

0.32%	Total mortgage-backed obligations				1,341,845


American Funds Insurance Series		81

Asset Allocation Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)

Federal agency bonds & notes 0.22%
	Fannie Mae 1.88%-2.00% 2022-2026		$ 16,000	$	15,378
	Federal Home Loan Bank 0.875% 2018		17,140		17,071
	Freddie Mac 0.75% 2018		18,768		18,702
	Other securities				210

	Total federal agency bonds & notes				51,361


Other 0.99%
	Other securities				234,779

	Total bonds, notes & other debt instruments (cost: $6,822,677,000)				6,886,642


Short-term securities 9.92%

	Apple Inc. 0.91%-0.92% due 7/18/2017-7/25/2017⁴		100,000		99,935
	Federal Home Loan Bank 0.64%-1.05% due 7/3/2017-10/10/2017		1,551,500		1,550,290
	Johnson & Johnson 1.07%-1.12% due 8/31/2017-9/19/2017⁴		85,000		84,819
	Jupiter Securitization Co., LLC 1.17% due 7/27/2017⁴		50,000		49,954
	Microsoft Corp. 1.02% due 8/22/2017⁴		34,200		34,143
	U.S. Treasury Bills 0.59%-0.91% due 7/6/2017-8/24/2017		368,700		368,423
	Other securities				157,419

	Total short-term securities (cost: $2,344,887,000)				2,344,983


	Total investment securities 102.03% (cost: $19,781,083,000)				24,118,389
	Other assets less liabilities (2.03)%				(479,072	)

	Net assets 100.00%			$	23,639,317

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Miscellaneous” and “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $38,105,000, which represented .16% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $57,784,000, which represented .24% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $27,635,000, an aggregate cost of $48,070,000, and which represented .12% of the net assets of the fund) were acquired from 3/10/2010 to 3/6/2017 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Futures contracts


Contracts	Type	Number of contracts		Expiration		Notional amount⁸ (000)			Value at 6/30/2017⁹ (000)			Unrealized appreciation at 6/30/2017 (000)

10 Year U.S. Treasury Note Futures	Short		200		September 2017	$	(20,000	)	$	(25,106	)		$145
2 Year U.S. Treasury Note Futures	Short		883		October 2017		(176,600	)		(190,825	)		200


													$345


82		American Funds Insurance Series

Asset Allocation Fund

Swap contracts

Interest rate swaps


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2017 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 6/30/2017 (000)

3-month USD-LIBOR	1.875%		3/20/2019	$	2,320,000		$ (511	)		$–		$ (511	)
1.32625%	U.S. EFFR		4/5/2019		366,600		(396	)		–		(396	)
3-month USD-LIBOR	1.501%		6/8/2019		100,000		180			–		180
1.336%	U.S. EFFR		6/8/2019		100,000		(142	)		–		(142	)
1.6365%	3-month USD-LIBOR		10/16/2019		124,000		(32	)		–		(32	)
3-month USD-LIBOR	3.402%		6/23/2044		18,000		(3,218	)		–		(3,218	)
3-month USD-LIBOR	2.945%		10/16/2044		28,000		(2,411	)		–		(2,411	)

										$–		$(6,530	)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Security did not produce income during the last 12 months.

²	A portion of this security was pledged as collateral. The total value of pledged collateral was $7,892,000, which represented .03% of the net assets of the fund.

³	Index-linked bond whose principal amount moves with a government price index.

⁴

Acquired in a transaction exempt from registration under Rule 144A or Section 4(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, including those in “Other securities,” was $1,152,860,000, which represented 4.88% of the net assets of the fund.

⁵	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁶	Coupon rate may change periodically.

⁷	Purchased on a TBA basis.

⁸	Notional amount is calculated based on the number of contracts and notional contract size.

⁹	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

ADR = American Depositary Receipts

EFFR = Federal Funds Effective Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See Notes to Financial Statements


American Funds Insurance Series		83


Global Balanced Fund
Summary investment portfolio June 30, 2017		unaudited


Common stocks 62.81%		Shares		Value (000)

Information	Nintendo Co., Ltd.		19,800	$	6,633
technology	Microsoft Corp.		76,100		5,246
12.53%	ASML Holding NV		35,689		4,651
	Taiwan Semiconductor Manufacturing Co., Ltd.		664,000		4,551
	Alphabet Inc., Class C¹		2,155		1,958
	Keyence Corp.		4,400		1,930
	Broadcom Ltd.		7,850		1,830
	Amphenol Corp., Class A		24,000		1,772
	Symantec Corp.		62,565		1,768
	Samsung Electronics Co., Ltd.		830		1,724
	Other securities				4,231

					36,294


Consumer staples	British American Tobacco PLC		84,150		5,736
7.92%	Philip Morris International Inc.		30,200		3,547
	Nestlé SA		33,200		2,889
	Reynolds American Inc.		42,104		2,738
	Altria Group, Inc.		31,000		2,309
	Other securities				5,708

					22,927


Industrials	Boeing Co.		18,500		3,658
7.40%	Flughafen Zürich AG		12,235		3,004
	ASSA ABLOY AB, Class B		118,000		2,593
	BAE Systems PLC		280,000		2,310
	AB Volvo, Class B		102,000		1,739
	Edenred SA		65,000		1,695
	General Electric Co.		54,000		1,459
	Other securities				4,988

					21,446


Financials	JPMorgan Chase & Co.		42,700		3,903
6.64%	HSBC Holdings PLC (GBP denominated)		303,468		2,813
	BM&FBOVESPA SA - Bolsa de Valores, Mercadorias e Futuros, ordinary nominative		376,000		2,241
	HDFC Bank Ltd. (ADR)		21,605		1,879
	AIA Group Ltd.		250,000		1,827
	BlackRock, Inc.		4,000		1,689
	Other securities				4,886

					19,238


Health care	Humana Inc.		20,830		5,012
5.74%	Merck & Co., Inc.		58,120		3,725
	Mettler-Toledo International Inc.¹		3,500		2,060
	Fisher & Paykel Healthcare Corp. Ltd.		204,000		1,712
	Other securities				4,103

					16,612


Consumer	Amazon.com, Inc.¹		3,600		3,485
discretionary	Home Depot, Inc.		22,030		3,380
4.76%	Peugeot SA		119,000		2,374
	Nokian Renkaat Oyj		50,634		2,096
	Other securities				2,439

					13,774


84		American Funds Insurance Series

Global Balanced Fund


Common stocks		Shares		Value (000)

Materials	E.I. du Pont de Nemours and Co.		37,500	$	3,027
4.75%	Other securities				10,721

					13,748


Energy	Royal Dutch Shell PLC, Class B		100,000		2,686
4.37%	ConocoPhillips		49,506		2,176
	Enbridge Inc. (CAD denominated)		50,594		2,016
	LUKOIL Oil Co. PJSC (ADR)		39,800		1,938
	Other securities				3,832

					12,648


Utilities	Dominion Energy, Inc.		28,500		2,184
2.17%	Enel Américas SA (ADR)		197,000		1,857
	Other securities				2,237

					6,278


Real estate	Equinix, Inc. REIT		4,240		1,820
1.18%	Other securities				1,610

					3,430


Telecommunication	Other securities				1,804

services 0.62%

Miscellaneous	Other common stocks in initial period of acquisition				13,687

4.73%	Total common stocks (cost: $142,482,000)				181,886


Bonds, notes & other debt instruments 31.18%		Principal amount (000)

Bonds & notes of governments & government agencies outside the U.S. 14.54%
	Japan 0.10%-2.30% 2018-2044²		¥809,803		7,805
	Poland (Republic of) 3.25%-5.75% 2017-2025		PLN13,590		3,979
	Russian Federation 7.00% 2023		RUB135,000		2,209
	United Mexican States 4.00%-10.00% 2017-2040²		MXN53,729		3,089
	United Mexican States 4.60%-4.75% 2044-2046		$ 350		347
	Other securities				24,667

					42,096

U.S. Treasury bonds & notes 8.53%
U.S. Treasury	U.S. Treasury 0.75%-3.13% 2017-2046		17,763		17,681

6.10%

U.S. Treasury	U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2021–20442		6,983		7,032

inflation-protected	Total U.S. Treasury bonds & notes				24,713

securities
2.43%


American Funds Insurance Series		85

Global Balanced Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)

Corporate bonds & notes 6.86%
Financials	HSBC Holdings PLC 3.375% 2024		€ 100	$	120
1.70%	HSBC Holdings PLC 3.90%-4.30% 2026		$ 400		420
	JPMorgan Chase & Co. 2.55%-6.75% 2021-2049		389		407
	Other securities				3,987

					4,934


Health care	Humana Inc. 3.15% 2022		100		102
0.71%	Other securities				1,945

					2,047


Consumer staples	Philip Morris International Inc. 2.00%-4.25% 2020-2044		195		198
0.44%	Reynolds American Inc. 4.00%-5.85% 2022-2045		145		160
	Other securities				900

					1,258


Information	Microsoft Corp. 2.40%-3.30% 2026-2027		640		651
technology	Other securities				338

0.34%					989


Industrials	General Electric Capital Corp. 3.15% 2022		50		52
0.25%	Other securities				671

					723


Other	Other securities				9,903

3.42%	Total corporate bonds & notes				19,854


Mortgage-backed obligations 1.18%
Other	Other securities				3,413

1.18%	Total mortgage-backed obligations				3,413


Asset-backed obligations 0.07%
	Other securities				200

	Total bonds, notes & other debt instruments (cost: $90,647,000)				90,276


Short-term securities 5.18%

	British Columbia (Province of) 0.92% due 7/17/2017		3,000		2,998
	CPPIB Capital Inc. 1.16% due 7/18/2017³		3,000		2,998
	General Electric Co. 1.08% due 7/3/2017		3,400		3,400
	Gotham Funding Corp. 1.20% due 7/14/2017³		2,000		1,999
	U.S. Treasury Bills 0.63% due 7/6/2017		1,500		1,500
	Victory Receivables Corp. 1.20% due 7/17/2017³		2,100		2,099

	Total short-term securities (cost: $14,995,000)				14,994

	Total investment securities 99.17% (cost: $248,124,000)				287,156
	Other assets less liabilities 0.83%				2,396

	Net assets 100.00%			$	289,552


86		American Funds Insurance Series

Global Balanced Fund

Forward currency contracts

Contract amount

Unrealized
appreciation
(depreciation)

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 6/30/2017
(000)

USD1,114

JPY125,000

JPMorgan Chase

7/7/2017

$ 2

USD310

PLN1,158

JPMorgan Chase

7/7/2017

)

SEK7,759

USD895

Citibank

7/10/2017

NOK6,100

USD721

Bank of America, N.A.

7/10/2017

USD561

INR36,300

JPMorgan Chase

7/10/2017

USD387

INR25,000

JPMorgan Chase

7/10/2017

–

⁴

GBP276

AUD475

UBS AG

7/10/2017

)

USD770

MXN14,100

Bank of America, N.A.

7/10/2017

)

GBP255

USD330

JPMorgan Chase

7/11/2017

USD294

THB10,000

Bank of America, N.A.

7/11/2017

)

USD170

ILS600

JPMorgan Chase

7/11/2017

)

JPY33,581

USD307

JPMorgan Chase

7/11/2017

)

SEK1,625

USD187

Barclays Bank PLC

7/12/2017

NOK2,443

USD288

Barclays Bank PLC

7/12/2017

EUR335

GBP290

HSBC Bank

7/12/2017

EUR344

GBP300

Goldman Sachs

7/13/2017

USD326

MXN6,000

Bank of America, N.A.

7/14/2017

)

JPY43,839

USD399

Bank of America, N.A.

7/18/2017

)

EUR361

USD403

Citibank

7/19/2017

USD739

AUD970

Citibank

7/19/2017

)

JPY72,628

USD665

JPMorgan Chase

7/19/2017

(19

)

EUR719

USD803

UBS AG

7/20/2017

JPY31,929

USD288

Citibank

7/20/2017

)

USD2,206

GBP1,700

Barclays Bank PLC

7/20/2017

(10

)

EUR982

USD1,094

Bank of America, N.A.

7/24/2017

EUR645

USD724

Citibank

7/24/2017

EUR266

USD297

Goldman Sachs

7/24/2017

EUR134

USD150

JPMorgan Chase

7/24/2017

USD220

ZAR2,900

UBS AG

7/24/2017

–

⁴

USD267

ZAR3,500

JPMorgan Chase

7/24/2017

–

⁴

USD648

MYR2,800

JPMorgan Chase

7/24/2017

)

JPY21,085

AUD250

UBS AG

7/24/2017

)

JPY22,275

USD200

Goldman Sachs

7/27/2017

)

USD207

AUD275

Bank of America, N.A.

7/27/2017

)

JPY40,289

USD362

Bank of America, N.A.

7/27/2017

)

USD358

AUD475

Bank of America, N.A.

7/27/2017

)

EUR357

USD400

Citibank

7/28/2017

USD298

MXN5,430

JPMorgan Chase

7/28/2017

JPY57,092

USD512

UBS AG

8/4/2017

)

USD256

JPY28,000

Bank of New York Mellon

8/9/2017

SEK1,270

USD147

Bank of America, N.A.

8/9/2017

USD614

CAD800

Goldman Sachs

8/10/2017

)

JPY22,250

USD202

HSBC Bank

8/14/2017

)

SEK1,613

USD186

UBS AG

8/21/2017

JPY23,305

USD211

HSBC Bank

8/21/2017

)

JPY36,271

USD327

HSBC Bank

8/23/2017

)

$ 48


American Funds Insurance Series		87

Global Balanced Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Security did not produce income during the last 12 months.

²	Index-linked bond whose principal amount moves with a government price index.

Acquired in a transaction exempt from registration under Rule 144A or Section 4(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, including those in “Other securities,” was $12,075,000, which represented 4.17% of the net assets of the fund.

⁴	Amount less than one thousand.

Key to abbreviations and symbols

ADR = American Depositary Receipts

AUD = Australian dollars

CAD = Canadian dollars

EUR/€ = Euros

GBP = British pounds

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

PLN = Polish zloty

RUB = Russian rubles

SEK = Swedish kronor

THB = Thai baht

USD/$ = U.S. dollars

ZAR = South African rand

See Notes to Financial Statements


88		American Funds Insurance Series

Bond Fund

Summary investment portfolio June 30, 2017

unaudited


Bonds, notes & other debt instruments 96.74%		Principal amount (000)		Value (000)

Corporate bonds & notes 36.14%
Financials	Bank of America Corp. 3.124% 2023		$ 42,500	$	43,007
8.57%	Capital One Financial Corp. 2.50% 2020		48,000		48,237
	Citigroup Inc. 2.15%-3.89% 2018-2028		77,415		77,721
	Intesa Sanpaolo SpA 5.017% 2024¹		51,415		52,223
	Morgan Stanley 2.50% 2021		44,400		44,386
	US Bancorp. 2.00%-3.15% 2020-2027		3,800		3,814
	Other securities				630,256

					899,644


Energy	Other securities				657,739

6.26%

Health care	Other securities				520,526

4.96%

Utilities	Other securities				444,402

4.23%

Consumer	Other securities				383,633

discretionary
3.65%

Consumer staples	Other securities				284,721

2.71%

Telecommunication	Other securities				172,408

services 1.64%

Real estate	Other securities				131,668

1.25%

Industrials	Other securities				121,291

1.15%

Information	Apple Inc. 1.55%-3.35% 2021-2027		16,442		16,225
technology	Other securities				94,798

1.06%					111,023


Materials	Other securities				69,005

0.66%	Total corporate bonds & notes				3,796,060


Mortgage-backed obligations 27.23%
Federal agency	Fannie Mae 3.00% 2046²		77,742		77,700
mortgage-backed	Fannie Mae 4.00% 2046²		51,064		53,719
obligations	Fannie Mae 3.00% 2047^2,3		43,330		43,198
26.58%	Fannie Mae 3.50% 2047^2,3		46,740		47,995
	Fannie Mae 4.00% 2047^2,3		385,400		404,391
	Fannie Mae 4.00% 2047^2,3		120,500		126,657
	Fannie Mae 4.50% 2047^2,3		190,000		203,790


American Funds Insurance Series		89

Bond Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)

Mortgage-backed obligations (continued)
Federal agency	Fannie Mae 2.77%-9.31% 2023-2047^2,3,4		$ 124,544	$	131,829
mortgage-backed	Freddie Mac 3.00% 2035²		54,447		55,516
obligations	Freddie Mac 3.50% 2045²		42,618		44,145
(continued)	Freddie Mac 3.50% 2046²		106,869		109,878
	Freddie Mac 3.00% 2047^2,3		131,109		130,812
	Freddie Mac 3.50% 2047^2,3		255,000		261,465
	Freddie Mac 3.50% 2047^2,3		50,000		51,355
	Freddie Mac 4.00% 2047^2,3		301,000		315,956
	Freddie Mac 4.00% 2047^2,3		50,000		52,580
	Freddie Mac 0%-5.50% 2021-2047^2,3		109,965		115,144
	Government National Mortgage Assn. 4.00% 2047^2,3		315,681		332,180
	Government National Mortgage Assn. 4.00% 2047^2,3		55,919		58,759
	Government National Mortgage Assn. 4.50% 2047²		50,760		54,049
	Government National Mortgage Assn. 4.50% 2040-2047²		113,500		120,753

					2,791,871


Other	Other securities				68,205

0.65%	Total mortgage-backed obligations				2,860,076


U.S. Treasury bonds & notes 21.22%
U.S. Treasury	U.S. Treasury 8.75% 2020		40,000		48,706
18.45%	U.S. Treasury 1.375% 2021⁵		70,000		69,037
	U.S. Treasury 2.00% 2022		222,750		223,262
	U.S. Treasury 2.125% 2022		150,000		151,647
	U.S. Treasury 2.25% 2023		115,000		116,145
	U.S. Treasury 2.125% 2024		260,000		260,325
	U.S. Treasury 2.25% 2024		80,000		80,759
	U.S. Treasury 2.25% 2027		226,075		225,094
	U.S. Treasury 2.375% 2027		281,212		283,102
	U.S. Treasury 3.00% 2047		196,713		203,228
	U.S. Treasury 3.00% 2047		106,625		110,215
	U.S. Treasury 0.75%-6.13% 2019-2046		159,234		166,226

					1,937,746


U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.375% 2025⁶		52,608		52,271
inflation-protected	U.S. Treasury Inflation-Protected Security 0.375% 2027⁶		79,415		78,066
securities	U.S. Treasury Inflation-Protected Security 0.875% 2047⁶		90,148		87,605
2.77%	U.S. Treasury Inflation-Protected Securities 1.00%-2.00% 2026-2046⁶		68,221		72,769

					290,711

	Total U.S. Treasury bonds & notes				2,228,457


Bonds & notes of governments & government agencies outside the U.S. 6.66%
	Japan, Series 19, 0.10% 2024⁶		¥ 5,339,655		49,482
	Japan, Series 20, 0.10% 2025⁶		11,261,250		104,458
	Portuguese Republic 5.125% 2024		$ 94,400		96,524
	Portuguese Republic 2.20%-4.13% 2022-2027		€ 40,000		48,860
	United Mexican States, Series M, 6.50% 2021		MXN3,132,700		172,114
	United Mexican States 3.60%-6.05% 2025-2047		$ 25,020		26,130
	United Mexican States 4.00%-5.75% 2026-2046⁶		MXN671,343		35,797
	Other securities				165,840

					699,205


Asset-backed obligations 3.59%
	Other securities				376,981


90		American Funds Insurance Series

Bond Fund


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)

Municipals 1.78%
Illinois 1.14%	G.O. Bonds, Pension Funding Series 2003, 4.95% 2023		$ 16,830	$	16,913
	G.O. Bonds, Pension Funding Series 2003, 5.10% 2033²		81,515		76,389
	G.O. Bonds, Pension Funding Series 2013, 5.877% 2019		400		414
	G.O. Bonds, Series 2013-B, 3.65% 2020		1,000		984
	G.O. Bonds, Series 2013-B, 4.11% 2022		750		710
	G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		1,991
	G.O. Bonds, Series 2013-B, 4.91% 2027		1,450		1,339
	G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.547% 2019		335		344
	G.O. Bonds, Taxable Build America Bonds, Series 2010-1, 6.63% 2035		13,780		14,156
	G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.65% 2020		250		258
	G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022		2,000		2,037
	G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		2,950		2,986
	G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 6.15% 2025		750		751
	G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.727% 2020		400		414
	G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021		375		387

					120,073


Other 0.64%	Other securities				66,721

	Total municipals				186,794


Federal agency bonds & notes 0.12%
	Fannie Mae 2.125% 2026		12,410		12,135

	Total bonds, notes & other debt instruments (cost: $10,083,200,000)				10,159,708


Common stocks 0.02%		Shares

Other	Other securities				1,095

0.01%

Miscellaneous	Other common stocks in initial period of acquisition				1,049

0.01%	Total common stocks (cost: $1,644,000)				2,144


Rights & warrants 0.00%

Utilities	Other securities				71

0.00%	Total rights & warrants (cost: $100,000)				71


Short-term securities 22.07%		Principal amount (000)

	Apple Inc. 1.10%-1.18% due 8/7/2017-10/2/2017¹		$ 105,000		104,788
	Citibank, N.A. 1.29% due 9/29/2017		100,000		100,002
	Federal Home Loan Bank 0.64%-1.05% due 7/5/2017-9/26/2017		1,178,600		1,177,176
	Freddie Mac 0.83% due 8/7/2017		50,000		49,959
	General Electric Co. 1.08% due 7/3/2017		43,500		43,496
	Johnson & Johnson 1.07% due 8/31/2017¹		94,300		94,120
	National Rural Utilities Cooperative Finance Corp. 1.15% due 8/2/2017		59,200		59,136


American Funds Insurance Series		91

Bond Fund


Short-term securities (continued)		Principal amount (000)		Value (000)

	U.S. Bank, N.A. 1.21% due 10/24/2017-10/25/2017		$175,000	$	175,016
	U.S. Treasury Bills 0.59%-1.07% due 7/13/2017-12/21/2017		447,000		445,424
	Other securities				68,845

	Total short-term securities (cost: $2,317,806,000)				2,317,962


	Total investment securities 118.83% (cost: $12,402,750,000)				12,479,885
	Other assets less liabilities (18.83)%				(1,977,186	)

	Net assets 100.00%			$	10,502,699

Futures contracts


Contracts	Type		Number of contracts		Expiration		Notional amount⁷ (000)			Value at 6/30/2017⁸ (000)			Unrealized appreciation (depreciation) at 6/30/2017 (000)
10 Year Euro-Bund Futures		Short		120		September 2017		$ (12,000	)		$ (22,186	)		$ 345
10 Year U.S. Treasury Note Futures		Long		2,174		September 2017		217,400			272,905			(1,303)
10 Year Ultra U.S. Treasury Note Futures		Short		45		September 2017		(4,500	)		(6,066	)		19
30 Year Ultra U.S. Treasury Bond Futures		Short		51		September 2017		(5,100	)		(8,460	)		28
5 Year U.S. Treasury Note Futures		Long		4,995		October 2017		499,500			588,591			(3,244)
2 Year U.S. Treasury Note Futures		Short		3,200		October 2017		(640,000	)		(691,550	)		547

														$(3,608)

Forward currency contracts

Contract amount

Counterparty

Settlement
date

Unrealized
(depreciation)
appreciation

Purchases

(000)

Sales

(000)

at 6/30/2017
(000)

USD66,550

MXN1,220,000

Bank of America, N.A.

7/10/2017

$ (561)

USD65,409

MXN1,200,000

JPMorgan Chase

7/10/2017

(602)

USD65,343

MXN1,200,000

JPMorgan Chase

7/11/2017

(656)

USD31,168

JPY3,430,000

UBS AG

7/12/2017

656

USD13,134

JPY1,445,000

Bank of America, N.A.

7/12/2017

280

USD54,738

EUR48,800

Citibank

7/17/2017

(1,051)

USD65,574

JPY7,300,000

HSBC Bank

7/24/2017

599

USD44,244

JPY4,925,000

JPMorgan Chase

7/24/2017

408

USD13,837

MXN252,000

Barclays Bank PLC

7/24/2017

USD18,708

EUR16,750

Citibank

7/28/2017

(453)

USD56,861

AUD75,000

JPMorgan Chase

8/4/2017

(756)

USD5,364

EUR4,750

JPMorgan Chase

9/7/2017

(81)


92		American Funds Insurance Series

Bond Fund

Contract amount

Counterparty

Settlement
date

Unrealized
(depreciation)
appreciation

Purchases

(000)

Sales

(000)

at 6/30/2017
(000)

USD9,606

EUR8,500

JPMorgan Chase

9/7/2017

(138

)

USD9,708

EUR8,600

JPMorgan Chase

9/7/2017

(151

)

(2,497

)

Swap contracts

Interest rate swaps


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2017 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 6/30/2017 (000)
1.35375%	U.S. EFFR		4/27/2019	$	37,000	$	(28	)		$–	$	(28	)
1.669%	3-month USD-LIBOR		10/28/2019		112,000		46			–		46
1.6915%	3-month USD-LIBOR		6/3/2020		1,600		(2	)		–		(2	)
1.7345%	3-month USD-LIBOR		12/31/2020		120,000		(258	)		–		(258	)
3-month USD-LIBOR	1.975%		4/27/2022		15,000		(30	)		–		(30	)
3-month USD-LIBOR	2.1305%		7/17/2022		100,000		(859	)		–		(859	)
1.9375%	3-month USD-LIBOR		12/18/2022		150,000		(411	)		–		(411	)
3-month USD-LIBOR	2.701%		6/9/2024		60,000		(2,354	)		–		(2,354	)
3-month USD-LIBOR	2.6815%		9/24/2024		1,600		(61	)		–		(61	)
3-month USD-LIBOR	2.54%		10/3/2024		400		(11	)		–		(11	)
6-month EURIBOR	0.9852%		10/17/2024	€	25,000		(841	)		–		(841	)
3-month USD-LIBOR	2.342%		10/21/2024	$	290		(4	)		–		(4	)
3-month USD-LIBOR	2.326%		10/22/2024		800		(11	)		–		(11	)
3-month USD-LIBOR	2.372%		10/24/2024		1,150		(19	)		–		(19	)
3-month USD-LIBOR	2.438%		11/19/2024		2,750		(59	)		–		(59	)
3-month USD-LIBOR	2.4585%		11/24/2024		23,000		(522	)		–		(522	)
3-month USD-LIBOR	2.4295%		11/25/2024		800		(17	)		–		(17	)
3-month USD-LIBOR	2.353%		12/8/2024		700		(11	)		–		(11	)
3-month USD-LIBOR	2.2845%		12/12/2024		330		(3	)		–		(3	)
3-month USD-LIBOR	1.8185%		1/20/2025		900		21			–		21
3-month USD-LIBOR	1.9365%		1/22/2025		1,500		22			–		22
3-month USD-LIBOR	2.192%		3/18/2025		1,850		(6	)		–		(6	)
3-month USD-LIBOR	2.0475%		3/23/2025		450		3			–		3
3-month USD-LIBOR	2.3175%		5/8/2025		1,500		(18	)		–		(18	)
3-month USD-LIBOR	2.339%		5/13/2025		375		(5	)		–		(5	)
3-month USD-LIBOR	2.351%		5/15/2025		590		(8	)		–		(8	)
3-month USD-LIBOR	2.287%		5/20/2025		500		(5	)		–		(5	)
3-month USD-LIBOR	2.227%		5/28/2025		260		(1	)		–		(1	)
3-month USD-LIBOR	2.2125%		5/29/2025		465		(2	)		–		(2	)
3-month USD-LIBOR	2.451%		6/5/2025		650		(14	)		–		(14	)
3-month USD-LIBOR	2.46%		6/10/2025		2,536		(56	)		–		(56	)
3-month USD-LIBOR	2.455%		6/24/2025		235		(5	)		–		(5	)
3-month USD-LIBOR	2.428%		7/2/2025		2,000		(39	)		–		(39	)
3-month USD-LIBOR	2.397%		7/13/2025		900		(15	)		–		(15	)
3-month USD-LIBOR	2.535%		7/15/2025		800		(22	)		–		(22	)
3-month USD-LIBOR	2.4615%		7/22/2025		1,300		(28	)		–		(28	)
3-month USD-LIBOR	2.312%		7/29/2025		1,000		(11	)		–		(11	)
3-month USD-LIBOR	2.331%		7/30/2025		435		(5	)		–		(5	)
3-month USD-LIBOR	2.2135%		9/4/2025		5,000		(14	)		–		(14	)
3-month USD-LIBOR	2.228%		9/4/2025		12,000		(46	)		–		(46	)
6-month JPY-LIBOR	0.282%		2/2/2026	¥	5,500,000		(290	)		–		(290	)


American Funds Insurance Series		93

Bond Fund

Swap contracts (continued)

Interest rate swaps (continued)


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2017 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 6/30/2017 (000)
3-month USD-LIBOR	1.6705%		3/4/2026	$	248,000	$	10,597			$–		$10,597
6-month JPY-LIBOR	0.0875%		3/10/2026	¥	11,100,000		1,107			–		1,107
3-month USD-LIBOR	1.5925%		5/9/2026	$	1,000		51			–		51
3-month USD-LIBOR	1.595%		5/12/2026		8,500		430			–		430
3-month USD-LIBOR	1.592%		5/12/2026		4,000		203			–		203
3.0865%	3-month USD-LIBOR		8/18/2034		2,250		203			–		203
2.913%	3-month USD-LIBOR		11/24/2034		10,000		655			–		655
2.844%	3-month USD-LIBOR		6/11/2035		3,250		181			–		181
2.9535%	3-month USD-LIBOR		6/30/2035		2,500		180			–		180
2.773%	3-month USD-LIBOR		7/13/2035		500		23			–		23
2.589%	3-month USD-LIBOR		9/4/2035		3,100		53			–		53
3-month USD-LIBOR	3.0515%		11/14/2044		1,000		(108	)		–		(108	)
3-month USD-LIBOR	2.925%		12/3/2044		1,230		(101	)		–		(101	)
3-month USD-LIBOR	2.6695%		12/19/2044		200		(6	)		–		(6	)
3-month USD-LIBOR	2.5755%		3/5/2045		1,470		(15	)		–		(15	)
2.377%	3-month USD-LIBOR		4/29/2045		1,910		(59	)		–		(59	)
3-month USD-LIBOR	2.757%		5/8/2045		1,500		(72	)		–		(72	)
6-month JPY-LIBOR	0.58295%		3/23/2046	¥	2,000,000		1,173			–		1,173
0.64355%	6-month JPY-LIBOR		4/27/2046		2,000,000		(884	)		–		(884	)
3-month USD-LIBOR	2.1155%		5/13/2046	$	2,400		212			–		212

										$–		$ 7,824

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Acquired in a transaction exempt from registration under Rule 144A or Section 4(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, including those in “Other securities,” was $1,375,344,000, which represented 13.10% of the net assets of the fund.

²	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

³	Purchased on a TBA basis.

⁴	Coupon rate may change periodically.

⁵	A portion of this security was pledged as collateral. The total value of pledged collateral was $28,506,000, which represented .27% of the net assets of the fund.

⁶	Index-linked bond whose principal amount moves with a government price index.

⁷	Notional amount is calculated based on the number of contracts and notional contract size.

⁸	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbols

AUD = Australian dollars

EFFR = Federal Funds Effective Rate

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

G.O. = General Obligation

JPY/¥ = Japanese yen

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

USD/$ = U.S. dollars

TBA = To-be-announced

See Notes to Financial Statements


94		American Funds Insurance Series

Global Bond Fund

Summary investment portfolio June 30, 2017

unaudited


Bonds, notes & other debt instruments 87.58%		Principal amount (000)		Value (000)

Euros	Belgium (Kingdom of), Series 77, 1.00% 2026		€ 12,900	$	15,210
12.89%	French Republic O.A.T. 1.85% 2027¹		8,756		12,413
	Germany (Federal Republic of) 0.10% 2026¹		18,150		22,325
	Germany (Federal Republic of) 0.50% 2026		13,000		15,087
	Germany (Federal Republic of) 2.50% 2046		24,695		36,813
	Germany (Federal Republic of) 0.10%-6.25% 2023-2040¹		3,423		5,560
	Hungary 3.88%-6.00% 2019-2020		2,200		2,753
	Italy (Republic of) 1.45% 2022		10,575		12,359
	Portuguese Government 2.875% 2026		4,200		4,832
	Portuguese Republic 2.20% 2022		10,300		12,305
	Portuguese Republic 4.125% 2027		32,040		39,996
	Spain (Kingdom of) 1.30% 2026		13,400		15,174
	Other securities				114,201

					309,028


Japanese yen	Japan, Series 326, 0.70% 2022		¥1,935,000		17,908
9.13%	Japan, Series 18, 0.10% 2024¹		4,704,210		43,384
	Japan, Series 19, 0.10% 2024¹		2,672,325		24,764
	Japan, Series 344, 0.10% 2026		1,355,000		12,095
	Japan, Series 116, 2.20% 2030		1,735,000		19,271
	Japan, Series 145, 1.70% 2033		2,005,000		21,481
	Japan, Series 42, 1.70% 2044		2,045,000		22,240
	Japan 0.10%-2.30% 2022-2035¹		6,040,270		57,615

					218,758


Polish zloty	Poland (Republic of), Series 1017, 5.25% 2017		PLN54,472		14,873
4.50%	Poland (Republic of), Series 0420, 1.50% 2020		124,425		33,073
	Poland (Republic of), Series 1021, 5.75% 2021		50,980		15,611
	Poland (Republic of), Series 0922, 5.75% 2022		46,600		14,430
	Poland (Republic of) 2.00%-5.25% 2020-2025		106,690		29,851

					107,838


Mexican pesos	United Mexican States, Series M, 6.50% 2021		MXN793,300		43,585
3.43%	United Mexican States, Series M20, 10.00% 2024		209,500		13,764
	United Mexican States 4.00%-10.00% 2017-2042¹		435,052		24,797

					82,146


Indian rupees	India (Republic of) 7.80% 2021		INR1,087,600		17,504
2.44%	India (Republic of) 8.83% 2023		1,284,200		21,947
	India (Republic of) 6.97%-7.88% 2023-2030		1,173,470		18,929

					58,380


Malaysian	Malaysia (Federation of) 3.58%-4.50% 2018-2030		MYR216,165		50,426

ringgits 2.10%

British pounds	United Kingdom 3.25% 2044		£ 9,000		14,977
1.76%	United Kingdom 1.50%-3.50% 2023-2045		16,630		24,011
	Other securities				3,150

					42,138


Norwegian kroner	Norway (Kingdom of) 3.75% 2021		NKr305,750		40,554

1.69%


American Funds Insurance Series		95

Global Bond Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)

Australian dollars	Australia (Commonwealth of), Series 124, 5.75% 2021		A$27,800	$	24,290
1.69%	Australia (Commonwealth of), Series 128, 5.75% 2022		13,650		12,267
	Australia (Commonwealth of), Series 138, 3.25% 2029		4,250		3,433
	Other securities				388

					40,378


Colombian pesos	Colombia (Republic of), Series B, 7.00% 2022		COP35,100,000		12,099
1.22%	Colombia (Republic of), Series B, 7.50% 2026		41,451,000		14,599
	Colombia (Republic of), Series B, 6.00% 2028		8,306,600		2,612

					29,310


Danish kroner	Other securities				25,593

1.07%

Turkish lira	Turkey (Republic of) 9.20% 2021		TRY47,700		12,995
1.02%	Turkey (Republic of) 10.50%-11.00% 2020-2022		39,700		11,436

					24,431


Israeli shekels	Israel (State of) 5.50% 2042		ILS29,300		11,699
0.82%	Other securities				8,055

					19,754


Chilean pesos	Chile (Banco Central de) 4.50% 2021		CLP12,705,000		19,736

0.82%

Canadian dollars	Canada 2.25% 2025		C$18,050		14,534

0.61%

Hungarian forints	Hungary 2.00%-6.50% 2019-2025		HUF3,145,600		12,713

0.53%

U.S. dollars	Hungary 4.00%-6.25% 2019-2024		$ 8,070		8,684
40.21%	Turkey (Republic of) 6.25%-6.75% 2022-2040		2,090		2,282
	U.S. Treasury 1.125% 2021²		43,160		42,282
	U.S. Treasury 2.25% 2025		15,750		15,757
	U.S. Treasury 2.00% 2026		55,335		53,973
	U.S. Treasury 2.25% 2046		13,950		12,302
	U.S. Treasury 2.875% 2046		15,925		16,038
	U.S. Treasury 3.00% 2047		16,225		16,771
	U.S. Treasury 1.13%-3.00% 2019-2045		74,590		74,673
	U.S. Treasury Inflation-Protected Security 0.125% 2022¹		40,717		40,538
	U.S. Treasury Inflation-Protected Security 0.625% 2024¹		32,720		33,214
	U.S. Treasury Inflation-Protected Security 1.00% 2046¹		24,353		24,371
	U.S. Treasury Inflation-Protected Securities 0.13%-2.38% 2024-2045¹		46,201		46,484
	United Mexican States 4.75% 2044		3,200		3,211
	Other securities				573,204

					963,784


Other	Other securities				39,430

1.65%	Total bonds, notes & other debt instruments (cost: $2,077,893,000)				2,098,931


96		American Funds Insurance Series

Global Bond Fund


Convertible stocks 0.04%		Shares		Value (000)

U.S. dollars	Other securities			$	143

0.00%

Miscellaneous	Other convertible stocks in initial period of acquisition				909

0.04%	Total convertible stocks (cost: $1,202,000)				1,052


Common stocks 0.04%

U.S. dollars	Other securities				1,000

0.04%	Total common stocks (cost: $3,941,000)				1,000


Short-term securities 12.92%		Principal amount (000)

	CPPIB Capital Inc. 1.16% due 7/18/2017³		$ 20,000		19,989
	Federal Home Loan Bank 1.02%-1.08% due 8/23/2017-10/16/2017		40,000		39,922
	Japanese Treasury Discount Bills (0.16)% due 5/21/2018		¥15,300,000		136,144
	John Deere Financial Inc. 1.05% due 7/6/2017³		$ 25,000		24,995
	Liberty Street Funding Corp. 1.28% due 9/18/2017³		15,000		14,958
	Mizuho Bank, Ltd. 1.19% due 7/27/2017³		20,000		19,982
	Unilever Capital Corp. 1.10% due 7/24/2017³		29,800		29,778
	Other securities				23,940

	Total short-term securities (cost: $309,095,000)				309,708


	Total investment securities 100.58% (cost: $2,392,131,000)				2,410,691
	Other assets less liabilities (0.58)%				(14,015	)

	Net assets 100.00%			$	2,396,676

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Miscellaneous” and “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $2,143,000, which represented .09% of the net assets of the fund. “Other securities“ also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $7,941,000, which represented .33% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $4,289,000, an aggregate cost of $5,384,000, and which represented .18% of the net assets of the fund) were acquired from 3/10/2010 to 3/6/2017 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Futures contracts


Contracts	Type		Number of contracts		Expiration		Notional amount⁴ (000)			Value at 6/30/2017⁵ (000)			Unrealized (depreciation) appreciation at 6/30/2017 (000)
10 Year Ultra U.S. Treasury Note Futures		Long		89		September 2017	$	8,900		$	11,998			$	(32	)
30 Year Ultra U.S. Treasury Bond Futures		Long		85		September 2017		8,500			14,099				192
10 Year U.S. Treasury Note Futures		Long		82		September 2017		8,200			10,294				(25	)
5 Year U.S. Treasury Note Futures		Long		549		October 2017		54,900			64,692				(143	)
90 Day Euro Dollar Futures		Short		220		March 2018		(55,000	)		(54,142	)			24

														$	16


American Funds Insurance Series		97

Global Bond Fund

Forward currency contracts

Contract amount

Unrealized
(depreciation)
appreciation

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 6/30/2017
(000)

USD4,775

PLN17,827

JPMorgan Chase

7/7/2017

$ (36

)

SEK123,798

USD14,284

Citibank

7/10/2017

419

NOK93,000

USD10,999

Bank of America, N.A.

7/10/2017

143

USD16,422

MYR70,000

JPMorgan Chase

7/10/2017

123

USD20,237

INR1,308,300

JPMorgan Chase

7/10/2017

USD7,734

INR500,000

JPMorgan Chase

7/10/2017

USD12,581

MXN230,400

Bank of America, N.A.

7/10/2017

(93

)

GBP5,907

AUD10,150

UBS AG

7/10/2017

(104

)

USD15,633

MXN286,625

Goldman Sachs

7/10/2017

(134

)

USD15,606

MXN286,625

Bank of America, N.A.

7/10/2017

(161

)

JPY935,361

USD8,575

HSBC Bank

7/10/2017

(255

)

EUR15,020

PLN63,358

UBS AG

7/11/2017

USD4,069

THB138,500

Bank of America, N.A.

7/11/2017

)

USD4,229

AUD5,600

JPMorgan Chase

7/11/2017

(74

)

JPY391,780

USD3,584

JPMorgan Chase

7/11/2017

(99

)

USD9,013

ILS31,900

JPMorgan Chase

7/11/2017

(136

)

EUR17,250

USD18,995

UBS AG

7/12/2017

720

SEK60,114

USD6,908

Barclays Bank PLC

7/12/2017

232

EUR19,534

PLN82,342

HSBC Bank

7/12/2017

106

NOK46,831

USD5,513

Barclays Bank PLC

7/12/2017

EUR5,840

GBP5,090

Goldman Sachs

7/13/2017

USD2,024

BRL6,700

Citibank

7/14/2017

USD4,732

MXN87,000

Bank of America, N.A.

7/14/2017

(51

)

USD6,220

MXN116,370

HSBC Bank

7/14/2017

(177

)

USD4,823

INR310,000

JPMorgan Chase

7/17/2017

USD5,125

AUD6,800

Bank of America, N.A.

7/17/2017

(101

)

JPY3,321,365

USD30,215

JPMorgan Chase

7/18/2017

(661

)

JPY3,567,358

USD32,460

Bank of America, N.A.

7/18/2017

(717

)

EUR5,283

USD5,900

Citibank

7/19/2017

141

JPY414,706

USD3,801

HSBC Bank

7/19/2017

(110

)

USD12,768

AUD16,760

Citibank

7/19/2017

(111

)

JPY726,285

USD6,655

JPMorgan Chase

7/19/2017

(193

)

EUR5,244

USD5,857

UBS AG

7/20/2017

139

USD3,045

BRL10,100

HSBC Bank

7/20/2017

JPY351,002

USD3,164

Citibank

7/20/2017

(40

)

GBP5,633

USD7,117

JPMorgan Chase

7/24/2017

226

EUR5,084

USD5,666

Goldman Sachs

7/24/2017

149

EUR18,255

NOK174,000

UBS AG

7/24/2017

USD6,827

ZAR89,650

JPMorgan Chase

7/24/2017

USD2,980

ZAR39,200

UBS AG

7/24/2017

)

EUR4,253

GBP3,750

HSBC Bank

7/24/2017

(24

)

USD13,597

MYR58,750

JPMorgan Chase

7/24/2017

(74

)

USD6,037

ILS21,303

Bank of America, N.A.

7/24/2017

(76

)

USD7,728

AUD10,200

UBS AG

7/24/2017

(109

)

JPY1,976,140

USD17,751

HSBC Bank

7/24/2017

(162

)

EUR6,645

USD7,490

Bank of America, N.A.

7/25/2017

111

GBP5,792

EUR6,700

JPMorgan Chase

7/25/2017

(112

)

JPY445,496

USD4,000

Goldman Sachs

7/27/2017

(34

)

JPY835,989

USD7,521

Bank of America, N.A.

7/27/2017

(79

)

USD5,808

AUD7,700

Bank of America, N.A.

7/27/2017

(108

)

USD7,542

AUD10,000

Bank of America, N.A.

7/27/2017

(141

)

JPY1,698,519

USD15,271

Citibank

7/27/2017

(151

)

EUR5,439

USD6,100

Citibank

7/28/2017

122

SEK172,682

USD20,325

Goldman Sachs

8/3/2017

214

EUR14,702

USD16,481

JPMorgan Chase

8/4/2017

343

GBP25,426

EUR28,875

Bank of America, N.A.

8/4/2017

112

JPY1,655,674

USD14,857

UBS AG

8/4/2017

(113

)


98		American Funds Insurance Series

Global Bond Fund

Contract amount

Unrealized
(depreciation)
appreciation

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 6/30/2017
(000)

NOK31,682

DKK24,600

Citibank

8/9/2017

$11

JPY392,473

USD3,596

Citibank

8/9/2017

(101

)

NOK70,523

CHF8,000

Bank of America, N.A.

8/10/2017

USD5,959

NZD8,200

Citibank

8/10/2017

(45

)

USD9,203

CAD12,000

Goldman Sachs

8/10/2017

(57

)

JPY1,310,000

USD11,894

HSBC Bank

8/14/2017

(224

)

USD11,444

CNH80,000

Citibank

8/14/2017

(314

)

SEK30,059

USD3,464

Barclays Bank PLC

8/17/2017

114

JPY846,335

USD7,628

HSBC Bank

8/23/2017

(85

)

USD138,524

JPY15,300,000

Citibank

5/21/2018

255

$(1,177

)

Swap contracts

Interest rate swaps


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2017 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 6/30/2017 (000)
U.S. EFFR	1.299%		1/31/2018		$450,000	$	(14	)		$–	$	(14	)
1.707%	3-month USD-LIBOR		3/16/2019		12,000		29			–		29
1.6505%	3-month USD-LIBOR		3/21/2019		85,000		122			–		123
1.36%	6-month NOK-NIBOR		12/19/2019		NKr250,000		128			–		128
1.572%	3-month USD-LIBOR		9/16/2020		$ 10,000		(60	)		–		(60	)
6.775%	28-day MXN-TIIE		6/20/2022		MXN280,000		(16	)		–		(16	)
6.73%	28-day MXN-TIIE		6/20/2022		340,000		(56	)		–		(56	)
6-month HUF-BUBOR	2.58%		3/31/2027		HUF2,540,000		(276	)		–		(276	)
3-month USD-LIBOR	2.52611%		11/24/2045		$ 17,400		6			–		6
3-month USD-LIBOR	2.535%		11/24/2045		1,100		(2	)		–		(2	)
3-month USD-LIBOR	2.556%		11/27/2045		10,000		(60	)		–		(60	)
3-month USD-LIBOR	2.354%		1/29/2046		6,000		221			–		221
3-month USD-LIBOR	2.116%		4/15/2046		2,250		198			–		198
3-month USD-LIBOR	1.909%		10/11/2046		5,750		771			–		771
3-month USD-LIBOR	2.699%		1/31/2047		2,800		(104	)		–		(104	)
3-month USD-LIBOR	2.659%		2/8/2047		6,000		(170	)		–		(170	)
3-month USD-LIBOR	2.696%		3/7/2047		4,500		(165	)		–		(165	)
6-month EURIBOR	1.4162%		3/8/2047		€ 4,400		150			–		150
6-month EURIBOR	1.4247%		4/28/2047		2,500		80			–		80

										$–	$	783

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Index-linked bond whose principal amount moves with a government price index.

²	A portion of this security was pledged as collateral. The total value of pledged collateral was $14,439,000, which represented .60% of the net assets of the fund.

Acquired in a transaction exempt from registration under Rule 144A or Section 4(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 $283,746,000, which represented 11.84% of the net assets of the fund.

⁴	Notional amount is calculated based on the number of contracts and notional contract size.

⁵	Value is calculated based on the notional amount and current market price.


American Funds Insurance Series		99

Global Bond Fund

Key to abbreviations and symbols

AUD/A$ = Australian dollars

BRL = Brazilian reais

BUBOR = Budapest Interbank Offered Rate

CAD/C$ = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CNH = Chinese yuan renminbi

COP = Colombian pesos

DKK = Danish kroner

EFFR = Federal Funds Effective Rate

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

GBP/£ = British pounds

HUF = Hungarian forints

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NIBOR = Norwegian Interbank Offered Rate

NOK/NKr = Norwegian kroner

NZD = New Zealand dollars

PLN = Polish zloty

SEK = Swedish kronor

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

TRY = Turkish lira

USD/$ = U.S. dollars

ZAR = South African rand

See Notes to Financial Statements


100		American Funds Insurance Series

High-Income Bond Fund


Summary investment portfolio June 30, 2017		unaudited


Bonds, notes & other debt instruments 93.24%		Principal amount (000)		Value (000)

Corporate bonds & notes 92.32%
Energy	American Energy (Permian Basin) 7.125% 2020¹		$ 8,045	$	6,677
17.72%	Blackstone CQP Holdco LP, 6.50% 2021^1,2		24,675		24,811
	Cheniere Energy, Inc. 5.13%-7.00% 2024-2027¹		2,810		2,941
	Chesapeake Energy Corp. 8.00% 2025¹		7,550		7,503
	Chesapeake Energy Corp. 4.41%-8.00% 2019-2027^1,3		14,253		14,042
	CONSOL Energy Inc. 5.875% 2022		12,599		12,442
	NGL Energy Partners LP 6.875% 2021		6,640		6,623
	Southwestern Energy Co. 4.10% 2022		7,605		7,125
	Sunoco LP 6.25% 2021		5,950		6,233
	Teekay Corp. 8.50% 2020		11,168		10,233
	Weatherford International PLC 6.75% 2040		7,980		6,903
	Weatherford International PLC 4.50%-9.88% 2021-2042¹		13,125		12,038
	Other securities				161,409

					278,980


Health care	Centene Corp. 4.75% 2022		7,715		8,091
13.08%	Centene Corp. 4.75%-6.13% 2021-2025		9,130		9,574
	Kinetic Concepts, Inc. 12.50% 2021¹		7,813		8,829
	Molina Healthcare, Inc. 5.375% 2022		9,615		10,228
	Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2020 (84.62% PIK)^3,4,5,6,7		6,351		6,222
	Tenet Healthcare Corp. 4.38%-7.00% 2021-2025¹		11,832		11,934
	Tenet Healthcare Corp., First Lien 4.50%-6.00% 2020-2021		11,515		12,114
	VPI Escrow Corp. 6.375% 2020¹		9,690		9,436
	VPI Escrow Corp. 5.625% 2021¹		1,175		1,066
	VPI Escrow Corp. 6.50%-7.50% 2021-2024¹		6,615		6,756
	VRX Escrow Corp. 6.125% 2025¹		18,995		16,146
	VRX Escrow Corp. 5.38%-7.25% 2020-2023¹		10,960		9,947
	Other securities				95,614

					205,957


Consumer	Cablevision Systems Corp. 6.75% 2021		5,875		6,521
discretionary	Cablevision Systems Corp. 5.50%-7.75% 2018-2027¹		1,575		1,662
12.04%	CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026¹		10,620		11,390
	CCO Holdings LLC and CCO Holdings Capital Corp. 4.91%-5.88% 2024-2027¹		8,625		9,082
	Clear Channel Worldwide Holdings, Inc. 7.625% 2020		12,713		12,697
	iHeartCommunications, Inc. 9.00% 2019		9,685		7,639
	Petsmart, Inc. 5.875% 2025¹		7,365		7,135
	Petsmart, Inc. 7.13%-8.88% 2023-2025¹		10,625		9,614
	Petsmart Inc., Term Loan B-2, (3-month USD-LIBOR + 3.00%) 4.22% 2022^3,4,5		3,444		3,207
	Wynn Las Vegas, LLC and Wynn Capital Corp. 5.50% 2025¹		6,525		6,880
	Wynn Macau, Ltd. 5.25% 2021¹		7,275		7,475
	Other securities				106,178

					189,480


Materials	ArcelorMittal 7.50% 2041		9,555		10,582
11.98%	Cliffs Natural Resources Inc. 8.25% 2020¹		7,865		8,612
	Cliffs Natural Resources Inc. 5.75% 2025¹		11,950		11,323
	Cliffs Natural Resources Inc. 6.25% 2040		825		627
	First Quantum Minerals Ltd. 7.00% 2021¹		10,813		11,137
	First Quantum Minerals Ltd. 7.50% 2025¹		11,625		11,422
	First Quantum Minerals Ltd. 7.25% 2022-2023¹		3,575		3,629
	FMG Resources 9.75% 2022¹		7,555		8,641
	Ryerson Inc. 11.00% 2022¹		6,901		7,824
	Other securities				114,730

					188,527


American Funds Insurance Series		101

High-Income Bond Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)

Corporate bonds & notes (continued)
Telecommunication services 11.33%	Altice NV 5.50%-7.50% 2022-2026¹		$ 4,385	$	4,694
	Cequel Communications Holdings I, LLC and Cequel Capital Corp. 6.375% 2020¹		5,267		5,386
	Frontier Communications Corp. 10.50% 2022		6,780		6,483
	Frontier Communications Corp. 8.50%-11.00% 2020-2025		12,912		12,786
	Ligado Networks, Term Loan, (3-month USD-LIBOR + 8.75%) 9.85% 2020 (100% PIK)^3,4,5,7		19,138		18,414
	Neptune Finco Corp. (Altice NV) 6.63%-10.13% 2023-2025¹		4,450		5,022
	Numericable Group SA 6.00%-7.38% 2022-2026¹		5,365		5,760
	SoftBank Group Corp. 4.50% 2020¹		6,225		6,487
	Sprint Corp. 11.50% 2021		5,355		6,881
	Sprint Corp. 6.875% 2028		5,650		6,294
	Sprint Nextel Corp. 7.13%-7.88% 2021-2024		8,320		9,421
	Wind Acquisition SA 7.375% 2021¹		13,300		13,840
	Windstream Holdings, Inc. 7.75% 2021		8,225		7,773
	Other securities				69,087

					178,328


Information	BMC Software, Inc. 8.125% 2021¹		8,390		8,728
technology	Gogo Inc. 12.50% 2022¹		7,850		8,959
7.69%	Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.420% 2024^3,4,5		7,870		8,172
	Solera Holdings, Inc. 10.50% 2024¹		6,075		7,009
	Unisys Corp. 10.75% 2022¹		7,325		8,057
	Other securities				80,102

					121,027


Industrials	Associated Materials, LLC 9.00% 2024¹		8,700		9,309
7.08%	Corporate Risk Holdings LLC 9.50% 2019¹		12,782		13,613
	Corporate Risk Holdings LLC 13.50% 2020 (100% PIK)^1,6,7		1,307		1,399
	DAE Aviation Holdings, Inc. 10.00% 2023¹		6,625		7,370
	Other securities				79,785

					111,476


Utilities	AES Corp. 4.88%-8.00% 2020-2026¹		19,325		20,979
3.70%	Other securities				37,244

					58,223


Financials	CIT Group Inc. 3.875% 2019		9,335		9,592
3.54%	Other securities				46,101

					55,693


Real estate	Iron Mountain Inc. 5.75% 2024		5,975		6,124
2.10%	Other securities				26,965

					33,089


Consumer staples	Other securities				31,758

2.02%

Municipals	Other securities				594

0.04%	Total corporate bonds & notes				1,453,132


102		American Funds Insurance Series

High-Income Bond Fund


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)

Other bonds & notes 0.92%
	U.S. Treasury 1.25% 2019⁸		$ 10,000	$	9,978
	Other securities				4,489

					14,467

	Total bonds, notes & other debt instruments (cost: $1,442,832,000)				1,467,599


Convertible bonds 0.37%

Consumer	Other securities				1,747

discretionary
0.11%

Miscellaneous	Other convertible bonds in initial period of acquisition				4,092

0.26%	Total convertible bonds (cost: $5,452,000)				5,839


Convertible stocks 1.07%		Shares

Telecommunication	Frontier Communications Corp., Series A, convertible preferred		10,000		294

services
0.02%

Other	Other securities				4,581

0.29%

Miscellaneous	Other convertible stocks in initial period of acquisition				11,953

0.76%	Total convertible stocks (cost: $20,794,000)				16,828


Common stocks 0.80%

Information	Corporate Risk Holdings I, Inc.^6,9		218,504		3,402
technology	Other securities				–

0.22%					3,402


Other	Other securities				7,219

0.45%

Miscellaneous	Other common stocks in initial period of acquisition				1,986

0.13%	Total common stocks (cost: $38,036,000)				12,607


Rights & warrants 0.00%

Utilities	Other securities				46

0.00%

Miscellaneous	Other rights & warrants in initial period of acquisition				–

0.00%	Total rights & warrants (cost: $65,000)				46


American Funds Insurance Series		103

High-Income Bond Fund


Short-term securities 3.95%		Principal amount (000)		Value (000)

	ExxonMobil Corp. 1.10% due 7/10/2017		$ 19,700	$	19,694
	Federal Home Loan Bank 0.85% due 7/14/2017		10,000		9,998
	General Electric Co. 1.08% due 7/3/2017		32,400		32,398

	Total short-term securities (cost: $62,090,000)				62,090


	Total investment securities 99.43% (cost: $1,569,269,000)				1,565,009
	Other assets less liabilities 0.57%				8,949

	Net assets 100.00%			$	1,573,958

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Swap contracts

Interest rate swaps


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2017 (000)			Upfront payments/ receipts (000)		Unrealized appreciation (depreciation) at 6/30/2017 (000)

3-month USD-LIBOR	2.0745%		11/21/2026	$	18,600		$267			$–		$267
3-month USD-LIBOR	2.2825%		4/13/2027		10,700		(21	)		–		(21)
										$–		$246

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection


Receive	Pay/ Payment frequency	Expiration date		Notional (000)		Value at 6/30/2017 (000)			Upfront payments (000)			Unrealized appreciation at 6/30/2017 (000)

CDX.NA.HY.28	5.00%/Quarterly		6/20/2022	$	62,600	$	(4,318	)	$	(4,467	)		$149

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

Acquired in a transaction exempt from registration under Rule 144A or Section 4(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 $758,939,000, which represented 48.22% of the net assets of the fund.

²	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear on the next page.

³	Coupon rate may change periodically.

⁴	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans, including those in “Other securities,” was $107,360,000, which represented 6.82% of the net assets of the fund.

⁵	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁶	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Miscellaneous“ and “Other securities,“ was $32,053,000, which represented 2.04% of the net assets of the fund.

⁷	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.

⁸	A portion of this security was pledged as collateral. The total value of pledged collateral was $3,469,000, which represented .22% of the net assets of the fund.

⁹	Security did not produce income during the last 12 months.


104		American Funds Insurance Series

High-Income Bond Fund


Private placement securities	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
Blackstone CQP Holdco LP, 6.50% 2021		3/6/2017	$	24,675	$	24,811		1.58	%
Other securities		3/10/2010-8/22/2014		13,197		4,239		.26

Total private placement securities			$	37,872	$	29,050		1.84	%

Key to abbreviations and symbol

LIBOR = London Interbank Offered Rate

USD/$ = U.S. dollars

See Notes to Financial Statements


American Funds Insurance Series		105

Mortgage Fund


Summary investment portfolio June 30, 2017		unaudited


Bonds, notes & other debt instruments 97.67%		Principal amount (000)		Value (000)

Mortgage-backed obligations 62.02%
Federal agency	Fannie Mae 4.00% 2036¹		$ 5,460	$	5,803
mortgage-backed	Fannie Mae 4.00% 2047¹		10,353		10,891
obligations	Fannie Mae 4.00% 2047¹		3,985		4,192
54.82%	Fannie Mae 4.00%-5.00% 2036-2047^1,2		2,523		2,660
	Freddie Mac 5.00% 2034¹		1,816		1,991
	Freddie Mac 4.00% 2036¹		6,443		6,851
	Freddie Mac 4.00% 2036¹		1,107		1,169
	Freddie Mac 3.50% 2045¹		10,635		11,016
	Freddie Mac 4.00% 2047^1,2		47,854		50,232
	Freddie Mac 4.00% 2047¹		10,000		10,528
	Freddie Mac 4.00% 2047¹		9,969		10,501
	Freddie Mac 4.50% 2047^1,2		3,700		3,963
	Freddie Mac Pool #760014 2.981% 2045^1,3		3,309		3,405
	Government National Mortgage Assn. 3.75% 2034¹		1,438		1,510
	Government National Mortgage Assn. 5.50% 2040¹		2,558		2,862
	Government National Mortgage Assn. 5.00% 2041¹		1,445		1,552
	Government National Mortgage Assn. 3.50% 2043¹		2,588		2,703
	Government National Mortgage Assn. 3.50% 2043¹		1,978		2,064
	Government National Mortgage Assn. 3.50% 2043¹		1,942		2,013
	Government National Mortgage Assn. 4.25% 2044¹		1,782		1,905
	Government National Mortgage Assn. 4.00% 2046¹		1,608		1,668
	Government National Mortgage Assn. 4.00% 2047¹		13,380		14,098
	Government National Mortgage Assn. 4.00% 2047¹		4,972		5,248
	Government National Mortgage Assn. 4.50% 2047¹		5,152		5,484
	Government National Mortgage Assn. 4.737% 2065¹		1,995		2,102
	Government National Mortgage Assn. 4.62% 2066¹		2,037		2,184
	Government National Mortgage Assn. 3.50%-6.50% 2038-2066¹		12,773		13,366
	Seasoned Credit Risk Transfer, Series 2017-1, Class HA, 2.00% 2056¹		1,571		1,574
	Vendee Mortgage Trust, Series 2011-2, Class V, 3.75% 2028¹		4,727		4,793
	Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 2035¹		799		820

					189,148


Collateralized	Mortgage Repurchase Agreement Financing Trust, Series 2017-1, Class A1,
mortgage-backed	(1-month USD-LIBOR + 0.85%) 1.967% 2019^1,3,4		1,620		1,621
(privately	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75% 2056^1,3,4		2,636		2,663
originated)	Towd Point Mortgage Trust, Series 2015-2, Class 2A11, 3.00% 2057^1,3,4		2,520		2,556
3.76%	Other securities				6,137

					12,977


Other	Freddie Mac, Series KJ02, Class A2, multifamily 2.597% 2020¹		4,502		4,588
mortgage-backed	Freddie Mac, Series K031, Class A2, multifamily 3.30% 2023^1,3		4,722		4,955
securities	Freddie Mac, Series K032, Class A2, multifamily 3.31% 2023^1,3		1,250		1,313

3.15%					10,856


Commercial	Other securities				995

mortgage-backed	Total mortgage-backed obligations				213,976

securities 0.29%

Federal agency bonds & notes 18.37%
	Fannie Mae 1.875% 2022		3,000		2,996
	Fannie Mae 2.00% 2022		40,000		40,203
	Federal Home Loan Bank 1.375% 2021		3,000		2,966
	Federal Home Loan Bank 1.875% 2021		10,000		10,034
	United States Agency for International Development, Jordan (Kingdom of) 2.503% 2020		7,000		7,184

					63,383


106		American Funds Insurance Series

Mortgage Fund


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)

U.S. Treasury bonds & notes 11.90%
U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.375% 2025^5,6		$ 10,516	$	10,449
inflation-protected	U.S. Treasury Inflation-Protected Security 0.625% 2026^5,6		4,497		4,529
securities	U.S. Treasury Inflation-Protected Security 2.125% 2041⁶		123		153
8.79%	U.S. Treasury Inflation-Protected Security 0.75% 2042⁶		6,963		6,641
	U.S. Treasury Inflation-Protected Security 1.375% 2044⁶		7,842		8,549

					30,321


U.S. Treasury	U.S. Treasury 1.875% 2022		9,000		8,999
3.11%	U.S. Treasury 1.50%-2.13% 2020-2022		1,744		1,755

					10,754

	Total U.S. Treasury bonds & notes				41,075


Asset-backed obligations 5.32%
	Hertz Vehicle Financing LLC, Rental Car Asset-backed Notes, Series 2015-1, Class A, 2.73% 2021^1,4		1,823		1,814
	Other securities				16,529

					18,343


Corporate bonds & notes 0.06%
Financials	Other securities				214

0.06%	Total bonds, notes & other debt instruments (cost: $335,741,000)				336,991


Short-term securities 18.17%

	Bank of Tokyo-Mitsubishi UFJ, Ltd. 1.37% due 11/16/2017		5,000		4,974
	Coca-Cola Co. 1.22% due 12/6/2017⁴		10,000		9,945
	Federal Home Loan Bank 1.00%-1.03% due 10/20/2017-11/10/2017		15,679		15,621
	Freddie Mac 1.02% due 11/20/2017		3,750		3,734
	General Electric Co. 1.08% due 7/3/2017		8,800		8,799
	John Deere Canada ULC 1.16% due 7/25/2017⁴		4,700		4,696
	Mitsubishi UFJ Trust and Banking Corp. 1.35% due 11/16/2017⁴		5,000		4,974
	Private Export Funding Corp. 1.26% due 11/17/2017⁴		5,000		4,975
	Svenska Handelsbanken Inc. 1.28% due 11/29/2017⁴		5,000		4,972

	Total short-term securities (cost: $62,695,000)				62,690


	Total investment securities 115.84% (cost: $398,436,000)				399,681
	Other assets less liabilities (15.84)%				(54,657	)

	Net assets 100.00%			$	345,024


American Funds Insurance Series		107

Mortgage Fund

Futures contracts


Contracts	Type		Number of contracts		Expiration		Notional amount⁷ (000)			Value at 6/30/2017⁸ (000)			Unrealized appreciation (depreciation) at 6/30/2017 (000)
20 Year U.S. Treasury Bond Futures		Long		48		September 2017	$	4,800		$	7,377		$	57
30 Year Ultra U.S. Treasury Bond Futures		Long		5		September 2017		500			830			11
10 Year Ultra U.S. Treasury Note Futures		Short		17		September 2017		(1,700	)		(2,292	)		16
5 Year U.S. Treasury Note Futures		Long		2,195		October 2017		219,500			258,650			(626	)
30 Day Federal Funds Futures		Long		208		October 2017		86,667			85,629			(5	)

													$	(547	)

Swap contracts

Interest rate swaps


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2017 (000)			Upfront payments/ receipts (000)		Unrealized appreciation (depreciation) at 6/30/2017 (000)
U.S. EFFR	1.1745%		11/1/2017	$	1,000,000	$	30		$	–	$	30
U.S. EFFR	1.17865%		11/1/2017		500,000		10			–		10
U.S. EFFR	1.2165%		11/1/2017		700,000		(14	)		–		(14	)
3-month USD-LIBOR	1.217%		9/22/2021		11,500		310			–		310
3-month USD-LIBOR	1.225%		9/22/2021		11,500		306			–		306
3-month USD-LIBOR	1.2796%		10/11/2021		14,500		361			–		361
3-month USD-LIBOR	2.24%		12/5/2026		10,500		3			–		3
3-month USD-LIBOR	2.27%		12/5/2026		8,500		(20	)		–		(20	)
3-month USD-LIBOR	3.34%		6/27/2044		3,500		(582	)		–		(582	)
3-month USD-LIBOR	3.206%		7/31/2044		2,000		(279	)		–		(279	)
3-month USD-LIBOR	3.238%		8/8/2044		2,000		(292	)		–		(292	)
3-month USD-LIBOR	3.2265%		9/25/2044		3,000		(431	)		–		(431	)
3-month USD-LIBOR	2.5055%		1/9/2045		2,000		9			–		9
3-month USD-LIBOR	2.454%		1/15/2045		3,200		49			–		49
3-month USD-LIBOR	2.516%		10/20/2045		2,500		6			–		6
3-month USD-LIBOR	2.525%		10/20/2045		1,500		1			–		1
3-month USD-LIBOR	2.5315%		10/26/2045		4,000		(3	)		–		(3	)
3-month USD-LIBOR	2.52822%		11/23/2045		3,560		–	⁹		–		–	⁹
3-month USD-LIBOR	2.4835%		12/3/2045		2,000		19			–		19
3-month USD-LIBOR	2.59125%		12/16/2045		2,250		(30	)		–		(30	)
3-month USD-LIBOR	2.4095%		1/14/2046		1,500		38			–		38
3-month USD-LIBOR	2.33725%		2/1/2046		5,000		203			–		203

									$	–	$	(306	)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

²	Purchased on a TBA basis.

³	Coupon rate may change periodically.

⁴

Acquired in a transaction exempt from registration under Rule 144A or Section 4(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 $55,065,000, which represented 15.96% of the net assets of the fund.

⁵	A portion of this security was pledged as collateral. The total value of pledged collateral was $9,431,000, which represented 2.73% of the net assets of the fund.

⁶	Index-linked bond whose principal amount moves with a government price index.

⁷	Notional amount is calculated based on the number of contracts and notional contract size.

⁸	Value is calculated based on the notional amount and current market price.

⁹	Amount less than one thousand.


108		American Funds Insurance Series

Mortgage Fund

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See Notes to Financial Statements


American Funds Insurance Series		109

Ultra-Short Bond Fund

Investment portfolio June 30, 2017

unaudited


Short-term securities 100.11%		Principal amount (000)		Value (000)

Commercial paper 72.15%
	Apple Inc. 1.08% due 8/3/2017¹		$ 9,000	$	8,991
	Australia & New Zealand Banking Group, Ltd. 1.10% due 9/6/2017¹		5,000		4,988
	Bridgestone Americas, Inc. 1.05% due 7/11/2017¹		8,500		8,497
	CAFCO, LLC 1.28% due 10/3/2017¹		10,000		9,968
	Chariot Funding, LLC 1.18% due 7/18/2017¹		10,000		9,994
	Cisco Systems, Inc. 0.98% due 7/12/2017¹		10,000		9,996
	Emerson Electric Co. 1.08% due 8/1/2017¹		5,500		5,495
	ExxonMobil Corp. 1.14% due 9/11/2017		10,000		9,977
	Fairway Finance Corp. 1.16% due 8/28/2017¹		10,000		9,979
	John Deere Canada ULC 1.12% due 7/10/2017¹		8,300		8,297
	KfW 0.95% due 7/5/2017¹		10,000		9,999
	Liberty Street Funding Corp. 1.28% due 9/18/2017¹		10,000		9,972
	Microsoft Corp. 0.97% due 7/17/2017¹		10,000		9,995
	Mizuho Bank, Ltd. 1.11% due 7/3/2017¹		10,000		9,999
	National Australia Bank Ltd. 1.14% due 7/24/2017¹		11,400		11,391
	Nestlé Finance International Ltd. 1.14% due 9/7/2017		8,000		7,982
	Old Line Funding, LLC 1.02% due 7/17/2017¹		10,000		9,994
	Paccar Financial Corp. 1.12% due 7/28/2017		6,700		6,694
	Pfizer Inc. 1.15% due 9/18/2017¹		10,000		9,975
	Prudential Funding, LLC 1.10% due 7/17/2017		10,000		9,995
	Simon Property Group, L.P. 1.08% due 8/14/2017¹		10,000		9,985
	Sumitomo Mitsui Banking Corp. 1.15% due 8/1/2017¹		12,900		12,886
	Total Capital Canada Ltd. 1.05% due 8/15/2017¹		10,000		9,985
	United Parcel Service Inc. 1.08% due 7/5/2017¹		9,000		8,999

					224,033


Federal agency discount notes 24.74%
	Fannie Mae 0.80% due 7/17/2017		15,000		14,995
	Federal Home Loan Bank 0.64%-0.90% due 7/7/2017-8/1/2017		35,700		35,682
	Freddie Mac 0.82%-1.03% due 7/13/2017-11/10/2017		16,300		16,251
	International Bank for Reconstruction and Development 0.86% due 7/13/2017		9,900		9,898

					76,826


U.S. Treasury bonds & notes 3.22%
	U.S. Treasury Bills 0.90% due 8/24/2017		10,000		9,987

	Total short-term securities (cost: $310,858,000)				310,846


	Total investment securities 100.11% (cost: $310,858,000)				310,846
	Other assets less liabilities (0.11)%				(347	)

	Net assets 100.00%			$	310,499

¹ Acquired in a transaction exempt from registration under Section 4(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 $189,386,000, which represented 60.99% of the net assets of the fund.

See Notes to Financial Statements


110		American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Summary investment portfolio June 30, 2017

unaudited


Bonds, notes & other debt instruments 97.12%		Principal amount (000)		Value (000)

U.S. Treasury bonds & notes 42.41%
U.S. Treasury	U.S. Treasury 1.125% 2021		$ 31,950	$	31,114
32.16%	U.S. Treasury 1.375% 2021		20,000		19,786
	U.S. Treasury 1.75% 2021¹		40,540		40,437
	U.S. Treasury 2.00% 2021		46,300		46,638
	U.S. Treasury 2.00% 2021		44,350		44,745
	U.S. Treasury 2.00% 2021		26,500		26,769
	U.S. Treasury 2.125% 2021		23,450		23,774
	U.S. Treasury 2.25% 2021		64,745		65,989
	U.S. Treasury 2.25% 2021		38,000		38,752
	U.S. Treasury 1.75% 2022		198,300		197,138
	U.S. Treasury 1.875% 2022		63,000		62,995
	U.S. Treasury 2.125% 2022		21,970		22,146
	U.S. Treasury 1.50% 2023		26,020		25,333
	U.S. Treasury 2.125% 2023		98,795		99,135
	U.S. Treasury 2.00% 2024		30,000		29,741
	U.S. Treasury 2.875% 2046		23,339		23,504
	U.S. Treasury 3.00% 2047		32,660		33,760
	U.S. Treasury 3.00% 2047		17,140		17,708
	U.S. Treasury 0.75%-6.25% 2019-2030		76,561		77,973

					927,437


U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.25% 2025²		26,984		26,533
inflation-protected	U.S. Treasury Inflation-Protected Security 0.375% 2025²		85,884		85,334
securities	U.S. Treasury Inflation-Protected Security 2.375% 2025²		24,645		28,096
10.25%	U.S. Treasury Inflation-Protected Security 0.375% 2027²		32,896		32,337
	U.S. Treasury Inflation-Protected Security 0.75% 2042²		21,306		20,320
	U.S. Treasury Inflation-Protected Security 1.375% 2044^1,2		68,930		75,144
	U.S. Treasury Inflation-Protected Securities 0.13%-2.13% 2020-2047²		27,968		27,679

					295,443

	Total U.S. Treasury bonds & notes				1,222,880


Mortgage-backed obligations 35.97%
Federal agency	Fannie Mae 3.00% 2036³		30,230		30,707
mortgage-backed	Fannie Mae 4.00% 2036³		17,031		18,100
obligations	Fannie Mae 3.00% 2037³		19,307		19,612
35.32%	Fannie Mae 3.00% 2046³		29,492		29,476
	Fannie Mae 4.00% 2047^3,4		56,000		58,760
	Fannie Mae 4.00% 2047³		46,481		48,897
	Fannie Mae 4.00% 2047³		25,000		26,300
	Fannie Mae 4.50% 2047^3,4		64,000		68,645
	Fannie Mae 0%-9.47% 2017-2047^3,4,5		77,529		81,587
	Freddie Mac 3.50% 2046³		57,957		59,791
	Freddie Mac 4.00% 2047^3,4		84,742		88,953
	Freddie Mac 4.00% 2047^3,4		75,000		78,870
	Freddie Mac 4.00% 2047³		58,200		61,273
	Freddie Mac 0%-5.50% 2023-2045^3,5		18,081		18,783
	Government National Mortgage Assn. 4.50% 2045³		21,214		22,562
	Government National Mortgage Assn. 4.00% 2047³		87,804		92,676
	Government National Mortgage Assn. 4.00% 2047³		26,264		27,675
	Government National Mortgage Assn. 4.50% 2047³		24,310		25,876
	Government National Mortgage Assn. 1.68%-6.64% 2034-2065^3,5		119,472		125,833
	Other securities				34,048

					1,018,424


American Funds Insurance Series		111

U.S. Government/AAA-Rated Securities Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)

Mortgage-backed obligations (continued)
Other	Fannie Mae 2.72%-3.50% 2022-2024^3,5	$	10,225	$	10,676
mortgage-backed securities 0.65%	Freddie Mac 1.38%-3.32% 2020-2023^3,5		8,050		8,102

					18,778

	Total mortgage-backed obligations				1,037,202


Federal agency bonds & notes 18.74%
	Fannie Mae 1.25%-7.13% 2019-2030		31,400		33,110
	Federal Home Loan Bank 1.75% 2018		74,000		74,372
	Federal Home Loan Bank 3.375% 2023		16,715		17,929
	Federal Home Loan Bank 5.50% 2036		600		814
	Freddie Mac 3.75% 2019		12,750		13,265
	Private Export Funding Corp. 1.45%-3.55% 2019-2024		28,840		29,342
	Tennessee Valley Authority, Series A, 3.875% 2021		32,975		35,440
	Tennessee Valley Authority 2.88%-5.88% 2027-2060		14,330		15,785
	TVA Southaven 3.846% 2033³		1,466		1,489
	U.S. Department of Housing and Urban Development 0.93%-3.70% 2017-2034		91,632		93,759
	United States Agency for International Development, Jordan (Kingdom of) 1.945% 2019		19,750		19,935
	United States Agency for International Development, Jordan (Kingdom of) 2.503% 2020		88,000		90,310
	United States Agency for International Development, Jordan (Kingdom of) 2.578% 2022		43,000		44,236
	United States Agency for International Development, Jordan (Kingdom of) 3.00% 2025		43,250		45,198
	United States Agency for International Development, Morocco (Kingdom of) 7.55% 2026³		3,760		4,540
	United States Agency for International Development, State of Iraq, 2.149% 2022		6,670		6,693
	United States Agency for International Development, Tunisia (Kingdom of) 1.416% 2021		3,000		2,940
	United States Agency for International Development, Ukraine 1.47%-1.84% 2019-2021		5,855		5,783
	Other securities				5,208

					540,148

	Total bonds, notes & other debt instruments (cost: $2,789,296,000)				2,800,230


Short-term securities 7.09%

	Bank of Montreal 1.30% due 11/22/2017		40,000		39,995
	General Electric Co. 1.08% due 7/3/2017		35,000		34,997
	U.S. Treasury Bills 1.09% due 12/7/2017		90,000		89,580
	Other securities				39,973

	Total short-term securities (cost: $204,540,000)				204,545


	Total investment securities 104.21% (cost: $2,993,836,000)				3,004,775
	Other assets less liabilities (4.21)%				(121,503	)

	Net assets 100.00%			$	2,883,272

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities“ also includes securities (with an aggregate value of $25,458,000, which represented .88% of the net assets of the fund) which were acquired in transactions exempt from registration under Section 4(2) of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.


112		American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Futures contracts


Contracts	Type		Number of contracts		Expiration		Notional amount⁶ (000)			Value at 6/30/2017⁷ (000)			Unrealized (depreciation) appreciation at 6/30/2017 (000)
10 Year U.S. Treasury Note Futures		Long		1,141		September 2017	$	114,100		$	143,231			$(1,183	)
10 Year Ultra U.S. Treasury Note Futures		Long		179		September 2017		17,900			24,131			(65	)
20 Year U.S. Treasury Bond Futures		Short		3		September 2017		(300	)		(461	)		8
30 Year Ultra U.S. Treasury Bond Futures		Short		115		September 2017		(11,500	)		(19,076	)		183
5 Year U.S. Treasury Note Futures		Long		14,313		October 2017		1,431,300			1,686,586			(4,366	)
2 Year U.S. Treasury Note Futures		Long		700		October 2017		140,000			151,277			(243	)
30 Day Federal Funds Futures		Long		1,013		October 2017		422,084			417,031			(23	)
90 Day Euro Dollar Futures		Short		1,175		September 2018		(293,750	)		(288,727	)		(487	)
90 Day Euro Dollar Futures		Short		625		December 2018		(156,250	)		(153,438	)		(321	)

														$(6,497	)

Swap contracts

Interest rate swaps


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2017 (000)			Upfront payments/ receipts (000)		Unrealized appreciation (depreciation) at 6/30/2017 (000)
U.S. EFFR	1.1745%		11/1/2017	$	7,246,700		$ 217			$–		$ 217
U.S. EFFR	1.17865%		11/1/2017		3,623,300		72			–		72
U.S. EFFR	1.19125%		11/1/2017		3,075,000		31			–		31
U.S. EFFR	1.201%		11/1/2017		1,565,000		–			–		–
U.S. EFFR	1.19875%		11/1/2017		1,565,000		–			–		–
U.S. EFFR	1.211%		11/1/2017		1,940,000		(39	)		–		(39	)
U.S. EFFR	1.2165%		11/1/2017		4,800,000		(96	)		–		(96	)
1.6715%	3-month USD-LIBOR		3/17/2019		223,000		408			–		408
1.654%	3-month USD-LIBOR		3/20/2019		222,000		333			–		333
1.329%	U.S. EFFR		3/27/2019		131,000		(127	)		–		(127	)
1.32625%	U.S. EFFR		4/5/2019		68,800		(74	)		–		(74	)
1.34875%	U.S. EFFR		4/5/2019		120,000		(83	)		–		(83	)
3-month USD-LIBOR	1.5165%		4/19/2019		130,000		146			–		146
3-month USD-LIBOR	1.504%		6/8/2019		60,500		105			–		105
3-month USD-LIBOR	1.5055%		6/8/2019		60,500		103			–		103
1.337%	U.S. EFFR		6/8/2019		121,000		(169	)		–		(169	)
3-month USD-LIBOR	1.5395%		6/12/2019		60,500		66			–		66
1.367%	U.S. EFFR		6/12/2019		60,500		(51	)		–		(51	)
3-month USD-LIBOR	1.553%		6/14/2019		60,500		53			–		53
1.37%	U.S. EFFR		6/14/2019		60,500		(48	)		–		(48	)
3-month USD-LIBOR	1.555%		6/21/2019		60,500		59			–		59
1.362%	U.S. EFFR		6/21/2019		60,500		(60	)		–		(60	)
3-month USD-LIBOR	1.5445%		6/28/2019		60,500		77			–		77
1.351%	U.S. EFFR		6/28/2019		60,500		(77	)		–		(77	)
1.9425%	3-month USD-LIBOR		3/17/2020		165,000		1,044			–		1,044
3-month USD-LIBOR	1.217%		9/22/2021		60,000		1,616			–		1,616
3-month USD-LIBOR	1.225%		9/22/2021		60,000		1,596			–		1,596
3-month USD-LIBOR	1.2255%		9/23/2021		5,000		133			–		133
3-month USD-LIBOR	1.9665%		2/2/2022		50,000		(120	)		–		(120	)
3-month USD-LIBOR	2.01215%		2/2/2022		119,000		(524	)		–		(524	)
3-month USD-LIBOR	2.0025%		2/7/2022		59,000		(233	)		–		(233	)
3-month USD-LIBOR	2.2175%		3/17/2022		52,000		(696	)		–		(696	)
3-month USD-LIBOR	1.8675%		4/19/2022		70,000		204			–		204
3-month USD-LIBOR	1.75918%		4/29/2022		58,000		466			–		466
2.80%	3-month USD-LIBOR		9/2/2022		280,000		2,576			–		2,576


American Funds Insurance Series		113

U.S. Government/AAA-Rated Securities Fund

Swap contracts (continued)

Interest rate swaps (continued)


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2017 (000)			Upfront payments/ receipts (000)		Unrealized appreciation (depreciation) at 6/30/2017 (000)
2.75%	3-month USD-LIBOR		9/2/2022	$	280,000		$2,316			$–		$2,316
3-month USD-LIBOR	2.74125%		11/22/2023		15,000		(617	)		–		(617	)
3-month USD-LIBOR	2.0815%		2/10/2024		28,700		(6	)		–		(6	)
3-month USD-LIBOR	2.0955%		2/10/2024		14,300		(15	)		–		(15	)
3-month USD-LIBOR	2.3875%		3/17/2024		160,700		(3,079	)		–		(3,079	)
3-month USD-LIBOR	1.798%		2/2/2026		35,000		1,121			–		1,121
3-month USD-LIBOR	2.24%		12/5/2026		55,100		16			–		16
3-month USD-LIBOR	2.27%		12/5/2026		44,900		(103	)		–		(103	)
2.579%	3-month USD-LIBOR		3/14/2027		53,000		1,518			–		1,518
2.333%	3-month USD-LIBOR		3/29/2027		42,000		278			–		278
3-month USD-LIBOR	2.97125%		9/2/2030		62,000		(1,920	)		–		(1,920	)
3-month USD-LIBOR	3.005%		9/2/2030		62,000		(2,098	)		–		(2,098	)
3-month USD-LIBOR	3.34%		6/27/2044		45,000		(7,477	)		–		(7,477	)
3-month USD-LIBOR	3.206%		7/31/2044		16,000		(2,230	)		–		(2,230	)
3-month USD-LIBOR	3.238%		8/8/2044		16,000		(2,333	)		–		(2,333	)
3-month USD-LIBOR	2.7045%		1/2/2045		12,000		(440	)		–		(440	)
3-month USD-LIBOR	2.5055%		1/9/2045		11,000		50			–		50
3-month USD-LIBOR	2.4945%		1/9/2045		2,000		14			–		14
3-month USD-LIBOR	2.7025%		9/10/2045		30,000		(1,105	)		–		(1,105	)
3-month USD-LIBOR	2.516%		10/20/2045		36,000		91			–		91
3-month USD-LIBOR	2.525%		10/20/2045		24,000		15			–		15
3-month USD-LIBOR	2.5315%		10/26/2045		10,000		(8	)		–		(8	)
3-month USD-LIBOR	2.52822%		11/23/2045		13,350		(1	)		–		(1	)
3-month USD-LIBOR	2.59125%		12/16/2045		9,000		(121	)		–		(121	)
3-month USD-LIBOR	1.768%		8/17/2046		8,200		1,344			–		1,344
3-month USD-LIBOR	2.3985%		6/9/2047		22,500		643			–		643
2.44345%	3-month USD-LIBOR		6/29/2047		21,000		(390	)		–		(390	)

										$–		$(7,629	)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	A portion of this security was pledged as collateral. The total value of pledged collateral was $69,299,000, which represented 2.40% of the net assets of the fund.

²	Index-linked bond whose principal amount moves with a government price index.

³	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁴	Purchased on a TBA basis.

⁵	Coupon rate may change periodically.

⁶	Notional amount is calculated based on the number of contracts and notional contract size.

⁷	Value is calculated based on the notional amount and current market price.

Key to abbreviations

EFFR = Federal Funds Effective Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

See Notes to Financial Statements


114		American Funds Insurance Series

Managed Risk Growth Fund

Summary investment portfolio June 30, 2017

unaudited


Growth funds 93.32%		Shares		Value (000)

	American Funds Insurance Series – Growth Fund, Class 1		3,280,267	$	229,881

	Total growth funds (cost: $228,002,000)				229,881


Short-term securities 6.77%

	Government Cash Management Fund		16,661,618		16,662

	Total short-term securities (cost: $16,662,000)				16,662


	Total investment securities 100.09% (cost: $244,664,000)				246,543
	Other assets less liabilities (0.09)%				(216	)

	Net assets 100.00%			$	246,327

Investment in affiliates

American Funds Insurance Series – Growth Fund, Class 1 is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six months

ended June 30, 2017, appear below.


Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliate at 6/30/2017 (000)

	2,821,842		603,955		145,530		3,280,267		$(574	)		$8,123		$365		$229,881

See Notes to Financial Statements


American Funds Insurance Series		115

Managed Risk International Fund

Investment portfolio June 30, 2017

unaudited


Growth funds 94.42%		Shares		Value (000)

	American Funds Insurance Series - International Fund, Class 1		5,939,497	$	116,830

	Total growth funds (cost: $109,949,000)				116,830


Short-term securities 5.67%

	Government Cash Management Fund		7,013,879		7,014

	Total short-term securities (cost: $7,014,000)				7,014


	Total investment securities 100.09% (cost: $116,963,000)				123,844
	Other assets less liabilities (0.09)%				(108	)

	Net assets 100.00%			$	123,736

Investment in affiliates

American Funds Insurance Series – International Fund, Class 1 is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six

months ended June 30, 2017, appear below.


Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliate at 6/30/2017 (000)
	5,381,857		791,338		233,698		5,939,497		$(483	)		$16,607		$397		$116,830

See Notes to Financial Statements


116		American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

Investment portfolio June 30, 2017

unaudited


Growth-and-income funds 94.65%		Shares		Value (000)

	American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		24,910,308	$	342,268

	Total growth-and-income funds (cost: $338,625,000)				342,268


Short-term securities 5.44%

	Government Cash Management Fund		19,687,948		19,688

	Total short-term securities (cost: $19,688,000)				19,688


	Total investment securities 100.09% (cost: $358,313,000)				361,956
	Other assets less liabilities (0.09)%				(323	)

	Net assets 100.00%			$	361,633

Investment in affiliates

American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1 is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six months ended June 30, 2017, appear below.


Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliate at 6/30/2017 (000)
	20,295,700		5,700,424		1,085,816		24,910,308		$(296	)		$3,936		$1,244		$342,268

See Notes to Financial Statements


American Funds Insurance Series		117

Managed Risk Growth-Income Fund

Investment portfolio June 30, 2017

unaudited


Growth-and-income funds 95.01%		Shares		Value (000)

	American Funds Insurance Series – Growth-Income Fund, Class 1		3,872,003	$	176,447

	Total growth-and-income funds (cost: $182,552,000)				176,447


Short-term securities 5.07%

	Government Cash Management Fund		9,412,597		9,413

	Total short-term securities (cost: $9,413,000)				9,413


	Total investment securities 100.08% (cost: $191,965,000)				185,860
	Other assets less liabilities (0.08)%				(154	)

	Net assets 100.00%			$	185,706

Investment in affiliates

American Funds Insurance Series – Growth-Income Fund, Class 1 is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six months ended June 30, 2017, appear below.


Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliate at 6/30/2017 (000)
	3,415,529		565,019		108,545		3,872,003		$(554	)		$4,193		$488		$176,447

See Notes to Financial Statements


118		American Funds Insurance Series

Managed Risk Asset Allocation Fund

Investment portfolio June 30, 2017

unaudited


Asset allocation funds 94.13%		Shares		Value (000)

	American Funds Insurance Series – Asset Allocation Fund, Class 1		172,084,829	$	3,846,096

	Total asset allocation funds (cost: $3,739,099,000)				3,846,096


Short-term securities 5.97%

	Government Cash Management Fund		244,055,456		244,055

	Total short-term securities (cost: $244,055,000)				244,055


	Total investment securities 100.10% (cost: $3,983,154,000)				4,090,151
	Other assets less liabilities (0.10)%				(3,925	)

	Net assets 100.00%			$	4,086,226

Investment in affiliates

American Funds Insurance Series – Asset Allocation Fund, Class 1 is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six months ended June 30, 2017, appear below.


Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized appreciation (000)		Dividend income (000)		Value of affiliate at 6/30/2017 (000)
	153,453,622		19,254,736		623,529		172,084,829		$1,372		$97,975		$12,067		$3,846,096

See Notes to Financial Statements


American Funds Insurance Series		119

Financial statements

Statements of assets and liabilities at June 30, 2017


	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund

Assets:
Investment securities, at value:
Unaffiliated issuers		$5,861,471		$4,010,606		$23,627,714		$8,788,701		$3,130,570
Affiliated issuers		–		25,852		–		–		–
Cash		522		1,412		4,457		81		7,786
Cash denominated in currencies other than U.S. dollars		2,465		130		1,115		2,672		642
Unrealized appreciation on open forward currency contracts		69		275		–		59		183
Receivables for:
Sales of investments		4,174		8,550		18,948		21,757		41,134
Sales of fund’s shares		3,230		1,295		9,536		4,861		3,298
Dividends and interest		14,596		4,318		25,910		16,327		10,630
Closed forward currency contracts		–		–		–		–		–
Variation margin on futures contracts		–		–		–		–		–
Variation margin on swap contracts		–		–		–		–		–
Other		102		48		29		433		96
		5,886,629		4,052,486		23,687,709		8,834,891		3,194,339
Liabilities:
Unrealized depreciation on open forward currency contracts		–		561		–		–		39
Payables for:
Purchases of investments		187		10,345		45,536		25,621		35,060
Repurchases of fund’s shares		30,325		3,300		35,223		20,368		1,610
Investment advisory services		2,536		2,353		6,383		3,586		1,863
Services provided by related parties		874		551		3,467		954		295
Trustees’ deferred compensation		67		44		507		217		28
Closed forward currency contracts		–		922		–		–		13
Variation margin on futures contracts		–		–		–		–		–
Variation margin on swap contracts		–		–		–		–		–
Non-U.S. taxes		1,573		131		3,240		3,527		2,891
Other		517		420		640		1,000		635
		36,079		18,627		94,996		55,273		42,434
Net assets at June 30, 2017		$5,850,550		$4,033,859		$23,592,713		$8,779,618		$3,151,905


Net assets consist of:
Capital paid in on shares of beneficial interest		$3,828,761		$3,294,628		$14,280,881		$7,019,945		$2,613,842
Undistributed (distributions in excess of) net investment income		27,922		9,675		92,306		76,172		3,247
Undistributed (accumulated) net realized gain (loss)		328,168		34,174		1,707,987		217,143		57,659
Net unrealized appreciation (depreciation)		1,665,699		695,382		7,511,539		1,466,358		477,157
Net assets at June 30, 2017		$5,850,550		$4,033,859		$23,592,713		$8,779,618		$3,151,905


Investment securities, at cost:
Unaffiliated issuers		$4,195,893		$3,317,537		$16,116,203		$7,319,843		$2,651,539
Affiliated issuers		–		23,266		–		–		–
Cash denominated in currencies other than U.S. dollars, at cost		2,465		130		1,116		2,672		642

See end of statements of assets and liabilities for footnote.

See Notes to Financial Statements


120		American Funds Insurance Series

unaudited

(dollars in thousands)


Blue Chip		Global				International
Income and		Growth		Growth-		Growth			Capital			Asset		Global					Global
Growth		and Income		Income		and Income			Income			Allocation		Balanced		Bond			Bond
Fund		Fund		Fund		Fund			Builder			Fund		Fund		Fund			Fund



	$8,861,523		$1,905,317		$28,245,732		$1,385,629			$500,195			$24,118,389		$287,156		$12,479,885			$2,410,691
	–		–		–		–			–			–		–		–			–
	3,653		826		9,219		(631	)		227			5,697		164		6,728			1,516
	–		2,892		1,750		1,145			42			176		67		5,698			946
	–		–		–		–			–			–		167		1,952			4,096

	11,968		34,405		46,304		1,862			6,500			375,868		2,342		1,651,319			50,152
	1,687		764		12,051		331			277			17,908		666		3,283			5,342
	11,191		7,813		31,347		6,945			2,732			81,492		1,362		60,244			19,501
	–		–		–		–			–			–		–		–			185
	–		–		–		–			–			139		–		393			11
	–		–		–		–			–			484		–		1,659			293
	25		93		233		49			8			129		17		83			417
	8,890,047		1,952,110		28,346,636		1,395,330			509,981			24,600,282		291,941		14,211,244			2,493,150

	–		–		–		–			5			–		119		4,449			5,273

	2,383		12,999		68,823		13,336			7,613			939,301		1,949		3,693,052			87,634
	3,816		1,580		10,079		1,624			162			7,758		29		4,204			824
	2,863		984		6,102		674			205			5,222		156		3,239			1,042
	812		331		3,122		75			64			1,957		46		934			262
	69		21		577		7			1			231		2		106			22
	–		–		–		–			–			–		9		–			299
	–		–		–		–			–			–		–		1,470			209
	–		–		–		–			–			273		–		780			151
	–		1,020		374		–			72			4,039		51		–			345
	332		159		519		1,246			196			2,184		28		311			413
	10,275		17,094		89,596		16,962			8,318			960,965		2,389		3,708,545			96,474
	$8,879,772		$1,935,016		$28,257,040		$1,378,368			$501,663			$23,639,317		$289,552		$10,502,699			$2,396,676



	$6,601,086		$1,418,581		$20,172,320		$1,270,585			$484,727			$18,507,550		$242,493		$10,362,915			$2,383,849
	96,117		28,427		217,613		22,391			1,143			209,787		1,472		112,798			20,272
	412,570		126,714		1,189,775		(12,441	)		(3,691	)		590,837		6,492		(52,014	)		(25,858	)
	1,769,999		361,294		6,677,332		97,833			19,484			4,331,143		39,095		79,000			18,413
	$8,879,772		$1,935,016		$28,257,040		$1,378,368			$501,663			$23,639,317		$289,552		$10,502,699			$2,396,676



	$7,091,549		$1,543,551		$21,568,511		$1,287,111			$480,715			$19,781,083		$248,124		$12,402,750			$2,392,131
	–		–		–		–			–			–		–		–			–
	–		2,887		1,750		1,142			42			176		67		5,626			945


American Funds Insurance Series		121

Statements of assets and liabilities at June 30, 2017


									U.S.
	High-								Government/			Managed
	Income								AAA-Rated			Risk
	Bond			Mortgage		Ultra-Short			Securities			Growth
	Fund			Fund		Bond Fund			Fund			Fund

Assets:
Investment securities, at value:
Unaffiliated issuers		$1,565,009			$399,681		$310,846			$3,004,775			$ 16,662
Affiliated issuers		–			–		–			–			229,881
Cash		2,087			1,268		141			5,626			–
Cash denominated in currencies other than U.S. dollars		–	*		–		–			–			–
Receivables for:
Sales of investments		23,105			98,441		–			1,299,112			33
Sales of fund’s shares		166			31		74			710			12
Dividends and interest		24,063			1,178		–			10,370			11
Variation margin on futures contracts		–			6		–			216			–
Variation margin on swap contracts		89			273		–			3,491			–
Other		4			–		–			–			–
		1,614,523			500,878		311,061			4,324,300			246,599
Liabilities:
Payables for:
Purchases of investments		37,730			154,771		–			1,434,167			2
Repurchases of fund’s shares		1,310			518		390			1,014			45
Investment advisory services		635			122		83			823			20
Services provided by related parties		186			17		60			345			199
Trustees’ deferred compensation		53			2		19			60			1
Variation margin on futures contracts		–			412		–			2,983			–
Variation margin on swap contracts		166			5		–			1,584			–
Non-U.S. taxes		5			–		–			–			–
Other		480			7		10			52			5
		40,565			155,854		562			1,441,028			272
Net assets at June 30, 2017		$1,573,958			$345,024		$310,499			$2,883,272			$246,327


Net assets consist of:
Capital paid in on shares of beneficial interest		$1,731,295			$339,619		$310,090			$2,848,473			$230,262
Undistributed (distributions in excess of) net investment income		50,886			2,404		421			22,411			(312	)
Undistributed (accumulated) net realized gain (loss)		(204,289	)		2,608		–			15,576			14,498
Net unrealized appreciation (depreciation)		(3,934	)		393		(12	)		(3,188	)		1,879
Net assets at June 30, 2017		$1,573,958			$345,024		$310,499			$2,883,272			$246,327


Investment securities, at cost:
Unaffiliated issuers		$1,569,335			$398,436		$310,858			$2,993,836			$ 16,662
Affiliated issuers		–			–		–			–			228,002
Cash denominated in currencies other than U.S. dollars, at cost		–	*		–		–			–			–

See end of statements of assets and liabilities for footnote.

See Notes to Financial Statements


122		American Funds Insurance Series

unaudited

(dollars in thousands)


			Managed		Managed			Managed
Managed			Risk Blue		Risk			Risk
Risk			Chip Income		Growth-			Asset
International			and Growth		Income			Allocation
Fund			Fund		Fund			Fund


	$ 7,014			$ 19,688		$ 9,413			$ 244,055
	116,830			342,268		176,447			3,846,096
	–			–		–			–
	–			–		–			–

	28			18		–			–
	82			12		118			8,289
	5			14		6			169
	–			–		–			–
	–			–		–			–
	–	*		–		–			–
	123,959			362,000		185,984			4,098,609


	–			8		107			6,991
	112			23		3			772
	10			30		15			335
	100			295		150			3,016
	1			1		1			16
	–			–		–			–
	–			–		–			–
	–			–		–			–
	–			10		2			1,253
	223			367		278			12,383
	$123,736			$361,633		$185,706			$4,086,226



	$122,756			$347,062		$184,750			$3,803,412
	56			197		(35	)		2,234
	(5,957	)		10,731		7,096			173,583
	6,881			3,643		(6,105	)		106,997
	$123,736			$361,633		$185,706			$4,086,226



	$ 7,014			$ 19,688		$ 9,413			$ 244,055
	109,949			338,625		182,552			3,739,099
	–			–		–			–


American Funds Insurance Series		123

Statements of assets and liabilities at June 30, 2017


				Global
		Global		Small						New
		Growth		Capitalization		Growth		International		World
		Fund		Fund		Fund		Fund		Fund

Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets		$1,866,425		$1,526,093		$7,756,995		$4,486,803		$1,840,696
	Shares outstanding		67,412		67,096		110,682		228,103		81,594
	Net asset value per share		$27.69		$22.74		$70.08		$19.67		$22.56
Class 1A:	Net assets		$561		$147		$811		$369		$167
	Shares outstanding		20		7		12		19		7
	Net asset value per share		$27.67		$22.73		$70.03		$19.65		$22.54
Class 2:	Net assets		$3,849,664		$2,446,269		$15,059,300		$4,164,515		$990,023
	Shares outstanding		140,379		110,503		216,397		212,643		44,314
	Net asset value per share		$27.42		$22.14		$69.59		$19.58		$22.34
Class 3:	Net assets						$200,617		$29,834
	Shares outstanding						2,847		1,515
	Net asset value per share						$70.47		$19.70
Class 4:	Net assets		$133,900		$61,350		$574,990		$98,097		$321,019
	Shares outstanding		4,897		2,747		8,341		5,049		14,411
	Net asset value per share		$27.35		$22.33		$68.93		$19.43		$22.28

								U.S.
		High-						Government/		Managed
		Income						AAA-Rated		Risk
		Bond		Mortgage		Ultra-Short		Securities		Growth
		Fund		Fund		Bond Fund		Fund		Fund

Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets		$741,061		$273,166		$32,502		$1,328,206
	Shares outstanding		70,436		25,725		2,878		108,547
	Net asset value per share		$10.52		$10.62		$11.30		$12.24
Class 1A:	Net assets		$111		$104		$10		$111
	Shares outstanding		11		10		1		9
	Net asset value per share		$10.52		$10.61		$11.30		$12.24
Class 2:	Net assets		$797,660		$62,273		$257,613		$1,486,950
	Shares outstanding		77,013		5,881		23,411		122,821
	Net asset value per share		$10.36		$10.59		$11.00		$12.11
Class 3:	Net assets		$13,052				$3,675		$10,727
	Shares outstanding		1,237				331		875
	Net asset value per share		$10.55				$11.12		$12.26
Class 4:	Net assets		$22,074		$9,481		$16,699		$57,278
	Shares outstanding		1,983		901		1,501		4,724
	Net asset value per share		$11.13		$10.52		$11.12		$12.13
Class P1:	Net assets										$1,322
	Shares outstanding										111
	Net asset value per share										$11.95
Class P2:	Net assets										$245,005
	Shares outstanding										20,616
	Net asset value per share										$11.88

*Amount less than one thousand.

See Notes to Financial Statements


124		American Funds Insurance Series

unaudited

(dollars and shares in thousands, except per-share amounts)


Blue Chip		Global				International
Income and		Growth		Growth-		Growth		Capital		Asset		Global				Global
Growth		and Income		Income		and Income		Income		Allocation		Balanced		Bond		Bond
Fund		Fund		Fund		Fund		Builder		Fund		Fund		Fund		Fund


	$5,269,923		$409,724		$14,186,521		$1,066,860		$201,987		$15,067,547		$75,469		$6,409,191		$1,222,013
	383,409		27,964		311,300		63,870		20,022		674,106		6,145		590,394		104,285
	$13.74		$14.65		$45.57		$16.70		$10.09		$22.35		$12.28		$10.86		$11.72
	$161		$11		$450		$17		$75		$1,979		$11		$391		$31
	12		1		10		1		7		89		1		36		3
	$13.74		$14.65		$45.55		$16.70		$10.08		$22.34		$12.28		$10.85		$11.72
	$3,434,403		$1,500,617		$13,333,215		$264,171		$732		$5,349,839		$193,166		$3,971,247		$1,160,083
	252,757		102,680		295,740		15,876		73		241,782		15,774		370,598		99,817
	$13.59		$14.61		$45.08		$16.64		$10.09		$22.13		$12.25		$10.72		$11.62
					$159,906						$36,628
					3,505						1,638
					$45.62						$22.36
	$175,285		$24,664		$576,948		$47,320		$298,869		$3,183,324		$20,906		$121,870		$14,549
	12,922		1,704		12,896		2,857		29,679		144,458		1,718		11,361		1,260
	$13.56		$14.47		$44.74		$16.56		$10.07		$22.04		$12.17		$10.73		$11.55

		Managed		Managed		Managed
Managed		Risk Blue		Risk		Risk
Risk		Chip Income		Growth-		Asset
International		and Growth		Income		Allocation
Fund		Fund		Fund		Fund

















	$125		$201		$1,792		$1,466,442
	12		17		156		115,455
	$10.17		$11.96		$11.45		$12.70
	$123,611		$361,432		$183,914		$2,619,784
	12,238		30,441		16,138		206,573
	$10.10		$11.87		$11.40		$12.68


American Funds Insurance Series		125

Statements of operations for the six months ended June 30, 2017


				Global
	Global			Small									New
	Growth			Capitalization			Growth			International			World
	Fund			Fund			Fund			Fund			Fund

Investment income:
Income (net of non-U.S. taxes)*:
Dividends		$ 56,592			$ 27,833			$ 137,104			$ 97,141			$ 29,601
Interest		1,196			1,457			4,798			5,105			6,559
		57,788			29,290			141,902			102,246			36,160
Fees and expenses*:
Investment advisory services		14,558			14,170			37,258			20,281			11,051
Distribution services		4,749			3,060			19,178			5,092			1,550
Insurance administrative services		140			65			645			100			351
Transfer agent services		–	^†		–	^†		1			–	^†		–	^†
Administrative services		279			203			1,140			408			156
Reports to shareholders		152			105			626			216			80
Registration statement and prospectus		9			15			45			11			16
Trustees’ compensation		27			20			111			39			15
Auditing and legal		–	^†		3			4			4			17
Custodian		344			225			238			674			401
Other		6			44			3			15			20
Total fees and expenses before waivers/reimbursements		20,264			17,910			59,249			26,840			13,657
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		–			–			–			–			–
Miscellaneous fee reimbursements		–			–			–			–			–
Total waivers/reimbursements of fees and expenses		–			–			–			–			–
Total fees and expenses after waivers/reimbursements		20,264			17,910			59,249			26,840			13,657
Net investment income (loss)		37,524			11,380			82,653			75,406			22,503
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on*:
Investments
Unaffiliated issuers		329,123			8,706			1,883,619			214,021			184,399
Affiliated issuers		–			(3,537	)		–			–			–
Futures contracts		–			–			–			–			–
Forward currency contracts		134			(3,099	)		–			(8,385	)		(859	)
Swap contracts		–			–			–			–			–
Currency transactions		(1,077	)		27			(282	)		(905	)		(1,656	)
		328,180			2,097			1,883,337			204,731			181,884
Net unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		586,020			463,321			1,218,360			1,103,867			218,406
Affiliated issuers		–			14,483			–			–			–
Futures contracts		–			–			–			–			–
Forward currency contracts		(290	)		(1,672	)		–			2,203			134
Swap contracts		–			–			–			–			–
Currency translations		502			81			65			572			(64	)
		586,232			476,213			1,218,425			1,106,642			218,476
Net realized gain (loss) and unrealized appreciation (depreciation)		914,412			478,310			3,101,762			1,311,373			400,360
Net increase in net assets resulting from operations		$951,936			$489,690			$3,184,415			$1,386,779			$422,863

See end of statements of operations for footnotes.

See Notes to Financial Statements


126		American Funds Insurance Series

unaudited

(dollars in thousands)


Blue Chip			Global						International
Income and			Growth			Growth-			Growth			Capital			Asset			Global						Global
Growth			and Income			Income			and Income			Income			Allocation			Balanced			Bond			Bond
Fund			Fund			Fund			Fund			Builder			Fund			Fund			Fund			Fund



	$117,580			$ 33,520			$ 257,726			$ 25,860			$ 9,573			$ 160,259			$ 2,571			$ –			$ 84
	1,689			2,408			9,438			1,699			836			95,123			1,163			139,252			33,891
	119,269			35,928			267,164			27,559			10,409			255,382			3,734			139,252			33,975

	17,382			6,061			35,953			3,690			1,138			30,178			887			19,889			6,109
	4,478			1,834			17,289			370			346			10,448			250			5,056			1,438
	195			24			671			52			345			3,823			18			136			16
	—	^†		—	^†		2			–			–	^†		1			–	^†		1			–	^†
	447			102			1,364			59			23			1,121			13			551			115
	170			35			588			12			5			585			3			270			43
	153			3			40			17			22			251			4			120			4
	44			10			133			6			2			109			1			55			11
	1			1			5			1			–			3			1			2			1
	57			140			242			118			14			107			15			108			300
	2			5			7			2			1			114			10			30			20
	22,929			8,215			56,294			4,327			1,896			46,740			1,202			26,218			8,057

	–			–			–			–			–			–			–			–			–
	–			–			–			–			–			–			–			–			–
	–			–			–			–			–			–			–			–			–
	22,929			8,215			56,294			4,327			1,896			46,740			1,202			26,218			8,057
	96,340			27,713			210,870			23,232			8,513			208,642			2,532			113,034			25,918



	380,596			127,997			1,140,134			(1,933	)		3,295			592,305			5,873			(18,640	)		(10,428	)
	–			–			–			–			–			–			–			–			–
	–			–			–			–			–			1,548			–			19,307			657
	–			(157	)		–			(143	)		(26	)		–			(115	)		(43,217	)		(10,947	)
	–			–			–			–			–			3,474			–			(1,445	)		(918	)
	(14	)		(269	)		(223	)		(366	)		24			(660	)		(14	)		390			(3,174	)
	380,582			127,571			1,139,911			(2,442	)		3,293			596,667			5,744			(43,605	)		(24,810	)


	25,575			132,297			1,200,176			148,712			23,246			955,474			19,960			217,370			108,647
	–			–			–			–			–			–			–			–			–
	–			–			–			–			–			104			–			(2,500	)		16
	–			(147	)		–			105			–			–			(53	)		(4,424	)		4,188
	–			–			–			–			–			(2,901	)		–			(637	)		(339	)
	38			115			178			128			17			116			28			407			755
	25,613			132,265			1,200,354			148,945			23,263			952,793			19,935			210,216			113,267
	406,195			259,836			2,340,265			146,503			26,556			1,549,460			25,679			166,611			88,457
	$502,535			$287,549			$2,551,135			$169,735			$35,069			$1,758,102			$28,211			$279,645			$114,375


American Funds Insurance Series		127

Statements of operations for the six months ended June 30, 2017


										U.S.
	High-									Government/			Managed
	Income									AAA-Rated			Risk
	Bond			Mortgage			Ultra-Short			Securities			Growth
	Fund			Fund			Bond Fund			Fund			Fund

Investment income:
Income (net of non-U.S. taxes)*:
Dividends		$ 783			$ –			$ –			$ –			$ 365
Interest		56,796			3,282			1,365			29,712			42
		57,579			3,282			1,365			29,712			407
Fees and expenses*:
Investment advisory services		4,128			716			520			5,091			170
Distribution services		1,040			89			362			1,933			283
Insurance administrative services		32			11			17			68			284
Transfer agent services		–	^†		–	^†		–	^†		–	^†		–	^†
Administrative services		89			17			16			151			–
Accounting and administrative services		–			–			–			–			28
Reports to shareholders		33			3			6			54			2
Registration statement and prospectus		3			1			1			6			7
Trustees’ compensation		10			1			1			15			1
Auditing and legal		9			–	^†		–	^†		–			–
Custodian		4			1			1			4			6
Other		19			18			–	^†		22			115
Total fees and expenses before waivers/reimbursements		5,367			857			924			7,344			896
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		–			–			–			–			57
Miscellaneous fee reimbursements		–			–			–			–			125
Total waivers/reimbursements of fees and expenses		–			–			–			–			182
Total fees and expenses after waivers/reimbursements		5,367			857			924			7,344			714
Net investment income (loss)		52,212			2,425			441			22,368			(307	)
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on*:
Investments
Unaffiliated issuers		30,949			143			–			(1,796	)		–
Affiliated issuers		–			–			–			–			(574	)
Futures contracts		–			1,927			–			11,432			–
Swap contracts		330			261			–			16,310			–
Currency transactions		(38	)		(1	)		–			–			–
Capital gain distributions received		–			–			–			–			21,739
		31,241			2,330			–			25,946			21,165
Net unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		(2,555	)		1,601			(35	)		24,528			–
Affiliated issuers		–			–			–			–			8,123
Futures contracts		–			(230	)		–			(82	)		–
Swap contracts		(676	)		(962	)		–			(17,657	)		–
		(3,231	)		409			(35	)		6,789			8,123
Net realized gain (loss) and unrealized appreciation (depreciation)		28,010			2,739			(35	)		32,735			29,288
Net increase in net assets resulting from operations		$80,222			$5,164			$ 406			$ 55,103			$28,981

* Additional information related to non-U.S. taxes, affiliated transactions and class-specific fees and expenses is included in the Notes to Financial Statements.

† Amount less than one thousand.

See Notes to Financial Statements


128		American Funds Insurance Series

unaudited

(dollars in thousands)


			Managed			Managed			Managed
Managed			Risk Blue			Risk			Risk
Risk			Chip Income			Growth-			Asset
International			and Growth			Income			Allocation
Fund			Fund			Fund			Fund



	$ 397			$ 1,244			$ 488			$ 12,067
	21			61			29			749
	418			1,305			517			12,816

	84			259			131			2,889
	140			431			217			3,127
	140			432			219			4,815
	–	^†		–	^†		–	^†		–	^†
	–			–			–			–
	26			29			27			68
	1			3			2			45
	3			16			4			98
	1			2			1			18
	–			–			–			–
	6			6			6			6
	42			186			83			342
	443			1,364			690			11,408

	28			86			44			963
	62			190			96			—
	90			276			140			963
	353			1,088			550			10,445
	65			217			(33	)		2,371



	–			–			–			–
	(483	)		(296	)		(554	)		1,372
	(506	)		–			–			–
	–			–			–			–
	8			–			–			–
	1,333			12,607			11,243			172,372
	352			12,311			10,689			173,744


	–			–			–			–
	16,607			3,936			4,193			97,975
	18			–			–			–
	–			–			–			–
	16,625			3,936			4,193			97,975
	16,977			16,247			14,882			271,719
	$17,042			$16,464			$14,849			$274,090


American Funds Insurance Series		129

Statements of changes in net assets


							Global Small
	Global Growth Fund						Capitalization Fund						Growth Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	June 30			December 31			June 30			December 31			June 30			December 31
	2017*			2016			2017*			2016			2017*			2016
Operations:
Net investment income (loss)		$ 37,524			$ 43,253			$ 11,380			$ 16,207			$ 82,653			$ 179,970
Net realized gain (loss)		328,180			182,760			2,097			(26,426	)		1,883,337			2,252,045
Net unrealized appreciation (depreciation)		586,232			(192,438	)		476,213			93,893			1,218,425			(489,479	)
Net increase (decrease) in net assets resulting from operations		951,936			33,575			489,690			83,674			3,184,415			1,942,536
Dividends and distributions paid to shareholders:
Dividends from net investment income		(5,483	)		(51,522	)		(16,092	)		(13,487	)		(31,422	)		(177,667	)
Distributions from net realized gain on investments		(174,096	)		(443,911	)		–			(724,863	)		(2,251,429	)		(1,900,853	)
Total dividends and distributions paid to shareholders		(179,579	)		(495,433	)		(16,092	)		(738,350	)		(2,282,851	)		(2,078,520	)
Net capital share transactions		(128,527	)		134,946			(316,593	)		300,027			1,141,399			(111,950	)
Total increase (decrease) in net assets		643,830			(326,912	)		157,005			(354,649	)		2,042,963			(247,934	)
Net assets:
Beginning of period		5,206,720			5,533,632			3,876,854			4,231,503			21,549,750			21,797,684
End of period		$5,850,550			$5,206,720			$4,033,859			$3,876,854			$23,592,713			$21,549,750

Undistributed (distributions in excess of) net investment income		$27,922			$(4,119	)		$9,675			$14,387			$92,306			$41,075


	International Growth
	and Income Fund						Capital Income Builder						Asset Allocation Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	June 30			December 31			June 30			December 31			June 30			December 31
	2017*			2016			2017*			2016			2017*			2016
Operations:
Net investment income (loss)		$ 23,232			$ 30,357			$ 8,513			$ 10,171			$ 208,642			$ 356,748
Net realized gain (loss)		(2,442	)		(11,768	)		3,293			(5,074	)		596,667			1,072,096
Net unrealized appreciation (depreciation)		148,945			(534	)		23,263			5,120			952,793			360,724
Net increase (decrease) in net assets resulting from operations		169,735			18,055			35,069			10,217			1,758,102			1,789,568
Dividends and distributions paid to shareholders:
Dividends from net investment income		(2,360	)		(30,394	)		(6,422	)		(11,031	)		(70,189	)		(347,205	)
Distributions from net realized gain on investments		–			(4,687	)		–			–			(1,069,604	)		(465,866	)
Total dividends and distributions paid to shareholders		(2,360	)		(35,081	)		(6,422	)		(11,031	)		(1,139,793	)		(813,071	)
Net capital share transactions		109,541			125,599			60,981			175,844			1,973,107			1,700,837
Total increase (decrease) in net assets		276,916			108,573			89,628			175,030			2,591,416			2,677,334
Net assets:
Beginning of period		1,101,452			992,879			412,035			237,005			21,047,901			18,370,567
End of period		$1,378,368			$1,101,452			$501,663			$412,035			$23,639,317			$21,047,901

Undistributed (distributions in excess of) net investment income		$22,391			$1,519			$1,143			$(948	)		$209,787			$71,334

See end of statements of changes in net assets for footnote.

See Notes to Financial Statements


130		American Funds Insurance Series

(dollars in thousands)


												Blue Chip Income						Global Growth
International Fund						New World Fund						and Growth Fund						and Income Fund						Growth-Income Fund
Six months						Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31
2017*			2016			2017*			2016			2017*			2016			2017*			2016			2017*			2016

	$ 75,406			$ 107,613			$ 22,503			$ 30,850			$ 96,340			$ 173,682			$ 27,713			$ 37,944			$ 210,870			$ 406,211
	204,731			174,210			181,884			(49,262	)		380,582			340,410			127,571			63,152			1,139,911			1,870,618
	1,106,642			486			218,476			165,410			25,613			803,943			132,265			36,088			1,200,354			478,434
	1,386,779			282,309			422,863			146,998			502,535			1,318,035			287,549			137,184			2,551,135			2,755,263

	(28,350	)		(112,086	)		(4,703	)		(26,290	)		(30,871	)		(170,997	)		(5,647	)		(36,671	)		(72,640	)		(395,167	)
	(100,923	)		(637,485	)		–			–			(328,661	)		(595,206	)		(33,691	)		–			(1,807,557	)		(2,694,334	)
	(129,273	)		(749,571	)		(4,703	)		(26,290	)		(359,532	)		(766,203	)		(39,338	)		(36,671	)		(1,880,197	)		(3,089,501	)
	67,237			439,487			(160,120	)		79,376			93,531			1,193,132			(304,804	)		114,314			1,492,912			2,214,035
	1,324,743			(27,775	)		258,040			200,084			236,534			1,744,964			(56,593	)		214,827			2,163,850			1,879,797

	7,454,875			7,482,650			2,893,865			2,693,781			8,643,238			6,898,274			1,991,609			1,776,782			26,093,190			24,213,393
	$8,779,618			$7,454,875			$3,151,905			$2,893,865			$8,879,772			$8,643,238			$1,935,016			$1,991,609			$28,257,040			$26,093,190

	$76,172			$29,116			$3,247			$(14,553	)		$96,117			$30,648			$28,427			$6,361			$217,613			$79,383


Global Balanced Fund						Bond Fund						Global Bond Fund						High-Income Bond Fund						Mortgage Fund
Six months						Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31
2017*			2016			2017*			2016			2017*			2016			2017*			2016			2017*			2016

	$ 2,532			$ 3,667			$ 113,034			$ 188,699			$ 25,918			$ 49,208			$ 52,212			$ 106,342			$ 2,425			$ 4,590
	5,744			1,518			(43,605	)		163,219			(24,810	)		(11,548	)		31,241			(82,614	)		2,330			4,966
	19,935			5,219			210,216			(52,479	)		113,267			25,290			(3,231	)		262,380			409			(1,322	)
	28,211			10,404			279,645			299,439			114,375			62,950			80,222			286,108			5,164			8,234

	–			(3,285	)		(60,071	)		(197,417	)		–			(15,576	)		(19,156	)		(106,140	)		(1,054	)		(6,310	)
	(934	)		–			(157,394	)		(35,948	)		(14,450	)		(4,207	)		–			–			(2,214	)		(3,532	)
	(934	)		(3,285	)		(217,465	)		(233,365	)		(14,450	)		(19,783	)		(19,156	)		(106,140	)		(3,268	)		(9,842	)
	10,395			25,497			(448,998	)		898,544			48,567			(40,534	)		(268,749	)		(193,559	)		2,723			(117	)
	37,672			32,616			(386,818	)		964,618			148,492			2,633			(207,683	)		(13,591	)		4,619			(1,725	)

	251,880			219,264			10,889,517			9,924,899			2,248,184			2,245,551			1,781,641			1,795,232			340,405			342,130
	$289,552			$251,880			$10,502,699			$10,889,517			$2,396,676			$2,248,184			$1,573,958			$1,781,641			$345,024			$340,405

	$1,472			$(1,060	)		$112,798			$59,835			$20,272			$(5,646	)		$50,886			$17,830			$2,404			$1,033


American Funds Insurance Series		131

Statements of changes in net assets


							U.S. Government/						Managed Risk
	Ultra-Short Bond Fund						AAA-Rated Securities Fund						Growth Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	June 30			December 31			June 30			December 31			June 30			December 31
	2017*			2016			2017*			2016			2017*			2016
Operations:
Net investment income (loss)		$ 441			$ (452	)		$ 22,368			$ 36,028			$ (307	)		$ 731
Net realized gain (loss)		–			–			25,946			9,371			21,165			(560	)
Net unrealized appreciation (depreciation)		(35	)		(3	)		6,789			(5,718	)		8,123			6,120
Net increase (decrease) in net assets resulting from operations		406			(455	)		55,103			39,681			28,981			6,291
Dividends and distributions paid to shareholders:
Dividends from net investment income		–			–			(7,654	)		(46,049	)		(734	)		(330	)
Distributions from net realized gain on investments		–			–			–			(60,973	)		(4,142	)		(15,012	)
Total dividends and distributions paid to shareholders		–			–			(7,654	)		(107,022	)		(4,876	)		(15,342	)
Net capital share transactions		(40,923	)		(11,965	)		(201,901	)		43,179			21,094			64,347
Total increase (decrease) in net assets		(40,517	)		(12,420	)		(154,452	)		(24,162	)		45,199			55,296
Net assets:
Beginning of period		351,016			363,436			3,037,724			3,061,886			201,128			145,832
End of period		$310,499			$351,016			$2,883,272			$3,037,724			$246,327			$201,128

Undistributed (distributions in excess of) net investment income		$421			$(20	)		$22,411			$7,697			$(312	)		$729

*Unaudited.

See Notes to Financial Statements


132		American Funds Insurance Series

(dollars in thousands)


Managed Risk						Managed Risk Blue Chip						Managed Risk						Managed Risk
International Fund						Income and Growth Fund						Growth-Income Fund						Asset Allocation Fund
Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
June 30			December 31			June 30			December 31			June 30			December 31			June 30			December 31
2017*			2016			2017*			2016			2017*			2016			2017*			2016

	$ 65			$ 884			$ 217			$ 4,012			$ (33	)		$ 1,562			$ 2,371			$ 41,207
	352			(4,433	)		12,311			5,539			10,689			5,070			173,744			37,559
	16,625			1,071			3,936			15,029			4,193			2,438			97,975			148,316
	17,042			(2,478	)		16,464			24,580			14,849			9,070			274,090			227,082

	(900	)		(843	)		(4,294	)		(3,375	)		(1,867	)		(1,707	)		(31,722	)		(44,188	)
	(1,403	)		(2,185	)		(5,569	)		(5,923	)		(7,726	)		(8,465	)		(38,742	)		(93,578	)
	(2,303	)		(3,028	)		(9,863	)		(9,298	)		(9,593	)		(10,172	)		(70,464	)		(137,766	)
	11,392			19,951			63,816			138,529			19,694			39,189			323,620			804,645
	26,131			14,445			70,417			153,811			24,950			38,087			527,246			893,961

	97,605			83,160			291,216			137,405			160,756			122,669			3,558,980			2,665,019
	$123,736			$97,605			$361,633			$291,216			$185,706			$160,756			$4,086,226			$3,558,980

	$56			$891			$197			$4,274			$(35	)		$1,865			$2,234			$31,585


American Funds Insurance Series		133


Notes to financial statements		unaudited

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company with 28 different funds (the “funds”). Twenty-three funds in the series are covered in this report. The other five funds in the series are covered in a separate 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 Blue Chip Income and Growth 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 short positions on exchange-traded 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 reorganization may be completed in the next 12 months; however, the series reserves the right to delay the implementation.

The investment objectives for each fund covered in this report are as follows:

Global Growth Fund – Seeks to provide long-term growth of capital.

Global Small Capitalization Fund – Seeks to provide long-term growth of capital.

Growth Fund – Seeks to provide growth of capital.

International Fund – Seeks to provide long-term growth of capital.

New World Fund – Seeks long-term capital appreciation.

Blue Chip Income and Growth Fund – Seeks 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.

Global Growth and Income Fund – Seeks to provide long-term growth of capital while providing current income.

Growth-Income Fund – Seeks to achieve long-term growth of capital and income.

International Growth and Income Fund – Seeks to provide long-term growth of capital while providing current income.

Capital Income Builder – Seeks to provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years. Secondarily, seeks to provide growth of capital.

Asset Allocation Fund – Seeks to provide high total return consistent with preservation of capital over the long term.

Global Balanced Fund – Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

Bond Fund – Seeks to provide as high a level of current income as is consistent with the preservation of capital.

Global Bond Fund – Seeks to provide, over the long term, a high level of total return consistent with prudent investment management.

High-Income Bond Fund – Seeks to provide a high level of current income and, secondarily, capital appreciation.

Mortgage Fund – Seeks to provide current income and preservation of capital.


134		American Funds Insurance Series

Ultra-Short Bond Fund – Seeks to provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government/AAA-Rated Securities Fund – Seeks to provide a high level of current income consistent with preservation of capital.

Managed Risk Growth Fund – Seeks to provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund – Seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Blue Chip Income and Growth Fund – Seeks 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 – Seeks to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund – Seeks to provide high total return 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.

Security transactions and related investment income – Security transactions are recorded by the funds 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, the funds 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 net effective expense ratios that are provided as supplementary information in the financial highlights tables.

Class allocations – Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses 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.

Dividends and distributions to shareholders – Dividends and distributions to shareholders are recorded on each fund’s ex-dividend date.


American Funds Insurance Series		135

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 of each share class of each fund is generally determined as of approximately 4:00 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 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 prices obtained from one or more 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; 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

When the series’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.


136		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 Government Cash Management 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 futures are generally valued at the official settlement price of, or the last reported sale price on, the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued or, lacking any sales, at the last available bid price. Prices for each future are taken from the exchange or market on which the security trades. Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

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 authority of the series’ 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; 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 and valuations of investments and futures 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 delegated authority to 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 teams. 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 with supplemental information to support the changes. 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, including an annual control self-evaluation program facilitated by the investment adviser’s compliance 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.


American Funds Insurance Series		137

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 following tables present the funds’ valuation levels as of June 30, 2017 (dollars in thousands):

Global Growth Fund


	Investment securities


	Level 1*		Level 2		Level 3		Total


Assets:
Common stocks:
Information technology		$1,741,170		$ –		$–		$1,741,170
Consumer discretionary		1,079,024		32,599		–		1,111,623
Health care		813,379		–		–		813,379
Financials		569,702		–		–		569,702
Consumer staples		444,881		–		–		444,881
Industrials		359,346		–		–		359,346
Energy		144,098		–		–		144,098
Materials		111,407		8,898		–		120,305
Telecommunication services		85,633		–		–		85,633
Miscellaneous		291,977		–		–		291,977
Bonds, notes & other debt instruments		–		1,999		–		1,999
Short-term securities		–		177,358		–		177,358


Total		$5,640,617		$220,854		$–		$5,861,471


	Other investments^†


	Level 1		Level 2		Level 3		Total

Assets:
Unrealized appreciation on open forward currency contracts		$–		$69		$–		$69


*Securities with a value of $2,454,098,000, which represented 41.95% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.
^†Forward currency contracts are not included in the investment portfolio.

Global Small Capitalization Fund
	Investment securities


	Level 1*		Level 2		Level 3		Total


Assets:
Common stocks:
Consumer discretionary		$ 855,368		$14,839		$ –		$ 870,207
Information technology		668,640		–		–		668,640
Health care		644,673		2,626		–		647,299
Industrials		385,813		18,288		–		404,101
Financials		338,845		–		–		338,845
Consumer staples		147,184		–		–		147,184
Materials		139,439		–		–		139,439
Real estate		110,782		–		–		110,782
Energy		93,339		1,355		9,848		104,542
Utilities		87,230		–		–		87,230
Telecommunication services		10,878		6,161		–		17,039
Miscellaneous		191,853		1,563		1,860		195,276
Rights & warrants		651		–		–		651
Bonds, notes & other debt instruments		–		28,120		–		28,120
Short-term securities		–		277,103		–		277,103


Total		$3,674,695		$350,055		$11,708		$4,036,458


138		American Funds Insurance Series


	Other investments^†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	–	$	275		$	–	$	275
Liabilities:
Unrealized depreciation on open forward currency contracts		–		(561	)		–		(561	)

Total	$	–	$	(286	)	$	–	$	(286	)

*Securities with a value of $1,441,058,000, which represented 35.72% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

^†Forward currency contracts are not included in the investment portfolio.

Growth Fund


	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	7,139,327	$	–	$	–	$	7,139,327
Consumer discretionary		4,901,933		–		–		4,901,933
Health care		3,442,868		–		–		3,442,868
Energy		1,758,064		–		–		1,758,064
Financials		1,732,006		–		–		1,732,006
Industrials		1,446,255		–		–		1,446,255
Consumer staples		547,711		–		–		547,711
Telecommunication services		219,461		–		–		219,461
Other		324,938		–		–		324,938
Miscellaneous		402,317		–		–		402,317
Convertible stocks		–		–		12,276		12,276
Short-term securities		–		1,700,558		–		1,700,558

Total	$	21,914,880	$	1,700,558	$	12,276	$	23,627,714

*Securities with a value of $1,434,478,000, which represented 6.08% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

International Fund


	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	1,198,172	$	261,259	$	–	$	1,459,431
Information technology		1,194,960		–		–		1,194,960
Consumer discretionary		1,160,780		–		–		1,160,780
Health care		841,549		–		–		841,549
Consumer staples		727,159		–		–		727,159
Industrials		709,289		–		–		709,289
Utilities		514,170		–		–		514,170
Materials		464,340		–		–		464,340
Energy		333,663		–		–		333,663
Telecommunication services		265,173		–		–		265,173
Real estate		169,869		–		–		169,869
Miscellaneous		86,831		–		–		86,831
Bonds, notes & other debt instruments		–		65,688		–		65,688
Short-term securities		–		795,799		–		795,799

Total	$	7,665,955	$	1,122,746	$	–	$	8,788,701

See next page for footnote.


American Funds Insurance Series		139


	Other investments^†
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	–	$	59	$	–	$	59

*Securities with a value of $6,567,118,000, which represented 74.80% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

^†Forward currency contracts are not included in the investment portfolio.

New World Fund


	Investment securities
	Level 1*		Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	758,557	$	–		$	–	$	758,557
Consumer discretionary		305,448		40,941			–		346,389
Financials		282,536		53,654			–		336,190
Consumer staples		270,766		–			–		270,766
Energy		257,425		12,591			–		270,016
Industrials		197,477		–			–		197,477
Health care		156,011		–			–		156,011
Materials		151,643		2,085			–		153,728
Utilities		85,757		–			–		85,757
Telecommunication services		61,130		–			–		61,130
Real estate		36,777		–			27		36,804
Miscellaneous		133,078		–			–		133,078
Rights & warrants		–		48,361			–		48,361
Bonds, notes & other debt instruments		–		100,959			–		100,959
Short-term securities		–		175,347			–		175,347

Total	$	2,696,605	$	433,938		$	27	$	3,130,570


	Other investments^†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	–	$	183		$	–	$	183
Liabilities:
Unrealized depreciation on open forward currency contracts		–		(39	)		–		(39	)

Total	$	–	$	144		$	–	$	144

*Securities with a value of $841,725,000, which represented 26.71% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

^†Forward currency contracts are not included in the investment portfolio.


140		American Funds Insurance Series

Blue Chip Income and Growth Fund


	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	1,481,553	$	–	$	–	$	1,481,553
Financials		1,287,642		–		–		1,287,642
Information technology		1,210,398		–		–		1,210,398
Consumer staples		1,158,178		–		–		1,158,178
Industrials		866,684		–		–		866,684
Telecommunication services		669,531		–		–		669,531
Energy		517,820		–		–		517,820
Consumer discretionary		427,223		–		–		427,223
Materials		330,876		–		–		330,876
Utilities		147,983		–		–		147,983
Real estate		40,072		–		–		40,072
Miscellaneous		435,631		–		–		435,631
Short-term securities		–		287,932		–		287,932

Total	$	8,573,591	$	287,932	$	–	$	8,861,523

Global Growth and Income Fund


	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	429,421	$	–	$	–	$	429,421
Financials		208,557		–		–		208,557
Industrials		192,035		–		–		192,035
Consumer staples		189,662		–		–		189,662
Consumer discretionary		170,603		–		–		170,603
Energy		136,859		–		–		136,859
Health care		135,246		–		–		135,246
Materials		81,888		–		–		81,888
Real estate		69,904		–		–		69,904
Utilities		67,797		–		–		67,797
Telecommunication services		32,609		–		–		32,609
Miscellaneous		69,554		6,491		–		76,045
Rights & warrants		178		–		–		178
Convertible bonds		–		6,821		–		6,821
Bonds, notes & other debt instruments		–		38,353		–		38,353
Short-term securities		–		69,339		–		69,339

Total	$	1,784,313	$	121,004	$	–	$	1,905,317

*Securities with a value of $741,282,000, which represented 38.31% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.


American Funds Insurance Series		141

Growth-Income Fund


	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	4,498,198	$	–	$	–	$	4,498,198
Consumer discretionary		4,231,362		–		–		4,231,362
Health care		4,117,707		–		–		4,117,707
Financials		3,202,666		–		–		3,202,666
Industrials		2,292,789		–		–		2,292,789
Consumer staples		1,956,533		97,914		–		2,054,447
Energy		1,678,819		–		–		1,678,819
Materials		1,322,517		–		–		1,322,517
Real estate		517,877		–		–		517,877
Telecommunication services		506,765		–		–		506,765
Utilities		239,796		–		–		239,796
Mutual funds		132,822		–		–		132,822
Miscellaneous		1,320,207		38,611		–		1,358,818
Convertible stocks		–		5,722		–		5,722
Convertible bonds		–		93,133		–		93,133
Bonds, notes & other debt instruments		–		56,801		–		56,801
Short-term securities		–		1,935,493		–		1,935,493

Total	$	26,018,058	$	2,227,674	$	–	$	28,245,732

*Securities with a value of $1,532,209,000, which represented 5.42% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

International Growth and Income Fund


	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	195,509	$	53,170	$	–	$	248,679
Consumer staples		141,525		–		2,092		143,617
Industrials		143,296		–		–		143,296
Consumer discretionary		101,120		9,759		–		110,879
Utilities		106,169		–		–		106,169
Information technology		103,140		–		–		103,140
Health care		83,606		–		–		83,606
Energy		63,883		–		–		63,883
Real estate		60,842		–		–		60,842
Telecommunication services		37,867		–		–		37,867
Materials		37,046		–		–		37,046
Miscellaneous		38,208		–		–		38,208
Bonds, notes & other debt instruments		–		40,849		–		40,849
Short-term securities		–		167,548		–		167,548

Total	$	1,112,211	$	271,326	$	2,092	$	1,385,629

*Securities with a value of $781,320,000, which represented 56.68% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.


142		American Funds Insurance Series

Capital Income Builder


	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	70,538	$	1,040	$	–	$	71,578
Consumer staples		63,534		–		–		63,534
Telecommunication services		39,630		–		–		39,630
Energy		37,101		–		–		37,101
Health care		30,239		–		–		30,239
Information technology		24,757		–		–		24,757
Real estate		23,484		–		–		23,484
Industrials		20,433		–		–		20,433
Utilities		19,922		–		–		19,922
Consumer discretionary		18,069		–		–		18,069
Materials		6,178		–		–		6,178
Miscellaneous		10,684		–		–		10,684
Convertible stocks		6,134		–		–		6,134
Bonds, notes & other debt instruments:
Mortgage-backed obligations		–		37,554		–		37,554
U.S. Treasury bonds & notes		–		37,460		–		37,460
Corporate bonds & notes		–		22,927		–		22,927
Asset-backed obligations		–		5,117		–		5,117
Short-term securities		–		25,394		–		25,394

Total	$	370,703	$	129,492	$	–	$	500,195


	Other investments^†
	Level 1		Level 2		Level 3		Total
Liabilities:
Unrealized depreciation on open forward currency contracts		$–		$(5)		$–		$(5)

*Securities with a value of $152,994,000, which represented 30.50% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

^†Forward currency contracts are not included in the investment portfolio.

Asset Allocation Fund


	Investment securities
	Level 1*		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	4,321,483	$	–	$	2,628	$	4,324,111
Health care		2,012,092		–		619		2,012,711
Consumer discretionary		1,881,995		–		–		1,881,995
Financials		1,808,282		7,645		–		1,815,927
Consumer staples		1,224,153		–		–		1,224,153
Energy		1,059,504		–		–		1,059,504
Industrials		832,587		1,766		1		834,354
Materials		800,596		1,602		–		802,198
Real estate		279,872		–		–		279,872
Telecommunication services		230,118		–		–		230,118
Utilities		76,630		–		–		76,630
Miscellaneous		335,415		–		–		335,415
Convertible stocks		–		4,426		5,350		9,776
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		–		2,967,349		–		2,967,349
Corporate bonds & notes		–		2,278,161		13,147		2,291,308
Mortgage-backed obligations		–		1,341,845		–		1,341,845
Federal agency bonds & notes		–		51,361		–		51,361
Other		–		234,779		–		234,779
Short-term securities		–		2,344,983		–		2,344,983

Total	$	14,862,727	$	9,233,917	$	21,745	$	24,118,389


American Funds Insurance Series		143


	Other investments^†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	345	$	–		$	–	$	345
Unrealized appreciation on interest rate swaps		–		180			–		180
Liabilities:
Unrealized depreciation on interest rate swaps		–		(6,710	)		–		(6,710	)

Total	$	345	$	(6,530	)	$	–	$	(6,185	)

*Securities with a value of $591,467,000, which represented 2.50% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

^†Futures contracts and interest rate swaps are not included in the investment portfolio.

Global Balanced Fund


	Investment securities
	Level 1*		Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	36,294	$	–		$	–	$	36,294
Consumer staples		22,927		–			–		22,927
Industrials		21,446		–			–		21,446
Financials		17,770		1,468			–		19,238
Health care		16,612		–			–		16,612
Consumer discretionary		13,774		–			–		13,774
Materials		12,976		772			–		13,748
Energy		12,648		–			–		12,648
Utilities		6,278		–			–		6,278
Real estate		3,430		–			–		3,430
Telecommunication services		1,804		–			–		1,804
Miscellaneous		13,687		–			–		13,687
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		–		42,096			–		42,096
U.S. Treasury bonds & notes		–		24,713			–		24,713
Corporate bonds & notes		–		19,854			–		19,854
Mortgage-backed obligations		–		3,413			–		3,413
Asset-backed obligations		–		200			–		200
Short-term securities		–		14,994			–		14,994

Total	$	179,646	$	107,510		$	–	$	287,156


	Other investments^†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	–	$	167		$	–	$	167
Liabilities:
Unrealized depreciation on open forward currency contracts		–		(119	)		–		(119	)

Total	$	–	$	48		$	–	$	48

*Securities with a value of $71,519,000, which represented 24.70% of the net assets of the fund, transferred from Level 2 to Level 1 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading.

^†Forward currency contracts are not included in the investment portfolio.


144		American Funds Insurance Series

Bond Fund


	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	–		$	3,795,603			$ 457	$	3,796,060
Mortgage-backed obligations		–			2,860,076			–		2,860,076
U.S. Treasury bonds & notes		–			2,228,457			–		2,228,457
Bonds & notes of governments & government agencies outside the U.S.		–			699,205			–		699,205
Asset-backed obligations		–			376,981			–		376,981
Municipals		–			186,794			–		186,794
Federal agency bonds & notes		–			12,135			–		12,135
Common stocks		1,049			–			1,095		2,144
Rights & warrants		–			–			71		71
Short-term securities		–			2,317,962			–		2,317,962

Total	$	1,049		$	12,477,213			$1,623	$	12,479,885


	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	939		$	–			$–	$	939
Unrealized appreciation on open forward currency contracts		–			1,952			–		1,952
Unrealized appreciation on interest rate swaps		–			15,160			–		15,160
Liabilities:
Unrealized depreciation on futures contracts		(4,547	)		–			–		(4,547	)
Unrealized depreciation on open forward currency contracts		–			(4,449	)		–		(4,449	)
Unrealized depreciation on interest rate swaps		–			(7,336	)		–		(7,336	)

Total	$	(3,608	)	$	5,327			$–	$	1,719

*Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

Global Bond Fund


	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	–	$	309,028	$	–	$	309,028
Japanese yen		–		218,758		–		218,758
Polish zloty		–		107,838		–		107,838
Mexican pesos		–		82,146		–		82,146
Indian rupees		–		58,380		–		58,380
Malaysian ringgits		–		50,426		–		50,426
British pounds		–		42,138		–		42,138
Norwegian kroner		–		40,554		–		40,554
Australian dollars		–		40,378		–		40,378
Colombian pesos		–		29,310		–		29,310
Danish kroner		–		25,593		–		25,593
Turkish lira		–		24,431		–		24,431
Israeli shekels		–		19,754		–		19,754
Chilean pesos		–		19,736		–		19,736
Canadian dollars		–		14,534		–		14,534
Hungarian forints		–		12,713		–		12,713
U.S. dollars		–		963,589		195		963,784
Other		–		39,430		–		39,430
Convertible stocks		–		143		909		1,052
Common stocks		104		494		402		1,000
Short-term securities		–		309,708		–		309,708

Total	$	104	$	2,409,081	$	1,506	$	2,410,691


American Funds Insurance Series		145


	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	216		$	–		$	–	$	216
Unrealized appreciation on open forward currency contracts		–			4,096			–		4,096
Unrealized appreciation on interest rate swaps		–			1,706			–		1,706
Liabilities:
Unrealized depreciation on futures contracts		(200	)		–			–		(200	)
Unrealized depreciation on open forward currency contracts		–			(5,273	)		–		(5,273	)
Unrealized depreciation on interest rate swaps		–			(923	)		–		(923	)

Total	$	16		$	(394	)	$	–	$	(378	)

*Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

High-Income Bond Fund


	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	–	$	1,440,254		$	12,878	$	1,453,132
Other		–		14,467			–		14,467
Convertible bonds		–		5,839			–		5,839
Convertible stocks		8,476		3,163			5,189		16,828
Common stocks		3,052		4,062			5,493		12,607
Rights & warrants		–		–			46		46
Short-term securities		–		62,090			–		62,090

Total	$	11,528	$	1,529,875		$	23,606	$	1,565,009


	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on interest rate swaps	$	–	$	267		$	–	$	267
Unrealized appreciation on credit default swaps		–		149			–		149
Liabilities:
Unrealized depreciation on interest rate swaps		–		(21	)		–		(21	)

Total	$	–	$	395		$	–	$	395

*Interest rate swaps 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 six months ended June 30, 2017 (dollars in thousands):


	Beginning value at 1/1/2017		Transfers into Level 3²		Purchases		Sales			Net realized gain³		Unrealized appreciation³		Transfers out of Level 3²		Ending value at 6/30/2017
Investment securities	$	22,631	$	47	$	258	$	(16	)	$	–	$	686	$	–	$	23,606

Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2017																$	686

²Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred.

³Net realized gain and unrealized appreciation are included in the related amounts on investments in the statement of operations.


146		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
6/30/2017

Valuation
techniques

Unobservable
inputs

Range

Impact to
valuation from
an increase in
input*

Corporate bonds & notes

12,878

Yield to call price

Yield to call

2.5% - 5.0%

Decrease

Yield analysis

Yield risk premium

100 - 500 bps risk premium

Decrease

Convertible stocks

5,189

Accreted value (stated value increased by accrued dividends)

Payment-in-kind (PIK) dividend rate

N/A

Increase

Common stocks

5,493

Estimated liquidation proceeds

Discount to reflect timing of receipt and amount of proceeds

25% discount

Decrease

Enterprise valuation

EV/EBITDA multiple

5.0x - 11.5x

Increase

Arms-length transaction

N/A

Rights & warrants

Net Present Value Model

Discount rate

12% discount

Decrease

23,606

*This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

Mortgage Fund


	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations		$–		$	213,976		$	–	$	213,976
Federal agency bonds & notes		–			63,383			–		63,383
U.S. Treasury bonds & notes		–			41,075			–		41,075
Asset-backed obligations		–			18,343			–		18,343
Corporate bonds & notes		–			–			214		214
Short-term securities		–			62,690			–		62,690

Total		$–		$	399,467		$	214	$	399,681


	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	84		$	–		$	–	$	84
Unrealized appreciation on interest rate swaps		–			1,345			–		1,345
Liabilities:
Unrealized depreciation on futures contracts		(631	)		–			–		(631	)
Unrealized depreciation on interest rate swaps		–			(1,651	)		–		(1,651	)

Total	$	(547	)	$	(306	)	$	–	$	(853	)

*Futures contracts and interest rate swaps are not included in the investment portfolio.

Ultra-Short Bond Fund

At June 30, 2017, all of the fund’s investment securities were classified as Level 2.


American Funds Insurance Series		147

U.S. Government/AAA-Rated Securities Fund


	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes	$	–		$	1,222,880		$	–	$	1,222,880
Mortgage-backed obligations		–			1,037,202			–		1,037,202
Federal agency bonds & notes		–			540,148			–		540,148
Short-term securities		–			204,545			–		204,545

Total	$	–		$	3,004,775		$	–	$	3,004,775


	Other investments
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	191		$	–		$	–	$	191
Unrealized appreciation on interest rate swaps		–			16,711			–		16,711
Liabilities:
Unrealized depreciation on futures contracts		(6,688	)		–			–		(6,688	)
Unrealized depreciation on interest rate swaps		–			(24,340	)		–		(24,340	)

Total	$	(6,497	)	$	(7,629	)	$	–	$	(14,126	)

*Futures contracts and interest rate swaps are not included in the investment portfolio.

Managed Risk Growth Fund

At June 30, 2017, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At June 30, 2017, all of the fund’s investments were classified as Level 1.

Managed Risk Blue Chip Income and Growth Fund

At June 30, 2017, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At June 30, 2017, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At June 30, 2017, 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; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

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 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 – 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.


148		American Funds Insurance Series

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.

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 the imposition of price controls or punitive taxes, that 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 accounting practices and different regulatory, legal and reporting standards and practices, 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. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

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 may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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 fund’s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.

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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, there may be increased settlement risks for transactions in local securities.

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 changing interest rates and by changes in the effective maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. 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 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 will weaken 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. 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 funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.


American Funds Insurance Series		149

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 cash 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 expose a fund to losses in excess of its initial investment. Derivatives may be difficult for a fund to buy or sell at an opportune time or price and may be difficult 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.

Currency — The prices of, and the income generated by, most 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. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.

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. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. 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.

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 may 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 extreme 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.

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. Securities issued by 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.

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.


150		American Funds Insurance Series

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. Although such securities are generally less sensitive to interest rate changes, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general 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, given the current historically low interest rate environment, risks associated with rising rates are currently heightened.

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.

Nondiversification — As nondiversified funds, certain funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. Although the funds do not intend to limit their investments to the securities of a small number of issuers, if they were to do so, poor performance by a single large holding could adversely impact the funds’ investment results more than if the funds were invested in a larger number of issuers.

Liquidity risk — Certain fund holdings may be deemed to be less liquid or illiquid because they cannot be readily sold without significantly impacting the value of the holdings. Liquidity risk may result from 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, 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.

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 employed by the investment adviser in this process 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.

Management — The managed risk funds are subject to the risk that 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 individual underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and the respective underlying fund.

Investing in futures contracts — In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which a fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If a fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of a fund to successfully utilize 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 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 futures in which it invests, a fund could be exposed to the risk of loss.


American Funds Insurance Series		151

Hedging — There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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 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 — 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.

5. Certain investment techniques

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.

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 the Government Cash Management Fund, a cash management vehicle offered by the Bank of New York Mellon (“BNY Mellon”), the funds’ custodian bank. The Government Cash Management Fund is managed by the Dreyfus Corporation.

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 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, or 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 the 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 each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities.


152		American Funds Insurance Series

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.

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.

Interest rate swaps — Some of the funds have entered into interest rate swaps, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The series’ investment adviser uses interest rate swaps to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. Risks may arise as a result of the series’ investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.

Upon entering into an interest rate swap contract, the fund is 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 interest rate 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, the series’ investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a “variation margin” based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in each fund’s statement of operations.

Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The series’ investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When a fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default 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. Securities deposited as initial margin are designated on the investment portfolio.


American Funds Insurance Series		153

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the centrally cleared swaps, and records variation margin in each fund’s statement of assets and liabilities. Each fund records 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 credit default swaps are recorded in each fund’s statement of operations.

The following table presents the average month-end notional amounts of futures contracts, forward currency contracts, interest rate swaps and credit default swaps for each fund (dollars in thousands):

Futures

Forwards

Interest

rate

swaps

Credit

default

swaps

Global Growth Fund

Not applicable

$ 5,416

Not applicable

Global Small Capitalization Fund

Not applicable

94,919

Not applicable

International Fund

Not applicable

259,198

Not applicable

New World Fund

Not applicable

13,461

Not applicable

Global Growth and Income Fund

Not applicable

7,767

Not applicable

International Growth and Income Fund

Not applicable

15,682

Not applicable

Capital Income Builder

Not applicable

469

Not applicable

Asset Allocation Fund

$ 219,612

Not applicable

$ 2,097,900

Not applicable

Global Balanced Fund

Not applicable

17,483

Not applicable

Bond Fund

1,612,655

385,299

1,705,816

Not applicable

Global Bond Fund

89,251

519,687

244,046

Not applicable

High-Income Bond Fund

Not applicable

23,513

$ 33,633

Mortgage Fund

231,062

Not applicable

408,752

Not applicable

U.S. Government/AAA-Rated Securities Fund

2,614,240

Not applicable

6,343,500

Not applicable

Managed Risk International Fund

42,606

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.


154 American Funds Insurance Series

The following tables present the financial statement impacts resulting from the funds’ use of futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended June 30, 2017 (dollars in thousands):

Global
Growth
Fund

Global

Small
Capitalization
Fund

International
Fund

Assets

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized appreciation*

$ –

Futures contracts

Equity

Net unrealized appreciation*

–

Futures contracts

Currency

Net unrealized appreciation*

–

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

275

Forward currency

Currency

Receivables for closed forward currency contracts

–

Interest rate swaps

Interest

Net unrealized appreciation*

–

Credit default swaps

Credit

Net unrealized appreciation*

–

$ 69

$ 275

$ 59

Liabilities

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized depreciation*

$ –

Futures contracts

Equity

Net unrealized depreciation*

–

Futures contracts

Currency

Net unrealized depreciation*

–

Forward currency

Currency

Unrealized depreciation on open forward currency contracts

–

561

–

Forward currency

Currency

Payables for closed forward currency contracts

–

922

–

Interest rate swaps

Interest

Net unrealized depreciation*

–

Credit default swaps

Credit

Net unrealized depreciation*

–

$ –

$ 1,483

$ –

Net realized

gain (loss)

Risk type

Location on statements of operations

Futures contracts

Interest

Net realized gain on futures contracts

$ –

Futures contracts

Equity

Net realized gain on futures contracts

–

Futures contracts

Currency

Net realized gain on futures contracts

–

Forward currency

Currency

Net realized gain (loss) on forward currency contracts

134

(3,099

)

(8,385

)

Interest rate swaps

Interest

Net realized gain on interest rate swaps

–

Credit default swaps

Credit

Net realized gain on credit default swaps

–

$ 134

$(3,099

)

$(8,385

)

Net unrealized

(depreciation)

appreciation

Risk type

Location on statements of operations

Futures contracts

Interest

Net unrealized appreciation (depreciation) on futures contracts

$ –

Futures contracts

Equity

Net unrealized appreciation on futures contracts

–

Futures contracts

Currency

Net unrealized appreciation on futures contracts

–

Forward currency

Currency

Net unrealized (depreciation) appreciation on forward currency contracts

(290

)

(1,672

)

2,203

Interest rate swaps

Interest

Net unrealized appreciation on interest rate swaps

–

Credit default swaps

Credit

Net unrealized appreciation on credit default swaps

–

$(290

)

$(1,672

)

$ 2,203

$(290

)

$(1,672

)

$2,203

See end of tables for footnote.


American Funds Insurance Series		155

New

World

Fund

Global

Growth

and Income

Fund

International

Growth

and Income

Fund

Assets

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized appreciation*

$ –

Futures contracts

Equity

Net unrealized appreciation*

–

Futures contracts

Currency

Net unrealized appreciation*

–

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

183

–

Forward currency

Currency

Receivables for closed forward currency contracts

–

Interest rate swaps

Interest

Net unrealized appreciation*

–

Credit default swaps

Credit

Net unrealized appreciation*

–

$ 183

$ –

Liabilities

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized depreciation*

$ –

Futures contracts

Equity

Net unrealized depreciation*

–

Futures contracts

Currency

Net unrealized depreciation*

–

Forward currency

Currency

Unrealized depreciation on open forward currency contracts

–

Forward currency

Currency

Payables for closed forward currency contracts

–

Interest rate swaps

Interest

Net unrealized depreciation*

–

Credit default swaps

Credit

Net unrealized depreciation*

–

$ 52

$ –

Net realized

loss

Risk type

Location on statements of operations

Futures contracts

Interest

Net realized gain on futures contracts

$ –

Futures contracts

Equity

Net realized gain on futures contracts

–

Futures contracts

Currency

Net realized gain on futures contracts

–

Forward currency

Currency

Net realized loss on forward currency contracts

(859

)

(157

)

(143

)

Interest rate swaps

Interest

Net realized gain on interest rate swaps

–

Credit default swaps

Credit

Net realized gain on credit default swaps

–

$(859

)

$(157

)

$(143

)

Net unrealized

appreciation

(depreciation)

Risk type

Location on statements of operations

Futures contracts

Interest

Net unrealized appreciation on futures contracts

$ –

Futures contracts

Equity

Net unrealized appreciation on futures contracts

–

Futures contracts

Currency

Net unrealized appreciation on futures contracts

–

Forward currency

Currency

Net unrealized appreciation (depreciation) on forward currency contracts

134

(147

)

105

Interest rate swaps

Interest

Net unrealized appreciation on interest rate swaps

–

Credit default swaps

Credit

Net unrealized appreciation on credit default swaps

–

$ 134

$(147

)

$ 105


156		American Funds Insurance Series

Capital

Income

Builder

Asset

Allocation

Fund

Global

Balanced

Fund

Assets

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized appreciation*

$ –

$ 345

$ –

Futures contracts

Equity

Net unrealized appreciation*

–

Futures contracts

Currency

Net unrealized appreciation*

–

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

–

167

Forward currency

Currency

Receivables for closed forward currency contracts

–

Interest rate swaps

Interest

Net unrealized appreciation*

–

180

–

Credit default swaps

Credit

Net unrealized appreciation*

–

$ –

$ 525

$ 167

Liabilities

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized depreciation*

$ –

Futures contracts

Equity

Net unrealized depreciation*

–

Futures contracts

Currency

Net unrealized depreciation*

–

Forward currency

Currency

Unrealized depreciation on open forward currency contracts

–

119

Forward currency

Currency

Payables for closed forward currency contracts

–

Interest rate swaps

Interest

Net unrealized depreciation*

–

6,710

–

Credit default swaps

Credit

Net unrealized depreciation*

–

$ 5

$ 6,710

$ 128

Net realized

gain (loss)

Risk type

Location on statements of operations

Futures contracts

Interest

Net realized gain on futures contracts

$ –

$ 1,548

$ –

Futures contracts

Equity

Net realized gain on futures contracts

–

Futures contracts

Currency

Net realized gain on futures contracts

–

Forward currency

Currency

Net realized loss on forward currency contracts

(26

)

–

(115

)

Interest rate swaps

Interest

Net realized gain on interest rate swaps

–

3,474

–

Credit default swaps

Credit

Net realized gain on credit default swaps

–

$(26

)

$ 5,022

$(115

)

Net unrealized

appreciation

(depreciation)

Risk type

Location on statements of operations

Futures contracts

Interest

Net unrealized appreciation on futures contracts

$ –

$ 104

$ –

Futures contracts

Equity

Net unrealized appreciation on futures contracts

–

Futures contracts

Currency

Net unrealized appreciation on futures contracts

–

Forward currency

Currency

Net unrealized depreciation on forward currency contracts

–

(53

)

Interest rate swaps

Interest

Net unrealized depreciation on interest rate swaps

–

(2,901

)

–

Credit default swaps

Credit

Net unrealized appreciation on credit default swaps

–

$ –

$(2,797

)

$ (53

)

See end of tables for footnote.


American Funds Insurance Series		157

Bond

Fund

Global

Bond

Fund

High-

Income

Bond

Fund

Assets

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized appreciation*

$ 939

$ 216

$ –

Futures contracts

Equity

Net unrealized appreciation*

–

Futures contracts

Currency

Net unrealized appreciation*

–

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

1,952

4,096

–

Forward currency

Currency

Receivables for closed forward currency contracts

–

185

–

Interest rate swaps

Interest

Net unrealized appreciation*

15,160

1,706

267

Credit default swaps

Credit

Net unrealized appreciation*

–

149

$ 18,051

$ 6,203

$ 416

Liabilities

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized depreciation*

$ 4,547

$ 200

$ –

Futures contracts

Equity

Net unrealized depreciation*

–

Futures contracts

Currency

Net unrealized depreciation*

–

Forward currency

Currency

Unrealized depreciation on open forward currency contracts

4,449

5,273

–

Forward currency

Currency

Payables for closed forward currency contracts

–

299

–

Interest rate swaps

Interest

Net unrealized depreciation*

7,336

923

Credit default swaps

Credit

Net unrealized depreciation*

–

$ 16,332

$ 6,695

$ 21

Net realized

gain (loss)

Risk type

Location on statements of operations

Futures contracts

Interest

Net realized gain on futures contracts

$ 19,307

$ 657

$ –

Futures contracts

Equity

Net realized gain on futures contracts

–

Futures contracts

Currency

Net realized gain on futures contracts

–

Forward currency

Currency

Net realized loss on forward currency contracts

(43,217

)

(10,947

)

–

Interest rate swaps

Interest

Net realized loss on interest rate swaps

(1,445

)

(918

)

(223

)

Credit default swaps

Credit

Net realized gain on credit default swaps

–

553

$(25,355

)

$(11,208

)

$ 330

Net unrealized

(depreciation)

appreciation

Risk type

Location on statements of operations

Futures contracts

Interest

Net unrealized (depreciation) appreciation on futures contracts

$ (2,500

)

$ 16

$ –

Futures contracts

Equity

Net unrealized appreciation on futures contracts

–

Futures contracts

Currency

Net unrealized appreciation on futures contracts

–

Forward currency

Currency

Net unrealized (depreciation) appreciation on forward currency contracts

(4,424

)

4,188

–

Interest rate swaps

Interest

Net unrealized depreciation on interest rate swaps

(637

)

(339

)

(181

)

Credit default swaps

Credit

Net unrealized depreciation on credit default swaps

–

(495

)

$ (7,561

)

$ 3,865

$(676

)


158		American Funds Insurance Series

Mortgage
Fund

U.S.
Government/
AAA-Rated
Securities
Fund

Managed
Risk
International
Fund

Assets

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized appreciation*

$ 84

$ 191

$ –

Futures contracts

Equity

Net unrealized appreciation*

–

Futures contracts

Currency

Net unrealized appreciation*

–

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

–

Forward currency

Currency

Receivables for closed forward currency contracts

–

Interest rate swaps

Interest

Net unrealized appreciation*

1,345

16,711

–

Credit default swaps

Credit

Net unrealized appreciation*

–

$ 1,429

$ 16,902

$ –

Liabilities

Risk type

Location on statements of assets and liabilities

Futures contracts

Interest

Net unrealized depreciation*

$ 631

$ 6,688

$ –

Futures contracts

Equity

Net unrealized depreciation*

–

Futures contracts

Currency

Net unrealized depreciation*

–

Forward currency

Currency

Unrealized depreciation on open forward currency contracts

–

Forward currency

Currency

Payables for closed forward currency contracts

–

Interest rate swaps

Interest

Net unrealized depreciation*

1,651

24,340

–

Credit default swaps

Credit

Net unrealized depreciation*

–

$ 2,282

$ 31,028

$ –

Net realized

gain (loss)

Risk type

Location on statements of operations

Futures contracts

Interest

Net realize gain on futures contracts

$ 1,927

$ 11,432

$ –

Futures contracts

Equity

Net realized loss on futures contracts

–

(624

)

Futures contracts

Currency

Net realized gain on futures contracts

–

118

Forward currency

Currency

Net realized gain on forward currency contracts

–

Interest rate swaps

Interest

Net realized gain on interest rate swaps

261

16,310

–

Credit default swaps

Credit

Net realized gain on credit default swaps

–

$ 2,188

$ 27,742

$(506

)

Net unrealized

(depreciation)

appreciation

Risk type

Location on statements of operations

Futures contracts

Interest

Net unrealized depreciation on futures contracts

$ (230

)

$ (82

)

$ –

Futures contracts

Equity

Net unrealized depreciation on futures contracts

–

160

Futures contracts

Currency

Net unrealized appreciation on futures contracts

–

(142

)

Forward currency

Currency

Net unrealized appreciation on forward currency contracts

–

Interest rate swaps

Interest

Net unrealized depreciation on interest rate swaps

(962

)

(17,657

)

–

Credit default swaps

Credit

Net unrealized appreciation on credit default swaps

–

$(1,192

)

$(17,739

)

$ 18

*	Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and/or credit default swaps as reported in the applicable table(s) following each fund’s investment portfolio. Only current day’s variation margin is reported within the statements of assets and liabilities.


American Funds Insurance Series		159

Collateral – Funds that invest in futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts participate in a collateral program. For futures contracts, interest rate swaps and credit default swaps, the program calls for the fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. For future delivery contracts, the program calls for the 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 obligations.

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.

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 June 30, 2017, if close-out netting was exercised (dollars in thousands):

Global Growth Fund

Gross amounts
recognized in the

Gross amounts not offset in the
statement of assets and liabilities and
subject to a master netting agreement

Counterparty

statement of assets
and liabilities

Available
to offset

Non-cash
collateral*

Cash
collateral

Net
amount

Assets:

Bank of America, N.A.

$69

$–

$69

Global Small Capitalization Fund

Gross amounts
recognized in the

Gross amounts not offset in the
statement of assets and liabilities and
subject to a master netting agreement

Counterparty

statement of assets
and liabilities

Available
to offset

Non-cash
collateral*

Cash
collateral

Net
amount

Assets:

Citibank

$ 30

$ –

$–

$ –

JPMorgan Chase

162

–

162

UBS AG

–

Total

$ 275

$(30)

$ –

$–

$245

Liabilities:

Bank of America, N.A.

$ 442

$ –

$(339

)

$–

$103

Citibank

317

(30)

(287

)

–

Goldman Sachs

480

–

480

HSBC Bank

244

–

244

Total

$1,483

$(30)

$(626)

$–

$827

International Fund

Gross amounts
recognized in the

Gross amounts not offset in the
statement of assets and liabilities and
subject to a master netting agreement

Counterparty

statement of assets
and liabilities

Available
to offset

Non-cash
collateral*

Cash
collateral

Net
amount

Assets:

Bank of America, N.A.

$59

$–

$59


160		American Funds Insurance Series

New World Fund

Gross amounts

recognized in the

Gross amounts not offset in the
statement of assets and liabilities and
subject to a master netting agreement

Counterparty

statement of assets

and liabilities

Available
to offset

Non-cash

collateral*

Cash

collateral

Net
amount

Assets:

Bank of America, N.A.

$ 25

$(21)

$–

$ 4

Barclays Bank PLC

–

Citibank

(2)

–

Goldman Sachs

–

JPMorgan Chase

(12)

–

UBS AG

–

Total

$183

$(35)

$–

$148

Liabilities:

Bank of America, N.A.

$21

$(21)

$–

Citibank

(2)

–

HSBC Bank

–

JPMorgan Chase

(12)

–

Total

$ 52

$(35)

$–

$17

Capital Income Builder

Gross amounts
recognized in the

Gross amounts not offset in the
statement of assets and liabilities and
subject to a master netting agreement

Counterparty

statement of assets
and liabilities

Available
to offset

Non-cash
collateral*

Cash
collateral

Net
amount

Liabilities:

Bank of America, N.A.

$–

Global Balanced Fund

Gross amounts
recognized in the

Gross amounts not offset in the
statement of assets and liabilities and
subject to a master netting agreement

Counterparty

statement of assets
and liabilities

Available
to offset

Non-cash
collateral*

Cash
collateral

Net
amount

Assets:

Bank of America, N.A.

$ 42

$(33)

$–

Bank of New York Mellon

–

Barclays Bank PLC

(10)

–

Citibank

(10)

–

Goldman Sachs

(10)

–

HSBC Bank

(5)

–

JPMorgan Chase

(10)

–

UBS AG

(13)

–

Total

$167

$(91)

$–

$76

Liabilities:

Bank of America, N.A.

$ 33

$(33

)

$–

Barclays Bank PLC

(10

)

–

Citibank

(10

)

–

Goldman Sachs

(10

)

–

HSBC Bank

)

–

JPMorgan Chase

(10

)

–

UBS AG

(13

)

–

Total

$128

$(91

)

$–

$37

See end of tables for footnote.


American Funds Insurance Series		161

Bond Fund


	Gross amounts recognized in the statement of assets and liabilities		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty			Available to offset			Non-cash collateral*		Cash collateral		Net amount
Assets:
Bank of America, N.A.		$ 280		$(280)			$ –		$–		$ –
Barclays Bank PLC		9		–			–		–		9
HSBC Bank		599		–			(400)		–		199
JPMorgan Chase		408		(408)			–		–		–
UBS AG		656		–			(391)		–		265

Total		$1,952		$(688)			$ (791)		$–		$ –

Liabilities:
Bank of America, N.A.		$ 561		$(280)			$ (281)		$–		$ –
Citi		1,504		–			(1,504)		–		–
JPMorgan Chase		2,384		(408)			(1,976)		–		–

Total		$4,449		$(688)			$(3,761)		$–		$ –


Global Bond Fund
	Gross amounts recognized in the statement of assets and liabilities		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty			Available to offset			Non-cash collateral*		Cash collateral		Net amount
Assets:
Bank of America, N.A.		$ 461		$ (461	)		$ –		$–		$ –
Barclays Bank PLC		444		–			(353)		–		91
Citibank		1,119		(761	)		–		–		358
Goldman Sachs		406		(388	)		–		–		18
HSBC Bank		130		(130	)		–		–		–
JPMorgan Chase		768		(768	)		–		–		–
UBS AG		953		(329	)		(573)		–		51

Total		$4,281		$(2,837	)		$ (926)		$–		$518

Liabilities:
Bank of America, N.A.		$1,636		$ (461	)		$(1,174)		$–		$ 1
Citibank		761		(761	)		–		–		–
Goldman Sachs		388		(388	)		–		–		–
HSBC Bank		1,044		(130	)		(914)		–		–
JPMorgan Chase		1,414		(768	)		(547)		–		99
UBS AG		329		(329	)		–		–		–

Total		$5,572		$(2,837	)		$(2,635)		$–		$100

*Non-cash collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation – Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds 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 period ended June 30, 2017, 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 the statements of operations. During the period, none of the funds incurred any significant interest or penalties.

The funds are not subject to examination by U.S. federal tax authorities for tax years before 2013. Capital Income Builder is not subject to examination by U.S. federal tax authorities for tax years before 2014, the year the fund commenced operations.


162		American Funds Insurance Series

The funds are not subject to examination by state tax authorities for tax years before 2012. Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund and Managed Risk Growth-Income Fund are not subject to examination by state tax authorities for tax years before 2013, the year the funds commenced operations. Capital Income Builder is not subject to examination by state tax authorities for tax years before 2014, the year the fund commenced operations.

The following funds are not subject to examination by tax authorities outside the U.S. for the years indicated: Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund, Global Growth and Income Fund and Growth-Income Fund for tax years before 2010; International Growth and Income Fund for tax years before 2011; Global Balanced Fund for tax years before 2012; Asset Allocation Fund, Bond Fund and Global Bond Fund for tax years before 2014 and High-Income Bond Fund for tax years before 2015. All other funds are not subject to examination by tax authorities outside the U.S.

Non-U.S. taxation – Dividend and interest income 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 recent rulings from European courts, some of 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. 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 paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which 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 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.

As indicated in the tables in this section, some of the funds had capital loss carryforwards available at December 31, 2016. These will be used to offset any capital gains realized by the funds in the current year or in subsequent years through the expiration date. Funds with capital loss carryforwards will not make distributions from capital gains while a capital loss carryforward remains.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 31, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

Additional tax basis disclosures are as follows (dollars in thousands):


	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund			Blue Chip Income and Growth Fund
As of December 31, 2016:
Undistributed ordinary income	$	5,309			$ 16,070		$	87,925		$	31,353		$	4,686		$	69,604
Undistributed long-term capital gain		174,084			–			2,194,931			97,715			–			288,969
Capital loss carryforward:
No expiration		–			(55,253	)		–			–			(123,342	)		–
As of June 30, 2017:
Gross unrealized appreciation on investment securities		1,723,657			995,883			7,934,845			1,907,042			566,247			1,945,350
Gross unrealized depreciation on investment securities		(67,086	)		(213,154	)		(588,537	)		(426,727	)		(107,302	)		(142,595	)
Net unrealized appreciation (depreciation) on investment securities		1,656,571			782,729			7,346,308			1,480,315			458,945			1,802,755
Cost of investment securities		4,204,900			3,253,729			16,281,406			7,308,386			2,671,625			7,058,768


American Funds Insurance Series		163


	Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			Global Balanced Fund
As of December 31, 2016:
Undistributed ordinary income	$	5,588		$	95,174		$	2,317		$	21		$	85,089		$	–
Late year ordinary loss deferral*		–			–			–			–			–			(473	)
Undistributed long-term capital gain		33,689			1,784,903			–			–			1,054,302			933
Capital loss carryforward:
No expiration		–			–			(12,324	)		(6,972	)		–			–
As of June 30, 2017:
Gross unrealized appreciation on investment securities		393,064			7,610,076			142,939			31,197			4,922,131			45,605
Gross unrealized depreciation on investment securities		(31,215	)		(875,561	)		(43,073	)		(13,180	)		(588,465	)		(6,316	)
Net unrealized appreciation (depreciation) on investment securities		361,849			6,734,515			99,866			18,017			4,333,666			39,289
Cost of investment securities		1,543,468			21,511,217			1,285,763			482,178			19,784,723			247,867
	Bond Fund			Global Bond Fund			High- Income Bond Fund			Mortgage Fund			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund
As of December 31, 2016:
Undistributed ordinary income	$	176,002		$	14,185		$	19,119		$	1,751		$	–		$	7,538
Late year ordinary loss deferral*		–			(9,683	)		–			–			–			–
Undistributed long-term capital gain		41,190			267			–			1,475			–			–
Capital loss carryforward:
No expiration		–			–			(170,563	)		–			–			(6,295	)
Expiring 2017		–			–			(45,026	)		–			–			–
		–			–			(215,589	)		–			–			(6,295	)

As of June 30, 2017:
Gross unrealized appreciation on investment securities		135,012			58,070			38,595			2,810			5			16,247
Gross unrealized depreciation on investment securities		(65,501	)		(41,725	)		(65,040	)		(1,580	)		(17	)		(13,386	)
Net unrealized appreciation (depreciation) on investment securities		69,511			16,345			(26,445	)		1,230			(12	)		2,861
Cost of investment securities		12,410,374			2,394,346			1,591,454			398,451			310,858			3,001,914

	Managed Risk Growth Fund			Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
As of December 31, 2016:
Undistributed ordinary income	$	729		$	891		$	4,274		$	1,865		$	31,585
Undistributed long-term capital gain		4,133			1,396			5,561			7,717			38,638
As of June 30, 2017:
Gross unrealized appreciation on investment securities		–			211			1,764			–			106,941
Gross unrealized depreciation on investment securities		(5,400	)		–			–			(10,243	)		–
Net unrealized appreciation (depreciation) on investment securities		(5,400	)		211			1,764			(10,243	)		106,941
Cost of investment securities		251,943			123,633			360,192			196,103			3,983,210

*These deferrals are considered incurred in the subsequent year.


164		American Funds Insurance Series

The tax character of distributions paid to shareholders of each fund was as follows (dollars in thousands):

Global Growth Fund


	Six months ended June 30, 2017								Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains		Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$2,246			$ 55,298		$ 57,544			$24,109		$126,735		$150,844
Class 1A*		1			16		17
Class 2		3,157			114,893		118,050			44,725		291,772		336,497
Class 4		79			3,889		3,968			945		7,147		8,092

Total		$5,483			$174,096		$179,579			$69,779		$425,654		$495,433


Global Small Capitalization Fund
	Six months ended June 30, 2017								Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains		Total dividends paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$ 6,344			$–		$ 6,344			$11,807		$273,687		$285,494
Class 1A*		–	^†		–		–	^†
Class 2		9,528			–		9,528			12,193		433,806		445,999
Class 4		220			–		220			142		6,715		6,857

Total		$16,092			$–		$16,092			$24,142		$714,208		$738,350


Growth Fund
	Six months ended June 30, 2017								Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains		Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$30,665			$ 713,987		$ 744,652			$ 68,458		$ 603,135		$ 671,593
Class 1A*		3			63		66
Class 2		54,612			1,409,266		1,463,878			105,243		1,244,603		1,349,846
Class 3		740			18,484		19,224			1,482		16,336		17,818
Class 4		1,903			53,128		55,031			2,484		36,779		39,263

Total		$87,923			$2,194,928		$2,282,851			$177,667		$1,900,853		$2,078,520


International Fund
	Six months ended June 30, 2017								Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains		Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$16,895			$49,783		$ 66,678			$ 59,237		$296,124		$355,361
Class 1A*		1			3		4
Class 2		14,140			46,642		60,782			51,666		334,251		385,917
Class 3		103			331		434			389		2,445		2,834
Class 4		309			1,066		1,375			794		4,665		5,459

Total		$31,448			$97,825		$129,273			$112,086		$637,485		$749,571

See end of tables for footnotes.


American Funds Insurance Series		165

New World Fund


	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends paid			Ordinary income		Long-term capital gains		Total dividends paid

Class 1		$3,080			$–			$3,080			$17,725		$–		$17,725
Class 1A*		–	^†		–			–	^†
Class 2		1,283			–			1,283			7,100		–		7,100
Class 4		340			–			340			1,465		–		1,465

Total		$4,703			$–			$4,703			$26,290		$–		$26,290


Blue Chip Income and Growth Fund
	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$42,318			$170,748			$213,066			$137,434		$292,079		$429,513
Class 1A*		2			5			7
Class 2		26,549			113,013			139,562			92,301		236,696		328,997
Class 4		1,292			5,605			6,897			2,759		4,934		7,693

Total		$70,161			$289,371			$359,532			$232,494		$533,709		$766,203


Global Growth and Income Fund
	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends paid

Class 1		$1,322			$ 7,109			$ 8,431			$11,131		$–		$11,131
Class 1A*		–	^†		–	^†		–	^†
Class 2		4,262			26,178			30,440			25,283		–		25,283
Class 4		63			404			467			257		–		257

Total		$5,647			$33,691			$39,338			$36,671		$–		$36,671


Growth-Income Fund
	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$50,076			$ 884,958			$ 935,034			$263,296		$1,172,060		$1,435,356
Class 1A*		1			16			17
Class 2		43,011			853,292			896,303			250,881		1,329,722		1,580,603
Class 3		528			10,140			10,668			3,141		16,262		19,403
Class 4		1,662			36,513			38,175			8,305		45,834		54,139

Total		$95,278			$1,784,919			$1,880,197			$525,623		$2,563,878		$3,089,501


166		American Funds Insurance Series

International Growth and Income Fund


	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$1,924			$–			$1,924			$23,268		$3,458		$26,726
Class 1A*		–	^†		–			–	^†
Class 2		382			–			382			6,231		1,080		7,311
Class 4		54			–			54			895		149		1,044

Total		$2,360			$–			$2,360			$30,394		$4,687		$35,081


Capital Income Builder
	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends paid			Ordinary income		Long-term capital gains		Total dividends paid

Class 1		$2,810			$–			$2,810			$ 4,372		$–		$ 4,372
Class 1A*		1			–			1
Class 2		7			–			7			2		–		2
Class 4		3,604			–			3,604			6,657		–		6,657

Total		$6,422			$–			$6,422			$11,031		$–		$11,031


Asset Allocation Fund
	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$56,922			$ 666,425			$ 723,347			$229,739		$280,306		$510,045
Class 1A*		6			70			76
Class 2		18,277			241,077			259,354			81,019		120,303		201,322
Class 3		130			1,646			1,776			580		860		1,440
Class 4		10,033			145,207			155,240			38,591		61,673		100,264

Total		$85,368			$1,054,425			$1,139,793			$349,929		$463,142		$813,071


Global Balanced Fund
	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income		Long-term capital gains		Total dividends paid

Class 1		$–			$243			$243			$ 939		$–		$ 939
Class 1A*		–			–	^†		–	^†
Class 2		–			628			628			2,225		–		2,225
Class 4		–			63			63			121		–		121

Total		$–			$934			$934			$3,285		$–		$3,285

See end of tables for footnotes.


American Funds Insurance Series		167

Bond Fund


	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$110,298			$25,594			$135,892			$138,255		$11,305		$149,560
Class 1A*		6			1			7
Class 2		64,031			15,280			79,311			74,576		7,465		82,041
Class 4		1,814			441			2,255			1,614		150		1,764

Total		$176,149			$41,316			$217,465			$214,445		$18,920		$233,365


Global Bond Fund
	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$ 7,194			$103			$ 7,297			$10,101		$ 872		$10,973
Class 1A*		–	^†		–	^†		–	^†
Class 2		6,965			100			7,065			7,811		923		8,734
Class 4		87			1			88			68		8		76

Total		$14,246			$204			$14,450			$17,980		$1,803		$19,783


High-Income Bond Fund
	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends paid			Ordinary income		Long-term capital gains		Total dividends paid

Class 1		$ 9,084			$–			$ 9,084			$ 57,104		$–		$ 57,104
Class 1A*		1			–			1
Class 2		9,562			–			9,562			47,007		–		47,007
Class 3		156			–			156			746		–		746
Class 4		353			–			353			1,283		–		1,283

Total		$19,156			$–			$19,156			$106,140		$–		$106,140


Mortgage Fund
	Six months ended June 30, 2017									Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1		$1,450			$1,186			$2,636			$7,780		$152		$7,932
Class 1A*		–	^†		–	^†		–	^†
Class 2		291			262			553			1,648		35		1,683
Class 4		40			39			79			222		5		227

Total		$1,781			$1,487			$3,268			$9,650		$192		$9,842


168		American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund


	Six months ended June 30, 2017								Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains		Total dividends paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class 1	$	3,834		$	–	$	3,834		$	44,429	$	7,982	$	52,411
Class 1A*		–	^†		–		–	^†
Class 2		3,682			–		3,682			43,530		8,728		52,258
Class 3		27			–		27			307		60		367
Class 4		111			–		111			1,615		371		1,986

Total	$	7,654		$	–	$	7,654		$	89,881	$	17,141	$	107,022


Managed Risk Growth Fund
	Six months ended June 30, 2017								Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains		Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class P1	$	7		$	22	$	29		$	3	$	57	$	60
Class P2		727			4,120		4,847			327		14,955		15,282

Total	$	734		$	4,142	$	4,876		$	330	$	15,012	$	15,342


Managed Risk International Fund
	Six months ended June 30, 2017								Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains		Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class P1	$	1		$	2	$	3		$	2	$	4	$	6
Class P2		899			1,401		2,300			841		2,181		3,022

Total	$	900		$	1,403	$	2,303		$	843	$	2,185	$	3,028


Managed Risk Blue Chip Income and Growth Fund
	Six months ended June 30, 2017								Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains		Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class P1	$	2		$	3	$	5		$	5	$	8	$	13
Class P2		4,292			5,566		9,858			3,370		5,915		9,285

Total	$	4,294		$	5,569	$	9,863		$	3,375	$	5,923	$	9,298


Managed Risk Growth-Income Fund
	Six months ended June 30, 2017								Year ended December 31, 2016

Share class	Ordinary income			Long-term capital gains		Total dividends and distributions paid			Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class P1	$	19		$	73	$	92		$	15	$	64	$	79
Class P2		1,848			7,653		9,501			1,692		8,401		10,093

Total	$	1,867		$	7,726	$	9,593		$	1,707	$	8,465	$	10,172

See end of tables for footnotes.


American Funds Insurance Series		169

Managed Risk Asset Allocation Fund


	Six months ended June 30, 2017						Year ended December 31, 2016

Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid

Class P1	$	11,454	$	13,811	$	25,265	$	16,330	$	29,417	$	45,747
Class P2		20,268		24,931		45,199		27,858		64,161		92,019

Total	$	31,722	$	38,742	$	70,464	$	44,188	$	93,578	$	137,766

*Class 1A shares began investment operations on January 6, 2017.

^†Amount less than one thousand.

7. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors,^® Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“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 annual rates that generally decrease as average net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds. These fees are included in the net effective expense ratios that are provided as supplementary 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 is waiving a portion of its investment advisory services fees for each of the managed risk funds. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. For the six months ended June 30, 2017, total investment advisory services fees waived by CRMC were $1,178,000.


170		American Funds Insurance Series

The range of rates, net asset levels and the current annualized rates of average net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:


	Rates						Net asset level (in billions)				For the period ended June 30, 2017, before waiver			For the period ended June 30, 2017, after waiver
Fund	Beginning with			Ending with			Up to		In excess of		For the period ended June 30, 2017, before waiver			For the period ended June 30, 2017, after waiver

Global Growth Fund		.690	%		.460	%	$	.6	$	5.0		.523	%		.523	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.698			.698
Growth Fund		.500			.280			.6		34.0		.327			.327
International Fund		.690			.430			.5		21.0		.498			.498
New World Fund		.850			.620			.5		2.5		.707			.707
Blue Chip Income and Growth Fund		.500			.360			.6		6.5		.389			.389
Global Growth and Income Fund		.690			.480			.6		3.0		.593			.593
Growth-Income Fund		.500			.219			.6		34.0		.264			.264
International Growth and Income Fund		.690			.530			.5		1.0		.622			.622
Capital Income Builder Fund		.500						all				.500			.500
Asset Allocation Fund		.500			.240			.6		21.0		.269			.269
Global Balanced Fund		.660			.510			.5		1.0		.660			.660
Bond Fund		.480			.330			.6		8.0		.361			.361
Global Bond Fund		.570			.450			1.0		3.0		.530			.530
High-Income Bond Fund		.500			.420			.6		2.0		.465			.465
Mortgage Fund		.420			.290			.6		3.0		.420			.420
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.320			.320
U.S. Government/AAA-Rated Securities Fund		.420			.290			.6		3.0		.338			.338
Managed Risk Growth Fund		.150						all				.150			.100
Managed Risk International Fund		.150						all				.150			.100
Managed Risk Blue Chip Income and Growth Fund		.150						all				.150			.100
Managed Risk Growth-Income Fund		.150						all				.150			.100
Managed Risk Asset Allocation Fund		.150						all				.150			.100

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

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 to provide administrative services to all of the funds’ share classes. The services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. Under the agreement, each share class of each fund, except the managed risk funds, pays an


American Funds Insurance Series		171

annual fee of 0.01% based on its respective average daily net assets to compensate CRMC for providing administrative services. For the managed risk funds, CRMC receives administrative services fees of 0.01% 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 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.

Miscellaneous fee reimbursements – CRMC is currently reimbursing a portion of miscellaneous fees and expenses for each of the managed risk funds. Miscellaneous expenses exclude investment advisory services and distribution services fees. For the six months ended June 30, 2017, total expenses reimbursed by CRMC were $473,000.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 89

Class 1A*

$ –

^†

–

^†

Class 2

4,609

Not applicable

184

Class 4

140

Total class-specific expenses

$4,749

$140

$279

International Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$203

Class 1A*

$ –

^†

–

^†

Class 2

4,966

Not applicable

199

Class 3

Not applicable

Class 4

100

Total class-specific expenses

$5,092

$100

$408

Global Small Capitalization Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 81

Class 1A*

$ –

^†

–

^†

Class 2

2,995

Not applicable

120

Class 4

Total class-specific expenses

$3,060

$65

$203

New World Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 94

Class 1A*

$ –

^†

–

^†

Class 2

1,199

Not applicable

Class 4

351

Total class-specific expenses

$1,550

$351

$156

Growth Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 370

Class 1A*

$ –

^†

–

^†

Class 2

18,358

Not applicable

734

Class 3

175

Not applicable

Class 4

645

Total class-specific expenses

$19,178

$645

$1,140

Blue Chip Income and Growth Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$268

Class 1A*

$ –

^†

–

^†

Class 2

4,283

Not applicable

171

Class 4

195

Total class-specific expenses

$4,478

$195

$447


172		American Funds Insurance Series

Global Growth and Income Fund


Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$ 29
Class 1A*		$ —		$ —		—
Class 2		1,810		Not applicable		72
Class 4		24		24		1

Total class-specific expenses		$1,834		$24		$102

Global Balanced Fund


Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$ 3
Class 1A*		$ —		$ —		—
Class 2		232		Not applicable		9
Class 4		18		18		1

Total class-specific expenses		$250		$18		$13

Growth-Income Fund


Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable			$ 670
Class 1A*		$ —		$ —	^†		—	^†
Class 2		16,474		Not applicable			659
Class 3		144		Not applicable			8
Class 4		671		671			27

Total class-specific expenses		$17,289		$671			$1,364

Bond Fund


Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable			$349
Class 1A*		$ —		$ —	^†		—	^†
Class 2		4,920		Not applicable			197
Class 4		136		136			5

Total class-specific expenses		$5,056		$136			$551

International Growth and Income Fund


Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable			$44
Class 1A*		$ —		$ —	^†		—	^†
Class 2		318		Not applicable			13
Class 4		52		52			2

Total class-specific expenses		$370		$52			$59

Global Bond Fund


Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable			$ 58
Class 1A*		$ —		$ —	^†		—	^†
Class 2		1,422		Not applicable			57
Class 4		16		16			—	^†

Total class-specific expenses		$1,438		$16			$115

Capital Income Builder


Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable			$ 9
Class 1A*		$ —		$ —	^†		—	^†
Class 2		1		Not applicable			—	^†
Class 4		345		345			14

Total class-specific expenses		$346		$345			$23

High-Income Bond Fund


Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable			$47
Class 1A*		$ —		$ —	^†		—	^†
Class 2		996		Not applicable			40
Class 3		12		Not applicable			1
Class 4		32		32			1

Total class-specific expenses		$1,040		$32			$89

Asset Allocation Fund


Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$ 702
Class 1A*		$ —		$ 1		—	†
Class 2		6,593		Not applicable		264
Class 3		33		Not applicable		2
Class 4		3,822		3,822		153

Total class-specific expenses		$10,448		$3,823		$1,121

See end of tables for footnotes.


American Funds Insurance Series		173

Mortgage Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$14

Class 1A*

$ –

†

–

†

Class 2

Not applicable

Class 4

–

Total class-specific expenses

$89

$11

$17

Managed Risk International Fund


	Distribution services		Insurance administrative services

Class P1		Not applicable		$ –	†
Class P2		$140		140

Total class-specific expenses		$140		$140

Ultra-Short Bond Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 2

Class 1A*

$ –

–

Class 2

341

Not applicable

Class 3

Not applicable

–

Class 4

Total class-specific expenses

$362

$17

$16

Managed Risk Blue Chip

Income and Growth Fund


	Distribution services		Insurance administrative services

Class P1		Not applicable		$ –	†
Class P2		$431		432

Total class-specific expenses		$431		$432

U.S. Government/AAA-Rated Securities Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 73

Class 1A*

$ –

†

–

†

Class 2

1,856

Not applicable

Class 3

Not applicable

Class 4

Total class-specific expenses

$1,933

$68

$151

Managed Risk Growth-Income Fund


	Distribution services		Insurance administrative services

Class P1		Not applicable		$ 2
Class P2		$217		217

Total class-specific expenses		$217		$219

Managed Risk Growth Fund


	Distribution services		Insurance administrative services

Class P1		Not applicable		$ 1
Class P2		$283		283

Total class-specific expenses		$283		$284

* Class 1A shares began investment operations on January 6, 2017.

† Amount less than one thousand.

Managed Risk Asset Allocation Fund


	Distribution services		Insurance administrative services

Class P1		Not applicable		$1,688
Class P2		$3,127		3,127

Total class-specific expenses		$3,127		$4,815


174		American Funds Insurance 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, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):


	Current fees		Increase in value of deferred amounts			Total trustees’ compensation
Global Growth Fund		$19		$ 8			$ 27
Global Small Capitalization Fund		14		6			20
Growth Fund		80		31			111
International Fund		28		11			39
New World Fund		11		4			15
Blue Chip Income and Growth Fund		32		12			44
Global Growth and Income Fund		7		3			10
Growth-Income Fund		96		37			133
International Growth and Income Fund		4		2			6
Capital Income Builder		1		1			2
Asset Allocation Fund		78		31			109
Global Balanced Fund		1		—	*		1
Bond Fund		40		15			55
Global Bond Fund		8		3			11
High-Income Bond Fund		7		2			9
Mortgage Fund		1		—	*		1
Ultra-Short Bond Fund		1		—	*		1
U.S. Government/AAA-Rated Securities Fund		11		4			15
Managed Risk Growth Fund		1		—	*		1
Managed Risk International Fund		1		—	*		1
Managed Risk Blue Chip Income and Growth Fund		2		—	*		2
Managed Risk Growth-Income Fund		1		—	*		1
Managed Risk Asset Allocation Fund		13		5			18

*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.

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.

The following table presents purchase and sales transactions between each fund and related funds as of June 30, 2017 (dollars in thousands):


	Purchases		Sales
Global Small Capitalization Fund		$15,273	$	105,787
International Fund		68,017		31,582
Blue Chip Income and Growth Fund		67,182		170,978

8. Committed line of credit

Global Small Capitalization Fund, New World Fund and High-Income Bond Fund participate with other funds managed by CRMC in a $1 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 six months ended June 30, 2017.


American Funds Insurance Series		175

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

Global Growth Fund


	Sales¹				Reinvestments of dividends and distributions					Repurchases¹				Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount		Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$ 89,305		3,373		$ 57,544		2,074			$(157,017)		(5,802)		$ (10,168)		(355)
Class 1A²		538		19		16		1			(1)		–³		553		20
Class 2		29,976		1,163		118,050		4,296			(292,351)		(11,106)		(144,325)		(5,647)
Class 4		26,902		1,016		3,969		145			(5,458)		(208)		25,413		953

Total net increase (decrease)		$146,721		5,571		$179,579		6,516			$(454,827)		(17,116)		$(128,527)		(5,029)


Year ended December 31, 2016
Class 1		$214,321		8,771		$150,842		6,520			$(225,629)		(9,136)		$ 139,534		6,155
Class 2		98,924		4,087		336,499		14,694			(451,495)		(18,489)		(16,072)		292
Class 4		31,776		1,313		8,092		354			(28,384)		(1,172)		11,484		495

Total net increase (decrease)		$345,021		14,171		$495,433		21,568			$(705,508)		(28,797)		$ 134,946		6,942

Global Small Capitalization Fund
	Sales¹				Reinvestments of dividends and distributions					Repurchases¹				Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount		Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$ 78,076		3,560		$ 6,317		277			$(280,989)		(12,408)		$(196,596)		(8,571)
Class 1A²		141		7		–		–	³		–³		–³		141		7
Class 2		15,219		726		9,527		429			(158,031)		(7,414)		(133,285)		(6,259)
Class 4		15,135		704		220		9			(2,208)		(103)		13,147		610

Total net increase (decrease)		$108,571		4,997		$ 16,064		715			$(441,228)		(19,925)		$(316,593)		(14,213)


Year ended December 31, 2016
Class 1		$161,105		7,595		$285,447		14,932			$(368,707)		(16,753)		$ 77,845		5,774
Class 2		54,521		2,619		445,999		23,986			(293,447)		(14,137)		207,073		12,468
Class 4		16,563		792		6,857		365			(8,311)		(402)		15,109		755

Total net increase (decrease)		$232,189		11,006		$738,303		39,283			$(670,465)		(31,292)		$ 300,027		18,997


176		American Funds Insurance Series

Growth Fund


	Sales¹				Reinvestments of dividends and distributions					Repurchases¹				Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount		Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$282,329		3,905		$ 742,365		10,520			$ (491,403)		(6,732)		$ 533,291		7,693
Class 1A²		802		11		66		1			(5)		–³		863		12
Class 2		116,105		1,603		1,463,878		20,888			(1,084,545)		(14,970)		495,438		7,521
Class 3		275		4		19,224		271			(10,062)		(137)		9,437		138
Class 4		68,757		954		55,030		793			(21,417)		(300)		102,370		1,447

Total net increase (decrease)		$468,268		6,477		$2,280,563		32,473			$(1,607,432)		(22,139)		$1,141,399		16,811


Year ended December 31, 2016
Class 1		$458,166		7,079		$ 669,418		10,693			$ (964,251)		(14,691)		$ 163,333		3,081
Class 2		177,712		2,745		1,349,846		21,732			(1,859,064)		(28,538)		(331,506)		(4,061)
Class 3		1,102		18		17,818		284			(27,723)		(425)		(8,803)		(123)
Class 4		75,062		1,167		39,264		638			(49,300)		(768)		65,026		1,037

Total net increase (decrease)		$712,042		11,009		$2,076,346		33,347			$(2,900,338)		(44,422)		$ (111,950)		(66)

International Fund
	Sales¹				Reinvestments of dividends and distributions					Repurchases¹				Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount		Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$383,721		20,353		$ 66,548		3,387			$ (240,741)		(12,822)		$ 209,528		10,918
Class 1A²		361		19		4		–	³		–³		–³		365		19
Class 2		85,351		4,660		60,782		3,107			(308,160)		(16,553)		(162,027)		(8,786)
Class 3		159		9		434		22			(1,871)		(101)		(1,278)		(70)
Class 4		24,587		1,324		1,376		71			(5,314)		(287)		20,649		1,108

Total net increase (decrease)		$494,179		26,365		$129,144		6,587			$ (556,086)		(29,763)		$ 67,237		3,189


Year ended December 31, 2016
Class 1		$502,624		29,474		$355,240		22,171			$ (416,969)		(24,055)		$ 440,895		27,590
Class 2		190,542		11,247		385,917		24,231			(598,017)		(34,790)		(21,558)		688
Class 3		122		7		2,834		177			(5,902)		(343)		(2,946)		(159)
Class 4		25,077		1,477		5,458		345			(7,439)		(436)		23,096		1,386

Total net increase (decrease)		$718,365		42,205		$749,449		46,924			$(1,028,327)		(59,624)		$ 439,487		29,505

New World Fund
	Sales¹				Reinvestments of dividends					Repurchases¹				Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount		Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$126,934		5,828		$ 3,072		136			$(287,145)		(12,786)		$(157,139)		(6,822)
Class 1A²		163		7		–		–	³		–³		–³		163		7
Class 2		123,916		5,750		1,283		57			(173,508)		(8,085)		(48,309)		(2,278)
Class 4		53,144		2,480		340		15			(8,319)		(389)		45,165		2,106

Total net increase (decrease)		$304,157		14,065		$ 4,695		208			$(468,972)		(21,260)		$(160,120)		(6,987)


Year ended December 31, 2016
Class 1		$343,390		17,604		$17,686		901			$(250,303)		(12,858)		$ 110,773		5,647
Class 2		51,238		2,661		7,100		365			(149,682)		(7,790)		(91,344)		(4,764)
Class 4		71,177		3,754		1,465		75			(12,695)		(670)		59,947		3,159

Total net increase (decrease)		$465,805		24,019		$26,251		1,341			$(412,680)		(21,318)		$ 79,376		4,042

See end of tables for footnotes.


American Funds Insurance Series		177

Blue Chip Income and Growth Fund


	Sales¹				Reinvestments of dividends and distributions						Repurchases¹				Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount		Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$ 345,090		24,688		$211,819			15,371			$(475,150)		(33,513)		$ 81,759		6,546
Class 1A²		168		12		7			1			(10)		(1)		165		12
Class 2		27,058		1,962		139,561			10,239			(197,271)		(14,224)		(30,652)		(2,023)
Class 4		49,953		3,614		6,897			507			(14,591)		(1,051)		42,259		3,070

Total net increase (decrease)		$ 422,269		30,276		$358,284			26,118			$(687,022)		(48,789)		$ 93,531		7,605


Year ended December 31, 2016
Class 1		$ 986,168		74,990		$426,031			33,628			$(260,962)		(20,029)		$1,151,237		88,589
Class 2		42,572		3,274		328,996			26,334			(424,524)		(32,897)		(52,956)		(3,289)
Class 4		105,759		8,137		7,693			611			(18,601)		(1,441)		94,851		7,307

Total net increase (decrease)		$1,134,499		86,401		$762,720			60,573			$(704,087)		(54,367)		$1,193,132		92,607

Global Growth and Income Fund
	Sales¹				Reinvestments of dividends and distributions						Repurchases¹				Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount		Shares		Amount		Shares

Six months ended June 30, 2017
Class 1²		$ 43,654		3,156		$ 7,982			546			$(289,329)		(19,613)		$(237,693)		(15,911)
Class 1A		10		1		–	³		–	³		–		–		10		1
Class 2		11,144		809		30,440			2,091			(115,651)		(8,266)		(74,067)		(5,366)
Class 4		8,243		584		467			33			(1,764)		(126)		6,946		491

Total net increase (decrease)		$ 63,051		4,550		$38,889			2,670			$(406,744)		(28,005)		$(304,804)		(20,785)


Year ended December 31, 2016
Class 1		$292,208		23,201		$10,481			808			$ (49,576)		(3,887)		$ 253,113		20,122
Class 2		25,520		2,043		25,283			1,955			(199,986)		(15,865)		(149,183)		(11,867)
Class 4		12,357		989		257			20			(2,230)		(180)		10,384		829

Total net increase (decrease)		$330,085		26,233		$36,021			2,783			$(251,792)		(19,932)		$ 114,314		9,084

Growth-Income Fund
	Sales¹				Reinvestments of dividends and distributions						Repurchases¹				Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount		Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$ 885,451		18,923		$ 932,415			20,385			$ (538,378)		(11,476)		$1,279,488		27,832
Class 1A²		452		10		17			–	³		(3)		–³		466		10
Class 2		71,012		1,527		896,303			19,808			(825,238)		(17,743)		142,077		3,592
Class 3		232		5		10,668			233			(11,221)		(239)		(321)		(1)
Class 4		56,549		1,226		38,175			850			(23,522)		(509)		71,202		1,567

Total net increase (decrease)		$1,013,696		21,691		$1,877,578			41,276			$(1,398,362)		(29,967)		$1,492,912		33,000


Year ended December 31, 2016
Class 1		$1,364,357		31,261		$1,429,866			34,358			$ (830,642)		(18,888)		$1,963,581		46,731
Class 2		142,903		3,288		1,580,603			38,422			(1,561,195)		(35,880)		162,311		5,830
Class 3		1,293		30		19,402			467			(23,792)		(543)		(3,097)		(46)
Class 4		72,892		1,695		54,139			1,325			(35,791)		(829)		91,240		2,191

Total net increase (decrease)		$1,581,445		36,274		$3,084,010			74,572			$(2,451,420)		(56,140)		$2,214,035		54,706


178		American Funds Insurance Series

International Growth and Income Fund


	Sales¹				Reinvestments of dividends and distributions						Repurchases¹					Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$170,779		10,248		$ 1,924			116			$(51,629)			(3,183)		$121,074		7,181
Class 1A²		15		1		–	³		–	³		–			–		15		1
Class 2		4,036		261		383			23			(20,376)			(1,299)		(15,957)		(1,015)
Class 4		5,798		368		53			3			(1,442)			(92)		4,409		279


Total net increase (decrease)		$180,628		10,878		$ 2,360			142			$(73,447)			(4,574)		$109,541		6,446


Year ended December 31, 2016
Class 1		$105,994		7,226		$26,726			1,853			$(5,982)			(396)		$126,738		8,683
Class 2		17,101		1,182		7,312			508			(30,910)			(2,088)		(6,497)		(398)
Class 4		8,076		551		1,044			73			(3,762)			(258)		5,358		366


Total net increase (decrease)		$131,171		8,959		$35,082			2,434			$(40,654)			(2,742)		$125,599		8,651


Capital Income Builder

	Sales¹				Reinvestments of dividends						Repurchases¹					Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$ 36,029		3,673		$ 2,810			282			$(3,569)			(367)		$35,270		3,588
Class 1A²		73		7		1			–	³		–	³		–³		74		7
Class 2		569		58		7			1			(10)			(1)		566		58
Class 4		31,567		3,215		3,604			363			(10,100)			(1,029)		25,071		2,549


Total net increase (decrease)		$ 68,238		6,953		$ 6,422			646			$(13,679)			(1,397)		$60,981		6,202


Year ended December 31, 2016
Class 1		$ 95,122		9,946		$ 4,372			458			$(23,129)			(2,439)		$76,365		7,965
Class 2		144		15		2			–			(2)			–		144		15
Class 4		113,152		11,813		6,657			699			(20,474)			(2,162)		99,335		10,350


Total net increase (decrease)		$208,418		21,774		$11,031			1,157			$(43,605)			(4,601)		$175,844		18,330


Asset Allocation Fund

	Sales¹				Reinvestments of dividends and distributions						Repurchases¹					Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$1,223,552		53,798		$ 723,346			32,207			$(270,322)			(11,893)		$1,676,576		74,112
Class 1A²		1,962		85		76			4			(1)			–³		2,037		89
Class 2		79,620		3,555		259,355			11,661			(287,825)			(12,784)		51,150		2,432
Class 3		561		25		1,775			78			(2,001)			(88)		335		15
Class 4		198,612		8,889		155,241			7,009			(110,844)			(4,987)		243,009		10,911


Total net increase (decrease)		$1,504,307		66,352		$1,139,793			50,959			$(670,993)			(29,752)		$1,973,107		87,559


Year ended December 31, 2016
Class 1		$1,419,998		67,404		$ 510,045			24,119			$ (436,287)			(20,771)		$1,493,756		70,752
Class 2		190,550		9,074		201,323			9,626			(504,479)			(24,294)		(112,606)		(5,594)
Class 3		672		32		1,439			68			(4,926)			(233)		(2,815)		(133)
Class 4		385,933		18,332		100,264			4,812			(163,695)			(7,917)		322,502		15,227


Total net increase (decrease)		$1,997,153		94,842		$ 813,071			38,625			$(1,109,387)			(53,215)		$1,700,837		80,252

See end of tables for footnotes.


American Funds Insurance Series		179

Global Balanced Fund


	Sales¹				Reinvestments of dividends and distributions						Repurchases¹					Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$ 7,400		625		$ 243			20			$ (2,827)			(243)		$ 4,816		402
Class 1A²		10		1		–	³		–	³		–			–		10		1
Class 2		8,051		686		628			51			(13,017)			(1,108)		(4,338)		(371)
Class 4		10,398		883		63			5			(554)			(47)		9,907		841


Total net increase (decrease)		$25,859		2,195		$934			76			$(16,398)			(1,398)		$10,395		873


Year ended December 31, 2016
Class 1		$20,046		1,826		$939			85			$(6,690)			(590)		$14,295		1,321
Class 2		22,939		2,066		2,226			201			(22,938)			(2,086)		2,227		181
Class 4		9,506		864		121			11			(652)			(59)		8,975		816

Total net increase (decrease)		$52,491		4,756		$3,286			297			$(30,280)			(2,735)		$25,497		2,318


Bond Fund

	Sales¹				Reinvestments of dividends and distributions						Repurchases¹					Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$ 510,398		46,925		$134,744			12,407			$(1,110,594)			(101,036)		$ (465,452)		(41,704)
Class 1A²		390		35		7			1			–	³		–³		397		36
Class 2		61,700		5,733		79,311			7,392			(144,658)			(13,418)		(3,647)		(293)
Class 4		28,880		2,677		2,255			210			(11,431)			(1,057)		19,704		1,830


Total net increase (decrease)		$ 601,368		55,370		$216,317			20,010			$(1,266,683)			(115,511)		$ (448,998)		(40,131)


Year ended December 31, 2016
Class 1		$1,345,167		121,199		$148,075			13,631			$ (420,052)			(38,234)		$1,073,190		96,596
Class 2		144,585		13,214		82,041			7,631			(444,145)			(40,888)		(217,519)		(20,043)
Class 4		57,784		5,273		1,763			164			(16,674)			(1,523)		42,873		3,914

Total net increase (decrease)		$1,547,536		139,686		$231,879			21,426			$ (880,871)			(80,645)		$ 898,544		80,467


Global Bond Fund

	Sales¹				Reinvestments of dividends and distributions						Repurchases¹					Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares		Amount		Shares

Six months ended June 30, 2017
Class 1		$ 84,823		7,382		$7,297			621			$(35,529)			(3,105)		$56,591		4,898
Class 1A²		31		3		–	³		–	³		–	³		–		31		3
Class 2		25,366		2,239		7,064			606			(42,479)			(3,713)		(10,049)		(868)
Class 4		3,024		266		88			7			(1,118)			(98)		1,994		175


Total net increase (decrease)		$113,244		9,890		$14,449			1,234			$(79,126)			(6,916)		$48,567		4,208


Year ended December 31, 2016
Class 1		$213,129		18,309		$10,956			974			$(159,412)			(13,652)		$64,673		5,631
Class 2		36,347		3,158		8,734			780			(156,676)			(13,741)		(111,595)		(9,803)
Class 4		10,946		954		76			7			(4,634)			(404)		6,388		557


Total net increase (decrease)		$260,422		22,421		$19,766			1,761			$(320,722)			(27,797)		$(40,534)		(3,615)


180		American Funds Insurance Series

High-Income Bond Fund


	Sales¹				Reinvestments of dividends					Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2017
Class 1		$ 38,805		3,712		$8,924		846		$	(290,478	)		(27,344	)		$(242,749)			(22,786)
Class 1A²		114		11		1		–	³		(5	)		–	³		110			11
Class 2		8,564		833		9,562		921			(45,151	)		(4,381	)		(27,025)			(2,627)
Class 3		380		36		156		15			(641	)		(61	)		(105)			(10)
Class 4		54,593		4,954		353		31			(53,926	)		(4,896	)		1,020			89


Total net increase (decrease)		$102,456		9,546		$18,996		1,813		$	(390,201	)		(36,682	)		$(268,749)			(25,323)


Year ended December 31, 2016
Class 1		$ 69,042		6,945		$ 56,592		5,626		$	(291,328	)		(30,021	)		$(165,694)			(17,450)
Class 2		22,831		2,394		47,007		4,738			(116,168	)		(11,943	)		(46,330)			(4,811)
Class 3		2,650		279		746		74			(3,553	)		(365	)		(157)			(12)
Class 4		90,979		8,413		1,283		120			(73,640	)		(6,754	)		18,622			1,779

Total net increase (decrease)		$185,502		18,031		$105,628		10,558		$	(484,689	)		(49,083	)		$(193,559)			(20,494)

Mortgage Fund
	Sales¹				Reinvestments of dividends and distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2017
Class 1		$29,211		2,753		$2,512		236		$	(29,154	)		(2,743	)	$	2,569			246
Class 1A²		109		10		1		1			(5	)		(1	)		105			10
Class 2		3,827		361		553		52			(5,124	)		(483	)		(744	)		(70)
Class 4		3,237		307		79		7			(2,523	)		(239	)		793			75


Total net increase (decrease)		$36,384		3,431		$3,145		296		$	(36,806	)		(3,466	)	$	2,723			261


Year ended December 31, 2016
Class 1		$28,827		2,669		$7,933		749		$	(38,385	)		(3,569	)	$	(1,625	)		(151)
Class 2		18,388		1,714		1,683		159			(15,825	)		(1,473	)		4,246			400
Class 4		14,879		1,395		227		22			(17,844	)		(1,676	)		(2,738	)		(259)


Total net increase (decrease)		$62,094		5,778		$9,843		930		$	(72,054	)		(6,718	)	$	(117	)		(10)

Ultra-Short Bond Fund
	Sales¹				Reinvestments of dividends and distributions					Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2017
Class 1		$ 3,979		353		$—		—		$	(9,066	)		(804	)		$ (5,087)			(451)
Class 1A²		10		1		—		—			–			–			10			1
Class 2		26,711		2,429		—		—			(66,149	)		(6,017	)		(39,438)			(3,588)
Class 3		74		7		—		—			(351	)		(31	)		(277)			(24)
Class 4		9,477		852		—		—			(5,608	)		(504	)		3,869			348


Total net increase (decrease)		$ 40,251		3,642		$—		—		$	(81,174	)		(7,356	)		$(40,923)			(3,714)


Year ended December 31, 2016
Class 1		$ 15,562		1,382		$—		—		$	(17,527	)		(1,556	)		$ (1,965)			(174)
Class 2		128,178		11,656		—		—			(133,142	)		(12,108	)		(4,964)			(452)
Class 3		2,647		238		—		—			(4,768	)		(429	)		(2,121)			(191)
Class 4		18,372		1,649		—		—			(21,287	)		(1,911	)		(2,915)			(262)

Total net increase (decrease)		$164,759		14,925		$—		—		$	(176,724	)		(16,004	)		$(11,965)			(1,079)

See end of tables for footnotes.


American Funds Insurance Series		181

U.S. Government/AAA-Rated Securities Fund


	Sales¹				Reinvestments of dividends and distributions						Repurchases¹					Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount		Shares			Amount		Shares

Six months ended June 30, 2017
Class 1		$ 44,091		3,625		$ 3,834			312			$(211,044)		(17,165	)		$(163,119)		(13,228)
Class 1A²		111		9		—	³		—	³		—³		—	³		111		9
Class 2		18,100		1,504		3,682			303			(60,061)		(4,986	)		(38,279)		(3,179)
Class 3		691		57		26			2			(642)		(53	)		75		6
Class 4		11,941		987		111			10			(12,741)		(1,058	)		(689)		(61)


Total net increase (decrease)		$ 74,934		6,182		$ 7,653			627			$(284,488)		(23,262	)		$(201,901)		(16,453)


Year ended December 31, 2016
Class 1		$111,564		8,949		$ 52,411			4,280			$(89,943)		(7,217	)		$74,032		6,012
Class 2		65,544		5,287		52,257			4,303			(160,525)		(13,019	)		(42,724)		(3,429)
Class 3		1,568		125		368			30			(2,199)		(176	)		(263)		(21)
Class 4		58,794		4,745		1,986			163			(48,646)		(3,930	)		12,134		978


Total net increase (decrease)		$237,470		19,106		$107,022			8,776			$(301,313)		(24,342	)		$ 43,179		3,540

Managed Risk Growth Fund
	Sales¹				Reinvestments of dividends and distributions						Repurchases¹					Net increase
Share class	Amount		Shares		Amount			Shares			Amount		Shares			Amount		Shares

Six months ended June 30, 2017
Class P1		$ 506		43		$ 29			3			$ (95)		(8	)		$ 440		38
Class P2		23,896		2,084		4,847			408			(8,089)		(699	)		20,654		1,793


Total net increase (decrease)		$24,402		2,127		$ 4,876			411			$ (8,184)		(707	)		$21,094		1,831


Year ended December 31, 2016
Class P1		$ 492		46		$ 60			6			$ (168)		(16	)		$ 384		36
Class P2		63,452		5,983		15,282			1,507			(14,771)		(1,388	)		63,963		6,102


Total net increase (decrease)		$63,944		6,029		$15,342			1,513			$(14,939)		(1,404	)		$64,347		6,138

Managed Risk International Fund
	Sales¹				Reinvestments of dividends and distributions						Repurchases¹					Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount		Shares			Amount		Shares

Six months ended June 30, 2017
Class P1		$ 95		10		$ 3			—	³		$ (131)		(13	)		$ (33)		(3)
Class P2		14,561		1,527		2,300			230			(5,436)		(552	)		11,425		1,205

Total net increase (decrease)		$14,656		1,537		$2,303			230			$(5,567)		(565	)		$11,392		1,202


Year ended December 31, 2016
Class P1		$ 41		4		$ 6			1			$ (53)		(6	)		$ (6)		(1)
Class P2		25,545		2,830		3,022			346			(8,610)		(948	)		19,957		2,228


Total net increase (decrease)		$25,586		2,834		$3,028			347			$ (8,663)		(954	)		$19,951		2,227


182		American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund


	Sales¹				Reinvestments of dividends and distributions				Repurchases¹						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2017
Class P1	$	59		5		$ 5		1		$ (133)			(11	)	$	(69	)		(5)
Class P2		73,692		6,177		9,858		830		(19,665	)		(1,636	)		63,885			5,371

Total net increase (decrease)	$	73,751		6,182		$9,863		831		$(19,798)			(1,647	)	$	63,816			5,366


Year ended December 31, 2016
Class P1	$	60		6		$ 13		1		$ (20)			(2	)	$	53			5
Class P2		139,800		12,424		9,285		848		(10,609	)		(952	)		138,476			12,320

Total net increase (decrease)	$	139,860		12,430		$9,298		849		$(10,629)			(954	)	$	138,529			12,325

Managed Risk Growth-Income Fund
	Sales¹				Reinvestments of dividends and distributions				Repurchases¹						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2017
Class P1		$ 549		47		$ 92		8		$ (91)			(8	)		$ 550			47
Class P2		17,017		1,467		9,501		835		(7,374)			(636	)		19,144			1,666

Total net increase (decrease)		$17,566		1,514		$ 9,593		843		$ (7,465)			(644	)		$19,694			1,713


Year ended December 31, 2016
Class P1		$ 746		68		$ 79		7		$ (343)			(31	)		$ 482			44
Class P2		41,955		3,864		10,093		964		(13,341)			(1,227	)		38,707			3,601

Total net increase (decrease)		$42,701		3,932		$10,172		971		$(13,684)			(1,258	)		$39,189			3,645

Managed Risk Asset Allocation Fund
	Sales¹				Reinvestments of dividends and distributions				Repurchases¹						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2017
Class P1	$	167,060		13,314		$ 25,265		1,986		$ (13,626)			(1,081	)	$	178,699			14,219
Class P2		173,524		13,882		45,199		3,559		(73,802)			(5,872	)		144,921			11,569

Total net increase (decrease)	$	340,584		27,196		$ 70,464		5,545		$ (87,428)			(6,953	)	$	323,620			25,788


Year ended December 31, 2016
Class P1	$	443,537		37,855		$ 45,747		3,957		$ (14,583)			(1,270	)	$	474,701			40,542
Class P2		369,887		31,502		92,019		7,990		(131,962)			(11,243	)		329,944			28,249

Total net increase (decrease)	$	813,424		69,357		$137,766		11,947		$(146,545)			(12,513	)	$	804,645			68,791

¹Includes exchanges between share classes of the fund.

²Class 1A shares began investment operations on January 6, 2017.

³Amount less than one thousand.


American Funds Insurance Series		183

10. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the six months ended June 30, 2017 (dollars in thousands):

Global

Blue Chip

Global

Small

New

Income and

Growth

Capitalization

Growth

International

World

Growth

Fund

Purchases of investment securities*

$1,296,935

$ 697,762

$3,483,444

$1,232,121

$1,178,332

$1,874,187

Sales of investment securities*

1,445,347

1,010,526

5,044,575

1,446,519

1,181,361

1,711,030

Non-U.S. taxes paid on interest income

–

(11)

–

Non-U.S. taxes paid on realized gains

–

512

–

Non-U.S. taxes provided on unrealized gains

–

2,992

2,114

–

Dividends from affiliated issuers

–

999

–

Net realized (loss) gain from affiliated issuers

–

(3,537)

–

Global

International

Growth

Growth-

Growth

Capital

Asset

Global

and Income

Income

and Income

Income

Allocation

Balanced

Fund

Builder

Fund

Purchases of investment securities*

$438,265

$3,807,445

$448,899

$183,484

$7,356,916

$72,913

Sales of investment securities*

728,490

3,914,474

390,545

137,173

6,913,815

56,404

Non-U.S. taxes paid on interest income

–

Non-U.S. taxes paid on realized gains

494

–

Non-U.S. taxes provided on unrealized gains

569

122

737

–

108

Dividends from affiliated issuers

–

Net realized (loss) gain from affiliated issuers

–

U.S.

High-

Government/

Global

Income

Ultra-Short

AAA-Rated

Bond

Mortgage

Bond

Securities

Fund

Purchases of investment securities*

$10,776,837

$1,043,219

$698,302

$1,402,401

$–

$9,719,948

Sales of investment securities*

12,666,209

1,178,903

896,758

1,393,925

–

9,645,828

Non-U.S. taxes paid on interest income

–

313

(5)

–

Non-U.S. taxes paid on realized gains

–

223

–

Non-U.S. taxes provided on unrealized gains

188

–

Dividends from affiliated issuers

–

Net realized (loss) gain from affiliated issuers

–

Managed

Risk Blue

Risk

Chip Income

Growth-

Asset

Growth

International

and Growth

Income

Allocation

Fund

Purchases of investment securities*

$43,200

$14,631

$79,280

$26,194

$434,120

Sales of investment securities*

10,750

4,448

15,254

5,069

14,247

Non-U.S. taxes paid on interest income

–

Non-U.S. taxes paid on realized gains

–

Non-U.S. taxes provided on unrealized gains

–

Dividends from affiliated issuers

365

397

1,244

488

12,067

Net realized (loss) gain from affiliated issuers

(574)

(483)

(296)

(554)

1,372

*Excludes short-term securities and U.S. government obligations, if any.


184		American Funds Insurance Series

11. Ownership concentration

At June 30, 2017, CRMC held aggregate ownership of 11% of the outstanding shares of Global Balanced Fund. The ownership represents the seed money invested in the fund when the fund began operations. In addition, American Funds Insurance Series -Portfolio Series - Managed Risk Growth and Income Portfolio, American Funds Insurance Series - Managed Risk Asset Allocation Fund and American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 34%, 16% and 15% of the outstanding shares of Capital Income Builder, Asset Allocation Fund and Global Balanced Fund, respectively.


American Funds Insurance Series		185

Financial highlights


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Global Growth Fund

Class 1:
6/30/17^2,3		$24.05		$.20			$4.31			$4.51			$(.03	)		$(.84)			$(.87	)		$27.69		18.75	%⁴		$1,866			.55	%⁵		1.53	%⁵
12/31/16		26.39		.25			(.14	)		.11			(.29	)		(2.16)			(2.45	)		24.05		.87			1,630			.56			1.00
12/31/15		27.48		.25			1.80			2.05			(.35	)		(2.79)			(3.14	)		26.39		7.24			1,626			.55			.90
12/31/14		30.11		.31	⁶		.40			.71			(.40	)		(2.94)			(3.34	)		27.48		2.52			1,558			.55			1.08	⁶
12/31/13		23.58		.31			6.62			6.93			(.40	)		–			(.40	)		30.11		29.51			1,508			.55			1.17
12/31/12		19.40		.30			4.14			4.44			(.26	)		–			(.26	)		23.58		22.89			1,466			.56			1.38

Class 1A:
6/30/17^2,3,7		24.50		.24			3.80			4.04			(.03	)		(.84	)		(.87	)		27.67		16.49	⁴		1			.38	⁴		.87	⁴

Class 2:
6/30/17^2,3		23.85		.16			4.27			4.43			(.02	)		(.84	)		(.86)			27.42		18.57	⁴		3,850			.80	⁵		1.27	⁵
12/31/16		26.19		.18			(.14	)		.04			(.22	)		(2.16	)		(2.38	)		23.85		.62			3,483			.81			.76
12/31/15		27.30		.18			1.78			1.96			(.28	)		(2.79	)		(3.07	)		26.19		6.94			3,817			.80			.66
12/31/14		29.92		.24	⁶		.41			.65			(.33	)		(2.94	)		(3.27	)		27.30		2.31			3,992			.80			.85	⁶
12/31/13		23.44		.24			6.58			6.82			(.34	)		–			(.34	)		29.92		29.18			4,379			.80			.91
12/31/12		19.29		.24			4.11			4.35			(.20	)		–			(.20	)		23.44		22.56			3,723			.81			1.13

Class 4:
6/30/17^2,3		23.81		.14			4.26			4.40			(.02	)		(.84	)		(.86)			27.35		18.44	⁴		134			1.05	⁵		1.07	⁵
12/31/16		26.16		.12			(.14	)		(.02	)		(.17	)		(2.16	)		(2.33	)		23.81		.37			94			1.06			.50
12/31/15		27.34		.09			1.81			1.90			(.29	)		(2.79	)		(3.08	)		26.16		6.69			91			1.05			.34
12/31/14		30.07		.07	⁶		.50			.57			(.36	)		(2.94	)		(3.30	)		27.34		2.01			19			1.05			.26	⁶
12/31/13		23.58		.13			6.77			6.90			(.41	)		–			(.41	)		30.07		29.36			1			1.06			.43
12/31/12^2,8		23.53		.01			.29			.30			(.25	)		–			(.25	)		23.58		1.27	^4,9		–	¹⁰		.02	^4,9		.04	^4,9

Global Small Capitalization Fund

Class 1:
6/30/17^2,3		$20.24		$.08			$2.52			$2.60			$ (.10	)		$ –			$(.10)			$22.74		12.82	%⁴		$1,526			.73	%⁵		.72	%⁵
12/31/16		24.41		.12			.17			.29			(.11	)		(4.35	)		(4.46	)		20.24		2.35			1,532			.74			.57
12/31/15		26.09		.04			.36			.40			–			(2.08	)		(2.08	)		24.41		.50			1,706			.73			.15
12/31/14		25.69		.09			.52			.61			(.09	)		(.12	)		(.21	)		26.09		2.36			1,411			.74			.34
12/31/13		20.16		.04			5.70			5.74			(.21	)		–			(.21	)		25.69		28.60			1,241			.74			.17
12/31/12		17.28		.09			3.09			3.18			(.30	)		–			(.30	)		20.16		18.51			1,019			.75			.46

Class 1A:
6/30/17^2,3,7		20.70		.11			2.02			2.13			(.10	)		–			(.10	)		22.73		10.26	⁴		–	¹⁰		.45	⁴		.49	⁴

Class 2:
6/30/17^2,3		19.72		.05			2.46			2.51			(.09	)		–			(.09	)		22.14		12.71	⁴		2,447			.98	⁵		.46	⁵
12/31/16		23.90		.07			.15			.22			(.05	)		(4.35	)		(4.40	)		19.72		2.10			2,303			.99			.31
12/31/15		25.64		(.03	)		.37			.34			–			(2.08	)		(2.08	)		23.90		.27			2,492			.98			(.10	)
12/31/14		25.25		.03			.51			.54			(.03	)		(.12	)		(.15	)		25.64		2.12			2,738			.99			.10
12/31/13		19.86		(.01	)		5.60			5.59			(.20	)		–			(.20	)		25.25		28.28			2,955			.99			(.05	)
12/31/12		17.04		.04			3.03			3.07			(.25	)		–			(.25	)		19.86		18.18			2,603			1.00			.20

Class 4:
6/30/17^2,3		19.91		.03			2.47			2.50			(.08	)		–			(.08	)		22.33		12.57	⁴		61			1.23	⁵		.26	⁵
12/31/16		24.11		.01			.16			.17			(.02	)		(4.35	)		(4.37	)		19.91		1.85			42			1.24			.03
12/31/15		25.92		(.10	)		.37			.27			–			(2.08	)		(2.08	)		24.11		(.02	)		34			1.23			(.37	)
12/31/14		25.57		(.05	)		.54			.49			(.02	)		(.12	)		(.14	)		25.92		1.88			12			1.24			(.17	)
12/31/13		20.16		(.12	)		5.74			5.62			(.21	)		–			(.21	)		25.57		28.01			4			1.24			(.50	)
12/31/12^2,8		19.68		.01			.54			.55			(.07	)		–			(.07	)		20.16		2.80	^4,9		–	¹⁰		.04	^4,9		.04	^4,9


186		American Funds Insurance Series


			Income (loss) from investment operations¹							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Growth Fund

Class 1:
6/30/17^2,3		$67.29		$.33			$9.91		$10.24		$(.12	)		$(7.33	)		$(7.45	)		$70.08		15.15	%⁴		$7,757			.35	%⁵		.90	%⁵
12/31/16		68.02		.67			5.40		6.07		(.67	)		(6.13	)		(6.80	)		67.29		9.77			6,931			.35			1.03
12/31/15		80.15		.64			5.08		5.72		(.61	)		(17.24	)		(17.85	)		68.02		7.12			6,796			.35			.87
12/31/14		78.54		.88	⁶		5.79		6.67		(1.16	)		(3.90	)		(5.06	)		80.15		8.78			7,118			.35			1.12	⁶
12/31/13		60.90		.64			17.84		18.48		(.84	)		–			(.84	)		78.54		30.43			7,003			.35			.93
12/31/12		52.07		.63			8.83		9.46		(.63	)		–			(.63	)		60.90		18.19			7,116			.35			1.10
Class 1A:
6/30/17^2,3,7		68.84		.38			8.26		8.64		(.12	)		(7.33	)		(7.45	)		70.03		12.48	⁴		1			.28	⁴		.51	⁴
Class 2:
6/30/17^2,3		66.92		.23			9.86		10.09		(.09	)		(7.33	)		(7.42	)		69.59		15.00	⁴		15,059			.60	⁵		.65	⁵
12/31/16		67.69		.51			5.36		5.87		(.51	)		(6.13	)		(6.64	)		66.92		9.49			13,978			.60			.78
12/31/15		79.84		.46			5.06		5.52		(.43	)		(17.24	)		(17.67	)		67.69		6.86			14,414			.60			.62
12/31/14		77.94		.68	⁶		5.75		6.43		(.63	)		(3.90	)		(4.53	)		79.84		8.51			15,413			.60			.87	⁶
12/31/13		60.45		.47			17.68		18.15		(.66	)		–			(.66	)		77.94		30.11			16,334			.60			.68
12/31/12		51.68		.47			8.77		9.24		(.47	)		–			(.47	)		60.45		17.89			14,911			.60			.83
Class 3:
6/30/17^2,3		67.67		.26			9.97		10.23		(.10	)		(7.33	)		(7.43	)		70.47		15.05	⁴		201			.53	⁵		.72	⁵
12/31/16		68.37		.56			5.42		5.98		(.55	)		(6.13	)		(6.68	)		67.67		9.56			183			.53			.85
12/31/15		80.47		.51			5.11		5.62		(.48	)		(17.24	)		(17.72	)		68.37		6.92			194			.53			.69
12/31/14		78.62		.74	⁶		5.79		6.53		(.78	)		(3.90	)		(4.68	)		80.47		8.58			208			.53			.94	⁶
12/31/13		60.97		.52			17.84		18.36		(.71	)		–			(.71	)		78.62		30.20			216			.53			.75
12/31/12		52.13		.53			8.83		9.36		(.52	)		–			(.52	)		60.97		17.97			189			.53			.92
Class 4:
6/30/17^2,3		66.41		.15			9.77		9.92		(.07	)		(7.33	)		(7.40	)		68.93		14.86	⁴		575			.85	⁵		.41	⁵
12/31/16		67.26		.34			5.32		5.66		(.38	)		(6.13	)		(6.51	)		66.41		9.22			458			.85			.53
12/31/15		79.74		.29			5.02		5.31		(.55	)		(17.24	)		(17.79	)		67.26		6.59			394			.85			.42
12/31/14		78.32		.37	⁶		5.87		6.24		(.92	)		(3.90	)		(4.82	)		79.74		8.25			24			.85			.47	⁶
12/31/13		60.90		.29			17.90		18.19		(.77	)		–			(.77	)		78.32		29.96			5			.85			.40
12/31/12^2,8		60.55		.03			.78		.81		(.46	)		–			(.46	)		60.90		1.33	^4,9		–	¹⁰		.02	^4,9		.05	^4,9

See end of tables for footnotes.


American Funds Insurance Series		187

Financial highlights (continued)


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

International Fund

Class 1:
6/30/17^2,3		$16.82		$.18			$2.97			$3.15			$(.07	)		$(.23	)		$(.30	)		$19.67		18.71	%⁴		$4,487			.53	%⁵		1.98	%⁵
12/31/16		18.08		.27			.30			.57			(.28	)		(1.55	)		(1.83	)		16.82		3.78			3,652			.54			1.57
12/31/15		20.35		.29			(1.03	)		(.74	)		(.35	)		(1.18	)		(1.53	)		18.08		(4.25	)		3,427			.54			1.41
12/31/14		21.22		.30			(.81	)		(.51	)		(.36	)		–			(.36	)		20.35		(2.41	)		3,282			.54			1.43
12/31/13		17.68		.27			3.59			3.86			(.32	)		–			(.32	)		21.22		21.91			3,324			.54			1.41
12/31/12		15.21		.30			2.47			2.77			(.30	)		–			(.30	)		17.68		18.21			3,618			.54			1.81
Class 1A:
6/30/17^2,3,7		17.17		.17			2.61			2.78			(.07	)		(.23	)		(.30	)		19.65		16.17	⁴		–	¹⁰		.36	⁴		.90	⁴
Class 2:
6/30/17^2,3		16.76		.16			2.95			3.11			(.06	)		(.23	)		(.29	)		19.58		18.55	⁴		4,165			.78	⁵		1.72	⁵
12/31/16		18.02		.23			.30			.53			(.24	)		(1.55	)		(1.79	)		16.76		3.53			3,710			.79			1.35
12/31/15		20.29		.24			(1.03	)		(.79	)		(.30	)		(1.18	)		(1.48	)		18.02		(4.53	)		3,978			.79			1.17
12/31/14		21.15		.25			(.81	)		(.56	)		(.30	)		–			(.30	)		20.29		(2.65	)		4,374			.79			1.19
12/31/13		17.62		.22			3.58			3.80			(.27	)		–			(.27	)		21.15		21.64			5,916			.79			1.15
12/31/12		15.16		.26			2.45			2.71			(.25	)		–			(.25	)		17.62		17.91			5,465			.79			1.57
Class 3:
6/30/17^2,3		16.85		.16			2.98			3.14			(.06	)		(.23	)		(.29	)		19.70		18.64	⁴		30			.71	⁵		1.79	⁵
12/31/16		18.11		.24			.30			.54			(.25	)		(1.55	)		(1.80	)		16.85		3.57			27			.72			1.42
12/31/15		20.38		.25			(1.03	)		(.78	)		(.31	)		(1.18	)		(1.49	)		18.11		(4.44	)		32			.72			1.24
12/31/14		21.24		.27			(.82	)		(.55	)		(.31	)		–			(.31	)		20.38		(2.56	)		38			.72			1.28
12/31/13		17.70		.23			3.59			3.82			(.28	)		–			(.28	)		21.24		21.67			46			.72			1.22
12/31/12		15.23		.27			2.47			2.74			(.27	)		–			(.27	)		17.70		17.97			44			.72			1.65
Class 4:
6/30/17^2,3		16.64		.14			2.94			3.08			(.06	)		(.23	)		(.29	)		19.43		18.48	⁴		98			1.03	⁵		1.51	⁵
12/31/16		17.93		.18			.29			.47			(.21	)		(1.55	)		(1.76	)		16.64		3.21			66			1.04			1.03
12/31/15		20.23		.17			(1.00	)		(.83	)		(.29	)		(1.18	)		(1.47	)		17.93		(4.75	)		46			1.04			.88
12/31/14		21.16		.07			(.68	)		(.61	)		(.32	)		–			(.32	)		20.23		(2.88	)		18			1.04			.31
12/31/13		17.68		(.01	)		3.79			3.78			(.30	)		–			(.30	)		21.16		21.48			2			1.04			(.07	)
12/31/12^2,8		17.79		.01			.16			.17			(.28	)		–			(.28	)		17.68		.98	^4,9		–	¹⁰		.02	^4,⁹		.05	^4,9

New World Fund

Class 1:
6/30/17^2,3		$19.72		$.17			$2.71			$2.88			$(.04	)		$ –			$(.04	)		$22.56		14.59	%⁴		$1,841			.75	%⁵		1.55	%⁵
12/31/16		18.87		.24			.81			1.05			(.20	)		–			(.20	)		19.72		5.59			1,743			.78			1.25
12/31/15		20.72		.19			(.71	)		(.52	)		(.17	)		(1.16	)		(1.33	)		18.87		(2.96	)		1,562			.79			.92
12/31/14		25.08		.29	⁶		(1.92	)		(1.63	)		(.29	)		(2.44	)		(2.73	)		20.72		(7.63	)		1,433			.78			1.23	⁶
12/31/13		22.93		.34			2.31			2.65			(.39	)		(.11	)		(.50	)		25.08		11.66			1,388			.78			1.45
12/31/12		19.65		.33			3.23			3.56			(.28	)		–			(.28	)		22.93		18.13			1,140			.79			1.54
Class 1A:
6/30/17^2,3,7		20.14		.21			2.23			2.44			(.04	)		–			(.04	)		22.54		12.10	⁴		–	¹⁰		.46	⁴		.95	⁴
Class 2:
6/30/17^2,3		19.54		.14			2.69			2.83			(.03	)		–			(.03	)		22.34		14.48	⁴		990			1.00	⁵		1.31	⁵
12/31/16		18.71		.19			.79			.98			(.15	)		–			(.15	)		19.54		5.26			911			1.03			1.00
12/31/15		20.54		.14			(.69	)		(.55	)		(.12	)		(1.16	)		(1.28	)		18.71		(3.14	)		961			1.04			.68
12/31/14		24.88		.24	⁶		(1.91	)		(1.67	)		(.23	)		(2.44	)		(2.67	)		20.54		(7.87	)		1,084			1.03			1.01	⁶
12/31/13		22.75		.28			2.29			2.57			(.33	)		(.11	)		(.44	)		24.88		11.38			1,307			1.03			1.22
12/31/12		19.50		.28			3.19			3.47			(.22	)		–			(.22	)		22.75		17.82			1,378			1.04			1.31
Class 4:
6/30/17^2,3		19.51		.12			2.67			2.79			(.02	)		–			(.02	)		22.28		14.32	⁴		321			1.25	⁵		1.12	⁵
12/31/16		18.69		.14			.80			.94			(.12	)		–			(.12	)		19.51		5.04			240			1.28			.75
12/31/15		20.56		.08			(.68	)		(.60	)		(.11	)		(1.16	)		(1.27	)		18.69		(3.37	)		171			1.29			.39
12/31/14		24.99		.09	⁶		(1.83	)		(1.74	)		(.25	)		(2.44	)		(2.69	)		20.56		(8.13	)		64			1.28			.40	⁶
12/31/13		22.93		.14			2.41			2.55			(.38	)		(.11	)		(.49	)		24.99		11.20			8			1.29			.56
12/31/12^2,8		22.83		.01			.35			.36			(.26	)		–			(.26	)		22.93		1.58	^4,9		–	¹⁰		.04	^4,9		.04	^4,9


188		American Funds Insurance Series


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Blue Chip Income and Growth Fund

Class 1:
6/30/17^2,3		$13.53		$.16			$.63			$.79			$(.05	)		$(.53	)		$(.58	)		$13.74		5.82	%⁴		$5,270			.41	%⁵		2.26	%⁵
12/31/16		12.62		.31			1.97			2.28			(.29	)		(1.08	)		(1.37	)		13.53		19.06			5,099			.41			2.39
12/31/15		14.69		.31			(.64	)		(.33	)		(.29	)		(1.45	)		(1.74	)		12.62		(2.72	)		3,638			.41			2.23
12/31/14		13.12		.46	⁶		1.59			2.05			(.48	)		–			(.48	)		14.69		15.69			3,542			.42			3.31	⁶
12/31/13		10.05		.27			3.06			3.33			(.26	)		–			(.26	)		13.12		33.26			2,814			.42			2.27
12/31/12		9.00		.24			1.04			1.28			(.23	)		–			(.23	)		10.05		14.18			1,357			.43			2.41
Class 1A:
6/30/17^2,3,7		13.75		.13			.44			.57			(.05	)		(.53	)		(.58	)		13.74		4.05	⁴		–	¹⁰		.29	⁴		.92	⁴
Class 2:
6/30/17^2,3		13.39		.14			.64			.78			(.05	)		(.53	)		(.58	)		13.59		5.76	⁴		3,435			.66	⁵		2.01	⁵
12/31/16		12.51		.28			1.94			2.22			(.26	)		(1.08	)		(1.34	)		13.39		18.70			3,412			.66			2.16
12/31/15		14.57		.27			(.62	)		(.35	)		(.26	)		(1.45	)		(1.71	)		12.51		(2.93	)		3,228			.66			1.97
12/31/14		13.02		.44	⁶		1.55			1.99			(.44	)		–			(.44	)		14.57		15.36			3,722			.67			3.14	⁶
12/31/13		9.97		.23			3.05			3.28			(.23	)		–			(.23	)		13.02		33.00			3,755			.67			2.03
12/31/12		8.93		.21			1.03			1.24			(.20	)		–			(.20	)		9.97		13.88			3,382			.68			2.17
Class 4:
6/30/17^2,3		13.39		.12			.62			.74			(.04	)		(.53	)		(.57	)		13.56		5.52	⁴		175			.91	⁵		1.75	⁵
12/31/16		12.53		.24			1.96			2.20			(.26	)		(1.08	)		(1.34	)		13.39		18.49			132			.91			1.81
12/31/15		14.63		.24			(.63	)		(.39	)		(.26	)		(1.45	)		(1.71	)		12.53		(3.21	)		32			.91			1.75
12/31/14		13.12		.34	⁶		1.63			1.97			(.46	)		–			(.46	)		14.63		15.13			9			.92			2.33	⁶
12/31/13		10.05		.18			3.15			3.33			(.26	)		–			(.26	)		13.12		33.27			–	¹⁰		.86			1.39
12/31/12^2,8		10.20		.01			.03			.04			(.19	)		–			(.19	)		10.05		.38	^4,9		–	¹⁰		.02	^4,9		.10	^4,9

Global Growth and Income Fund

Class 1:
6/30/17^2,3		$13.02		$.20			$1.74			$1.94			$(.05	)		$(.26)			$(.31	)		$14.65		14.88	%⁴		$410			.62	%⁵		2.89	%⁵
12/31/16		12.35		.28			.66			.94			(.27	)		–			(.27	)		13.02		7.61			571			.63			2.18
12/31/15		12.78		.36			(.50	)		(.14	)		(.29	)		–			(.29	)		12.35		(1.14	)		293			.64			2.79
12/31/14		12.53		.43	⁶		.31			.74			(.49	)		–			(.49	)		12.78		6.00			200			.63			3.34	⁶
12/31/13		10.56		.39			2.00			2.39			(.42	)		–			(.42	)		12.53		22.81			206			.62			3.35
12/31/12		9.20		.25			1.39			1.64			(.28	)		–			(.28	)		10.56		17.93			180			.62			2.56
Class 1A:
6/30/17^2,3,7		13.21		.20			1.55			1.75			(.05	)		(.26	)		(.31	)		14.65		13.23	^4,9		–	¹⁰		.29	^4,9		1.43	^4,9
Class 2:
6/30/17^2,3		13.00		.18			1.73			1.91			(.04	)		(.26	)		(.30	)		14.61		14.70	⁴		1,500			.87	⁵		2.65	⁵
12/31/16		12.33		.25			.65			.90			(.23	)		–			(.23	)		13.00		7.34			1,405			.88			1.98
12/31/15		12.75		.22			(.39	)		(.17	)		(.25	)		–			(.25	)		12.33		(1.34	)		1,479			.89			1.73
12/31/14		12.51		.41	⁶		.29			.70			(.46	)		–			(.46	)		12.75		5.64			1,685			.88			3.22	⁶
12/31/13		10.54		.36			2.00			2.36			(.39	)		–			(.39	)		12.51		22.54			1,822			.87			3.09
12/31/12		9.19		.23			1.38			1.61			(.26	)		–			(.26	)		10.54		17.56			1,837			.87			2.31
Class 4:
6/30/17^2,3		12.89		.17			1.71			1.88			(.04	)		(.26	)		(.30	)		14.47		14.58	⁴		25			1.12	⁵		2.49	⁵
12/31/16		12.26		.21			.65			.86			(.23	)		–			(.23	)		12.89		7.04			16			1.13			1.63
12/31/15		12.71		.17			(.37	)		(.20	)		(.25	)		–			(.25	)		12.26		(1.60	)		5			1.14			1.32
12/31/14		12.50		.30	⁶		.37			.67			(.46	)		–			(.46	)		12.71		5.41			1			1.13			2.30	⁶
12/31/13		10.55		.28			2.09			2.37			(.42	)		–			(.42	)		12.50		22.60			1			1.12			2.27
12/31/12^2,8		10.64		.01			.13			.14			(.23	)		–			(.23	)		10.55		1.27	^4,9		–	¹⁰		.03	^4,9		.08	^4,9

See end of tables for footnotes.


American Funds Insurance Series		189

Financial highlights (continued)


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Growth-Income Fund

Class 1:
6/30/17^2,3	$	44.41	$	.39		$	4.02		$	4.41		$	(.14	)	$	(3.11	)	$	(3.25	)	$	45.57		9.90	%⁴	$	14,187			.28	%⁵		1.68	%⁵
12/31/16		45.40		.79			4.09			4.88			(.75	)		(5.12	)		(5.87	)		44.41		11.80			12,588			.29			1.79
12/31/15		52.76		.79			.37			1.16			(.75	)		(7.77	)		(8.52	)		45.40		1.72			10,747			.29			1.59
12/31/14		50.72		.81			4.57			5.38			(.80	)		(2.54	)		(3.34	)		52.76		10.91			10,812			.29			1.56
12/31/13		38.48		.66			12.31			12.97			(.73	)		–			(.73	)		50.72		33.82			9,857			.29			1.49
12/31/12		33.27		.66			5.25			5.91			(.70	)		–			(.70	)		38.48		17.79			9,782			.29			1.79
Class 1A:
6/30/17^2,3,7		45.39		.32			3.09			3.41			(.14	)		(3.11	)		(3.25	)		45.55		7.48	⁴		–	¹⁰		.23	⁴		.68	⁴
Class 2:
6/30/17^2,3		44.00		.33			3.98			4.31			(.12	)		(3.11	)		(3.23	)		45.08		9.77	⁴		13,333			.53	⁵		1.43	⁵
12/31/16		45.04		.67			4.05			4.72			(.64	)		(5.12	)		(5.76	)		44.00		11.51			12,854			.54			1.54
12/31/15		52.41		.66			.37			1.03			(.63	)		(7.77	)		(8.40	)		45.04		1.45			12,895			.54			1.34
12/31/14		50.40		.67			4.55			5.22			(.67	)		(2.54	)		(3.21	)		52.41		10.63			14,337			.54			1.31
12/31/13		38.24		.55			12.23			12.78			(.62	)		–			(.62	)		50.40		33.50			14,980			.54			1.25
12/31/12		33.07		.56			5.22			5.78			(.61	)		–			(.61	)		38.24		17.48			13,403			.54			1.53
Class 3:
6/30/17^2,3		44.47		.35			4.03			4.38			(.12	)		(3.11	)		(3.23	)		45.62		9.83	⁴		160			.46	⁵		1.50	⁵
12/31/16		45.46		.71			4.09			4.80			(.67	)		(5.12	)		(5.79	)		44.47		11.59			156			.47			1.61
12/31/15		52.82		.70			.37			1.07			(.66	)		(7.77	)		(8.43	)		45.46		1.53			161			.47			1.41
12/31/14		50.77		.71			4.59			5.30			(.71	)		(2.54	)		(3.25	)		52.82		10.71			185			.47			1.38
12/31/13		38.52		.58			12.32			12.90			(.65	)		–			(.65	)		50.77		33.58			193			.47			1.32
12/31/12		33.30		.59			5.26			5.85			(.63	)		–			(.63	)		38.52		17.59			168			.47			1.60
Class 4:
6/30/17^2,3		43.73		.27			3.95			4.22			(.10	)		(3.11	)		(3.21	)		44.74		9.64	⁴		577			.78	⁵		1.18	⁵
12/31/16		44.82		.56			4.02			4.58			(.55	)		(5.12	)		(5.67	)		43.73		11.25			495			.79			1.29
12/31/15		52.39		.58			.33			.91			(.71	)		(7.77	)		(8.48	)		44.82		1.21			410			.79			1.25
12/31/14		50.56		.58			4.51			5.09			(.72	)		(2.54	)		(3.26	)		52.39		10.34			30			.79			1.11
12/31/13		38.47		.45			12.33			12.78			(.69	)		–			(.69	)		50.56		33.32			3			.79			.96
12/31/12^2,8		38.65		.01			.39			.40			(.58	)		–			(.58	)		38.47		1.02	^4,9		–	¹⁰		.01	^4,9		.03	^4,9

International Growth and Income Fund

Class 1:
6/30/17^2,3	$	14.48	$	.31		$	1.94		$	2.25		$	(.03	)	$	–		$	(.03	)	$	16.70		15.54	%⁴	$	1,067			.66	%⁵		3.98	%⁵
12/31/16		14.72		.43			(.19	)		.24			(.42	)		(.06	)		(.48	)		14.48		1.71			820			.68			2.93
12/31/15		16.27		.42			(1.25	)		(.83	)		(.38	)		(.34	)		(.72	)		14.72		(5.34	)		707			.68			2.60
12/31/14		17.48		.58	⁶		(1.09	)		(.51	)		(.53	)		(.17	)		(.70	)		16.27		(2.93	)		740			.68			3.32	⁶
12/31/13		15.29		.44			2.50			2.94			(.47	)		(.28	)		(.75	)		17.48		19.39			696			.69			2.63
12/31/12		13.40		.37			1.89			2.26			(.37	)		–			(.37	)		15.29		16.84			203			.74			2.50
Class 1A:
6/30/17^2,3,7		14.69		.33			1.71			2.04			(.03	)		–			(.03	)		16.70		13.89	^4,9		–	¹⁰		.33	^4,9		2.09	^4,9
Class 2:
6/30/17^2,3		14.43		.29			1.94			2.23			(.02	)		–			(.02	)		16.64		15.48	⁴		264			.91	⁵		3.76	⁵
12/31/16		14.68		.40			(.21	)		.19			(.38	)		(.06	)		(.44	)		14.43		1.44			244			.93			2.72
12/31/15		16.22		.38			(1.24	)		(.86	)		(.34	)		(.34	)		(.68	)		14.68		(5.60	)		254			.93			2.32
12/31/14		17.43		.56	⁶		(1.10	)		(.54	)		(.50	)		(.17	)		(.67	)		16.22		(3.15	)		248			.93			3.21	⁶
12/31/13		15.25		.38			2.51			2.89			(.43	)		(.28	)		(.71	)		17.43		19.09			257			.94			2.28
12/31/12		13.37		.40			1.81			2.21			(.33	)		–			(.33	)		15.25		16.50			225			.99			2.77
Class 4:
6/30/17^2,3		14.38		.28			1.92			2.20			(.02	)		–			(.02	)		16.56		15.29	⁴		47			1.16	⁵		3.57	⁵
12/31/16		14.63		.36			(.19	)		.17			(.36	)		(.06	)		(.42	)		14.38		1.18			37			1.18			2.43
12/31/15		16.19		.33			(1.23	)		(.90	)		(.32	)		(.34	)		(.66	)		14.63		(5.82	)		32			1.18			2.02
12/31/14		17.45		.26	⁶		(.85	)		(.59	)		(.50	)		(.17	)		(.67	)		16.19		(3.39	)		20			1.18			1.52	⁶
12/31/13		15.29		.03			2.87			2.90			(.46	)		(.28	)		(.74	)		17.45		19.16			1			1.19			.18
12/31/12^2,8		15.56		.01			.09			.10			(.37	)		–			(.37	)		15.29		.62	^4,9		–	¹⁰		.04	^4,9		.07	^4,9


190		American Funds Insurance Series


			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Capital Income Builder

Class 1:
6/30/17^2,3		$ 9.46		$.20		$ .58			$.78			$(.15	)		$ –			$ (.15	)		$10.09		8.27	%⁴		$ 202			.53	%⁵		4.07	%⁵
12/31/16		9.40		.32		.07			.39			(.33	)		–			(.33	)		9.46		4.17			156			.54			3.39
12/31/15		9.81		.28		(.40	)		(.12	)		(.29	)		–			(.29	)		9.40		(1.23	)		80			.56			2.88
12/31/14^2,11		10.00		.19		(.18	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	⁴		20			.56	⁵		2.87	⁵
Class 1A:
6/30/17^2,3,7		9.57		.21		.45			.66			(.15	)		–			(.15	)		10.08		6.88	⁴		–	¹⁰		.33	⁴		2.09	⁴
Class 2:
6/30/17^2,3		9.46		.20		.57			.77			(.14	)		–			(.14	)		10.09		8.15	⁴		1			.78	⁵		4.13	⁵
12/31/16		9.40		.27		.11			.38			(.32	)		–			(.32	)		9.46		4.08			–	¹⁰		.80			2.82
12/31/15		9.81		.31		(.43	)		(.12	)		(.29	)		–			(.29	)		9.40		(1.23	)⁹		–	¹⁰		.46	⁹		3.12	⁹
12/31/14^2,11		10.00		.20		(.19	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	^4,9		–	¹⁰		.47	^5,9		2.94	^5,9
Class 4:
6/30/17^2,3		9.45		.17		.58			.75			(.13	)		–			(.13	)		10.07		7.92	⁴		299			1.03	⁵		3.53	⁵
12/31/16		9.38		.27		.08			.35			(.28	)		–			(.28	)		9.45		3.78			256			1.04			2.88
12/31/15		9.80		.25		(.42	)		(.17	)		(.25	)		–			(.25	)		9.38		(1.79	)		157			1.05			2.55
12/31/14^2,11		10.00		.14		(.16	)		(.02	)		(.17	)		(.01	)		(.18	)		9.80		(.21	)⁴		55			1.06	⁵		2.08	⁵

Asset Allocation Fund

Class 1:
6/30/17^2,3		$21.68		$.22		$1.58			$1.80			$(.07	)		$(1.06	)		$(1.13	)		$22.35		8.28	%⁴		$15,067			.29	%⁵		1.99	%⁵
12/31/16		20.62		.42		1.54			1.96			(.39	)		(.51	)		(.90	)		21.68		9.69			13,008			.29			1.97
12/31/15		22.23		.40		(.02	)		.38			(.40	)		(1.59	)		(1.99	)		20.62		1.64			10,913			.29			1.85
12/31/14		22.49		.44		.81			1.25			(.39	)		(1.12	)		(1.51	)		22.23		5.66			11,997			.30			1.95
12/31/13		18.43		.35		4.07			4.42			(.36	)		–			(.36	)		22.49		24.04			10,515			.31			1.71
12/31/12		16.17		.37		2.28			2.65			(.39	)		–			(.39	)		18.43		16.44			7,199			.31			2.11
Class 1A:
6/30/17^2,3,7		21.97		.26		1.24			1.50			(.07	)		(1.06	)		(1.13	)		22.34		6.81	⁴		2			.25	⁴		1.14	⁴
Class 2:
6/30/17^2,3		21.49		.19		1.57			1.76			(.06	)		(1.06	)		(1.12	)		22.13		8.17	⁴		5,350			.54	⁵		1.73	⁵
12/31/16		20.45		.36		1.53			1.89			(.34	)		(.51	)		(.85	)		21.49		9.41			5,144			.54			1.72
12/31/15		22.06		.34		(.01	)		.33			(.35	)		(1.59	)		(1.94	)		20.45		1.40			5,008			.54			1.60
12/31/14		22.33		.37		.81			1.18			(.33	)		(1.12	)		(1.45	)		22.06		5.40			5,494			.55			1.69
12/31/13		18.31		.30		4.03			4.33			(.31	)		–			(.31	)		22.33		23.69			5,760			.56			1.47
12/31/12		16.06		.33		2.27			2.60			(.35	)		–			(.35	)		18.31		16.19			5,225			.56			1.86
Class 3:
6/30/17^2,3		21.70		.20		1.59			1.79			(.07	)		(1.06	)		(1.13	)		22.36		8.20	⁴		37			.47	⁵		1.80	⁵
12/31/16		20.64		.38		1.54			1.92			(.35	)		(.51	)		(.86	)		21.70		9.49			35			.47			1.79
12/31/15		22.25		.36		(.02	)		.34			(.36	)		(1.59	)		(1.95	)		20.64		1.46			36			.47			1.67
12/31/14		22.51		.39		.81			1.20			(.34	)		(1.12	)		(1.46	)		22.25		5.47			40			.48			1.76
12/31/13		18.45		.32		4.06			4.38			(.32	)		–			(.32	)		22.51		23.81			42			.49			1.54
12/31/12		16.18		.34		2.29			2.63			(.36	)		–			(.36	)		18.45		16.28			38			.49			1.93
Class 4:
6/30/17^2,3		21.43		.17		1.56			1.73			(.06	)		(1.06	)		(1.12	)		22.04		8.02	⁴		3,183			.79	⁵		1.49	⁵
12/31/16		20.40		.31		1.53			1.84			(.30	)		(.51	)		(.81	)		21.43		9.16			2,861			.79			1.47
12/31/15		22.11		.30		(.02	)		.28			(.40	)		(1.59	)		(1.99	)		20.40		1.14			2,414			.79			1.45
12/31/14		22.46		.34		.79			1.13			(.36	)		(1.12	)		(1.48	)		22.11		5.16			32			.80			1.55
12/31/13		18.43		.27		4.12			4.39			(.36	)		–			(.36	)		22.46		23.89			1			.79			1.22
12/31/12^2,8		18.52		.01		.21			.22			(.31	)		–			(.31	)		18.43		1.17	^4,9		–	¹⁰		.01	^4,9		.08	^4,9

See end of tables for footnotes.


American Funds Insurance Series		191

Financial highlights (continued)


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Global Balanced Fund

Class 1:
6/30/17^2,3		$11.08		$.12			$1.12			$1.24			$ –			$(.04	)		$(.04	)		$12.28		11.19	%⁴		$ 76			.69	%⁵		2.09	%⁵
12/31/16		10.74		.19			.32			.51			(.17	)		–			(.17	)		11.08		4.73			64			.72			1.73
12/31/15		11.11		.20			(.28	)		(.08	)		(.14	)		(.15	)		(.29	)		10.74		(.69	)		47			.72			1.80
12/31/14		11.37		.25	⁶		(.03	)		.22			(.18	)		(.30	)		(.48	)		11.11		1.87			37			.71			2.14	⁶
12/31/13		10.34		.22			1.07			1.29			(.18	)		(.08	)		(.26	)		11.37		12.56			36			.70			2.05
12/31/12		9.35		.20			.98			1.18			(.19	)		–			(.19	)		10.34		12.58			32			.72			2.00

Class 1A:
6/30/17^2,3,7		11.18		.12			1.02			1.14			–			(.04	)		(.04	)		12.28		10.20	^4,9		–	¹⁰		.33	^4,9		1.03	^4,9

Class 2:
6/30/17^2,3		11.06		.11			1.12			1.23			–			(.04	)		(.04	)		12.25		11.12	⁴		193			.94	⁵		1.83	⁵
12/31/16		10.72		.16			.32			.48			(.14	)		–			(.14	)		11.06		4.48			178			.97			1.48
12/31/15		11.09		.18			(.28	)		(.10	)		(.12	)		(.15	)		(.27	)		10.72		(.95	)		171			.97			1.60
12/31/14		11.35		.22	⁶		(.03	)		.19			(.15	)		(.30	)		(.45	)		11.09		1.63			179			.96			1.88	⁶
12/31/13		10.33		.20			1.06			1.26			(.16	)		(.08	)		(.24	)		11.35		12.23			156			.95			1.79
12/31/12		9.35		.17			.97			1.14			(.16	)		–			(.16	)		10.33		12.24			119			.97			1.76

Class 4:
6/30/17^2,3		11.00		.10			1.11			1.21			–			(.04	)		(.04	)		12.17		11.00	⁴		21			1.19	⁵		1.67	⁵
12/31/16		10.69		.12			.33			.45			(.14	)		–			(.14	)		11.00		4.21			10			1.24			1.12
12/31/15		11.09		.06			(.17	)		(.11	)		(.14	)		(.15	)		(.29	)		10.69		(1.00	)		1			1.34			.58
12/31/14		11.35		.24	⁶		(.02	)		.22			(.18	)		(.30	)		(.48	)		11.09		1.88	⁹		–	¹⁰		.67	⁹		2.07	^6,9
12/31/13		10.33		.22			1.06			1.28			(.18	)		(.08	)		(.26	)		11.35		12.49	⁹		–	¹⁰		.71	⁹		1.98	⁹
12/31/12^2,8		10.47		.01			.03			.04			(.18	)		–			(.18	)		10.33		.40	^4,9		–	¹⁰		.03	^4,⁹		.05	^4,9

Bond Fund

Class 1:
6/30/17^2,3		$10.80		$.12			$.16			$.28			$(.06	)		$(.16	)		$(.22	)		$10.86		2.62	%⁴		$6,409			.38	%⁵		2.15	%⁵
12/31/16		10.70		.21			.14			.35			(.21	)		(.04	)		(.25	)		10.80		3.27			6,829			.38			1.91
12/31/15		11.08		.22			(.17	)		.05			(.21	)		(.22	)		(.43	)		10.70		.45			5,731			.38			1.95
12/31/14		10.73		.23			.37			.60			(.25	)		–	¹²		(.25	)		11.08		5.59			4,977			.39			2.03
12/31/13		11.29		.22			(.43	)		(.21	)		(.23	)		(.12	)		(.35	)		10.73		(1.89	)		4,506			.39			2.01
12/31/12		10.99		.25			.36			.61			(.31	)		–			(.31	)		11.29		5.58			3,917			.39			2.23

Class 1A:
6/30/17^2,3,7		10.82		.10			.15			.25			(.06	)		(.16	)		(.22	)		10.85		2.34	⁴		–			.29	⁴		.96	⁴

Class 2:
6/30/17^2,3		10.67		.10			.17			.27			(.06	)		(.16	)		(.22	)		10.72		2.51	⁴		3,972			.63	⁵		1.90	⁵
12/31/16		10.58		.18			.13			.31			(.18	)		(.04	)		(.22	)		10.67		2.95			3,959			.63			1.65
12/31/15		10.95		.18			(.15	)		.03			(.18	)		(.22	)		(.40	)		10.58		.28			4,135			.63			1.69
12/31/14		10.61		.20			.36			.56			(.22	)		–	¹²		(.22	)		10.95		5.28			4,565			.64			1.79
12/31/13		11.17		.19			(.43	)		(.24	)		(.20	)		(.12	)		(.32	)		10.61		(2.16	)		4,763			.64			1.76
12/31/12		10.87		.22			.36			.58			(.28	)		–			(.28	)		11.17		5.37			5,044			.64			1.97

Class 4:
6/30/17^2,3		10.70		.09			.16			.25			(.06	)		(.16	)		(.22	)		10.73		2.29	⁴		122			.88	⁵		1.65	⁵
12/31/16		10.61		.15			.15			.30			(.17	)		(.04	)		(.21	)		10.70		2.80			102			.88			1.41
12/31/15		11.01		.16			(.16	)		–			(.18	)		(.22	)		(.40	)		10.61		(.08	)		59			.88			1.47
12/31/14		10.69		.16			.39			.55			(.23	)		–	¹²		(.23	)		11.01		5.15			29			.89			1.43
12/31/13		11.29		.17			(.43	)		(.26	)		(.22	)		(.12	)		(.34	)		10.69		(2.34	)		3			.89			1.58
12/31/12^2,8		11.55		.01			(.02	)		(.01	)		(.25	)		–			(.25	)		11.29		(.04	)^4,9		–	¹⁰		.02	^4,9		.10	^4,9


192		American Funds Insurance Series


			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Global Bond Fund

Class 1:
6/30/17^2,3		$11.22		$.14		$ .43			$ .57			$ –			$(.07	)		$(.07	)		$11.72		5.09	%⁴		$1,222			.57	%⁵		2.38	%⁵
12/31/16		11.01		.26		.06			.32			(.09	)		(.02	)		(.11	)		11.22		2.92			1,115			.57			2.26
12/31/15		11.77		.27		(.71	)		(.44	)		(.01	)		(.31	)		(.32	)		11.01		(3.75	)		1,032			.57			2.34
12/31/14		11.88		.29		(.08	)		.21			(.21	)		(.11	)		(.32	)		11.77		1.71			1,194			.57			2.35
12/31/13		12.32		.28		(.58	)		(.30	)		–			(.14	)		(.14	)		11.88		(2.40	)		1,093			.56			2.37
12/31/12		11.96		.28		.48			.76			(.29	)		(.11	)		(.40	)		12.32		6.43			959			.56			2.29
Class 1A:
6/30/17^2,3,7		11.22		.13		.44			.57			–			(.07	)		(.07	)		11.72		5.09	^4,9		–	¹⁰		.28	^4,9		1.15	^4,9
Class 2:
6/30/17^2,3		11.14		.12		.43			.55			–			(.07	)		(.07	)		11.62		4.94	⁴		1,160			.82	⁵		2.12	⁵
12/31/16		10.93		.23		.07			.30			(.07	)		(.02	)		(.09	)		11.14		2.71			1,121			.82			2.01
12/31/15		11.72		.24		(.71	)		(.47	)		(.01	)		(.31	)		(.32	)		10.93		(4.07	)		1,208			.82			2.09
12/31/14		11.81		.26		(.09	)		.17			(.15	)		(.11	)		(.26	)		11.72		1.39			1,386			.82			2.11
12/31/13		12.27		.25		(.57	)		(.32	)		–			(.14	)		(.14	)		11.81		(2.58	)		1,496			.81			2.11
12/31/12		11.91		.25		.48			.73			(.26	)		(.11	)		(.37	)		12.27		6.19			1,664			.81			2.06
Class 4:
6/30/17^2,3		11.08		.11		.43			.54			–			(.07	)		(.07	)		11.55		4.88	⁴		15			1.07	⁵		1.88	⁵
12/31/16		10.89		.20		.06			.26			(.05	)		(.02	)		(.07	)		11.08		2.42			12			1.07			1.76
12/31/15		11.70		.21		(.71	)		(.50	)		–	¹²		(.31	)		(.31	)		10.89		(4.27	)		6			1.07			1.86
12/31/14		11.87		.20		(.05	)		.15			(.21	)		(.11	)		(.32	)		11.70		1.16			4			1.09			1.66
12/31/13		12.31		.27		(.57	)		(.30	)		–			(.14	)		(.14	)		11.87		(2.41	)		–	¹⁰		.79			2.25
12/31/12^2,8		12.53		.01		(.04	)		(.03	)		(.19	)		–			(.19	)		12.31		(.28	)^4,9		–	¹⁰		.02	^4,9		.11	^4,9

See end of tables for footnotes.


American Funds Insurance Series		193

Financial highlights (continued)


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

High-Income Bond Fund

Class 1:
6/30/17^2,3		$10.18		$.31			$ .16			$ .47			$(.13	)		$ –			$(.13	)		$10.52		4.60	%⁴		$ 741			.48	%⁵		6.00	%⁵
12/31/16		9.19		.61			1.02			1.63			(.64	)		–			(.64	)		10.18		17.83			949			.49			6.18
12/31/15		10.54		.64			(1.36	)		(.72	)		(.63	)		–			(.63	)		9.19		(6.94	)		1,017			.48			6.12
12/31/14		11.13		.67			(.59	)		.08			(.67	)		–			(.67	)		10.54		.80			1,017			.48			5.90
12/31/13		11.16		.75			.01			.76			(.79	)		–			(.79	)		11.13		6.89			856			.48			6.54
12/31/12		10.54		.81			.64			1.45			(.83	)		–			(.83	)		11.16		13.90			894			.48			7.25
Class 1A:
6/30/17^2,3,7		10.28		.29			.08			.37			(.13	)		–			(.13	)		10.52		3.59	⁴		–	¹⁰		.34	⁴		2.78	⁴
Class 2:
6/30/17^2,3		10.04		.29			.16			.45			(.13	)		–			(.13	)		10.36		4.43	⁴		798			.73	⁵		5.75	⁵
12/31/16		9.06		.58			1.01			1.59			(.61	)		–			(.61	)		10.04		17.69			799			.74			5.92
12/31/15		10.41		.60			(1.35	)		(.75	)		(.60	)		–			(.60	)		9.06		(7.30	)		765			.73			5.85
12/31/14		10.99		.63			(.57	)		.06			(.64	)		–			(.64	)		10.41		.63			929			.73			5.67
12/31/13		11.03		.71			.01			.72			(.76	)		–			(.76	)		10.99		6.60			1,061			.73			6.29
12/31/12		10.42		.78			.63			1.41			(.80	)		–			(.80	)		11.03		13.70			1,135			.73			7.00
Class 3:
6/30/17^2,3		10.22		.30			.16			.46			(.13	)		–			(.13	)		10.55		4.46	⁴		13			.66	⁵		5.82	⁵
12/31/16		9.22		.59			1.03			1.62			(.62	)		–			(.62	)		10.22		17.68			13			.67			5.99
12/31/15		10.57		.62			(1.37	)		(.75	)		(.60	)		–			(.60	)		9.22		(7.13	)		12			.66			5.91
12/31/14		11.16		.65			(.59	)		.06			(.65	)		–			(.65	)		10.57		.59			16			.66			5.74
12/31/13		11.18		.73			.02			.75			(.77	)		–			(.77	)		11.16		6.77			19			.66			6.36
12/31/12		10.56		.80			.63			1.43			(.81	)		–			(.81	)		11.18		13.67			21			.66			7.07
Class 4:
6/30/17^2,3		10.79		.30			.16			.46			(.12	)		–			(.12	)		11.13		4.29	⁴		22			.98	⁵		5.48	⁵
12/31/16		9.73		.60			1.07			1.67			(.61	)		–			(.61	)		10.79		17.29			21			.99			5.55
12/31/15		11.05		.62			(1.43	)		(.81	)		(.51	)		–			(.51	)		9.73		(7.42	)		1			.98			5.51
12/31/14		11.12		.63			(.59	)		.04			(.11	)		–			(.11	)		11.05		.35			–	¹⁰		.98			5.49
12/31/13		11.16		.67			.08			.75			(.79	)		–			(.79	)		11.12		6.81			–	¹⁰		.93			5.82
12/31/12^2,8		11.80		.04			–	¹²		.04			(.68	)		–			(.68	)		11.16		.34	^4,9		–	¹⁰		.02	^4,9		.35	^4,9

Mortgage Fund

Class 1:
6/30/17^2,3		$10.56		$.08			$ .08			$ .16			$(.03	)		$(.07	)		$(.10	)		$10.62		1.51	%⁴		$ 273			.44	%⁵		1.48	%⁵
12/31/16		10.61		.15			.11			.26			(.20	)		(.11	)		(.31	)		10.56		2.50			269			.46			1.39
12/31/15		10.70		.10			.13			.23			(.18	)		(.14	)		(.32	)		10.61		2.09			272			.45			.89
12/31/14		10.23		.12			.45			.57			(.10	)		–			(.10	)		10.70		5.54			292			.45			1.12
12/31/13		10.47		.04			(.18	)		(.14	)		(.08	)		(.02	)		(.10	)		10.23		(1.41	)		198			.44			.35
12/31/12		10.37		.01			.25			.26			(.06	)		(.10	)		(.16	)		10.47		2.57			87			.45			.08
Class 1A:
6/30/17^2,3,7		10.55		.07			.09			.16			(.03	)		(.07	)		(.10	)		10.61		1.52	⁴		–	¹⁰		.32	⁴		.68	⁴
Class 2:
6/30/17^2,3		10.54		.06			.09			.15			(.03	)		(.07	)		(.10	)		10.59		1.37	⁴		62			.69	⁵		1.23	⁵
12/31/16		10.59		.12			.12			.24			(.18	)		(.11	)		(.29	)		10.54		2.25			63			.71			1.14
12/31/15		10.68		.07			.13			.20			(.15	)		(.14	)		(.29	)		10.59		1.86			59			.70			.65
12/31/14		10.22		.10			.44			.54			(.08	)		–			(.08	)		10.68		5.23			52			.70			.91
12/31/13		10.46		–	¹²		(.17	)		(.17	)		(.05	)		(.02	)		(.07	)		10.22		(1.68	)		49			.69			(.02	)
12/31/12		10.36		(.02	)		.26			.24			(.04	)		(.10	)		(.14	)		10.46		2.38			49			.70			(.16	)
Class 4:
6/30/17^2,3		10.48		.05			.08			.13			(.02	)		(.07	)		(.09	)		10.52		1.25	⁴		10			.94	⁵		.98	⁵
12/31/16		10.52		.09			.12			.21			(.14	)		(.11	)		(.25	)		10.48		2.01			8			.96			.86
12/31/15		10.65		.04			.14			.18			(.17	)		(.14	)		(.31	)		10.52		1.62			11			.97			.37
12/31/14		10.23		.05			.46			.51			(.09	)		–			(.09	)		10.65		4.98			1			.94			.47
12/31/13		10.47		.02			(.16	)		(.14	)		(.08	)		(.02	)		(.10	)		10.23		(1.41	)⁹		–	¹⁰		.38	⁹		.23	⁹
12/31/12^2,8		10.60		–	¹²		.01			.01			(.06	)		(.08	)		(.14	)		10.47		.09	^4,9		–	¹⁰		.02	^4,9		.04	^4,9


194		American Funds Insurance Series


			Income (loss) from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Ultra-Short Bond Fund

Class 1:
6/30/17^2,3		$11.27		$ .03			$ –	¹²		$ .03			$11.30		.27	%⁴		$ 32			.34	%⁵		.50	%⁵
12/31/16¹³		11.26		.01			–	¹²		.01			11.27		.09			37			.35			.11
12/31/15		11.28		(.03	)		.01			(.02	)		11.26		(.18	)		39			.34			(.24	)
12/31/14		11.31		(.03	)		–			(.03	)		11.28		(.27	)		49			.34			(.26	)
12/31/13		11.34		(.03	)		–	¹²		(.03	)		11.31		(.27	)		57			.34			(.24	)
12/31/12		11.36		(.03	)		.01			(.02	)		11.34		(.18	)		66			.34			(.22	)
Class 1A:
6/30/17^2,3,7		11.27		.03			–	¹²		.03			11.30		.27	^4,9		–	¹⁰		.16	^4,9		.25	^4,9
Class 2:
6/30/17^2,3		10.99		.01			–	¹²		.01			11.00		.09	⁴		257			.59	⁵		.25	⁵
12/31/16¹³		11.01		(.02	)		–	¹²		(.02	)		10.99		(.18	)		297			.60			(.14	)
12/31/15		11.06		(.05	)		–	¹²		(.05	)		11.01		(.45	)		302			.59			(.49	)
12/31/14		11.12		(.06	)		–			(.06	)		11.06		(.54	)		331			.59			(.51	)
12/31/13		11.17		(.05	)		–	¹²		(.05	)		11.12		(.45	)		395			.59			(.49	)
12/31/12		11.22		(.05	)		–	¹²		(.05	)		11.17		(.45	)		459			.59			(.47	)
Class 3:
6/30/17^2,3		11.10		.02			–	¹²		.02			11.12		.18	⁴		4			.52	⁵		.33	⁵
12/31/16¹³		11.11		(.01	)		–	¹²		(.01	)		11.10		(.09	)		4			.53			(.08	)
12/31/15		11.16		(.05	)		–	¹²		(.05	)		11.11		(.45	)		6			.52			(.42	)
12/31/14		11.21		(.05	)		–			(.05	)		11.16		(.45	)		8			.52			(.44	)
12/31/13		11.26		(.05	)		–	¹²		(.05	)		11.21		(.44	)		8			.52			(.42	)
12/31/12		11.30		(.05	)		.01			(.04	)		11.26		(.35	)		11			.52			(.40	)
Class 4:
6/30/17^2,3		11.12		–	¹²		–			–	¹²		11.12		(.00	)⁴		17			.84	⁵		.02	⁵
12/31/16¹³		11.17		(.04	)		(.01	)		(.05	)		11.12		(.45	)		13			.85			(.40	)
12/31/15		11.25		(.08	)		–	¹²		(.08	)		11.17		(.71	)		16			.85			(.74	)
12/31/14		11.30		(.09	)		.04			(.05	)		11.25		(.44	)		7			.84			(.77	)
12/31/13		11.34		(.04	)		–	¹²		(.04	)		11.30		(.35	)⁹		–	¹⁰		.37	⁹		(.32	)⁹
12/31/12^2,8		11.34		–	¹²		–	¹²		–	¹²		11.34		.00	^4,9		–	¹⁰		.02	^4,9		(.01	)^4,9

See end of tables for footnotes.


American Funds Insurance Series		195

Financial highlights (continued)


			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

U.S. Government/AAA-Rated Securities Fund

Class 1:
6/30/17^2,3		$12.05		$.10		$.13			$.23			$(.04	)		$ –			$(.04	)		$12.24		1.87	%⁴		$1,328			.35	%⁵		1.62	%⁵
12/31/16		12.31		.16		.03			.19			(.20	)		(.25	)		(.45	)		12.05		1.44			1,467			.36			1.31
12/31/15		12.40		.13		.09			.22			(.21	)		(.10	)		(.31	)		12.31		1.93			1,426			.35			1.02
12/31/14		11.94		.15		.48			.63			(.17	)		–			(.17	)		12.40		5.24			1,723			.35			1.24
12/31/13		12.75		.08		(.44	)		(.36	)		(.11	)		(.34	)		(.45	)		11.94		(2.87	)		1,584			.35			.67
12/31/12		13.00		.10		.18			.28			(.16	)		(.37	)		(.53	)		12.75		2.22			1,809			.34			.75
Class 1A:
6/30/17^2,3,7		12.05		.10		.13			.23			(.04	)		–			(.04	)		12.24		1.87	⁴		–	¹⁰		.24	⁵		.82	⁵
Class 2:
6/30/17^2,3		11.93		.08		.13			.21			(.03	)		–			(.03	)		12.11		1.76	⁴		1,487			.60	⁵		1.37	⁵
12/31/16		12.20		.13		.02			.15			(.17	)		(.25	)		(.42	)		11.93		1.19			1,503			.61			1.05
12/31/15		12.29		.10		.09			.19			(.18	)		(.10	)		(.28	)		12.20		1.59			1,579			.60			.79
12/31/14		11.83		.12		.47			.59			(.13	)		–			(.13	)		12.29		5.01			1,717			.60			1.00
12/31/13		12.63		.05		(.43	)		(.38	)		(.08	)		(.34	)		(.42	)		11.83		(3.08	)		1,801			.60			.42
12/31/12		12.89		.06		.18			.24			(.13	)		(.37	)		(.50	)		12.63		1.91			1,995			.59			.50
Class 3:
6/30/17^2,3		12.07		.09		.13			.22			(.03	)		–			(.03	)		12.26		1.83	⁴		11			.53	⁵		1.44	⁵
12/31/16		12.34		.14		.02			.16			(.18	)		(.25	)		(.43	)		12.07		1.24			11			.54			1.12
12/31/15		12.43		.11		.09			.20			(.19	)		(.10	)		(.29	)		12.34		1.64			11			.53			.85
12/31/14		11.96		.13		.48			.61			(.14	)		–			(.14	)		12.43		5.11			13			.53			1.08
12/31/13		12.76		.06		(.43	)		(.37	)		(.09	)		(.34	)		(.43	)		11.96		(3.00	)		14			.53			.47
12/31/12		13.01		.07		.19			.26			(.14	)		(.37	)		(.51	)		12.76		2.02			20			.52			.58
Class 4:
6/30/17^2,3		11.96		.07		.12			.19			(.02	)		–			(.02	)		12.13		1.62	⁴		57			.85	⁵		1.12	⁵
12/31/16		12.22		.10		.03			.13			(.14	)		(.25	)		(.39	)		11.96		.99			57			.86			.82
12/31/15		12.34		.07		.08			.15			(.17	)		(.10	)		(.27	)		12.22		1.29			46			.85			.56
12/31/14		11.93		.06		.51			.57			(.16	)		–			(.16	)		12.34		4.76			21			.85			.50
12/31/13		12.75		.08		(.44	)		(.36	)		(.12	)		(.34	)		(.46	)		11.93		(2.95	)		–	¹⁰		.84			.68
12/31/12^2,8		12.88		.01		(.01	)		–			(.13	)		–			(.13	)		12.75		(.01	)^4,9		–	¹⁰		.02	^4,9		.05	^4,9


			Income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return¹⁴			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments			Ratio of expenses to average net assets after waivers/ reimburse- ments¹⁴			Net effective expense ratio^14,15			Ratio of net income (loss) to average net assets¹⁴

Managed Risk Growth Fund

Class P1:
6/30/17^2,3	$	10.71		$ –	¹²	$	1.51		$	1.51	$	(.07	)	$	(.20	)	$	(.27	)	$	11.95		14.10	%^4,9	$	1			.52	%^5,9		.36	%^5,9		.70	%^5,9		.03	%^5,9
12/31/16		11.49		.08			.20			.28		(.05	)		(1.01	)		(1.06	)		10.71		2.89	⁹		1			.50	⁹		.34	⁹		.68	⁹		.79	⁹
12/31/15		11.37		.09			.03			.12		–			–			–			11.49		1.06	⁹		–	¹⁰		.53	⁹		.29	⁹		.63	⁹		.80	⁹
12/31/14		11.43		.31			(.06	)		.25		(.12	)		(.19	)		(.31	)		11.37		2.18	⁹		–	¹⁰		.50	⁹		.32	⁹		.65	⁹		2.71	⁹
12/31/13^2,16		10.00		.12			1.38			1.50		(.07	)		–			(.07	)		11.43		15.05	^4,9		–	¹⁰		.88	^5,9		.25	^5,9		.58	^5,9		1.64	^5,9
Class P2:
6/30/17^2,3		10.64		(.02	)		1.50			1.48		(.04	)		(.20	)		(.24	)		11.88		13.91	⁴		245			.79	⁵		.63	⁵		.97	⁵		(.27	)⁵
12/31/16		11.43		.05			.19			.24		(.02	)		(1.01	)		(1.03	)		10.64		2.52			200			.79			.63			.97			.43
12/31/15		11.35		.04			.04			.08		–			–			–			11.43		.71			146			.89			.66			1.00			.31
12/31/14		11.43		.12			.08			.20		(.09	)		(.19	)		(.28	)		11.35		1.77			79			.87			.69			1.02			1.01
12/31/13^2,16		10.00		.12			1.37			1.49		(.06	)		–			(.06	)		11.43		14.94	^4,9		28			1.05	^5,9		.52	^5,9		.85	^5,9		1.69	^5,9


196		American Funds Insurance Series


			Income from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return¹⁴			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimbursements			Ratio of expenses to average net assets after waivers/ reimbursements¹⁴			Net effective expense ratio^14,15			Ratio of net income (loss) to average net assets¹⁴

Managed Risk International Fund

Class P1:
6/30/17^2,3		$ 8.89		$.02			$ 1.48			$1.50			$(.10	)		$(.12	)		$(.22	)		$10.17		16.87	%^4,9		$ –	¹⁰		.38	%^5,9		.22	%^5,9		.73	%^5,9		.34	%^5,9
12/31/16		9.48		.10			(.35	)		(.25	)		(.12	)		(.22	)		(.34	)		8.89		(2.59	)⁹		–	¹⁰		.39	⁹		.23	⁹		.74	⁹		1.15	⁹
12/31/15		10.10		.18			(.80	)		(.62	)		–	¹²		–			–	¹²		9.48		(6.12	)⁹		–	¹⁰		.45	⁹		.21	⁹		.72	⁹		1.75	⁹
12/31/14		10.82		.14			(.71	)		(.57	)		(.15	)		–			(.15	)		10.10		(5.31	)⁹		–	¹⁰		.50	⁹		.25	⁹		.76	⁹		1.33	⁹
12/31/13^2,16		10.00		.13			.78			.91			(.09	)		–			(.09	)		10.82		9.08	^4,9		–	¹⁰		1.05	^5,9		.23	^5,9		.73	^5,9		1.92	^5,9
Class P2:
6/30/17^2,3		8.83		.01			1.46			1.47			(.08	)		(.12	)		(.20	)		10.10		16.57	⁴		124			.79	⁵		.63	⁵		1.14	⁵		.12	⁵
12/31/16		9.43		.09			(.38	)		(.29	)		(.09	)		(.22	)		(.31	)		8.83		(3.05	)		97			.79			.63			1.14			.97
12/31/15		10.09		.13			(.79	)		(.66	)		–	¹²		–			–	¹²		9.43		(6.52	)		83			.90			.66			1.17			1.30
12/31/14		10.82		.16			(.77	)		(.61	)		(.12	)		–			(.12	)		10.09		(5.68	)		46			.91			.67			1.18			1.51
12/31/13^2,16		10.00		.18			.72			.90			(.08	)		–			(.08	)		10.82		8.99	^4,9		17			1.19	^5,9		.44	^5,9		.94	^5,9		2.66	^5,9

Managed Risk Blue Chip Income and Growth Fund

Class P1:
6/30/17^2,3		$11.67		$.02			$ .61			$ .63			$(.15	)		$(.19	)		$(.34	)		$11.96		5.37	%^4,9		$ –	¹⁰		.42	%^5,9		.27	%^5,9		.66	%^5,9		.31	%^5,9
12/31/16		10.80		.20			1.25			1.45			(.21	)		(.37	)		(.58	)		11.67		13.77	⁹		–	¹⁰		.43	⁹		.27	⁹		.67	⁹		1.83	⁹
12/31/15		11.70		.19			(1.02	)		(.83	)		(.07	)		–			(.07	)		10.80		(7.07	)⁹		–	¹⁰		.50	⁹		.27	⁹		.66	⁹		1.64	⁹
12/31/14		11.05		.40			.55			.95			(.30	)		–			(.30	)		11.70		8.58	⁹		–	¹⁰		.50	⁹		.31	⁹		.70	⁹		3.43	⁹
12/31/13^2,16		10.00		.20			1.01			1.21			(.16	)		–			(.16	)		11.05		12.16	^4,9		–	¹⁰		.84	^5,9		.24	^5,9		.64	^5,9		2.80	^5,9
Class P2:
6/30/17^2,3		11.61		.01			.59			.60			(.15	)		(.19	)		(.34	)		11.87		5.11	⁴		361			.79	⁵		.63	⁵		1.03	⁵		.13	⁵
12/31/16		10.76		.23			1.18			1.41			(.19	)		(.37	)		(.56	)		11.61		13.39			291			.79			.63			1.03			2.04
12/31/15		11.67		.18			(1.05	)		(.87	)		(.04	)		–			(.04	)		10.76		(7.43	)		137			.89			.66			1.05			1.57
12/31/14		11.05		.50			.40			.90			(.28	)		–			(.28	)		11.67		8.10			98			.88			.69			1.08			4.27
12/31/13^2,16		10.00		.28			.92			1.20			(.15	)		–			(.15	)		11.05		12.05	^4,9		26			1.04	^5,9		.54	^5,9		.94	^5,9		3.91	^5,9

Managed Risk Growth-Income Fund

Class P1:
6/30/17^2,3		$11.07		$.02			$ .99			$1.01			$(.13	)		$(.50	)		$(.63	)		$11.45		9.11	%^4,9		$ 2			.53	%^5,9		.37	%^5,9		.65	%^5,9		.27	%^5,9
12/31/16		11.25		.16			.52			.68			(.16	)		(.70	)		(.86	)		11.07		6.49	⁹		1			.52	⁹		.36	⁹		.64	⁹		1.46	⁹
12/31/15		11.67		.25			(.63	)		(.38	)		(.04	)		–			(.04	)		11.25		(3.27	)⁹		1			.56	⁹		.31	⁹		.59	⁹		2.17	⁹
12/31/14		11.50		.35			.21			.56			(.14	)		(.25	)		(.39	)		11.67		4.85	⁹		–	¹⁰		.45	⁹		.25	⁹		.52	⁹		2.94	⁹
12/31/13^2,16		10.00		.14			1.47			1.61			(.11	)		–			(.11	)		11.50		16.15	^4,9		–	¹⁰		.92	^5,9		.23	^5,9		.50	^5,9		2.01	⁵,⁹
Class P2:
6/30/17^2,3		11.02		–	¹²		1.00			1.00			(.12	)		(.50	)		(.62	)		11.40		9.10	⁴		184			.79	⁵		.63	⁵		.91	⁵		(.04	)⁵
12/31/16		11.22		.12			.52			.64			(.14	)		(.70	)		(.84	)		11.02		6.08			160			.79			.63			.91			1.13
12/31/15		11.65		.12			(.54	)		(.42	)		(.01	)		–			(.01	)		11.22		(3.64	)		122			.89			.66			.94			1.04
12/31/14		11.50		.16			.35			.51			(.11	)		(.25	)		(.36	)		11.65		4.42			76			.87			.69			.96			1.38
12/31/13^2,16		10.00		.20			1.40			1.60			(.10	)		–			(.10	)		11.50		16.04	^4,9		24			1.09	^5,9		.50	^5,9		.77	^5,9		2.73	^5,9

Managed Risk Asset Allocation Fund

Class P1:
6/30/17^2,3		$12.02		$.02			$ .88			$ .90			$(.10	)		$(.12	)		$(.22	)		$12.70		7.53	%⁴		$1,466			.43	%⁵		.38	%⁵		.66	%⁵		.30	%⁵
12/31/16		11.72		.19			.67			.86			(.19	)		(.37	)		(.56	)		12.02		7.57			1,217			.43			.38			.66			1.65
12/31/15		12.29		.25			(.34	)		(.09	)		(.22	)		(.26	)		(.48	)		11.72		(.83	)		712			.54			.40			.68			2.06
12/31/14		11.93		.13			.26			.39			(.03	)		–			(.03	)		12.29		3.24			277			.53			.48			.76			1.04
12/31/13		9.99		.27			1.81			2.08			(.14	)		–			(.14	)		11.93		20.82	⁹		112			.55	⁹		.47	⁹		.75	⁹		2.37	⁹
12/31/12^2,17		10.00		.15			(.03	)		.12			(.13	)		–			(.13	)		9.99		1.24	^4,9		–	¹⁰		.15	^5,9		.07	^5,9		.37	^5,9		1.72	^5,9
Class P2:
6/30/17^2,3		12.01		–	¹²		.89			.89			(.10	)		(.12	)		(.22	)		12.68		7.43	⁴		2,620			.68	⁵		.63	⁵		.91	⁵		.03	⁵
12/31/16		11.71		.14			.69			.83			(.16	)		(.37	)		(.53	)		12.01		7.27			2,342			.68			.63			.91			1.20
12/31/15		12.27		.14			(.26	)		(.12	)		(.18	)		(.26	)		(.44	)		11.71		(1.07	)		1,953			.79			.66			.94			1.16
12/31/14		11.93		.16			.19			.35			(.01	)		–			(.01	)		12.27		2.91			1,780			.79			.73			1.01			1.33
12/31/13		9.99		.28			1.77			2.05			(.11	)		–			(.11	)		11.93		20.58	⁹		795			.80	⁹		.73	⁹		1.01	⁹		2.43	⁹
12/31/12^2,17		10.00		.17			(.05	)		.12			(.13	)		–			(.13	)		9.99		1.21	^4,9		–	¹⁰		.24	^5,9		.11	^5,9		.41	^5,9		2.38	^5,9

See end of tables for footnotes.


American Funds Insurance Series		197

Financial highlights (continued)


	Six months ended June 30, 2017^2,3,4	Period ended December 31
Portfolio turnover rate for all share classes¹⁸	Six months ended June 30, 2017^2,3,4	2016			2015			2014			2013			2012
Global Growth Fund	25%		27	%		29	%		22	%		39	%		22	%
Global Small Capitalization Fund	18		40			36			28			36			40
Growth Fund	16		26			20			29			19			21
International Fund	16		31			37			18			21			29
New World Fund	41		32			39			36			43			32
Blue Chip Income and Growth Fund	20		30			26			37			30			36
Global Growth and Income Fund	23		57			37			28			31			30
Growth-Income Fund	15		27			25			25			19			25
International Growth and Income Fund	35		32			35			34			34			31
Capital Income Builder Fund	37		53			128			35	^4,11
Asset Allocation Fund	39		83			76			88			74			61
Global Balanced Fund	23		65			76			73			81			80
Bond Fund	247		375			434			365			354			253
Global Bond Fund	60		154			159			200			213			160
High-Income Bond Fund	45		89			66			54			64			48
Mortgage Fund	428		713			1103			790			715			444
Ultra-Short Bond Fund	—¹⁹		—	^13,19,20		N/A			N/A			N/A			N/A
U.S. Government/AAA-Rated Securities Fund	388		539			901			387			621			447
Managed Risk Growth Fund	5		15			16			22			10	^2,4,16
Managed Risk International Fund	4		26			15			22			6	^2,4,16
Managed Risk Blue Chip Income and Growth Fund	5		9			20			22			3	^2,4,16
Managed Risk Growth-Income Fund	3		14			11			28			2	^2,4,16
Managed Risk Asset Allocation Fund	—¹⁹		3			3			3			3			—	^2,4,17,19

Portfolio turnover rate for all share classes	Six months ended	Period ended December 31
excluding mortgage dollar roll transactions¹⁸	June 30, 2017^2,3,4	2016			2015			2014			2013			2012
Capital Income Builder	19%		41	%		38	%		24	%^4,12
Asset Allocation Fund	21		43			28			42
Global Balanced Fund	17		43			36			40
Bond Fund	102		108			141			121			Not available
Global Bond Fund	44		70			88			134
Mortgage Fund	60		113			138			108
U.S. Government/AAA-Rated Securities Fund	81		273			352			88


198		American Funds Insurance Series

¹	Based on average shares outstanding.

²	Based on operations for the period shown and, accordingly, is not representative of a full year.

³	Unaudited.

⁴	Not annualized.

⁵	Annualized.

⁶

For the year ended December 31, 2014, reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the net investment income per share and ratio of net income to average net assets would have been lower for all share classes.

⁷	Class 1A shares began investment operations on January 6, 2017.

⁸	Class 4 shares began investment operations on December 14, 2012.

⁹

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.

¹⁰	Amount less than $1 million.

¹¹	For the period May 1, 2014, commencement of operations, through December 31, 2014.

¹²	Amount less than $.01.

¹³	On May 1, 2016, the fund converted from a cash fund to an ultra-short-term bond fund and changed its name from Cash Management Fund to Ultra-Short Bond Fund.

¹⁴	This column reflects the impact of certain waivers/reimbursements by CRMC. CRMC waived a portion of investment advisory services and reimbursed a portion of miscellaneous fees and expenses for the managed risk funds.

¹⁵	Ratio reflects weighted average net expense ratio of the underlying fund for the period presented. See Expense Example for further information regarding fees and expenses.

¹⁶	For the period May 1, 2013, commencement of operations, through December 31, 2013.

¹⁷	For the period September 28, 2012, commencement of operations, through December 31, 2012.

¹⁸	Refer to Note 5 for further information on mortgage dollar rolls.

¹⁹	Amount is either less than 1% or there is no turnover.

²⁰	As revised to correct the December 31, 2016, portfolio turnover rate. Rate previously presented was 300%.

See Notes to Financial Statements


American Funds Insurance Series		199

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 (January 1, 2017, through June 30, 2017).

Actual expenses:

The first line of each share class in the table 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 table 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 table 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 table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


200		American Funds Insurance Series


	Beginning account value 1/1/2017		Ending account value 6/30/2017		Expenses paid during period¹		Annualized expense ratio

Global Growth Fund
Class 1 – actual return		$1,000.00		$1,187.51		$2.98		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 1A – actual return²		1,000.00		1,164.85		4.05		.78
Class 1A – assumed 5% return²		1,000.00		1,020.93		3.91		.78
Class 2 – actual return		1,000.00		1,185.67		4.34		.80
Class 2 – assumed 5% return		1,000.00		1,020.83		4.01		.80
Class 4 – actual return		1,000.00		1,184.45		5.69		1.05
Class 4 – assumed 5% return		1,000.00		1,019.59		5.26		1.05

Global Small Capitalization Fund
Class 1 – actual return		$1,000.00		$1,128.20		$3.85		.73	%
Class 1 – assumed 5% return		1,000.00		1,021.17		3.66		.73
Class 1A – actual return²		1,000.00		1,102.63		4.74		.94
Class 1A – assumed 5% return²		1,000.00		1,020.13		4.71		.94
Class 2 – actual return		1,000.00		1,127.06		5.17		.98
Class 2 – assumed 5% return		1,000.00		1,019.93		4.91		.98
Class 4 – actual return		1,000.00		1,125.66		6.48		1.23
Class 4 – assumed 5% return		1,000.00		1,018.70		6.16		1.23

Growth Fund
Class 1 – actual return		$1,000.00		$1,151.48		$1.87		.35	%
Class 1 – assumed 5% return		1,000.00		1,023.06		1.76		.35
Class 1A – actual return²		1,000.00		1,124.75		2.95		.58
Class 1A – assumed 5% return²		1,000.00		1,021.92		2.91		.58
Class 2 – actual return		1,000.00		1,150.04		3.20		.60
Class 2 – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class 3 – actual return		1,000.00		1,150.49		2.83		.53
Class 3 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 4 – actual return		1,000.00		1,148.65		4.53		.85
Class 4 – assumed 5% return		1,000.00		1,020.58		4.26		.85

International Fund
Class 1 – actual return		$1,000.00		$1,187.06		$2.87		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 1A – actual return²		1,000.00		1,161.69		3.89		.75
Class 1A – assumed 5% return²		1,000.00		1,021.08		3.76		.75
Class 2 – actual return		1,000.00		1,185.45		4.23		.78
Class 2 – assumed 5% return		1,000.00		1,020.93		3.91		.78
Class 3 – actual return		1,000.00		1,186.37		3.85		.71
Class 3 – assumed 5% return		1,000.00		1,021.27		3.56		.71
Class 4 – actual return		1,000.00		1,184.80		5.58		1.03
Class 4 – assumed 5% return		1,000.00		1,019.69		5.16		1.03

New World Fund
Class 1 – actual return		$1,000.00		$1,145.94		$3.99		.75	%
Class 1 – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 1A – actual return²		1,000.00		1,121.05		4.88		.96
Class 1A – assumed 5% return²		1,000.00		1,020.03		4.81		.96
Class 2 – actual return		1,000.00		1,144.77		5.32		1.00
Class 2 – assumed 5% return		1,000.00		1,019.84		5.01		1.00
Class 4 – actual return		1,000.00		1,143.21		6.64		1.25
Class 4 – assumed 5% return		1,000.00		1,018.60		6.26		1.25

See end of tables for footnotes.


American Funds Insurance Series		201


	Beginning account value 1/1/2017		Ending account value 6/30/2017		Expenses paid during period¹		Annualized expense ratio

Blue Chip Income and Growth Fund
Class 1 – actual return		$1,000.00		$1,058.20		$2.09		.41	%
Class 1 – assumed 5% return		1,000.00		1,022.76		2.06		.41
Class 1A – actual return²		1,000.00		1,040.53		2.98		.61
Class 1A – assumed 5% return²		1,000.00		1,021.77		3.06		.61
Class 2 – actual return		1,000.00		1,057.61		3.37		.66
Class 2 – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 4 – actual return		1,000.00		1,055.18		4.64		.91
Class 4 – assumed 5% return		1,000.00		1,020.28		4.56		.91

Global Growth and Income Fund
Class 1 – actual return		$1,000.00		$1,148.78		$3.30		.62	%
Class 1 – assumed 5% return		1,000.00		1,021.72		3.11		.62
Class 1A – actual return²		1,000.00		1,132.25		3.12		.61
Class 1A – assumed 5% return²		1,000.00		1,021.77		3.06		.61
Class 2 – actual return		1,000.00		1,147.00		4.63		.87
Class 2 – assumed 5% return		1,000.00		1,020.48		4.36		.87
Class 4 – actual return		1,000.00		1,145.78		5.96		1.12
Class 4 – assumed 5% return		1,000.00		1,019.24		5.61		1.12

Growth-Income Fund
Class 1 – actual return		$1,000.00		$1,098.97		$1.46		.28	%
Class 1 – assumed 5% return		1,000.00		1,023.41		1.40		.28
Class 1A – actual return²		1,000.00		1,074.84		2.39		.48
Class 1A – assumed 5% return²		1,000.00		1,022.41		2.41		.48
Class 2 – actual return		1,000.00		1,097.65		2.76		.53
Class 2 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 3 – actual return		1,000.00		1,098.35		2.39		.46
Class 3 – assumed 5% return		1,000.00		1,022.51		2.31		.46
Class 4 – actual return		1,000.00		1,096.35		4.05		.78
Class 4 – assumed 5% return		1,000.00		1,020.93		3.91		.78

International Growth and Income Fund
Class 1 – actual return		$1,000.00		$1,155.39		$3.53		.66	%
Class 1 – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 1A – actual return²		1,000.00		1,138.89		3.54		.69
Class 1A – assumed 5% return²		1,000.00		1,021.37		3.46		.69
Class 2 – actual return		1,000.00		1,154.82		4.86		.91
Class 2 – assumed 5% return		1,000.00		1,020.28		4.56		.91
Class 4 – actual return		1,000.00		1,152.92		6.19		1.16
Class 4 – assumed 5% return		1,000.00		1,019.04		5.81		1.16

Capital Income Builder
Class 1 – actual return		$1,000.00		$1,082.74		$2.74		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 1A – actual return²		1,000.00		1,068.83		3.42		.69
Class 1A – assumed 5% return²		1,000.00		1,021.37		3.46		.69
Class 2 – actual return		1,000.00		1,081.55		4.03		.78
Class 2 – assumed 5% return		1,000.00		1,020.93		3.91		.78
Class 4 – actual return		1,000.00		1,079.18		5.31		1.03
Class 4 – assumed 5% return		1,000.00		1,019.69		5.16		1.03


202		American Funds Insurance Series


	Beginning account value 1/1/2017		Ending account value 6/30/2017		Expenses paid during period¹		Annualized expense ratio

Asset Allocation Fund
Class 1 – actual return		$1,000.00		$1,082.81		$1.50		.29	%
Class 1 – assumed 5% return		1,000.00		1,023.36		1.45		.29
Class 1A – actual return²		1,000.00		1,068.08		2.63		.53
Class 1A – assumed 5% return²		1,000.00		1,022.17		2.66		.53
Class 2 – actual return		1,000.00		1,081.69		2.79		.54
Class 2 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 3 – actual return		1,000.00		1,081.96		2.43		.47
Class 3 – assumed 5% return		1,000.00		1,022.46		2.36		.47
Class 4 – actual return		1,000.00		1,080.20		4.07		.79
Class 4 – assumed 5% return		1,000.00		1,020.88		3.96		.79

Global Balanced Fund
Class 1 – actual return		$1,000.00		$1,111.92		$3.61		.69	%
Class 1 – assumed 5% return		1,000.00		1,021.37		3.46		.69
Class 1A – actual return²		1,000.00		1,101.96		3.48		.69
Class 1A – assumed 5% return²		1,000.00		1,021.37		3.46		.69
Class 2 – actual return		1,000.00		1,111.21		4.92		.94
Class 2 – assumed 5% return		1,000.00		1,020.13		4.71		.94
Class 4 – actual return		1,000.00		1,110.00		6.23		1.19
Class 4 – assumed 5% return		1,000.00		1,018.89		5.96		1.19

Bond Fund
Class 1 – actual return		$1,000.00		$1,026.20		$1.91		.38	%
Class 1 – assumed 5% return		1,000.00		1,022.91		1.91		.38
Class 1A – actual return²		1,000.00		1,023.36		2.91		.60
Class 1A – assumed 5% return²		1,000.00		1,021.82		3.01		.60
Class 2 – actual return		1,000.00		1,025.11		3.16		.63
Class 2 – assumed 5% return		1,000.00		1,021.67		3.16		.63
Class 4 – actual return		1,000.00		1,022.88		4.41		.88
Class 4 – assumed 5% return		1,000.00		1,020.43		4.41		.88

Global Bond Fund
Class 1 – actual return		$1,000.00		$1,050.89		$2.90		.57	%
Class 1 – assumed 5% return		1,000.00		1,021.97		2.86		.57
Class 1A – actual return²		1,000.00		1,050.87		2.85		.58
Class 1A – assumed 5% return²		1,000.00		1,021.92		2.91		.58
Class 2 – actual return		1,000.00		1,049.45		4.17		.82
Class 2 – assumed 5% return		1,000.00		1,020.73		4.11		.82
Class 4 – actual return		1,000.00		1,048.81		5.44		1.07
Class 4 – assumed 5% return		1,000.00		1,019.49		5.36		1.07

See end of tables for footnotes.


American Funds Insurance Series		203


	Beginning account value 1/1/2017		Ending account value 6/30/2017		Expenses paid during period¹		Annualized expense ratio

High-Income Bond Fund
Class 1 – actual return		$1,000.00		$1,046.04		$2.44		.48	%
Class 1 – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 1A – actual return²		1,000.00		1,035.87		3.42		.70
Class 1A – assumed 5% return²		1,000.00		1,021.32		3.51		.70
Class 2 – actual return		1,000.00		1,044.30		3.70		.73
Class 2 – assumed 5% return		1,000.00		1,021.17		3.66		.73
Class 3 – actual return		1,000.00		1,044.58		3.35		.66
Class 3 – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 4 – actual return		1,000.00		1,042.87		4.96		.98
Class 4 – assumed 5% return		1,000.00		1,019.93		4.91		.98

Mortgage Fund
Class 1 – actual return		$1,000.00		$1,015.13		$2.20		.44	%
Class 1 – assumed 5% return		1,000.00		1,022.61		2.21		.44
Class 1A – actual return²		1,000.00		1,015.16		3.24		.67
Class 1A – assumed 5% return²		1,000.00		1,021.47		3.36		.67
Class 2 – actual return		1,000.00		1,013.74		3.45		.69
Class 2 – assumed 5% return		1,000.00		1,021.37		3.46		.69
Class 4 – actual return		1,000.00		1,012.49		4.69		.94
Class 4 – assumed 5% return		1,000.00		1,020.13		4.71		.94

Ultra-Short Bond Fund
Class 1 – actual return		$1,000.00		$1,002.66		$1.69		.34	%
Class 1 – assumed 5% return		1,000.00		1,023.11		1.71		.34
Class 1A – actual return²		1,000.00		1,002.66		1.58		.33
Class 1A – assumed 5% return²		1,000.00		1,023.16		1.66		.33
Class 2 – actual return		1,000.00		1,000.91		2.93		.59
Class 2 – assumed 5% return		1,000.00		1,021.87		2.96		.59
Class 3 – actual return		1,000.00		1,001.80		2.58		.52
Class 3 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 4 – actual return		1,000.00		1,000.00		4.17		.84
Class 4 – assumed 5% return		1,000.00		1,020.63		4.21		.84

U.S. Government/AAA-Rated Securities Fund
Class 1 – actual return		$1,000.00		$1,018.67		$1.75		.35	%
Class 1 – assumed 5% return		1,000.00		1,023.06		1.76		.35
Class 1A – actual return²		1,000.00		1,018.67		2.47		.51
Class 1A – assumed 5% return²		1,000.00		1,022.27		2.56		.51
Class 2 – actual return		1,000.00		1,017.59		3.00		.60
Class 2 – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class 3 – actual return		1,000.00		1,018.30		2.65		.53
Class 3 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 4 – actual return		1,000.00		1,016.22		4.25		.85
Class 4 – assumed 5% return		1,000.00		1,020.58		4.26		.85


204		American Funds Insurance Series


	Beginning account value 1/1/2017		Ending account value 6/30/2017		Expenses paid during period^1,3		Annualized expense ratio³			Effective expenses paid during period⁴		Effective annualized expense ratio⁵

Managed Risk Growth Fund
Class P1 – actual return		$1,000.00		$1,141.01		$1.91		.36	%		$3.72		.70	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.51		.70
Class P2 – actual return		1,000.00		1,139.10		3.34		.63			5.14		.97
Class P2 – assumed 5% return		1,000.00		1,021.67		3.16		.63			4.86		.97

Managed Risk International Fund
Class P1 – actual return		$1,000.00		$1,168.73		$1.18		.22	%		$3.93		.73	%
Class P1 – assumed 5% return		1,000.00		1,023.70		1.10		.22			3.66		.73
Class P2 – actual return		1,000.00		1,165.74		3.38		.63			6.12		1.14
Class P2 – assumed 5% return		1,000.00		1,021.67		3.16		.63			5.71		1.14

Managed Risk Blue Chip Income and Growth Fund
Class P1 – actual return		$1,000.00		$1,053.66		$1.32		.26	%		$3.36		.66	%
Class P1 – assumed 5% return		1,000.00		1,023.51		1.30		.26			3.31		.66
Class P2 – actual return		1,000.00		1,051.08		3.20		.63			5.24		1.03
Class P2 – assumed 5% return		1,000.00		1,021.67		3.16		.63			5.16		1.03

Managed Risk Growth-Income Fund
Class P1 – actual return		$1,000.00		$1,091.07		$1.92		.37	%		$3.37		.65	%
Class P1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.26		.65
Class P2 – actual return		1,000.00		1,091.03		3.27		.63			4.72		.91
Class P2 – assumed 5% return		1,000.00		1,021.67		3.16		.63			4.56		.91

Managed Risk Asset Allocation Fund
Class P1 – actual return		$1,000.00		$1,075.26		$1.96		.38	%		$3.40		.66	%
Class P1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.31		.66
Class P2 – actual return		1,000.00		1,074.33		3.24		.63			4.68		.91
Class P2 – assumed 5% return		1,000.00		1,021.67		3.16		.63			4.56		.91

¹	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).

²	The period for the “annualized expense ratio” and “actual return” line is based on the number of days since the initial sale of the share class on January 6, 2017. The “assumed 5% return” line is based on 181 days.

³	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.

⁴	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).

⁵	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		205

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206		American Funds Insurance Series

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American Funds Insurance Series		207

Offices of the series and of the investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

6455 Irvine Center Drive

Irvine, CA 92618-4518

Investment subadviser

Milliman Financial Risk Management LLC

(Managed Risk Funds only)

71 South Wacker Drive, 31st Floor

Chicago, IL 60606

Custodians of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Bank of New York Mellon

(Managed Risk Funds only)

One Wall Street

New York, NY 10286

Counsel

Morgan, Lewis & Bockius LLP

300 South Grand Avenue, 22nd Floor

Los Angeles, CA 90071-3132

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874


208		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 American Funds website at americanfunds.com. Securities offered through American Funds Distributors, Inc.

“American Funds Proxy Voting Procedures and Principles” – which describes how we vote proxies relating to portfolio securities – is available on the American Funds 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 American Funds website.

Complete June 30, 2017, portfolios of American Funds Insurance Series’ investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).

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 N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.

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 September 30, 2017, 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^® 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.

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 fund in certain rising market conditions.

Bloomberg^® is a trademark and service mark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approve or endorse 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 is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2017 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 from Capital Group

The Capital Advantage^SM

Since 1931, American Funds, part of Capital Group, has helped investors pursue long-term investment success. Our consistent approach – in combination with The Capital System^SM – has resulted in a superior long-term track record for American Funds Insurance Series^®.


Aligned with investor success	The Capital System	Superior long-term track record

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 (AFIS) portfolio managers average 27 years of investment experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹	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.	AFIS equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods. AFIS fixed income funds have beaten comparable Lipper indexes in 52% of 10-year periods and 81% of 20-year periods.² We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.³

¹	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2017.

Based on Class 2 share results for rolling periods through December 31, 2016. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Blue Chip Income and Growth Fund, Growth-Income Fund), Balanced Funds Index (Asset Allocation Fund), Core Bond Funds Index (Bond Fund), High Yield Funds Index (High-Income Bond Fund) and General U.S. Government Funds Index (U.S. Government/AAA-Rated Securities Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund.

³	Based on management fees for the 20-year period ended December 31, 2016, versus comparable Lipper categories, excluding funds of funds.

Lit. No. INGESRX-998-0817P

Item 2. Code of Ethics.

Not applicable to this semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual filing.

Item 5. Audit Committee of Listed Registrants

Not applicable to this semi-annual filing.

Item 6. Investments.

(a)

The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the annual report filed under Item 1 of this form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are generally effective to provide reasonable assurance, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

The registrant did not experience a change in internal control over financial reporting.

Item 12. Exhibits.


		(a)		(1) Not applicable to this semi-annual filing.
				(2) Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).
				(3) Not applicable
		(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002.

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.

HIMCO Variable Insurance Trust


By:				/s/ Matthew Poznar
				Matthew Poznar
				President
				August 11, 2017

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.

HIMCO Variable Insurance Trust


By:				/s/ Matthew Poznar
				Matthew Poznar
				President
				August 11, 2017

By:				/s/ Peter Sannizzaro
				Peter Sannizzaro
				Treasurer
				August 11, 2017